Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2021

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2021		2020
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	26,714	$	24,288
Sea Sound Apartments JV		10,346		10,348
Pier Park TPS JV		2,314		2,149
Busy Bee JV		1,402		1,180
Total investment in unconsolidated joint ventures	$	40,776	$	37,965
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (a)	$	7,599	$	3,297
Sea Sound Apartments JV		15,648		8,789
Pier Park TPS JV		14,340		14,388
Busy Bee JV		6,539		6,614
Total outstanding debt of unconsolidated JVs (b)	$	44,126	$	33,088

(a) See Note 9. Other Assets for additional information on the $10.0 million secured revolving promissory note Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(b) See Note 18. Commitments and Contingencies for additional information.

	Three Months Ended March 31,
	2021		2020
Equity in (loss) income from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(642)	$	(74)
Sea Sound Apartments JV		(2)		—
Pier Park TPS JV		(46)		(3)
Busy Bee JV		222		(6)
Total equity in loss from unconsolidated affiliates	$	(468)	$	(83)

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Investment in real estate (a)	$	24,466	$	18,255
Cash and cash equivalents		3,116		1,603
Other assets		156		136
Total assets	$	27,738	$	19,994
Debt, net	$	7,185	$	2,844
Other liabilities		862		1,794
Equity		19,691		15,356
Total liabilities and equity	$	27,738	$	19,994

(a) As of March 31, 2021 and December 31, 2020, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis of $1.3 million and additional completed infrastructure improvements of $2.4 million and $1.8 million, respectively.

	Three Months Ended March 31,
	2021			2020
STATEMENTS OF OPERATIONS:
Total expenses	$	1,239	$	149
Net loss	$	(1,239)	$	(149)

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2021		2020
BALANCE SHEET:
Investment in real estate	$	38,339	$	29,085
Cash and cash equivalents		14		15
Other assets		20		—
Total assets	$	38,373	$	29,100
Debt, net	$	15,286	$	8,378
Other liabilities		5,807		3,439
Equity		17,280		17,283
Total liabilities and equity	$	38,373	$	29,100

	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total expenses	$	3	$	—
Net loss	$	(3)	$	—

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	17,595	$	17,946
Cash and cash equivalents		2,080		1,705
Other assets		207		483
Total assets	$	19,882	$	20,134
Debt, net	$	14,045	$	14,090
Other liabilities		1,453		1,745
Equity		4,384		4,299
Total liabilities and equity	$	19,882	$	20,134

	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	937	$	—
Expenses:
Cost of revenue		435		—
Other operating expenses		78		3
Depreciation and amortization		358		—
Total expenses		871		3
Operating income (loss)		66		(3)
Interest expense		(158)		(3)
Net loss	$	(92)	$	(6)

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture

	March 31,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	8,385	$	8,466
Cash and cash equivalents		284		227
Other assets		941		717
Total assets	$	9,610	$	9,410
Debt, net	$	6,463	$	6,532
Other liabilities		385		506
Equity		2,762		2,372
Total liabilities and equity	$	9,610	$	9,410

	Three Months Ended March 31,
	2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	2,792	$	—
Expenses:
Cost of revenue		2,247		—
Other operating expenses		462		6
Depreciation and amortization		115		—
Total expenses		2,824		6
Operating loss		(32)		(6)
Other (expense) income:
Interest expense		(53)		(5)
Other income, net		474		—
Total other income (expense)		421		(5)
Net income (loss)	$	389	$	(11)