Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2021

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2021		2020
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	28,753	$	24,288
Sea Sound Apartments JV		10,315		10,348
Watersound Fountains Independent Living JV (a)		7,508		—
Pier Park TPS JV		2,684		2,149
Busy Bee JV		1,372		1,180
Watersound Management JV (b)		546		—
Total investment in unconsolidated joint ventures	$	51,178	$	37,965
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (c)	$	11,207	$	3,297
Sea Sound Apartments JV		26,355		8,789
Pier Park TPS JV		14,268		14,388
Busy Bee JV		6,465		6,614
Total outstanding debt of unconsolidated JVs (d)	$	58,295	$	33,088

(a) JV was formed in April 2021.

(b) JV was formed in June 2021.

(c) 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.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Equity in (loss) income from unconsolidated affiliates
Latitude Margaritaville Watersound JV	$	(959)	$	(93)	$	(1,601)	$	(167)
Sea Sound Apartments JV		(31)		—		(33)		—
Pier Park TPS JV		419		(3)		372		(6)
Busy Bee JV		(31)		(27)		191		(33)
Watersound Management JV		1		—		1		—
Total equity in loss from unconsolidated affiliates	$	(601)	$	(123)	$	(1,070)	$	(206)

Latitude Margaritaville Watersound JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2021		2020
BALANCE SHEETS:
Investment in real estate (a)	$	32,892	$	18,255
Cash and cash equivalents		11,506		1,603
Other assets		333		136
Total assets	$	44,731	$	19,994
Debt, net	$	10,833	$	2,844
Other liabilities		10,542		1,794
Equity		23,356		15,356
Total liabilities and equity	$	44,731	$	19,994

(a) As of June 30, 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 $2.9 million and $1.8 million, respectively.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021			2020	2021			2020
STATEMENTS OF OPERATIONS:
Total expenses	$	1,838	$	186	$	3,077	$	335
Net loss	$	(1,838)	$	(186)	$	(3,077)	$	(335)

Sea Sound Apartments JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2021		2020
BALANCE SHEET:
Investment in real estate	$	47,627	$	29,085
Cash and cash equivalents		52		15
Other assets		16		—
Total assets	$	47,695	$	29,100
Debt, net	$	26,043	$	8,378
Other liabilities		4,419		3,439
Equity		17,233		17,283
Total liabilities and equity	$	47,695	$	29,100

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	21	$	—	$	21	$	—
Total expenses		68		—		71		—
Net loss	$	(47)	$	—	$	(50)	$	—

Watersound Fountains Independent Living JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,
	2021
BALANCE SHEET:
Investment in real estate	$	7,517
Cash and cash equivalents		6,740
Other assets		208
Total assets	$	14,465
Other liabilities	$	509
Equity		13,956
Total liabilities and equity	$	14,465

Pier Park TPS JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	17,242	$	17,946
Cash and cash equivalents		3,259		1,705
Other assets		161		483
Total assets	$	20,662	$	20,134
Debt, net	$	13,977	$	14,090
Other liabilities		1,660		1,745
Equity		5,025		4,299
Total liabilities and equity	$	20,662	$	20,134

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	2,284	$	533	$	3,221	$	533
Expenses:
Cost of revenue		816		275		1,251		275
Other operating expenses		79		37		157		37
Depreciation and amortization		358		199		717		199
Total expenses		1,253		511		2,125		511
Operating income		1,031		22		1,096		22
Interest expense		(193)		(34)		(351)		(34)
Net income (loss)	$	838	$	(12)	$	745	$	(12)

Busy Bee JV (SJBB, LLC)

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,		December 31,
	2021		2020
BALANCE SHEETS:
Property and equipment, net	$	8,313	$	8,466
Cash and cash equivalents		537		227
Other assets		887		717
Total assets	$	9,737	$	9,410
Debt, net	$	6,394	$	6,532
Other liabilities		487		506
Equity		2,856		2,372
Total liabilities and equity	$	9,737	$	9,410

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
STATEMENTS OF OPERATIONS:
Total revenue	$	4,806	$	—	$	7,598	$	—
Expenses:
Cost of revenue		3,779		—		6,026		—
Other operating expenses		555		43		1,017		49
Depreciation and amortization		116		—		231		—
Total expenses		4,450		43		7,274		49
Operating income (loss)		356		(43)		324		(49)
Other (expense) income:
Interest expense		(44)		(11)		(97)		(16)
Other (expense) income, net		(218)		—		256		—
Total other (expense) income		(262)		(11)		159		(16)
Net income (loss)	$	94	$	(54)	$	483	$	(65)

Watersound Management JV

Investments

Schedule of financial information of unconsolidated joint venture

	June 30,
	2021
BALANCE SHEET:
Cash and cash equivalents	$	102
Total assets	$	102
Equity	$	102
Total liabilities and equity	$	102

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
STATEMENTS OF INCOME:
Total revenue	$	62	$	62
Total expenses		60		60
Net income	$	2	$	2