(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 the Company entered into with the unconsolidated Latitude Margaritaville Watersound JV.

(d)	See Note 20. Commitments and Contingencies for additional information.

The Company's maximum exposure to loss due to involvement with the unconsolidated joint ventures as of December 31, 2021, was $69.0 million, which includes the carrying amounts of the investments, guarantees, promissory note receivable and derivative instruments.

The following table presents detail of the Company’s equity in (loss) income from unconsolidated joint ventures:


	Year Ended December 31,
	2021		2020		2019
Equity in (loss) income from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	(1,861)	$	(524)	$	(71)
Sea Sound Apartments JV^(a)		(15)		—		—
Pier Park TPS JV		551		(112)		(6)
Busy Bee JV		441		(30)		—
Watersound Management JV^(b)		19		—		—
Total equity in loss from unconsolidated joint ventures	$	(865)	$	(666)	$	(77)

(a)	JV was formed in January 2020.

(b)	JV was formed in June 2021.

Summarized balance sheets for the Company’s unconsolidated JVs are as follows:


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	54,034	^(a)	$	53,775	$	17,003	$	16,561	$	8,005	$	—	$	149,378
Cash and cash equivalents		12,541			760		240		1,913		855		138		16,447
Other assets		1,761			210		187		433		1,044		—		3,635
Total assets	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

LIABILITIES AND EQUITY
Debt, net	$	7,147		$	34,834	$	66	$	13,839	$	6,256	$	—	$	62,142
Other liabilities		36,419			2,653		3,408		1,147		405		—		44,032
Equity		24,770			17,258		13,956		3,921		3,243		138		63,286
Total liabilities and equity	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	138	$	169,460

(a)	As of December 31, 2021, 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 $4.8 million.


	December 31, 2020
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total
ASSETS
Investment in real estate	$	18,255	^(a)	$	29,085	$	—	$	17,946	$	8,466	$	—	$	73,752
Cash and cash equivalents		1,603			15		—		1,705		227		—		3,550
Other assets		136			—		—		483		717		—		1,336
Total assets	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

LIABILITIES AND EQUITY
Debt, net	$	2,844		$	8,378	$	—	$	14,090	$	6,532	$	—	$	31,844
Other liabilities		1,794			3,439		—		1,745		506		—		7,484
Equity		15,356			17,283		—		4,299		2,372		—		39,310
Total liabilities and equity	$	19,994		$	29,100	$	—	$	20,134	$	9,410	$	—	$	78,638

(a)	As of 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 $1.8 million.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.

Summarized statements of operations for the Company’s unconsolidated JVs are as follows:


	Year Ended December 31, 2021
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV			Total

Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	16,229	$	511	$	42,879
Expenses:
Cost of revenue		14,931		432		—		2,663		12,958		473		31,457
Other operating expenses		6,802		61		—		302		1,946		—		9,111
Depreciation and amortization		396		343		—		1,434		461		—		2,634
Total expenses		22,129		836		—		4,399		15,365		473		43,202
Operating (loss) income		(3,476)		176		—		2,075		864		38		(323)
Other (expense) income:
Interest expense		—		(201)		—		(735)		(192)		—		(1,128)
Other income, net		—		—		—		5		198		—		203
Total other (expense) income		—		(201)		—		(730)		6		—		(925)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	870	$	38	$	(1,248)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2021.


	Year Ended December 31, 2020
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV		Watersound Management JV^(c)		Total

Total revenue	$	—	$	—	$	—	$	2,338	$	5,846	$	—	$	8,184
Expenses:
Cost of revenue		—		—		—		1,209		4,364		—		5,573
Other operating expenses		980		—		—		161		1,057		—		2,223
Depreciation and amortization		25		—		—		962		229				1,191
Total expenses		1,005		—		—		2,332		5,650		—		8,987
Operating (loss) income		(1,005)		—		—		6		196		—		(803)
Other expense:
Interest expense		—		—		—		(230)		(99)		—		(329)
Other expense, net		—		—		—		—		(145)		—		(145)
Total other expense		—		—		—		(230)		(244)		—		(474)
Net loss	$	(1,005)	$	—	$	—	$	(224)	$	(48)	$	—	$	(1,277)

(a)	The project is under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2020.

(b)	JV was formed in April 2021.

(c)	JV was formed in June 2021.


	Year Ended December 31, 2019
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV^(a)		Watersound Fountains Independent Living JV^(b)		Pier Park TPS JV		Busy Bee JV^(c)		Watersound Management JV^(d)		Total

Total revenue	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total expenses		142		—		—		—		—		—		142
Operating loss		(142)		—		—		—		—		—		(142)
Total other expense		—		—		—		(13)		—		—		(13)
Net loss	$	(142)	$	—	$	—	$	(13)	$	—	$	—	$	(155)

(a)	JV was formed in January 2020.

(b)	JV was formed in April 2021.

(c)	The project was under construction with no income or loss impacting the consolidated statement of income for the year ended December 31, 2019.

(d)	JV was formed in June 2021.