(a)	JV was formed in February 2022.

(b)	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.

(c)	See Note 19. Commitments and Contingencies for additional information.

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


	Three Months Ended March 31,
	2022		2021
Equity in (loss) income from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	(623)	$	(642)
Sea Sound Apartments JV		(17)		(2)
Pier Park TPS JV		(74)		(46)
Busy Bee JV		197		222
Watersound Management JV^(a)		22		—
Total equity in loss from unconsolidated joint ventures	$	(495)	$	(468)

(a)	JV was formed in June 2021.

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


	March 31, 2022
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	78,274	^(a)	$	54,180	$	24,503	$	16,190	$	7,891	$	894	$	—	$	181,932
Cash and cash equivalents		8,777			1,511		243		1,897		765		712		94		13,999
Other assets		1,835			268		10		455		1,434		20		—		4,022
Total assets	$	88,886		$	55,959	$	24,756	$	18,542	$	10,090	$	1,626	$	94	$	199,953

LIABILITIES AND EQUITY
Debt, net	$	15,378		$	35,740	$	7,287	$	13,768	$	6,185	$	—	$	—	$	78,358
Other liabilities		49,705			2,989		3,513		444		326		360		—		57,337
Equity		23,803			17,230		13,956		4,330		3,579		1,266		94		64,258
Total liabilities and equity	$	88,886		$	55,959	$	24,756	$	18,542	$	10,090	$	1,626	$	94	$	199,953

(a)	As of March 31, 2022, investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $5.1 million.


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound Apartments JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(b)		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 initial historical cost basis of $1.3 million and additional completed infrastructure improvements of $4.8 million.

(b)	JV was formed in February 2022.

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


	Three Months Ended March 31, 2022
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(a)		Watersound Management JV			Total

Total revenue	$	7,140	$	1,154	$	—	$	1,124	$	3,704	$	—	$	252	$	13,374
Expenses:
Cost of revenue		5,726		433		—		632		3,146		—		208		10,145
Other operating expenses		2,581		87		—		93		436		—		—		3,197
Depreciation and amortization		56		351		—		362		115		—		—		884
Total expenses		8,363		871		—		1,087		3,697		—		208		14,226
Operating (loss) income		(1,223)		283		—		37		7		—		44		(852)
Other (expense) income:
Interest expense		—		(312)		—		(187)		(45)		—		—		(544)
Other income, net		—		—		—		1		398		—		—		399
Total other (expense) income		—		(312)		—		(186)		353		—		—		(145)
Net (loss) income	$	(1,223)	$	(29)	$	—	$	(149)	$	360	$	—	$	44	$	(997)

(a)	The project is under construction with no income or loss for the three months ended March 31, 2022.


	Three Months Ended March 31, 2021
	Latitude Margaritaville Watersound JV		Sea Sound Apartments JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(b)		Watersound Management JV^(c)		Total

Total revenue	$	—	$	—	$	—	$	937	$	2,792	$	—	$	—	$	3,729
Expenses:
Cost of revenue		—		—		—		435		2,247		—		—		2,682
Other operating expenses		1,239		3		—		78		462		—		—		1,782
Depreciation and amortization		—		—		—		358		115		—		—		473
Total expenses		1,239		3		—		871		2,824		—		—		4,937
Operating (loss) income		(1,239)		(3)		—		66		(32)		—		—		(1,208)
Other (expense) income:
Interest expense		—		—		—		(158)		(53)		—		—		(211)
Other income, net		—		—		—		—		474		—		—		474
Total other (expense) income		—		—		—		(158)		421		—		—		263
Net (loss) income	$	(1,239)	$	(3)	$	—	$	(92)	$	389	$	—	$	—	$	(945)

(a)	The JV was formed in April 2021.

(b)	The JV was formed in February 2022.

(c)	The JV was formed in June 2021.