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Joint Ventures (Tables)
6 Months Ended
Jun. 30, 2022
Joint Ventures  
Schedule of financial information of unconsolidated joint ventures

    

June 30, 

    

December 31, 

2022

2021

Investment in unconsolidated joint ventures

 

  

 

  

Latitude Margaritaville Watersound JV

$

30,627

$

30,040

Sea Sound JV

10,413

10,333

Watersound Fountains Independent Living JV

7,508

7,508

Pier Park TPS JV

 

2,306

 

1,961

Busy Bee JV

 

2,028

 

1,621

Electric Cart Watersound JV (a)

665

Watersound Management JV

539

564

Total investment in unconsolidated joint ventures

$

54,086

$

52,027

 

  

 

  

Outstanding debt of unconsolidated JVs

Latitude Margaritaville Watersound JV (b) (c)

$

19,658

$

7,147

Sea Sound JV

38,742

35,047

Watersound Fountains Independent Living JV (c)

11,379

66

Pier Park TPS JV (c)

13,974

14,124

Busy Bee JV

6,164

6,317

Total outstanding debt of unconsolidated JVs

$

89,917

$

62,701

(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 income (loss) from unconsolidated JVs:

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

2021

2022

2021

Equity in income (loss) from unconsolidated joint ventures

Latitude Margaritaville Watersound JV

$

945

$

(959)

$

322

$

(1,601)

Sea Sound JV

97

(31)

80

(33)

Pier Park TPS JV

178

419

103

372

Busy Bee JV

210

(31)

407

191

Electric Cart Watersound JV (a)

(19)

(19)

Watersound Management JV

19

1

41

1

Total equity in income (loss) from unconsolidated joint ventures

$

1,430

$

(601)

$

934

$

(1,070)

(a)JV was formed in February 2022.

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

June 30, 2022

Latitude Margaritaville Watersound JV

Sea Sound 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

$

98,131

(a)

$

53,695

$

29,944

$

15,829

$

7,776

$

1,469

$

$

206,844

Cash and cash equivalents

8,053

2,709

160

2,403

947

598

69

14,939

Other assets

2,145

193

10

485

2,098

15

19

4,965

Total assets

$

108,329

$

56,597

$

30,114

$

18,717

$

10,821

$

2,082

$

88

$

226,748

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Debt, net

$

19,417

$

38,627

$

10,747

$

13,685

$

6,114

$

$

$

88,590

Other liabilities

62,953

579

5,411

431

659

854

70,887

Equity

25,959

17,391

13,956

4,601

4,048

1,228

88

67,271

Total liabilities and equity

$

108,329

$

56,597

$

30,114

$

18,717

$

10,821

$

2,082

$

88

$

226,748

(a)Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

December 31, 2021

Latitude Margaritaville Watersound JV

Sea Sound 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)Investment in real estate includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.
(b)JV was formed in February 2022.

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

Three Months Ended June 30, 2022

Latitude Margaritaville Watersound JV

Sea Sound JV

Watersound Fountains Independent Living JV (a)

Pier Park TPS JV

Busy Bee JV

Electric Cart Watersound JV

Watersound Management JV

Total

Total revenue

$

24,605

$

1,543

$

$

1,788

$

5,678

$

$

292

$

33,906

Expenses:

Cost of revenue

19,814

476

783

4,782

254

26,109

Other operating expenses

2,806

74

99

570

39

3,588

Depreciation and amortization

94

482

363

115

1,054

Total expenses

22,714

1,032

1,245

5,467

39

254

30,751

Operating income (loss)

1,891

511

543

211

(39)

38

3,155

Other (expense) income:

Interest expense

(111)

(349)

(190)

(46)

(696)

Other income, net

3

304

307

Total other (expense) income

(111)

(349)

(187)

258

(389)

Net income (loss)

$

1,780

$

162

$

$

356

$

469

$

(39)

$

38

$

2,766

(a)The project is under construction with no income or loss for the three months ended June 30, 2022.

Three Months Ended June 30, 2021

Latitude Margaritaville Watersound JV

Sea Sound JV

Watersound Fountains Independent Living JV (a)

Pier Park TPS JV

Busy Bee JV

Electric Cart Watersound JV (b)

Watersound Management JV

Total

Total revenue

$

$

21

$

$

2,284

$

4,806

$

$

62

$

7,173

Expenses:

Cost of revenue

816

3,779

60

4,655

Other operating expenses

1,738

68

79

555

2,440

Depreciation and amortization

60

358

116

534

Total expenses

1,798

68

1,253

4,450

60

7,629

Operating (loss) income

(1,798)

(47)

1,031

356

2

(456)

Other (expense) income:

Interest expense

(40)

(193)

(44)

(277)

Other expense, net

(218)

(218)

Total other expense

(40)

(193)

(262)

(495)

Net (loss) income

$

(1,838)

$

(47)

$

$

838

$

94

$

$

2

$

(951)

(a)The project was under construction with no income or loss for the three months ended June 30, 2021.
(b)The JV was formed in February 2022.

Six Months Ended June 30, 2022

Latitude Margaritaville Watersound JV

Sea Sound JV

Watersound Fountains Independent Living JV (a)

Pier Park TPS JV

Busy Bee JV

Electric Cart Watersound JV

Watersound Management JV

Total

Total revenue

$

31,745

$

2,697

$

$

2,912

$

9,382

$

$

544

$

47,280

Expenses:

Cost of revenue

25,540

909

1,415

7,928

462

36,254

Other operating expenses

5,387

161

192

1,006

39

6,785

Depreciation and amortization

150

833

725

230

1,938

Total expenses

31,077

1,903

2,332

9,164

39

462

44,977

Operating income (loss)

668

794

580

218

(39)

82

2,303

Other (expense) income:

Interest expense

(111)

(661)

(377)

(91)

(1,240)

Other income, net

4

702

706

Total other (expense) income

(111)

(661)

(373)

611

(534)

Net income (loss)

$

557

$

133

$

$

207

$

829

$

(39)

$

82

$

1,769

(a)The project is under construction with no income or loss for the six months ended June 30, 2022.

Six Months Ended June 30, 2021

Latitude Margaritaville Watersound JV

Sea Sound JV

Watersound Fountains Independent Living JV (a)

Pier Park TPS JV

Busy Bee JV

Electric Cart Watersound JV (b)

Watersound Management JV

Total

Total revenue

$

$

21

$

$

3,221

$

7,598

$

$

62

$

10,902

Expenses:

Cost of revenue

1,251

6,026

60

7,337

Other operating expenses

2,937

71

157

1,017

4,182

Depreciation and amortization

60

717

231

1,008

Total expenses

2,997

71

2,125

7,274

60

12,527

Operating (loss) income

(2,997)

(50)

1,096

324

2

(1,625)

Other (expense) income:

Interest expense

(80)

(351)

(97)

(528)

Other income, net

256

256

Total other (expense) income

(80)

(351)

159

(272)

Net (loss) income

$

(3,077)

$

(50)

$

$

745

$

483

$

$

2

$

(1,897)

(a)The project was under construction with no income or loss for the six months ended June 30, 2021.
(b)The JV was formed in February 2022.