(a)	JV was formed in May 2022.

(b)	JV was formed in February 2022.

(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 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	2,181	$	(896)	$	2,504	$	(2,497)
Sea Sound JV		(59)		(71)		21		(104)
Pier Park TPS JV		114		279		217		651
Busy Bee JV		210		180		617		372
Electric Cart Watersound JV^(a)		17		—		(3)		—
Watersound Management JV		18		7		59		8
Total equity in income (loss) from unconsolidated joint ventures	$	2,481	$	(501)	$	3,415	$	(1,570)

(a)	JV was formed in February 2022.

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


	September 30, 2022
	Latitude Margaritaville Watersound JV			Sea Sound JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	110,144	^(a)	$	53,224	$	34,691	$	15,468	$	5,580	$	7,705	$	1,630	$	—	$	228,442
Cash and cash equivalents		4,185			1,508		279		1,092		2,953		1,231		232		87		11,567
Other assets		2,425			451		8		734		—		2,006		295		—		5,919
Total assets	$	116,754		$	55,183	$	34,978	$	17,294	$	8,533	$	10,942	$	2,157	$	87	$	245,928

LIABILITIES AND EQUITY
Debt, net	$	11,610		$	38,676	$	18,133	$	13,615	$	—	$	6,042	$	553	$	—	$	88,629
Other liabilities		74,785			713		2,889		251		7		424		267		—		79,336
Equity		30,359			15,794		13,956		3,428		8,526		4,476		1,337		87		77,963
Total liabilities and equity	$	116,754		$	55,183	$	34,978	$	17,294	$	8,533	$	10,942	$	2,157	$	87	$	245,928

(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		Pier Park RI JV^(b)		Busy Bee JV		Electric Cart Watersound JV^(c)		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 May 2022.

(c)	JV was formed in February 2022.

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


	Three Months Ended September 30, 2022
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Pier Park RI JV ^(a)		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV			Total

Total revenue	$	50,784	$	1,614	$	—	$	1,664	$	—	$	5,090	$	226	$	320	$	59,698
Expenses:
Cost of revenue		42,928		694		—		884		—		4,799		189		283		49,777
Other operating expenses		3,561		—		—		—		—		—		4		—		3,565
Depreciation and amortization		79		546		—		362		—		115		—		—		1,102
Total expenses		46,568		1,240		—		1,246		—		4,914		193		283		54,444
Operating income		4,216		374		—		418		—		176		33		37		5,254
Other (expense) income:
Interest expense		(56)		(470)		—		(189)		—		(41)		—		—		(756)
Other income (expense), net		4		(2)		—		7		—		293		—		—		302
Total other (expense) income		(52)		(472)		—		(182)		—		252		—		—		(454)
Net income (loss)	$	4,164	$	(98)	$	—	$	236	$	—	$	428	$	33	$	37	$	4,800

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


	Three Months Ended September 30, 2021
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Pier Park RI JV^(b)		Busy Bee JV		Electric Cart Watersound JV^(c)		Watersound Management JV		Total

Total revenue	$	—	$	143	$	—	$	2,252	$	—	$	4,918	$	—	$	201	$	7,514
Expenses:
Cost of revenue		—		147		—		902		—		4,386		—		187		5,622
Other operating expenses		1,572		—		—		—		—		—		—		—		1,572
Depreciation and amortization		75		75		—		358		—		116		—		—		624
Total expenses		1,647		222		—		1,260		—		4,502		—		187		7,818
Operating (loss) income		(1,647)		(79)		—		992		—		416		—		14		(304)
Other expense:
Interest expense		(40)		(45)		—		(193)		—		(48)		—		—		(326)
Other income (expense), net		—		—		—		1		—		(51)		—		—		(50)
Total other expense		(40)		(45)		—		(192)		—		(99)		—		—		(376)
Net (loss) income	$	(1,687)	$	(124)	$	—	$	800	$	—	$	317	$	—	$	14	$	(680)

(a)	The project was under construction with no income or loss for the three months ended September 30, 2021.

(b)	The JV was formed in May 2022.

(c)	The JV was formed in February 2022.


	Nine Months Ended September 30, 2022
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Pier Park RI JV ^(a)		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV			Total

Total revenue	$	82,528	$	4,312	$	—	$	4,577	$	—	$	14,399	$	226	$	864	$	106,906
Expenses:
Cost of revenue		68,468		1,629		—		2,501		—		13,661		218		746		87,223
Other operating expenses		8,949		—		—		—		—		—		13		—		8,962
Depreciation and amortization		229		1,509		—		1,087		—		344		—		—		3,169
Total expenses		77,646		3,138		—		3,588		—		14,005		231		746		99,354
Operating income (loss)		4,882		1,174		—		989		—		394		(5)		118		7,552
Other (expense) income:
Interest expense		(166)		(1,131)		—		(566)		—		(132)		—		—		(1,995)
Other income (expense), net		4		(7)		—		11		—		995		—		—		1,003
Total other (expense) income		(162)		(1,138)		—		(555)		—		863		—		—		(992)
Net income (loss)	$	4,720	$	36	$	—	$	434	$	—	$	1,257	$	(5)	$	118	$	6,560

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


	Nine Months Ended September 30, 2021
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Pier Park RI JV^(b)		Busy Bee JV		Electric Cart Watersound JV^(c)		Watersound Management JV		Total

Total revenue	$	—	$	164	$	—	$	5,473	$	—	$	12,452	$	—	$	263	$	18,352
Expenses:
Cost of revenue		—		217		—		2,311		—		11,365		—		247		14,140
Other operating expenses		4,508		—		—		—		—		—		—		—		4,508
Depreciation and amortization		135		76		—		1,075		—		347		—		—		1,633
Total expenses		4,643		293		—		3,386		—		11,712		—		247		20,281
Operating (loss) income		(4,643)		(129)		—		2,087		—		740		—		16		(1,929)
Other (expense) income:
Interest expense		(120)		(45)		—		(546)		—		(145)		—		—		(856)
Other income, net		—		—		—		4		—		205		—		—		209
Total other (expense) income		(120)		(45)		—		(542)		—		60		—		—		(647)
Net (loss) income	$	(4,763)	$	(174)	$	—	$	1,545	$	—	$	800	$	—	$	16	$	(2,576)

(a)	The project was under construction with no income or loss for the nine months ended September 30, 2021.

(b)	The JV was formed in May 2022.

(c)	The JV was formed in February 2022.