Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2023

Investments

Schedule of financial information of unconsolidated joint ventures

	March 31,		December 31,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	37,179	$	33,235
Sea Sound JV (a)		375		411
Watersound Fountains Independent Living JV		7,259		7,258
Pier Park TPS JV		1,142		1,451
Pier Park RI JV		6,156		4,263
Busy Bee JV		2,060		2,160
Electric Cart Watersound JV		739		703
Watersound Management JV		547		544
Total investment in unconsolidated joint ventures	$	55,457	$	50,025
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (b) (c)	$	25,142	$	30,001
Watersound Fountains Independent Living JV (c)		28,057		21,327
Pier Park TPS JV (c)		13,743		13,822
Busy Bee JV		5,931		6,010
Electric Cart Watersound JV (c)		2,252		923
Total outstanding debt of unconsolidated JVs	$	75,125	$	72,083

(a) In November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations.

(b) See Note 8. 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 18. Commitments and Contingencies for additional information.

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	Three Months Ended March 31,
	2023		2022
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	3,902	$	(623)
Sea Sound JV (a)		(36)		(17)
Pier Park TPS JV		(167)		(74)
Busy Bee JV		(100)		197
Electric Cart Watersound JV		36		—
Watersound Management JV		28		22
Total equity in income (loss) from unconsolidated joint ventures	$	3,663	$	(495)

(a) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.

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

	March 31, 2023
	Latitude Margaritaville Watersound JV			Sea Sound JV (b)		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, net	$	123,640	(a)	$	—	$	43,871	$	14,749	$	12,837	$	7,555	$	3,434	$	—	$	206,086
Cash and cash equivalents		11,473			451		298		702		652		840		421		105		14,942
Other assets		4,325			185		15		578		339		2,122		373		—		7,937
Total assets	$	139,438		$	636	$	44,184	$	16,029	$	13,828	$	10,517	$	4,228	$	105	$	228,965
LIABILITIES AND EQUITY
Debt, net	$	24,751		$	—	$	27,456	$	13,467	$	—	$	5,896	$	2,174	$	—	$	73,744
Other liabilities		73,014			11		3,236		278		1,515		571		605		—		79,230
Equity		41,673			625		13,492		2,284		12,313		4,050		1,449		105		75,991
Total liabilities and equity	$	139,438		$	636	$	44,184	$	16,029	$	13,828	$	10,517	$	4,228	$	105	$	228,965

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

(b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.

	December 31, 2022
	Latitude Margaritaville Watersound JV			Sea Sound JV (b)		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, net	$	125,231	(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	198,480
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,267			363		11		748		340		1,957		234		—		6,920
Total assets	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343
LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Other liabilities		76,506			5		4,776		186		2,252		376		147		—		84,248
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	139,131		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	219,343

(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) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.

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

	Three Months Ended March 31, 2023
	Latitude Margaritaville Watersound JV (a)		Sea Sound JV (b)		Watersound Fountains Independent Living JV (c)		Pier Park TPS JV		Pier Park RI JV (c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	76,429	$	—	$	—	$	898	$	—	$	3,519		$	557	$	431	$	81,834
Expenses:
Cost of revenue		64,478		—		—		692		—		3,508			475		376		69,529
Other operating expenses		3,997		63		—		—		—		—			6		—		4,066
Depreciation and amortization		80		—		—		361		—		116			2		—		559
Total expenses		68,555		63		—		1,053		—		3,624			483		376		74,154
Operating income (loss)		7,874		(63)		—		(155)		—		(105)			74		55		7,680
Other (expense) income:
Interest expense		(80)		—		—		(183)		—		(25)			(3)		—		(291)
Other income (expense), net		10		—		—		4		—		(137)	(d)		—		—		(123)
Total other expense		(70)		—		—		(179)		—		(162)			(3)		—		(414)
Net income (loss)	$	7,804	$	(63)	$	—	$	(334)	$	—	$	(267)		$	71	$	55	$	7,266

(a) The Latitude Margaritaville Watersound JV completed 149 home sale transactions during the three months ended March 31, 2023.

(b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.

(c) The project is under construction with no income or loss for the three months ended March 31, 2023.

(d) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

	Three Months Ended March 31, 2022
	Latitude Margaritaville Watersound JV (a)		Sea Sound JV (b)		Watersound Fountains Independent Living JV (c)		Pier Park TPS JV		Pier Park RI JV (d)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV		Total
Total revenue	$	7,140	$	1,154	$	—	$	1,124	$	—	$	3,733		$	—	$	252	$	13,403
Expenses:
Cost of revenue		6,964		448		—		725		—		3,612			—		208		11,957
Other operating expenses		1,268		—		—		—		—		—			—		—		1,268
Depreciation and amortization		75		416		—		362		—		115			—		—		968
Total expenses		8,307		864		—		1,087		—		3,727			—		208		14,193
Operating (loss) income		(1,167)		290		—		37		—		6			—		44		(790)
Other (expense) income:
Interest expense		(56)		(312)		—		(187)		—		(45)			—		—		(600)
Other (expense) income, net		—		(5)		—		1		—		399	(e)		—		—		395
Total other (expense) income		(56)		(317)		—		(186)		—		354			—		—		(205)
Net (loss) income	$	(1,223)	$	(27)	$	—	$	(149)	$	—	$	360		$	—	$	44	$	(995)

(a) The Latitude Margaritaville Watersound JV completed 18 home sale transactions during the three months ended March 31, 2022.

(b) In November 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.

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

(d) The JV was formed in May 2022.

(e) Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.