Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2023

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	June 30,		December 31,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	41,960	$	33,235
Sea Sound JV (a)		357		411
Watersound Fountains Independent Living JV		6,957		7,258
Pier Park TPS JV		1,332		1,451
Pier Park RI JV		6,157		4,263
Busy Bee JV		2,261		2,160
Electric Cart Watersound JV		816		703
Watersound Management JV		544		544
Total investment in unconsolidated joint ventures	$	60,384	$	50,025
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (b) (c)	$	29,682	$	30,001
Watersound Fountains Independent Living JV (c)		32,308		21,327
Pier Park TPS JV (c)		13,663		13,822
Pier Park RI JV		6,334		—
Busy Bee JV		5,852		6,010
Electric Cart Watersound JV (c)		3,295		923
Total outstanding debt of unconsolidated JVs	$	91,134	$	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 18. Commitments and Contingencies 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 related to outstanding debt.

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,
	2023		2022		2023		2022
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	5,902	$	945	$	9,803	$	322
Sea Sound JV (a)		(18)		97		(54)		80
Watersound Fountains Independent Living JV		(302)		—		(302)		—
Pier Park TPS JV		154		178		(13)		103
Busy Bee JV		201		210		101		407
Electric Cart Watersound JV		77		(19)		113		(19)
Watersound Management JV		24		19		52		41
Total equity in income from unconsolidated joint ventures	$	6,038	$	1,430	$	9,700	$	934

(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:

	June 30, 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	$	132,726	(a)	$	—	$	47,208	$	14,389	$	21,528	$	8,834	$	4,574	$	—	$	229,259
Cash and cash equivalents		14,920			596		331		1,298		8		946		611		98		18,808
Other assets		4,377			1		37		728		—		2,300		282		—		7,725
Total assets	$	152,023		$	597	$	47,576	$	16,415	$	21,536	$	12,080	$	5,467	$	98	$	255,792
LIABILITIES AND EQUITY
Debt, net	$	29,371		$	—	$	31,717	$	13,390	$	5,994	$	5,822	$	3,220	$	—	$	89,514
Other liabilities		69,531			2		2,929		361		3,229		2,043		646		—		78,741
Equity		53,121			595		12,930		2,664		12,313		4,215		1,601		98		87,537
Total liabilities and equity	$	152,023		$	597	$	47,576	$	16,415	$	21,536	$	12,080	$	5,467	$	98	$	255,792

(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 June 30, 2023
	Latitude Margaritaville Watersound JV (a)		Sea Sound JV (b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV (c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	80,842	$	—	$	—	$	1,736	$	—	$	4,973		$	920	$	438	$	88,909
Expenses:
Cost of revenue		64,829		—		—		888		—		4,749			752		390		71,608
Other operating expenses		4,064		30		559		—		—		—			10		—		4,663
Depreciation and amortization		80		—		2		360		—		119			2		—		563
Total expenses		68,973		30		561		1,248		—		4,868			764		390		76,834
Operating income (loss)		11,869		(30)		(561)		488		—		105			156		48		12,075
Other (expense) income:
Interest expense		(80)		—		—		(186)		—		(45)			(4)		—		(315)
Other income, net		14		—		—		6		—		105	(d)		—		—		125
Total other (expense) income		(66)		—		—		(180)		—		60			(4)		—		(190)
Net income (loss)	$	11,803	$	(30)	$	(561)	$	308	$	—	$	165		$	152	$	48	$	11,885

(a) The Latitude Margaritaville Watersound JV completed 164 home sale transactions during the three months ended June 30, 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 June 30, 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 June 30, 2022
	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	$	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	(d)		—		—		307
Total other (expense) income		(111)		(349)		—		(187)		—		258			—		—		(389)
Net income (loss)	$	1,780	$	162	$	—	$	356	$	—	$	469		$	(39)	$	38	$	2,766

(a) The Latitude Margaritaville Watersound JV completed 65 home sale transactions during the three months ended June 30, 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 June 30, 2022.

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

	Six Months Ended June 30, 2023
	Latitude Margaritaville Watersound JV (a)		Sea Sound JV (b)		Watersound Fountains Independent Living JV		Pier Park TPS JV		Pier Park RI JV (c)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	157,271	$	—	$	—	$	2,634	$	—	$	8,492		$	1,477	$	869	$	170,743
Expenses:
Cost of revenue		129,307		—		—		1,580		—		8,257			1,227		766		141,137
Other operating expenses		8,061		93		559		—		—		—			16		—		8,729
Depreciation and amortization		160		—		2		721		—		235			5		—		1,123
Total expenses		137,528		93		561		2,301		—		8,492			1,248		766		150,989
Operating income (loss)		19,743		(93)		(561)		333		—		—			229		103		19,754
Other (expense) income:
Interest expense		(160)		—		—		(369)		—		(70)			(7)		—		(606)
Other income (expense), net		24		—		—		10		—		(32)	(d)		—		—		2
Total other expense		(136)		—		—		(359)		—		(102)			(7)		—		(604)
Net income (loss)	$	19,607	$	(93)	$	(561)	$	(26)	$	—	$	(102)		$	222	$	103	$	19,150

(a) The Latitude Margaritaville Watersound JV completed 313 home sale transactions during the six months ended June 30, 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 six months ended June 30, 2023.

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

	Six Months Ended June 30, 2022
	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	$	31,745	$	2,697	$	—	$	2,912	$	—	$	9,382		$	—	$	544	$	47,280
Expenses:
Cost of revenue		25,540		909		—		1,607		—		8,934			—		462		37,452
Other operating expenses		5,387		161		—		—		—		—			39		—		5,587
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	(d)		—		—		706
Total other (expense) income		(111)		(661)		—		(373)		—		611			—		—		(534)
Net income (loss)	$	557	$	133	$	—	$	207	$	—	$	829		$	(39)	$	82	$	1,769

(a) The Latitude Margaritaville Watersound JV completed 83 home sale transactions during the six months ended June 30, 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 six months ended June 30, 2022.

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