Joint Ventures (Tables)

9 Months Ended

Sep. 30, 2023

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	September 30,		December 31,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	49,713	$	33,235
Sea Sound JV (a)		381		411
Watersound Fountains Independent Living JV		6,741		7,258
Pier Park TPS JV		1,255		1,451
Pier Park RI JV		6,156		4,263
Busy Bee JV		2,748		2,160
Electric Cart Watersound JV		878		703
Watersound Management JV		534		544
Total investment in unconsolidated joint ventures	$	68,406	$	50,025
Outstanding debt of unconsolidated JVs
Latitude Margaritaville Watersound JV (b) (c)	$	10,771	$	30,001
Watersound Fountains Independent Living JV (c)		34,684		21,327
Pier Park TPS JV (c)		13,584		13,822
Pier Park RI JV		11,831		—
Busy Bee JV		5,799		6,010
Electric Cart Watersound JV (c)		4,394		923
Total outstanding debt of unconsolidated JVs	$	81,063	$	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	8,762	$	2,181	$	18,566	$	2,504
Sea Sound JV (a)		24		(59)		(30)		21
Watersound Fountains Independent Living JV (b)		(215)		—		(518)		—
Pier Park TPS JV		(14)		114		(27)		217
Busy Bee JV		76		210		177		617
Electric Cart Watersound JV		61		17		175		(3)
Watersound Management JV		14		18		66		59
Total equity in income from unconsolidated joint ventures	$	8,708	$	2,481	$	18,409	$	3,415

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

(b) The project is under construction.

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

	September 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	$	134,311	(a)	$	—	$	50,009	$	14,029	$	26,938	$	8,728	$	5,423	$	—	$	239,438
Cash and cash equivalents		12,306			637		147		1,085		22		866		677		79		15,819
Other assets		2,523			—		51		987		25		2,420		449		—		6,455
Total assets	$	149,140		$	637	$	50,207	$	16,101	$	26,985	$	12,014	$	6,549	$	79	$	261,712
LIABILITIES AND EQUITY
Debt, net	$	10,540		$	—	$	34,103	$	13,314	$	11,491	$	5,748	$	4,320	$	—	$	79,516
Accounts payable and other liabilities		68,223			1		3,574		277		3,181		799		508		—		76,563
Equity		70,377			636		12,530		2,510		12,313		5,467		1,721		79		105,633
Total liabilities and equity	$	149,140		$	637	$	50,207	$	16,101	$	26,985	$	12,014	$	6,549	$	79	$	261,712

(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
Accounts payable and 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 September 30, 2023
	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	$	92,133	$	—	$	—	$	1,371	$	—	$	5,331		$	919	$	513	$	100,267
Expenses:
Cost of revenue		70,095		—		—		865		—		4,919			786		484		77,149
Other operating expenses		4,370		(40)		393		—		—		—			7		—		4,730
Depreciation and amortization		80		—		6		361		—		133			2		—		582
Total expenses		74,545		(40)		399		1,226		—		5,052			795		484		82,461
Operating income (loss)		17,588		40		(399)		145		—		279			124		29		17,806
Other (expense) income:
Interest expense		(79)		—		(2)		(185)		—		(62)			(4)		—		(332)
Other income, net		16		—		—		11		—		212	(e)		—		—		239
Total other (expense) income		(63)		—		(2)		(174)		—		150			(4)		—		(93)
Net income (loss)	$	17,525	$	40	$	(401)	$	(29)	$	—	$	429		$	120	$	29	$	17,713

(a) The Latitude Margaritaville Watersound JV completed 189 home sale transactions during the three months ended September 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.

(d) The project is under construction with no income or loss for the three months ended September 30, 2023.

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

	Three Months Ended September 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	$	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	(d)		—		—		302
Total other (expense) income		(52)		(472)		—		(182)		—		252			—		—		(454)
Net income (loss)	$	4,164	$	(98)	$	—	$	236	$	—	$	428		$	33	$	37	$	4,800

(a) The Latitude Margaritaville Watersound JV completed 117 home sale transactions during the three months ended September 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 September 30, 2022.

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

	Nine Months Ended September 30, 2023
	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	$	249,404	$	—	$	—	$	4,005	$	—	$	13,823		$	2,396	$	1,382	$	271,010
Expenses:
Cost of revenue		199,402		—		—		2,445		—		13,176			2,013		1,250		218,286
Other operating expenses		12,431		53		952		—		—		—			23		—		13,459
Depreciation and amortization		240		—		8		1,082		—		368			7		—		1,705
Total expenses		212,073		53		960		3,527		—		13,544			2,043		1,250		233,450
Operating income (loss)		37,331		(53)		(960)		478		—		279			353		132		37,560
Other (expense) income:
Interest expense		(239)		—		(2)		(554)		—		(132)			(11)		—		(938)
Other income, net		40		—		—		21		—		180	(e)		—		—		241
Total other (expense) income		(199)		—		(2)		(533)		—		48			(11)		—		(697)
Net income (loss)	$	37,132	$	(53)	$	(962)	$	(55)	$	—	$	327		$	342	$	132	$	36,863

(a) The Latitude Margaritaville Watersound JV completed 502 home sale transactions during the nine months ended September 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.

(d) The project is under construction with no income or loss for the nine months ended September 30, 2023.

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

	Nine Months Ended September 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	$	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	(d)		—		—		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 Latitude Margaritaville Watersound JV completed 200 home sale transactions during the nine months ended September 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 nine months ended September 30, 2022.

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