Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2023

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	December 31,		December 31,
	2023		2022
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	49,036	$	33,235
Sea Sound JV (a)		—		411
Watersound Fountains Independent Living JV		6,533		7,258
Pier Park TPS JV		707		1,451
Pier Park RI JV		6,156		4,263
Busy Bee JV		2,535		2,160
Electric Cart Watersound JV		815		703
Watersound Management JV		574		544
Total investment in unconsolidated joint ventures	$	66,356	$	50,025
Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV (b) (c)	$	37,445	$	30,001
Watersound Fountains Independent Living JV (c)		38,062		21,327
Pier Park TPS JV (c)		13,503		13,822
Pier Park RI JV		16,021		—
Busy Bee JV		5,693		6,010
Electric Cart Watersound JV (c)		4,732		923
Total outstanding debt principal of unconsolidated JVs	$	115,456	$	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 20. 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 20. 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:

	Year Ended December 31,
	2023		2022		2021
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV (a)	$	23,627	$	3,859	$	(1,861)
Sea Sound JV (b)		(35)		21,705		(15)
Watersound Fountains Independent Living JV (c)		(725)		(250)		—
Pier Park TPS JV		(362)		33		551
Busy Bee JV (d)		(36)		538		441
Electric Cart Watersound JV (e)		112		18		—
Watersound Management JV		120		83		19
Total equity in income (loss) from unconsolidated joint ventures	$	22,701	$	25,986	$	(865)

(a) The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021.

(b) In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. The year ended December 31, 2022, includes the Company’s proportionate share of the gain on sale of $21.7 million. As a result of the sale, the Sea Sound JV no longer has activity from operations.

(c) The project is under construction.

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

(e) JV was formed in February 2022. The permanent sales and service facility located in the Watersound West Bay Center was completed in the fourth quarter of 2023.

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

	December 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	$	149,253	(a)	$	—	$	52,301	$	13,666	$	32,053	$	8,605	$	5,384	$	—	$	261,262
Cash and cash equivalents		28,235			—		215		719		44		613		902		158		30,886
Other assets		2,883			—		67		617		25		1,965		396		—		5,953
Total assets	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101
LIABILITIES AND EQUITY
Debt, net	$	37,155		$	—	$	37,493	$	13,408	$	15,681	$	5,673	$	4,661	$	—	$	114,071
Accounts payable and other liabilities		72,872			—		2,947		181		4,128		439		423		—		80,990
Equity		70,344			—		12,143		1,413		12,313		5,071		1,598		158		103,040
Total liabilities and equity	$	180,371		$	—	$	52,583	$	15,002	$	32,122	$	11,183	$	6,682	$	158	$	298,101

(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 an unrelated 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	$	126,354	(a)	$	—	$	38,783	$	15,106	$	9,858	$	7,627	$	1,875	$	—	$	199,603
Cash and cash equivalents		10,633			327		190		775		580		1,081		259		98		13,943
Other assets		3,268			363		11		748		340		1,957		234		—		6,921
Total assets	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467
LIABILITIES AND EQUITY
Debt, net	$	29,530		$	—	$	20,716	$	13,542	$	—	$	5,970	$	843	$	—	$	70,601
Accounts payable and other liabilities		77,630			5		4,776		186		2,252		376		147		—		85,372
Equity		33,095			685		13,492		2,901		8,526		4,319		1,378		98		64,494
Total liabilities and equity	$	140,255		$	690	$	38,984	$	16,629	$	10,778	$	10,665	$	2,368	$	98	$	220,467

(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 an unrelated third party and no longer has activity from operations.

Summarized statements of operations for unconsolidated JVs are as follows:

	Year Ended December 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 (d)		Busy Bee JV			Electric Cart Watersound JV		Watersound Management JV			Total
Total revenue	$	323,881	$	—	$	—	$	4,716	$	—	$	17,170		$	3,235	$	1,956	$	350,958
Expenses:
Cost of revenue		259,199		—		—		3,118		—		16,449			2,796		1,717		283,279
Other operating expenses		17,079		62		1,330		—		—		—			104		—		18,575
Depreciation and amortization		613		—		14		1,443		—		499			33		—		2,602
Total expenses		276,891		62		1,344		4,561		—		16,948			2,933		1,717		304,456
Operating income (loss)		46,990		(62)		(1,344)		155		—		222			302		239		46,502
Other (expense) income:
Interest expense		—		—		(4)		(906)		—		(176)			(82)		—		(1,168)
Other income (expense), net		264		—		—		28		—		(115)	(e)		—		—		177
Total other income (expense), net		264		—		(4)		(878)		—		(291)			(82)		—		(991)
Net income (loss)	$	47,254	$	(62)	$	(1,348)	$	(723)	$	—	$	(69)		$	220	$	239	$	45,511

(a) The Latitude Margaritaville Watersound JV completed 641 home sale transactions during 2023.

(b) In November 2022, the Sea Sound JV sold its assets to an unrelated 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 year ended December 31, 2023.

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

	Year Ended December 31, 2022
	Latitude Margaritaville Watersound JV (a)		Sea Sound JV			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	$	139,297	$	5,182		$	—	$	5,460	$	—	$	17,747		$	579	$	1,196	$	169,461
Expenses:
Cost of revenue		118,468		1,883			—		3,199		—		16,954			519		1,030		142,053
Other operating expenses		12,903		32			465		—		—		—			20		—		13,420
Depreciation and amortization		543		1,671			—		1,449		—		459			2		—		4,124
Total expenses		131,914		3,586			465		4,648		—		17,413			541		1,030		159,597
Operating income (loss)		7,383		1,596			(465)		812		—		334			38		166		9,864
Other (expense) income:
Interest expense		—		(1,560)			—		(752)		—		(190)			(3)		—		(2,505)
Other income, net		47		36,138	(b)		—		17		—		957	(e)		—		—		37,159
Total other income (expense), net		47		34,578			—		(735)		—		767			(3)		—		34,654
Net income (loss)	$	7,430	$	36,174		$	(465)	$	77	$	—	$	1,101		$	35	$	166	$	44,518

(a) The Latitude Margaritaville Watersound JV completed 316 home sale transactions during 2022.

(b) In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV no longer has activity from operations.

(c) The project is under construction.

(d) The project was under construction with no income or loss for the year ended December 31, 2022.

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

	Year Ended December 31, 2021
	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 (f)		Watersound Management JV		Total
Total revenue	$	18,653	$	1,012	$	—	$	6,474	$	—	$	16,365		$	—	$	511	$	43,015
Expenses:
Cost of revenue		14,931		439		—		2,971		—		15,064			—		473		33,878
Other operating expenses		6,802		—		—		—		—		—			—		—		6,802
Depreciation and amortization		396		359		—		1,434		—		461			—		—		2,650
Total expenses		22,129		798		—		4,405		—		15,525			—		473		43,330
Operating (loss) income		(3,476)		214		—		2,069		—		840			—		38		(315)
Other (expense) income:
Interest expense		—		(239)		—		(735)		—		(192)			—		—		(1,166)
Other income, net		—		—		—		11		—		198	(e)		—		—		209
Total other (expense) income, net		—		(239)		—		(724)		—		6			—		—		(957)
Net (loss) income	$	(3,476)	$	(25)	$	—	$	1,345	$	—	$	846		$	—	$	38	$	(1,272)

(a) The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021 and completed 47 home sale transactions during 2021.

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

(c) The project was under construction with no income or loss for the year ended December 31, 2021.

(d) 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.

(f) JV was formed in February 2022.