Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2024

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	March 31,		December 31,
	2024		2023
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	53,755	$	49,036
Watersound Fountains Independent Living JV		6,963		6,533
Pier Park TPS JV		465		707
Pier Park RI JV		6,156		6,156
Busy Bee JV		2,557		2,535
Electric Cart Watersound JV		790		815
Watersound Management JV		543		574
Total investment in unconsolidated joint ventures	$	71,229	$	66,356
Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV (a) (b)	$	26,792	$	37,445
Watersound Fountains Independent Living JV (b)		40,867		38,062
Pier Park TPS JV (b)		13,420		13,503
Pier Park RI JV		19,699		16,021
Busy Bee JV		5,611		5,693
Electric Cart Watersound JV (b)		4,661		4,732
Total outstanding debt principal of unconsolidated JVs	$	111,050	$	115,456

(a) 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.

(b) 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 March 31,
	2024		2023
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	8,279	$	3,902
Sea Sound JV (a)		—		(36)
Watersound Fountains Independent Living JV (b)		(726)		—
Pier Park TPS JV		(213)		(167)
Busy Bee JV (c)		21		(100)
Electric Cart Watersound JV (d)		(25)		36
Watersound Management JV		24		28
Total equity in income from unconsolidated joint ventures	$	7,360	$	3,663

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

(b) The community opened in March 2024.

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

(d) 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:

	March 31, 2024
	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	$	152,508	(a)	$	—	$	52,676	$	13,308	$	35,563	$	8,506	$	5,332	$	—	$	267,893
Cash and cash equivalents		18,524			—		2,028		637		159		573		630		72		22,623
Other assets		2,780			—		882		660		115		2,195		370		25		7,027
Total assets	$	173,812		$	—	$	55,586	$	14,605	$	35,837	$	11,274	$	6,332	$	97	$	297,543
LIABILITIES AND EQUITY
Debt, net	$	26,555		$	—	$	40,308	$	13,337	$	19,358	$	5,596	$	4,592	$	—	$	109,746
Accounts payable and other liabilities		65,720			—		2,218		338		4,166		630		190		—		73,262
Equity		81,537			—		13,060		930		12,313		5,048		1,550		97		114,535
Total liabilities and equity	$	173,812		$	—	$	55,586	$	14,605	$	35,837	$	11,274	$	6,332	$	97	$	297,543

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

	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 includes the land contributed to the Latitude Margaritaville Watersound JV at the Company’s historical cost basis and additional completed infrastructure improvements.

(b) In 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, 2024
	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	$	90,209	$	—	$	96	$	768	$	—	$	3,151		$	925	$	612	$	95,761
Expenses:
Cost of revenue		68,964		—		737		649		—		3,074			827		565		74,816
Other operating expenses		4,586		—		—		—		—		—			—		—		4,586
Depreciation and amortization		133		—		218		360		—		133			62		—		906
Total expenses		73,683		—		955		1,009		—		3,207			889		565		80,308
Operating income (loss)		16,526		—		(859)		(241)		—		(56)			36		47		15,453
Other (expense) income:
Interest expense		—		—		(500)		(189)		—		(42)			(84)		—		(815)
Other income, net		32		—		9		4		—		89	(e)		—		—		134
Total other income (expense), net		32		—		(491)		(185)		—		47			(84)		—		(681)
Net income (loss)	$	16,558	$	—	$	(1,350)	$	(426)	$	—	$	(9)		$	(48)	$	47	$	14,772

(a) The Latitude Margaritaville Watersound JV completed 177 home sale transactions during the three months ended March 31, 2024.

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

(c) The community opened in March 2024.

(d) The project was under construction with no income or loss for the three months ended March 31, 2024.

(e) 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, 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		160		—		—		361		—		116			2		—		639
Total expenses		68,635		63		—		1,053		—		3,624			483		376		74,234
Operating income (loss)		7,794		(63)		—		(155)		—		(105)			74		55		7,600
Other (expense) income:
Interest expense		—		—		—		(183)		—		(25)			(3)		—		(211)
Other income (expense), net		10		—		—		4		—		(137)	(d)		—		—		(123)
Total other income (expense), net		10		—		—		(179)		—		(162)			(3)		—		(334)
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 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, 2023.

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