(a)	JV was formed in February 2022.

(b)	See Note 9. 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 19. Commitments and Contingencies for additional information.

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,
	2022		2021		2022		2021
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	945	$	(959)	$	322	$	(1,601)
Sea Sound JV		97		(31)		80		(33)
Pier Park TPS JV		178		419		103		372
Busy Bee JV		210		(31)		407		191
Electric Cart Watersound JV^(a)		(19)		—		(19)		—
Watersound Management JV		19		1		41		1
Total equity in income (loss) from unconsolidated joint ventures	$	1,430	$	(601)	$	934	$	(1,070)

(a)	JV was formed in February 2022.

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


	June 30, 2022
	Latitude Margaritaville Watersound JV			Sea Sound JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV		Watersound Management JV		Total
ASSETS
Investment in real estate	$	98,131	^(a)	$	53,695	$	29,944	$	15,829	$	7,776	$	1,469	$	—	$	206,844
Cash and cash equivalents		8,053			2,709		160		2,403		947		598		69		14,939
Other assets		2,145			193		10		485		2,098		15		19		4,965
Total assets	$	108,329		$	56,597	$	30,114	$	18,717	$	10,821	$	2,082	$	88	$	226,748

LIABILITIES AND EQUITY
Debt, net	$	19,417		$	38,627	$	10,747	$	13,685	$	6,114	$	—	$	—	$	88,590
Other liabilities		62,953			579		5,411		431		659		854		—		70,887
Equity		25,959			17,391		13,956		4,601		4,048		1,228		88		67,271
Total liabilities and equity	$	108,329		$	56,597	$	30,114	$	18,717	$	10,821	$	2,082	$	88	$	226,748

(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.


	December 31, 2021
	Latitude Margaritaville Watersound JV			Sea Sound JV		Watersound Fountains Independent Living JV		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(b)		Watersound Management JV		Total
ASSETS
Investment in real estate	$	54,034	^(a)	$	53,775	$	17,003	$	16,561	$	8,005	$	—	$	—	$	149,378
Cash and cash equivalents		12,541			760		240		1,913		855		—		138		16,447
Other assets		1,761			210		187		433		1,044		—		—		3,635
Total assets	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	—	$	138	$	169,460

LIABILITIES AND EQUITY
Debt, net	$	7,147		$	34,834	$	66	$	13,839	$	6,256	$	—	$	—	$	62,142
Other liabilities		36,419			2,653		3,408		1,147		405		—		—		44,032
Equity		24,770			17,258		13,956		3,921		3,243		—		138		63,286
Total liabilities and equity	$	68,336		$	54,745	$	17,430	$	18,907	$	9,904	$	—	$	138	$	169,460

(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)	JV was formed in February 2022.

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


	Three Months Ended June 30, 2022
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		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		—		—		307
Total other (expense) income		(111)		(349)		—		(187)		258		—		—		(389)
Net income (loss)	$	1,780	$	162	$	—	$	356	$	469	$	(39)	$	38	$	2,766

(a)	The project is under construction with no income or loss for the three months ended June 30, 2022.


	Three Months Ended June 30, 2021
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(b)		Watersound Management JV		Total

Total revenue	$	—	$	21	$	—	$	2,284	$	4,806	$	—	$	62	$	7,173
Expenses:
Cost of revenue		—		—		—		816		3,779		—		60		4,655
Other operating expenses		1,738		68		—		79		555		—		—		2,440
Depreciation and amortization		60		—		—		358		116		—		—		534
Total expenses		1,798		68		—		1,253		4,450		—		60		7,629
Operating (loss) income		(1,798)		(47)		—		1,031		356		—		2		(456)
Other (expense) income:
Interest expense		(40)		—		—		(193)		(44)		—		—		(277)
Other expense, net		—		—		—		—		(218)		—		—		(218)
Total other expense		(40)		—		—		(193)		(262)		—		—		(495)
Net (loss) income	$	(1,838)	$	(47)	$	—	$	838	$	94	$	—	$	2	$	(951)

(a)	The project was under construction with no income or loss for the three months ended June 30, 2021.

(b)	The JV was formed in February 2022.


	Six Months Ended June 30, 2022
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		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		—		1,415		7,928		—		462		36,254
Other operating expenses		5,387		161		—		192		1,006		39		—		6,785
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		—		—		706
Total other (expense) income		(111)		(661)		—		(373)		611		—		—		(534)
Net income (loss)	$	557	$	133	$	—	$	207	$	829	$	(39)	$	82	$	1,769

(a)	The project is under construction with no income or loss for the six months ended June 30, 2022.


	Six Months Ended June 30, 2021
	Latitude Margaritaville Watersound JV		Sea Sound JV		Watersound Fountains Independent Living JV^(a)		Pier Park TPS JV		Busy Bee JV		Electric Cart Watersound JV^(b)		Watersound Management JV		Total

Total revenue	$	—	$	21	$	—	$	3,221	$	7,598	$	—	$	62	$	10,902
Expenses:
Cost of revenue		—		—		—		1,251		6,026		—		60		7,337
Other operating expenses		2,937		71		—		157		1,017		—		—		4,182
Depreciation and amortization		60		—		—		717		231		—		—		1,008
Total expenses		2,997		71		—		2,125		7,274		—		60		12,527
Operating (loss) income		(2,997)		(50)		—		1,096		324		—		2		(1,625)
Other (expense) income:
Interest expense		(80)		—		—		(351)		(97)		—		—		(528)
Other income, net		—		—		—		—		256		—		—		256
Total other (expense) income		(80)		—		—		(351)		159		—		—		(272)
Net (loss) income	$	(3,077)	$	(50)	$	—	$	745	$	483	$	—	$	2	$	(1,897)

(a)	The project was under construction with no income or loss for the six months ended June 30, 2021.

(b)	The JV was formed in February 2022.