Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2024

Unconsolidated joint ventures

Investments

Schedule of financial information of unconsolidated joint ventures

	June 30,		December 31,
	2024		2023
Investment in unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	55,163	$	49,036
Watersound Fountains Independent Living JV		5,819		6,533
Pier Park TPS JV		443		707
Pier Park RI JV		5,992		6,156
Busy Bee JV		2,587		2,535
Electric Cart Watersound JV		828		815
Watersound Management JV		555		574
Total investment in unconsolidated joint ventures	$	71,387	$	66,356
Outstanding debt principal of unconsolidated JVs
Latitude Margaritaville Watersound JV (a) (b)	$	14,423	$	37,445
Watersound Fountains Independent Living JV (b)		41,538		38,062
Pier Park TPS JV (b)		13,336		13,503
Pier Park RI JV		24,079		16,021
Busy Bee JV		5,529		5,693
Electric Cart Watersound JV (b)		4,747		4,732
Total outstanding debt principal of unconsolidated JVs	$	103,652	$	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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Equity in income (loss) from unconsolidated joint ventures
Latitude Margaritaville Watersound JV	$	6,544	$	5,902	$	14,823	$	9,803
Sea Sound JV (a)		—		(18)		—		(54)
Watersound Fountains Independent Living JV (b)		(1,144)		(302)		(1,871)		(302)
Pier Park TPS JV		72		154		(141)		(13)
Pier Park RI JV (c)		(164)		—		(164)		—
Busy Bee JV (d)		30		201		52		101
Electric Cart Watersound JV (e)		37		77		13		113
Watersound Management JV		36		24		59		52
Total equity in income from unconsolidated joint ventures	$	5,411	$	6,038	$	12,771	$	9,700

(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 and is currently under lease-up. Activity includes start-up expenses for the project.

(c) The hotel opened in April 2024.

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

(e) The permanent sales and service facility located in the Watersound West Bay Center opened in October 2023. An additional sales showroom located in the Watersound Town Center opened in June 2024.

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

	June 30, 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	$	154,658	(a)	$	—	$	52,261	$	12,949	$	35,330	$	8,377	$	5,279	$	—	$	268,854
Cash and cash equivalents		9,391			—		1,713		965		490		765		723		90		14,137
Other assets		2,675			—		744		536		222		2,351		428		32		6,988
Total assets	$	166,724		$	—	$	54,718	$	14,450	$	36,042	$	11,493	$	6,430	$	122	$	289,979
LIABILITIES AND EQUITY
Debt, net	$	14,239		$	—	$	40,990	$	13,264	$	23,738	$	5,519	$	4,680	$	—	$	102,430
Accounts payable and other liabilities		66,298			—		2,761		301		320		777		126		—		70,583
Equity		86,187			—		10,967		885		11,984		5,197		1,624		122		116,966
Total liabilities and equity	$	166,724		$	—	$	54,718	$	14,450	$	36,042	$	11,493	$	6,430	$	122	$	289,979

(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 June 30, 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 (f)		Watersound Management JV			Total
Total revenue	$	84,571	$	—	$	326	$	1,541	$	1,274	$	4,455		$	1,361	$	568	$	94,096
Expenses:
Cost of revenue		65,861		—		1,234		851		739		4,130			1,143		497		74,455
Other operating expenses		5,541		—		—		—		—		—			—		—		5,541
Depreciation and amortization		132		—		420		360		533		136			61		—		1,642
Total expenses		71,534		—		1,654		1,211		1,272		4,266			1,204		497		81,638
Operating income (loss)		13,037		—		(1,328)		330		2		189			157		71		12,458
Other (expense) income:
Interest expense		—		—		(786)		(190)		(331)		(41)			(83)		—		(1,431)
Other income, net		51		—		21		4		—		1	(e)		—		—		77
Total other income (expense), net		51		—		(765)		(186)		(331)		(40)			(83)		—		(1,354)
Net income (loss)	$	13,088	$	—	$	(2,093)	$	144	$	(329)	$	149		$	74	$	71	$	11,104

(a) The Latitude Margaritaville Watersound JV completed 163 home sale transactions during the three months ended June 30, 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 and is currently under lease-up. Activity includes start-up expenses for the project.

(d) The hotel opened in April 2024.

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

(f) The permanent sales and service facility located in the Watersound West Bay Center opened in October 2023. An additional sales showroom located in the Watersound Town Center opened in June 2024.

	Three Months Ended June 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	$	80,729	$	—	$	—	$	1,736	$	—	$	4,973		$	920	$	438	$	88,796
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		160		—		2		360		—		119			2		—		643
Total expenses		69,053		30		561		1,248		—		4,868			764		390		76,914
Operating income (loss)		11,676		(30)		(561)		488		—		105			156		48		11,882
Other (expense) income:
Interest expense		—		—		—		(186)		—		(45)			(4)		—		(235)
Other income, net		127		—		—		6		—		105	(e)		—		—		238
Total other income (expense), net		127		—		—		(180)		—		60			(4)		—		3
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 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 June 30, 2023.

(e) 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, 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 (f)		Watersound Management JV			Total
Total revenue	$	174,780	$	—	$	422	$	2,309	$	1,274	$	7,606		$	2,286	$	1,180	$	189,857
Expenses:
Cost of revenue		134,825		—		1,971		1,500		739		7,204			1,970		1,062		149,271
Other operating expenses		10,127		—		—		—		—		—			—		—		10,127
Depreciation and amortization		265		—		638		720		533		269			123		—		2,548
Total expenses		145,217		—		2,609		2,220		1,272		7,473			2,093		1,062		161,946
Operating income (loss)		29,563		—		(2,187)		89		2		133			193		118		27,911
Other (expense) income:
Interest expense		—		—		(1,286)		(379)		(331)		(83)			(167)		—		(2,246)
Other income, net		83		—		30		8		—		90	(e)		—		—		211
Total other income (expense), net		83		—		(1,256)		(371)		(331)		7			(167)		—		(2,035)
Net income (loss)	$	29,646	$	—	$	(3,443)	$	(282)	$	(329)	$	140		$	26	$	118	$	25,876

(a) The Latitude Margaritaville Watersound JV completed 340 home sale transactions during the six months ended June 30, 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 and is currently under lease-up. Activity includes start-up expenses for the project.

(d) The hotel opened in April 2024.

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

(f) The permanent sales and service facility located in the Watersound West Bay Center opened in October 2023. An additional sales showroom located in the Watersound Town Center opened in June 2024.

	Six Months Ended June 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	$	157,158	$	—	$	—	$	2,634	$	—	$	8,492		$	1,477	$	869	$	170,630
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		320		—		2		721		—		235			5		—		1,283
Total expenses		137,688		93		561		2,301		—		8,492			1,248		766		151,149
Operating income (loss)		19,470		(93)		(561)		333		—		—			229		103		19,481
Other (expense) income:
Interest expense		—		—		—		(369)		—		(70)			(7)		—		(446)
Other income (expense), net		137		—		—		10		—		(32)	(e)		—		—		115
Total other income (expense), net		137		—		—		(359)		—		(102)			(7)		—		(331)
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 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 six months ended June 30, 2023.

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