Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

Related Party Transactions

18. Related Party Transactions

The Company provides mitigation bank credits, impact and other fees, property for lease and services to certain unconsolidated JVs. During the three months ended March 31, 2025, the Company recognized $0.9 million related to revenue from these transactions. During the three months ended March 31, 2024, the Company did not recognize any revenue related to these transactions. As of March 31, 2025 and December 31, 2024, receivables from unconsolidated JVs were $0.2 million and less than $0.1 million, respectively.

The Watersound Management JV provides leasing management services for the Company’s multi-family communities. The Company incurred expense related to these transactions of $0.7 million and $0.6 million during the three months ended March 31, 2025 and 2024, respectively. See Note 4. Joint Ventures for additional information.

The Company incurred land development and planning costs reimbursements to the Latitude Margaritaville Watersound JV of $0.5 million and $0.8 million during the three months ended March 31, 2025 and 2024, respectively, which were primarily included in investment in real estate, net on the condensed consolidated balance sheets. As of March 31, 2025, the Company did not have any outstanding payables to the Latitude Margaritaville Watersound JV. As of December 31, 2024, $0.5 million was payable to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures for additional information.