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Joint Ventures (Tables)
3 Months Ended
Mar. 31, 2025
Unconsolidated joint ventures  
Investments  
Schedule of financial information of unconsolidated joint ventures

    

March 31, 

    

December 31, 

2025

2024

Investment in unconsolidated joint ventures

 

  

 

  

Latitude Margaritaville Watersound JV

$

59,623

$

53,399

Watersound Fountains Independent Living JV

4,311

3,857

Pier Park TPS JV (a)

 

 

Pier Park RI JV

4,110

5,211

Busy Bee JV

 

2,469

 

2,642

Electric Cart Watersound JV

776

781

Watersound Management JV

555

564

Total investment in unconsolidated joint ventures

$

71,844

$

66,454

 

  

 

  

Outstanding debt principal of unconsolidated JVs

Latitude Margaritaville Watersound JV (b) (c)

$

25,904

$

41,246

Watersound Fountains Independent Living JV (c)

42,075

41,683

Pier Park TPS JV (c)

13,069

13,161

Pier Park RI JV

24,948

24,948

Busy Bee JV

5,280

5,365

Electric Cart Watersound JV (c)

4,796

4,838

Total outstanding debt principal of unconsolidated JVs

$

116,072

$

131,241

(a)As of March 31, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture was below zero due to cash distributions and depreciation and amortization expense. As of March 31, 2025 and December 31, 2024, the Company’s investment in the unconsolidated joint venture is included within accounts payable and other liabilities on the condensed consolidated balance sheets.
(b)See Note 17. 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 17. Commitments and Contingencies for additional information related to outstanding debt.

The following table presents details of the Company’s equity in income (loss) from unconsolidated JVs:

Three Months Ended March 31, 

2025

2024

Equity in income (loss) from unconsolidated joint ventures

Latitude Margaritaville Watersound JV (a)

$

12,700

$

8,279

Watersound Fountains Independent Living JV (b)

(1,026)

(726)

Pier Park TPS JV

(273)

(213)

Pier Park RI JV (c)

(1,100)

Busy Bee JV (d)

(173)

21

Electric Cart Watersound JV (e)

(5)

(25)

Watersound Management JV

36

24

Total equity in income from unconsolidated joint ventures

$

10,159

$

7,360

(a)During the three months ended March 31, 2025 and 2024, the Latitude Margaritaville Watersound JV completed 192 and 177 home sale transactions, respectively.
(b)The community opened in March 2024 and is currently under lease-up.
(c)The hotel opened in April 2024. Activity in the current period primarily includes start-up, depreciation and interest expenses for the project.
(d)Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
(e)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:

March 31, 2025

Latitude Margaritaville Watersound JV

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

$

120,780

(a)

$

50,075

$

11,872

$

32,777

$

8,049

$

5,091

$

$

228,644

Cash and cash equivalents

45,187

2,100

244

301

725

726

97

49,380

Other assets

1,054

793

282

199

2,010

761

25

5,124

Total assets

$

167,021

$

52,968

$

12,398

$

33,277

$

10,784

$

6,578

$

122

$

283,148

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Debt, net

$

25,764

$

41,885

$

13,010

$

24,691

$

5,280

$

4,735

$

$

115,365

Accounts payable and other liabilities

40,166

2,758

288

365

549

322

44,448

Equity (deficit)

101,091

8,325

(900)

8,221

4,955

1,521

122

123,335

Total liabilities and equity

$

167,021

$

52,968

$

12,398

$

33,277

$

10,784

$

6,578

$

122

$

283,148

(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.

December 31, 2024

Latitude Margaritaville Watersound JV

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

$

157,336

(a)

$

50,822

$

12,231

$

34,576

$

8,144

$

5,154

$

$

268,263

Cash and cash equivalents

27,706

405

279

529

915

656

104

30,594

Other assets

2,092

382

428

235

1,921

824

33

5,915

Total assets

$

187,134

$

51,609

$

12,938

$

35,340

$

10,980

$

6,634

$

137

$

304,772

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Debt, net

$

41,054

$

41,482

$

13,102

$

24,608

$

5,365

$

4,775

$

$

130,386

Accounts payable and other liabilities

59,832

2,794

128

310

382

328

63,774

Equity (deficit)

86,248

7,333

(292)

10,422

5,233

1,531

137

110,612

Total liabilities and equity

$

187,134

$

51,609

$

12,938

$

35,340

$

10,980

$

6,634

$

137

$

304,772

(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.

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

Three Months Ended March 31, 2025

Latitude Margaritaville Watersound JV (a)

Watersound Fountains Independent Living JV (b)

Pier Park TPS JV

Pier Park RI JV (c)

Busy Bee JV

Electric Cart Watersound JV (e)

Watersound Management JV

Total

Total revenue

$

116,402

$

741

$

647

$

784

$

2,922

$

1,073

$

663

$

123,232

Expenses:

Cost of revenue

86,202

1,215

664

703

2,919

953

591

93,247

Other operating expenses

4,711

4,711

Depreciation and amortization

132

752

360

1,167

134

62

2,607

Total expenses

91,045

1,967

1,024

1,870

3,053

1,015

591

100,565

Operating income (loss)

25,357

(1,226)

(377)

(1,086)

(131)

58

72

22,667

Other (expense) income:

Interest expense

(687)

(169)

(411)

(34)

(73)

(1,374)

Other income (expense), net

43

5

(704)

(112)

(d)

6

(762)

Total other income (expense), net

43

(682)

(169)

(1,115)

(146)

(67)

(2,136)

Net income (loss)

$

25,400

$

(1,908)

$

(546)

$

(2,201)

$

(277)

$

(9)

$

72

$

20,531

(a)The Latitude Margaritaville Watersound JV completed 192 home sale transactions during the three months ended March 31, 2025.
(b)The community opened in March 2024 and is currently under lease-up.
(c)The hotel opened in April 2024. Activity primarily includes start-up, depreciation and interest expenses for the project.
(d)Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
(e)An additional sales showroom located in the Watersound Town Center opened in June 2024.

Three Months Ended March 31, 2024

Latitude Margaritaville Watersound JV (a)

Watersound Fountains Independent Living JV (b)

Pier Park TPS JV

Pier Park RI JV (c)

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

(d)

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)The community opened in March 2024. Activity includes pre-opening and lease-up expenses for the project.
(c)The project was under construction with no income or loss for the three months ended March 31, 2024.
(d)Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.