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.