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Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
Unconsolidated joint ventures |
Investments |
Schedule of financial information of unconsolidated joint ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Investment in unconsolidated joint ventures |  | ​ |  |  | ​ |
Latitude Margaritaville Watersound JV | ​ | $ | 49,036 | ​ | $ | 33,235
Sea Sound JV (a) | ​ | ​ | — | ​ | ​ | 411
Watersound Fountains Independent Living JV | ​ | ​ | 6,533 | ​ | ​ | 7,258
Pier Park TPS JV | ​ |  | 707 | ​ |  | 1,451
Pier Park RI JV | ​ | ​ | 6,156 | ​ | ​ | 4,263
Busy Bee JV | ​ |  | 2,535 | ​ |  | 2,160
Electric Cart Watersound JV | ​ | ​ | 815 | ​ | ​ | 703
Watersound Management JV | ​ | ​ | 574 | ​ | ​ | 544
Total investment in unconsolidated joint ventures | ​ | $ | 66,356 | ​ | $ | 50,025
​ | ​ |  |  | ​ |  |
Outstanding debt principal of unconsolidated JVs | ​ | ​ | ​ | ​ | ​ | ​
Latitude Margaritaville Watersound JV (b) (c) | ​ | $ | 37,445 | ​ | $ | 30,001
Watersound Fountains Independent Living JV (c) | ​ | ​ | 38,062 | ​ | ​ | 21,327
Pier Park TPS JV (c) | ​ | ​ | 13,503 | ​ | ​ | 13,822
Pier Park RI JV | ​ | ​ | 16,021 | ​ | ​ | —
Busy Bee JV | ​ | ​ | 5,693 | ​ | ​ | 6,010
Electric Cart Watersound JV (c) | ​ | ​ | 4,732 | ​ | ​ | 923
Total outstanding debt principal of unconsolidated JVs | ​ | $ | 115,456 | ​ | $ | 72,083
(a) | In November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations.
(b) | See Note 20. 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 20. 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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ | ​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Equity in income (loss) from unconsolidated joint ventures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Latitude Margaritaville Watersound JV (a) | ​ | ​ | $ | 23,627 | ​ | $ | 3,859 | ​ | $ | (1,861)
Sea Sound JV (b) | ​ | ​ | ​ | (35) | ​ | ​ | 21,705 | ​ | ​ | (15)
Watersound Fountains Independent Living JV (c) | ​ | ​ | ​ | (725) | ​ | ​ | (250) | ​ | ​ | —
Pier Park TPS JV | ​ | ​ | ​ | (362) | ​ | ​ | 33 | ​ | ​ | 551
Busy Bee JV (d) | ​ | ​ | ​ | (36) | ​ | ​ | 538 | ​ | ​ | 441
Electric Cart Watersound JV (e) | ​ | ​ | ​ | 112 | ​ | ​ | 18 | ​ | ​ | —
Watersound Management JV | ​ | ​ | ​ | 120 | ​ | ​ | 83 | ​ | ​ | 19
Total equity in income (loss) from unconsolidated joint ventures | ​ | ​ | $ | 22,701 | ​ | $ | 25,986 | ​ | $ | (865)
(a) | The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021.
(b) | In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. The year ended December 31, 2022, includes the Company’s proportionate share of the gain on sale of $21.7 million. As a result of the sale, the Sea Sound JV no longer has activity from operations.
(c) | The project is under construction.
(d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
(e) | JV was formed in February 2022. The permanent sales and service facility located in the Watersound West Bay Center was completed in the fourth quarter of 2023.
Summarized balance sheets for the Company’s unconsolidated JVs are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 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 November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | 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 | ​ | $ | 126,354 | (a) | $ | — | ​ | $ | 38,783 | ​ | $ | 15,106 | ​ | $ | 9,858 | ​ | $ | 7,627 | ​ | $ | 1,875 | ​ | $ | — | ​ | $ | 199,603
Cash and cash equivalents | ​ | ​ | 10,633 | ​ | ​ | 327 | ​ | ​ | 190 | ​ | ​ | 775 | ​ | ​ | 580 | ​ | ​ | 1,081 | ​ | ​ | 259 | ​ | ​ | 98 | ​ | ​ | 13,943
Other assets | ​ | ​ | 3,268 | ​ | ​ | 363 | ​ | ​ | 11 | ​ | ​ | 748 | ​ | ​ | 340 | ​ | ​ | 1,957 | ​ | ​ | 234 | ​ | ​ | — | ​ | ​ | 6,921
Total assets | ​ | $ | 140,255 | ​ | $ | 690 | ​ | $ | 38,984 | ​ | $ | 16,629 | ​ | $ | 10,778 | ​ | $ | 10,665 | ​ | $ | 2,368 | ​ | $ | 98 | ​ | $ | 220,467
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Debt, net | ​ | $ | 29,530 | ​ | $ | — | ​ | $ | 20,716 | ​ | $ | 13,542 | ​ | $ | — | ​ | $ | 5,970 | ​ | $ | 843 | ​ | $ | — | ​ | $ | 70,601
Accounts payable and other liabilities | ​ | ​ | 77,630 | ​ | ​ | 5 | ​ | ​ | 4,776 | ​ | ​ | 186 | ​ | ​ | 2,252 | ​ | ​ | 376 | ​ | ​ | 147 | ​ | ​ | — | ​ | ​ | 85,372
Equity | ​ | ​ | 33,095 | ​ | ​ | 685 | ​ | ​ | 13,492 | ​ | ​ | 2,901 | ​ | ​ | 8,526 | ​ | ​ | 4,319 | ​ | ​ | 1,378 | ​ | ​ | 98 | ​ | ​ | 64,494
Total liabilities and equity | ​ | $ | 140,255 | ​ | $ | 690 | ​ | $ | 38,984 | ​ | $ | 16,629 | ​ | $ | 10,778 | ​ | $ | 10,665 | ​ | $ | 2,368 | ​ | $ | 98 | ​ | $ | 220,467
(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 November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations.
​ Summarized statements of operations for unconsolidated JVs are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 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 | ​ | $ | 323,881 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,716 | ​ | $ | — | ​ | $ | 17,170 | ​ | $ | 3,235 | ​ | $ | 1,956 | ​ | $ | 350,958
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | ​ | 259,199 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,118 | ​ | ​ | — | ​ | ​ | 16,449 | ​ | ​ | 2,796 | ​ | ​ | 1,717 | ​ | ​ | 283,279
Other operating expenses | ​ | ​ | 17,079 | ​ | ​ | 62 | ​ | ​ | 1,330 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 104 | ​ | ​ | — | ​ | ​ | 18,575
Depreciation and amortization | ​ | ​ | 613 | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | 1,443 | ​ | ​ | — | ​ | ​ | 499 | ​ | ​ | 33 | ​ | ​ | — | ​ | ​ | 2,602
Total expenses | ​ | ​ | 276,891 | ​ | ​ | 62 | ​ | ​ | 1,344 | ​ | ​ | 4,561 | ​ | ​ | — | ​ | ​ | 16,948 | ​ | ​ | 2,933 | ​ | ​ | 1,717 | ​ | ​ | 304,456
Operating income (loss) | ​ | ​ | 46,990 | ​ | ​ | (62) | ​ | ​ | (1,344) | ​ | ​ | 155 | ​ | ​ | — | ​ | ​ | 222 | ​ | ​ | 302 | ​ | ​ | 239 | ​ | ​ | 46,502
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | (906) | ​ | ​ | — | ​ | ​ | (176) | ​ | ​ | (82) | ​ | ​ | — | ​ | ​ | (1,168)
Other income (expense), net | ​ | ​ | 264 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 28 | ​ | ​ | — | ​ | ​ | (115) | (e) | ​ | — | ​ | ​ | — | ​ | ​ | 177
Total other income (expense), net | ​ | ​ | 264 | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | (878) | ​ | ​ | — | ​ | ​ | (291) | ​ | ​ | (82) | ​ | ​ | — | ​ | ​ | (991)
Net income (loss) | ​ | $ | 47,254 | ​ | $ | (62) | ​ | $ | (1,348) | ​ | $ | (723) | ​ | $ | — | ​ | $ | (69) | ​ | $ | 220 | ​ | $ | 239 | ​ | $ | 45,511
(a) | The Latitude Margaritaville Watersound JV completed 641 home sale transactions during 2023.
(b) | In November 2022, the Sea Sound JV sold its assets to an unrelated third party and no longer has activity from operations.
(c) | The project is under construction.
(d) | The project is under construction with no income or loss for the year ended December 31, 2023.
(e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022
​ | ​ | Latitude Margaritaville Watersound JV (a) | ​ | Sea Sound JV | ​ | 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 | ​ | $ | 139,297 | ​ | $ | 5,182 | ​ | $ | — | ​ | $ | 5,460 | ​ | $ | — | ​ | $ | 17,747 | ​ | $ | 579 | ​ | $ | 1,196 | ​ | $ | 169,461
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | ​ | 118,468 | ​ | ​ | 1,883 | ​ | ​ | — | ​ | ​ | 3,199 | ​ | ​ | — | ​ | ​ | 16,954 | ​ | ​ | 519 | ​ | ​ | 1,030 | ​ | ​ | 142,053
Other operating expenses | ​ | ​ | 12,903 | ​ | ​ | 32 | ​ | ​ | 465 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | — | ​ | ​ | 13,420
Depreciation and amortization | ​ | ​ | 543 | ​ | ​ | 1,671 | ​ | ​ | — | ​ | ​ | 1,449 | ​ | ​ | — | ​ | ​ | 459 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 4,124
Total expenses | ​ | ​ | 131,914 | ​ | ​ | 3,586 | ​ | ​ | 465 | ​ | ​ | 4,648 | ​ | ​ | — | ​ | ​ | 17,413 | ​ | ​ | 541 | ​ | ​ | 1,030 | ​ | ​ | 159,597
Operating income (loss) | ​ | ​ | 7,383 | ​ | ​ | 1,596 | ​ | ​ | (465) | ​ | ​ | 812 | ​ | ​ | — | ​ | ​ | 334 | ​ | ​ | 38 | ​ | ​ | 166 | ​ | ​ | 9,864
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | — | ​ | ​ | (1,560) | ​ | ​ | — | ​ | ​ | (752) | ​ | ​ | — | ​ | ​ | (190) | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (2,505)
Other income, net | ​ | ​ | 47 | ​ | ​ | 36,138 | (b) | ​ | — | ​ | ​ | 17 | ​ | ​ | — | ​ | ​ | 957 | (e) | ​ | — | ​ | ​ | — | ​ | ​ | 37,159
Total other income (expense), net | ​ | ​ | 47 | ​ | ​ | 34,578 | ​ | ​ | — | ​ | ​ | (735) | ​ | ​ | — | ​ | ​ | 767 | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | 34,654
Net income (loss) | ​ | $ | 7,430 | ​ | $ | 36,174 | ​ | $ | (465) | ​ | $ | 77 | ​ | $ | — | ​ | $ | 1,101 | ​ | $ | 35 | ​ | $ | 166 | ​ | $ | 44,518
(a) | The Latitude Margaritaville Watersound JV completed 316 home sale transactions during 2022.
(b) | In November 2022, the Sea Sound JV sold its assets to an unrelated third party for $92.5 million, resulting in a total gain on sale of $36.1 million. As a result of the sale, the Sea Sound JV no longer has activity from operations.
(c) | The project is under construction.
(d) | The project was under construction with no income or loss for the year ended December 31, 2022.
(e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021
​ | ​ | 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 | ​ | $ | 18,653 | ​ | $ | 1,012 | ​ | $ | — | ​ | $ | 6,474 | ​ | $ | — | ​ | $ | 16,365 | ​ | $ | — | ​ | $ | 511 | ​ | $ | 43,015
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | ​ | 14,931 | ​ | ​ | 439 | ​ | ​ | — | ​ | ​ | 2,971 | ​ | ​ | — | ​ | ​ | 15,064 | ​ | ​ | — | ​ | ​ | 473 | ​ | ​ | 33,878
Other operating expenses | ​ | ​ | 6,802 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,802
Depreciation and amortization | ​ | ​ | 396 | ​ | ​ | 359 | ​ | ​ | — | ​ | ​ | 1,434 | ​ | ​ | — | ​ | ​ | 461 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,650
Total expenses | ​ | ​ | 22,129 | ​ | ​ | 798 | ​ | ​ | — | ​ | ​ | 4,405 | ​ | ​ | — | ​ | ​ | 15,525 | ​ | ​ | — | ​ | ​ | 473 | ​ | ​ | 43,330
Operating (loss) income | ​ | ​ | (3,476) | ​ | ​ | 214 | ​ | ​ | — | ​ | ​ | 2,069 | ​ | ​ | — | ​ | ​ | 840 | ​ | ​ | — | ​ | ​ | 38 | ​ | ​ | (315)
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | — | ​ | ​ | (239) | ​ | ​ | — | ​ | ​ | (735) | ​ | ​ | — | ​ | ​ | (192) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,166)
Other income, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | 198 | (e) | ​ | — | ​ | ​ | — | ​ | ​ | 209
Total other (expense) income, net | ​ | ​ | — | ​ | ​ | (239) | ​ | ​ | — | ​ | ​ | (724) | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (957)
Net (loss) income | ​ | $ | (3,476) | ​ | $ | (25) | ​ | $ | — | ​ | $ | 1,345 | ​ | $ | — | ​ | $ | 846 | ​ | $ | — | ​ | $ | 38 | ​ | $ | (1,272)
(a) | The Latitude Margaritaville Watersound JV began completing home sale transactions in the fourth quarter of 2021 and completed 47 home sale transactions during 2021.
(b) | In November 2022, the Sea Sound JV sold its assets to an unrelated third party no longer has activity from operations.
(c) | The project was under construction with no income or loss for the year ended December 31, 2021.
(d) | JV was formed in May 2022.
(e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
(f) | JV was formed in February 2022.

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