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Joint Ventures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Unconsolidated joint ventures |
Investments |
Schedule of financial information of unconsolidated joint ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
Investment in unconsolidated joint ventures |  | ​ |  |  | ​ |
Latitude Margaritaville Watersound JV | ​ | $ | 53,755 | ​ | $ | 49,036
Watersound Fountains Independent Living JV | ​ | ​ | 6,963 | ​ | ​ | 6,533
Pier Park TPS JV | ​ |  | 465 | ​ |  | 707
Pier Park RI JV | ​ | ​ | 6,156 | ​ | ​ | 6,156
Busy Bee JV | ​ |  | 2,557 | ​ |  | 2,535
Electric Cart Watersound JV | ​ | ​ | 790 | ​ | ​ | 815
Watersound Management JV | ​ | ​ | 543 | ​ | ​ | 574
Total investment in unconsolidated joint ventures | ​ | $ | 71,229 | ​ | $ | 66,356
​ | ​ |  |  | ​ |  |
Outstanding debt principal of unconsolidated JVs | ​ | ​ | ​ | ​ | ​ | ​
Latitude Margaritaville Watersound JV (a) (b) | ​ | $ | 26,792 | ​ | $ | 37,445
Watersound Fountains Independent Living JV (b) | ​ | ​ | 40,867 | ​ | ​ | 38,062
Pier Park TPS JV (b) | ​ | ​ | 13,420 | ​ | ​ | 13,503
Pier Park RI JV | ​ | ​ | 19,699 | ​ | ​ | 16,021
Busy Bee JV | ​ | ​ | 5,611 | ​ | ​ | 5,693
Electric Cart Watersound JV (b) | ​ | ​ | 4,661 | ​ | ​ | 4,732
Total outstanding debt principal of unconsolidated JVs | ​ | $ | 111,050 | ​ | $ | 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 March 31,
​ | ​ | ​ | 2024 | ​ | 2023
Equity in income (loss) from unconsolidated joint ventures | ​ | ​ | ​ | ​ | ​ | ​ | ​
Latitude Margaritaville Watersound JV | ​ | ​ | $ | 8,279 | ​ | $ | 3,902
Sea Sound JV (a) | ​ | ​ | ​ | — | ​ | ​ | (36)
Watersound Fountains Independent Living JV (b) | ​ | ​ | ​ | (726) | ​ | ​ | —
Pier Park TPS JV | ​ | ​ | ​ | (213) | ​ | ​ | (167)
Busy Bee JV (c) | ​ | ​ | ​ | 21 | ​ | ​ | (100)
Electric Cart Watersound JV (d) | ​ | ​ | ​ | (25) | ​ | ​ | 36
Watersound Management JV | ​ | ​ | ​ | 24 | ​ | ​ | 28
Total equity in income from unconsolidated joint ventures | ​ | ​ | $ | 7,360 | ​ | $ | 3,663
(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.
(c) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
(d) | 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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 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 | ​ | $ | 152,508 | (a) | $ | — | ​ | $ | 52,676 | ​ | $ | 13,308 | ​ | $ | 35,563 | ​ | $ | 8,506 | ​ | $ | 5,332 | ​ | $ | — | ​ | $ | 267,893
Cash and cash equivalents | ​ | ​ | 18,524 | ​ | ​ | — | ​ | ​ | 2,028 | ​ | ​ | 637 | ​ | ​ | 159 | ​ | ​ | 573 | ​ | ​ | 630 | ​ | ​ | 72 | ​ | ​ | 22,623
Other assets | ​ | ​ | 2,780 | ​ | ​ | — | ​ | ​ | 882 | ​ | ​ | 660 | ​ | ​ | 115 | ​ | ​ | 2,195 | ​ | ​ | 370 | ​ | ​ | 25 | ​ | ​ | 7,027
Total assets | ​ | $ | 173,812 | ​ | $ | — | ​ | $ | 55,586 | ​ | $ | 14,605 | ​ | $ | 35,837 | ​ | $ | 11,274 | ​ | $ | 6,332 | ​ | $ | 97 | ​ | $ | 297,543
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Debt, net | ​ | $ | 26,555 | ​ | $ | — | ​ | $ | 40,308 | ​ | $ | 13,337 | ​ | $ | 19,358 | ​ | $ | 5,596 | ​ | $ | 4,592 | ​ | $ | — | ​ | $ | 109,746
Accounts payable and other liabilities | ​ | ​ | 65,720 | ​ | ​ | — | ​ | ​ | 2,218 | ​ | ​ | 338 | ​ | ​ | 4,166 | ​ | ​ | 630 | ​ | ​ | 190 | ​ | ​ | — | ​ | ​ | 73,262
Equity | ​ | ​ | 81,537 | ​ | ​ | — | ​ | ​ | 13,060 | ​ | ​ | 930 | ​ | ​ | 12,313 | ​ | ​ | 5,048 | ​ | ​ | 1,550 | ​ | ​ | 97 | ​ | ​ | 114,535
Total liabilities and equity | ​ | $ | 173,812 | ​ | $ | — | ​ | $ | 55,586 | ​ | $ | 14,605 | ​ | $ | 35,837 | ​ | $ | 11,274 | ​ | $ | 6,332 | ​ | $ | 97 | ​ | $ | 297,543
(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 March 31, 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 | ​ | 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 | (e) | ​ | — | ​ | ​ | — | ​ | ​ | 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) | 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 March 31, 2024.
(e) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 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 (c) | ​ | Busy Bee JV | ​ | Electric Cart Watersound JV | ​ | Watersound Management JV | ​ | Total
Total revenue | ​ | $ | 76,429 | ​ | $ | — | ​ | $ | — | ​ | $ | 898 | ​ | $ | — | ​ | $ | 3,519 | ​ | $ | 557 | ​ | $ | 431 | ​ | $ | 81,834
Expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue | ​ | ​ | 64,478 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 692 | ​ | ​ | — | ​ | ​ | 3,508 | ​ | ​ | 475 | ​ | ​ | 376 | ​ | ​ | 69,529
Other operating expenses | ​ | ​ | 3,997 | ​ | ​ | 63 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 4,066
Depreciation and amortization | ​ | ​ | 160 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 361 | ​ | ​ | — | ​ | ​ | 116 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 639
Total expenses | ​ | ​ | 68,635 | ​ | ​ | 63 | ​ | ​ | — | ​ | ​ | 1,053 | ​ | ​ | — | ​ | ​ | 3,624 | ​ | ​ | 483 | ​ | ​ | 376 | ​ | ​ | 74,234
Operating income (loss) | ​ | ​ | 7,794 | ​ | ​ | (63) | ​ | ​ | — | ​ | ​ | (155) | ​ | ​ | — | ​ | ​ | (105) | ​ | ​ | 74 | ​ | ​ | 55 | ​ | ​ | 7,600
Other (expense) income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (183) | ​ | ​ | — | ​ | ​ | (25) | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (211)
Other income (expense), net | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | (137) | (d) | ​ | — | ​ | ​ | — | ​ | ​ | (123)
Total other income (expense), net | ​ | ​ | 10 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (179) | ​ | ​ | — | ​ | ​ | (162) | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (334)
Net income (loss) | ​ | $ | 7,804 | ​ | $ | (63) | ​ | $ | — | ​ | $ | (334) | ​ | $ | — | ​ | $ | (267) | ​ | $ | 71 | ​ | $ | 55 | ​ | $ | 7,266
(a) | The Latitude Margaritaville Watersound JV completed 149 home sale transactions during the three months ended March 31, 2023.
(b) | In 2022, the Sea Sound JV sold its assets to a third party and no longer has activity from operations.
(c) | The project was under construction with no income or loss for the three months ended March 31, 2023.
(d) | Includes changes in the fair value of derivatives related to interest rate swaps entered into by the Busy Bee JV.

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