September 30, 2020

December 31, 2019

Unamortized

Discount and

Debt Issuance

Principal

Costs

Net

Principal

Costs

Net

PPN JV Loan, due November 2025, bearing interest at 4.1%

$

44,808

$

330

$

44,478

$

45,514

$

380

$

45,134

PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%

35,597

1,067

34,530

34,610

1,087

33,523

Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%

21,423

377

21,046

2,868

454

2,414

PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at September 30, 2020)

14,229

211

14,018

—

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at September 30, 2020)

13,741

287

13,454

—

Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%

6,088

—

6,088

6,977

—

6,977

Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at September 30, 2020)

5,478

60

5,418

—

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at September 30, 2020)

1,558

18

1,540

1,594

20

1,574

Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at September 30, 2020)

1,479

13

1,466

1,535

14

1,521

WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at September 30, 2020)

1,358

21

1,337

1,409

23

1,386

Total debt

$

145,759

$

2,384

$

143,375

$

94,507

$

1,978

$

92,529