December 31, 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%

$

44,568

$

314

$

44,254

$

45,514

$

380

$

45,134

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

36,084

1,079

35,005

34,610

1,087

33,523

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

27,179

351

26,828

2,868

454

2,414

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.3% at December 31, 2020)

18,066

284

17,782

—

PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at December 31, 2020)

15,921

198

15,723

—

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%

6,294

—

6,294

6,977

—

6,977

Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)

5,421

59

5,362

—

Airport Hotel Loan, due March 2025, bearing interest at LIBOR plus 2.0%, with a floor rate of 3.0% (effective rate of 3.0% at December 31, 2020)

3,548

168

3,380

—

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.8% at December 31, 2020)

1,545

17

1,528

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 December 31, 2020)

1,458

12

1,446

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 December 31, 2020)

1,334

21

1,313

1,409

23

1,386

Total debt

$

161,418

$

2,503

$

158,915

$

94,507

$

1,978

$

92,529