Debt, Net (Tables)

3 Months Ended

Mar. 31, 2022

Debt, Net

Schedule of Debt

	Maturity Date	Interest Rate Terms	Effective Rate March 31, 2022		March 31, 2022		December 31, 2021
Watersound Origins Crossings JV Loan	May 2024	SOFR plus 2.8, floor 3.3% (a)	3.3	%	$	44,015	$	37,897
PPN JV Loan	November 2025	Fixed	4.1	%		43,329		43,582
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		35,550		35,670
Watercrest JV Loan	June 2047	LIBOR plus 2.2%, swapped to a fixed rate of 4.4%	4.4	%		20,263		20,053
Pier Park Resort Hotel JV Loan	April 2027	LIBOR plus 2.2%	2.6	%		20,087		14,650
PPC II JV Loan	October 2024	LIBOR plus 2.1%	2.6	%		17,325		17,374
Airport Hotel Loan	March 2025	LIBOR plus 2.0%, floor 3.0%	3.0	%		14,642		14,642
Breakfast Point Hotel Loan	November 2042	LIBOR plus 2.8%, floor 3.8%	3.8	%		13,736		11,843
Watersound Camp Creek Loan	December 2047	LIBOR plus 2.1%, floor 2.6%	2.6	%		10,293		3,437
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		10,262		7,474
North Bay Landing Apartments Loan	September 2024	LIBOR plus 2.5%, floor 3.2%	3.2	%		5,146		1,342
Beckrich Building III Loan	August 2029	LIBOR plus 1.7%	2.2	%		5,129		5,188
Community Development District debt	May 2022-May 2039	Fixed	3.6 to 6.0	%		4,894		4,909
Self-Storage Facility Loan	November 2025	LIBOR plus 2.4%, floor 2.9%	2.9	%		4,666		4,666
Watersound Town Center Grocery Loan	August 2031	LIBOR plus 2.0%, floor 2.2%	2.4	%		4,525		620
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		4,157		—
Beach Homes Loan	May 2029	LIBOR plus 1.7%	2.2	%		1,478		1,492
Pier Park Outparcel Loan	March 2027	LIBOR plus 1.7%	2.2	%		1,348		1,370
WaterColor Crossings Loan	February 2029	LIBOR plus 1.7%	2.2	%		1,246		1,265
Total principal outstanding						262,091		227,474
Unamortized discount and debt issuance costs						(5,328)		(4,440)
Total debt, net					$	256,763	$	223,034

(a) In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0% as of December 31, 2021.

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to March 31, 2022, for the years ending December 31 are:

2022	$	2,520
2023		5,280
2024		72,109
2025		63,530
2026		4,723
Thereafter		113,929
	$	262,091