Debt, Net (Tables)

9 Months Ended

Sep. 30, 2022

Debt, Net

Schedule of Debt

	Maturity Date	Interest Rate Terms	Effective Rate September 30, 2022		September 30, 2022		December 31, 2021
Watersound Origins Crossings JV Loan	May 2024	SOFR plus 2.8, floor 3.3% (a)	5.7	%	$	44,015	$	37,897
PPN JV Loan	November 2025	Fixed	4.1	%		42,816		43,582
Pier Park Resort Hotel JV Loan (b)	April 2027	LIBOR plus 2.2%	5.3	%		38,333		14,650
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		35,304		35,670
PPC II JV Loan (insured by HUD) (c)	May 2057	Fixed	2.7	%		22,723		17,374
Watercrest JV Loan	June 2047	LIBOR plus 2.2% (d)	5.3	%		21,150		20,053
Breakfast Point Hotel Loan	November 2042	LIBOR plus 2.8%, floor 3.8%	5.9	%		16,413		11,843
North Bay Landing Apartments Loan	September 2024	LIBOR plus 2.5%, floor 3.2%	5.6	%		15,693		1,342
Airport Hotel Loan	March 2025	LIBOR plus 2.0%, floor 3.0%	5.1	%		14,642		14,642
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		13,678		—
Watersound Camp Creek Loan	December 2047	LIBOR plus 2.1%, floor 2.6%	5.2	%		13,131		3,437
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		13,039		7,474
Watersound Town Center Grocery Loan	August 2031	LIBOR plus 2.0%, floor 2.2%	5.1	%		9,586		620
Hotel Indigo Loan	October 2028	SOFR plus 2.7%, floor 2.7%	5.7	%		6,245		—
Beckrich Building III Loan	August 2029	LIBOR plus 1.7%	4.8	%		5,038		5,188
Self-Storage Facility Loan	November 2025	LIBOR plus 2.4%, floor 2.9%	5.5	%		4,666		4,666
Community Development District debt	May 2023-May 2039	Fixed	3.6 to 6.0	%		4,249		4,909
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	5.1	%		2,107		—
Beach Homes Loan	May 2029	LIBOR plus 1.7%	4.8	%		1,455		1,492
Pier Park Outparcel Loan	March 2027	LIBOR plus 1.7%	4.8	%		1,312		1,370
WaterColor Crossings Loan	February 2029	LIBOR plus 1.7%	4.8	%		1,209		1,265
Total principal outstanding						326,804		227,474
Unamortized discount and debt issuance costs						(5,719)		(4,440)
Total debt, net					$	321,085	$	223,034

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

(b) The Pier Park Resort Hotel JV entered into an interest rate swap that is effective December 10, 2022 and matures on April 12, 2027 and fixed the variable rate on the notional amount of related debt of $42.0 million to a rate of 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

(c) In April 2022, the PPC II JV Loan was amended from a rate of LIBOR plus 2.1% and maturity date of October 2024.

(d) As of December 31, 2021, the interest rate was swapped to a fixed rate of 4.4% on the notional amount of related debt of $20.0 million. The interest rate swap was terminated in April 2022. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

Schedule of Aggregate Maturities of Debt

The aggregate maturities of debt subsequent to September 30, 2022, for the years ending December 31 are:

2022	$	716
2023		5,268
2024		66,599
2025		64,377
2026		5,490
Thereafter		184,354
	$	326,804