Debt, Net (Tables)

12 Months Ended

Dec. 31, 2022


	Maturity Date	Interest Rate Terms	Effective Rate December 31, 2022		December 31, 2022		December 31, 2021
Pier Park Resort Hotel JV Loan	April 2027	LIBOR plus 2.2%^(a)	3.2	%	$	45,209	$	14,650
Watersound Origins Crossings JV Loan	May 2024	SOFR plus 2.8, floor 3.3%^(b)	7.1	%		44,015		37,897
PPN JV Loan	November 2025	Fixed	4.1	%		42,555		43,582
Pearl Hotel Loan	December 2032	Fixed	6.3	%		37,000		—
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		35,180		35,670
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		23,374		—
PPC II JV Loan (insured by HUD)^(c)	May 2057	Fixed	2.7	%		22,623		17,374
Watercrest JV Loan	June 2047	LIBOR plus 2.2%^(d)	6.6	%		21,038		20,053
North Bay Landing Loan	September 2024	LIBOR plus 2.5%, floor 3.2%	6.8	%		18,222		1,342
Breakfast Point Hotel Loan	November 2042	Fixed^(e)	6.0	%		16,376		11,843
Airport Hotel Loan	March 2025	LIBOR plus 2.0%, floor 3.0%	6.4	%		14,642		14,642
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		13,304		7,474
Watersound Camp Creek Loan	December 2047	LIBOR plus 2.1%, floor 2.6%	6.5	%		13,131		3,437
Watersound Town Center Grocery Loan	August 2031	LIBOR plus 2.0%, floor 2.2%	6.3	%		11,379		620
Hotel Indigo Loan	October 2028	SOFR plus 2.7%, floor 2.7%	7.0	%		10,427		—
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	6.4	%		5,199		—
Beckrich Building III Loan	August 2029	LIBOR plus 1.7%	6.1	%		5,020		5,188
Self-Storage Facility Loan	November 2025	LIBOR plus 2.4%, floor 2.9%	6.7	%		4,666		4,666
Community Development District debt	May 2023-May 2039	Fixed	3.6 to 6.0	%		4,113		4,909
Beach Homes Loan	May 2029	LIBOR plus 1.7%	6.1	%		1,447		1,492
Pier Park Outparcel Loan	March 2027	LIBOR plus 1.7%	6.1	%		1,300		1,370
WaterColor Crossings Loan	February 2029	LIBOR plus 1.7%	6.1	%		1,191		1,265
Total principal outstanding						391,411		227,474
Unamortized discount and debt issuance costs						(5,551)		(4,440)
Total debt, net					$	385,860	$	223,034

(a)

The Pier Park Resort Hotel JV entered into an interest rate swap that was 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. In December 2022, the Pier Park Resort Hotel Loan was amended, effective February 10, 2023, to bear interest at a rate of SOFR plus 2.1%.

(b)	In January 2022, the Watersound Origins Crossings JV Loan interest rate was modified from a fixed rate of 5.0%. In January 2023, the Company began the process to refinance the Watersound Origins Crossings JV Loan with a loan commitment to be insured by HUD.

(c)	In April 2022, the PPC II JV Loan was refinanced 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.

(e)

In November 2022, the Breakfast Point Hotel Loan interest rate was modified from a rate of LIBOR plus 2.8%, with a floor of 3.8%. The modified rate is fixed through November 2027 and in December 2027 the rate will adjust to the 1-year constant maturity Treasury rate plus 3.3% from December 2027 through November 2042, with a minimum rate of 6.0% throughout the term of the loan.

Schedule of Aggregate Maturities of Debt


2023	$	6,684
2024		69,956
2025		65,911
2026		6,935
2027		54,003
Thereafter		187,922
	$	391,411