XML 98 R88.htm IDEA: XBRL DOCUMENT v3.23.1
Debt, Net - Debt Agreements (Details)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended 60 Months Ended 180 Months Ended
May 31, 2023
Feb. 28, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jul. 31, 2022
USD ($)
Jan. 31, 2022
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
home
Oct. 31, 2028
Nov. 30, 2042
Apr. 30, 2027
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2015
USD ($)
Debt instruments                                
Outstanding debt     $ 391,411     $ 426,777 $ 391,411                  
Loss on extinguishment of debt           133                    
Community Development District debt (CDD)     12,800     11,700 12,800                  
Assets     1,430,839     1,466,259 1,430,839                  
Asset Pledged as Collateral without Right                                
Debt instruments                                
Assets           $ 572,200                    
Assets, Pledging Purpose           Outstanding debt                    
Watersound Origins Crossings JV Loan (insured by HUD)                                
Debt instruments                                
Loan amount                   $ 44,000            
Outstanding debt   $ 44,000 44,015     $ 52,926 $ 44,015                  
Debt interest rate (as a percent)           5.00%                    
Loss on extinguishment of debt           $ 100                    
Watersound Origins Crossings JV Loan (insured by HUD) | Minimum | Forecast                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid 1.00%                              
Watersound Origins Crossings JV Loan (insured by HUD) | Maximum                                
Debt instruments                                
Additional loan cost from refinance           900                    
Watersound Origins Crossings JV Loan (insured by HUD) | Maximum | Forecast                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid 10.00%                              
Watersound Origins Crossings JV Loan (insured by HUD) | SOFR                                
Debt instruments                                
Basis spread on variable rate (as a percent)             2.80%                  
Pier Park Resort Hotel JV Loan                                
Debt instruments                                
Loan amount                 $ 52,500              
Outstanding debt     45,209     $ 52,500 $ 45,209                  
Debt instrument, period subject to interest payments only                 36 months              
Debt service coverage period                 12 months              
Pier Park Resort Hotel JV Loan | Maximum                                
Debt instruments                                
Loan amount                 $ 60,000              
Pier Park Resort Hotel JV Loan | Interest Rate Swap                                
Debt instruments                                
Notional amount     $ 42,000       $ 42,000                  
Fixed interest rate (as a percent)   3.30% 3.30%       3.30%                  
Pier Park Resort Hotel JV Loan | Interest Rate Swap | Forecast                                
Debt instruments                                
Notional amount                           $ 38,700    
Pier Park Resort Hotel JV Loan | SOFR                                
Debt instruments                                
Basis spread on variable rate (as a percent)   2.10%       2.10%                    
PPN JV Loan                                
Debt instruments                                
Loan amount                               $ 48,200
Outstanding debt     $ 42,555     $ 42,291 $ 42,555                  
Pearl Hotel Loan                                
Debt instruments                                
Loan amount     37,000       37,000                  
Outstanding debt     $ 37,000     36,630 37,000                  
Pearl Hotel Loan | Minimum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid     1.00%                          
Pearl Hotel Loan | Maximum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid     5.00%                          
PPC JV Loan (insured by HUD)                                
Debt instruments                                
Loan amount                     $ 36,600          
Outstanding debt     $ 35,180     35,055 35,180                  
PPC JV Loan (insured by HUD) | Minimum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                     2.00%          
PPC JV Loan (insured by HUD) | Maximum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                     10.00%          
Mexico Beach Crossings JV Loan (insured by HUD)                                
Debt instruments                                
Loan amount         $ 43,500                      
Outstanding debt     23,374     32,769 23,374                  
Debt instrument, period subject to interest payments only         27 months                      
Mexico Beach Crossings JV Loan (insured by HUD) | Minimum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid         1.00%                      
Mexico Beach Crossings JV Loan (insured by HUD) | Maximum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid         10.00%                      
PPC II JV Loan (insured by HUD)                                
Debt instruments                                
Loan amount                   $ 22,900            
Outstanding debt     22,623     22,522 22,623                  
PPC II JV Loan (insured by HUD) | Minimum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                   1.00%            
PPC II JV Loan (insured by HUD) | Maximum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                   10.00%            
Watercrest JV Loan                                
Debt instruments                                
Loan amount                   $ 22,500            
Outstanding debt     21,038     20,925 21,038                  
North Bay Landing Loan                                
Debt instruments                                
Loan amount               $ 26,800                
Outstanding debt     18,222     $ 19,595 $ 18,222                  
Floor rate (as a percent)           3.20% 3.20%                  
Loan extension period               18 months                
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)               50.00%                
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)               25.00%                
Watersound Camp Creek Loan                                
Debt instruments                                
Loan amount               $ 28,000                
Outstanding debt     13,131     $ 16,772 $ 13,131                  
Floor rate (as a percent)   2.60%       2.60% 2.60%                  
Company's liability as guarantor, upon reaching and maintaining a trailing six months of operations with a certain debt service coverage ratio (as a percent)               50.00%                
Trailing period one for determining Company's liability as guarantor under loan               6 months                
Company's liability as guarantor, upon reaching and maintaining a trailing twelve months operations with a certain debt service coverage ratio (as a percent)               25.00%                
Trailing period two for determining Company's liability as guarantor under loan               12 months                
Watersound Camp Creek Loan | SOFR                                
Debt instruments                                
Basis spread on variable rate (as a percent)   2.10%       2.10%                    
Breakfast Point Hotel Loan                                
Debt instruments                                
Loan amount                 $ 16,800              
Outstanding debt     16,376     $ 16,266 $ 16,376                  
Breakfast Point Hotel Loan | Minimum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                 1.00%              
Breakfast Point Hotel Loan | Maximum                                
Debt instruments                                
Prepayment premium, as a percent of principal repaid                 3.00%              
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Forecast                                
Debt instruments                                
Basis spread on variable rate (as a percent)                         3.30%      
Airport Hotel Loan                                
Debt instruments                                
Loan amount                 $ 15,300              
Outstanding debt     14,642     $ 14,642 $ 14,642                  
Debt instrument, period subject to interest payments only                 36 months              
Floor rate (as a percent)           3.00% 3.00%                  
Hotel Indigo Loan                                
Debt instruments                                
Loan amount               $ 21,200                
Outstanding debt     10,427     $ 14,189 $ 10,427                  
Debt instrument, period subject to interest payments only               24 months                
Floor rate (as a percent)           2.70% 2.70%                  
Loan extension period               60 months                
Hotel Indigo Loan | Forecast                                
Debt instruments                                
Floor rate (as a percent)                       2.50%        
Hotel Indigo Loan | SOFR                                
Debt instruments                                
Basis spread on variable rate (as a percent)           2.70% 2.70%                  
Hotel Indigo Loan | SOFR | Forecast                                
Debt instruments                                
Basis spread on variable rate (as a percent)                       2.50%        
Lodge 30A JV Loan                                
Debt instruments                                
Loan amount               $ 15,000                
Outstanding debt     13,304     $ 13,707 $ 13,304                  
Debt instrument, period subject to interest payments only               24 months                
Debt service coverage period               24 months                
Company's liability as guarantor, third year (as a percent)               75.00%                
Company's liability as guarantor, period for lower liability percentage               12 months                
Company's liability as guarantor, fourth year (as a percent)               50.00%                
Company's liability as guarantor, fifth year (as a percent)               25.00%                
Watersound Town Center Grocery Loan                                
Debt instruments                                
Loan amount               $ 12,000                
Outstanding debt     11,379     $ 10,579 $ 11,379                  
Debt instrument, period subject to interest payments only               24 months                
Floor rate (as a percent)           2.20% 2.20%                  
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)               50.00%                
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)               25.00%                
Occupancy requirement (as a percent)               93.00%                
Occupancy period               90 days                
Topsail Hotel Loan                                
Debt instruments                                
Loan amount       $ 13,700                        
Outstanding debt     5,199     $ 7,855 $ 5,199                  
Debt instrument, period subject to interest payments only       36 months                        
Floor rate (as a percent)           3.00% 3.00%                  
Topsail Hotel Loan | SOFR                                
Debt instruments                                
Basis spread on variable rate (as a percent)           2.10% 2.10%                  
Beckrich Building III Loan                                
Debt instruments                                
Loan amount                   $ 5,500            
Outstanding debt     5,020     $ 5,014 $ 5,020                  
Self-Storage Facility Loan                                
Debt instruments                                
Loan amount                 $ 5,800              
Outstanding debt     4,666     $ 4,666 $ 4,666                  
Debt instrument, period subject to interest payments only                 48 months              
Floor rate (as a percent)           2.90% 2.90%                  
Self-Storage Facility Loan | Maximum                                
Debt instruments                                
Amount of liability as guarantor                 $ 2,900              
Community Development District debt                                
Debt instruments                                
Outstanding debt     4,113     $ 3,972 $ 4,113                  
Beach Homes Loan                                
Debt instruments                                
Loan amount                     $ 1,700          
Outstanding debt     1,447     1,438 1,447                  
Number of homes financed | home                     2          
Pier Park Outparcel Loan                                
Debt instruments                                
Loan amount                             $ 1,600  
Outstanding debt     1,300     1,292 1,300                  
WaterColor Crossings Loan                                
Debt instruments                                
Loan amount                     $ 1,900          
Outstanding debt     $ 1,191     $ 1,172 $ 1,191