Debt, Net (Tables)

9 Months Ended

Sep. 30, 2023

Debt, Net

Schedule of Debt

	Maturity Date	Interest Rate Terms	Effective Rate September 30, 2023		September 30, 2023		December 31, 2022
Watersound Origins Crossings JV Loan (insured by HUD) (a)	April 2058	Fixed	5.0	%	$	52,690	$	44,015
Pier Park Resort Hotel JV Loan	April 2027	SOFR plus 2.1% (b)	4.1	%		52,131		45,209
PPN JV Loan	November 2025	Fixed	4.1	%		41,757		42,555
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		41,351		23,374
Pearl Hotel Loan	December 2032	Fixed	6.3	%		35,890		37,000
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		34,803		35,180
Watersound Camp Creek Loan	December 2047	SOFR plus 2.1%, floor 2.6% (c)	7.4	%		27,999		13,131
North Bay Landing Loan	September 2024	SOFR plus 2.6%, floor 3.3% (d) (e)	7.9	%		26,750		18,222
PPC II JV Loan (insured by HUD)	May 2057	Fixed	2.7	%		22,318		22,623
Watercrest JV Loan	June 2047	SOFR plus 2.2% (e)	7.5	%		20,192		21,038
Hotel Indigo Loan	October 2028	SOFR plus 2.7%, floor 2.7% (f)	8.0	%		18,298		10,427
Breakfast Point Hotel Loan	November 2042	Fixed (g)	6.0	%		16,050		16,376
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		14,781		13,304
Airport Hotel Loan	March 2025	SOFR plus 2.1%, floor 3.0% (e)	7.4	%		14,561		14,642
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	7.4	%		12,307		5,199
Watersound Town Center Grocery Loan	August 2031	SOFR plus 2.1%, floor 2.3% (e)	7.4	%		10,567		11,379
Beckrich Building III Loan	August 2029	SOFR plus 1.8% (e)	7.1	%		5,014		5,020
Self-Storage Facility Loan	November 2025	SOFR plus 2.5%, floor 2.9% (e)	7.8	%		4,666		4,666
Community Development District debt	May 2024-May 2039	Fixed	3.6 to 6.0	%		2,901		4,113
Beach Homes Loan	May 2029	SOFR plus 1.7% (e)	7.0	%		1,423		1,447
Pier Park Outparcel Loan	March 2027	SOFR plus 1.8% (e)	7.1	%		1,280		1,300
WaterColor Crossings Loan	February 2029	SOFR plus 1.8% (e)	7.1	%		1,135		1,191
Total principal outstanding						458,864		391,411
Unamortized discount and debt issuance costs						(5,748)		(5,551)
Total debt, net					$	453,116	$	385,860

(a) In March 2023, the Watersound Origins Crossings JV Loan was refinanced. The previous loan had an interest rate of SOFR plus 2.8% and maturity date of May 2024.

(b) The Pier Park Resort Hotel JV entered into an interest rate swap that matures in April 2027 and fixed the variable rate on the notional amount of related debt, initially at $42.0 million, amortizing to $38.7 million at swap maturity, to a rate of 3.3%. See Note 6. Financial Instruments and Fair Value Measurements for additional information. Effective February 2023, the Pier Park Resort Hotel Loan was amended from an interest rate of LIBOR plus 2.2%.

(c) In February 2023, the Watersound Camp Creek Loan was amended from an interest rate of LIBOR plus 2.1%.

(d) Upon reaching a certain debt service coverage ratio, the North Bay Landing Loan will bear interest at a rate of SOFR plus 2.4%, with a floor of 3.1%.

(e) Effective July 1, 2023, the benchmark interest rate index based on LIBOR transitioned to SOFR.

(f) The Hotel Indigo Loan interest rate will adjust to SOFR plus 2.5%, with a floor of 2.5% beginning November 2023 through maturity.

(g) The Breakfast Point Hotel Loan interest 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

The aggregate maturities of debt subsequent to September 30, 2023, for the years ending December 31 are:

2023	$	1,883
2024		35,378
2025		67,026
2026		8,054
2027		68,836
Thereafter		277,687
	$	458,864