XML 124 R105.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt, Net - Debt Agreements (Details)
$ in Thousands
1 Months Ended 10 Months Ended 12 Months Ended 180 Months Ended
Mar. 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Jul. 31, 2022
USD ($)
Jan. 31, 2022
USD ($)
Oct. 31, 2021
USD ($)
Aug. 31, 2021
USD ($)
Jun. 30, 2021
USD ($)
Mar. 31, 2021
USD ($)
Jan. 31, 2021
USD ($)
Oct. 31, 2023
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
item
Nov. 30, 2042
Apr. 30, 2027
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2015
USD ($)
Debt instruments                                      
Outstanding debt principal                     $ 459,221 $ 391,411              
Loss on extinguishment of debt                     133 130              
Community Development District debt (CDD)                     10,700 12,800              
Assets                     1,523,530 1,430,839              
Asset Pledged as Collateral without Right                                      
Debt instruments                                      
Assets                     $ 580,300                
Assets, Pledging Purpose                     Outstanding debt                
Watersound Origins Crossings JV Loan (insured by HUD)                                      
Debt instruments                                      
Loan amount   $ 44,000                       $ 44,000          
Outstanding debt principal $ 52,900                   $ 52,546 $ 44,015              
Debt interest rate (as a percent) 5.00%                                    
Loss on extinguishment of debt                     100                
Loan costs                     900                
Watersound Origins Crossings JV Loan (insured by HUD) | Minimum                                      
Debt instruments                                      
Prepayment premium, as a percent of principal repaid 1.00%                                    
Watersound Origins Crossings JV Loan (insured by HUD) | Maximum                                      
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 principal                     51,888 $ 45,209              
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                
Fixed interest rate (as a percent)                     3.20%                
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%                
Mexico Beach Crossings JV Loan (insured by HUD)                                      
Debt instruments                                      
Loan amount       $ 43,500                              
Outstanding debt principal                     $ 42,405 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%                              
PPN JV Loan                                      
Debt instruments                                      
Loan amount                                     $ 48,200
Outstanding debt principal                     41,485 42,555              
Pearl Hotel Loan                                      
Debt instruments                                      
Loan amount                       37,000              
Outstanding debt principal                     35,520 $ 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                       4.00%              
PPC JV Loan (insured by HUD)                                      
Debt instruments                                      
Loan amount                             $ 36,600        
Outstanding debt principal                     34,675 $ 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                             9.00%        
Watersound Camp Creek Loan                                      
Debt instruments                                      
Loan amount             $ 28,000                        
Outstanding debt principal                     $ 27,999 13,131              
Floor rate (as a percent)   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%                
North Bay Landing Loan                                      
Debt instruments                                      
Loan amount               $ 26,800                      
Outstanding debt principal                     $ 26,750 18,222              
Floor rate (as a percent)                     3.30%                
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%                      
North Bay Landing Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.60%                
PPC II JV Loan (insured by HUD)                                      
Debt instruments                                      
Loan amount                           $ 22,900          
Outstanding debt principal                     $ 22,215 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                           9.00%          
Hotel Indigo Loan                                      
Debt instruments                                      
Loan amount         $ 21,200                            
Outstanding debt principal                     $ 20,690 10,427              
Floor rate (as a percent)                   2.70% 2.50%                
Loan extension period         60 months                            
Hotel Indigo Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                   2.70% 2.50%                
Watercrest JV Loan                                      
Debt instruments                                      
Loan amount                           $ 22,500          
Outstanding debt principal                     $ 20,074 21,038              
Watercrest JV Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.20%                
Breakfast Point Hotel Loan                                      
Debt instruments                                      
Loan amount                         $ 16,800            
Outstanding debt principal                     $ 15,937 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                         2.00%            
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Forecast                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                               3.30%      
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Minimum | Forecast                                      
Debt instruments                                      
Interest rate during period (as a percent)                               6.00%      
Lodge 30A JV Loan                                      
Debt instruments                                      
Loan amount                 $ 15,000                    
Outstanding debt principal                     14,655 13,304              
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%                    
Airport Hotel Loan                                      
Debt instruments                                      
Loan amount                         $ 15,300            
Outstanding debt principal                     $ 13,010 14,642              
Floor rate (as a percent)                     3.00%                
Airport Hotel Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.10%                
Topsail Hotel Loan                                      
Debt instruments                                      
Loan amount     $ 13,700                                
Outstanding debt principal                     $ 12,307 5,199              
Debt instrument, period subject to interest payments only     36 months                                
Floor rate (as a percent)                     3.00%                
Topsail Hotel Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.10%                
Watersound Town Center Grocery Loan                                      
Debt instruments                                      
Loan amount           $ 12,000                          
Outstanding debt principal                     $ 10,531 11,379              
Floor rate (as a percent)                     2.30%                
Company's liability as guarantor (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                          
Watersound Town Center Grocery Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.10%                
Beckrich Building III Loan                                      
Debt instruments                                      
Loan amount                           $ 5,500          
Outstanding debt principal                     $ 5,014 5,020              
Beckrich Building III Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     1.80%                
Self-Storage Facility Loan                                      
Debt instruments                                      
Loan amount                         $ 5,800            
Outstanding debt principal                     $ 4,666 4,666              
Debt instrument, period subject to interest payments only                         48 months            
Floor rate (as a percent)                     2.90%                
Self-Storage Facility Loan | Maximum                                      
Debt instruments                                      
Amount of liability as guarantor                         $ 2,900            
Self-Storage Facility Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     2.50%                
Community Development District debt                                      
Debt instruments                                      
Outstanding debt principal                     $ 3,046 4,113              
Beach Homes Loan                                      
Debt instruments                                      
Loan amount                             $ 1,700        
Outstanding debt principal                     $ 1,416 1,447              
Number of homes financed | item                             2        
Beach Homes Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     1.70%                
Pier Park Outparcel Loan                                      
Debt instruments                                      
Loan amount                                   $ 1,600  
Outstanding debt principal                     $ 1,275 1,300              
Pier Park Outparcel Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     1.80%                
WaterColor Crossings Loan                                      
Debt instruments                                      
Loan amount                             $ 1,900        
Outstanding debt principal                     $ 1,117 $ 1,191              
WaterColor Crossings Loan | SOFR                                      
Debt instruments                                      
Basis spread on variable rate (as a percent)                     1.80%