Debt, Net (Tables)

9 Months Ended

Sep. 30, 2024

Debt, Net

Schedule of Debt

			Effective Rate
			September 30,		September 30,		December 31,
	Maturity Date	Interest Rate Terms	2024		2024		2023
Watersound Origins Crossings JV Loan (insured by HUD)	April 2058	Fixed	5.0	%	$	52,104	$	52,546
Pier Park Resort Hotel JV Loan	April 2027	SOFR plus 2.1% (a)	4.0	%		51,139		51,888
Mexico Beach Crossings JV Loan (insured by HUD)	March 2064	Fixed	3.0	%		43,214		42,405
PPN JV Loan	November 2025	Fixed	4.1	%		40,653		41,485
Pearl Hotel Loan	December 2032	Fixed	6.3	%		34,410		35,520
PPC JV Loan (insured by HUD)	June 2060	Fixed	3.1	%		34,285		34,675
Watersound Camp Creek Loan	December 2047	SOFR plus 2.1%, floor 2.6%	7.0	%		27,495		27,999
North Bay Landing Loan	March 2026 (b)	SOFR plus 2.5%, floor 3.2% (b)	7.3	%		22,850		26,750
PPC II JV Loan (insured by HUD)	May 2057	Fixed	2.7	%		21,901		22,215
Hotel Indigo Loan	October 2028	SOFR plus 2.5%, floor 2.5%	7.3	%		20,065		20,690
Watercrest JV Loan	June 2047	SOFR plus 2.2%	7.1	%		19,693		20,074
Breakfast Point Hotel Loan	November 2042	Fixed (c)	6.0	%		15,593		15,937
Lodge 30A JV Loan	January 2028	Fixed	3.8	%		14,263		14,655
Topsail Hotel Loan	July 2027	SOFR plus 2.1%, floor 3.0%	7.0	%		12,307		12,307
Airport Hotel Loan	March 2025	SOFR plus 2.1%, floor 3.0%	7.0	%		11,815		13,010
Watersound Town Center Grocery Loan	August 2031	SOFR plus 2.1%, floor 2.3%	6.9	%		10,424		10,531
Beckrich Building III Loan	August 2029	SOFR plus 1.8%	6.7	%		5,014		5,014
Self-Storage Facility Loan	November 2025	SOFR plus 2.5%, floor 2.9%	7.3	%		4,666		4,666
Community Development District debt	May 2025-May 2039	Fixed	3.6 to 6.0	%		2,855		3,046
Beach Homes Loan	May 2029	SOFR plus 1.7%	6.6	%		1,392		1,416
Pier Park Outparcel Loan	March 2027	SOFR plus 1.8%	6.7	%		1,259		1,275
WaterColor Crossings Loan	February 2029	SOFR plus 1.8%	6.7	%		1,061		1,117
Total principal outstanding						448,458		459,221
Unamortized discount and debt issuance costs						(5,116)		(5,581)
Total debt, net					$	443,342	$	453,640

(a) 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 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

(b) In August 2024, the North Bay Landing Loan maturity date was extended from September 2024 and the interest rate was adjusted from SOFR plus 2.6%, with a floor of 3.3%. Upon reaching a certain debt service coverage ratio, the North Bay Landing Loan will bear interest at a rate of SOFR plus 2.3%, with a floor of 3.0%.

(c) 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, 2024, for the years ending December 31 are:

2024	$	2,447
2025		65,611
2026		31,196
2027		69,413
2028		36,052
Thereafter		243,739
	$	448,458