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Debt, Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt, Net |
Schedule of Debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Effective Rate | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | Maturity Date | ​ | Interest Rate Terms | ​ | 2023 | ​ | 2023 | ​ | 2022
Watersound Origins Crossings JV Loan (insured by HUD) (a) | ​ | April 2058 | ​ | Fixed | ​ | 5.0 | % | ​ | $ | 52,546 | ​ | $ | 44,015
Pier Park Resort Hotel JV Loan | ​ | April 2027 | ​ | SOFR plus 2.1% (b) | ​ | 4.1 | % | ​ | ​ | 51,888 | ​ | ​ | 45,209
Mexico Beach Crossings JV Loan (insured by HUD) | ​ | March 2064 | ​ | Fixed | ​ | 3.0 | % | ​ | ​ | 42,405 | ​ | ​ | 23,374
PPN JV Loan | ​ | November 2025 | ​ | Fixed | ​ | 4.1 | % | ​ | ​ | 41,485 | ​ | ​ | 42,555
Pearl Hotel Loan | ​ | December 2032 | ​ | Fixed | ​ | 6.3 | % | ​ | ​ | 35,520 | ​ | ​ | 37,000
PPC JV Loan (insured by HUD) | ​ | June 2060 | ​ | Fixed | ​ | 3.1 | % | ​ | ​ | 34,675 | ​ | ​ | 35,180
Watersound Camp Creek Loan | ​ | December 2047 | ​ | SOFR plus 2.1%, floor 2.6% (c) | ​ | 7.5 | % | ​ | ​ | 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 | % | ​ | ​ | 22,215 | ​ | ​ | 22,623
Hotel Indigo Loan | ​ | October 2028 | ​ | SOFR plus 2.5%, floor 2.5% (f) | ​ | 7.8 | % | ​ | ​ | 20,690 | ​ | ​ | 10,427
Watercrest JV Loan | ​ | June 2047 | ​ | SOFR plus 2.2% (e) | ​ | 7.6 | % | ​ | ​ | 20,074 | ​ | ​ | 21,038
Breakfast Point Hotel Loan | ​ | November 2042 | ​ | Fixed (g) | ​ | 6.0 | % | ​ | ​ | 15,937 | ​ | ​ | 16,376
Lodge 30A JV Loan | ​ | January 2028 | ​ | Fixed | ​ | 3.8 | % | ​ | ​ | 14,655 | ​ | ​ | 13,304
Airport Hotel Loan | ​ | March 2025 | ​ | SOFR plus 2.1%, floor 3.0% (e) | ​ | 7.5 | % | ​ | ​ | 13,010 | ​ | ​ | 14,642
Topsail Hotel Loan | ​ | July 2027 | ​ | SOFR plus 2.1%, floor 3.0% | ​ | 7.5 | % | ​ | ​ | 12,307 | ​ | ​ | 5,199
Watersound Town Center Grocery Loan | ​ | August 2031 | ​ | SOFR plus 2.1%, floor 2.3% (e) | ​ | 7.4 | % | ​ | ​ | 10,531 | ​ | ​ | 11,379
Beckrich Building III Loan | ​ | August 2029 | ​ | SOFR plus 1.8% (e) | ​ | 7.2 | % | ​ | ​ | 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 | % | ​ |  | 3,046 | ​ | ​ | 4,113
Beach Homes Loan | ​ | May 2029 | ​ | SOFR plus 1.7% (e) | ​ | 7.1 | % | ​ |  | 1,416 | ​ | ​ | 1,447
Pier Park Outparcel Loan | ​ | March 2027 | ​ | SOFR plus 1.8% (e) | ​ | 7.2 | % | ​ | ​ | 1,275 | ​ | ​ | 1,300
WaterColor Crossings Loan | ​ | February 2029 | ​ | SOFR plus 1.8% (e) | ​ | 7.2 | % | ​ | ​ | 1,117 | ​ | ​ | 1,191
Total principal outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 459,221 | ​ | ​ | 391,411
Unamortized discount and debt issuance costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,581) | ​ | ​ | (5,551)
Total debt, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 453,640 | ​ | $ | 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 3.2%. See Note 6. Financial Instruments and Fair Value Measurements for additional information. Effective February 2023, the Pier Park Resort Hotel JV 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) | Prior to November 2023, The Hotel Indigo Loan interest rate was SOFR plus 2.7%, with a floor of 2.7%.
(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 | ​
​ | ​ | ​ | ​
2024 | ​ | $ | 36,250
2025 | ​ | ​ | 65,968
2026 | ​ | ​ | 8,601
2027 | ​ | ​ | 69,380
2028 | ​ | ​ | 35,960
Thereafter | ​ | ​ | 243,062
​ | ​ | $ | 459,221
​

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