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Debt, Net (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt, Net |
Schedule of Debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Effective Rate | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | March 31, | ​ | March 31, | ​ | December 31,
​ | ​ | Maturity Date | ​ | Interest Rate Terms | ​ | 2024 | ​ | 2024 | ​ | 2023
Watersound Origins Crossings JV Loan (insured by HUD) | ​ | April 2058 | ​ | Fixed | ​ | 5.0 | % | ​ | $ | 52,401 | ​ | $ | 52,546
Pier Park Resort Hotel JV Loan | ​ | April 2027 | ​ | SOFR plus 2.1% (a) | ​ | 4.1 | % | ​ | ​ | 51,642 | ​ | ​ | 51,888
Mexico Beach Crossings JV Loan (insured by HUD) | ​ | March 2064 | ​ | Fixed | ​ | 3.0 | % | ​ | ​ | 42,496 | ​ | ​ | 42,405
PPN JV Loan | ​ | November 2025 | ​ | Fixed | ​ | 4.1 | % | ​ | ​ | 41,210 | ​ | ​ | 41,485
Pearl Hotel Loan | ​ | December 2032 | ​ | Fixed | ​ | 6.3 | % | ​ | ​ | 35,150 | ​ | ​ | 35,520
PPC JV Loan (insured by HUD) | ​ | June 2060 | ​ | Fixed | ​ | 3.1 | % | ​ | ​ | 34,546 | ​ | ​ | 34,675
Watersound Camp Creek Loan | ​ | December 2047 | ​ | SOFR plus 2.1%, floor 2.6% | ​ | 7.4 | % | ​ | ​ | 27,700 | ​ | ​ | 27,999
North Bay Landing Loan | ​ | September 2024 | ​ | SOFR plus 2.6%, floor 3.3% (b) | ​ | 7.9 | % | ​ | ​ | 26,750 | ​ | ​ | 26,750
PPC II JV Loan (insured by HUD) | ​ | May 2057 | ​ | Fixed | ​ | 2.7 | % | ​ | ​ | 22,111 | ​ | ​ | 22,215
Hotel Indigo Loan | ​ | October 2028 | ​ | SOFR plus 2.5%, floor 2.5% | ​ | 7.8 | % | ​ | ​ | 20,482 | ​ | ​ | 20,690
Watercrest JV Loan | ​ | June 2047 | ​ | SOFR plus 2.2% | ​ | 7.5 | % | ​ | ​ | 19,956 | ​ | ​ | 20,074
Breakfast Point Hotel Loan | ​ | November 2042 | ​ | Fixed (c) | ​ | 6.0 | % | ​ | ​ | 15,822 | ​ | ​ | 15,937
Lodge 30A JV Loan | ​ | January 2028 | ​ | Fixed | ​ | 3.8 | % | ​ | ​ | 14,523 | ​ | ​ | 14,655
Airport Hotel Loan | ​ | March 2025 | ​ | SOFR plus 2.1%, floor 3.0% | ​ | 7.4 | % | ​ | ​ | 12,949 | ​ | ​ | 13,010
Topsail Hotel Loan | ​ | July 2027 | ​ | SOFR plus 2.1%, floor 3.0% | ​ | 7.4 | % | ​ | ​ | 12,307 | ​ | ​ | 12,307
Watersound Town Center Grocery Loan | ​ | August 2031 | ​ | SOFR plus 2.1%, floor 2.3% | ​ | 7.4 | % | ​ | ​ | 10,496 | ​ | ​ | 10,531
Beckrich Building III Loan | ​ | August 2029 | ​ | SOFR plus 1.8% | ​ | 7.1 | % | ​ | ​ | 5,014 | ​ | ​ | 5,014
Self-Storage Facility Loan | ​ | November 2025 | ​ | SOFR plus 2.5%, floor 2.9% | ​ | 7.8 | % | ​ | ​ | 4,666 | ​ | ​ | 4,666
Community Development District debt | ​ | May 2024-May 2039 | ​ | Fixed | ​ | 3.6 to 6.0 | % | ​ |  | 3,403 | ​ | ​ | 3,046
Beach Homes Loan | ​ | May 2029 | ​ | SOFR plus 1.7% | ​ | 7.0 | % | ​ |  | 1,408 | ​ | ​ | 1,416
Pier Park Outparcel Loan | ​ | March 2027 | ​ | SOFR plus 1.8% | ​ | 7.1 | % | ​ | ​ | 1,270 | ​ | ​ | 1,275
WaterColor Crossings Loan | ​ | February 2029 | ​ | SOFR plus 1.8% | ​ | 7.1 | % | ​ | ​ | 1,098 | ​ | ​ | 1,117
Total principal outstanding | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 457,400 | ​ | ​ | 459,221
Unamortized discount and debt issuance costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (5,410) | ​ | ​ | (5,581)
Total debt, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 451,990 | ​ | $ | 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) | 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%.
(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 March 31, 2024, for the years ending December 31 are:
​ | ​ | ​ | ​
2024 | ​ | $ | 33,864
2025 | ​ | ​ | 66,187
2026 | ​ |  | 8,654
2027 | ​ |  | 69,356
2028 | ​ |  | 35,961
Thereafter | ​ |  | 243,378
​ | ​ | $ | 457,400
​

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