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v3.23.3

Notes Payable and Other Debt | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Notes Payable and Other Debt | Notes Payable and Other Debt As of September 30, 2023 and December 31, 2022, notes payable and other debt consisted of the following (dollars in millions):
|  | Interest Rate (%) |  | Maturity Date |  | Principal Outstanding
|  |  |  | September 30, 2023 |  | December 31, 2022
Secured: |  |  |  |  |  |  |  |
Laulani Village |  | 3.93% |  | 2024 |  | $ | 58.1 |  |  | $ | 59.0 |
Pearl Highlands |  | 4.15% |  | 2024 |  | 75.7 |  |  | 77.3 |
Photovoltaic Financing |  | (1) |  | 2027 |  | 2.4 |  |  | 2.6 |
Manoa Marketplace |  | (2) |  | 2029 |  | 53.1 |  |  | 54.5 |
Subtotal |  |  |  |  |  | $ | 189.3 |  |  | $ | 193.4 |
Unsecured: |  |  |  |  |  |  |  |
Series A Note |  | 5.53% |  | 2024 |  | $ | 7.1 |  |  | $ | 14.2 |
Series J Note |  | 4.66% |  | 2025 |  | 10.0 |  |  | 10.0 |
Series B Note |  | 5.55% |  | 2026 |  | 27.0 |  |  | 36.0 |
Series C Note |  | 5.56% |  | 2026 |  | 9.0 |  |  | 11.0 |
Series F Note |  | 4.35% |  | 2026 |  | 9.7 |  |  | 15.2 |
Series H Note |  | 4.04% |  | 2026 |  | 50.0 |  |  | 50.0 |
Series K Note |  | 4.81% |  | 2027 |  | 34.5 |  |  | 34.5 |
Series G Note |  | 3.88% |  | 2027 |  | 22.1 |  |  | 28.1 |
Series L Note |  | 4.89% |  | 2028 |  | 18.0 |  |  | 18.0 |
Series I Note |  | 4.16% |  | 2028 |  | 25.0 |  |  | 25.0 |
Term Loan 5 |  | 4.30% |  | 2029 |  | 25.0 |  |  | 25.0 |
Subtotal |  |  |  |  |  | $ | 237.4 |  |  | $ | 267.0 |
Revolving Credit Facilities: |  |  |  |  |  |  |  |
A&B Revolver |  | (3) |  | 2025 | (4) | 81.0 |  |  | 12.0 |
Total debt (contractual) |  |  |  |  |  | $ | 507.7 |  |  | $ | 472.4 |
Unamortized debt issuance costs |  |  |  |  |  | (0.1) |  |  | (0.2) |
Total debt (carrying value) |  |  |  |  |  | $ | 507.6 |  |  | $ | 472.2 |
(1) Financing lease has an interest rate of 4.14%. |  |
(2) Loan has a stated interest rate of SOFR plus 1.35%. Prior to August 1, 2023, loan had a stated interest rate of LIBOR plus 1.35%. Loan is swapped through maturity to a 3.14% fixed rate.
(3) Loan has a stated interest rate of SOFR plus 1.05% based on a pricing grid, plus a SOFR adjustment of 0.10%. Prior to April 28, 2023, loan had a stated interest rate of LIBOR plus 1.05% based on a pricing grid. $50.0 million was swapped through June 2022 to a 2.40% fixed rate.
(4) A&B Revolver has two six-month optional term extensions.
On March 5, 2021, the Financial Conduct Authority announced a timeline for the phase-out of LIBOR. The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency subsequently issued a joint statement saying that banks should stop entering into new contracts with LIBOR as soon as possible but at least by December 31, 2021. As of January 1, 2022, LIBOR could only be used for legacy LIBOR obligations entered into prior to December 31, 2021, and the publication of US dollar LIBOR ceased on June 30, 2023. The Secured Overnight Financing Rate ("SOFR") and Bloomberg Short Term Bank Yield Index ("BSBY") were identified as replacements to LIBOR by the Federal Reserve-formed Alternative Reference Rates Committee. As of September 30, 2023, the Company had entered into agreements that transitioned its LIBOR-based notes payable and other debt to other acceptable benchmarks, as described below. On April 28, 2023, the Company entered into the First Amendment to the Third Amended and Restated Credit Agreement ("A&B Revolver") with Bank of America N.A., as administrative agent, First Hawaiian Bank, KeyBank National Association, Wells Fargo Bank, National Association, and other lenders party thereto, which transitioned the interest rate from LIBOR to a benchmark based on SOFR. All other terms of the agreement remain substantially unchanged. The Company entered into a note modification agreement with First Hawaiian Bank which transitioned the interest rate on the Manoa Marketplace secured note from LIBOR to a benchmark based on SOFR effective August 1, 2023. All other terms of the agreement remain substantially unchanged.

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