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Notes Payable and Other Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of 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.

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- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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