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Notes Payable and Other Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable and Long-term Debt

As of December 31, 2023 and 2022, Notes payable and other debt consisted of the following (in millions):

																		Principal Outstanding
Debt						Interest Rate (%)						Maturity Date						December 31, 2023						December 31, 2022
Secured:
Laulani Village						3.93%						2024						$	57.8					$	59.0
Pearl Highlands						4.15%						2024						75.1						77.3
Photovoltaic Financing						(1)						(1)						4.1						2.6
Manoa Marketplace						(2)						2029						52.7						54.5
Subtotal																		$	189.7					$	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)			37.0						12.0
Subtotal																		$	37.0					$	12.0
Total debt (contractual)																		$	464.1					$	472.4
Unamortized debt issuance costs																		(0.1)						(0.2)
Total debt (carrying value)																		$	464.0					$	472.2
(1) Financing leases have a weighted average discount rate of 4.75% and maturity dates ranging from 2027 to 2028
(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 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.

Schedule of Debt Principal Payments

At December 31, 2023, debt principal payments and maturities during the next five years and thereafter and the corresponding amount of unamortized deferred financing costs or debt discounts or premiums were as follows (in millions):

						Scheduled Principal Payments
						2024			2025			2026			2027			2028			Thereafter			Total Principal						(Unamort Debt Issue Cost)/ (Discount) Premium						Total
Secured debt						$	135.0		$	2.2		$	2.2		$	4.0		$	3.3		$	43.0		$	189.7					$	—					$	189.7
Unsecured debt						27.0			38.3			67.0			37.1			43.0			25.0			237.4						(0.1)						237.3
Revolving credit facilities						—			37.0			—			—			—			—			37.0						—						37.0
Total Notes payable and other debt						$	162.0		$	77.5		$	69.2		$	41.1		$	46.3		$	68.0		$	464.1					$	(0.1)					$	464.0

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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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