June 30, 2020

December 31, 2019

Unamortized

Discount and

Debt Issuance

Principal

Costs

Net

Principal

Costs

Net

PPN JV Loan, due November 2025, bearing interest at 4.1%

$

45,046

$

347

$

44,699

$

45,514

$

380

$

45,134

PPC JV Loan, insured by HUD, due June 2060, bearing interest at 4.0%

35,690

1,074

34,616

34,610

1,087

33,523

Watersound Origins Crossings JV Loan, due May 2024, bearing interest at 5.0%

14,292

402

13,890

2,868

454

2,414

Watercrest JV Loan, due June 2047, bearing interest at LIBOR plus 2.2% (effective rate of 2.4% at June 30, 2020)

8,639

289

8,350

—

Community Development District debt, secured by certain real estate or other collateral, due May 2023 through May 2039, bearing interest at 3.6% to 6.0%

6,095

—

6,095

6,977

—

6,977

PPC II JV Loan, due October 2024, bearing interest at LIBOR plus 2.3% (effective rate of 2.4% at June 30, 2020)

5,174

224

4,950

—

Beckrich Building III Loan, due August 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020)

3,596

69

3,527

—

Beach Homes Loan, due May 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020)

1,571

18

1,553

1,594

20

1,574

Pier Park Outparcel Construction Loan, due March 2027, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020)

1,500

13

1,487

1,535

14

1,521

WaterColor Crossings Construction Loan, due February 2029, bearing interest at LIBOR plus 1.7% (effective rate of 1.9% at June 30, 2020)

1,377

22

1,355

1,409

23

1,386

Total debt

$

122,980

$

2,458

$

120,522

$

94,507

$

1,978

$

92,529