XML 93 R82.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt, Net - Debt Agreements (Details)
$ in Thousands
3 Months Ended 12 Months Ended 180 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Nov. 30, 2042
Apr. 30, 2027
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
home
Dec. 31, 2017
USD ($)
Dec. 31, 2015
USD ($)
Debt instruments                        
Outstanding debt principal $ 457,400   $ 459,221                  
Loss on extinguishment of debt   $ 133                    
Community Development District debt (CDD) 10,700   10,700                  
Assets 1,537,658   1,523,530                  
Asset Pledged as Collateral without Right                        
Debt instruments                        
Assets $ 573,500                      
Assets, Pledging Purpose Outstanding debt                      
Watersound Origins Crossings JV Loan (insured by HUD)                        
Debt instruments                        
Loan amount     52,900                  
Outstanding debt principal $ 52,401   52,546                  
Watersound Origins Crossings JV Loan (insured by HUD) | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 1.00%                      
Watersound Origins Crossings JV Loan (insured by HUD) | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 10.00%                      
Pier Park Resort Hotel JV Loan                        
Debt instruments                        
Loan amount           $ 52,500            
Outstanding debt principal $ 51,642   51,888                  
Debt service coverage period           12 months            
Pier Park Resort Hotel JV Loan | Maximum                        
Debt instruments                        
Loan amount           $ 60,000            
Pier Park Resort Hotel JV Loan | Interest rate swaps                        
Debt instruments                        
Notional amount       $ 42,000                
Fixed interest rate (as a percent) 3.20%                      
Pier Park Resort Hotel JV Loan | Interest rate swaps | Forecast                        
Debt instruments                        
Notional amount               $ 38,700        
Pier Park Resort Hotel JV Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.10%                      
Mexico Beach Crossings JV Loan (insured by HUD)                        
Debt instruments                        
Loan amount       $ 43,500                
Outstanding debt principal $ 42,496   42,405                  
Debt instrument, period subject to interest payments only       27 months                
Mexico Beach Crossings JV Loan (insured by HUD) | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 1.00%                      
Mexico Beach Crossings JV Loan (insured by HUD) | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 10.00%                      
PPN JV Loan                        
Debt instruments                        
Loan amount                       $ 48,200
Outstanding debt principal $ 41,210   41,485                  
Pearl Hotel Loan                        
Debt instruments                        
Loan amount       $ 37,000                
Outstanding debt principal $ 35,150   35,520                  
Pearl Hotel Loan | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 1.00%                      
Pearl Hotel Loan | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 4.00%                      
PPC JV Loan (insured by HUD)                        
Debt instruments                        
Loan amount                   $ 36,600    
Outstanding debt principal $ 34,546   34,675                  
PPC JV Loan (insured by HUD) | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 2.00%                      
PPC JV Loan (insured by HUD) | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 9.00%                      
Watersound Camp Creek Loan                        
Debt instruments                        
Loan amount         $ 28,000              
Outstanding debt principal $ 27,700   $ 27,999                  
Floor rate (as a percent) 2.60%   2.60%                  
Company's liability as guarantor, upon reaching and maintaining a trailing six months of operations with a certain debt service coverage ratio (as a percent)         50.00%              
Trailing period one for determining Company's liability as guarantor under loan         6 months              
Company's liability as guarantor, upon reaching and maintaining a trailing twelve months operations with a certain debt service coverage ratio (as a percent)         25.00%              
Trailing period two for determining Company's liability as guarantor under loan         12 months              
Watersound Camp Creek Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.10%                      
North Bay Landing Loan                        
Debt instruments                        
Loan amount         $ 26,800              
Outstanding debt principal $ 26,750   $ 26,750                  
Floor rate (as a percent) 3.30%   3.30%                  
Loan extension period         18 months              
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)         50.00%              
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)         25.00%              
North Bay Landing Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.60%                      
PPC II JV Loan (insured by HUD)                        
Debt instruments                        
Loan amount                 $ 22,900      
Outstanding debt principal $ 22,111   $ 22,215                  
PPC II JV Loan (insured by HUD) | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 1.00%                      
PPC II JV Loan (insured by HUD) | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 9.00%                      
Hotel Indigo Loan                        
Debt instruments                        
Loan amount         $ 21,200              
Outstanding debt principal $ 20,482   $ 20,690                  
Floor rate (as a percent) 2.50%   2.50%                  
Loan extension period         60 months              
Hotel Indigo Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.50%                      
Watercrest JV Loan                        
Debt instruments                        
Loan amount                 22,500      
Outstanding debt principal $ 19,956   $ 20,074                  
Watercrest JV Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.20%                      
Breakfast Point Hotel Loan                        
Debt instruments                        
Loan amount           16,800            
Outstanding debt principal $ 15,822   15,937                  
Breakfast Point Hotel Loan | Minimum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 1.00%                      
Breakfast Point Hotel Loan | Maximum                        
Debt instruments                        
Prepayment premium, as a percent of principal repaid 2.00%                      
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Forecast                        
Debt instruments                        
Basis spread on variable rate (as a percent)             3.30%          
Breakfast Point Hotel Loan | Treasury - 1 year Constant Maturity | Minimum | Forecast                        
Debt instruments                        
Interest rate during period (as a percent)             6.00%          
Lodge 30A JV Loan                        
Debt instruments                        
Loan amount         $ 15,000              
Outstanding debt principal $ 14,523   14,655                  
Debt service coverage period         24 months              
Company's liability as guarantor, third year (as a percent)         75.00%              
Company's liability as guarantor, period for lower liability percentage         12 months              
Company's liability as guarantor, fourth year (as a percent)         50.00%              
Company's liability as guarantor, fifth year (as a percent)         25.00%              
Airport Hotel Loan                        
Debt instruments                        
Loan amount           15,300            
Outstanding debt principal $ 12,949   $ 13,010                  
Floor rate (as a percent) 3.00%   3.00%                  
Airport Hotel Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.10%                      
Topsail Hotel Loan                        
Debt instruments                        
Loan amount       $ 13,700                
Outstanding debt principal $ 12,307   $ 12,307                  
Debt instrument, period subject to interest payments only       36 months                
Floor rate (as a percent) 3.00%   3.00%                  
Topsail Hotel Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.10%                      
Watersound Town Center Grocery Loan                        
Debt instruments                        
Loan amount         $ 12,000              
Outstanding debt principal $ 10,496   $ 10,531                  
Floor rate (as a percent) 2.30%   2.30%                  
Company's liability as guarantor, upon satisfaction of final advance conditions (as a percent)         50.00%              
Company's liability as guarantor, upon reaching and maintaining a certain debt service coverage ratio (as a percent)         25.00%              
Occupancy requirement (as a percent)         93.00%              
Occupancy period         90 days              
Watersound Town Center Grocery Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.10%                      
Beckrich Building III Loan                        
Debt instruments                        
Loan amount                 $ 5,500      
Outstanding debt principal $ 5,014   $ 5,014                  
Beckrich Building III Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 1.80%                      
Self-Storage Facility Loan                        
Debt instruments                        
Loan amount           $ 5,800            
Outstanding debt principal $ 4,666   $ 4,666                  
Debt instrument, period subject to interest payments only           48 months            
Floor rate (as a percent) 2.90%   2.90%                  
Self-Storage Facility Loan | Maximum                        
Debt instruments                        
Amount of liability as guarantor           $ 2,900            
Self-Storage Facility Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 2.50%                      
Community Development District debt                        
Debt instruments                        
Outstanding debt principal $ 3,403   $ 3,046                  
Beach Homes Loan                        
Debt instruments                        
Loan amount                   $ 1,700    
Outstanding debt principal $ 1,408   1,416                  
Number of homes financed | home                   2    
Beach Homes Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 1.70%                      
Pier Park Outparcel Loan                        
Debt instruments                        
Loan amount                     $ 1,600  
Outstanding debt principal $ 1,270   1,275                  
Pier Park Outparcel Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 1.80%                      
WaterColor Crossings Loan                        
Debt instruments                        
Loan amount                   $ 1,900    
Outstanding debt principal $ 1,098   $ 1,117                  
WaterColor Crossings Loan | SOFR                        
Debt instruments                        
Basis spread on variable rate (as a percent) 1.80%