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Revenue and Contract Balances
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue and Contract Balances Revenue and Contract Balances
The Company generates revenue through its Commercial Real Estate and Land Operations segments. Through its Commercial Real Estate segment, the Company owns and operates a portfolio of commercial real estate properties and generates income (i.e., revenue) as a lessor through leases of such assets. Refer to Note 10 – Leases - The Company as a Lessor for further discussion of lessor income recognition. The Land Operations segment generates revenue from contracts with customers. The Company further disaggregates revenue from contracts with customers by revenue type when appropriate if the Company believes disaggregation best depicts how the nature, amount, timing, and uncertainty of the Company's revenue and cash flows are affected by economic factors. Revenue by type for the three and nine months ended September 30, 2025 and 2024, was as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Revenues:
Commercial Real Estate$50,213 $49,381 $151,987 $147,477 
Land Operations:
Development sales revenue— 1,853 — 5,989 
Unimproved/other property sales revenue— 10,557 3,358 20,182 
Other operating revenue35 153 343 545 
Land Operations35 12,563 3,701 26,716 
Total revenues$50,248 $61,944 $155,688 $174,193 

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Accounts receivable$5,237 $5,398 
Allowances (credit losses and doubtful accounts)(1,479)(1,701)
Accounts receivable, net of allowance for credit losses and allowance for doubtful accounts$3,758 $3,697 
Variable consideration1
$— $62,000 
Prepaid rent8,413 6,077 
Other deferred revenue4,209 4,385 
Deferred revenue$12,622 $72,462 
1 Variable consideration deferred as of December 31, 2024, related to amounts received in the sale of agricultural land on Maui in 2018 that, under revenue recognition guidance, could not be included in the transaction price.
On June 17, 2025, the Company and Mahi Pono entered into the Termination Agreement in which both parties mutually agreed to generally terminate the remaining rights and performance obligations related to a 2018 sale of approximately 41,000 acres of agricultural land on Maui, including $62.0 million in variable consideration related to certain performance obligations involving water leases with the State of Hawai`i (refer to Note 8 – Commitments and Contingencies for further discussion) and $7.7 million in other liabilities. Additionally, under the Termination Agreement, the Company transferred its 50% ownership interest in East Maui Irrigation Company, LLC and forwent the receipt of payment of $2.7 million. As a result, the Company became obligated to pay $55.3 million to Mahi Pono in installments over a period of four years with $10.0 million paid upon execution of the Termination Agreement, $12.65 million payable on each of the first and second anniversaries of the Termination Agreement, and $10.0 million payable on each of the third and fourth anniversaries of the Termination Agreement.
In accordance with FASB ASC Topic 606, Revenue from Contracts with Customers, the Agreement reflects a contract modification that reduced the scope of the original 2018 contract but did not result in the addition of any distinct goods or services. As there were no remaining goods or services to be provided subsequent to the termination and the variable consideration was refundable, the Company derecognized the $62.0 million variable consideration in Deferred revenue, $7.7 million in Accrued and other liabilities and $2.7 million in Investment in other joint ventures and partnerships, and established a refund liability of $55.3 million. As of September 30, 2025, the remaining refund liability was $45.3 million.
For the three and nine months ended September 30, 2025, the Company recognized $0.1 million in revenue related to the Company's other deferred revenue reported as of December 31, 2024.