Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Significant Accounting Policies

Schedule of computation of basic and diluted earnings per share

The computation of basic and diluted earnings per share are as follows:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in thousands except per share amounts)
Income
Net income attributable to the Company	$	74,189	$	77,712	$	70,927
Shares
Weighted average shares outstanding - basic		58,326,286		58,312,878		58,720,050
Incremental shares from restricted stock		20,440		11,376		1,288
Weighted average shares outstanding - diluted		58,346,726		58,324,254		58,721,338
Net income per share attributable to the Company
Basic income per share	$	1.27	$	1.33	$	1.21
Diluted income per share	$	1.27	$	1.33	$	1.21

Schedule of revenue disaggregated by segment, good or service and timing

The following represents revenue disaggregated by segment, good or service and timing:

	Year Ended December 31, 2024
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	116,815	$	—	$	22,176	$	4,188	$	143,179
Hospitality revenue		—		199,242		—		—		199,242
Leasing revenue		192		3,459		56,399		266		60,316
Total revenue	$	117,007	$	202,701	$	78,575	$	4,454	$	402,737
Timing of Revenue Recognition:
Recognized at a point in time	$	116,815	$	147,513	$	22,176	$	4,188	$	290,692
Recognized over time		—		51,729		—		—		51,729
Over lease term		192		3,459		56,399		266		60,316
Total revenue	$	117,007	$	202,701	$	78,575	$	4,454	$	402,737

	Year Ended December 31, 2023
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	155,702	$	—	$	26,180	$	4,126	$	186,008
Hospitality revenue		—		152,437		4		—		152,441
Leasing revenue		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285
Timing of Revenue Recognition:
Recognized at a point in time	$	155,702	$	117,982	$	26,184	$	4,126	$	303,994
Recognized over time		—		34,455		—		—		34,455
Over lease term		118		2,137		48,253		328		50,836
Total revenue	$	155,820	$	154,574	$	74,437	$	4,454	$	389,285

	Year Ended December 31, 2022
	Residential		Hospitality		Commercial		Other		Total
Revenue by Major Good/Service:
Real estate revenue	$	92,804	$	—	$	20,384	$	2,677	$	115,865
Hospitality revenue		—		96,731		529		—		97,260
Leasing revenue		82		505		38,466		143		39,196
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321
Timing of Revenue Recognition:
Recognized at a point in time	$	92,804	$	68,653	$	20,913	$	2,677	$	185,047
Recognized over time		—		28,078		—		—		28,078
Over lease term		82		505		38,466		143		39,196
Total revenue	$	92,886	$	97,236	$	59,379	$	2,820	$	252,321

Investment in real estate, net

Significant Accounting Policies

Schedule of estimated useful life

	Estimated Useful
	Life (in years)
Land	N/A
Land improvements	15 - 20
Buildings	20 - 40
Building improvements	5 - 25
Timber	N/A

Property and equipment, net

Significant Accounting Policies

Schedule of estimated useful life

	Estimated Useful
	Life (in years)
Railroad and equipment	15 - 30
Furniture and fixtures	5 - 10
Machinery and equipment	3 - 10
Office equipment	5 - 10
Autos, trucks and aircraft	5 - 10