XML 32 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Investment in Real Estate, Net | 12 Months Ended
--- | ---
Dec. 31, 2023
Investment in Real Estate, Net |
Investment in Real Estate, Net | 3. Investment in Real Estate, Net Investment in real estate, net, excluding unconsolidated JVs, by property type and segment includes the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Development property: |  | ​ |  |  | ​ |
Residential | ​ | $ | 141,145 | ​ | $ | 166,304
Hospitality | ​ |  | 23,633 | ​ |  | 205,409
Commercial | ​ |  | 99,719 | ​ |  | 131,133
Other | ​ |  | 2,924 | ​ |  | 3,618
Total development property | ​ |  | 267,421 | ​ |  | 506,464
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating property: | ​ |  |  | ​ |  |
Residential | ​ |  | 10,905 | ​ |  | 7,854
Hospitality | ​ |  | 419,095 | ​ |  | 221,542
Commercial | ​ |  | 439,671 | ​ |  | 356,242
Other | ​ |  | — | ​ |  | 127
Total operating property | ​ |  | 869,671 | ​ |  | 585,765
Less: Accumulated depreciation | ​ |  | 118,474 | ​ |  | 95,968
Total operating property, net | ​ |  | 751,197 | ​ |  | 489,797
Investment in real estate, net | ​ | $ | 1,018,618 | ​ | $ | 996,261
​ Investment in real estate, net is carried at cost, net of depreciation and timber depletion, unless circumstances indicate that the carrying value of the assets may not be recoverable. Development property consists of land the Company is developing or intends to develop for sale, lease or future operations and includes direct costs associated with the land, as well as development, construction and indirect costs. Residential development property includes existing and planned residential homesites and related infrastructure. Hospitality development property consists of land, as well as development costs related to additional club amenities and improvements to existing properties. Commercial development property primarily consists of land and construction and development costs for planned commercial, multi-family and industrial uses. Development property in the hospitality and commercial segments will be reclassified as operating property as it is placed into service. Operating property includes the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31, |  | ​ | December 31,
​ | ​ | ​ | 2023 | ​ | ​ | 2022
Land and land improvements | ​ | $ | 206,089 | ​ | $ | 146,257
Buildings and building improvements | ​ |  | 648,655 | ​ |  | 425,347
Timber | ​ |  | 14,927 | ​ |  | 14,161
​ | ​ |  | 869,671 | ​ |  | 585,765
Less: Accumulated depreciation | ​ |  | 118,474 | ​ |  | 95,968
Total operating property, net | ​ | $ | 751,197 | ​ | $ | 489,797
​ Operating property includes property that the Company uses for operations and activities. Residential operating property consists primarily of residential utility assets and certain rental properties. Hospitality operating property primarily consists of existing hotels, resorts, clubs, vacation rental homes, marinas and other operations. Commercial operating property includes property used for retail, office, self-storage, light industrial, multi-family, senior living, commercial rental and timber purposes. Operating property may be sold in the future as part of the Company’s principal real estate business. As of December 31, 2023 and 2022, operating property, net related to operating leases was $367.3 million and $285.1 million, respectively. In December 2022, the Company acquired The Pearl Hotel property for a purchase price of $52.0 million. The Pearl Hotel acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805 Business Combinations. The Company allocated the purchase price based on the relative fair value of each acquired component. Costs related to the acquisition were capitalized and included in the cost basis of the asset. The allocation of the purchase price and costs primarily consisted of $49.3 million for the building and land included within operating property, net and $3.0 million included within property and equipment, net. There were no in-place leases at the acquisition date. See Note 10. Debt, Net for additional information regarding financing related to the asset acquisition. Depreciation, depletion and amortization expense related to real estate investments was $23.0 million, $14.3 million and $12.0 million in 2023, 2022 and 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration