| Revenue Recognition |
14. Revenue Recognition Revenue consists primarily of real estate sales, hospitality operations and leasing operations. Taxes collected from customers and remitted to governmental authorities (e.g., sales tax) are excluded from revenue, cost of revenue and expenses. The following represents revenue disaggregated by segment, good or service and timing: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | Residential | | Hospitality | | Commercial | | Other | | Total | Revenue by Major Good/Service: | | | | | | | | | | | | | | | | Real estate revenue | | $ | 38,057 | | $ | 1,400 | | $ | 3,191 | | $ | 1,180 | | $ | 43,828 | Hospitality revenue | | | — | | | 68,746 | | | — | | | — | | | 68,746 | Leasing revenue | | | 40 | | | 1,011 | | | 15,317 | | | 140 | | | 16,508 | Total revenue | | $ | 38,097 | | $ | 71,157 | | $ | 18,508 | | $ | 1,320 | | $ | 129,082 | | | | | | | | | | | | | | | | | Timing of Revenue Recognition: | | | | | | | | | | | | | | | | Recognized at a point in time | | $ | 38,057 | | $ | 56,340 | | $ | 3,191 | | $ | 1,180 | | $ | 98,768 | Recognized over time | | | — | | | 13,806 | | | — | | | — | | | 13,806 | Over lease term | | | 40 | | | 1,011 | | | 15,317 | | | 140 | | | 16,508 | Total revenue | | $ | 38,097 | | $ | 71,157 | | $ | 18,508 | | $ | 1,320 | | $ | 129,082 |
| | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | | Residential | | Hospitality | | Commercial | | Other | | Total | Revenue by Major Good/Service: | | | | | | | | | | | | | | | | Real estate revenue | | $ | 31,705 | | $ | — | | $ | 1,765 | | $ | 1,063 | | $ | 34,533 | Hospitality revenue | | | — | | | 62,321 | | | — | | | — | | | 62,321 | Leasing revenue | | | 26 | | | 928 | | | 13,620 | | | 178 | | | 14,752 | Total revenue | | $ | 31,731 | | $ | 63,249 | | $ | 15,385 | | $ | 1,241 | | $ | 111,606 | | | | | | | | | | | | | | | | | Timing of Revenue Recognition: | | | | | | | | | | | | | | | | Recognized at a point in time | | $ | 31,705 | | $ | 49,313 | | $ | 1,765 | | $ | 1,063 | | $ | 83,846 | Recognized over time | | | — | | | 13,008 | | | — | | | — | | | 13,008 | Over lease term | | | 26 | | | 928 | | | 13,620 | | | 178 | | | 14,752 | Total revenue | | $ | 31,731 | | $ | 63,249 | | $ | 15,385 | | $ | 1,241 | | $ | 111,606 |
| | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | Residential | | Hospitality | | Commercial | | Other | | Total | Revenue by Major Good/Service: | | | | | | | | | | | | | | | | Real estate revenue | | $ | 70,962 | | $ | 1,400 | | $ | 7,583 | | $ | 2,202 | | $ | 82,147 | Hospitality revenue | | | — | | | 108,382 | | | — | | | — | | | 108,382 | Leasing revenue | | | 119 | | | 1,926 | | | 30,422 | | | 283 | | | 32,750 | Total revenue | | $ | 71,081 | | $ | 111,708 | | $ | 38,005 | | $ | 2,485 | | $ | 223,279 | | | | | | | | | | | | | | | | | Timing of Revenue Recognition: | | | | | | | | | | | | | | | | Recognized at a point in time | | $ | 70,962 | | $ | 82,451 | | $ | 7,583 | | $ | 2,202 | | $ | 163,198 | Recognized over time | | | — | | | 27,331 | | | — | | | — | | | 27,331 | Over lease term | | | 119 | | | 1,926 | | | 30,422 | | | 283 | | | 32,750 | Total revenue | | $ | 71,081 | | $ | 111,708 | | $ | 38,005 | | $ | 2,485 | | $ | 223,279 |
| | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | Residential | | Hospitality | | Commercial | | Other | | Total | Revenue by Major Good/Service: | | | | | | | | | | | | | | | | Real estate revenue | | $ | 62,463 | | $ | — | | $ | 4,391 | | $ | 1,867 | | $ | 68,721 | Hospitality revenue | | | — | | | 101,577 | | | — | | | — | | | 101,577 | Leasing revenue | | | 83 | | | 1,704 | | | 27,102 | | | 205 | | | 29,094 | Total revenue | | $ | 62,546 | | $ | 103,281 | | $ | 31,493 | | $ | 2,072 | | $ | 199,392 | | | | | | | | | | | | | | | | | Timing of Revenue Recognition: | | | | | | | | | | | | | | | | Recognized at a point in time | | $ | 62,463 | | $ | 75,703 | | $ | 4,391 | | $ | 1,867 | | $ | 144,424 | Recognized over time | | | — | | | 25,874 | | | — | | | — | | | 25,874 | Over lease term | | | 83 | | | 1,704 | | | 27,102 | | | 205 | | | 29,094 | Total revenue | | $ | 62,546 | | $ | 103,281 | | $ | 31,493 | | $ | 2,072 | | $ | 199,392 |
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