​

June 30, 

December 31, 

​

​

2025

​

2024

Development property:

​

​

Residential

​

$

163,508

​

$

149,499

Hospitality

​

13,587

​

13,342

Commercial

​

84,913

​

78,453

Other

​

4,681

​

4,234

Total development property

​

266,689

​

245,528

​

​

​

​

​

​

​

Operating property:

​

​

Residential

​

10,254

​

10,254

Hospitality

​

445,316

​

443,291

Commercial

​

482,698

​

483,643

Total operating property

​

938,268

​

937,188

Less: Accumulated depreciation

​

156,105

​

142,288

Total operating property, net

​

782,163

​

794,900

Investment in real estate, net

​

$

1,048,852

​

$

1,040,428