| Schedule of investment in real estate, net, excluding unconsolidated JVs, by property type and segment |
| | | | | | | | | June 30, | | December 31, | | | 2026 | | 2025 | Development property: | | | | | | | Residential | | $ | 147,673 | | $ | 147,662 | Hospitality | | | 13,419 | | | 14,141 | Commercial | | | 89,354 | | | 89,659 | Other | | | 7,601 | | | 5,683 | Total development property | | | 258,047 | | | 257,145 | | | | | | | | Operating property: | | | | | | | Residential | | | 6,644 | | | 6,692 | Hospitality | | | 444,457 | | | 445,295 | Commercial | | | 457,062 | | | 459,601 | Other | | | 3,549 | | | 3,142 | Total operating property | | | 911,712 | | | 914,730 | Less: Accumulated depreciation | | | 178,984 | | | 167,017 | Total operating property, net | | | 732,728 | | | 747,713 | Investment in real estate, net | | $ | 990,775 | | $ | 1,004,858 |
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