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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Leasing revenue $ 13,084 $ 10,049 $ 37,252 $ 28,215
Total revenue 101,390 57,576 302,547 190,697
Expenses:        
Corporate and other operating expenses 6,170 5,322 17,426 16,493
Depreciation, depletion and amortization 10,712 5,771 27,502 16,263
Total expenses 81,097 45,399 229,120 139,491
Operating income 20,293 12,177 73,427 51,206
Other income (expense):        
Investment income, net 3,649 2,735 9,753 7,531
Interest expense (8,411) (4,727) (21,827) (12,951)
Gain on contributions to unconsolidated joint ventures 76 1,430 633 2,001
Equity in income from unconsolidated joint ventures 8,708 2,481 18,409 3,415
Other income, net 1,150 2,128 3,332 6,045
Total other income, net 5,172 4,047 10,300 6,041
Income before income taxes 25,465 16,224 83,727 57,247
Income tax expense (6,764) (4,163) (21,709) (14,643)
Net income 18,701 12,061 62,018 42,604
Net loss attributable to non-controlling interest 708 286 2,509 194
Net income attributable to the Company $ 19,409 $ 12,347 $ 64,527 $ 42,798
NET INCOME PER SHARE ATTRIBUTABLE TO THE COMPANY        
Basic (in dollars per share) $ 0.33 $ 0.21 $ 1.11 $ 0.73
Diluted (in dollars per share) $ 0.33 $ 0.21 $ 1.11 $ 0.73
WEIGHTED AVERAGE SHARES OUTSTANDING        
Basic (in shares) 58,314,117 58,814,972 58,312,461 58,859,723
Diluted (in shares) 58,334,828 58,814,972 58,320,499 58,861,440
Real Estate        
Revenue:        
Revenue $ 39,947 $ 17,330 $ 144,296 $ 82,132
Expenses:        
Cost of revenue 21,059 7,229 72,504 35,324
Hospitality        
Revenue:        
Revenue 47,369 29,035 116,967 74,912
Expenses:        
Cost of revenue 36,159 21,959 92,407 58,238
Leasing        
Expenses:        
Cost of revenue 6,795 4,946 18,709 12,596
Timber        
Revenue:        
Revenue 990 1,162 4,032 5,438
Expenses:        
Cost of revenue $ 202 $ 172 $ 572 $ 577