Condensed Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended			9 Months Ended
	Sep. 30, 2011		Sep. 30, 2010	Sep. 30, 2011		Sep. 30, 2010
Revenues:
Master Planned Community land sales	$ 33,246		$ 7,297	$ 74,786		$ 14,686
Builder price participation	2,145		1,148	3,263		3,343
Minimum rents	19,403		16,349	53,098		50,349
Tenant recoveries	5,399		4,637	14,538		13,891
Condominium unit sales	9,071			19,495
Resort and conference center revenues	7,200			7,200
Other land revenues	3,886		1,589	7,382		4,112
Other rental and property revenues	6,540		1,440	11,051		5,500
Total revenues	86,890		32,460	190,813		91,881
Operating Expenses:
Master Planned Community cost of sales	27,035		3,751	51,909		7,001
Master Planned Community operations	7,398		6,306	17,611		23,653
Rental property real estate taxes	1,639		4,131	8,064		11,161
Rental property maintenance costs	2,341		1,484	5,467		4,766
Condominium unit cost of sales	5,470			13,723
Resort and conference center operations	6,352			6,352
Other property operating costs	16,964		8,994	36,028		27,195
Provision for doubtful accounts	275		744	590		1,101
General and administrative	9,990		3,467	23,581		12,463
Provisions for impairment			92			578
Depreciation and amortization	7,208		4,109	13,592		12,535
Total operating expenses	84,672		33,078	176,917		100,453
Operating income (loss)	2,218		(618)	13,896		(8,572)
Interest income	2,341		59	7,097		118
Interest expense			(681)			(1,888)
Early extinguishment of debt	(11,305)			(11,305)
Warrant liability gain	169,897			100,762
Investment in real estate affiliate basis adjustment	(6,053)			(6,053)
Equity in earnings from Real Estate Affiliates	166		1,222	7,787		6,394
Income (loss) before taxes and reorganization items	157,264		(18)	112,184		(3,948)
Benefit (provision) for income taxes	7,760		350	4,344		(17,603)
Reorganization items			(16,515)			(43,129)
Net income (loss)	165,024		(16,183)	116,528		(64,680)
Net income attributable to noncontrolling interests	(729)		(47)	(777)		(121)
Net income (loss) attributable to common stockholders	164,295		(16,230)	115,751		(64,801)
Basic Income (Loss) Per Share:	$ 4.33		$ (0.43)	$ 3.05		$ (1.72)
Diluted Income (Loss) Per Share:	$ (0.14)		$ (0.43)	$ 0.38		$ (1.72)
Comprehensive Income (Loss), Net of Tax:
Net income (loss)	165,024		(16,183)	116,528		(64,680)
Other comprehensive income (loss):
Interest rate swap (a)	(2,024)	[1]		(2,772)	[1]
Pension plan adjustment			88			188
Other comprehensive income (loss)	(2,024)		88	(2,772)		188
Comprehensive income (loss)	163,000		(16,095)	113,756		(64,492)
Comprehensive income attributable to noncontrolling interests	(729)		(47)	(777)		(121)
Comprehensive income (loss) attributable to common stockholders	$ 162,271		$ (16,142)	$ 112,979		$ (64,613)

[1] Net of deferred tax expense of $1.1 million during both the three and nine months ended September 30, 2011.