ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2012

ACQUISITIONS AND DISPOSITIONS

Summary of amounts recorded for the assets acquired and liabilities assumed at the acquisition date

	(In thousands)
Master Planned Community Assets	$	267,251
Land		44,597
Buildings and equipment		116,061
Investments in Real Estate Affiliates		36,764
Cash		25,492
Accounts receivable		7,548
Notes receivable		3,189
Municipal Utility District receivables		61,700
Other assets		24,956
Total assets		587,558
Mortgages, notes and loans payable		(296,695	)
Accounts payable and accrued expenses		(41,900	)
Noncontrolling interests		(3,700	)
Total liabilities and noncontrolling interests		(342,295	)
Total identifiable net assets	$	245,263

Schedule of pro forma information

	Year Ended December 31,
	2011		2010
	(In thousands)
Total revenues	$	357,472	$	294,310
Net income (loss)		157,520		(52,081	)