CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Investment in real estate:
Master Planned Communities assets	$ 1,640,298	$ 1,642,278
Buildings and equipment	2,390,097	2,238,617
Less: accumulated depreciation	(341,599)	(321,882)
Land	273,444	277,932
Developments	1,739,787	1,196,582
Net property and equipment	5,702,027	5,033,527
Investment in real estate and other affiliates	99,444	76,593
Net investment in real estate	5,801,471	5,110,120
Cash and cash equivalents	606,715	861,059
Restricted cash	129,654	103,241
Accounts receivable, net	13,471	13,041
Municipal Utility District receivables, net	222,857	184,811
Notes receivable, net	4,085	5,864
Deferred expenses, net	93,319	80,901
Prepaid expenses and other assets, net	262,125	370,027
Total assets	7,133,697	6,729,064
Liabilities:
Mortgages, notes and loans payable, net	3,137,773	2,857,945
Deferred tax liabilities	141,799	160,850
Accounts payable and accrued expenses	703,514	521,718
Total liabilities	3,983,086	3,540,513
Commitments and contingencies (see Note 10)
Equity:
Preferred stock: $.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $.01 par value; 150,000,000 shares authorized, 43,545,778 shares issued and 43,040,485 outstanding as of June 30, 2018 and 43,300,253 shares issued and 43,270,880 outstanding as of December 31, 2017	436	433
Additional paid-in capital	3,314,197	3,302,502
Accumulated deficit	(180,967)	(109,508)
Accumulated other comprehensive income (loss)	2,515	(6,965)
Treasury stock, at cost, 505,293 and 29,373 shares as of June 30, 2018 and December 31, 2017, respectively	(60,743)	(3,476)
Total Stockholders' equity	3,075,438	3,182,986
Noncontrolling interests	75,173	5,565
Total equity	3,150,611	3,188,551
Total liabilities and equity	$ 7,133,697	$ 6,729,064