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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenues:        
Minimum rents $ 53,244 $ 44,654 $ 153,156 $ 136,053
Tenant recoveries 12,806 11,586 37,808 34,627
Total revenues 257,160 258,736 599,844 799,137
Expenses:        
Condominium rights and unit cost of sales 6,168 86,531 41,713 253,209
Master Planned Communities cost of sales 57,183 29,043 109,609 88,288
Master Planned Communities operations 13,044 8,180 33,956 24,881
Other property operating costs 42,942 21,354 91,847 60,153
Rental property real estate taxes 8,519 7,678 24,148 21,765
Rental property maintenance costs 4,456 3,380 11,604 10,016
Hospitality operating costs 14,723 13,525 45,707 41,534
Provision for doubtful accounts 2,282 448 4,417 1,728
Demolition costs 2,835 175 16,166 303
Development-related marketing costs 7,218 5,866 20,484 14,787
General and administrative 20,645 22,362 71,795 63,423
Depreciation and amortization 31,123 35,899 88,398 96,193
Total expenses 211,138 234,441 559,844 676,280
Operating income before other items 46,022 24,295 40,000 122,857
Other:        
Gains on sales of properties 0 237 0 32,452
Other (loss) income, net (3,710) (160) (3,444) 750
Total other (3,710) 77 (3,444) 33,202
Operating income 42,312 24,372 36,556 156,059
Interest income 2,080 1,764 6,759 3,171
Interest expense (21,670) (17,241) (57,182) (49,547)
Loss on redemption of senior notes due 2021 0 0 0 (46,410)
Warrant liability loss 0 0 0 (43,443)
Gain on acquisition of joint venture partner's interest 0 0 0 5,490
Equity in earnings from real estate and other affiliates 8,612 7,467 39,297 25,821
Income before taxes 31,334 16,362 25,430 51,141
Provision for income taxes 7,487 5,846 5,628 31,846
Net income 23,847 10,516 19,802 19,295
Net income attributable to noncontrolling interests (482) (12) (51) (12)
Net income attributable to common stockholders $ 23,365 $ 10,504 $ 19,751 $ 19,283
Basic income per share: (in dollars per share) $ 0.54 $ 0.25 $ 0.46 $ 0.47
Diluted income per share: (in dollars per share) $ 0.54 $ 0.24 $ 0.46 $ 0.45
Condominium rights and unit sales        
Revenues:        
Revenue $ 8,045 $ 113,852 $ 39,767 $ 342,208
Master Planned Communities land sales        
Revenues:        
Revenue 127,730 54,906 226,727 177,531
Hospitality revenues        
Revenues:        
Revenue 19,108 17,776 64,738 57,190
Builder price participation        
Revenues:        
Revenue 8,685 5,472 19,394 14,613
Other land revenues        
Revenues:        
Revenue 7,145 4,561 15,988 19,606
Other rental and property revenues        
Revenues:        
Revenue $ 20,397 $ 5,929 $ 42,266 $ 17,309