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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
REVENUES        
Rental revenue $ 88,476 $ 78,706 $ 174,375 $ 171,450
Total revenues 212,457 156,173 403,037 331,348
EXPENSES        
Operating costs 71,243 45,885 129,841 110,491
Rental property real estate taxes 13,716 15,199 27,707 28,777
Provision for (recovery of) doubtful accounts (1,520) 1,866 (2,098) 3,567
Demolition costs 149 0 149 0
Development-related marketing costs 2,397 1,813 4,041 4,629
General and administrative 20,334 22,233 42,100 61,314
Depreciation and amortization 49,788 46,963 99,096 108,600
Total expenses 194,400 166,182 409,748 464,288
OTHER        
Provision for impairment (13,068) 0 (13,068) (48,738)
Gain (loss) on sale or disposal of real estate and other assets, net 21,333 8,000 21,333 46,124
Other income (loss), net (663) 1,607 (10,971) (2,077)
Total other 7,602 9,607 (2,706) (4,691)
Operating income (loss) 25,659 (402) (9,417) (137,631)
Interest income 31 404 72 1,550
Interest expense (31,439) (32,397) (65,649) (66,845)
Gain (loss) on extinguishment of debt (51) 0 (35,966) 0
Equity in earnings (losses) from real estate and other affiliates 7,867 (8,552) 23,663 2,797
Income (loss) before taxes 2,067 (40,947) (87,297) (200,129)
Income tax expense (benefit) (1,550) (6,844) (22,755) (40,944)
Net income (loss) 3,617 (34,103) (64,542) (159,185)
Net (income) loss attributable to noncontrolling interests 1,224 19 2,789 (33)
Net income (loss) attributable to common stockholders, diluted 4,841 (34,084) (61,753) (159,218)
Net income (loss) attributable to common stockholders, basic $ 4,841 $ (34,084) $ (61,753) $ (159,218)
Basic income (loss) per share (in dollars per share) $ 0.09 $ (0.61) $ (1.11) $ (3.22)
Diluted income (loss) per share (in dollars per share) $ 0.09 $ (0.61) $ (1.11) $ (3.22)
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 12,861 $ 0 $ 50,028 $ 43
EXPENSES        
Cost of sales 13,435 6,348 68,403 104,249
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 58,342 57,073 95,819 96,805
EXPENSES        
Cost of sales 24,858 25,875 40,509 42,661
Other land, rental and property revenues        
REVENUES        
Revenues from contracts with customers 41,389 11,447 64,632 46,344
Builder price participation        
REVENUES        
Revenues from contracts with customers $ 11,389 $ 8,947 $ 18,183 $ 16,706