CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment in real estate:
Master Planned Communities assets	$ 1,790,022	$ 1,687,519
Buildings and equipment	3,958,941	4,115,493
Less: accumulated depreciation	(703,691)	(634,064)
Land	348,057	363,447
Developments	1,472,028	1,152,674
Net property and equipment	6,865,357	6,685,069
Investment in real estate and other affiliates	281,843	377,145
Net investment in real estate	7,147,200	7,062,214
Net investment in lease receivable	2,915	2,926
Cash and cash equivalents	1,010,619	1,014,686
Restricted cash	437,950	228,311
Accounts receivable, net	81,935	66,726
Municipal Utility District receivables, net	383,696	314,394
Notes receivable, net	5,536	622
Deferred expenses, net	117,372	112,097
Operating lease right-of-use assets, net	53,593	56,255
Prepaid expenses and other assets, net	274,097	282,101
Total assets	9,514,913	9,140,332
LIABILITIES
Mortgages, notes and loans payable, net	4,423,635	4,287,369
Operating lease obligations	67,564	68,929
Deferred tax liabilities	173,969	187,639
Accounts payable and accrued expenses	1,141,761	852,258
Total liabilities	5,806,929	5,396,195
Commitments and Contingencies (see Note 9)
Redeemable noncontrolling interest	25,400	29,114
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,196,818 issued and 55,124,486 outstanding as of September 30, 2021, 56,042,814 shares issued and 54,972,256 outstanding as of December 31, 2020	563	562
Additional paid-in capital	3,957,814	3,947,278
Accumulated deficit	(130,256)	(72,556)
Accumulated other comprehensive loss	(23,275)	(38,590)
Treasury stock, at cost, 1,072,332 shares as of September 30, 2021, and 1,070,558 shares as of December 31, 2020	(122,253)	(122,091)
Total stockholders' equity	3,682,593	3,714,603
Noncontrolling interests	(9)	420
Total equity	3,682,584	3,715,023
Total liabilities and equity	$ 9,514,913	$ 9,140,332