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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
REVENUES        
Rental revenue $ 95,215 $ 70,072 $ 269,590 $ 241,522
Total revenues 219,188 154,440 622,225 485,788
EXPENSES        
Operating costs 90,025 58,272 219,866 168,763
Rental property real estate taxes 14,812 15,448 42,519 44,225
Provision for (recovery of) doubtful accounts 154 1,387 (1,944) 4,954
Demolition costs 43 0 192 0
Development-related marketing costs 4,020 1,912 8,061 6,541
General and administrative 19,033 23,441 61,133 84,755
Depreciation and amortization 56,299 52,395 155,395 160,995
Total expenses 207,887 169,841 617,635 634,129
OTHER        
Provision for impairment 0 0 (13,068) (48,738)
Gain (loss) on sale or disposal of real estate and other assets, net 39,141 108 60,474 46,232
Other income (loss), net (1,307) 1,284 (12,278) (793)
Total other 37,834 1,392 35,128 (3,299)
Operating income (loss) 49,135 (14,009) 39,718 (151,640)
Interest income 12 358 84 1,908
Interest expense (31,556) (31,872) (97,205) (98,717)
Gain (loss) on extinguishment of debt (1,577) (13,166) (37,543) (13,166)
Equity in earnings (losses) from real estate and other affiliates (7,848) 266,838 15,815 269,635
Income (loss) before taxes 8,166 208,149 (79,131) 8,020
Income tax expense (benefit) 6,049 44,147 (16,706) 3,203
Net income (loss) 2,117 164,002 (62,425) 4,817
Net (income) loss attributable to noncontrolling interests 1,936 (24,292) 4,725 (24,325)
Net income (loss) attributable to common stockholders, basic 4,053 139,710 (57,700) (19,508)
Net income (loss) attributable to common stockholders, diluted $ 4,053 $ 139,710 $ (57,700) $ (19,508)
Basic income (loss) per share (in dollars per share) $ 0.07 $ 2.52 $ (1.04) $ (0.38)
Diluted income (loss) per share (in dollars per share) $ 0.07 $ 2.51 $ (1.04) $ (0.38)
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 163 $ 142 $ 50,191 $ 185
EXPENSES        
Cost of sales 82 1,087 68,485 105,336
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 56,305 39,248 152,124 136,053
EXPENSES        
Cost of sales 23,419 15,899 63,928 58,560
Other land, rental and property revenues        
REVENUES        
Revenues from contracts with customers 56,350 35,748 120,982 82,092
Builder price participation        
REVENUES        
Revenues from contracts with customers $ 11,155 $ 9,230 $ 29,338 $ 25,936