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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUES        
Rental revenue $ 96,917 $ 95,215 $ 296,081 $ 269,590
Total revenues 639,549 219,188 1,126,483 622,225
EXPENSES        
Operating costs 85,089 90,025 236,763 219,866
Rental property real estate taxes 12,118 14,812 40,314 42,519
Provision for (recovery of) doubtful accounts 106 154 2,238 (1,944)
General and administrative 19,471 19,033 60,874 61,133
Depreciation and amortization 50,015 56,299 147,584 155,395
Other 2,902 4,063 7,985 8,253
Total expenses 484,356 207,887 900,088 617,635
OTHER        
Provision for impairment 0 0 0 (13,068)
Gain (loss) on sale or disposal of real estate and other assets, net 0 39,141 4,009 60,474
Other income (loss), net 2,004 (1,307) 2,497 (12,278)
Total other 2,004 37,834 6,506 35,128
Operating income (loss) 157,197 49,135 232,901 39,718
Interest income 995 12 1,273 84
Interest expense (24,373) (31,556) (79,963) (97,205)
Gain (loss) on extinguishment of debt 0 (1,577) (645) (37,543)
Equity in earnings (losses) from real estate and other affiliates 7,708 (7,848) 19,528 15,815
Income (loss) before income taxes 141,527 8,166 173,094 (79,131)
Income tax expense (benefit) 33,858 6,049 41,822 (16,706)
Net income (loss) 107,669 2,117 131,272 (62,425)
Net (income) loss attributable to noncontrolling interests 427 1,936 510 4,725
Net income (loss) attributable to common stockholders, basic 108,096 4,053 131,782 (57,700)
Net income (loss) attributable to common stockholders, diluted $ 108,096 $ 4,053 $ 131,782 $ (57,700)
Basic income (loss) per share (in dollars per share) $ 2.19 $ 0.07 $ 2.59 $ (1.04)
Diluted income (loss) per share (in dollars per share) $ 2.19 $ 0.07 $ 2.59 $ (1.04)
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 418,645 $ 163 $ 459,681 $ 50,191
EXPENSES        
Cost of sales 295,300 82 329,026 68,485
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 52,585 56,305 199,032 152,124
EXPENSES        
Cost of sales 19,355 23,419 75,304 63,928
Other land, rental and property revenues        
REVENUES        
Revenues from contracts with customers 52,550 56,350 119,870 120,982
Builder price participation        
REVENUES        
Revenues from contracts with customers $ 18,852 $ 11,155 $ 51,819 $ 29,338