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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
REVENUES      
Rental revenue $ 399,103 $ 369,330 $ 323,182
Total revenues 1,608,488 1,427,901 699,489
EXPENSES      
Operating costs 317,389 293,999 226,791
Rental property real estate taxes 54,033 55,398 52,815
Provision for (recovery of) doubtful accounts 1,959 (459) 6,009
General and administrative 81,772 81,990 109,402
Depreciation and amortization 200,361 205,100 217,467
Other 11,977 10,668 8,166
Total expenses 1,270,940 1,214,525 830,384
OTHER      
Provision for impairment 0 (13,068) (48,738)
Gain (loss) on sale or disposal of real estate and other assets, net 29,678 53,079 59,942
Other income (loss), net 1,909 (11,515) 130
Total other 31,587 28,496 11,334
Operating income (loss) 369,135 241,872 (119,561)
Interest income 3,818 107 2,368
Interest expense (110,891) (130,036) (132,257)
Gain (loss) on extinguishment of debt (2,377) (38,014) (13,169)
Equity in earnings (losses) from unconsolidated ventures (14,549) (9,852) 271,099
Income (loss) before income taxes 245,136 64,077 8,480
Income tax expense (benefit) 60,500 15,153 11,653
Net income (loss) 184,636 48,924 (3,173)
Net (income) loss attributable to noncontrolling interests (103) 7,176 (22,981)
Net income (loss) attributable to common stockholders, basic 184,533 56,100 (26,154)
Net income (loss) attributable to common stockholders, diluted $ 184,533 $ 56,100 $ (26,154)
Basic income (loss) per share (in dollars per share) $ 3.65 $ 1.03 $ (0.50)
Diluted income (loss) per share (in dollars per share) $ 3.65 $ 1.03 $ (0.50)
Condominium rights and unit sales      
REVENUES      
Revenue $ 677,078 $ 514,597 $ 1,143
EXPENSES      
Cost of sales 483,983 414,199 108,229
Master Planned Communities land sales      
REVENUES      
Revenue 316,065 346,217 233,044
EXPENSES      
Cost of sales 119,466 153,630 101,505
Other land, rental and property revenues      
REVENUES      
Revenue 144,481 152,619 105,048
Builder price participation      
REVENUES      
Revenue $ 71,761 $ 45,138 $ 37,072