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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES        
Rental revenue $ 103,339 $ 104,055 $ 201,203 $ 199,164
Total revenues 223,316 276,708 419,605 486,934
EXPENSES        
Operating costs 83,800 86,119 156,187 151,674
Rental property real estate taxes 15,578 13,014 30,997 28,196
Provision for (recovery of) doubtful accounts (26) 1,288 (2,446) 2,132
General and administrative 20,217 15,512 43,770 41,403
Depreciation and amortization 53,221 48,976 105,230 97,569
Other 3,089 2,674 6,660 5,083
Total expenses 221,063 218,392 412,121 415,732
OTHER        
Gain (loss) on sale or disposal of real estate and other assets, net (16) 4,018 4,714 4,009
Other income (loss), net (1,607) 714 3,374 493
Total other (1,623) 4,732 8,088 4,502
Operating income (loss) 630 63,048 15,572 75,704
Interest income 4,992 254 9,084 278
Interest expense (33,947) (28,152) (72,084) (55,590)
Gain (loss) on extinguishment of debt 0 (363) 0 (645)
Equity in earnings (losses) from unconsolidated ventures (6,186) (6,092) (10,988) 11,820
Income (loss) before income taxes (34,511) 28,695 (58,416) 31,567
Income tax expense (benefit) (15,370) 7,263 (16,648) 7,964
Net income (loss) (19,141) 21,432 (41,768) 23,603
Net (income) loss attributable to noncontrolling interests (2) 132 (120) 83
Net income (loss) attributable to common stockholders, basic (19,143) 21,564 (41,888) 23,686
Net income (loss) attributable to common stockholders, diluted $ (19,143) $ 21,564 $ (41,888) $ 23,686
Basic income (loss) per share (in dollars per share) $ (0.39) $ 0.42 $ (0.85) $ 0.46
Diluted income (loss) per share (in dollars per share) $ (0.39) $ 0.42 $ (0.85) $ 0.46
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 14,866 $ 21,420 $ 20,953 $ 41,036
EXPENSES        
Cost of sales 29,317 19,546 33,853 33,726
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 42,306 84,979 101,667 146,447
EXPENSES        
Cost of sales 15,867 31,263 37,870 55,949
Other land, rental, and property revenues        
REVENUES        
Revenues from contracts with customers 46,898 47,783 65,866 67,320
Builder price participation        
REVENUES        
Revenues from contracts with customers $ 15,907 $ 18,471 $ 29,916 $ 32,967