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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES        
Rental revenue $ 111,490 $ 103,339 $ 219,241 $ 201,203
Total revenues 317,409 223,316 488,547 419,605
EXPENSES        
Operating costs 91,422 83,800 165,711 156,187
Rental property real estate taxes 15,582 15,578 30,277 30,997
Provision for (recovery of) doubtful accounts 1,563 (26) 2,397 (2,446)
General and administrative 30,235 20,217 61,137 43,770
Depreciation and amortization 52,629 53,221 104,876 105,230
Other 3,868 3,089 7,686 6,660
Total expenses 253,067 221,063 446,617 412,121
OTHER        
Gain (loss) on sale or disposal of real estate and other assets, net 0 (16) 4,794 4,714
Other income (loss), net 391 (1,607) 1,282 3,374
Total other 391 (1,623) 6,076 8,088
Operating income (loss) 64,733 630 48,006 15,572
Interest income 6,185 4,992 14,303 9,084
Interest expense (43,007) (33,947) (84,925) (72,084)
Gain (loss) on extinguishment of debt (198) 0 (198) 0
Equity in earnings (losses) from unconsolidated ventures (296) (6,186) (19,431) (10,988)
Income (loss) before income taxes 27,417 (34,511) (42,245) (58,416)
Income tax expense (benefit) 6,359 (15,370) (10,836) (16,648)
Net income (loss) 21,058 (19,141) (31,409) (41,768)
Net (income) loss attributable to noncontrolling interests 34 (2) 24 (120)
Net income (loss) attributable to common stockholders, basic 21,092 (19,143) (31,385) (41,888)
Net income (loss) attributable to common stockholders, diluted $ 21,092 $ (19,143) $ (31,385) $ (41,888)
Basic income (loss) per share (in dollars per share) $ 0.42 $ (0.39) $ (0.63) $ (0.85)
Diluted income (loss) per share (in dollars per share) $ 0.42 $ (0.39) $ (0.63) $ (0.85)
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 0 $ 14,866 $ 23 $ 20,953
EXPENSES        
Cost of sales 0 29,317 3,861 33,853
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 154,790 42,306 187,205 101,667
EXPENSES        
Cost of sales 57,768 15,867 70,672 37,870
Other land, rental, and property revenues        
REVENUES        
Revenues from contracts with customers 38,224 46,898 56,607 65,866
Builder price participation        
REVENUES        
Revenues from contracts with customers $ 12,905 $ 15,907 $ 25,471 $ 29,916