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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 8,498 $ 11,789
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 43,873 39,980
Amortization 4,785 5,190
Amortization of deferred financing costs 3,213 3,131
Amortization of intangibles other than in-place leases 30 30
Straight-line rent amortization (3,235) (2,315)
Deferred income taxes 2,027 2,582
Restricted stock and stock option amortization 3,731 3,825
Net gain on sale of properties 0 (13,729)
(Gain) loss on extinguishment of debt 10,226 0
Equity in (earnings) losses from unconsolidated ventures, net of distributions 8,508 4,398
Provision for (recovery of) doubtful accounts 1,297 615
Master Planned Communities development expenditures (154,344) (82,760)
Master Planned Communities cost of sales, net of SID bonds transfers to buyers 33,307 22,870
Condominium development expenditures (136,221) (151,868)
Condominium rights and units cost of sales, net of closing commissions 3,020 242
Net Changes:    
Accounts receivable, net (833) (23,770)
Other assets, net 8,507 4,501
Condominium deposits, net 30,495 11,885
Deferred expenses, net (8,595) (4,035)
Accounts payable and other liabilities (84,506) (56,930)
Cash provided by (used in) operating activities (226,217) (224,369)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (2,896) (283)
Operating property improvements (14,831) (13,510)
Property development and redevelopment (20,283) (53,130)
Acquisition of assets 0 (250)
Proceeds from sales of properties, net 6 3,710
Reimbursements under tax increment financings and grants 672 0
Distributions from unconsolidated ventures 14,943 1,112
Investments in unconsolidated ventures, net (20,832) 0
Other 11 (1,240)
Cash provided by (used in) investing activities (43,210) (63,591)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 1,450,585 132,647
Principal payments on mortgages, notes, and loans payable (755,100) (11,863)
Debt extinguishment costs (6,720) 0
Special Improvement District bond funds released from (held in) escrow 0 9,726
Deferred financing costs and bond issuance costs (18,439) 14
Distributions to HHH (18,191) (2,782)
Contributions from Teravalis noncontrolling interest owner 140 66
Cash provided by (used in) financing activities 652,275 127,808
Net change in cash, cash equivalents, and restricted cash 382,848 (160,152)
Cash, cash equivalents, and restricted cash at beginning of period 1,199,225 998,116
Cash, cash equivalents, and restricted cash at end of period 1,582,073 837,964
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 928,619 493,569
Restricted cash 653,454 344,395
Cash, cash equivalents, and restricted cash at end of period 1,582,073 837,964
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 95,665 94,092
Interest capitalized 36,651 34,827
Income taxes paid (refunded), net 200 (57)
NON-CASH TRANSACTIONS    
Consideration from sale of properties 0 12,225
Special Improvement District bonds transfers to buyers 1,435 2,344
Capitalized stock compensation 910 844
Accrued property improvements, developments, and redevelopments $ (1,487) $ (3,829)