v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUES        
Rental revenue $ 114,198 $ 111,092 $ 227,747 $ 219,505
Net earned insurance premiums 97,247 0 97,247 0
Net insurance investment income 10,988 0 10,988 0
Total revenues 1,122,327 260,880 1,358,244 460,208
EXPENSES        
Operating costs 54,723 50,518 107,756 101,307
Rental property real estate taxes 14,798 15,365 31,026 30,664
Insurance claims and claim expenses 55,210 0 55,210 0
Insurance underwriting expenses 37,381 0 37,381 0
Provision for (recovery of) doubtful accounts 123 542 64 386
General and administrative 36,136 34,552 61,894 56,988
Depreciation and amortization 56,609 44,325 105,249 89,464
Other expenses 6,173 4,273 10,065 9,070
Total expenses 895,599 195,564 1,080,967 359,324
OTHER        
Gain (loss) on sale or disposal of real estate and other assets, net 51,800 1,656 51,800 15,385
Investment gain (loss), net (38,278) 0 (38,278) 0
Other income (loss), net (660) 885 (533) (482)
Total other 12,862 2,541 12,989 14,903
Operating income (loss) 239,590 67,857 290,266 115,787
Interest income 13,803 10,331 28,466 16,449
Interest expense (45,812) (43,694) (87,602) (84,788)
Gain (loss) on extinguishment of debt (413) (307) (10,639) (307)
Gain (loss) on sale of MUD receivables (555) (48,197) (555) (48,197)
Equity in earnings (losses) from unconsolidated ventures 301 (1,887) (2,339) (567)
Income (loss) before income taxes 206,914 (15,897) 217,597 (1,623)
Income tax expense (benefit) 49,957 (3,821) 52,575 (385)
Net income (loss) 156,957 (12,076) 165,022 (1,238)
Net (income) loss attributable to noncontrolling interests 1,408 (68) 1,569 (373)
Net income (loss) attributable to common stockholders $ 158,365 $ (12,144) $ 166,591 $ (1,611)
Net income (loss) per common share        
Basic income (loss) per share (in dollars per share) $ 2.68 $ (0.22) $ 2.82 $ (0.03)
Diluted income (loss) per share (in dollars per share) $ 2.68 $ (0.22) $ 2.82 $ (0.03)
Condominium rights and unit sales        
REVENUES        
Revenues from contracts with customers $ 706,311 $ 193 $ 709,445 $ 535
EXPENSES        
Cost of sales 575,389 811 578,523 1,053
Master Planned Communities land sales        
REVENUES        
Revenues from contracts with customers 170,936 125,041 270,509 196,683
EXPENSES        
Cost of sales 59,057 45,178 93,799 70,392
Builder price participation        
REVENUES        
Revenues from contracts with customers 6,868 14,138 15,550 23,425
Other revenues        
REVENUES        
Revenues from contracts with customers $ 15,779 $ 10,416 $ 26,758 $ 20,060