v3.26.1
Segments - Segment Operating Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segments reporting        
Revenues $ 1,122,327 $ 260,880 $ 1,358,244 $ 460,208
Operating costs (54,723) (50,518) (107,756) (101,307)
Rental property real estate taxes (14,798) (15,365) (31,026) (30,664)
(Provision for) recovery of doubtful accounts (123) (542) (64) (386)
Depreciation and amortization (56,609) (44,325) (105,249) (89,464)
Other income (loss), net (660) 885 (533) (482)
Equity in earnings (losses) from unconsolidated ventures 301 (1,887) (2,339) (567)
Gain (loss) on sale or disposal of real estate and other assets, net 51,800 1,656 51,800 15,385
Gain (loss) on extinguishment of debt (413) (307) (10,639) (307)
Income (loss) before income taxes 206,914 (15,897) 217,597 (1,623)
Condominium rights and unit sales        
Segments reporting        
Cost of sales (575,389) (811) (578,523) (1,053)
Master Planned Communities land sales        
Segments reporting        
Cost of sales (59,057) (45,178) (93,799) (70,392)
Operating Assets Segment | Operating Segments        
Segments reporting        
Revenues 119,960 116,446 239,162 230,448
Operating costs (36,104) (34,175) (71,381) (68,397)
Rental property real estate taxes (14,293) (14,750) (30,000) (29,501)
(Provision for) recovery of doubtful accounts (123) (542) (64) (386)
Segment operating income (loss) 69,440 66,979 137,717 132,164
Depreciation and amortization (52,028) (42,305) (97,606) (85,428)
Interest income (expense), net (37,873) (34,173) (71,380) (68,391)
Other income (loss), net (527) 634 (508) 438
Equity in earnings (losses) from unconsolidated ventures 794 (325) 6,671 4,318
Gain (loss) on sale or disposal of real estate and other assets, net 51,800 (1) 51,800 9,978
Gain (loss) on extinguishment of debt (413) (307) (413) (307)
Income (loss) before income taxes 31,193 (9,498) 26,281 (7,228)
Operating Assets Segment | Operating Segments | Condominium rights and unit sales        
Segments reporting        
Cost of sales 0 0 0 0
Operating Assets Segment | Operating Segments | Master Planned Communities land sales        
Segments reporting        
Cost of sales 0 0 0 0
MPC Segment | Operating Segments        
Segments reporting        
Revenues 181,740 143,701 294,021 228,155
Operating costs (11,333) (12,516) (24,468) (25,507)
Rental property real estate taxes 0 0 0 0
(Provision for) recovery of doubtful accounts 0 0 0 0
Segment operating income (loss) 111,350 86,007 175,754 132,256
Depreciation and amortization (110) (88) (175) (199)
Interest income (expense), net 24,012 18,107 45,724 34,893
Other income (loss), net 0 35 1,860 35
Equity in earnings (losses) from unconsolidated ventures (569) (1,649) (4,104) (5,059)
Gain (loss) on sale or disposal of real estate and other assets, net 0 0 0 3,750
Gain (loss) on extinguishment of debt 0 0 0 0
Income (loss) before income taxes 134,683 102,412 219,059 165,676
MPC Segment | Operating Segments | Condominium rights and unit sales        
Segments reporting        
Cost of sales 0 0 0 0
MPC Segment | Operating Segments | Master Planned Communities land sales        
Segments reporting        
Cost of sales (59,057) (45,178) (93,799) (70,392)
Strategic Developments Segment | Operating Segments        
Segments reporting        
Revenues 707,432 714 711,839 1,568
Operating costs (7,092) (3,760) (11,526) (7,336)
Rental property real estate taxes (505) (615) (1,026) (1,163)
(Provision for) recovery of doubtful accounts 0 0 0 0
Segment operating income (loss) 124,446 (4,472) 120,764 (7,984)
Depreciation and amortization (2,068) (1,076) (4,125) (2,234)
Interest income (expense), net 4,097 4,633 9,071 9,279
Other income (loss), net 0 132 (889) (1,130)
Equity in earnings (losses) from unconsolidated ventures 76 87 (4,906) 174
Gain (loss) on sale or disposal of real estate and other assets, net 0 1,657 0 1,657
Gain (loss) on extinguishment of debt 0 0 0 0
Income (loss) before income taxes 126,551 961 119,915 (238)
Strategic Developments Segment | Operating Segments | Condominium rights and unit sales        
Segments reporting        
Cost of sales (575,389) (811) (578,523) (1,053)
Strategic Developments Segment | Operating Segments | Master Planned Communities land sales        
Segments reporting        
Cost of sales $ 0 $ 0 $ 0 $ 0