v3.26.3
Segments - Segment Operating Results (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segments reporting        
Revenues $ 636,296 $ 390,235 $ 1,994,540 $ 850,443
Operating costs (56,000) (45,940) (163,756) (147,247)
Rental property real estate taxes (13,649) (15,630) (44,675) (46,294)
(Provision for) recovery of doubtful accounts (206) 345 (270) (41)
Depreciation and amortization (51,550) (46,381) (156,799) (135,845)
Other income (loss), net (1,375) 2,445 (1,908) 1,963
Equity in earnings (losses) from unconsolidated ventures (7,529) (2,529) (9,868) (3,096)
Gain (loss) on sale or disposal of real estate and other assets, net 6,582 14,449 58,382 29,834
Gain (loss) on extinguishment of debt (429) (173) (11,068) (480)
Income (loss) before income taxes 1,132 158,300 218,729 156,677
Condominium rights and unit sales        
Segments reporting        
Cost of sales (5,414) (59) (583,937) (1,112)
Master Planned Communities land sales        
Segments reporting        
Cost of sales (46,242) (78,280) (140,041) (148,672)
Operating Assets Segment | Operating Segments        
Segments reporting        
Revenues 121,611 117,182 360,773 347,630
Operating costs (35,479) (37,052) (106,860) (105,449)
Rental property real estate taxes (12,839) (15,006) (42,839) (44,507)
(Provision for) recovery of doubtful accounts (206) 345 (270) (41)
Segment operating income (loss) 73,087 65,469 210,804 197,633
Depreciation and amortization (43,503) (43,411) (141,109) (128,839)
Interest income (expense), net (39,284) (34,006) (110,664) (102,397)
Other income (loss), net 72 363 (436) 801
Equity in earnings (losses) from unconsolidated ventures 531 135 7,202 4,453
Gain (loss) on sale or disposal of real estate and other assets, net 429 4,385 52,229 14,363
Gain (loss) on extinguishment of debt (429) (173) (842) (480)
Income (loss) before income taxes (9,097) (7,238) 17,184 (14,466)
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 149,825 271,575 443,846 499,730
Operating costs (16,197) (4,892) (40,665) (30,399)
Rental property real estate taxes 0 0 0 0
(Provision for) recovery of doubtful accounts 0 0 0 0
Segment operating income (loss) 87,386 188,403 263,140 320,659
Depreciation and amortization (266) (110) (441) (309)
Interest income (expense), net 24,366 19,414 70,090 54,307
Other income (loss), net 0 19 1,860 54
Equity in earnings (losses) from unconsolidated ventures (22,010) (2,721) (26,114) (7,780)
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 89,476 205,005 308,535 370,681
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 (46,242) (78,280) (140,041) (148,672)
Strategic Developments Segment | Operating Segments        
Segments reporting        
Revenues 7,244 1,460 719,083 3,028
Operating costs (3,890) (3,944) (15,416) (11,280)
Rental property real estate taxes (810) (624) (1,836) (1,787)
(Provision for) recovery of doubtful accounts 0 0 0 0
Segment operating income (loss) (2,870) (3,167) 117,894 (11,151)
Depreciation and amortization (2,380) (1,988) (6,505) (4,222)
Interest income (expense), net 4,558 4,311 13,629 13,590
Other income (loss), net (1,591) 2,066 (2,480) 936
Equity in earnings (losses) from unconsolidated ventures 13,950 57 9,044 231
Gain (loss) on sale or disposal of real estate and other assets, net 6,153 10,064 6,153 11,721
Gain (loss) on extinguishment of debt 0 0 0 0
Income (loss) before income taxes 17,820 11,343 137,735 11,105
Strategic Developments Segment | Operating Segments | Condominium rights and unit sales        
Segments reporting        
Cost of sales (5,414) (59) (583,937) (1,112)
Strategic Developments Segment | Operating Segments | Master Planned Communities land sales        
Segments reporting        
Cost of sales $ 0 $ 0 $ 0 $ 0