v3.26.3
Presentation of Financial Statements and Significant Accounting Policies - Consolidated Real Estate VIEs (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Business Combination [Line Items]      
Master Planned Communities assets $ 2,948,512 $ 2,635,077  
Buildings and equipment 4,071,990 4,028,862  
Less: accumulated depreciation (1,147,577) (1,082,124)  
Developments 1,158,230 1,477,615  
Net investment in real estate 7,354,909 7,367,055  
Investments in unconsolidated ventures 121,022 170,122  
Cash and cash equivalents 2,868,758 1,468,507 $ 1,456,934
Restricted cash 873,032 628,651  
Accounts receivable, net 883,267 134,122  
Municipal district receivables, net 444,017 459,729  
Deferred expenses, net 217,467 160,966  
Intangibles, net 512,475 34,658  
Other assets, net 829,514 213,315  
Total assets 16,319,046 10,639,461  
Mortgages, notes, and loans payable, net 5,703,949 5,109,828  
Other liabilities, net 1,694,218 1,522,915  
Total liabilities 11,245,041 6,797,215  
Variable Interest Entity, Primary Beneficiary | Ilima Acquisition      
Business Combination [Line Items]      
Master Planned Communities assets 825,299 543,912  
Buildings and equipment 8,151 7,161  
Less: accumulated depreciation (3,167) (1,354)  
Developments 24,965 14,684  
Net investment in real estate 855,248 564,403  
Investments in unconsolidated ventures 934 0  
Cash and cash equivalents 50,236 22,191  
Restricted cash 166,238 136,418  
Accounts receivable, net 683 65  
Municipal district receivables, net 77,395 0  
Deferred expenses, net 17,893 13,571  
Intangibles, net 3,016 1,953  
Other assets, net 27,604 565  
Total assets 1,199,247 739,166  
Mortgages, notes, and loans payable, net 270,461 0  
Other liabilities, net 204,007 153,969  
Total liabilities $ 474,468 $ 153,969