CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Master Planned Communities assets	$ 2,511,662	$ 2,445,673
Buildings and equipment	3,841,872	3,649,376
Less: accumulated depreciation	(949,533)	(829,018)
Land	302,446	294,189
Developments	1,341,029	1,169,571
Net investment in real estate	7,047,476	6,729,791
Investments in unconsolidated ventures	169,566	182,799
Cash and cash equivalents	596,083	629,714
Restricted cash	402,420	379,498
Accounts receivable, net	105,185	101,373
Municipal Utility District (MUD) receivables, net	463,799	550,884
Deferred expenses, net	139,350	138,182
Operating lease right-of-use assets	5,806	5,463
Other assets, net	281,551	244,027
Assets of discontinued operations	0	615,272
Total assets	9,211,236	9,577,003
LIABILITIES
Mortgages, notes, and loans payable, net	5,127,469	5,146,992
Operating lease obligations	5,456	5,362
Deferred tax liabilities, net	142,100	84,293
Accounts payable and other liabilities	1,094,437	1,054,267
Liabilities of discontinued operations	0	227,165
Total liabilities	6,369,462	6,518,079
Commitments and Contingencies (see Note 11)
EQUITY
Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued	0	0
Common stock: $0.01 par value; 150,000,000 shares authorized, 56,610,009 issued, and 50,116,150 outstanding as of December 31, 2024, and 56,495,791 shares issued, and 50,038,014 outstanding as of December 31, 2023	566	565
Additional paid-in capital	3,576,274	3,988,496
Retained earnings (accumulated deficit)	(185,993)	(383,696)
Accumulated other comprehensive income (loss)	1,968	1,272
Treasury stock, at cost, 6,493,859 shares as of December 31, 2024, and 6,457,777 shares as of December 31, 2023	(616,589)	(613,766)
Total stockholders' equity	2,776,226	2,992,871
Noncontrolling interests	65,548	66,053
Total equity	2,841,774	3,058,924
Total liabilities and equity	$ 9,211,236	$ 9,577,003