CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Master Planned Communities assets	$ 2,653,161	$ 2,635,077
Buildings and equipment	4,100,037	4,028,862
Less: accumulated depreciation	(1,124,704)	(1,082,124)
Land	307,625	307,625
Developments	1,569,667	1,477,615
Net investment in real estate	7,505,786	7,367,055
Investments in unconsolidated ventures	167,815	170,122
Cash and cash equivalents	1,835,829	1,468,507
Restricted cash	653,454	628,651
Accounts receivable, net	131,559	134,122
Municipal Utility District (MUD) receivables, net	532,689	459,729
Deferred expenses, net	166,082	160,966
Operating lease right-of-use assets	5,074	5,231
Other assets, net	249,827	245,078
Total assets	11,248,115	10,639,461
LIABILITIES
Mortgages, notes, and loans payable, net	5,791,296	5,109,828
Operating lease obligations	4,773	4,868
Deferred tax liabilities, net	166,143	164,472
Accounts payable and other liabilities	1,435,994	1,518,047
Total liabilities	7,398,206	6,797,215
Commitments and Contingencies (see Note 10)
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, 66,226,325 issued, and 59,630,969 outstanding as of March 31, 2026, and 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025	662	659
Additional paid-in capital	4,462,910	4,458,838
Retained earnings (accumulated deficit)	(53,870)	(62,096)
Accumulated other comprehensive income (loss)	(2,381)	(1,827)
Treasury stock, at cost, 6,595,356 shares as of March 31, 2026, and 6,540,287 shares as of December 31, 2025	(624,521)	(620,118)
Total stockholders' equity	3,782,800	3,775,456
Noncontrolling interests	67,109	66,790
Total equity	3,849,909	3,842,246
Total liabilities and equity	$ 11,248,115	$ 10,639,461