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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ 100,182 $ (6,157) $ 15,765
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
(Recovery of) provision for loan losses (12,514) 36,567 (1,714)
Impairment of assets 14,484 10,524 34,634
Depreciation and amortization 54,329 65,247 73,571
Payments for withholding taxes upon vesting of stock-based compensation (1,451) (1,718) (21,250)
Non-cash expense for stock-based compensation 10,889 12,013 13,314
Amortization of discounts/premiums and deferred financing costs on debt obligations, net 16,810 17,352 16,891
Amortization of discounts/premiums on loans, net (14,873) (11,606) (12,367)
Deferred interest on loans, net 22,396 (34,458) (22,196)
Gain from sales of loans 0 0 (19,067)
Earnings from equity method investments (77,349) (32,153) (94,905)
Distributions from operations of other investments 48,732 29,999 80,116
Deferred operating lease income (9,921) (7,950) (8,492)
Income from sales of real estate and development revenue in excess of cost of sales (105,296) (93,816) (89,943)
Loss on early extinguishment of debt, net 1,619 281 25,369
Debt discount on repayments and repurchases of debt obligations (5,381) (578) (14,888)
Other operating activities, net 6,897 5,889 6,751
Changes in assets and liabilities:      
Changes in accrued interest and operating lease income receivable, net 3,634 (2,068) (1,426)
Changes in deferred expenses and other assets, net (6,397) 2,631 4,601
Changes in accounts payable, accrued expenses and other liabilities, net (453) (17,112) 7,245
Cash flows provided by (used in) operating activities 20,004 (59,947) (10,342)
Cash flows from investing activities:      
Originations and fundings of loans receivable, net (410,975) (478,822) (622,428)
Capital expenditures on real estate assets (69,810) (81,525) (68,464)
Capital expenditures on land and development assets (103,806) (88,219) (74,323)
Acquisitions of real estate assets (38,433) 0 (4,666)
Repayments of and principal collections on loans receivable and other lending investments, net 504,844 273,454 512,528
Net proceeds from sales of loans receivable 0 6,655 65,438
Net proceeds from sales of real estate 435,560 362,530 404,336
Net proceeds from sale of other investments 94,424 81,601 15,191
Net proceeds from sale of other investments 43,936 0 0
Distributions from other investments 92,482 119,854 61,031
Contributions to other investments (58,197) (11,531) (159,424)
Changes in restricted cash held in connection with investing activities 1,515 (7,550) 29,283
Other investing activities, net (24,997) 7,581 1,291
Cash flows provided by investing activities 466,543 184,028 159,793
Cash flows from financing activities:      
Borrowings from debt obligations 716,001 549,000 1,349,822
Repayments and repurchases of debt obligations (1,437,557) (432,383) (1,471,174)
Proceeds from loan participations payable 22,844 138,075 0
Preferred dividends paid (51,320) (51,320) (51,320)
Repurchase of stock (99,335) (69,511) 0
Redemption of HPUs 0 (9,811) 0
Payments for deferred financing costs (9,980) (2,255) (19,595)
Other financing activities, net (9,564) (7,314) 1,309
Cash flows provided by (used in) financing activities (868,911) 114,481 (190,958)
Effect of exchange rate changes on cash 7 478 0
Changes in cash and cash equivalents (382,357) 239,040 (41,507)
Cash and cash equivalents at beginning of period 711,101 472,061 513,568
Cash and cash equivalents at end of period 328,744 711,101 472,061
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest, net of amount capitalized 199,667 207,972 194,605
Supplemental disclosure of non-cash investing and financing activity:      
Fundings and repayments of loan receivables and loan participations, net (15,594) 14,075 0
Developer fee payable 9,478 7,435 6,791
Acquisitions of real estate and land and development assets through deed-in-lieu 40,583 13,424 77,867
Acquisitions of equity method investment assets through deed-in-lieu 0 0 23,500
Contributions of real estate and land and development assets to equity method investments, net 8,828 21,096 63,254
Accounts payable for capital expenditures on land and development assets 3,674 7,143 7,580
Accounts payable for capital expenditures on real estate assets 0 8,107 0
Conversion of senior unsecured convertible notes into common stock 9,596 0 0
Redemption of HPUs in exchange for common stock 0 15,240 0
Receivable from sales of real estate and land parcels 7,509 22,695 0
Land      
Adjustments to reconcile net income (loss) to cash flows from operating activities:      
Income from sales of real estate and development revenue in excess of cost of sales $ (26,333) $ (32,834) $ (2,351)