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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:      
Net income $ 57,726 $ 166,623 $ 202,326
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 113,518 116,401 81,878
Amortization 13,047 15,851 13,986
Amortization of deferred financing costs 9,347 5,587 6,977
Amortization of intangibles other than in-place leases 1,681 (1,327) (1,857)
Straight-line rent amortization (12,584) (5,401) (7,401)
Deferred income taxes 16,195 (43,463) 113,698
Restricted stock and stock option amortization 12,128 7,385 6,707
Net gain on sales and acquisitions of properties 0 (78,568) (166,520)
Loss on redemption of senior notes due 2021 0 46,410 0
Warrant liability loss (gain) 0 43,443 24,410
Equity in earnings from Real Estate and Other Affiliates, net of distributions (24,809) (9,325) (19,329)
Provision for doubtful accounts 6,078 2,710 5,664
Master Planned Community land acquisitions (3,565) (4,391) (94)
Master Planned Community development expenditures (195,504) (193,087) (149,592)
Master Planned Community cost of sales 113,282 107,218 88,065
Condominium development expenditures (289,084) (352,813) (330,720)
Condominium rights and unit cost of sales 262,562 338,361 319,325
Provision for impairment 0 0 35,734
Percentage of completion revenue recognition from sale of condominium rights 0 (464,251) (485,634)
Net changes:      
Accounts and notes receivable 26,209 24,034 29,295
Prepaid expenses and other assets (6,942) (4,123) (1,579)
Condominium deposits received 108,061 315,901 465,701
Deferred expenses (17,697) (15,156) (8,911)
Accounts payable and accrued expenses 20,676 8,181 (46,322)
Condominium Receivables 0 140,122 67,574
Other, net 195 (755) (4,278)
Cash provided by operating activities 210,520 165,567 239,103
Cash Flows from Investing Activities:      
Property and equipment expenditures (4,485) (6,968) (9,662)
Operating Property Improvements (47,750) (14,389) (20,247)
Property Development and Redevelopment (572,966) (369,086) (402,669)
Reimbursement of development cost 0 12,777 4,582
Acquisition of assets (234,541) (23,299) (25,480)
Proceeds from sales of properties 0 88,384 410,917
Proceeds from insurance claims 0 0 3,107
Reimbursements under Tax Increment Financings 22,651 0 0
Notes issued to Real Estate and Other Affiliates and third party (3,795) (5,252) (25,000)
Proceeds from repayment of note to Real Estate and Other Affiliates 0 0 25,000
Distributions from Real Estate and Other Affiliates 1,732 0 16,550
Investments in Real Estate and Other Affiliates, net (2,617) (1,138) (11,056)
Maturity of long term investment 0 3,367 0
Cash used in investing activities (841,771) (315,604) (33,958)
Cash Flows from Financing Activities:      
Proceeds from mortgages, notes and loans payable 1,172,622 1,501,290 535,505
Principal payments on mortgages, notes and loans payable (838,462) (1,350,226) (333,302)
Purchase of treasury stock (58,715) 0 0
Premium paid to redeem 2021 Senior Notes 0 (39,966) 0
Special Improvement District bond funds released from (held in) escrow 8,051 35,678 11,236
Deferred financing costs and bond issuance costs, net (15,833) (14,188) (5,531)
Taxes paid on stock options exercised and restricted stock vested (3,995) (11,672) (1,231)
Issuance of Management Warrants 0 52,000 1,000
Acquisition of 1% partnership interest in 110 North Wacker 0 0 (8,000)
Gain on unwinding of swaps 16,104 0 0
Stock options exercised 11,748 22,708 180
Issuance of noncontrolling interests 99,646 3,586 0
Preferred dividend payment on behalf of REIT subsidiary 0 (12) 0
Cash provided by financing activities 391,166 199,198 199,857
Net change in cash, cash equivalents and restricted cash (240,085) 49,161 405,002
Cash, cash equivalents and restricted cash at beginning of period 964,300 915,139 510,137
Cash, cash equivalents and restricted cash at end of period 724,215 964,300 915,139
Supplemental disclosure of cash flow information      
Interest paid 149,693 129,022 123,687
Interest capitalized 77,918 73,207 64,344
Income taxes paid (refunded), net 70 (19,381) 11,191
Non-Cash Transactions:      
Special Improvement District bond transfers associated with land sales 10,937 13,898 7,662
Accrued interest on construction loan borrowing 7,584 1,559 4,386
Acquisition of below market lease intangible 1,903 0 0
Exercise of Sponsor and Management Warrants 0 375,581 0
Capitalized stock compensation 2,434 1,121 2,559
Merriweather Post Pavilion donation      
Developments 0 0 18,066
Prepaid and other assets 0 0 (10,597)
Mortgage, notes and loans payable 0 0 (2,834)
Other liabilities 0 0 (4,635)
Net assets acquired in the acquisition of Las Vegas Aviators      
Non-Cash Transactions:      
Net assets acquired in the acquisition 0 31,311 0
Net assets acquired in the acquisition of Constellation      
Non-Cash Transactions:      
Net assets acquired in the acquisition 0 41,744 0
Net assets acquired in the acquisition of Six Pines      
Non-Cash Transactions:      
Net assets acquired in the acquisition $ 0 $ 0 $ 30,191