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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities:    
Net income $ 31,925 $ 1,834
Adjustments to reconcile net income to cash used in operating activities:    
Depreciation 32,905 24,850
Amortization 3,086 3,002
Amortization of deferred financing costs 2,201 1,469
Amortization of intangibles other than in-place leases 278 336
Straight-line rent amortization (1,548) (3,052)
Deferred income taxes 10,703 248
Restricted stock and stock option amortization 3,069 2,684
Equity in earnings from real estate and other affiliates, net of distributions (4,606) (9,532)
Provision for doubtful accounts (2) 776
Master Planned Communities land acquisitions (752) (506)
Master Planned Communities development expenditures (56,772) (42,092)
Master Planned Communities cost of sales 16,744 23,189
Condominium development expenditures (40,559) (78,964)
Condominium rights and unit cost of sales 137,694 6,729
Net changes:    
Accounts and notes receivable (5,679) (6,100)
Prepaid expenses and other assets 1,881 1,590
Condominium deposits received (115,774) 40,762
Deferred expenses (17,191) (3,759)
Accounts payable and accrued expenses (57,286) (49,885)
Cash used in operating activities (59,683) (86,421)
Cash Flows from Investing Activities:    
Property and equipment expenditures (1,178) (1,295)
Operating property improvements (25,854) (17,600)
Property development and redevelopment (148,894) (90,682)
Reimbursements under Tax Increment Financings 0 11,731
Distributions from real estate and other affiliates 315 748
Notes issued to real estate and other affiliates 0 (2,783)
Investments in real estate and other affiliates, net (222) 0
Cash used in investing activities (175,833) (99,881)
Cash Flows from Financing Activities:    
Proceeds from mortgages, notes and loans payable 61,614 62,967
Principal payments on mortgages, notes and loans payable (4,587) (24,059)
Purchase of treasury stock 0 (57,267)
Special Improvement District bond funds released from (held in) escrow 936 230
Deferred financing costs and bond issuance costs, net (343) (163)
Taxes paid on stock options exercised and restricted stock vested 0 (1,713)
Stock options exercised 0 6,950
Contributions from noncontrolling interest 40,987 0
Cash provided by (used in) financing activities 98,607 (13,055)
Net change in cash, cash equivalents and restricted cash (136,909) (199,357)
Cash, cash equivalents and restricted cash at beginning of period 724,215 964,300
Cash, cash equivalents and restricted cash at end of period 587,306 764,943
Supplemental Disclosure of Cash Flow Information:    
Interest paid 52,905 45,652
Interest capitalized 18,370 17,500
Income taxes refunded, net (1,839) 0
Non-Cash Transactions:    
Accrued property improvements, developments and redevelopments 24,774 0
Special Improvement District bond transfers associated with land sales 74 2,854
Accrued interest on construction loan borrowing 860 252
Capitalized stock compensation $ 441 $ 533