XML 19 R9.htm IDEA: XBRL DOCUMENT v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net income (loss) $ 45,253 $ (4,045)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 68,916 50,810
Amortization 4,872 5,959
Amortization of deferred financing costs 4,669 3,427
Amortization of intangibles other than in-place leases 448 506
Straight-line rent amortization (3,188) (5,914)
Deferred income taxes 14,823 (2,558)
Restricted stock and stock option amortization 6,230 5,705
Net decrease (increase) in minimum pension liability 0 (2,652)
Equity in earnings from real estate and other affiliates, net of distributions (9,429) (23,531)
Provision for doubtful accounts 1,518 2,135
Master Planned Communities land acquisitions (752) (2,554)
Master Planned Communities development expenditures (119,843) (90,403)
Master Planned Communities cost of sales 44,740 46,937
Condominium development expenditures (97,125) (142,673)
Condominium rights and unit cost of sales 358,315 35,545
Net changes:    
Accounts and notes receivable (10,269) (5,475)
Prepaid expenses and other assets 1,103 (3,302)
Condominium deposits received (105,472) 47,906
Deferred expenses (27,961) (6,825)
Accounts payable and accrued expenses (16,591) (20,823)
Cash provided by (used in) operating activities 160,257 (111,825)
Cash Flows from Investing Activities:    
Property and equipment expenditures (2,612) (2,965)
Operating property improvements (36,765) (29,774)
Property development and redevelopment (311,455) (198,684)
Acquisition of assets 0 (179,471)
Reimbursements under Tax Increment Financings 1,880 12,319
Distributions from real estate and other affiliates 315 1,503
Notes issued to real estate and other affiliates 0 (3,795)
Investments in real estate and other affiliates, net (5,509) (244)
Cash used in investing activities (354,146) (401,111)
Cash Flows from Financing Activities:    
Proceeds from mortgages, notes and loans payable 409,263 299,974
Principal payments on mortgages, notes and loans payable (163,555) (41,573)
Purchase of treasury stock 0 (57,267)
Special Improvement District bond funds released from (held in) escrow 936 1,468
Deferred financing costs and bond issuance costs, net (13,661) (1,980)
Taxes paid on stock options exercised and restricted stock vested (88) (3,234)
Gain on unwinding of swaps 0 9,390
Stock options exercised 490 9,227
Contributions from noncontrolling interest 84,889 69,000
Cash provided by financing activities 318,274 285,005
Net change in cash, cash equivalents and restricted cash 124,385 (227,931)
Cash, cash equivalents and restricted cash at beginning of period 724,215 964,300
Cash, cash equivalents and restricted cash at end of period 848,600 736,369
Supplemental Disclosure of Cash Flow Information:    
Interest paid 81,697 67,969
Interest capitalized 36,981 37,122
Income taxes (refunded) paid, net (409) 70
Non-Cash Transactions:    
Accrued property improvements, developments and redevelopments 37,461 62,873
Special Improvement District bond transfers associated with land sales 84 5,489
Accrued interest on construction loan borrowing 1,973 1,794
Capitalized stock compensation $ 966 $ 921