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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:      
Net income $ 74,295 $ 57,726 $ 166,623
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 143,698 113,518 116,401
Amortization 10,684 13,047 15,851
Amortization of deferred financing costs 11,726 9,347 5,587
Amortization of intangibles other than in-place leases 788 1,681 (1,327)
Straight-line rent amortization (5,652) (12,584) (5,401)
Deferred income taxes 27,818 16,195 (43,463)
Restricted stock and stock option amortization 19,502 12,128 7,385
Net gain on sales and acquisitions of properties (22,669) 0 (78,568)
Selling profit from sales-type leases 13,537    
Loss on redemption of senior notes due 2021 (4,851)   46,410
Warrant liability loss 0 0 43,443
Equity in earnings from real estate and other affiliates, net of distributions (9,585) (24,809) (9,325)
Provision for doubtful accounts 3,920 6,078 2,710
Master Planned Community land acquisitions (752) (3,565) (4,391)
Master Planned Community development expenditures (238,806) (195,504) (193,087)
Master Planned Community cost of sales 119,429 113,282 107,218
Condominium development expenditures (211,617) (289,084) (352,813)
Condominium rights and units cost of sales 369,759 262,562 338,361
Percentage of completion revenue recognition from sale of condominium rights 0 0 (464,251)
Net Changes:      
Accounts and notes receivable 24,519 26,209 24,034
Prepaid expenses and other assets 3,147 (6,942) (4,123)
Condominium deposits received (68,842) 108,061 315,901
Deferred expenses (52,503) (17,697) (15,156)
Accounts payable and accrued expenses 27,261 20,676 8,181
Condominium Receivables 0 0 140,122
Other, net 0 195 (755)
Cash provided by operating activities 207,732 210,520 165,567
Cash Flows from Investing Activities:      
Property and equipment expenditures (6,951) (4,485) (6,968)
Operating property improvements (55,524) (47,750) (14,389)
Property development and redevelopment (674,244) (572,966) (369,086)
Reimbursement of development cost 0 0 12,777
Acquisition of assets (565,552) (234,541) (23,299)
Proceeds from sales of properties 67,110 0 88,384
Reimbursements under tax increment financings 6,883 22,651 0
Notes issued to real estate and other affiliates and third party 0 (3,795) (5,252)
Distributions from real estate and other affiliates 1,437 1,732 0
Investments in real estate and other affiliates, net (6,056) (2,617) (1,138)
Maturity of long-term investment 0 0 3,367
Cash used in investing activities (1,232,897) (841,771) (315,604)
Cash Flows from Financing Activities:      
Proceeds from mortgages, notes and loans payable 1,292,083 1,172,622 1,501,290
Principal payments on mortgages, notes and loans payable (386,489) (838,462) (1,350,226)
Purchase of treasury stock (53,922) (58,715) 0
Premium paid to redeem 2021 Senior Notes 0 0 (39,966)
Special Improvement District bond funds released from (held in) escrow 6,077 8,051 35,678
Deferred financing costs and bond issuance costs, net (19,639) (15,833) (14,188)
Taxes paid on stock options exercised and restricted stock vested (5,449) (3,995) (11,672)
Issuance of management warrants 0 0 52,000
Gain on unwinding of swaps 0 16,104 0
Stock options exercised 3,535 11,748 22,708
Issuance of noncontrolling interests 84,889 99,646 3,586
Preferred dividend payment on behalf of REIT subsidiary 0 0 (12)
Cash provided by financing activities 921,085 391,166 199,198
Net change in cash, cash equivalents and restricted cash (104,080) (240,085) 49,161
Cash, cash equivalents and restricted cash at beginning of period 724,215 964,300 915,139
Cash, cash equivalents and restricted cash at end of period 620,135 724,215 964,300
Supplemental disclosure of cash flow information      
Interest paid 168,925 149,693 129,022
Interest capitalized 73,002 77,918 73,207
Income taxes paid (refunded), net (2,138) 70 (19,381)
Non-Cash Transactions:      
Initial recognition of ASC 842 operating leases ROU asset 72,106    
Initial recognition of ASC 842 operating lease obligation 71,888    
Accrued property improvements, developments, and redevelopments 14,454 0 0
Special Improvement District bond transfers associated with land sales 22,423 10,937 13,898
Accrued interest on construction loan borrowing 10,154 7,584 1,559
Acquisition of below-market lease intangible 0 1,903 0
Exercise of sponsor warrants and management warrants 0 0 375,581
Capitalized stock compensation 1,443 2,434 1,121
Special Improvement District bonds held in third party escrow 9,686 0 0
Net assets acquired in the acquisition of Las Vegas Aviators      
Non-Cash Transactions:      
Net assets acquired in the acquisition 0 0 31,311
Net assets acquired in the acquisition of Constellation      
Non-Cash Transactions:      
Net assets acquired in the acquisition $ 0 0 $ 41,744
Senior Notes      
Adjustments to reconcile net income to cash provided by operating activities:      
Loss on redemption of senior notes due 2021   $ 0