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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net (loss) income $ (159,185) $ 45,253
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation 99,682 68,916
Amortization 8,517 4,872
Amortization of deferred financing costs 8,312 4,669
Amortization of intangibles other than in-place leases 340 448
Straight-line rent amortization (6,183) (3,188)
Deferred income taxes (41,701) 14,823
Restricted stock and stock option amortization 3,346 6,230
Net gain on sales and acquisitions of properties (8,000) 0
Net gain on sale of lease receivable (38,124) 0
Selling profit from sales-type leases 64,155 0
Impairment charges 59,817 0
Equity in (losses) earnings from real estate and other affiliates, net of distributions (2,057) (9,429)
Provision for doubtful accounts 5,443 1,518
Master Planned Communities land acquisitions 0 (752)
Master Planned Communities development expenditures (116,372) (119,843)
Master Planned Communities cost of sales 41,883 44,740
Condominium development expenditures (114,660) (97,125)
Condominium rights and unit cost of sales 99,171 358,315
Net changes:    
Accounts and notes receivable (14,895) (10,269)
Prepaid expenses and other assets (38,214) 1,103
Condominium deposits received 94,644 (105,472)
Deferred expenses (19,530) (27,961)
Accounts payable and accrued expenses (25,032) (16,591)
Cash (used in) provided by operating activities (98,643) 160,257
Cash Flows from Investing Activities:    
Property and equipment expenditures (598) (2,612)
Operating property improvements (17,297) (36,765)
Property development and redevelopment (250,370) (311,455)
Reimbursements under Tax Increment Financings 2,671 1,880
Distributions from real estate and other affiliates 1,232 315
Investments in real estate and other affiliates, net (3,127) (5,509)
Cash used in investing activities (267,489) (354,146)
Cash Flows from Financing Activities:    
Proceeds from mortgages, notes and loans payable 392,714 409,263
Proceeds from issuance of common stock 593,614 0
Principal payments on mortgages, notes and loans payable (51,008) (163,555)
Special Improvement District bond funds released from escrow 2,352 936
Deferred financing costs and bond issuance costs, net (4,088) (13,661)
Taxes paid on stock options exercised and restricted stock vested (668) (88)
Stock options exercised 1,365 490
Contributions from noncontrolling interest 0 84,889
Cash provided by financing activities 934,281 318,274
Net change in cash, cash equivalents and restricted cash 568,149 124,385
Cash, cash equivalents and restricted cash at beginning of period 620,135 724,215
Cash, cash equivalents and restricted cash at end of period 1,188,284 848,600
Supplemental Disclosure of Cash Flow Information:    
Interest paid 97,015 81,697
Interest capitalized 35,949 36,981
Income taxes refunded, net (2,408) (409)
Non-Cash Transactions:    
Accrued property improvements, developments, and redevelopments (35,250) 37,461
Special Improvement District bond transfers associated with land sales 779 84
Accrued interest on construction loan borrowing 9,586 1,973
Capitalized stock compensation 907 966
Initial recognition of ASC 842 Operating lease ROU asset 493 72,106
Initial recognition of ASC 842 Operating lease obligation $ 493 $ 71,888