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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ (3,173) $ 74,295 $ 57,726
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation 198,556 143,698 113,518
Amortization 18,200 10,684 13,047
Amortization of deferred financing costs 13,301 11,726 9,347
Amortization of intangibles other than in-place leases 680 788 1,681
Straight-line rent amortization (14,204) (5,652) (12,584)
Deferred income taxes 10,827 27,818 16,195
Pre-tax stock-based compensation expense 5,983 19,502 12,128
Net gain on sale of properties (13,710) (22,669) 0
Net gain on sale of equity method investments (1,076) 0 0
Net gain on sale of lease receivable (38,124) 0 0
Proceeds from the sale of lease receivable 64,155 0 0
Selling profit from sales-type leases 0 (13,537)  
(Gain) loss on extinguishment of debt 9,604 (4,851) 0
Impairment charges 62,384 0 0
Equity in (earnings) losses from real estate and other affiliates, net of distributions (264,416) (9,585) (24,809)
Provision for doubtful accounts 21,403 3,920 6,078
Master Planned Community land acquisitions 0 (752) (3,565)
Master Planned Community development expenditures (228,402) (238,806) (195,504)
Master Planned Community cost of sales 91,383 119,429 113,282
Condominium development expenditures (244,642) (211,617) (289,084)
Condominium rights and units cost of sales 100,584 369,759 262,562
Net Changes:      
Accounts and notes receivable 78,647 24,519 26,209
Prepaid expenses and other assets (31,467) 3,147 (6,942)
Condominium deposits received 115,090 (68,842) 108,061
Deferred expenses (23,289) (52,503) (17,697)
Accounts payable and accrued expenses (1,162) 27,261 20,676
Other, net 0 0 195
Cash provided by (used in) operating activities (72,868) 207,732 210,520
CASH FLOWS FROM INVESTING ACTIVITIES      
Property and equipment expenditures (1,611) (6,951) (4,485)
Operating property improvements (39,863) (55,524) (47,750)
Property development and redevelopment (430,498) (674,244) (572,966)
Acquisition of assets 0 (565,552) (234,541)
Proceeds from sales of properties 24,373 67,110 0
Reimbursements under tax increment financings 6,703 6,883 22,651
Notes issued to real estate and other affiliates and third party 0 0 (3,795)
Distributions from real estate and other affiliates 16,232 1,437 1,732
Investments in real estate and other affiliates, net (3,882) (6,056) (2,617)
Cash used in investing activities (428,546) (1,232,897) (841,771)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages, notes and loans payable 1,403,923 1,292,083 1,172,622
Principal payments on mortgages, notes and loans payable (867,935) (386,489) (838,462)
Proceeds from issuance of common stock 593,574 0 0
Purchase of treasury stock 0 (53,922) (58,715)
Special Improvement District bond funds released from (held in) escrow 10,151 6,077 8,051
Deferred financing costs and bond issuance costs, net (17,844) (19,639) (15,833)
Taxes paid on stock options exercised and restricted stock vested (2,229) (5,449) (3,995)
Gain on unwinding of swaps 0 0 16,104
Stock options exercised 4,638 3,535 11,748
Issuance of noncontrolling interests 0 84,889 99,646
Cash provided by financing activities 1,124,278 921,085 391,166
Net change in cash, cash equivalents and restricted cash 622,864 (104,080) (240,085)
Cash, cash equivalents and restricted cash at beginning of period 620,135 724,215 964,300
Cash, cash equivalents and restricted cash at end of period 1,242,999 620,135 724,215
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid 179,355 168,925 149,693
Interest capitalized 70,258 73,002 77,918
Income taxes paid (refunded), net (2,409) (2,138) 70
NON-CASH TRANSACTIONS      
Initial recognition of ASC 842 operating leases ROU asset 493 72,106  
Initial recognition of ASC 842 operating lease obligation 493 71,888  
Accrued property improvements, developments and redevelopments (92,383) 14,454 0
Special Improvement District bond transfers associated with land sales 10,122 22,423 10,937
Accrued interest on construction loan borrowing 9,743 10,154 7,584
Acquisition of below-market lease intangible 0 0 1,903
Capitalized stock compensation 1,158 1,443 2,434
Special Improvement District bonds held in third party escrow $ 0 $ 9,686 $ 0