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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (64,542) $ (159,185)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 89,516 99,682
Amortization 8,356 8,517
Amortization of deferred financing costs 5,086 8,312
Amortization of intangibles other than in-place leases 1,205 340
Straight-line rent amortization (6,770) (6,183)
Deferred income taxes (23,581) (41,701)
Restricted stock and stock option amortization 4,781 3,346
Net gain on sale of properties (21,338) (8,000)
Net gain on sale of lease receivable 0 (38,124)
Proceeds from the sale of lease receivable 0 64,155
(Gain) loss on extinguishment of debt 35,966 0
Impairment charges 13,799 59,817
Equity in (earnings) losses from real estate and other affiliates, net of distributions 925 (2,057)
Provision for doubtful accounts (628) 5,443
Master Planned Community development expenditures (126,302) (116,372)
Master Planned Community cost of sales 39,499 41,883
Condominium development expenditures (150,509) (114,660)
Condominium rights and units cost of sales 65,951 99,171
Net Changes:    
Accounts and notes receivable (12,063) (14,895)
Prepaid expenses and other assets 22,176 (38,214)
Condominium deposits received 33,627 94,644
Deferred expenses (5,316) (19,530)
Accounts payable and accrued expenses 10,227 (25,032)
Cash provided by (used in) operating activities (79,935) (98,643)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (931) (598)
Operating property improvements (20,664) (17,297)
Property development and redevelopment (121,839) (250,370)
Proceeds from sales of properties 49,907 0
Reimbursements under tax increment financings 403 2,671
Distributions from real estate and other affiliates 83,014 1,232
Investments in real estate and other affiliates, net (767) (3,127)
Cash provided by (used in) investing activities (10,877) (267,489)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes and loans payable 1,503,083 392,714
Principal payments on mortgages, notes and loans payable (1,328,054) (51,008)
Proceeds from issuance of common stock 0 593,614
Debt extinguishment costs (29,669) 0
Special Improvement District bond funds released from (held in) escrow 4,384 2,352
Deferred financing costs and bond issuance costs, net (20,904) (4,088)
Taxes paid on stock options exercised and restricted stock vested (2,183) (668)
Stock options exercised 3,902 1,365
Cash provided by (used in) financing activities 130,559 934,281
Net change in cash, cash equivalents and restricted cash 39,747 568,149
Cash, cash equivalents and restricted cash at beginning of period 1,242,997 620,135
Cash, cash equivalents and restricted cash at end of period 1,282,744 1,188,284
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid 88,041 97,015
Interest capitalized 34,801 35,949
Income taxes paid (refunded), net 1,789 (2,408)
NON-CASH TRANSACTIONS    
Initial recognition of ASC 842 operating leases ROU asset 0 493
Initial recognition of ASC 842 operating lease obligation 0 493
Accrued property improvements, developments and redevelopments 4,760 (35,250)
Special Improvement District bond transfers associated with land sales 1,010 779
Accrued interest on construction loan borrowing 0 9,586
Capitalized stock compensation $ 974 $ 907