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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 48,924 $ (3,173) $ 74,295
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation 185,418 198,556 143,698
Amortization 16,891 18,200 10,684
Amortization of deferred financing costs 10,301 13,301 11,726
Amortization of intangibles other than in-place leases 2,843 680 788
Straight-line rent amortization (9,278) (14,204) (5,652)
Deferred income taxes 10,356 10,827 27,818
Restricted stock and stock option amortization 9,885 5,983 19,502
Net gain on sale of properties (53,057) (13,710) (22,669)
Net gain on sale of equity method investments 0 (1,076) 0
Net gain on sale of lease receivable 0 (38,124) 0
Proceeds from the sale of lease receivable 0 64,155 0
Selling profit from sales-type leases 0 0 (13,537)
(Gain) loss on extinguishment of debt 38,014 9,604 (4,851)
Impairment charges 15,335 62,384 0
Equity in (earnings) losses from real estate and other affiliates, net of distributions 52,390 (264,416) (9,585)
Provision for doubtful accounts (2,027) 21,403 3,920
Master Planned Community land acquisitions (574,253) 0 (752)
Master Planned Community development expenditures (322,255) (228,402) (238,806)
Master Planned Community cost of sales 144,933 91,383 119,429
Condominium development expenditures (345,289) (244,642) (211,617)
Condominium rights and units cost of sales 394,427 100,584 369,759
Net Changes:      
Accounts and notes receivable 23,738 78,647 24,519
Prepaid expenses and other assets (10,284) (31,467) 3,147
Condominium deposits received 59,108 115,090 (68,842)
Deferred expenses (22,903) (23,289) (52,503)
Accounts payable and accrued expenses 42,825 (1,164) 27,261
Cash provided by (used in) operating activities (283,958) (72,870) 207,732
CASH FLOWS FROM INVESTING ACTIVITIES      
Property and equipment expenditures (1,814) (1,611) (6,951)
Operating property improvements (35,915) (39,863) (55,524)
Property development and redevelopment (274,742) (430,498) (674,244)
Acquisition of assets 0 0 (565,552)
Proceeds from sales of properties 322,451 24,373 67,110
Reimbursements under tax increment financings 667 6,703 6,883
Distributions from real estate and other affiliates 92,060 16,232 1,437
Investments in real estate and other affiliates, net (1,249) (3,882) (6,056)
Cash provided by (used in) investing activities 101,458 (428,546) (1,232,897)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages, notes and loans payable 2,422,862 1,403,923 1,292,083
Principal payments on mortgages, notes and loans payable (2,140,340) (867,935) (386,489)
Proceeds from issuance of common stock 0 593,574 0
Repurchases of common shares (81,127) 0 (53,922)
Debt extinguishment costs (29,793) 0 0
Special Improvement District bond funds released from (held in) escrow 11,477 10,151 6,077
Deferred financing costs and bond issuance costs, net (28,517) (17,844) (19,639)
Taxes paid on stock options exercised and restricted stock vested (2,500) (2,229) (5,449)
Stock options exercised 4,078 4,638 3,535
Issuance of noncontrolling interests 0 0 84,889
Cash provided by (used in) financing activities 156,140 1,124,278 921,085
Net change in cash, cash equivalents and restricted cash (26,360) 622,862 (104,080)
Cash, cash equivalents and restricted cash at beginning of period 1,242,997 620,135 724,215
Cash, cash equivalents and restricted cash at end of period 1,216,637 1,242,997 620,135
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid 182,654 179,355 168,925
Interest capitalized 71,798 70,258 73,002
Income taxes paid (refunded), net 1,789 (2,409) (2,138)
NON-CASH TRANSACTIONS      
Initial recognition of ASC 842 operating leases ROU asset 6,189 493 72,106
Initial recognition of ASC 842 operating lease obligation 6,189 493 71,888
Accrued property improvements, developments and redevelopments 16,885 (92,383) 14,454
Special Improvement District bond transfers associated with land sales 8,697 10,122 22,423
Special Improvement District bonds held in third-party escrow 45,425 0 9,686
Accrued interest on construction loan borrowing 0 9,743 10,154
Capitalized stock compensation 2,326 1,158 1,443
Accrued repurchase of common shares $ 15,492 $ 0 $ 0