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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 23,603 $ (64,542)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 87,289 89,516
Amortization 8,772 8,356
Amortization of deferred financing costs 5,330 5,086
Amortization of intangibles other than in-place leases 1,638 1,205
Straight-line rent amortization (2,460) (6,770)
Deferred income taxes (2,934) (23,581)
Restricted stock and stock option amortization 6,469 4,781
Net gain on sale of properties (4,018) (21,338)
Net gain on sale of equity method investments (5,016) 0
(Gain) loss on extinguishment of debt 645 35,966
Impairment charges 0 13,799
Equity in (earnings) losses from real estate and other affiliates, net of distributions and impairment charges 435 925
Provision for doubtful accounts (2,271) (628)
Master Planned Community development expenditures (171,449) (126,302)
Master Planned Community cost of sales 52,017 39,499
Condominium development expenditures (151,746) (150,509)
Condominium rights and units cost of sales 32,287 65,951
Net Changes:    
Accounts and notes receivable 11,627 (12,063)
Prepaid expenses and other assets (15,190) 22,176
Condominium deposits received, net 75,322 33,627
Deferred expenses (14,067) (5,316)
Accounts payable and accrued expenses (31,510) 10,227
Cash provided by (used in) operating activities (95,227) (79,935)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (634) (931)
Operating property improvements (23,581) (20,664)
Property development and redevelopment (182,491) (121,839)
Proceeds from sales of properties, net 33,081 49,907
Reimbursements under tax increment financings 127 403
Distributions from real estate and other affiliates 205,099 83,014
Investments in real estate and other affiliates, net (72,056) (767)
Cash provided by (used in) investing activities (40,455) (10,877)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes and loans payable 504,470 1,503,083
Principal payments on mortgages, notes and loans payable (292,635) (1,328,054)
Repurchases of common shares (364,645) 0
Debt extinguishment costs (32) (29,669)
Special Improvement District bond funds released from (held in) escrow 6,154 4,384
Deferred financing costs and bond issuance costs, net (4,052) (20,904)
Taxes paid on stock options exercised and restricted stock vested (2,062) (2,183)
Stock options exercised 345 3,902
Issuance of Douglas Ranch noncontrolling interest 16,210 0
Distribution to noncontrolling interest upon sale of 110 North Wacker (22,084) 0
Cash provided by (used in) financing activities (158,331) 130,559
Net change in cash, cash equivalents and restricted cash (294,013) 39,747
Cash, cash equivalents and restricted cash at beginning of period 1,216,637 1,242,997
Cash, cash equivalents and restricted cash at end of period 922,624 1,282,744
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 572,774 1,063,261
Restricted cash 349,850 219,483
Cash, cash equivalents and restricted cash at end of period 922,624 1,282,744
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid 93,230 88,041
Interest capitalized 43,658 34,801
Income taxes paid (refunded), net 18,071 1,789
NON-CASH TRANSACTIONS    
Issuance of Douglas Ranch noncontrolling interest 33,810 0
Accrued property improvements, developments, and redevelopments 518 4,760
Special Improvement District bond transfers associated with land sales 3,932 1,010
Accrued repurchase of common shares 13,778 0
Capitalized stock compensation $ 2,903 $ 974