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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 131,272 $ (62,425)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 132,378 140,867
Amortization 12,793 12,408
Amortization of deferred financing costs 7,922 7,676
Amortization of intangibles other than in-place leases 2,457 2,024
Straight-line rent amortization (3,948) (6,547)
Deferred income taxes 16,193 (17,975)
Restricted stock and stock option amortization 9,174 7,432
Net gain on sale of properties (4,018) (60,479)
Net gain on sale of equity method investments (5,016) 0
(Gain) loss on extinguishment of debt 645 37,543
Impairment charges 0 13,799
Equity in (earnings) losses from real estate and other affiliates, net of distributions and impairment charges (6,037) 23,000
Provision for doubtful accounts (1,918) (1,175)
Master Planned Community development expenditures (286,178) (215,559)
Master Planned Community cost of sales 69,498 55,445
Condominium development expenditures (235,104) (240,228)
Condominium rights and units cost of sales 316,612 66,033
Net Changes:    
Accounts and notes receivable 7,557 (17,737)
Prepaid expenses and other assets (36,739) (15,008)
Condominium deposits received, net 141,500 240,730
Deferred expenses (19,419) (14,115)
Accounts payable and accrued expenses (34,120) 3,891
Cash provided by (used in) operating activities 215,504 (40,400)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (1,270) (1,223)
Operating property improvements (40,237) (27,064)
Property development and redevelopment (270,889) (178,734)
Proceeds from sales of properties, net 33,081 299,085
Reimbursements under tax increment financings 127 667
Distributions from real estate and other affiliates 205,726 85,008
Investments in real estate and other affiliates, net (82,363) (837)
Cash provided by (used in) investing activities (155,825) 176,902
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes and loans payable 576,230 1,870,378
Principal payments on mortgages, notes and loans payable (534,458) (1,758,772)
Repurchases of common shares (403,863) 0
Debt extinguishment costs (32) (29,793)
Special Improvement District bond funds released from (held in) escrow 13,015 7,939
Deferred financing costs and bond issuance costs, net (7,934) (22,240)
Taxes paid on stock options exercised and restricted stock vested (2,461) (2,344)
Stock options exercised 345 3,902
Issuance of Teravalis noncontrolling interest 31,234 0
Distribution to noncontrolling interest upon sale of 110 North Wacker (22,084) 0
Cash provided by (used in) financing activities (350,008) 69,070
Net change in cash, cash equivalents and restricted cash (290,329) 205,572
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 926,308 1,448,569
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 354,605 1,010,619
Restricted cash 571,703 437,950
Cash, cash equivalents and restricted cash at end of period 926,308 1,448,569
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid 168,358 159,583
Interest capitalized 73,171 54,287
Income taxes paid (refunded), net 24,240 1,789
NON-CASH TRANSACTIONS    
Issuance of Teravalis noncontrolling interest 33,810 0
MPC land contributed to real estate affiliates 21,450 0
Accrued property improvements, developments, and redevelopments 9,138 21,973
Special Improvement District bond transfers associated with land sales 5,860 8,484
Capitalized stock compensation 3,852 1,538
Initial recognition of operating lease right-of-use asset, net 1,488 0
Initial recognition of operating lease obligation 1,621 0
Special Improvement District bonds held in third-party escrow $ 0 $ 45,425