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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 184,636 $ 48,924 $ (3,173)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation 180,201 185,418 198,556
Amortization 16,834 16,891 18,200
Amortization of deferred financing costs 10,754 10,301 13,301
Amortization of intangibles other than in-place leases 3,275 2,843 680
Straight-line rent amortization (8,468) (9,278) (14,204)
Deferred income taxes 42,022 10,356 10,827
Restricted stock and stock option amortization 11,895 9,885 5,983
Net gain on sale of properties (29,687) (53,057) (13,710)
Net gain on sale of equity method investments (5,016) 0 (1,076)
Net gain on sale of lease receivable 0 0 (38,124)
Proceeds from the sale of lease receivable 0 0 64,155
(Gain) loss on extinguishment of debt 2,377 38,014 9,604
Impairment charges 0 15,335 62,384
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 28,081 52,390 (264,416)
Provision for doubtful accounts (2,235) (2,027) 21,403
Master Planned Community land acquisitions 0 (574,253) 0
Master Planned Community development expenditures (396,125) (322,255) (228,402)
Master Planned Community cost of sales 111,723 144,933 91,383
Condominium development expenditures (340,793) (345,289) (244,642)
Condominium rights and units cost of sales 465,711 394,427 100,584
Net Changes:      
Accounts and notes receivable 87,665 23,738 78,647
Prepaid expenses and other assets (37,300) (10,284) (31,467)
Condominium deposits received, net 21,273 59,108 115,090
Deferred expenses (30,441) (22,903) (23,289)
Accounts payable and accrued expenses 8,872 42,825 (1,164)
Cash provided by (used in) operating activities 325,254 (283,958) (72,870)
CASH FLOWS FROM INVESTING ACTIVITIES      
Property and equipment expenditures (2,004) (1,814) (1,611)
Operating property improvements (54,715) (35,915) (39,863)
Property development and redevelopment (353,098) (274,742) (430,498)
Proceeds from sales of properties, net 81,720 322,451 24,373
Reimbursements under tax increment financings 127 667 6,703
Distributions from unconsolidated ventures 207,685 92,060 16,232
Investments in unconsolidated ventures, net (100,410) (1,249) (3,882)
Cash provided by (used in) investing activities (220,695) 101,458 (428,546)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages, notes and loans payable 1,235,895 2,422,862 1,403,923
Principal payments on mortgages, notes and loans payable (1,065,348) (2,140,340) (867,935)
Proceeds from issuance of common stock 0 0 593,574
Repurchases of common shares (403,863) (81,127) 0
Debt extinguishment costs (60) (29,793) 0
Special Improvement District bond funds released from (held in) escrow 23,148 11,477 10,151
Deferred financing costs and bond issuance costs, net (18,515) (28,517) (17,844)
Taxes paid on stock options exercised and restricted stock vested (3,011) (2,500) (2,229)
Stock options exercised 345 4,078 4,638
Issuance of Teravalis noncontrolling interest 31,234 0 0
Distribution to noncontrolling interest upon sale of 110 North Wacker (22,084) 0 0
Cash provided by (used in) financing activities (222,259) 156,140 1,124,278
Net change in cash, cash equivalents and restricted cash (117,700) (26,360) 622,862
Cash, cash equivalents and restricted cash at beginning of period 1,216,637 1,242,997 620,135
Cash, cash equivalents and restricted cash at end of period 1,098,937 1,216,637 1,242,997
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 626,653 843,212 1,014,686
Restricted cash 472,284 373,425 228,311
Cash, cash equivalents and restricted cash at end of period 1,098,937 1,216,637 1,242,997
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid, net 214,583 182,654 179,355
Interest capitalized 100,607 71,798 70,258
Income taxes paid (refunded), net 24,974 1,789 (2,409)
NON-CASH TRANSACTIONS      
Issuance of Teravalis noncontrolling interest 33,810 0 0
MPC land contributed to unconsolidated venture 21,450 0 0
Accrued property improvements, developments, and redevelopments 131 16,885 (92,383)
Special Improvement District bond transfers associated with land sales 7,774 8,697 10,122
Special Improvement District bonds held in third-party escrow 0 45,425 0
Capitalized stock compensation 4,785 2,326 1,158
Initial recognition of ASC 842 operating lease ROU asset 1,488 6,189 493
Initial recognition of ASC 842 operating lease obligation 1,621 6,189 493
Accrued repurchase of common shares 0 15,492 0
Accrued interest on construction loan borrowing $ 0 $ 0 $ 9,743