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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (22,627) $ 2,171
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 46,941 43,665
Amortization 4,148 4,149
Amortization of deferred financing costs 2,937 2,663
Amortization of intangibles other than in-place leases 819 819
Straight-line rent amortization (1,499) (1,270)
Deferred income taxes (1,885) (4,000)
Restricted stock and stock option amortization 4,954 3,837
Net gain on sale of properties (4,731) 0
Net gain on sale of unconsolidated ventures 0 (5,016)
(Gain) loss on extinguishment of debt 0 282
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 7,835 (6,108)
Provision for doubtful accounts 471 515
Master Planned Community development expenditures (89,345) (78,883)
Master Planned Community cost of sales 22,003 24,686
Condominium development expenditures (124,515) (76,350)
Condominium rights and units cost of sales 4,300 13,603
Net Changes:    
Accounts receivable, net (1,836) 11,627
Other assets, net 18,307 (5,562)
Condominium deposits received, net 63,494 37,056
Deferred expenses (7,089) (3,800)
Accounts payable and other liabilities (66,952) (64,844)
Cash provided by (used in) operating activities (144,270) (100,760)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (1,272) (281)
Operating property improvements (9,555) (8,186)
Property development and redevelopment (74,584) (93,219)
Proceeds from sales of properties, net 905 0
Distributions from unconsolidated ventures 2,200 205,099
Investments in unconsolidated ventures, net (11,790) (69,554)
Cash provided by (used in) investing activities (94,096) 33,859
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 32,072 175,075
Principal payments on mortgages, notes, and loans payable (3,285) (91,939)
Repurchases of common shares 0 (179,293)
Special Improvement District bond funds released from (held in) escrow 1,364 3,792
Deferred financing costs and bond issuance costs, net (82) (2,030)
Taxes paid on stock options exercised and restricted stock vested (1,524) (1,996)
Stock options exercised 0 175
Contributions from Teravalis noncontrolling interest owner 56 0
Cash provided by (used in) financing activities 28,601 (96,216)
Net change in cash, cash equivalents, and restricted cash (209,765) (163,117)
Cash, cash equivalents, and restricted cash at beginning of period 1,098,937 1,216,637
Cash, cash equivalents, and restricted cash at end of period 889,172 1,053,520
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 417,746 688,037
Restricted cash 471,426 365,483
Cash, cash equivalents, and restricted cash at end of period 889,172 1,053,520
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 81,242 67,871
Interest capitalized 24,964 19,553
Income taxes paid (refunded), net 0 526
NON-CASH TRANSACTIONS    
Reclassification of Redeemable noncontrolling interest to Accounts payable and other liabilities upon sale of 110 North Wacker 0 22,500
Accrued property improvements, developments, and redevelopments 7,115 7,693
Non-cash proceeds from sale of properties 5,250 0
Capitalized stock compensation 860 1,971
Accrued repurchase of common shares $ 0 $ 6,868