XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (41,768) $ 23,603
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 95,105 87,289
Amortization 8,287 8,772
Amortization of deferred financing costs 5,933 5,330
Amortization of intangibles other than in-place leases 1,638 1,638
Straight-line rent amortization (3,297) (2,460)
Deferred income taxes (17,793) (2,934)
Restricted stock and stock option amortization 8,220 6,469
Net gain on sale of properties (4,714) (4,018)
Net gain on sale of unconsolidated ventures 0 (5,016)
(Gain) loss on extinguishment of debt 0 645
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 17,438 435
Provision for doubtful accounts 2,078 (2,271)
Master Planned Community development expenditures (172,580) (171,449)
Master Planned Community cost of sales 37,870 52,017
Condominium development expenditures (242,724) (151,746)
Condominium rights and units cost of sales 32,943 32,287
Net Changes:    
Accounts receivable, net (4,747) 9,795
Other assets, net (4,402) (13,358)
Condominium deposits received, net 80,725 75,322
Deferred expenses (16,296) (14,067)
Accounts payable and other liabilities (32,274) (31,510)
Cash provided by (used in) operating activities (250,358) (95,227)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (3,642) (634)
Operating property improvements (27,834) (23,581)
Property development and redevelopment (148,130) (182,491)
Acquisition of assets (5,898) 0
Proceeds from sales of properties, net 905 33,081
Reimbursements under tax increment financings 0 127
Distributions from unconsolidated ventures 8,532 205,099
Investments in unconsolidated ventures, net (24,133) (72,056)
Cash provided by (used in) investing activities (200,200) (40,455)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 201,342 504,470
Principal payments on mortgages, notes, and loans payable (7,341) (292,635)
Repurchases of common shares 0 (364,645)
Debt extinguishment costs 0 (32)
Special Improvement District bond funds released from (held in) escrow 3,263 6,154
Deferred financing costs and bond issuance costs, net (79) (4,052)
Taxes paid on stock options exercised and restricted stock vested (2,529) (2,062)
Stock options exercised 0 345
Issuance of Teravalis noncontrolling interest 0 16,210
Distribution to noncontrolling interest upon sale of 110 North Wacker 0 (22,084)
Contributions from Teravalis noncontrolling interest owner 117 0
Cash provided by (used in) financing activities 194,773 (158,331)
Net change in cash, cash equivalents, and restricted cash (255,785) (294,013)
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 843,152 922,624
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 389,405 572,774
Restricted cash 453,747 349,850
Cash, cash equivalents, and restricted cash at end of period 843,152 922,624
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 119,900 93,230,000
Interest capitalized 52,285 43,658,000
Income taxes paid (refunded), net 4,270 18,071,000
NON-CASH TRANSACTIONS    
Issuance of Teravalis noncontrolling interest 0 33,810,000
Accrued property improvements, developments, and redevelopments (1,899) 518,000
Non-cash proceeds from sale of properties 5,250 0
Special Improvement District bond transfers associated with land sales 0 3,932,000
Capitalized stock compensation 1,812 2,903,000
Accrued repurchase of common shares $ 0 $ 13,778,000