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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (585,755) $ 131,272
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 145,707 132,378
Amortization 12,739 12,793
Amortization of deferred financing costs 9,009 7,922
Amortization of intangibles other than in-place leases 2,457 2,457
Straight-line rent amortization (5,921) (3,948)
Deferred income taxes (166,237) 16,193
Restricted stock and stock option amortization 12,444 9,174
Net gain on sale of properties (21,000) (4,018)
Net gain on sale of unconsolidated ventures 0 (5,016)
(Gain) loss on extinguishment of debt 48 645
Impairment charges 672,492 0
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 49,901 (6,037)
Provision for doubtful accounts 4,670 (1,918)
Master Planned Community development expenditures (256,214) (286,178)
Master Planned Community cost of sales 63,015 69,498
Condominium development expenditures (349,211) (235,104)
Condominium rights and units cost of sales 54,167 316,612
Other 1,319 0
Net Changes:    
Accounts receivable, net (13,703) 4,696
Other assets, net (32,008) (33,878)
Condominium deposits received, net 81,896 141,500
Deferred expenses (22,414) (19,419)
Accounts payable and other liabilities (17,141) (34,120)
Cash provided by (used in) operating activities (359,740) 215,504
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (5,609) (1,270)
Operating property improvements (44,295) (40,237)
Property development and redevelopment (205,253) (270,889)
Acquisition of assets (5,898) 0
Proceeds from sales of properties, net 31,315 33,081
Reimbursements under tax increment financings 1,469 127
Distributions from unconsolidated ventures 8,605 205,726
Investments in unconsolidated ventures, net (34,075) (82,363)
Cash provided by (used in) investing activities (253,741) (155,825)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 559,305 576,230
Principal payments on mortgages, notes, and loans payable (110,847) (534,458)
Repurchases of common shares 0 (403,863)
Debt extinguishment costs 0 (32)
Special Improvement District bond funds released from (held in) escrow 6,721 13,015
Deferred financing costs and bond issuance costs, net (2,371) (7,934)
Taxes paid on stock options exercised and restricted stock vested (2,644) (2,461)
Stock options exercised 0 345
Issuance of Teravalis noncontrolling interest 0 31,234
Distribution to noncontrolling interest upon sale of 110 North Wacker 0 (22,084)
Contributions from Teravalis noncontrolling interest owner 178 0
Cash provided by (used in) financing activities 450,342 (350,008)
Net change in cash, cash equivalents, and restricted cash (163,139) (290,329)
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 935,798 926,308
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 491,679 354,605
Restricted cash 444,119 571,703
Cash, cash equivalents, and restricted cash at end of period 935,798 926,308
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 199,208 168,358
Interest capitalized 84,471 73,171
Income taxes paid (refunded), net 4,270 24,240
NON-CASH TRANSACTIONS    
Issuance of Teravalis noncontrolling interest 0 33,810
MPC land contributed to real unconsolidated ventures 0 21,450
Accrued property improvements, developments, and redevelopments (6,055) 9,138
Non-cash proceeds from sale of properties 5,250 0
Special Improvement District bond transfers associated with land sales 3,119 5,860
Capitalized stock compensation 3,407 3,852
Initial recognition of operating lease right-of-use asset, net 0 1,488
Initial recognition of operating lease obligation $ 0 $ 1,621