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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (550,708) $ 184,636 $ 48,924
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:      
Depreciation 195,630 180,201 185,418
Amortization 16,839 16,834 16,891
Amortization of deferred financing costs 12,303 10,754 10,301
Amortization of intangibles other than in-place leases 3,275 3,275 2,843
Straight-line rent amortization (7,680) (8,468) (9,278)
Deferred income taxes (163,613) 42,022 10,356
Restricted stock and stock option amortization 15,852 11,895 9,885
Net gain on sale of properties (24,162) (29,687) (53,057)
Net gain on sale of unconsolidated ventures 0 (5,016) 0
(Gain) loss on extinguishment of debt 144 2,377 38,014
Impairment charges 672,492 0 15,335
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 66,676 28,081 52,390
Provision for doubtful accounts 8,601 (2,235) (2,027)
Master Planned Community land acquisitions 0 0 (574,253)
Master Planned Community development expenditures (403,633) (396,125) (322,255)
Master Planned Community cost of sales 126,167 111,723 144,933
Condominium development expenditures (472,666) (340,793) (345,289)
Condominium rights and units cost of sales 53,156 465,711 394,427
Other 1,319 0 0
Net Changes:      
Accounts receivable, net 112,048 83,443 30,594
Other assets, net (20,819) (33,078) (17,140)
Condominium deposits received, net 88,595 21,273 59,108
Deferred expenses, net (27,037) (30,441) (22,903)
Accounts payable and other liabilities 40,987 8,872 42,825
Cash provided by (used in) operating activities (256,234) 325,254 (283,958)
CASH FLOWS FROM INVESTING ACTIVITIES      
Property and equipment expenditures (7,340) (2,004) (1,814)
Operating property improvements (56,320) (54,715) (35,915)
Property development and redevelopment (275,084) (353,098) (274,742)
Acquisition of assets (5,898) 0 0
Proceeds from sales of properties, net 39,543 81,720 322,451
Reimbursements under tax increment financings 1,469 127 667
Distributions from unconsolidated ventures 13,014 207,685 92,060
Investments in unconsolidated ventures, net (45,527) (100,410) (1,249)
Cash provided by (used in) investing activities (336,143) (220,695) 101,458
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from mortgages, notes, and loans payable 792,441 1,235,895 2,422,862
Principal payments on mortgages, notes, and loans payable (249,435) (1,065,348) (2,140,340)
Repurchases of common shares 0 (403,863) (81,127)
Debt extinguishment costs 0 (60) (29,793)
Special Improvement District bond funds released from (held in) escrow 11,037 23,148 11,477
Deferred financing costs and bond issuance costs, net (2,821) (18,515) (28,517)
Taxes paid on stock options exercised and restricted stock vested (2,643) (3,011) (2,500)
Stock options exercised 0 345 4,078
Distributions to HHH (2,301) 0 0
Issuance of Teravalis noncontrolling interest 0 31,234 0
Distribution to noncontrolling interest upon sale of 110 North Wacker 0 (22,084) 0
Contributions from Teravalis noncontrolling interest owner 219 0 0
Cash provided by (used in) financing activities 546,497 (222,259) 156,140
Net change in cash, cash equivalents, and restricted cash (45,880) (117,700) (26,360)
Cash, cash equivalents, and restricted cash at beginning of period 1,098,937 1,216,637 1,242,997
Cash, cash equivalents, and restricted cash at end of period 1,053,057 1,098,937 1,216,637
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH      
Cash and cash equivalents 631,548 626,653 843,212
Restricted cash 421,509 472,284 373,425
Cash, cash equivalents, and restricted cash at end of period 1,053,057 1,098,937 1,216,637
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid, net 249,702 214,583 182,654
Interest capitalized 120,667 100,607 71,798
Income taxes paid (refunded), net 10,608 24,974 1,789
NON-CASH TRANSACTIONS      
Issuance of Teravalis noncontrolling interest 0 33,810 0
MPC land contributed to unconsolidated venture 0 21,450 0
Accrued property improvements, developments, and redevelopments 4,253 131 16,885
Non-cash consideration from sale of properties 5,250 0 0
Special Improvement District bond transfers associated with land sales 13,883 7,774 8,697
Special Improvement District bonds held in third-party escrow 21,290 0 45,425
Capitalized stock compensation 4,669 4,785 2,326
Initial recognition of ASC 842 operating lease ROU asset 0 1,488 6,189
Initial recognition of ASC 842 operating lease obligation 0 1,621 6,189
Accrued repurchase of common shares $ 0 $ 0 $ 15,492