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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (51,905) $ (22,627)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 45,827 46,941
Amortization 5,518 4,148
Amortization of deferred financing costs 3,256 2,937
Amortization of intangibles other than in-place leases 819 819
Straight-line rent amortization (2,231) (1,499)
Deferred income taxes (17,747) (1,885)
Restricted stock and stock option amortization 4,310 4,954
Net gain on sale of properties (4,794) (4,731)
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 23,877 7,835
Provision for doubtful accounts 1,644 471
Master Planned Community development expenditures (77,098) (89,345)
Master Planned Community cost of sales 12,904 22,003
Condominium development expenditures (110,095) (124,515)
Condominium rights and units cost of sales 3,861 4,300
Net Changes:    
Accounts receivable, net (2,632) (1,836)
Other assets, net (3,260) 18,307
Condominium deposits received, net 49,666 63,494
Deferred expenses, net (7,849) (7,089)
Accounts payable and other liabilities (44,941) (66,952)
Cash provided by (used in) operating activities (170,870) (144,270)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (462) (1,272)
Operating property improvements (10,795) (9,555)
Property development and redevelopment (60,921) (74,584)
Proceeds from sales of properties, net 13,175 905
Reimbursements under tax increment financings and grants 3,567 0
Distributions from unconsolidated ventures 0 2,200
Investments in unconsolidated ventures, net (18,200) (11,790)
Cash provided by (used in) investing activities (73,636) (94,096)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 89,028 32,072
Principal payments on mortgages, notes, and loans payable (3,703) (3,285)
Special Improvement District bond funds released from (held in) escrow 249 1,364
Deferred financing costs and bond issuance costs, net 3 (82)
Taxes paid on stock options exercised and restricted stock vested (944) (1,524)
Distributions to HHH (1,422) 0
Contributions from Teravalis noncontrolling interest owner 67 56
Cash provided by (used in) financing activities 83,278 28,601
Net change in cash, cash equivalents, and restricted cash (161,228) (209,765)
Cash, cash equivalents, and restricted cash at beginning of period 1,053,057 1,098,937
Cash, cash equivalents, and restricted cash at end of period 891,829 889,172
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 462,699 417,746
Restricted cash 429,130 471,426
Cash, cash equivalents, and restricted cash at end of period 891,829 889,172
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid, net 100,158 81,242
Interest capitalized 36,315 24,964
NON-CASH TRANSACTIONS    
Accrued property improvements, developments, and redevelopments (4,954) 7,115
Non-cash consideration from sale of properties 0 5,250
Capitalized stock compensation 1,476 860
Reassessment of operating lease right-of-use asset, net 1,454 0
Reassessment of operating lease obligation $ 1,952 $ 0