XML 19 R9.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (713) $ (30,122)
Net income (loss) from discontinued operations, net of taxes 0 (57,776)
Net income (loss) from continuing operations (713) 27,654
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 79,765 80,902
Amortization 9,760 9,794
Amortization of deferred financing costs 6,205 6,054
Amortization of intangibles other than in-place leases 60 60
Straight-line rent amortization (3,856) (3,156)
Deferred income taxes (1,375) 6,041
Restricted stock and stock option amortization 10,932 7,002
Net gain on sale of properties (15,385) (4,794)
Loss on sale of MUD receivables 48,197 0
Proceeds from sale of MUD receivables 180,043 0
(Gain) loss on extinguishment of debt 307 198
Equity in (earnings) losses from unconsolidated ventures, net of distributions 6,399 7,773
Provision for (recovery of) doubtful accounts 1,875 (784)
Master Planned Communities development expenditures (184,047) (174,862)
Master Planned Communities cost of sales 67,887 63,374
Condominium development expenditures (285,702) (254,899)
Condominium rights and units cost of sales 1,053 3,861
Net Changes:    
Accounts receivable, net (29,747) (8,339)
Other assets, net 18,957 (14,337)
Condominium deposits, net 30,133 118,018
Deferred expenses, net (8,857) (18,034)
Accounts payable and other liabilities 22,711 (11,196)
Cash provided by (used in) operating activities of continuing operations (45,398) (159,670)
Cash provided by (used in) operating activities of discontinued operations 0 (28,090)
Cash provided by (used in) operating activities (45,398) (187,760)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (480) (638)
Operating property improvements (21,060) (16,086)
Property development and redevelopment (96,546) (116,884)
Acquisition of assets (16,356) (18,456)
Proceeds from sales of properties, net 6,675 13,175
Reimbursements under tax increment financings and grants 5,179 7,016
Disbursement of loan to tenant (1,250) 0
Proceeds from repayment of loan to tenant 20 0
Distributions from unconsolidated ventures 1,147 200
Investments in unconsolidated ventures, net 0 (3,500)
Net parent investment in discontinued operations 0 (63,777)
Cash provided by (used in) investing activities of continuing operations (122,671) (198,950)
Cash provided by (used in) investing activities of discontinued operations 0 30,760
Cash provided by (used in) investing activities (122,671) (168,190)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 382,510 339,522
Principal payments on mortgages, notes, and loans payable (288,258) (127,549)
Debt extinguishment costs (204) 0
Special Improvement District bond funds released from (held in) escrow 17,887 1,717
Deferred financing costs and bond issuance costs (1,683) (1,044)
Taxes paid on stock options exercised and restricted stock vested 0 (943)
Distributions to HHH (24,927) (2,223)
Contributions from Teravalis noncontrolling interest owner 66 117
Cash provided by (used in) financing activities of continuing operations 85,391 209,597
Cash provided by (used in) financing activities of discontinued operations 0 (939)
Cash provided by (used in) financing activities 85,391 208,658
Net change in cash, cash equivalents, and restricted cash (82,678) (147,292)
Cash, cash equivalents, and restricted cash at beginning of period 998,116 1,053,057
Cash, cash equivalents, and restricted cash at end of period 915,438 905,765
Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period 0 45,576
Cash, cash equivalents, and restricted cash at end of period 915,438 860,189
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH    
Cash and cash equivalents 557,635 433,413
Restricted cash 357,803 426,776
Cash, cash equivalents, and restricted cash at end of period 915,438 860,189
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS    
Interest paid, net 139,383 148,760
Interest capitalized 70,840 74,087
Income taxes paid (refunded), net 7,997 3,858
NON-CASH TRANSACTIONS — CONTINUING OPERATIONS    
Consideration from sale of properties 12,225 0
Special Improvement District bond transfers associated with land sales 2,505 7,299
Capitalized stock compensation 1,475 2,296
Accrued property improvements, developments, and redevelopments $ (2,020) $ (2,221)