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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 43,188 $ (585,755)
Net income (loss) from discontinued operations, net of taxes (81,807) (616,479)
Net income (loss) from continuing operations 124,995 30,724
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation 120,404 109,271
Amortization 14,403 12,829
Amortization of deferred financing costs 9,122 8,758
Amortization of intangibles other than in-place leases 90 90
Straight-line rent amortization (4,389) (5,849)
Deferred income taxes 29,068 6,148
Restricted stock and stock option amortization 11,124 12,444
Net gain on sale of properties (7,959) (21,000)
Loss on sale of MUD receivables 51,525 0
Proceeds from sale of MUD receivables 176,680 0
(Gain) loss on extinguishment of debt 198 0
Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges 9,403 (18,434)
Provision for doubtful accounts (1,017) 4,385
Master Planned Community development expenditures (284,984) (256,214)
Master Planned Community cost of sales 133,257 63,015
Condominium development expenditures (453,896) (349,211)
Condominium rights and units cost of sales 15,694 54,167
Other 0 1,319
Net Changes:    
Accounts receivable, net (2,827) (11,524)
Other assets, net (8,736) (17,700)
Condominium deposits received, net 220,776 81,896
Deferred expenses, net (25,015) (22,275)
Accounts payable and other liabilities (15,341) (22,674)
Cash provided by (used in) operating activities of continuing operations 112,575 (339,835)
Cash provided by (used in) operating activities of discontinued operations (51,495) (19,904)
Cash provided by (used in) operating activities 61,080 (359,739)
CASH FLOWS FROM INVESTING ACTIVITIES    
Property and equipment expenditures (927) (5,609)
Operating property improvements (27,997) (30,943)
Property development and redevelopment (182,548) (174,770)
Acquisition of assets (18,456) (5,898)
Proceeds from sales of properties, net 17,175 31,315
Reimbursements under tax increment financings and grants 8,258 1,469
Distributions from unconsolidated ventures 1,275 8,605
Investments in unconsolidated ventures, net (3,500) 0
Net parent investment in discontinued operations (150,722) (70,502)
Cash provided by (used in) investing activities of continuing operations (357,442) (246,333)
Cash provided by (used in) investing activities of discontinued operations 110,678 (7,408)
Cash provided by (used in) investing activities (246,764) (253,741)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from mortgages, notes, and loans payable 476,748 444,305
Principal payments on mortgages, notes, and loans payable (323,252) (9,952)
Special Improvement District bond funds released from (held in) escrow 16,793 6,721
Deferred financing costs and bond issuance costs, net (1,085) (120)
Taxes paid on stock options exercised and restricted stock vested (943) (2,643)
Distributions to HHH (21,901) 0
Sale of preferred stock in Seaport Entertainment Group Inc. subsidiary 9,850 0
Contributions from Teravalis noncontrolling interest owner 171 177
Cash provided by (used in) financing activities of continuing operations 156,381 438,488
Cash provided by (used in) financing activities of discontinued operations (103,028) 11,854
Cash provided by (used in) financing activities 53,353 450,342
Net change in cash, cash equivalents, and restricted cash (132,331) (163,138)
Cash, cash equivalents, and restricted cash at beginning of period 1,053,057 1,098,936
Cash, cash equivalents, and restricted cash at end of period 920,726 935,798
Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period 0 51,256
Cash, cash equivalents, and restricted cash at end of period 920,726 884,542
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH    
Cash and cash equivalents 400,728 484,543
Restricted cash 519,998 399,999
Cash, cash equivalents, and restricted cash at end of period 920,726 884,542
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS    
Interest paid, net 251,528 193,078
Interest capitalized 114,694 75,271
Income taxes paid (refunded), net 3,958 4,270
NON-CASH TRANSACTIONS — CONTINUING OPERATIONS AND DISCONTINUED OPERATIONS    
Accrued property improvements, developments, and redevelopments (4,143) (6,136)
Consideration from sale of properties 0 5,250
Special Improvement District bond transfers associated with land sales 9,997 3,119
Capitalized stock compensation 3,093 3,407
Initial recognition of operating lease right-of-use asset 766 0
Initial recognition of operating lease obligation 766 0
Distribution of Seaport Entertainment Group Inc. to stockholders $ 361,210 $ 0