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Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Net earnings (loss) $ 94,406,000 $ (15,758,000)
Depreciation and amortization 245,305,000 155,714,000
Amortization of mortgage procurement costs 7,572,000 8,674,000
Impairment of real estate 208,210,000 30,660,000
Impairment of unconsolidated entities 0 390,000
Write-offs of abandoned development projects 27,317,000 14,029,000
Gain on extinguishment of debt (6,335,000) (7,288,000)
Net loss on land held for divestiture activity 7,555,000 5,651,000
Net gain on disposition of partial interests in rental properties (496,092,000) 0
Net gain on change in control of interests (2,762,000) (6,766,000)
Deferred income tax expense 60,841,000 30,189,000
Equity in earnings (59,815,000) (24,627,000)
Net (gain) loss on land held for divestiture activity of unconsolidated entities (867,000) 42,170,000
Stock-based compensation expense 8,676,000 7,286,000
Amortization and mark-to-market adjustments of derivative instruments 8,773,000 (6,699,000)
Non-cash interest expense related to Senior Notes 290,000 338,000
Cash distributions from operations of unconsolidated entities 46,338,000 47,095,000
Non-cash operating expenses included in discontinued operations 15,054,000 3,610,000
Gain on disposition included in discontinued operations (44,342,000) (28,178,000)
Cost of sales of land included in projects under construction and development and completed rental properties 7,855,000 5,428,000
(Increase) decrease in land held for development and sale (1,103,000) 3,863,000
Decrease in land held for divestiture 26,000 51,615,000
(Increase) decrease in notes and accounts receivable (19,274,000) 6,974,000
Decrease in other assets 12,681,000 5,915,000
(Decrease) increase in accounts payable, accrued expenses and other liabilities (50,340,000) 4,491,000
Net cash provided by operating activities 69,969,000 334,776,000
Cash Flows from Investing Activities    
Capital expenditures (354,458,000) (686,151,000)
Payment of lease procurement costs (6,006,000) (9,986,000)
Increase in notes receivable (26,922,000) (26,053,000)
Decrease in restricted cash and escrowed funds used for investing purposes 13,957,000 118,477,000
Proceeds from disposition of rental properties 496,975,000 39,199,000
Decrease (increase) in investments in and advances to unconsolidated entities 42,706,000 (31,811,000)
Net cash provided by (used in) investing activities 166,252,000 (596,325,000)
Cash Flows from Financing Activities    
Proceeds from nonrecourse mortgage debt and notes payable 488,207,000 669,927,000
Principal payments on nonrecourse mortgage debt and notes payable (718,536,000) (466,360,000)
Borrowings on bank revolving credit facility 772,344,000 356,000,000
Payments on bank revolving credit facility (697,444,000) (190,000,000)
Proceeds from issuance of Convertible Senior Notes due 2020, net of $8,750 of issuance costs 291,250,000 0
Redemption of Senior Notes due 2015 (53,253,000) 0
Redemption of Senior Notes due 2017 (132,144,000) 0
Redemption of Senior Notes due 2034 (218,951,000) 0
Make-whole premium and inducements related to exchange of Senior Notes due 2014 for Class A common stock (5,490,000) 0
Transaction costs related to exchange of Senior Notes due 2014 for Class A common stock (2,300,000) 0
Deferred financing costs (9,217,000) (18,014,000)
Increase in restricted cash and escrowed funds used for financing purposes 0 (8,208,000)
Purchase of treasury stock (3,167,000) (1,815,000)
Payment of inducements related to conversion of preferred stock for Class A common stock 0 (13,881,000)
Payment of transaction costs related to conversion of preferred stock for Class A common stock 0 (2,200,000)
Redemption of Series A preferred stock (5,063,000) 0
Proceeds from equity call hedge related to the issuance of Series A preferred stock 10,231,000 0
Exercise of stock options 1,153,000 1,006,000
Dividends paid to preferred shareholders (185,000) (11,550,000)
Acquisitions of noncontrolling interests (98,687,000) (21,150,000)
Contribution from redeemable noncontrolling interest 0 11,348,000
Contributions from noncontrolling interests 58,970,000 240,000
Distributions to noncontrolling interests (29,978,000) (22,699,000)
Net cash (used in) provided by financing activities (352,260,000) 282,644,000
Net (decrease) increase in cash and equivalents (116,039,000) 21,095,000
Cash and equivalents at beginning of period 333,220,000 217,486,000
Cash and equivalents at end of period 217,181,000 238,581,000
Operating Activities    
Increase in land held for development and sale (6,686,000) (5,534,000)
Decrease (increase) in land held for divestiture 1,661,000 (5,737,000)
Decrease in notes and accounts receivable 1,812,000 9,539,000
Decrease in other assets 75,531,000 2,120,000
Decrease in accounts payable, accrued expenses and other liabilities (41,221,000) (10,204,000)
Total effect on operating activities 31,097,000 (9,816,000)
Investing Activities    
Decrease in projects under construction and development 45,232,000 10,140,000
Decrease in completed rental properties 836,166,000 90,110,000
Decrease in restricted cash and escrowed funds 4,326,000 16,474,000
(Increase) decrease in investments in and advances to affiliates (34,671,000) 12,018,000
Total effect on investing activities 851,053,000 128,742,000
Financing Activities    
Decrease in nonrecourse mortgage debt and notes payable (871,068,000) (124,609,000)
Decrease in senior and subordinated debt (218,675,000) (6,049,000)
Decrease in restricted cash and escrowed funds 0 8,208,000
Decrease in preferred stock (5,489,000) (133,724,000)
Increase in Class A common stock 4,680,000 2,948,000
Increase in additional paid-in capital 237,199,000 127,042,000
Increase in treasury stock (12,868,000) 0
(Decrease) increase in redeemable noncontrolling interest (47,538,000) 6,609,000
Increase in noncontrolling interest 31,609,000 649,000
Total effect on financing activities $ (882,150,000) $ (118,926,000)