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Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Net loss $ (83,396,000) $ (63,715,000)
Depreciation and amortization 114,327,000 148,256,000
Amortization of mortgage procurement costs 3,893,000 5,267,000
Impairment of real estate 129,829,000 1,175,000
Write-offs of abandoned development projects 283,000 13,553,000
Loss on extinguishment of debt 878,000 4,948,000
Net gain on land held for divestiture activity 0 (12,308,000)
Net loss on disposition of partial interest in development project 19,590,000 0
Net loss on disposition of partial interest in rental properties 467,000 0
Net gain on change in control of interests (2,759,000) (2,762,000)
Deferred income tax expense (benefit) (48,515,000) 12,995,000
Earnings from unconsolidated entities (61,197,000) (15,267,000)
Stock-based compensation expense 7,602,000 5,891,000
Amortization and mark-to-market adjustments of derivative instruments 4,450,000 4,130,000
Cash distributions from operations of unconsolidated entities 39,571,000 33,556,000
Non-cash operating expenses and deferred taxes included in discontinued operations 9,883,000 12,906,000
Gain on disposition included in discontinued operations (28,100,000) (21,471,000)
Decrease in land inventory 7,268,000 2,218,000
Decrease in notes and accounts receivable 6,176,000 12,209,000
(Increase) decrease in other assets (3,081,000) 8,891,000
Decrease in accounts payable, accrued expenses and other liabilities (21,969,000) (70,023,000)
Net cash provided by operating activities 95,200,000 80,449,000
Cash Flows from Investing Activities    
Capital expenditures (231,810,000) (240,518,000)
Payment of lease procurement costs (2,686,000) (4,797,000)
Increase in notes receivable (22,203,000) (15,330,000)
Decrease in restricted cash used for investing purposes 108,212,000 5,615,000
Proceeds from disposition of full or partial interest in rental properties or development project 193,682,000 21,987,000
Contributions to investments in and advances to unconsolidated entities (89,111,000) (21,301,000)
Distributions from investments in and advances to unconsolidated entities 57,387,000 36,838,000
Net cash provided by (used in) investing activities 13,471,000 (217,506,000)
Cash Flows from Financing Activities    
Proceeds from nonrecourse mortgage debt and notes payable 481,019,000 97,843,000
Principal payments on nonrecourse mortgage debt and notes payable (691,112,000) (91,174,000)
Borrowings on revolving credit facility 637,825,000 206,200,000
Payments on revolving credit facility (329,825,000) (86,950,000)
Redemption of Senior Notes due 2015 0 (53,253,000)
Make-whole premium and inducements related to exchange of Senior Notes due 2014 for Class A common stock 0 (4,903,000)
Transaction costs related to exchange of Senior Notes due 2014 for Class A common stock 0 (2,300,000)
Payments of deferred financing costs (6,800,000) (7,888,000)
Purchase of treasury stock (3,781,000) (3,226,000)
Redemption of Series A preferred stock 0 (5,063,000)
Proceeds from equity call hedge related to the issuance of Series A preferred stock 0 10,231,000
Exercise of stock options 267,000 8,027,000
Dividends paid to preferred shareholders 0 (185,000)
Acquisitions of noncontrolling interests (14,245,000) (9,041,000)
Contributions from noncontrolling interests 1,839,000 38,194,000
Distributions to noncontrolling interests (7,140,000) (7,122,000)
Net cash provided by financing activities 68,047,000 89,390,000
Net increase (decrease) in cash and equivalents 176,718,000 (47,667,000)
Cash and equivalents at beginning of period 280,206,000 293,557,000
Cash and equivalents at end of period 456,924,000 245,890,000
Operating Activities    
Decrease in land inventory 1,660,000 13,351,000
Increase in notes and accounts receivable 6,683,000 (30,716,000)
Increase in other assets (2,999,000) (34,623,000)
Increase in accounts payable, accrued expenses and other liabilities 4,311,000 15,225,000
Total effect on operating activities 9,655,000 (36,763,000)
Investing Activities    
Decrease in projects under construction and development 359,234,000 10,177,000
Decrease (increase) in completed rental properties 123,472,000 (108,206,000)
Increase in restricted cash (20,000) 0
Increase in notes and accounts receivable (42,991,000) 0
Increase in investments in and advances to affiliates (112,531,000) (12,631,000)
Total effect on investing activities 327,164,000 (110,660,000)
Financing Activities    
Increase in accounts payable, accrued expenses and other liabilities 41,828,000 0
(Decrease) increase in nonrecourse mortgage debt and notes payable (339,309,000) 175,594,000
Decrease in convertible senior debt 0 (178,241,000)
Decrease in preferred stock 0 (5,489,000)
Increase in Class A common stock 225,000 3,551,000
(Decrease) increase in additional paid-in capital (33,611,000) 137,906,000
Increase in treasury stock 0 (12,868,000)
Increase in redeemable noncontrolling interest 28,390,000 2,237,000
(Decrease) increase in noncontrolling interest (34,342,000) 24,733,000
Total effect on financing activities $ (336,819,000) $ 147,423,000