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Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Net earnings (loss) $ (87,514,000) $ 176,208,000
Depreciation and amortization 169,838,000 236,488,000
Amortization of mortgage procurement costs 5,967,000 7,567,000
Impairment of real estate 130,795,000 1,175,000
Write-offs of abandoned development projects 283,000 14,858,000
(Gain) loss on extinguishment of debt 927,000 (18,718,000)
Net gain on land held for divestiture activity 0 (3,383,000)
Net loss on disposition of partial interest in development project 19,590,000 0
Net (gain) loss on disposition of partial interest in rental properties 613,000 (386,559,000)
Net gain on change in control of interests (2,759,000) (2,762,000)
Deferred income tax expense (benefit) (52,373,000) 121,085,000
Earnings from unconsolidated entities (80,543,000) (59,270,000)
Stock-based compensation expense 10,730,000 8,432,000
Amortization and mark-to-market adjustments of derivative instruments 4,984,000 9,872,000
Cash distributions from operations of unconsolidated entities 59,217,000 53,027,000
Non-cash operating expenses and deferred taxes included in discontinued operations 9,883,000 22,717,000
Gain on disposition of rental properties included in discontinued operations (28,100,000) (43,931,000)
Decrease in land inventory 9,203,000 7,266,000
Increase in notes and accounts receivable (2,065,000) (1,003,000)
Decrease in other assets 7,562,000 17,613,000
Decrease in accounts payable, accrued expenses and other liabilities (15,009,000) (25,960,000)
Net cash provided by operating activities 161,229,000 134,722,000
Cash Flows from Investing Activities    
Capital expenditures (315,170,000) (345,395,000)
Payment of lease procurement costs (7,212,000) (8,260,000)
Decrease (increase) in notes receivable 10,580,000 (21,917,000)
Decrease in restricted cash used for investing purposes 106,165,000 20,156,000
Proceeds from disposition of full or partial interest in rental properties or development project 236,908,000 496,515,000
Contributions to investments in and advances to unconsolidated entities (112,613,000) (30,383,000)
Distributions from investments in and advances to unconsolidated entities 120,294,000 73,910,000
Net cash provided by investing activities 38,952,000 184,626,000
Cash Flows from Financing Activities    
Proceeds from nonrecourse mortgage debt and notes payable 507,788,000 497,646,000
Principal payments on nonrecourse mortgage debt and notes payable (733,937,000) (710,705,000)
Borrowings on revolving credit facility 832,325,000 507,194,000
Payments on revolving credit facility (832,325,000) (507,194,000)
Proceeds from issuance of Convertible Senior Notes due 2020, net of issuance costs 0 291,250,000
Redemption of Senior Notes due 2015 0 (53,253,000)
Redemption of Senior Notes due 2017 0 (132,144,000)
Make-whole premium and inducements related to exchange of Senior Notes due 2014 for Class A common stock 0 (5,490,000)
Transaction costs related to exchange of Senior Notes due 2014 for Class A common stock 0 (2,300,000)
Payments of deferred financing costs (10,751,000) (11,317,000)
Change in book overdrafts 0 3,161,000
Purchase of treasury stock (3,800,000) (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 583,000 8,027,000
Dividends paid to preferred shareholders 0 (185,000)
Acquisitions of noncontrolling interests (83,871,000) (101,467,000)
Contributions from noncontrolling interests 34,249,000 53,186,000
Distributions to noncontrolling interests (8,992,000) (30,145,000)
Net cash used in financing activities (298,731,000) (191,794,000)
Net increase (decrease) in cash and equivalents (98,550,000) 127,554,000
Cash and equivalents at beginning of period 280,206,000 293,557,000
Cash and equivalents at end of period $ 181,656,000 $ 421,111,000