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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Net earnings (loss) $ 246,072,000 $ (83,396,000)
Depreciation and amortization 126,816,000 114,327,000
Amortization of mortgage procurement costs 3,963,000 3,893,000
Impairment of real estate 0 129,829,000
Write-offs of abandoned development projects 5,778,000 283,000
Loss on extinguishment of debt 38,344,000 878,000
Net loss on disposition of partial interest in development project 0 19,590,000
Net loss on disposition of partial interest in rental properties 0 467,000
Net gain on change in control of interests (487,684,000) (2,759,000)
Deferred income tax expense (benefit) 179,521,000 (48,515,000)
Total Equity in Earnings on Unconsolidated Entities (28,322,000) (61,197,000)
Stock-based compensation expense 11,242,000 7,602,000
Amortization and mark-to-market adjustments of derivative instruments (4,547,000) 4,450,000
Cash distributions from operations of unconsolidated entities 30,483,000 39,571,000
Non-cash operating expenses and deferred taxes included in discontinued operations 0 9,883,000
Gain on disposition of rental properties included in discontinued operations 0 (28,100,000)
Decrease in land inventory 2,575,000 7,268,000
(Increase) decrease in notes and accounts receivable (8,746,000) 6,176,000
Increase in other assets (7,405,000) (3,081,000)
Decrease in accounts payable, accrued expenses and other liabilities (19,697,000) (21,969,000)
Net cash provided by operating activities 88,393,000 95,200,000
Cash Flows from Investing Activities    
Capital expenditures (191,952,000) (211,822,000)
Acquisitions (397,275,000) (19,988,000)
Payment of lease procurement costs (5,624,000) (2,686,000)
Increase in notes receivable (18,113,000) (22,203,000)
Decrease in restricted cash used for investing purposes 38,934,000 108,212,000
Proceeds from disposition of rental properties 1,650,000 193,682,000
Contributions to investments in and advances to unconsolidated entities (56,306,000) (87,635,000)
Distributions from investments in and advances to unconsolidated entities 4,000,000 55,911,000
Net cash (used in) provided by investing activities (624,686,000) 13,471,000
Cash Flows from Financing Activities    
Proceeds from nonrecourse mortgage debt and notes payable 142,201,000 481,019,000
Principal payments on nonrecourse mortgage debt and notes payable (394,531,000) (691,112,000)
Borrowings on revolving credit facility 111,850,000 637,825,000
Payments on revolving credit facility (111,850,000) (329,825,000)
Payments to noteholders related to exchange of convertible senior notes (37,752,000) 0
Transaction costs related to exchange of convertible senior notes (4,675,000) 0
Proceeds received from termination of convertible senior note hedge 17,818,000 0
Proceeds from issuance of Class A common stock, net of $34,438 of transaction costs 806,500,000 0
Payments of deferred financing costs (10,108,000) (6,800,000)
Purchase of treasury stock (5,412,000) (3,781,000)
Exercise of stock options 445,000 267,000
Acquisitions of noncontrolling interests (308,000) (14,245,000)
Contributions from noncontrolling interests 42,683,000 1,839,000
Distributions to noncontrolling interests (12,236,000) (7,140,000)
Net cash provided by financing activities 544,625,000 68,047,000
Net increase in cash and equivalents 8,332,000 176,718,000
Cash and equivalents at beginning of period 326,518,000 280,206,000
Cash and equivalents at end of period $ 334,850,000 $ 456,924,000