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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Net loss $ (57,038,000) $ (87,514,000)
Depreciation and amortization 206,782,000 169,838,000
Amortization of mortgage procurement costs 5,756,000 5,967,000
Impairment of real estate 425,463,000 130,795,000
Impairment 1,384,000 0
Write-offs of abandoned development projects 674,000 283,000
Loss on extinguishment of debt 61,953,000 927,000
Net loss on disposition of partial interest in development project 0 19,590,000
Net (gain) loss on disposition of full or partial interest in rental properties (1,746,000) 613,000
Net gain on change in control of interests (487,684,000) (2,759,000)
Deferred income tax benefit (6,651,000) (52,373,000)
Earnings from unconsolidated entities (199,000) (80,543,000)
Stock-based compensation expense 16,569,000 10,730,000
Amortization and mark-to-market adjustments of derivative instruments (2,653,000) 4,984,000
Cash distributions from operations of unconsolidated entities 46,671,000 59,217,000
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 5,062,000 9,203,000
Increase in notes and accounts receivable (17,726,000) (2,065,000)
(Increase) decrease in other assets (15,341,000) 7,562,000
Decrease in accounts payable, accrued expenses and other liabilities (22,726,000) (15,009,000)
Net cash provided by operating activities 158,550,000 161,229,000
Cash Flows from Investing Activities    
Capital expenditures (338,490,000) (295,182,000)
Acquisitions (397,275,000) (19,988,000)
Payment of lease procurement costs (8,063,000) (7,212,000)
(Increase) decrease in notes receivable (10,934,000) 10,580,000
Decrease in restricted cash used for investing purposes 42,262,000 106,165,000
Proceeds from disposition of rental properties or development project 36,594,000 236,908,000
Contributions to investments in and advances to unconsolidated entities (92,678,000) (112,613,000)
Distributions from investments in and advances to unconsolidated entities 11,911,000 120,294,000
Net cash (used in) provided by investing activities (756,673,000) 38,952,000
Cash Flows from Financing Activities    
Proceeds from nonrecourse mortgage debt and notes payable 256,049,000 507,788,000
Principal payments on nonrecourse mortgage debt and notes payable (441,822,000) (733,937,000)
Borrowings on revolving credit facility 111,850,000 832,325,000
Payments on revolving credit facility (111,850,000) (832,325,000)
Payments to noteholders related to exchange of convertible senior notes (61,110,000) 0
Transaction costs related to exchange of convertible senior notes (6,950,000) 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 (11,447,000) (10,751,000)
Purchase of treasury stock (5,412,000) (3,800,000)
Exercise of stock options 955,000 583,000
Acquisitions of noncontrolling interests (308,000) (83,871,000)
Contributions from noncontrolling interests 77,369,000 34,249,000
Distributions to noncontrolling interests (28,588,000) (8,992,000)
Net cash provided by (used in) financing activities 603,054,000 (298,731,000)
Net increase (decrease) in cash and equivalents 4,931,000 (98,550,000)
Cash and equivalents at beginning of period 326,518,000 280,206,000
Cash and equivalents at end of period $ 331,449,000 $ 181,656,000