v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 236,629 $ 253,113
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 233,329 225,916
Noncash amortization of deferred financing costs, debt discounts and cash flow hedging instruments 5,960 6,108
Noncash share-based compensation 20,409 14,332
Loss on early extinguishment of debt 1,017 0
Equity in net loss (income) of unconsolidated entities 934 (711)
Return on investment from unconsolidated joint ventures 1,004 1,788
Gain on sale and impairment of single-family properties and other, net (112,793) (147,417)
Other changes in operating assets and liabilities:    
Rent and other receivables (633) 1,841
Prepaid expenses and other assets 8,700 (2,117)
Deferred leasing costs (1,837) (1,576)
Accounts payable and accrued expenses 83,135 62,511
Amounts due from related parties (74) 1,888
Net cash provided by operating activities 475,780 415,676
Investing activities    
Cash paid for single-family properties (6,966) (3,181)
Change in escrow deposits for purchase of single-family properties 5,616 558
Net proceeds received from sales of single-family properties and other 279,820 311,878
Proceeds from notes receivable related to the sale of properties 298 349
Investment in unconsolidated joint ventures (9,712) (4,278)
Distributions from joint ventures 115,013 13,155
Renovations to single-family properties (21,530) (14,891)
Recurring and other capital expenditures for single-family properties (50,017) (67,564)
Cash paid for development activity (432,895) (452,967)
Proceeds from asset-backed securitization certificates 25,666 0
Other investing activities (13,605) (20,881)
Net cash used for investing activities (108,312) (237,822)
Financing activities    
Proceeds from issuances under share-based compensation plans 3,451 3,580
Payments related to tax withholding for share-based compensation (8,809) (3,814)
Payments on asset-backed securitizations (472,039) (12,999)
Proceeds from unsecured senior notes, net of discount 1,096,633 0
Payments related to liabilities to repurchase consolidated land not owned (36,382) 0
Distributions to noncontrolling interests (26,636) (22,511)
Distributions to common shareholders (191,518) (159,700)
Distributions to preferred shareholders (6,972) (6,972)
Deferred financing costs paid (8,626) 0
Net cash provided by (used for) financing activities 292,317 (34,044)
Net increase in cash, cash equivalents and restricted cash 659,785 143,810
Cash, cash equivalents and restricted cash, beginning of period (see Note 3) 221,861 217,960
Cash, cash equivalents and restricted cash, end of period (see Note 3) 881,646 361,770
Supplemental cash flow information    
Cash payments for interest, net of amounts capitalized (58,883) (64,872)
Supplemental schedule of noncash investing and financing activities    
Accrued property renovations and development expenditures 59,538 94,592
Transfers of completed homebuilding deliveries to properties 439,006 286,060
Property and land contributions to unconsolidated joint ventures (156,934) (11,647)
Noncash right-of-use assets obtained in exchange for operating lease liabilities 426 0
Accrued distributions to affiliates 1,551 841
Accrued distributions to non-affiliates 161 139
Revolving Credit Facility    
Financing activities    
Payments on revolving credit facility (90,000) (130,000)
Class A common shares    
Financing activities    
Proceeds from issuance of Class A common shares 33,249 298,372
Payments of Class A common share issuance costs $ (34) $ 0