The howard hughes corporation (HHC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows from Operating Activities:
Net (loss) income

74,295

57,726

166,623

202,326

126,719

-23,520

-73,695

-127,543

148,470

-69,230

-703,816

Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:
Depreciation

143,698

113,518

116,401

81,878

82,275

50,683

29,637

19,455

14,012

14,582

17,145

Amortization

10,684

13,047

15,851

13,986

16,722

5,275

4,208

4,974

2,770

1,981

2,696

Amortization of deferred financing costs

11,726

9,347

5,587

6,977

5,734

4,378

2,952

1,418

1,771

1,260

978

Amortization of intangibles other than in-place leases

788

1,681

-1,327

-1,857

462

668

213

96

297

174

220

Straight-line rent amortization

5,652

12,584

5,401

7,401

4,985

-

3,652

757

1,060

151

49

Deferred income taxes

27,818

16,195

-43,463

113,698

21,152

65,010

8,352

4,448

-19,200

-636,117

-23,120

Allocated Share-based Compensation Expense

19,502

12,128

7,385

6,707

7,284

8,200

5,782

-

-

-

-

Net gain on sales and acquisitions of properties

22,669

0

78,568

166,520

29,073

2,373

8,483

-

-

-

-

Sales-type Lease, Selling Profit (Loss)

13,537

-

-

-

-

-

-

-

-

-

-

Loss on dispositions

-

-

-

-

-

-

-

-

-

-

-939

Impairment charges

-

-

-

-

-

-

-

-

-

503,356

680,349

Fair Value Adjustment of Warrants

0

0

43,443

24,410

-58,320

60,520

181,987

-185,017

101,584

-140,900

-

Equity in earnings from real estate and other affiliates, net of distributions

9,585

24,809

9,325

19,329

-1,182

-11,222

7,121

35

4,410

9,413

29,615

Provision for doubtful accounts

3,920

6,078

2,710

5,664

4,030

1,404

836

1,224

-235

1,782

2,539

Investment in Real Estate Affiliate basis adjustment

-

-

-

-

-

-

-

-

-6,053

-

-

Master Planned Communities land acquisitions

752

3,565

4,391

94

7,293

100,913

5,667

-

-

-

-

Master Planned Communities development expenditures

238,806

195,504

193,087

149,592

197,020

140,735

133,590

107,144

90,078

57,138

61,226

Master Planned Communities cost of sales

119,429

113,282

107,218

88,065

69,104

110,885

112,695

87,499

65,379

24,388

-22,019

Condominium development expenditures

211,617

289,084

352,813

330,720

191,313

75,990

21,213

-

-

-

-

Condominium rights and unit cost of sales

369,759

262,562

338,361

319,325

191,606

49,995

16,572

96

14,465

-

-

Deferred rental income

-

-

-

-

46,366

-

-

-

-

-

-

Provision for impairment

-

-

-

35,734

-

-

-

-

-

-

-

Percentage of completion revenue recognition from sale of condominium rights

0

0

464,251

485,634

305,284

83,565

32,969

-

-

-

-

Reduction (increase) in tax indemnity receivable

-

-

-

-

-

90

-1,206

-20,260

-

-

-

Interest income related to tax indemnity

-

-

-

-

-

-21,510

-2,078

-8,111

-

-

-

Loss on settlement of tax indemnity receivable

-

-

-

-

-

-74,095

-

-

-

-

-

Proceeds received on settlement of tax indemnity receivable

-

-

-

-

-

138,000

-

-

-

-

-

Payment to IRS relating to tax court decision

-

-

-

-

-

-203,298

-

-

-

-

-

Proceeds from sale of condominium rights

-

-

-

-

-

-

47,500

-

-

-

-

Non-monetary consideration relating to land sale

-

-

-

-

-

-17,406

-

-

-

-

-

Reorganization items - finance costs related to emerged entities

-

-

-

-

-

-

-

-

-

-1,311

-2,158

Non-cash reorganization items

-

-

-

-

-

-

-

-

-

-2,724

-11,835

Net changes:
Accounts and notes receivable

-24,519

-26,209

-24,034

-29,295

-50,228

-45,209

-5,935

-51,571

-27,500

-534

2,487

Prepaid expenses and other assets

-3,147

6,942

4,123

1,579

1,869

6,311

1,591

-4,110

-2,036

-18,686

-24,867

Increase (Decrease) in Condominium Deposits

-68,842

108,061

315,901

465,701

81,881

139,187

-

-

-

-

-

Investments in Real Estate Affiliates

-

-

-

-

-

-

-

-

-

-

288

Change in restricted cash operating accounts

-

-

-

-

6,580

-20,930

17,204

15,164

7,782

-

-202

Deferred expenses

52,503

17,697

15,156

8,911

11,743

36,641

19,364

1,995

-404

2,110

1,850

Accounts payable and accrued expenses

27,261

20,676

8,181

-46,322

29,867

37,213

20,333

15,112

19,502

112

1,941

Condominium Receivables

0

0

-140,122

-67,574

-

-

-

-

-

-

-

Condominium deposits held in escrow

-

-

-

-

81,881

139,187

-

-

-

-

-

Condominium deposits released from escrow

-

-

-

-

177,724

-

-

-

-

-

-

Other, net

0

-195

755

4,278

-375

8,720

-547

908

2,657

82

-1,047

Cash used in operating activities

207,732

210,520

165,567

239,103

23,930

-58,315

129,332

153,064

86,508

-67,899

-17,870

Cash Flows from Investing Activities:
Property and equipment expenditures

6,951

4,485

6,968

9,662

15,439

8,521

31,768

1,226

690

-

-

Operating property improvements

55,524

47,750

14,389

-

-

-

-

-

-

-

-

Property development and redevelopment

674,244

572,966

369,086

20,247

8,409

6,299

17,231

14,201

8,498

-

-

Property development and redevelopment

-

-

-

402,669

578,506

759,003

221,071

58,940

35,192

111,832

27,738

Reimbursement of development cost

0

0

12,777

4,582

-

-

-

-

-

-

-

Acquisition of assets

565,552

234,541

23,299

25,480

-

21,555

-

2,721

-

-

-

Proceeds from sales of properties

67,110

0

88,384

410,917

25,139

11,953

-

-

-

-

-

Proceeds from Sale of Real Estate

-

-

-

-

-

-

10,814

-

-

-

-

Proceeds from insurance claims

-

-

-

3,107

-

12,901

-

-

5,493

-

-

Reimbursements under Tax Increment Financings

6,883

22,651

0

0

-

-

-

-

-

-

-

Investment in KR Holdings, LLC

-

-

-

-

9,121

9,386

-

-

-

-

-

Notes issued to real estate and other affiliates and third party

0

3,795

5,252

25,000

-

-

-

-

-

-

-

Proceeds from repayment of note to Real Estate and Other Affiliates

-

-

-

25,000

-

-

-

-

-

-

-

Distributions from real estate and other affiliates

1,437

1,732

0

16,550

-

-

-

-

-

-

-

Proceeds from sales of investment in Real Estate Affiliates

-

-

-

-

-

-

-13,270

-8,579

-

-

-6,392

Reimbursement for infrastructure improvements from municipality

-

-

-

-

-

-

-

-

5,560

-

-

Proceeds from dispositions

-

-

-

-

-

-

-

-

1,429

-

-

Investments in real estate and other affiliates, net

6,056

2,617

1,138

11,056

2,171

6,248

4,035

4,552

-

-3

-

Maturity of long-term investment

0

0

3,367

0

-

-

-

-

-

-

-

Other

-

-

-

-

-1,277

-

-

-

-

-

-

Cash used in investing activities

-1,232,897

-841,771

-315,604

-33,958

-575,568

-746,456

-294,325

-81,349

-39,680

-111,829

-21,432

Cash Flows from Financing Activities:
Change in GGP investment, net

-

-

-

-

-

-

-

-

-

-216,518

-50,865

Proceeds from mortgages, notes and loans payable

1,292,083

1,172,622

1,501,290

535,505

583,822

597,553

1,120,102

68,410

304,911

-

-

Repayments of Long-term Debt

386,489

838,462

1,350,226

333,302

103,808

120,182

279,721

55,832

407,027

22,109

10,465

Purchase of treasury stock

53,922

58,715

0

0

-

-

-

-

-

-

-

Premium paid to redeem 2021 Senior Notes

0

0

39,966

0

-

-

-

-

-

-

-

Cash distributions paid to preferred stockholders of Victoria Ward, Ltd.

-

-

-

-

-

-

-

-

-

-

12

Proceeds from issuance of common stock and warrants to Plan Sponsors

-

-

-

-

-

-

-

-

-

251,385

-

Distributions (contributions) to noncontrolling interests

-

-

-

-

-

-

3,031

-

-

277

687

Special Improvement District bond funds released from (held in) escrow

6,077

8,051

35,678

11,236

-39,241

-

-

-

-

-

-

Finance costs related to emerged entities

-

-

-

-

-

-

-

-

-

1,311

2,158

Deferred financing costs and bond issuance costs, net

19,639

15,833

14,188

5,531

4,285

7,085

6,594

2,114

3,828

-

-

Taxes paid on stock options exercised and restricted stock vested

5,449

3,995

11,672

1,231

-

-

-

-

-

-

-

Issuance of management warrants

0

0

52,000

1,000

-

-

-

-

-

-

-

Acquisition of 1% partnership interest in 110 North Wacker

-

-

-

-8,000

-

-

-

-

-

-

-

Proceeds from Derivative Instrument, Financing Activities

0

16,104

0

0

-

-

-

-

-

-

-

Stock options exercised

3,535

11,748

22,708

180

-

-

-

-

-

-

-

Contributions from noncontrolling interest

84,889

99,646

3,586

0

-

-

-

-

-

-

-

Preferred dividend payment on behalf of REIT subsidiary

0

0

-12

0

-

-12

12

-

-

-

-

Proceeds from issuance of Management warrants

-

-

-

-

-

-

-

-

2,000

17,000

-

Purchase of Sponsors Warrants

-

-

-

-

-

-

-

80,548

-

-

-

Cash provided by financing activities

921,085

391,166

199,198

199,857

436,488

470,274

830,744

-70,084

-103,944

461,206

37,543

Net change in cash, cash equivalents and restricted cash

-104,080

-240,085

49,161

405,002

-115,150

-334,497

665,751

1,631

-57,116

281,478

-1,759

Supplemental Disclosure of Cash Flow Information:
Interest paid

168,925

149,693

129,022

123,687

99,296

84,497

30,600

28,857

22,158

21,225

48,100

Interest capitalized

73,002

77,918

73,207

64,344

47,221

46,513

37,470

27,571

24,062

19,139

46,976

Income taxes (refunded) paid, net

-2,138

70

-19,381

11,191

3,318

204,898

2,268

1,202

-

-

-

Non-Cash Transactions:
Accrued property improvements, developments, and redevelopments

14,454

0

0

-

-

-

-

-

-

-

-

Property developments and redevelopments

-

-

-

-

-2,530

-38,567

-85,609

8,384

-

-

-

Special Improvement District bond transfers associated with land sales

22,423

10,937

13,898

7,662

18,775

8,786

14,376

-3,033

-4,430

-1,254

-

Accrued interest on construction loan borrowing

10,154

7,584

1,559

4,386

2,863

4,785

-

-

-

-

-

Acquisition of below-market lease intangible

0

1,903

0

0

-

-

-

-

-

-

-

MPC Land contributed to Real Estate Affiliate

-

-

-

-

15,234

-

-

-

2,990

-

-

Exercise of sponsor warrants and management warrants

0

0

375,581

0

-

-

-

-

-

-

-

Special Improvement District bond transfer to Real Estate Affiliate

-

-

-

-

-1,518

-

-

-

-

-

-

Capitalized stock compensation

1,443

2,434

1,121

2,559

2,526

-

-

4,277

3,073

-

-

Initial recognition of ASC 842 Operating lease ROU asset

72,106

-

-

-

-

-

-

-

-

-

-

Initial recognition of ASC 842 Operating lease obligation

71,888

-

-

-

-

-

-

-

-

-

-

Special Improvement District bonds held in third party escrow

9,686

0

0

-

-

-

-

-

-

-

-

Distribution of land to noncontrolling interests

-

-

-

-

-

2,818

-

-

-

-

-

Developments

-

-

-

18,066

-

-

-

-

-

-

-

Prepaid and other assets

-

-

-

-10,597

-

-

-

-

-

-

-

Reorganization items paid

-

-

-

-

-

-

-

-

-

60,007

2,384

Retirement of Sponsors Warrants and issuance of 1,525,272 shares of common stock

-

-

-

-

-

-

-

76,264

-

-

-

Mortgage, notes and loans payable

-

-

-

-2,834

-

-

-

-

-

-

-

Other liabilities

-

-

-

-4,635

-

-

-

-

-

-

-

Change in accrued liability expenditures included in accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-89,514

-15,222

Change in Contingent Stock Agreement liability

-

-

-

-

-

-

-

-

-

-15,000

178,130

Contribution of tax indemnity receivable plus interest from GGP

-

-

-

-

-

-

-

-

-

323,525

-

Settlement/conversion to equity of intercompany payables to GGP

-

-

-

-

-

-

-

-

-

37,328

-

Contribution to note receivable from GGP

-

-

-

-

-

-

-

-

-

31,386

-

Other non-cash GGP equity transactions

-

-

-

-

-

-

-

-

-

-46,528

2,612

Recognition of note payable in conjunction with land held for development and sale

-

-

-

-

-

-

-

-

-

-

6,520

Acquisition note related to The Woodlands (See Note 4)

-

-

-

-

-

-

-

-

96,500

-

0

Debt assumed from The Woodlands' acquisition (See Note 4)

-

-

-

-

-

-

-

-

296,695

-

0

Prepetition liabilities funded by GGP

-

-

-

-

-

-

-

-

3,241

-

0

Mortgage debt market rate adjustment related to emerged entities

-

-

-

-

-

-

-

-

-

2,749

11,723

Senior Notes
Gain (Loss) on Extinguishment of Debt

4,851

0

-46,410

0

-

-

-

-

-

-

-

Las Vegas51s Llc [Member]
Net assets acquired in the acquisition

0

0

31,311

0

-

-

-

-

-

-

-

Constellation Apartments [Member]
Net assets acquired in the acquisition

0

0

41,744

0

-

-

-

-

-

-

-

Net assets acquired in the acquisition of Six Pines
Net assets acquired in the acquisition

-

-

-

30,191

-

-

-

-

-

-

-