Howard Hughes Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
HHH$84.60-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| FINANCIAL STATEMENTS | Table of ContentsIndex to Financial Statements |
|---|
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| thousands | 2023 | 2022 | 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income (loss) | $(551,530) | $184,636 | $48,924 |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
| Depreciation | 195,630 | 180,201 | 185,418 |
| Amortization | 16,839 | 16,834 | 16,891 |
| Amortization of deferred financing costs | 12,303 | 10,754 | 10,301 |
| Amortization of intangibles other than in-place leases | 3,275 | 3,275 | 2,843 |
| Straight-line rent amortization | (7,680) | (8,468) | (9,278) |
| Deferred income taxes | (163,843) | 42,022 | 10,356 |
| Restricted stock and stock option amortization | 16,394 | 11,895 | 9,885 |
| Net gain on sale of properties | (24,162) | (29,687) | (53,057) |
| Net gain on sale of unconsolidated ventures | — | (5,016) | — |
| (Gain) loss on extinguishment of debt | 144 | 2,377 | 38,014 |
| Impairment charges | 672,492 | — | 15,335 |
| Equity in (earnings) losses from unconsolidated ventures, net of distributions and impairment charges | 66,676 | 28,081 | 52,390 |
| Provision for doubtful accounts | 8,601 | (2,235) | (2,027) |
| Master Planned Community land acquisitions | — | — | (574,253) |
| Master Planned Community development expenditures | (403,633) | (396,125) | (322,255) |
| Master Planned Community cost of sales | 126,167 | 111,723 | 144,933 |
| Condominium development expenditures | (472,666) | (340,793) | (345,289) |
| Condominium rights and units cost of sales | 53,156 | 465,711 | 394,427 |
| Other | 1,319 | — | — |
| Net Changes: | |||
| Accounts receivable, net | 112,048 | 83,443 | 30,594 |
| Other assets, net | (19,615) | (33,078) | (17,140) |
| Condominium deposits received, net | 88,595 | 21,273 | 59,108 |
| Deferred expenses, net | (27,037) | (30,441) | (22,903) |
| Accounts payable and other liabilities | 38,045 | 8,872 | 42,825 |
| Cash provided by (used in) operating activities | (258,482) | 325,254 | (283,958) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Property and equipment expenditures | (7,340) | (2,004) | (1,814) |
| Operating property improvements | (56,320) | (54,715) | (35,915) |
| Property development and redevelopment | (275,084) | (353,098) | (274,742) |
| Acquisition of assets | (5,898) | — | — |
| Proceeds from sales of properties, net | 39,543 | 81,720 | 322,451 |
| Reimbursements under tax increment financings | 1,469 | 127 | 667 |
| Distributions from unconsolidated ventures | 13,014 | 207,685 | 92,060 |
| Investments in unconsolidated ventures, net | (45,527) | (100,410) | (1,249) |
| Cash provided by (used in) investing activities | (336,143) | (220,695) | 101,458 |
| FINANCIAL STATEMENTS | Table of ContentsIndex to Financial Statements |
|---|
| Year Ended December 31, | |||
|---|---|---|---|
| thousands | 2023 | 2022 | 2021 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from mortgages, notes, and loans payable | 792,441 | 1,235,895 | 2,422,862 |
| Principal payments on mortgages, notes, and loans payable | (249,435) | (1,065,348) | (2,140,340) |
| Repurchases of common shares | — | (403,863) | (81,127) |
| Debt extinguishment costs | — | (60) | (29,793) |
| Special Improvement District bond funds released from (held in) escrow | 11,037 | 23,148 | 11,477 |
| Deferred financing costs and bond issuance costs, net | (2,821) | (18,515) | (28,517) |
| Taxes paid on stock options exercised and restricted stock vested | (2,696) | (3,011) | (2,500) |
| Stock options exercised | — | 345 | 4,078 |
| Issuance of Teravalis noncontrolling interest | — | 31,234 | — |
| Distribution to noncontrolling interest upon sale of 110 North Wacker | — | (22,084) | — |
| Contributions from Teravalis noncontrolling interest owner | 219 | — | — |
| Cash provided by (used in) financing activities | 548,745 | (222,259) | 156,140 |
| Net change in cash, cash equivalents, and restricted cash | (45,880) | (117,700) | (26,360) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,098,937 | 1,216,637 | 1,242,997 |
| Cash, cash equivalents, and restricted cash at end of period | $1,053,057 | $1,098,937 | $1,216,637 |
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
| Cash and cash equivalents | $631,548 | $626,653 | $843,212 |
| Restricted cash | 421,509 | 472,284 | 373,425 |
| Cash, cash equivalents, and restricted cash at end of period | $1,053,057 | $1,098,937 | $1,216,637 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Interest paid, net | $249,702 | $214,583 | $182,654 |
| Interest capitalized | 120,667 | 100,607 | 71,798 |
| Income taxes paid (refunded), net | 10,608 | 24,974 | 1,789 |
| NON-CASH TRANSACTIONS | |||
| Issuance of Teravalis noncontrolling interest | — | 33,810 | — |
| MPC land contributed to unconsolidated venture | — | 21,450 | — |
| Accrued property improvements, developments, and redevelopments | 4,253 | 131 | 16,885 |
| Non-cash consideration from sale of properties | 5,250 | — | — |
| Special Improvement District bond transfers associated with land sales | 13,883 | 7,774 | 8,697 |
| Special Improvement District bonds held in third-party escrow | 21,290 | — | 45,425 |
| Capitalized stock compensation | 4,669 | 4,785 | 2,326 |
| Initial recognition of ASC 842 operating lease ROU asset | — | 1,488 | 6,189 |
| Initial recognition of ASC 842 operating lease obligation | — | 1,621 | 6,189 |
| Accrued repurchase of common shares | — | — | 15,492 |
See Notes to Consolidated Financial Statements
.
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