|
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
10 Months Ended |
12 Months Ended |
2 Months Ended |
12 Months Ended |
|
Dec. 31, 2012
Successor [Member]
|
Dec. 31, 2013
Successor [Member]
|
Dec. 31, 2013
Successor [Member]
Real Estate Inventories-Owned [Member]
|
Dec. 31, 2013
Successor [Member]
Real Estate Inventories-Not Owned [Member]
|
Feb. 24, 2012
Predecessor [Member]
|
Dec. 31, 2011
Predecessor [Member]
|
Dec. 31, 2011
Predecessor [Member]
Real Estate Inventories-Owned [Member]
|
Dec. 31, 2011
Predecessor [Member]
Real Estate Inventories-Not Owned [Member]
|
| Operating activities |
|
|
|
|
|
|
|
|
| Net income (loss) |
$ (6,861) |
$ 135,603 |
|
|
$ 228,497 |
$ (192,898) |
|
|
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
6,631 |
3,795 |
|
|
586 |
3,875 |
|
|
| Impairment loss on real estate assets |
|
|
|
|
|
128,314 |
|
|
| Stock based compensation expense |
3,699 |
3,793 |
|
|
|
|
|
|
| Equity in income of unconsolidated joint ventures |
|
|
|
|
|
(3,605) |
|
|
| Loss on sale of fixed asset |
|
4 |
|
|
|
83 |
|
|
| Reorganization items: |
|
|
|
|
|
|
|
|
| Cancellation of debt |
|
|
|
|
(298,831) |
0 |
|
|
| Plan implementation and fresh start adjustments |
|
|
|
|
49,302 |
|
|
|
| Write-off of deferred loan costs |
|
|
|
|
8,258 |
|
|
|
| Accrued professional fees |
|
|
|
|
|
1,000 |
|
|
| Loss (gain) on extinguishment of debt |
1,392 |
0 |
|
|
|
|
|
|
| Deferred Income Tax Expense (Benefit) |
|
(95,580) |
|
|
|
|
|
|
| Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Restricted cash |
(1) |
(1) |
|
|
|
(211) |
|
|
| Receivables |
(2,924) |
(6,050) |
|
|
941 |
4,767 |
|
|
| Real estate inventories |
|
|
(234,127) |
26,069 |
|
|
18,151 |
|
| Other assets |
605 |
1,069 |
|
|
206 |
(4,422) |
|
|
| Accounts payable |
7,706 |
(1,636) |
|
|
4,618 |
(1,522) |
|
|
| Accrued expenses |
9,778 |
18,596 |
|
|
(3,851) |
7,817 |
|
|
| Liabilities from real estate inventories not owned |
(7,129) |
(26,069) |
|
|
(1,250) |
|
|
|
| Net cash provided by (used in) operating activities |
49,993 |
(174,534) |
|
|
(17,321) |
(38,651) |
|
|
| Investing activities |
|
|
|
|
|
|
|
|
| Distributions from unconsolidated joint ventures |
0 |
0 |
|
|
|
1,435 |
|
|
| Cash paid for acquisitions, net |
(33,201) |
0 |
|
|
|
|
|
|
| Purchases of property and equipment |
(312) |
(3,754) |
|
|
|
(128) |
|
|
| Net cash (used in) provided by investing activities |
(33,513) |
(3,754) |
|
|
|
1,307 |
|
|
| Financing activities |
|
|
|
|
|
|
|
|
| Proceeds from borrowings on notes payable |
13,248 |
73,610 |
|
|
|
|
|
|
| Proceeds from issuance of 8 1/2% Senior Notes |
325,000 |
106,500 |
|
|
|
|
|
|
| Principal payments on notes payable |
(73,676) |
(65,037) |
|
|
(616) |
(11,532) |
|
|
| Principal payments on Senior Secured Term Loan |
(235,000) |
0 |
|
|
|
|
|
|
| Principal payments on Senior Subordinated Secured Notes |
(75,916) |
0 |
|
|
0 |
|
|
|
| Proceeds from reorganization |
|
|
|
|
30,971 |
|
|
|
| Proceeds from issuance of convertible preferred stock |
14,000 |
0 |
|
|
50,000 |
|
|
|
| Proceeds from issuance of common stock |
16,000 |
179,438 |
|
|
|
0 |
|
|
| Payments of Stock Issuance Costs |
|
(15,753) |
|
|
|
|
|
|
| Proceeds from debtor in possession financing |
|
|
|
|
5,000 |
0 |
|
|
| Principal payment of debtor in possession financing |
|
|
|
|
(5,000) |
|
|
|
| Payment of deferred loan costs |
(7,181) |
(4,060) |
|
|
(2,491) |
|
|
|
| Payment of preferred stock dividends |
(1,721) |
(2,550) |
|
|
|
|
|
|
| Noncontrolling interest contributions |
15,313 |
37,184 |
|
|
1,825 |
6,605 |
|
|
| Noncontrolling interest distributions |
(16,004) |
(30,447) |
|
|
(1,897) |
(8,954) |
|
|
| Net cash (used in) provided by financing activities |
(25,937) |
278,885 |
|
|
77,792 |
(13,881) |
|
|
| Net (decrease) increase in cash and cash equivalents |
(9,457) |
100,597 |
|
|
60,471 |
(51,225) |
|
|
| Cash and cash equivalents - beginning of period |
80,532 |
71,075 |
|
|
20,061 |
71,286 |
|
|
| Cash and cash equivalents - end of period |
71,075 |
171,672 |
|
|
80,532 |
20,061 |
|
|
| Supplemental disclosures: |
|
|
|
|
|
|
|
|
| Cash Paid For Taxes |
0 |
9,300 |
|
|
0 |
0 |
|
|
| Cash paid for professional fees relating to the reorganization |
3,228 |
464 |
|
|
7,813 |
20,182 |
|
|
| Stock Issued During Period, Value, Conversion of Convertible Securities |
0 |
70,386 |
|
|
|
|
|
|
| Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
| Issuance of common stock related to land acquisition |
10,500 |
0 |
|
|
|
|
|
|
| Land contributed in lieu of cash for common stock |
|
|
|
|
4,029 |
|
|
|
| Distributions of real estate from unconsolidated joint ventures |
|
|
|
|
|
800 |
|
|
| Accretion of payable in kind dividends on convertible preferred stock |
860 |
0 |
|
|
|
|
|
|
| Preferred stock dividends, accrued |
162 |
0 |
|
|
|
0 |
|
|
| Net change in real estate inventories-not owned and liabilities from inventories not owned |
0 |
0 |
|
|
0 |
7,862 |
|
|
| Note payable issued in conjunction with land acquisition |
|
$ 16,238 |
|
|
|
$ 55,000 |
|
|