EX-99.1 7 a09-14242_1ex99d1.htm EX-99.1

Exhibit 99.1

 

CONSOLIDATED FINANCIAL STATEMENTS OF THE ROUSE COMPANY LP,
(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

 

The following is unaudited consolidated financial information for our subsidiary, The Rouse Company LP (“TRCLP”), as of June 30, 2009 and December 31, 2008 and for the six months ended June 30, 2009 and 2008.

 

Debtors in Possession

 

As we were unable to reach an out-of-court consensus with our lenders concerning certain past due and cross-collateralized or cross-defaulted debt, on the Petition Date, the Company, the Operating Partnership and certain of the Company’s domestic subsidiaries, including TRCLP and certain of TRCLP’s subsidiaries, filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (“Chapter 11”) in the Southern District of New York (the “Bankruptcy Court”). On April 22, 2009, certain additional domestic subsidiaries (collectively with the subsidiaries filing on the Petition Date, the Company and the Operating Partnership, the “Debtors”) of the Company also filed voluntary petitions for relief in the Bankruptcy Court (collectively, the “Chapter 11 Cases”) which the Bankruptcy Court has ruled may be jointly administered.  However, neither GGMI, certain of our wholly-owned subsidiaries (collectively, the “Non-Debtors”), nor any of our joint ventures, either consolidated or unconsolidated, have sought such protection.

 

The Debtors are currently operating as “debtors in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the orders of the Bankruptcy Court.  The Non-Debtors are continuing their operations and are not subject to the requirements of Chapter 11.  Of the over 200 regional shopping centers we own and manage, the Debtors own and operate, in the aggregate, 166 regional shopping centers, of which, 42 are indirectly wholly-owned by TRCLP.  In addition, through certain of its wholly-owned subsidiaries, TRCLP owns a minority interest in GGPLP L.L.C. which owns 85 regional shopping centers.  The Debtors intend to work with their constituencies to emerge from bankruptcy as quickly as possible by proposing a plan of reorganization that extends mortgage maturities, reduces corporate debt and overall leverage and that preserves GGP’s integrated, national business operations.  Pursuant to Chapter 11, a debtor is afforded certain protection against its creditors and creditors are prohibited from taking certain actions (such as pursuing collection efforts or proceeding to foreclose on secured obligations) related to debts that were owed prior to the commencement of the Chapter 11 Cases.

 

Accordingly, although the commencement of the Chapter 11 Cases triggered defaults on substantially all debt obligations of the Debtors, creditors are stayed from taking any actions as a result of such defaults. Absent an order of the Bankruptcy Court, these pre-petition liabilities are subject to settlement under a plan of reorganization.

 

In addition to our mortgage and other debt, current liabilities and liens, we are subject to certain executory contracts. The Debtors, subject to the approval of the Bankruptcy Court, may assume or reject these contracts. Although we are considering the rejection of certain of such contracts (except for our operating property tenant leases), none have been rejected as of June 30, 2009. Claims may result if an executory contract is rejected; however, no such potential claims have been recorded or reflected at this time. On July 22, 2009, the Bankruptcy Court granted the Debtors an extension of time, through and including November 12, 2009 to assume or reject any unexpired leases where a Debtor is a lessee.

 

Since the Petition Date, the Bankruptcy Court has granted various motions that allow the Company to continue to operate its business in the ordinary course without interruption, and covering, among other things, employee obligations, critical service providers, tax matters, insurance matters, tenant and contractor obligations, claim settlements, ordinary course property sales, cash management and cash collateral.  The Debtors have retained, pursuant to Bankruptcy Court approval, legal and financial professionals to advise the Debtors on the bankruptcy proceedings and certain other “ordinary course” professionals. From time to time, the Debtors may seek Bankruptcy Court approval for the retention of additional professionals.  In addition, the Bankruptcy Court approved the Debtors request to enter into a post-petition financing arrangement (the “DIP Facility”).  Since approval of the DIP Facility, the Debtors have focused on stabilizing their business and maintaining profitability during the Chapter 11 Cases.  In addition, certain parties have filed motions to dismiss certain of the Debtors from the Chapter 11 Cases on the grounds that, among other things, that the criteria for filing bankruptcy were not satisfied.  The Debtors, by and through their counsel, are contesting these motions and are awaiting a ruling from the Bankruptcy Court.

 

As described above, we have received legal protection from our creditors pursuant to the Chapter 11 Cases. This protection is limited in duration and we will be proceeding to negotiate a reorganization plan, subject to the approval

 

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of the Bankruptcy Court, with our lenders, other creditors, and other stakeholders. There can be no assurance that such negotiations will yield sufficient reductions or deferrals of our current and future debt maturities to allow us to continue operations.  Until February 26, 2010, we have the exclusive right to file a plan of reorganization and, if we do so, we have until April 23, 2010 to obtain necessary acceptances of our plan.

 

Our potential inability to address our debt defaults and past due and future debt maturities raise substantial doubts as to our ability to continue as a going concern. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. However, as a result of the bankruptcy filings, such realization of assets and satisfaction of liabilities are subject to a significant number of uncertainties. Our consolidated financial statements do not reflect any adjustments related to the recoverability of assets and satisfaction of liabilities that might be necessary should we be unable to continue as a going concern.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of TRCLP, its subsidiaries and joint ventures in which it has a controlling interest.  For consolidated joint ventures, the noncontrolling partner’s share of operations (generally computed as the joint venture partner’s ownership percentage) is included in Noncontrolling Interest in Consolidated Real Estate Affiliates as a permanent element of partners’ capital.  All significant intercompany balances and transactions have been eliminated.

 

In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods have been included. The results for the interim periods ended June 30, 2009 and 2008 are not necessarily indicative of the results to be obtained for the full fiscal year.

 

Accounting for Reorganization

 

The accompanying consolidated financial statements have been prepared in accordance with Statement of Position 90-7 (“SOP 90-7”), “Financial Reporting by Entities in Reorganization Under the Bankruptcy Code”, and on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. SOP 90-7 also provides that if a debtor, or group of debtors, has significant combined assets and liabilities of entities which have not sought Chapter 11 bankruptcy protection, the debtors and non-debtors should continue to be combined.

 

Reclassifications and Adoption of New Accounting Pronouncements

 

Certain amounts in the 2008 Consolidated Financial Statements have been reclassified to conform to the current period presentation.  In addition, as of January 1, 2009 we adopted the following accounting pronouncement that requires retrospective application, in which all periods presented reflect the necessary changes.

 

As of January 1, 2009 we adopted SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements” (“SFAS 160”) which changed the reporting for minority interests in our consolidated joint ventures by re-characterizing them as noncontrolling interests and re-classifying such minority interests as a component of permanent partners’ capital in our consolidated balance sheets.   SFAS 160 changed the presentation of the income allocated to minority interest by re-characterizing it as allocation to the noncontrolling interests and re-classifying such income as a deduction to net (loss) income to arrive at net (loss) income attributable to General Growth Properties, Inc.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions.  These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  For example, significant estimates and assumptions have been made with respect to useful lives of assets, capitalization of development and leasing costs, provision for income taxes, recoverable amounts of receivables and deferred taxes, initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect

 

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to acquisitions, impairment of long-lived assets and goodwill and cost ratios and completion percentages used for land sales.  Actual results could differ from these and other estimates.

 

Critical Accounting Policies

 

Critical accounting policies are those that are both significant to the overall presentation of TRCLP’s financial condition and results of operations and require management to make difficult, complex or subjective judgments.  Our critical accounting policies for the fiscal year ended December 31, 2008 have not changed during 2009, with the exception of the accounting for reorganization in accordance with SOP 90-7, and such policies.

 

MANAGEMENT’S DISCUSSION OF TRCLP OPERATIONS

 

Revenues

 

Tenant rents (which includes minimum rents, tenant recoveries, and overage rents) decreased by $18.1 million in the first six months of 2009 primarily due to a $4.0 million decrease in minimum rent primarily as a reduction in rent due to the sale of three office buildings and two office parks in 2008; an aggregate of a $4.6 million decrease in tenant recoveries; a $5.0 million decrease in overage rents; and a $3.3 million decrease in straight line rent revenue, due to lower occupancies and other general declines in economic conditions in 2009.  Land sales revenues increased by $6.5 million in the first six months of 2009 due primarily to a bulk lot sale at Fairwood of approximately $15.0 million.  Excluding the Fairwood bulk lot sale, land sales have decreased by $8.5 million in 2009 due to diminished demand for residential and commercial lots. This trend is expected to continue through 2009.

 

Operating expenses

 

Operating expenses increased by $219.9 million due primarily to the following factors. Provisions for impairment increased by $229.5 million, as detailed below.  Based on the most current information available to us, we recognized impairment charges related to allocated goodwill of $128.8 million.  This impairment was primarily driven by the increases in capitalization rate assumptions and reduced estimates of NOI, primarily due to the continued downturn in the real estate market. Although we recorded a provision for impairment of goodwill of approximately $32.8 million at December 31, 2008, no impairments of goodwill were recorded for the six months ended June 30, 2008.  We recorded impairment charges of $40.3 million for the six months ended June 30, 2009 related to Owings Mills Mall located in Owings Mills, Maryland, which was calculated using a discounted cash flow analysis (at a 9.25% discount rate) incorporating available market information and other management assumptions including estimates of future cash flows based on a number of factors such as historical operating results, known trends and market/economic conditions.  We recorded an impairment charge of $52.8 million for the six months ended June 30, 2009 related to our Fairwood master planned community, which was calculated using a projected sales price analysis related to an existing pending sales contract for a large bulk sale of lots which closed June 29, 2009.  We recorded an impairment charge related to the write down of various pre-development costs that were determined to be non-recoverable of $7.7 million in the six months ended June 30, 2009.  These increases were partially offset by decreases in repairs and maintenance and marketing costs.

 

Interest Expense

 

The increase in interest expense is primarily due to higher debt balances at June 30, 2009 compared to June 30, 2008, that was primarily the result of multi property financing and/or re-financings and extensions in the second half of 2008.  This financing activity resulted in significant increases in interest rates and loan fees.

 

Benefit from (provision for) income taxes

 

The increase in benefit from (provision for) income taxes for the six months ended June 30, 2009 was primarily attributable to tax benefit related to the $52.8 million provision for impairment that we recorded for our Fairwood master planned community.

 

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Equity in income of unconsolidated real estate affiliates

 

The decrease in equity in income of unconsolidated real estate affiliates is primarily due to a significant decrease in land sales at our Woodlands Partnership joint venture for the six months ended June 30, 2009 compared to the six months ended June 30, 2008 and a net loss at GGPLP, LLC, in which TRCLP has a 9.3% ownership interest, for the six months ended June 30, 2009.

 

Reorganization Items

 

Reorganization items under the bankruptcy filings are expense or income items that were incurred or realized by the Debtors as a result of the Chapter 11 Cases and are presented separately in the consolidated statements of income and comprehensive income. These items include professional fees and similar types of expenses incurred directly related to the bankruptcy filings, loss accruals or gains or losses resulting from activities of the reorganization process, and interest earned on cash accumulated by the Debtors. However, for the period ended June 30, 2009, this amount only reflects the gains resulting from agreements reached with certain critical vendors which were ratified by the Bankruptcy Court and for which payments on an installment basis began in July, 2009.  Any allocations of costs have not been made to individual debtors as all costs remain subject to Bankruptcy Court approval.

 

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THE ROUSE COMPANY, L.P. AND SUBSIDIARIES

(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands)

 

 

 

June 30,

 

December 31,

 

 

 

2009

 

2008

 

Assets

 

 

 

 

 

Investment in real estate:

 

 

 

 

 

Land

 

$

 1,589,104

 

$

 1,584,843

 

Buildings and equipment

 

11,092,067

 

11,086,224

 

Less accumulated depreciation

 

(1,729,892

)

(1,595,974

)

Developments in progress

 

396,610

 

476,472

 

Net property and equipment

 

11,347,889

 

11,551,565

 

Investment in and loans to/from Unconsolidated Real Estate Affiliates

 

1,518,185

 

1,470,328

 

Investment land and land held for development and sale

 

1,651,472

 

1,698,405

 

Net investment in real estate

 

14,517,546

 

14,720,298

 

Cash and cash equivalents

 

75,712

 

25,411

 

Accounts and notes receivable, net

 

163,633

 

154,578

 

Goodwill

 

211,540

 

340,291

 

Deferred expenses, net

 

138,012

 

135,556

 

Prepaid expenses and other assets

 

590,712

 

606,589

 

Total assets

 

$

 15,697,155

 

$

 15,982,723

 

 

 

 

 

 

 

Liabilities and Partners’ Capital

 

 

 

 

 

Liabilities not subject to compromise:

 

 

 

 

 

Mortgages, notes and loans payable

 

$

 1,518,531

 

$

 9,697,848

 

Investment in and loans to/from Unconsolidated Real Estate Affiliates

 

24,107

 

25,048

 

Deferred tax liabilities

 

852,798

 

861,399

 

Accounts payable and accrued expenses

 

411,862

 

570,473

 

Liabilities not subject to compromise

 

2,807,298

 

11,154,768

 

Liabilities subject to compromise

 

8,292,149

 

 

Total liabilities

 

11,099,447

 

11,154,768

 

 

 

 

 

 

 

Partners’ capital:

 

 

 

 

 

Partners’ capital

 

8,803,101

 

9,028,681

 

Accumulated other comprehensive loss

 

(418

)

(418

)

Receivable from General Growth Properties, Inc.

 

(4,225,296

)

(4,220,504

)

Partners’ capital attributable to General Growth Properties, Inc.

 

4,577,387

 

4,807,759

 

Noncontrolling interests in Consolidated Real Estate Affiliates

 

20,321

 

20,196

 

Total partners’ capital

 

4,597,708

 

4,827,955

 

Total liabilities and partners’ capital

 

$

 15,697,155

 

$

 15,982,723

 

 

5



 

THE ROUSE COMPANY, L.P. AND SUBSIDIARIES

(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

Minimum rents

 

$

 425,011

 

$

 433,474

 

Tenant recoveries

 

193,609

 

198,202

 

Overage rents

 

6,749

 

11,802

 

Land sales

 

31,434

 

24,921

 

Other

 

18,125

 

28,953

 

Total revenues

 

674,928

 

697,352

 

Expenses:

 

 

 

 

 

Real estate taxes

 

59,220

 

56,222

 

Repairs and maintenance

 

45,647

 

50,845

 

Marketing

 

4,867

 

7,541

 

Other property operating costs

 

97,045

 

103,123

 

Land sales operations

 

32,464

 

25,131

 

Provisions for impairment

 

229,545

 

81

 

Property management and other costs

 

23,564

 

34,078

 

Provision for doubtful accounts

 

8,064

 

2,872

 

Depreciation and amortization

 

170,632

 

171,288

 

Total expenses

 

671,048

 

451,181

 

Operating (loss) income

 

3,880

 

246,171

 

 

 

 

 

 

 

Interest income

 

2,404

 

1,303

 

Interest expense

 

(251,998

)

(243,851

)

Loss from continuing operations before income taxes, noncontrolling interests and equity in income of Unconsolidated  Real Estate Affiliates

 

(245,714

)

3,623

 

Benefit from (provision for) income taxes

 

9,180

 

(11,491

)

Equity in income of Unconsolidated Real Estate Affiliates

 

10,926

 

30,400

 

Reorganization items

 

1,089

 

 

(Loss) income from continuing operations

 

(224,519

)

22,532

 

(Loss) income from discontinued operations

 

(239

)

37,060

 

Net (loss) income

 

(224,758

)

59,592

 

 

 

 

 

 

 

Allocation to noncontrolling interests

 

(822

)

(673

)

Net (loss) income attributable to General Growth Properties, Inc.

 

$

 (225,580

)

$

 58,919

 

 

 

 

 

 

 

Comprehensive income, net:

 

 

 

 

 

Net (loss) income attributable to General Growth Properties, Inc.

 

$

 (225,580

)

$

 58,919

 

Other comprehensive income:

 

 

 

 

 

Unrealized losses on available-for-sale securities

 

 

(7

)

Net unrealized losses on financial instruments

 

 

8

 

Comprehensive income (loss), net

 

$

 (225,580

)

$

 58,920

 

 

6



 

THE ROUSE COMPANY, L.P. AND SUBSIDIARIES

(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(UNAUDITED)

(In thousands)

 

 

 

Partners’
Capital

 

Accumulated
other
comprehensive loss

 

Receivable
from General
Growth
Properties,
Inc.

 

Noncontrolling
Interests in
Consolidated
Real Estate
Affiliates

 

Total Partners’
Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2007

 

$

8,934,378

 

$

 (419

)

$

 (4,015,284

)

$

 

 

$

 4,918,675

 

Cumulative effect of change in accounting principles

 

 

 

 

3,983

 

3,983

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted balance January 1, 2008

 

8,934,378

 

(419

)

(4,015,284

)

3,983

 

4,922,658

 

Net income

 

58,919

 

 

 

673

 

59,592

 

Other comprehensive income

 

 

1

 

 

 

1

 

Receivable from General Growth Properties, Inc.

 

 

 

(159,669

)

 

(159,669

)

Contribution from General Growth Properties, Inc.

 

18,000

 

 

 

 

18,000

 

Contributions to (distributions from) non controlling interests in consolidated Real Estate Affiliates

 

 

 

 

6,996

 

6,996

 

Balance at June 30, 2008

 

$

9,011,297

 

$

 (418

)

$

 (4,174,953

)

$

 11,652

 

$

 4,847,578

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2008 (as previously reported)

 

$

9,028,681

 

$

 (418

)

$

 (4,220,504

)

$

 —

 

$

 4,807,759

 

Adjustments

 

 

 

 

20,196

 

20,196

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted balance January 1, 2009

 

9,028,681

 

(418

)

(4,220,504

)

20,196

 

4,827,955

 

Net (loss) income

 

(225,580

)

 

 

822

 

(224,758

)

Receivable from General Growth Properties, Inc.

 

 

 

(4,792

)

 

(4,792

)

Contributions to (distributions from) non controlling interests in consolidated Real Estate Affiliates

 

 

 

 

(697

)

(697

)

Balance at June 30, 2009

 

$

8,803,101

 

$

 (418

)

$

 (4,225,296

)

$

 20,321

 

$

 4,597,708

 

 

7



 

THE ROUSE COMPANY, L.P. AND SUBSIDIARIES

(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

Net (loss) income

 

$

 (224,758

)

$

 59,592

 

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

 

 

 

 

 

Depreciation and amortization

 

170,632

 

171,288

 

Equity income of Unconsolidated Real Estate Affiliates

 

(10,926

)

(30,400

)

Distributions received from Unconsolidated Real Estate Affiliates

 

8,346

 

13,266

 

Loss (gain) on dispositions

 

239

 

(37,060

)

Provisions for impairment

 

229,545

 

81

 

Participation expense pursuant to Contingent Stock Agreement

 

(1,793

)

1,252

 

Land development and acquisition expenditures

 

(26,601

)

(59,530

)

Cost of land sales

 

18,667

 

5,472

 

Provision for doubtful accounts

 

8,064

 

2,872

 

Straight-line rent amortization

 

(7,684

)

(9,910

)

Amortization of intangibles other than in-place leases

 

2,384

 

1,684

 

Amortization of debt market rate adjustment and other non-cash interest expense

 

3,578

 

(4,973

)

Non-cash reorganization items

 

(1,089

)

 

Net changes:

 

 

 

 

 

Accounts and notes receivable

 

(9,567

)

11,285

 

Other assets

 

(8,008

)

(680

)

Accounts payable and accrued expenses and deferred tax liabilities

 

119,997

 

(6,947

)

Other, net

 

10,241

 

(6,354

)

Net cash provided by operating activities

 

281,267

 

110,938

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Development of real estate and property additions/improvements

 

(42,472

)

(176,615

)

Proceeds from sales of investment properties

 

6,409

 

29,144

 

Distributions received from Unconsolidated Real Estate Affiliates in excess of income

 

5,592

 

2,111

 

Increase in investments in Unconsolidated Real Estate Affiliates

 

(51,788

)

(25,763

)

Decrease in restricted cash

 

7,172

 

1,936

 

Other, net

 

(2,061

)

2,999

 

Net cash used in investing activities

 

(77,148

)

(166,188

)

 

8



 

THE ROUSE COMPANY, L.P. AND SUBSIDIARIES

(Debtor-in-Possession)

A SUBSIDIARY OF GENERAL GROWTH PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2009

 

2008

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Proceeds from issuance of mortgages, notes and loans payable

 

 

650,516

 

Principal payments on mortgages, notes and loans payable

 

(148,991

)

(436,983

)

Advances to General Growth Properties, Inc.

 

(4,792

)

(175,202

)

Capital contribution from GGPLP

 

 

18,000

 

Deferred financing costs

 

(651

)

(6,023

)

(Distributions from) contributions to noncontrolling interests

 

(697

)

6,996

 

Other, net

 

1,313

 

(268

)

Net cash (used in) provided by financing activities

 

(153,818

)

57,036

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

50,301

 

1,786

 

Cash and cash equivalents at beginning of period

 

25,411

 

23,679

 

Cash and cash equivalents at end of period

 

$

 75,712

 

$

 25,465

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

Interest paid

 

$

 198,446

 

$

 266,470

 

Interest capitalized

 

21,819

 

17,994

 

Income taxes paid

 

5,491

 

34,348

 

Non-Cash Transactions:

 

 

 

 

 

Change in accrued capital expenditures incurred in accounts payable and accrued expenses

 

$

 (10,392

)

$

 30,856

 

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

 

6,520

 

 

 

Assumption of debt by purchaser in conjunction with sale of office buildings

 

 

84,000

 

 

9