XML 56 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 162,085,000 $ 139,664,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 173,726,000 176,207,000
Amortization of deferred financing costs 3,249,000 3,727,000
Impairment - real estate assets 16,775,000 0
Equity in earnings of unconsolidated joint ventures (805,000) (7,297,000)
Distributions from unconsolidated joint ventures 2,490,000 0
Gain on property dispositions (56,987,000) (48,170,000)
Share-based compensation/Non-cash compensation 10,709,000 10,422,000
Other (8,143,000) (5,202,000)
Changes in operating assets and liabilities:    
Restricted cash 4,914,000 28,469,000
Accounts receivable 1,023,000 (4,771,000)
Deferred rent receivable (17,122,000) (11,928,000)
Prepaid expenses and other assets (20,182,000) (38,882,000)
Accounts payable 8,312,000 18,824,000
Accrued interest 19,258,000 15,500,000
Other liabilities 371,000 (26,232,000)
Net cash provided by operating activities 299,673,000 250,331,000
INVESTING ACTIVITIES    
Investment in operating properties - acquisitions (100,756,000) (97,677,000)
Investment in operating properties - other (58,038,000) (61,480,000)
Investments in and advances to unconsolidated joint ventures (30,609,000) (13,894,000)
Distributions from unconsolidated joint ventures 23,093,000 10,213,000
Net proceeds from disposition of properties/land 243,943,000 351,301,000
Investment in development in progress (123,547,000) (222,484,000)
Investment in land held for development (101,934,000) (73,547,000)
Investment in deferred leasing costs (34,404,000) (28,409,000)
Other (6,366,000) 5,501,000
Net cash used in investing activities (188,618,000) (130,476,000)
FINANCING ACTIVITIES    
Net proceeds from issuance of common shares 38,195,000 44,097,000
Payments for Repurchase of Common Stock (65,463,000) 0
Proceeds from unsecured notes 398,576,000 0
Repayment of unsecured notes (300,000,000) (200,000,000)
Repayments of mortgage loans (112,970,000) (9,329,000)
Proceeds from credit facility 919,700,000 179,750,000
Repayments on credit facility (786,700,000) (38,800,000)
Payment of deferred financing costs (3,478,000) (3,622,000)
Distribution paid on common shares (212,402,000) (209,779,000)
Distribution paid on units (5,704,000) (5,692,000)
Net cash used in financing activities (130,246,000) (243,375,000)
Net decrease in cash and cash equivalents (19,191,000) (123,520,000)
Decrease in cash and cash equivalents related to foreign currency translation (1,503,000) (808,000)
Cash and cash equivalents at beginning of period 69,346,000 163,414,000
Cash and cash equivalents at end of period 48,652,000 39,086,000
Liberty Property Limited Partnership [Member]    
OPERATING ACTIVITIES    
Net income 162,085,000 139,664,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 173,726,000 176,207,000
Amortization of deferred financing costs 3,249,000 3,727,000
Impairment - real estate assets 16,775,000 0
Equity in earnings of unconsolidated joint ventures (805,000) (7,297,000)
Distributions from unconsolidated joint ventures 2,490,000 0
Gain on property dispositions (56,987,000) (48,170,000)
Share-based compensation/Non-cash compensation 10,709,000 10,422,000
Other (8,143,000) (5,202,000)
Changes in operating assets and liabilities:    
Restricted cash 4,914,000 28,469,000
Accounts receivable 1,023,000 (4,771,000)
Deferred rent receivable (17,122,000) (11,928,000)
Prepaid expenses and other assets (20,182,000) (38,882,000)
Accounts payable 8,312,000 18,824,000
Accrued interest 19,258,000 15,500,000
Other liabilities 371,000 (26,232,000)
Net cash provided by operating activities 299,673,000 250,331,000
INVESTING ACTIVITIES    
Investment in operating properties - acquisitions (100,756,000) (97,677,000)
Investment in operating properties - other (58,038,000) (61,480,000)
Investments in and advances to unconsolidated joint ventures (30,609,000) (13,894,000)
Distributions from unconsolidated joint ventures 23,093,000 10,213,000
Net proceeds from disposition of properties/land 243,943,000 351,301,000
Investment in development in progress (123,547,000) (222,484,000)
Investment in land held for development (101,934,000) (73,547,000)
Investment in deferred leasing costs (34,404,000) (28,409,000)
Other (6,366,000) 5,501,000
Net cash used in investing activities (188,618,000) (130,476,000)
FINANCING ACTIVITIES    
Payments for Repurchase of Common Stock (65,463,000) 0
Proceeds from unsecured notes 398,576,000 0
Repayment of unsecured notes (300,000,000) (200,000,000)
Repayments of mortgage loans (112,970,000) (9,329,000)
Proceeds from credit facility 919,700,000 179,750,000
Repayments on credit facility (786,700,000) (38,800,000)
Payment of deferred financing costs (3,478,000) (3,622,000)
Capital contributions 38,195,000 44,097,000
Distributions to partners (218,106,000) (215,471,000)
Net cash used in financing activities (130,246,000) (243,375,000)
Net decrease in cash and cash equivalents (19,191,000) (123,520,000)
Decrease in cash and cash equivalents related to foreign currency translation (1,503,000) (808,000)
Cash and cash equivalents at beginning of period 69,346,000 163,414,000
Cash and cash equivalents at end of period $ 48,652,000 $ 39,086,000