XML 26 R5.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
Net income $ 244,446 $ 224,163 $ 219,594
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 229,779 236,075 205,147
Amortization of deferred financing costs 4,395 4,811 4,084
Impairment - real estate assets 18,244 117 248
Equity in earnings of unconsolidated joint ventures (3,149) (10,314) (6,067)
Distributions from unconsolidated joint ventures 2,444 0 844
Gain on property dispositions (100,314) (91,778) (98,651)
Share-based and Noncash compensation 12,919 12,457 9,976
Other (9,937) (7,935) (8,311)
Changes in operating assets and liabilities:      
Restricted cash 10,478 30,286 (18,397)
Accounts receivable 1,009 (1,770) (4,889)
Deferred rent receivable (23,167) (15,263) (9,473)
Prepaid expenses and other assets (14,540) (28,360) (22,424)
Accounts payable 1,822 5,299 15,703
Accrued interest 1,641 (1,264) 5,613
Other liabilities 9,296 (20,040) 22,968
Net cash provided by operating activities 385,366 336,484 315,965
INVESTING ACTIVITIES      
Investment in properties - acquisitions (111,811) (124,962) (1,429,822)
Investment in properties - other (77,626) (102,466) (74,345)
Investments in and advances to unconsolidated joint ventures (43,676) (22,243) (16,185)
Distributions from unconsolidated joint ventures 33,195 15,330 13,774
Net proceeds from disposition of properties/land 530,440 559,322 526,949
Investment in development in progress (210,677) (288,375) (123,879)
Investment in land held for development (150,523) (105,324) (67,326)
Investment in deferred leasing costs (48,672) (40,123) (36,901)
Other investing activities (10,310) 2,504 9,821
Net cash used in investing activities (89,660) (106,337) (1,197,914)
FINANCING ACTIVITIES      
Net proceeds from issuance of Common Shares 38,797 58,473 969,468
Share repurchase (71,802) 0 0
Redemption of preferred units 0 0 (64,500)
Proceeds from unsecured notes 398,576 0 448,646
Repayments of unsecured notes (316,000) (200,000) 0
Proceeds from mortgage loans 0 0 10,401
Repayments of mortgage loans (175,364) (56,156) (10,605)
Proceeds from credit facility 1,122,700 517,550 611,550
Repayments on credit facility (1,030,700) (350,550) (703,550)
Payment of deferred financing costs (3,656) (3,629) (5,866)
Distribution paid on Common Shares (282,582) (280,136) (240,340)
Distribution paid on units (7,596) (7,453) (9,438)
Net cash (used in) provided by financing activities (327,627) (321,901) 1,005,766
Net (decrease) increase in cash and cash equivalents (31,921) (91,754) 123,817
(Decrease) increase in cash and cash equivalents related to foreign currency translation (2,072) (2,314) 1,241
Cash and cash equivalents at beginning of year 69,346 163,414 38,356
Cash and cash equivalents at end of year 35,353 69,346 163,414
Liberty Property Limited Partnership [Member]      
OPERATING ACTIVITIES      
Net income 244,446 224,163 219,594
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 229,779 236,075 205,147
Amortization of deferred financing costs 4,395 4,811 4,084
Impairment - real estate assets 18,244 117 248
Equity in earnings of unconsolidated joint ventures (3,149) (10,314) (6,067)
Distributions from unconsolidated joint ventures 2,444 0 844
Gain on property dispositions (100,314) (91,778) (98,651)
Share-based and Noncash compensation 12,919 12,457 9,976
Other (9,937) (7,935) (8,311)
Changes in operating assets and liabilities:      
Restricted cash 10,478 30,286 (18,397)
Accounts receivable 1,009 (1,770) (4,889)
Deferred rent receivable (23,167) (15,263) (9,473)
Prepaid expenses and other assets (14,540) (28,360) (22,424)
Accounts payable 1,822 5,299 15,703
Accrued interest 1,641 (1,264) 5,613
Other liabilities 9,296 (20,040) 22,968
Net cash provided by operating activities 385,366 336,484 315,965
INVESTING ACTIVITIES      
Investment in properties - acquisitions (111,811) (124,962) (1,429,822)
Investment in properties - other (77,626) (102,466) (74,345)
Investments in and advances to unconsolidated joint ventures (43,676) (22,243) (16,185)
Distributions from unconsolidated joint ventures 33,195 15,330 13,774
Net proceeds from disposition of properties/land 530,440 559,322 526,949
Investment in development in progress (210,677) (288,375) (123,879)
Investment in land held for development (150,523) (105,324) (67,326)
Investment in deferred leasing costs (48,672) (40,123) (36,901)
Other investing activities (10,310) 2,504 9,821
Net cash used in investing activities (89,660) (106,337) (1,197,914)
FINANCING ACTIVITIES      
Redemption of preferred units 0 0 (64,500)
Proceeds from unsecured notes 398,576 0 448,646
Repayments of unsecured notes (316,000) (200,000) 0
Proceeds from mortgage loans 0 0 10,401
Repayments of mortgage loans (175,364) (56,156) (10,605)
Proceeds from credit facility 1,122,700 517,550 611,550
Repayments on credit facility (1,030,700) (350,550) (703,550)
Payment of deferred financing costs (3,656) (3,629) (5,866)
Capital contributions 38,797 58,473 969,468
Distributions to partners (361,980) (287,589) (249,778)
Net cash (used in) provided by financing activities (327,627) (321,901) 1,005,766
Net (decrease) increase in cash and cash equivalents (31,921) (91,754) 123,817
(Decrease) increase in cash and cash equivalents related to foreign currency translation (2,072) (2,314) 1,241
Cash and cash equivalents at beginning of year 69,346 163,414 38,356
Cash and cash equivalents at end of year $ 35,353 $ 69,346 $ 163,414