v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
OPERATING ACTIVITIES      
Net income $ 492,603 $ 290,045 $ 366,145
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including discontinued operations 175,815 183,887 207,673
Amortization of deferred financing costs 3,839 3,750 3,974
Expensed pursuit costs 1,795 5,066 1,016
Impairment - real estate assets, including discontinued operations 39,688 10,632 3,879
Loss on debt extinguishment 0 49 27,099
Equity in earnings of unconsolidated joint ventures (21,382) (17,155) (21,970)
Distributions from unconsolidated joint ventures 747 0 0
Gain on property dispositions (384,673) (114,965) (219,270)
Share-based compensation 13,256 14,119 19,850
Development service fee accrual 58,022 6,220 0
Other (7,524) 824 (6,128)
Changes in operating assets and liabilities:      
Accounts receivable (2,682) 3,512 421
Deferred rent receivable (18,922) (19,605) (16,927)
Prepaid expenses and other assets 23,259 (33,663) (32,442)
Accounts payable (7,183) 10,151 8,943
Accrued interest 513 (82) (4,276)
Other liabilities 16,295 (6,154) 3,075
Net cash provided by operating activities 383,466 336,631 341,062
INVESTING ACTIVITIES      
Investment in properties – acquisitions (497,616) (255,639) (9,216)
Investment in properties – other (44,976) (56,104) (55,406)
Investments in and advances to unconsolidated joint ventures (81,726) (46,567) (70,581)
Distributions from unconsolidated joint ventures 39,235 21,042 63,048
Net proceeds from disposition of properties/land 849,528 379,139 1,192,918
Investment in development in progress (248,587) (260,447) (342,489)
Investment in land held for development (204,522) (105,564) (107,400)
Payment of deferred leasing costs (29,271) (37,678) (32,682)
Increase in escrows and other (37,158) (103,834) (23,265)
Net cash (used in) provided by investing activities (255,093) (465,652) 614,927
FINANCING ACTIVITIES      
Net proceeds from issuance of common shares 7,333 8,808 13,029
Share repurchases, including shares related to tax withholdings (4,760) (5,107) (46,268)
Proceeds from unsecured notes 0 0 396,648
Repayments of unsecured notes including prepayment premium 0 0 (723,368)
Proceeds from mortgage loans 165,229 0 0
Repayments of mortgage loans (33,561) (7,795) (29,538)
Proceeds from credit facility 1,335,214 835,036 591,300
Repayments on credit facility (1,280,410) (476,097) (850,300)
Payment of deferred financing costs (1,636) (5,190) (3,550)
Distributions paid on common shares (236,336) (246,589) (279,248)
Distributions paid on units/noncontrolling interests (6,621) (6,835) (8,212)
Net cash (used in) provided by financing activities (55,548) 96,231 (939,507)
Net increase (decrease) in cash, cash equivalents and restricted cash 72,825 (32,790) 16,482
(Decrease) increase in cash, cash equivalents and restricted cash related to foreign currency translation (2,688) 2,450 (4,828)
Cash, cash equivalents and restricted cash at beginning of year 25,685 56,025 44,371
Cash, cash equivalents and restricted cash at end of year 95,822 25,685 56,025
Liberty Property Limited Partnership      
OPERATING ACTIVITIES      
Net income 492,603 290,045 366,145
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization, including discontinued operations 175,815 183,887 207,673
Amortization of deferred financing costs 3,839 3,750 3,974
Expensed pursuit costs 1,795 5,066 1,016
Impairment - real estate assets, including discontinued operations 39,688 10,632 3,879
Loss on debt extinguishment 0 49 27,099
Equity in earnings of unconsolidated joint ventures (21,382) (17,155) (21,970)
Distributions from unconsolidated joint ventures 747 0 0
Gain on property dispositions (384,673) (114,965) (219,270)
Share-based compensation 13,256 14,119 19,850
Development service fee accrual 58,022 6,220 0
Other (7,524) 824 (6,128)
Changes in operating assets and liabilities:      
Accounts receivable (2,682) 3,512 421
Deferred rent receivable (18,922) (19,605) (16,927)
Prepaid expenses and other assets 23,259 (33,663) (32,442)
Accounts payable (7,183) 10,151 8,943
Accrued interest 513 (82) (4,276)
Other liabilities 16,295 (6,154) 3,075
Net cash provided by operating activities 383,466 336,631 341,062
INVESTING ACTIVITIES      
Investment in properties – acquisitions (497,616) (255,639) (9,216)
Investment in properties – other (44,976) (56,104) (55,406)
Investments in and advances to unconsolidated joint ventures (81,726) (46,567) (70,581)
Distributions from unconsolidated joint ventures 39,235 21,042 63,048
Net proceeds from disposition of properties/land 849,528 379,139 1,192,918
Investment in development in progress (248,587) (260,447) (342,489)
Investment in land held for development (204,522) (105,564) (107,400)
Payment of deferred leasing costs (29,271) (37,678) (32,682)
Increase in escrows and other (37,158) (103,834) (23,265)
Net cash (used in) provided by investing activities (255,093) (465,652) 614,927
FINANCING ACTIVITIES      
Proceeds from unsecured notes 0 0 396,648
Repayments of unsecured notes including prepayment premium 0 0 (723,368)
Proceeds from mortgage loans 165,229 0 0
Repayments of mortgage loans (33,561) (7,795) (29,538)
Proceeds from credit facility 1,335,214 835,036 591,300
Repayments on credit facility (1,280,410) (476,097) (850,300)
Payment of deferred financing costs (1,636) (5,190) (3,550)
Capital contributions 7,333 8,808 13,029
Distributions to partners/noncontrolling interests (247,717) (258,531) (333,728)
Net cash (used in) provided by financing activities (55,548) 96,231 (939,507)
Net increase (decrease) in cash, cash equivalents and restricted cash 72,825 (32,790) 16,482
(Decrease) increase in cash, cash equivalents and restricted cash related to foreign currency translation (2,688) 2,450 (4,828)
Cash, cash equivalents and restricted cash at beginning of year 25,685 56,025 44,371
Cash, cash equivalents and restricted cash at end of year $ 95,822 $ 25,685 $ 56,025

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