v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 318,686 $ 158,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 132,276 139,389
Amortization of deferred financing costs 2,876 2,811
Expensed pursuit costs 1,675 4,957
Impairment charges - real estate assets 26,000 9,650
Equity in earnings of unconsolidated joint ventures (20,958) (14,026)
Gain on property dispositions (239,394) (30,542)
Share-based compensation/Non-cash compensation 12,310 12,467
Other (3,612) (2,547)
Changes in operating assets and liabilities:    
Accounts receivable (1,543) 1,976
Deferred rent receivable (14,782) (15,360)
Prepaid expenses and other assets 29,981 (28,115)
Accounts payable (6,435) 13,249
Accrued interest 13,695 12,829
Other liabilities (16,035) (42)
Other liabilities - development service fee 61,705 0
Net cash provided by operating activities 296,445 264,917
INVESTING ACTIVITIES    
Investment in properties - acquisitions (293,049) (62,327)
Investment in properties - other (34,331) (39,719)
Investments in and advances to unconsolidated joint ventures (79,036) (41,154)
Distributions from unconsolidated joint ventures 30,055 17,089
Net proceeds from disposition of properties/land 574,542 56,474
Investment in development in progress (165,197) (189,282)
Investment in land held for development (171,221) (93,813)
Payment of deferred leasing costs (18,452) (28,424)
Escrow deposit (167,892) 0
Release of escrows and other 38,982 24,096
Net cash used in investing activities (285,599) (357,060)
FINANCING ACTIVITIES    
Net proceeds from issuance of common shares 5,255 7,356
Share repurchase including shares related to tax withholdings (4,638) (4,879)
Repayments of mortgage loans (31,954) (5,974)
Proceeds from credit facility 1,187,357 486,000
Repayments on credit facility (975,456) (191,000)
Payments of deferred financing costs 15 22
Distribution paid on common shares (177,210) (187,625)
Distributions to partners/noncontrolling interests (5,130) (5,450)
Net cash (used in) provided by financing activities (1,791) 98,406
Net increase in cash, cash equivalents and restricted cash 9,055 6,263
(Decrease) increase in cash, cash equivalents and restricted cash related to foreign currency translation (3,599) 2,202
Cash, cash equivalents and restricted cash at beginning of period 25,685 56,025
Cash, cash equivalents and restricted cash at end of period 31,141 64,490
Liberty Property Limited Partnership [Member]    
OPERATING ACTIVITIES    
Net income 318,686 158,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 132,276 139,389
Amortization of deferred financing costs 2,876 2,811
Expensed pursuit costs 1,675 4,957
Impairment charges - real estate assets 26,000 9,650
Equity in earnings of unconsolidated joint ventures (20,958) (14,026)
Gain on property dispositions (239,394) (30,542)
Share-based compensation/Non-cash compensation 12,310 12,467
Other (3,612) (2,547)
Changes in operating assets and liabilities:    
Accounts receivable (1,543) 1,976
Deferred rent receivable (14,782) (15,360)
Prepaid expenses and other assets 29,981 (28,115)
Accounts payable (6,435) 13,249
Accrued interest 13,695 12,829
Other liabilities (16,035) (42)
Other liabilities - development service fee 61,705 0
Net cash provided by operating activities 296,445 264,917
INVESTING ACTIVITIES    
Investment in properties - acquisitions (293,049) (62,327)
Investment in properties - other (34,331) (39,719)
Investments in and advances to unconsolidated joint ventures (79,036) (41,154)
Distributions from unconsolidated joint ventures 30,055 17,089
Net proceeds from disposition of properties/land 574,542 56,474
Investment in development in progress (165,197) (189,282)
Investment in land held for development (171,221) (93,813)
Payment of deferred leasing costs (18,452) (28,424)
Escrow deposit (167,892) 0
Release of escrows and other 38,982 24,096
Net cash used in investing activities (285,599) (357,060)
FINANCING ACTIVITIES    
Repayments of mortgage loans (31,954) (5,974)
Proceeds from credit facility 1,187,357 486,000
Repayments on credit facility (975,456) (191,000)
Payments of deferred financing costs 15 22
Capital contributions 5,255 7,356
Distributions to partners/noncontrolling interests (186,978) (197,954)
Net cash (used in) provided by financing activities (1,791) 98,406
Net increase in cash, cash equivalents and restricted cash 9,055 6,263
(Decrease) increase in cash, cash equivalents and restricted cash related to foreign currency translation (3,599) 2,202
Cash, cash equivalents and restricted cash at beginning of period 25,685 56,025
Cash, cash equivalents and restricted cash at end of period $ 31,141 $ 64,490

Source