v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Document Period End Date Jun. 30, 2019  
OPERATING ACTIVITIES    
Net income $ 158,084 $ 164,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 88,708 88,459
Amortization of deferred financing costs 2,311 1,922
Expensed pursuit costs 208 383
Impairment charges - real estate assets 14,391 26,000
Loss on debt extinguishment (7,618) 0
Equity in earnings of unconsolidated joint ventures (9,190) (14,192)
Gain on property dispositions (77,981) (142,514)
Share-based compensation 11,073 11,261
Development service fee accrual 0 62,256
Other (8,179) (2,069)
Changes in operating assets and liabilities:    
Accounts receivable 1,534 2,446
Deferred rent receivable (7,925) (10,289)
Prepaid expenses and other assets 6,514 27,199
Accounts payable (15,769) (5,341)
Accrued interest 5,712 285
Other liabilities (64,743) (11,798)
Net cash provided by operating activities 112,366 198,623
INVESTING ACTIVITIES    
Investment in properties – acquisitions (156,870) (211,335)
Investment in properties – other (18,836) (22,104)
Investments in and advances to unconsolidated joint ventures (4,809) (73,922)
Distributions from unconsolidated joint ventures 14,139 16,522
Net proceeds from disposition of properties/land 210,970 313,055
Investment in development in progress (119,124) (96,196)
Investment in land held for development (22,966) (105,827)
Payment of deferred leasing costs (19,943) (13,399)
Release of escrows and other 109,546 126,203
Net cash used in investing activities (7,893) (67,003)
FINANCING ACTIVITIES    
Net proceeds from issuance of common shares 4,999 4,527
Share repurchases, including shares related to tax withholdings (8,601) (4,500)
Redemption of preferred units (2,200) 0
Proceeds from unsecured notes 349,097 0
Repayments of mortgage loans including prepayment penalty (49,915) (30,377)
Proceeds from credit facility 122,505 698,163
Repayments on credit facility (434,351) (662,879)
Payment of deferred financing costs (3,120) 0
Acquisition of noncontrolling interest (18,513) 0
Distribution paid on common shares (119,941) (118,089)
Distributions to partners/noncontrolling interests (3,401) (3,296)
Net cash used in financing activities (163,441) (116,451)
Net (decrease) increase in cash, cash equivalents and restricted cash (58,968) 15,169
Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation 1,577 (1,778)
Cash, cash equivalents and restricted cash at beginning of period 95,822 25,685
Cash, cash equivalents and restricted cash at end of period 38,431 39,076
Liberty Property Limited Partnership    
OPERATING ACTIVITIES    
Net income 158,084 164,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 88,708 88,459
Amortization of deferred financing costs 2,311 1,922
Expensed pursuit costs 208 383
Impairment charges - real estate assets 14,391 26,000
Loss on debt extinguishment (7,618) 0
Equity in earnings of unconsolidated joint ventures (9,190) (14,192)
Gain on property dispositions (77,981) (142,514)
Share-based compensation 11,073 11,261
Development service fee accrual 0 62,256
Other (8,179) (2,069)
Changes in operating assets and liabilities:    
Accounts receivable 1,534 2,446
Deferred rent receivable (7,925) (10,289)
Prepaid expenses and other assets 6,514 27,199
Accounts payable (15,769) (5,341)
Accrued interest 5,712 285
Other liabilities (64,743) (11,798)
Net cash provided by operating activities 112,366 198,623
INVESTING ACTIVITIES    
Investment in properties – acquisitions (156,870) (211,335)
Investment in properties – other (18,836) (22,104)
Investments in and advances to unconsolidated joint ventures (4,809) (73,922)
Distributions from unconsolidated joint ventures 14,139 16,522
Net proceeds from disposition of properties/land 210,970 313,055
Investment in development in progress (119,124) (96,196)
Investment in land held for development (22,966) (105,827)
Payment of deferred leasing costs (19,943) (13,399)
Release of escrows and other 109,546 126,203
Net cash used in investing activities (7,893) (67,003)
FINANCING ACTIVITIES    
Redemption of preferred units (2,200) 0
Proceeds from unsecured notes 349,097 0
Repayments of mortgage loans including prepayment penalty (49,915) (30,377)
Proceeds from credit facility 122,505 698,163
Repayments on credit facility (434,351) (662,879)
Payment of deferred financing costs (3,120) 0
Acquisition of noncontrolling interest (18,513)  
Capital contributions 4,999 4,527
Distributions to partners/noncontrolling interests (131,943) (125,885)
Net cash used in financing activities (163,441) (116,451)
Net (decrease) increase in cash, cash equivalents and restricted cash (58,968) 15,169
Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation 1,577 (1,778)
Cash, cash equivalents and restricted cash at beginning of period 95,822 25,685
Cash, cash equivalents and restricted cash at end of period $ 38,431 $ 39,076

Source