|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| OPERATING ACTIVITIES |
|
|
| Net income |
$ 31,862 |
$ 74,106 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
59,431 |
57,589 |
| Amortization of deferred financing costs |
1,073 |
1,510 |
| Impairment - real estate assets |
15,739 |
0 |
| Equity in earnings of unconsolidated joint ventures |
(6,906) |
(4,159) |
| Gain on property dispositions |
(2,271) |
(46,117) |
| Share-based compensation/Non-cash compensation |
7,437 |
6,580 |
| Other |
(2,990) |
(635) |
| Changes in operating assets and liabilities: |
|
|
| Restricted cash |
489 |
31,726 |
| Accounts receivable |
(3,670) |
(4,052) |
| Deferred rent receivable |
(5,504) |
(2,765) |
| Prepaid expenses and other assets |
(13,058) |
(26,557) |
| Accounts payable |
(116) |
6,562 |
| Accrued interest |
12,178 |
16,441 |
| Other liabilities |
(3,718) |
(36,537) |
| Net cash provided by operating activities |
89,976 |
73,692 |
| INVESTING ACTIVITIES |
|
|
| Investment in operating properties - acquisitions |
0 |
(37,635) |
| Investment in operating properties - other |
(12,805) |
(16,522) |
| Investments in and advances to unconsolidated joint ventures |
(5,822) |
(429) |
| Distributions from unconsolidated joint ventures |
6,098 |
2,978 |
| Net proceeds from disposition of properties/land |
40,998 |
327,160 |
| Net (advances on) proceeds from public reimbursement receivable/escrow |
(1,601) |
5,001 |
| Investment in development in progress |
(48,001) |
(74,478) |
| Investment in land held for development |
(4,045) |
(1,967) |
| Investment in deferred leasing costs |
(9,684) |
(9,158) |
| Net cash (used in) provided by investing activities |
(34,862) |
194,950 |
| FINANCING ACTIVITIES |
|
|
| Net proceeds from issuance of common shares |
12,579 |
15,472 |
| Proceeds from unsecured notes |
398,576 |
0 |
| Repayment of unsecured notes |
(300,000) |
0 |
| Repayments of mortgage loans |
(2,160) |
(2,019) |
| Proceeds from credit facility |
390,000 |
0 |
| Repayments on credit facility |
(507,000) |
0 |
| Payment of deferred financing costs |
(3,551) |
(3,619) |
| Distribution paid on common shares |
(70,562) |
(69,634) |
| Distribution paid on units |
(1,863) |
(1,914) |
| Net cash used in financing activities |
(83,981) |
(61,714) |
| Net (decrease) increase in cash and cash equivalents |
(28,867) |
206,928 |
| (Decrease) increase in cash and cash equivalents related to foreign currency translation |
(1,724) |
211 |
| Cash and cash equivalents at beginning of period |
69,346 |
163,414 |
| Cash and cash equivalents at end of period |
38,755 |
370,553 |
| Liberty Property Limited Partnership [Member] |
|
|
| OPERATING ACTIVITIES |
|
|
| Net income |
31,862 |
74,106 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
59,431 |
57,589 |
| Amortization of deferred financing costs |
1,073 |
1,510 |
| Impairment - real estate assets |
15,739 |
0 |
| Equity in earnings of unconsolidated joint ventures |
(6,906) |
(4,159) |
| Gain on property dispositions |
(2,271) |
(46,117) |
| Share-based compensation/Non-cash compensation |
7,437 |
6,580 |
| Other |
(2,990) |
(635) |
| Changes in operating assets and liabilities: |
|
|
| Restricted cash |
489 |
31,726 |
| Accounts receivable |
(3,670) |
(4,052) |
| Deferred rent receivable |
(5,504) |
(2,765) |
| Prepaid expenses and other assets |
(13,058) |
(26,557) |
| Accounts payable |
(116) |
6,562 |
| Accrued interest |
12,178 |
16,441 |
| Other liabilities |
(3,718) |
(36,537) |
| Net cash provided by operating activities |
89,976 |
73,692 |
| INVESTING ACTIVITIES |
|
|
| Investment in operating properties - acquisitions |
0 |
(37,635) |
| Investment in operating properties - other |
(12,805) |
(16,522) |
| Investments in and advances to unconsolidated joint ventures |
(5,822) |
(429) |
| Distributions from unconsolidated joint ventures |
6,098 |
2,978 |
| Net proceeds from disposition of properties/land |
40,998 |
327,160 |
| Net (advances on) proceeds from public reimbursement receivable/escrow |
(1,601) |
5,001 |
| Investment in development in progress |
(48,001) |
(74,478) |
| Investment in land held for development |
(4,045) |
(1,967) |
| Investment in deferred leasing costs |
(9,684) |
(9,158) |
| Net cash (used in) provided by investing activities |
(34,862) |
194,950 |
| FINANCING ACTIVITIES |
|
|
| Proceeds from unsecured notes |
398,576 |
0 |
| Repayment of unsecured notes |
(300,000) |
0 |
| Repayments of mortgage loans |
(2,160) |
(2,019) |
| Proceeds from credit facility |
390,000 |
0 |
| Repayments on credit facility |
(507,000) |
0 |
| Payment of deferred financing costs |
(3,551) |
(3,619) |
| Capital contributions |
12,579 |
15,472 |
| Distributions to partners |
(72,425) |
(71,548) |
| Net cash used in financing activities |
(83,981) |
(61,714) |
| Net (decrease) increase in cash and cash equivalents |
(28,867) |
206,928 |
| (Decrease) increase in cash and cash equivalents related to foreign currency translation |
(1,724) |
211 |
| Cash and cash equivalents at beginning of period |
69,346 |
163,414 |
| Cash and cash equivalents at end of period |
$ 38,755 |
$ 370,553 |