Liberty property trust (LPT)
CashFlow / Yearly
Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
OPERATING ACTIVITIES
Net income

492,603

290,045

366,145

245,924

224,471

219,594

147,751

210,710

153,375

78,992

180,106

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

175,815

183,887

207,673

229,779

236,075

205,147

167,421

171,714

174,013

172,575

175,236

Amortization of deferred financing costs

3,800

3,800

3,974

4,395

4,811

4,100

4,858

5,190

6,339

5,101

4,429

Expensed pursuit costs

1,795

5,066

1,016

605

-

-

-

-

-

-

-

Impairment charges - real estate assets

39,688

10,632

3,879

18,244

117

248

-

-

-

-

-

Impairment charges - investment in unconsolidated joint ventures and other

-

-

-

-

-

-

-

-

-

98,252

3,076

Loss on debt extinguishment

0

-49

-27,099

0

0

-

-

-

-

1,547

2,521

Equity in earnings of unconsolidated joint ventures

21,382

17,155

21,970

3,149

10,314

6,067

-681

3,496

2,296

2,161

2,805

Distributions from unconsolidated joint ventures

747

0

0

2,444

0

844

624

551

657

663

1,660

Gain on property dispositions

384,673

114,965

219,270

100,314

91,778

98,651

12,426

65,607

11,095

19,546

37,167

Share-based compensation

13,256

14,119

19,850

17,152

12,457

9,976

10,057

10,555

11,595

12,905

9,152

Development service fee accrual

58,022

6,220

0

-

-

-

-

-

-

-

-

Other

-7,524

824

-6,128

-9,937

-7,935

-8,311

-3,256

-

-

-

-

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-30,286

18,397

-30,713

14,114

7,294

1,189

10,903

Accounts receivable

2,682

-3,512

-421

-1,009

1,770

4,889

799

1,320

850

-4,191

264

Deferred rent receivable

18,922

19,605

16,927

23,167

15,263

9,473

6,363

6,566

13,581

13,414

13,482

Prepaid expenses and other assets

-23,259

33,663

32,442

15,145

28,360

22,424

10,871

-6,027

7,597

-3,699

35,189

Accounts payable

-7,183

10,151

8,943

1,822

5,299

15,703

7,641

-229

-7,399

-1,099

-10,913

Accrued interest

513

-82

-4,276

1,641

-1,264

5,613

-3,983

-5,674

-1,430

-5,223

-3,251

Other liabilities

16,295

-6,154

3,075

7,818

-20,348

22,968

-14,882

9,983

-2,173

-24,998

4,821

Net cash provided by operating activities

383,466

336,631

341,062

379,121

336,484

315,965

317,166

317,724

292,264

307,201

261,985

INVESTING ACTIVITIES
Investment in properties – acquisitions

497,616

255,639

9,216

111,811

124,962

1,429,822

211,894

233,568

43,505

0

-

Investment in properties – other

44,976

56,104

55,406

77,626

102,466

74,345

49,682

75,834

75,857

58,871

55,273

Investments in and advances to unconsolidated joint ventures

81,726

46,567

70,581

43,676

22,243

16,185

1,461

11,195

1,870

5,132

8,410

Distributions from unconsolidated joint ventures

39,235

21,042

63,048

33,195

15,330

13,774

6,009

11,364

6,776

20,721

66,660

Net proceeds from disposition of properties/land

849,528

379,139

1,192,918

530,440

559,322

526,949

234,686

390,754

35,934

190,534

378,943

Net (advances on) proceeds from public reimbursement receivable/escrow

-

-

-

-

-

-

-986

-10,237

18,917

-23,238

9,875

Investment in development in progress

248,587

260,447

342,489

210,677

288,375

123,879

199,384

48,628

7,481

79,586

253,835

Investment in land held for development

204,522

105,564

107,400

150,523

105,324

67,326

67,513

52,868

6,086

29,391

47,906

Payment of deferred leasing costs

29,271

37,678

32,682

48,672

40,123

36,901

22,444

26,011

30,289

29,369

33,537

Release (deposit) of escrows and other

37,158

103,834

23,265

8,216

-

-

-

-

-

-

-

Other

-

-

-

2,094

-2,504

-9,821

-

-

-

-

-

Net cash provided by (used in) investing activities

-255,093

-465,652

614,927

-89,660

-106,337

-1,197,914

-312,669

-56,223

-103,461

-14,332

56,517

FINANCING ACTIVITIES
Net proceeds from issuance of common shares

7,333

8,808

13,029

38,797

58,473

969,468

58,710

44,552

37,434

293,814

206,349

Share repurchases, including shares related to tax withholdings

4,760

5,107

46,268

76,035

0

0

-

-

-

-

-

Redemption of preferred units

-

-

-

-

-

64,500

221,000

9,060

0

0

-

Proceeds from unsecured notes

0

0

396,648

398,576

0

448,646

700,000

0

366,000

0

-

Repayments of unsecured notes including prepayment premium

0

0

723,368

316,000

200,000

0

230,100

246,500

169,739

287,179

20,872

Proceeds from mortgage loans

165,229

0

0

-

-

10,401

34,599

0

743

330,250

2,667

Repayments of mortgage loans including prepayment penalty

33,561

7,795

29,538

175,364

56,156

10,605

35,099

29,860

156,890

54,864

46,452

Proceeds from credit facility

1,335,214

835,036

591,300

1,122,700

517,550

611,550

839,250

650,500

338,500

199,150

572,300

Repayments on credit facility

1,280,410

476,097

850,300

1,030,700

350,550

703,550

886,650

511,100

478,500

319,150

782,300

Payment of deferred financing costs

1,636

5,190

3,550

3,656

3,629

5,866

7,206

3,023

9,697

5,550

33

Distribution paid on common shares

236,336

246,589

279,248

282,582

280,136

240,340

222,573

218,613

215,083

201,984

231,325

Distributions to partners/noncontrolling interests

6,621

6,835

8,212

7,596

7,453

9,438

17,241

28,409

28,610

28,520

31,648

Net cash provided by (used in) financing activities

-55,548

96,231

-939,507

-331,860

-321,901

1,005,766

12,690

-351,513

-315,842

-74,033

-331,314

Net increase in cash, cash equivalents and restricted cash

72,825

-32,790

16,482

-42,399

-91,754

123,817

17,187

-90,012

-127,039

218,836

-12,812

Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation

-2,688

2,450

-4,828

-2,901

-2,314

1,241

2,965

-193

-1,998

2,816

-9,383

Liberty Property Limited Partnership
Net income

492,603

290,045

366,145

-

-

-

-

-

-

-

-

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 charges - real estate assets

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

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

Release (deposit) of escrows and other

37,158

103,834

23,265

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-255,093

-465,652

614,927

-

-

-

-

-

-

-

-

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 including prepayment penalty

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 to partners/noncontrolling interests

247,717

258,531

333,728

-

-

-

-

-

-

-

-

Capital contributions

7,333

8,808

13,029

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-55,548

96,231

-939,507

-

-

-

-

-

-

-

-

Net increase (decrease) in cash, cash equivalents and restricted cash

72,825

-32,790

16,482

-

-

-

-

-

-

-

-

Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation

-2,688

2,450

-4,828

-

-

-

-

-

-

-

-