Don't know how this will come up, but they converted something into 665 million in cash this past year
2008
2007
Operating Activities
Net income
$
313,240
$
526,783
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
172,191
145,983
Gain on sale of discontinued operations
(110,232
)
(382,568
)
Equity in net income from unconsolidated joint ventures
(49,540
)
(32,715
)
Equity in net gain on sale of unconsolidated joint ventures
(103,014
)
(31,509
)
Distributions of cumulative earnings from unconsolidated joint ventures/ real estate
58,404
33,287
Minority interests
19,451
34,105
Deferred rents receivable
(30,206
)
(36,358
)
Other non-cash adjustments
9,904
30,507
Changes in operating assets and liabilities:
Restricted cash – operations
(2,851
)
(15,239
)
Tenant and other receivables
4,997
(16,145
)
Related party receivables
2,625
(25,755
)
Deferred lease costs
(26,849
)
(21,944
)
Other assets
(24,972
)
17,232
Accounts payable, accrued expenses and other liabilities
(31,042
)
83,669
Deferred revenue and land lease payable
11,232
9,054
Net cash provided by operating activities
213,338
318,387
Investing Activities
Acquisitions of real estate property
(67,751
)
(4,215,109
)
Proceeds from Asset Sale
—
1,964,914
Additions to land, buildings and improvements
(92,234
)
(57,107
)
Escrowed cash – capital improvements/acquisition deposits
1,064
135,054
Investments in unconsolidated joint ventures
(24,050
)
(285,355
)
Distributions in excess of cumulative earnings from unconsolidated joint ventures
448,305
78,990
Net proceeds from disposition of real estate/ partial interest in property
152,933
872,672
Other investments
(6,892
)
(166,030
)
Structured finance and other investments net of repayments/participations
(144,566
)
(241,867
)
Net cash provided by (used in) investing activities
266,809
(1,913,838
)
Financing Activities
Proceeds from mortgage notes payable
161,577
809,914
Repayments of mortgage notes payable
(19,316
)
(122,455
)
Proceeds from revolving credit facility, term loan and unsecured notes
1,560,986
2,956,689
Repayments of revolving credit facility and term loan
(1,257,302
)
(2,355,313
)
Proceeds from stock options exercised
7,292
10,948
Purchases of treasury stock
(116,608
)
(94,071
)
Minority interest in other partnerships
8,168
531,808
Dividends and distributions paid
(152,189
)
(133,657
)
Deferred loan costs and capitalized lease obligation
(7,572
)
(27,491
)
Net cash provided by financing activities
185,036
1,576,372
Net increase (decrease) in cash and cash equivalents
665,183
(19,079
)
Cash and cash equivalents at beginning of period
45,964
117,178
Cash and cash equivalents at end of period
$
711,147
$
98,099
|
