|
| (in
thousands) |
2000 |
1999 |
1998 |
 |
| Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
|
| Net
income |
$ |
179,467 |
|
$ |
143,217 |
|
$ |
126,497 |
|
| Adjustments
to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation
and amortization |
|
128,542 |
|
|
140,349 |
|
|
111,022 |
|
| Minority
interest |
|
16,149 |
|
|
17,415 |
|
|
16,076 |
|
| Gain
on sale of assets and other provisions, net |
|
(36,371 |
) |
|
(54,822 |
) |
|
(38,160 |
) |
| Equity
in earnings of unconsolidated entities |
|
(7,596 |
) |
|
(5,167 |
) |
|
(5,282 |
) |
| Income
and gain on sale of discontinued operations |
|
(32,308 |
) |
|
— |
|
|
— |
|
| Stock
and units issued in connection with compensation plans |
|
2,890 |
|
|
2,356 |
|
|
312 |
|
| Other |
|
(2,686 |
) |
|
1,825 |
|
|
685 |
|
| Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
|
| Increase
in accounts and notes receivable |
|
(30,612 |
) |
|
(10,736 |
) |
|
(6,605 |
) |
| Increase
in accrued straight-line rents |
|
(9,187 |
) |
|
(14,331 |
) |
|
(13,919 |
) |
| Additions
to tenant leasing costs |
|
(17,050 |
) |
|
(13,049 |
) |
|
(12,949 |
) |
| (Increase)
decrease in prepaid expenses and other assets |
|
(4,332 |
) |
|
(23,728 |
) |
|
7,453 |
|
| (Decrease)
increase in accounts payable and accrued expenses |
|
(15,796 |
) |
|
(16,027 |
) |
|
37,066 |
|
| Increase
in rent received in advance and security deposits |
|
2,426 |
|
|
7,700 |
|
|
17,556 |
|
|
|
| Total
adjustments |
|
(5,931 |
) |
|
31,785 |
|
|
113,255 |
|
|
|
| Net
cash provided by operating activities |
|
173,536 |
|
|
175,002 |
|
|
239,752 |
|
|
|
| Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Acquisition
and development of rental property |
|
(90,475 |
) |
|
(78,957 |
) |
|
(337,080 |
) |
| Acquisition
and development of executive suite assets |
|
(6,678 |
) |
|
(83,709 |
) |
|
(217,439 |
) |
| Additions
to land held for development or sale |
|
(26,157 |
) |
|
(3,149 |
) |
|
(132,416 |
) |
| Additions
to construction in progress |
|
(97,025 |
) |
|
(275,942 |
) |
|
(400,391 |
) |
| Distributions
from unconsolidated entities |
|
7,392 |
|
|
19,424 |
|
|
5,852 |
|
| Contributions
to unconsolidated entities |
|
(29,942 |
) |
|
(5,191 |
) |
|
(82,120 |
) |
| Acquisition
of minority interest |
|
(8,438 |
) |
|
(2,231 |
) |
|
— |
|
| Increase
(decrease) in restricted deposits |
|
(27,007 |
) |
|
25,586 |
|
|
(15,802 |
) |
| Proceeds
from sales of properties |
|
474,015 |
|
|
487,883 |
|
|
194,075 |
|
| Proceeds
from sale of discontinued operations |
|
377,310 |
|
|
— |
|
|
— |
|
|
|
| Net
cash provided by (used by) investing activities |
|
572,995 |
|
|
83,714 |
|
|
(985,321 |
) |
|
|
| Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
| Net
proceeds from sales of common and preferred stock |
|
— |
|
|
— |
|
|
296,518 |
|
| Repurchase
of common stock |
|
(90,223 |
) |
|
(109,802 |
) |
|
— |
|
| Exercises
of stock options |
|
29,730 |
|
|
— |
|
|
— |
|
| Net
(repayments) borrowings on unsecured credit facility (including |
|
|
|
|
|
|
|
|
|
| $140,500
related to discontinued operations in 2000) |
|
(307,500 |
) |
|
1,000 |
|
|
323,000 |
|
| Proceeds
from issuance of senior unsecured notes |
|
— |
|
|
— |
|
|
350,000 |
|
| Payment
of senior unsecured notes |
|
(150,000 |
) |
|
— |
|
|
— |
|
| Repayments
of mortgages payable (including $14,449 related to |
|
|
|
|
|
|
|
|
|
| discontinued
operations in 2000) |
|
(88,811 |
) |
|
(13,468 |
) |
|
(25,412 |
) |
| Proceeds
from refinancing of existing mortgages |
|
— |
|
|
51,980 |
|
|
— |
|
| Dividends
and distributions to minority interests |
|
(169,320 |
) |
|
(172,626 |
) |
|
(173,147 |
) |
| Deferred
financing costs |
|
— |
|
|
(1,516 |
) |
|
(16,821 |
) |
| Contributions
from minority interests |
|
2,411 |
|
|
6,066 |
|
|
3,622 |
|
|
|
|
|
|
|
|
|
|
|
| Net
cash (used by) provided by financing activities |
|
(773,713 |
) |
|
(238,366 |
) |
|
757,760 |
|
|
|
| Foreign
currency translation adjustment |
|
— |
|
|
(1,517 |
) |
|
463 |
|
|
|
|
|
|
|
|
|
|
|
| (Decrease)
increase in unrestricted cash and cash equivalents |
|
(27,182 |
) |
|
18,833 |
|
|
12,654 |
|
| Unrestricted
cash and cash equivalents, beginning of the period |
|
51,886 |
|
|
36,499 |
|
|
23,845 |
|
|
|
| Unrestricted
cash and cash equivalents, end of the period |
$ |
24,704 |
|
$ |
55,332 |
|
$ |
36,499 |
|
|
|
| Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
| Cash
paid for interest (net of capitalized interest of $12,367, $26,485 |
|
|
|
|
|
|
|
|
|
| and
$30,482, respectively) |
$ |
99,628 |
|
$ |
95,221 |
|
$ |
81,428 |
|
|
|
| Supplemental
disclosure of noncash investing and financing activities |
| (a) |
During 1998,
we funded a portion of the purchase price of property acquisitions
by assuming $31.6 million of debt and liabilities and by issuing
$10.0 million of unit options. |
| (b) |
During 2000,
we contributed $332.1 million of assets to an unconsolidated
joint venture. |
See accompanying
notes to consolidated financial statements. |
|
|
