TCO » Topics » Cash and Cash Equivalents

This excerpt taken from the TCO 10-K filed Mar 1, 2006.

Cash and Cash Equivalents

        Cash equivalents consist of highly liquid investments with a maturity of 90 days or less at the date of purchase. At December 31, 2005, besides ordinary working capital funds, the Company’s balance of cash and cash equivalents included escrowed funds from the sale of Woodland in December 2005 used in the first quarter of 2006 to acquire replacement property in connection with Section 1031 exchanges (Notes 2 and 7) and the remaining proceeds received from the December 2005 refinancing of The Mall at Short Hills, used to repay certain loans and anticipated to be used for paydowns of other notes payable in 2006 (Note 11).

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