(Dollars in thousands) Year Ended December 31. 2008 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (1,012,066) $ 390,505 $ 318,571 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 102,909 113,69 67,595 Amortization and write-off of deferred financing costs 11.662 7,958 18,44 Amortization and write-off of long-term debt discount 1.648 Write-down of impaired available for sale securities 7,686 Goodwill and other non-amortizable intangible asset impairment 1, 159,406 Write-down of impaired real estate and other assets 60,504 Gain on sale of servicing rights and other assets 37,519) 11,355 8,099) Loss (gain) on trading securities 33,654 (8,610) Loss on interest rate swaps 3,880 Equity loss (income) from unconsolidated subsidiaries 80, 130 In-kind distributions from unconsolidated subsidiaries 54,939) 33,300 2,710 (9,614) Minority interest (income) expense (37,675) 14.549 6,120 Gain on disposition of real estate held for investment 3,346 Provision for doubtful accounts 32, 735 17,688 4,696 Deferred income taxes (62,163) 5,322 23,055 Compensation expense and merger-related expense related to stock options and stock awards 29,812 35,546 11,88 Incremental tax benefit from stock options exercised (4,294) 16,565) (31,774) Deferred compensation deferrals 31,792 45,408 41,035 Distribution of earnings from unconsolidated subsidiaries 23,867 17,19 29,38- Tenant concessions received 11 209 15,220 10.566 Proceeds from sale of trading securities Decrease (increase) in receivables 230,479 320,047 (138,965) 1 88, 708) Decrease (increase) in deferred compensation asgets 37,729 60.919) (58,674) Increase in prepaid expenses and other assets (23,356) (19,870) (58,480) Decrease (increase) in real estate held for sale and under development 7,865 (114,714) 56,913 (Decrease) increase in accounts payable and accrued expenses (102,984) (53,201) 71,214 (Decrease) increase in ensation and employee benefits payable and accrued bonus and profit sharing 505,575) 148,75 96.320 (Decrease) increase in income taxes payable (79,948) (138,094) 2.440 (Decrease) increase in other liabilities (90,597 2.907 3,422 Other operating activities, net (1,981) 561 Net cash (used in) provided by operating activities (130,373) 648,210 430,044 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (51,471 (92.955) (55,298) Acquisition of businesses (other than Trammell Crow Company) including net assets acquired, intangibles and goodwill, net of cash acquired (239,926) (90,473) (107,491) Cash paid for acquisition of Trammell Crow Company, net of cash acquired 94,483) 1,677,422) Contributions to unconsolidated subsidiaries 56,350 97,830) (62,947) Distributions from unconsolidated subsidiaries 25,444 57.812 28,558 Proceeds from sale of servicing rights and other aggets 29,156 32,504 8,041 Additions to real estate held for investment 189,602) Net proceeds from disposition of real estate held for investment 128,487) 10,898 Decrease (increase) in restricted cash 5,973 168,81 (195,792) Other investing activities, net (3,348) 10,897 Net cash used in investing activities (419,009 (284,421) (2,061,933) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from senior secured term loans 300,000 2,073,000 Repayment of senior secured term loans (13,250) (286,000) (265,250) Proceeds from revolving credit facility , 024,762 604,186 843,32- Repayment of revolving credit facility (2,208,645) (381,704) (843,324) Repayment of 11 1/4% senior subordinated notes 164,669 Repayment of 9/4% senior notes (3,310) (126,690) Repayment of Trammell Crow Company's revolving credit facility 74,000) Proceeds from notes payable on real estate held for investment 115,676 142,86 18,200 Repayment of notes payable on real estate held for investment (16,427 21,621 Proceeds from notes payable on real estate held for sale and under development 144,296 210,532 11,605 Repayment of notes payable on real estate held for sale and under development 142,222) 71,168) Repayment of) proceeds from short-term borrowings and other loans, net (44,563) (126,066) 33.525 (8,626) Proceeds from exercise of stock options 4,026 11,867 15,572 Incremental tax benefit from stock options exercised 4,294 16,568 31,774 Proceeds from issuance of common stock, net 207,835 Repurchase of common stock (635,000) Minority interest contribution 48,533 198,446 14,710 Minority interest distributions 37,646) (34.842) (3,100) Payment of deferred financing fees (5.609) 29,84 Other financing activities, net 10,893 (1,817) (1,087 (1,955 Net cash provided by (used in) financing activities 373,93 Effect of currency exchange rate changes on cash and cash equivalents 277,253) 1,419,560 (8,628) 1,862 7,516 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD (184,051) 98,398 204,813) 342,874 244.476 449.289 CASH AND CASH EQUIVALENTS, AT END OF PERIOD 158,823 342,874 244,476