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(iv) repayments of borrowings of $752,422,000, (v) redemption of perpetual preferred shares and units of $103,243,000, par- tially offset by proceeds from (vi) borrowings of $812,487,000, of which $198,500,000 was from the issuance of the Company’s senior unsecured notes due 2010, and (vii) the exercise of employee share options of $145,152,000. 

Below are the details of capital expenditures, leasing commissions and development and redevelopment expenditures and a reconciliation of total expenditures on an accrual basis to the cash expended in the year ended December 31, 2003. See page 5 for per square foot data. 

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Capital expenditures are categorized as follows: 

Recurring—capital improvements expended to maintain a property’s competitive position within the market and tenant improvements and leasing commissions for costs to r e-lease expiring leases or renew or extend existing leases. 

Non-recurring—capital improvements completed in the year of acquisition and the following two years which were planned at the time of acquisition and tenant improvements and leasing commissions for space which was vacant at the time of acquisition of a property. 

Development and redevelopment expenditures include all har d and soft costs associated with the development or redevelop- ment of a property, including tenant improvements, leasing commissions and capitalized interest and operating costs until the property is substantially complete and ready for its intended use. 

