Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.4.0.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities    
Revenues from real estate operations received $ 130,059 $ 117,521
Construction contract and other service revenues received 7,747 19,968
Property operating expenses paid (46,084) (42,768)
Construction contract and other service expenses paid (10,765) (27,853)
General, administrative, leasing, business development and land carry costs paid (12,175) (12,728)
Interest expense paid (21,386) (12,795)
Other 43 545
Net cash provided by operating activities 47,439 41,890
Cash flows from investing activities    
Construction, development and redevelopment (45,146) (62,057)
Acquisitions of operating properties and related intangible assets 0 (56,622)
Tenant improvements on operating properties (6,388) (5,520)
Other capital improvements on operating properties (9,505) (3,720)
Proceeds from dispositions of properties 5,452 17,424
Leasing costs paid (1,593) (1,935)
Other 1,121 (5,956)
Net cash used in investing activities (56,059) (118,386)
Proceeds from debt    
Revolving Credit Facility 88,500 150,000
Repayments of debt    
Revolving Credit Facility (25,000) (69,000)
Scheduled principal amortization (1,800) (1,649)
Other debt repayments (50) (50)
Net proceeds from issuance of common shares/units (5) 28,404
Common share/unit dividends/distributions paid (26,002) (25,646)
Preferred share/unit dividends/distributions paid (3,552) (3,552)
Distributions paid to noncontrolling interests in COPLP 1,171 1,217
Distributions paid to redeemable noncontrolling interests (13,848) (122)
Redemption of vested equity awards (1,154) (2,031)
Other (5,119) (289)
Net cash provided by financing activities 10,799 74,848
Net increase (decrease) in cash and cash equivalents 2,179 (1,648)
Cash and cash equivalents    
Beginning of period 60,310 6,077
End of period 62,489 4,429
Reconciliation of net income to net cash provided by operating activities:    
Net income 8,096 14,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 35,129 32,091
Impairment losses 2,446 233
Losses on interest rate derivatives 1,551 0
Amortization of deferred financing costs and net debt discounts 1,495 1,254
Increase in deferred rent receivable (1,456) (1,746)
Gain on sales of real estate 0 (3,986)
Share-based compensation 2,108 1,552
Other (802) (640)
Operating changes in assets and liabilities:    
Decrease (increase) in accounts receivable 409 (6,918)
Decrease (increase) in restricted cash and marketable securities 15 (1,577)
Decrease (increase) in prepaid expenses and other assets, net 5,941 (6,352)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (3,802) 12,704
(Decrease) increase in rents received in advance and security deposits (3,691) 540
Net cash provided by operating activities 47,439 41,890
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (9,420) (3,897)
Increase in property and redeemable noncontrolling interests in connection with property contributed in a joint venture 22,600 0
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest 6,675 0
Other liabilities assumed on acquisition of operating properties 0 5,265
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (10,414) (2,701)
Dividends/distributions payable 30,217 30,174
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 0 2,122
Adjustments to noncontrolling interests resulting from changes in COPLP ownership (54) 475
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value 302 73
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 130,059 117,521
Construction contract and other service revenues received 7,747 19,968
Property operating expenses paid (46,084) (42,768)
Construction contract and other service expenses paid (10,765) (27,853)
General, administrative, leasing, business development and land carry costs paid (12,175) (12,728)
Interest expense paid (21,386) (12,795)
Other 43 545
Net cash provided by operating activities 47,439 41,890
Cash flows from investing activities    
Construction, development and redevelopment (45,146) (62,057)
Acquisitions of operating properties and related intangible assets 0 (56,622)
Tenant improvements on operating properties (6,388) (5,520)
Other capital improvements on operating properties (9,505) (3,720)
Proceeds from dispositions of properties 5,452 17,424
Leasing costs paid (1,593) (1,935)
Other 1,121 (5,956)
Net cash used in investing activities (56,059) (118,386)
Proceeds from debt    
Revolving Credit Facility 88,500 150,000
Repayments of debt    
Revolving Credit Facility (25,000) (69,000)
Scheduled principal amortization (1,800) (1,649)
Other debt repayments (50) (50)
Net proceeds from issuance of common shares/units (5) 28,404
Common share/unit dividends/distributions paid (27,008) (26,698)
Preferred share/unit dividends/distributions paid (3,717) (3,717)
Distributions paid to redeemable noncontrolling interests (13,848) (122)
Redemption of vested equity awards (1,154) (2,031)
Other (5,119) (289)
Net cash provided by financing activities 10,799 74,848
Net increase (decrease) in cash and cash equivalents 2,179 (1,648)
Cash and cash equivalents    
Beginning of period 60,310 6,077
End of period 62,489 4,429
Reconciliation of net income to net cash provided by operating activities:    
Net income 8,096 14,735
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 35,129 32,091
Impairment losses 2,446 233
Losses on interest rate derivatives 1,551 0
Amortization of deferred financing costs and net debt discounts 1,495 1,254
Increase in deferred rent receivable (1,456) (1,746)
Gain on sales of real estate 0 (3,986)
Share-based compensation 2,108 1,552
Other (802) (640)
Operating changes in assets and liabilities:    
Decrease (increase) in accounts receivable 409 (6,918)
Decrease (increase) in restricted cash and marketable securities (77) (1,523)
Decrease (increase) in prepaid expenses and other assets, net 5,941 (6,352)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (3,710) 12,650
(Decrease) increase in rents received in advance and security deposits (3,691) 540
Net cash provided by operating activities 47,439 41,890
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (9,420) (3,897)
Increase in property and redeemable noncontrolling interests in connection with property contributed in a joint venture 22,600 0
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest 6,675 0
Other liabilities assumed on acquisition of operating properties 0 5,265
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (10,414) (2,701)
Dividends/distributions payable 30,217 30,174
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value $ 302 $ 73