Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Revenues from real estate operations received $ 260,984 $ 240,538
Construction contract and other service revenues received 34,992 86,790
Property operating expenses paid (87,005) (79,667)
Construction contract and other service expenses paid (24,303) (76,355)
General, administrative, leasing, business development and land carry costs paid (19,212) (20,121)
Interest expense paid (41,179) (32,375)
Interest and other income received 128 4,055
Other (5) (26)
Net cash provided by operating activities 124,400 122,839
Cash flows from investing activities    
Construction, development and redevelopment (75,339) (117,498)
Acquisitions of operating properties and related intangible assets 0 (137,125)
Tenant improvements on operating properties (14,862) (10,314)
Other capital improvements on operating properties (16,007) (8,372)
Proceeds from dispositions of properties 5,448 17,424
Investing receivables payments received 0 5,114
Leasing costs paid (3,434) (6,732)
Other (13) (3,538)
Net cash used in investing activities (104,207) (261,041)
Proceeds from debt    
Revolving Credit Facility 133,500 294,000
Unsecured senior notes 0 296,580
Other debt proceeds 45,000 50,000
Repayments of debt    
Revolving Credit Facility (119,000) (377,000)
Scheduled principal amortization (3,532) (3,319)
Other debt repayments (40,498) (50,630)
Deferred financing costs paid (528) (4,693)
Net proceeds from issuance of common shares/units (5) 28,567
Common share/unit dividends/distributions paid (52,021) (51,642)
Preferred share/unit dividends/distributions paid (7,105) (7,105)
Distributions paid to noncontrolling interests in COPLP (2,362) (2,461)
Distributions paid to redeemable noncontrolling interests (14,306) 0
Redemption of vested equity awards (1,492) (2,245)
Other (4,837) (853)
Net cash (used in) provided by financing activities (67,186) 169,199
Net (decrease) increase in cash and cash equivalents (46,993) 30,997
Cash and cash equivalents    
Beginning of period 60,310 6,077
End of period 13,317 37,074
Reconciliation of net (loss) income to net cash provided by operating activities:    
Net (loss) income (40,220) 31,967
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and other amortization 68,901 66,404
Impairment losses 72,138 1,472
Losses on interest rate derivatives 1,870 0
Amortization of deferred financing costs and net debt discounts 2,998 2,618
Increase in deferred rent receivable (1,276) (5,956)
Gain on sales of real estate 0 (3,985)
Share-based compensation 3,839 3,210
Other (1,725) 1,754
Operating changes in assets and liabilities:    
(Increase) decrease in accounts receivable (3,320) 10,655
Increase in restricted cash and marketable securities (389) (735)
Decrease in prepaid expenses and other assets, net 11,303 6,518
Increase in accounts payable, accrued expenses and other liabilities 15,394 12,557
Decrease in rents received in advance and security deposits (5,113) (3,640)
Net cash provided by operating activities 124,400 122,839
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 1,604 15,927
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 (15,268) (1,540)
Equity in other comprehensive loss of an equity method investee (184) (264)
Dividends/distributions payable 30,219 30,178
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 371 2,122
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 5 519
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value 349 739
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 260,984 240,538
Construction contract and other service revenues received 34,992 86,790
Property operating expenses paid (87,005) (79,667)
Construction contract and other service expenses paid (24,303) (76,355)
General, administrative, leasing, business development and land carry costs paid (19,212) (20,121)
Interest expense paid (41,179) (32,375)
Interest and other income received 128 4,055
Other (5) (26)
Net cash provided by operating activities 124,400 122,839
Cash flows from investing activities    
Construction, development and redevelopment (75,339) (117,498)
Acquisitions of operating properties and related intangible assets 0 (137,125)
Tenant improvements on operating properties (14,862) (10,314)
Other capital improvements on operating properties (16,007) (8,372)
Proceeds from dispositions of properties 5,448 17,424
Investing receivables payments received 0 5,114
Leasing costs paid (3,434) (6,732)
Other (13) (3,538)
Net cash used in investing activities (104,207) (261,041)
Proceeds from debt    
Revolving Credit Facility 133,500 294,000
Unsecured senior notes 0 296,580
Other debt proceeds 45,000 50,000
Repayments of debt    
Revolving Credit Facility (119,000) (377,000)
Scheduled principal amortization (3,532) (3,319)
Other debt repayments (40,498) (50,630)
Deferred financing costs paid (528) (4,693)
Net proceeds from issuance of common shares/units (5) 28,567
Common share/unit dividends/distributions paid (54,053) (53,773)
Preferred share/unit dividends/distributions paid (7,435) (7,435)
Distributions paid to redeemable noncontrolling interests (14,306) 0
Redemption of vested equity awards (1,492) (2,245)
Other (4,837) (853)
Net cash (used in) provided by financing activities (67,186) 169,199
Net (decrease) increase in cash and cash equivalents (46,993) 30,997
Cash and cash equivalents    
Beginning of period 60,310 6,077
End of period 13,317 37,074
Reconciliation of net (loss) income to net cash provided by operating activities:    
Net (loss) income (40,220) 31,967
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and other amortization 68,901 66,404
Impairment losses 72,138 1,472
Losses on interest rate derivatives 1,870 0
Amortization of deferred financing costs and net debt discounts 2,998 2,618
Increase in deferred rent receivable (1,276) (5,956)
Gain on sales of real estate 0 (3,985)
Share-based compensation 3,839 3,210
Other (1,725) 1,754
Operating changes in assets and liabilities:    
(Increase) decrease in accounts receivable (3,320) 10,655
Increase in restricted cash and marketable securities (1,106) (744)
Decrease in prepaid expenses and other assets, net 11,303 6,518
Increase in accounts payable, accrued expenses and other liabilities 16,111 12,566
Decrease in rents received in advance and security deposits (5,113) (3,640)
Net cash provided by operating activities 124,400 122,839
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 1,604 15,927
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 (15,268) (1,540)
Equity in other comprehensive loss of an equity method investee (184) (264)
Dividends/distributions payable 30,219 30,178
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value $ 349 $ 739