Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities |
|
|
| Revenues from real estate operations received |
$ 391,511
|
$ 373,607
|
| Construction contract and other service revenues received |
54,399
|
104,817
|
| Property operating expenses paid |
(154,203)
|
(146,274)
|
| Construction contract and other service expenses paid |
(33,169)
|
(112,614)
|
| General, administrative, leasing, business development and land carry costs paid |
(27,879)
|
(29,620)
|
| Interest expense paid |
(61,662)
|
(46,278)
|
| Interest and other income received |
472
|
4,130
|
| Other |
504
|
(26)
|
| Net cash provided by operating activities |
169,973
|
147,742
|
| Cash flows from investing activities |
|
|
| Construction, development and redevelopment |
(121,297)
|
(174,434)
|
| Acquisitions of operating properties and related intangible assets |
0
|
(202,866)
|
| Tenant improvements on operating properties |
(26,055)
|
(18,129)
|
| Other capital improvements on operating properties |
(22,063)
|
(12,610)
|
| Proceeds from dispositions of properties |
210,661
|
45,066
|
| Proceeds from partial sale of properties, net of related debt |
43,686
|
0
|
| Investing receivables payments received |
0
|
5,114
|
| Leasing costs paid |
(6,024)
|
(8,603)
|
| Other |
(991)
|
(4,827)
|
| Net cash provided by (used in) investing activities |
77,917
|
(371,289)
|
| Proceeds from debt |
|
|
| Revolving Credit Facility |
362,500
|
422,000
|
| Unsecured senior notes |
0
|
296,580
|
| Other debt proceeds |
105,000
|
50,000
|
| Repayments of debt |
|
|
| Revolving Credit Facility |
(406,000)
|
(418,000)
|
| Scheduled principal amortization |
(4,454)
|
(5,011)
|
| Other debt repayments |
(203,056)
|
(50,681)
|
| Deferred financing costs paid |
(825)
|
(5,377)
|
| Net proceeds from issuance of common shares/units |
(46)
|
28,567
|
| Common share/unit dividends/distributions paid |
(78,072)
|
(77,641)
|
| Preferred share/unit dividends/distributions paid |
(10,657)
|
(10,657)
|
| Distributions paid to noncontrolling interests in COPLP |
(3,476)
|
(3,581)
|
| Distributions paid to redeemable noncontrolling interests |
(14,329)
|
0
|
| Redemption of vested equity awards |
(2,179)
|
(2,330)
|
| Other |
(5,032)
|
(2,559)
|
| Net cash (used in) provided by financing activities |
(260,626)
|
221,310
|
| Net decrease in cash and cash equivalents |
(12,736)
|
(2,237)
|
| Cash and cash equivalents |
|
|
| Beginning of period |
60,310
|
6,077
|
| End of period |
47,574
|
3,840
|
| Reconciliation of net (loss) income to net cash provided by operating activities: |
|
|
| Net (loss) income |
(10,948)
|
126,261
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Depreciation and other amortization |
101,429
|
105,397
|
| Impairment losses |
99,797
|
3,779
|
| Losses on interest rate derivatives |
347
|
0
|
| Amortization of deferred financing costs and net debt discounts |
4,456
|
4,144
|
| Increase in deferred rent receivable |
(930)
|
(11,939)
|
| Gain on sales of real estate |
(34,101)
|
(4,000)
|
| Share-based compensation |
5,637
|
4,949
|
| Loss (gain) on early extinguishment of debt |
34
|
(86,075)
|
| Other |
(2,761)
|
1,922
|
| Operating changes in assets and liabilities: |
|
|
| Decrease in accounts receivable |
3,658
|
6,526
|
| Decrease (increase) in restricted cash and marketable securities |
18
|
(1,102)
|
| Increase in prepaid expenses and other assets, net |
(19,778)
|
(5,228)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
31,523
|
(655)
|
| (Decrease) increase in rents received in advance and security deposits |
(8,408)
|
3,763
|
| Net cash provided by operating activities |
169,973
|
147,742
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
9,963
|
(11,722)
|
| 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 |
6,683
|
0
|
| Decrease in properties, net |
(114,597)
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
25,680
|
0
|
| Decrease in debt |
59,534
|
0
|
| Other net decreases in assets and liabilities |
3,619
|
0
|
| Debt assumed on acquisition of operating property |
0
|
55,490
|
| Other liabilities assumed on acquisition of operating properties |
0
|
5,265
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
(82,738)
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
(150,000)
|
| Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests |
(13,817)
|
(4,263)
|
| Equity in other comprehensive loss of an equity method investee |
(184)
|
(264)
|
| Dividends/distributions payable |
30,225
|
30,182
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
1,167
|
2,151
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
42
|
591
|
| Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value |
516
|
599
|
| Corporate Office Properties, L.P. |
|
|
| Cash flows from operating activities |
|
|
| Revenues from real estate operations received |
391,511
|
373,607
|
| Construction contract and other service revenues received |
54,399
|
104,817
|
| Property operating expenses paid |
(154,203)
|
(146,274)
|
| Construction contract and other service expenses paid |
(33,169)
|
(112,614)
|
| General, administrative, leasing, business development and land carry costs paid |
(27,879)
|
(29,620)
|
| Interest expense paid |
(61,662)
|
(46,278)
|
| Interest and other income received |
472
|
4,130
|
| Other |
504
|
(26)
|
| Net cash provided by operating activities |
169,973
|
147,742
|
| Cash flows from investing activities |
|
|
| Construction, development and redevelopment |
(121,297)
|
(174,434)
|
| Acquisitions of operating properties and related intangible assets |
0
|
(202,866)
|
| Tenant improvements on operating properties |
(26,055)
|
(18,129)
|
| Other capital improvements on operating properties |
(22,063)
|
(12,610)
|
| Proceeds from dispositions of properties |
210,661
|
45,066
|
| Proceeds from partial sale of properties, net of related debt |
43,686
|
0
|
| Investing receivables payments received |
0
|
5,114
|
| Leasing costs paid |
(6,024)
|
(8,603)
|
| Other |
(991)
|
(4,827)
|
| Net cash provided by (used in) investing activities |
77,917
|
(371,289)
|
| Proceeds from debt |
|
|
| Revolving Credit Facility |
362,500
|
422,000
|
| Unsecured senior notes |
0
|
296,580
|
| Other debt proceeds |
105,000
|
50,000
|
| Repayments of debt |
|
|
| Revolving Credit Facility |
(406,000)
|
(418,000)
|
| Scheduled principal amortization |
(4,454)
|
(5,011)
|
| Other debt repayments |
(203,056)
|
(50,681)
|
| Deferred financing costs paid |
(825)
|
(5,377)
|
| Net proceeds from issuance of common shares/units |
(46)
|
28,567
|
| Common share/unit dividends/distributions paid |
(81,053)
|
(80,727)
|
| Preferred share/unit dividends/distributions paid |
(11,152)
|
(11,152)
|
| Distributions paid to redeemable noncontrolling interests |
(14,329)
|
0
|
| Redemption of vested equity awards |
(2,179)
|
(2,330)
|
| Other |
(5,032)
|
(2,559)
|
| Net cash (used in) provided by financing activities |
(260,626)
|
221,310
|
| Net decrease in cash and cash equivalents |
(12,736)
|
(2,237)
|
| Cash and cash equivalents |
|
|
| Beginning of period |
60,310
|
6,077
|
| End of period |
47,574
|
3,840
|
| Reconciliation of net (loss) income to net cash provided by operating activities: |
|
|
| Net (loss) income |
(10,948)
|
126,261
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Depreciation and other amortization |
101,429
|
105,397
|
| Impairment losses |
99,797
|
3,779
|
| Losses on interest rate derivatives |
347
|
0
|
| Amortization of deferred financing costs and net debt discounts |
4,456
|
4,144
|
| Increase in deferred rent receivable |
(930)
|
(11,939)
|
| Gain on sales of real estate |
(34,101)
|
(4,000)
|
| Share-based compensation |
5,637
|
4,949
|
| Loss (gain) on early extinguishment of debt |
34
|
(86,075)
|
| Other |
(2,761)
|
1,922
|
| Operating changes in assets and liabilities: |
|
|
| Decrease in accounts receivable |
3,658
|
6,526
|
| Decrease (increase) in restricted cash and marketable securities |
(495)
|
(1,485)
|
| Increase in prepaid expenses and other assets, net |
(19,778)
|
(5,228)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
32,036
|
(272)
|
| (Decrease) increase in rents received in advance and security deposits |
(8,408)
|
3,763
|
| Net cash provided by operating activities |
169,973
|
147,742
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
9,963
|
(11,722)
|
| 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 |
6,683
|
0
|
| Decrease in properties, net |
(114,597)
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
25,680
|
0
|
| Decrease in debt |
59,534
|
0
|
| Other net decreases in assets and liabilities |
3,619
|
0
|
| Debt assumed on acquisition of operating property |
0
|
55,490
|
| Other liabilities assumed on acquisition of operating properties |
0
|
5,265
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
(82,738)
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
(150,000)
|
| Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests |
(13,817)
|
(4,263)
|
| Equity in other comprehensive loss of an equity method investee |
(184)
|
(264)
|
| Dividends/distributions payable |
30,225
|
30,182
|
| Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value |
$ 516
|
$ 599
|