Consolidated Statements of Cash Flows
$ in Thousands |
12 Months Ended |
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 511,338
|
$ 501,779
|
$ 479,605
|
| Construction contract and other service revenues received |
76,824
|
117,107
|
89,180
|
| Property operating expenses paid |
(197,254)
|
(190,281)
|
(178,803)
|
| Construction contract and other service expenses paid |
(46,318)
|
(124,481)
|
(79,271)
|
| General, administrative, leasing, business development and land carry costs paid |
(34,877)
|
(38,113)
|
(29,521)
|
| Interest expense paid |
(78,158)
|
(65,816)
|
(79,095)
|
| Payments in connection with early extinguishment of debt |
(654)
|
(373)
|
(9,017)
|
| Interest and other income received |
960
|
4,194
|
607
|
| Income taxes (paid) refunded |
(5)
|
(8)
|
200
|
| Other |
682
|
0
|
0
|
| Net cash provided by operating activities |
232,538
|
204,008
|
193,885
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(161,519)
|
(234,346)
|
(200,385)
|
| Acquisitions of operating properties and related intangible assets |
0
|
(202,866)
|
0
|
| Tenant improvements on operating properties |
(34,275)
|
(29,413)
|
(27,037)
|
| Other capital improvements on operating properties |
(26,345)
|
(23,147)
|
(28,720)
|
| Proceeds from dispositions of properties |
262,866
|
193,735
|
57,782
|
| Proceeds from partial sales of properties, net of related debt |
43,681
|
0
|
0
|
| Investing receivables funded |
(48)
|
(22)
|
(3,731)
|
| Investing receivables payments received |
0
|
5,114
|
10,279
|
| Leasing costs paid |
(10,296)
|
(13,710)
|
(16,234)
|
| Other |
(2,615)
|
(2,877)
|
(1,643)
|
| Net cash provided by (used in) investing activities |
71,449
|
(307,532)
|
(209,689)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
495,500
|
522,000
|
232,000
|
| Unsecured senior notes |
0
|
296,580
|
297,342
|
| Other debt proceeds |
255,000
|
164,000
|
11,569
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(539,000)
|
(561,500)
|
(149,000)
|
| Scheduled principal amortization |
(5,395)
|
(6,728)
|
(6,517)
|
| Other debt repayments |
(323,107)
|
(155,307)
|
(394,653)
|
| Deferred financing costs paid |
(825)
|
(7,522)
|
(708)
|
| Net proceeds from issuance of common shares |
109,069
|
28,567
|
150,174
|
| Redemption of preferred shares |
0
|
0
|
(50,000)
|
| Common share/unit dividends/distributions paid |
(104,135)
|
(103,638)
|
(96,330)
|
| Preferred share/unit dividends/distributions paid |
(14,210)
|
(14,210)
|
(16,731)
|
| Distributions paid to noncontrolling interests in COPLP |
(4,619)
|
(4,752)
|
(5,008)
|
| Distributions paid to redeemable noncontrolling interests |
(15,206)
|
(2,993)
|
(1,467)
|
| Redemption of vested equity awards |
(2,466)
|
(2,462)
|
(1,554)
|
| Other |
(5,040)
|
5,722
|
(1,609)
|
| Net cash (used in) provided by financing activities |
(154,434)
|
157,757
|
(32,492)
|
| Net increase (decrease) in cash and cash equivalents |
149,553
|
54,233
|
(48,296)
|
| Cash and cash equivalents |
|
|
|
| Beginning of year |
60,310
|
6,077
|
54,373
|
| End of year |
209,863
|
60,310
|
6,077
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
15,655
|
188,878
|
45,206
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
134,870
|
142,231
|
138,490
|
| Impairment losses |
101,341
|
23,523
|
1,419
|
| Amortization of deferred financing costs and net debt discounts |
5,885
|
5,588
|
5,587
|
| Increase in deferred rent receivable |
(145)
|
(14,969)
|
(3,520)
|
| Gain on sales of real estate |
(40,986)
|
(68,047)
|
(10,695)
|
| Share-based compensation |
6,843
|
6,574
|
6,164
|
| Loss (gain) on early extinguishment of debt |
456
|
(86,028)
|
651
|
| Other |
(4,295)
|
528
|
(3,242)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(5,262)
|
1,331
|
(2,011)
|
| (Increase) decrease in restricted cash and marketable securities |
(365)
|
(1,241)
|
1,352
|
| (Increase) decrease in prepaid expenses and other assets, net |
(17,272)
|
2,853
|
(10,126)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
43,163
|
(3,620)
|
25,091
|
| (Decrease) increase in rents received in advance and security deposits |
(7,350)
|
6,407
|
(481)
|
| Net cash provided by operating activities |
232,538
|
204,008
|
193,885
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
5,950
|
(14,797)
|
(3,779)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
22,600
|
0
|
0
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest |
6,675
|
0
|
0
|
| Decrease in properties, net |
(114,597)
|
0
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
25,680
|
0
|
0
|
| Decrease in debt |
59,534
|
0
|
0
|
| Other net decreases in assets and liabilities |
3,619
|
0
|
0
|
| Debt assumed on acquisition of operating property |
0
|
55,490
|
0
|
| Other liabilities assumed on acquisition of operating properties |
0
|
5,179
|
0
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
(82,738)
|
0
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
(150,000)
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
0
|
1,415
|
0
|
| Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
1,315
|
(1,140)
|
(4,866)
|
| Equity in other comprehensive loss of an equity method investee |
(184)
|
(264)
|
0
|
| Reclassification of preferred shares to be redeemed to liability |
26,583
|
0
|
0
|
| Dividends/distribution payable |
31,335
|
30,178
|
29,862
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
1,167
|
2,151
|
1,843
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
2,158
|
682
|
3,382
|
| Increase (decrease) in redeemable noncontrolling interest and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value |
621
|
(116)
|
(134)
|
| Corporate Office Properties, L.P. [Member] |
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
511,338
|
501,779
|
479,605
|
| Construction contract and other service revenues received |
76,824
|
117,107
|
89,180
|
| Property operating expenses paid |
(197,254)
|
(190,281)
|
(178,803)
|
| Construction contract and other service expenses paid |
(46,318)
|
(124,481)
|
(79,271)
|
| General, administrative, leasing, business development and land carry costs paid |
(34,877)
|
(38,113)
|
(29,521)
|
| Interest expense paid |
(78,158)
|
(65,816)
|
(79,095)
|
| Payments in connection with early extinguishment of debt |
(654)
|
(373)
|
(9,017)
|
| Interest and other income received |
960
|
4,194
|
607
|
| Income taxes (paid) refunded |
(5)
|
(8)
|
200
|
| Other |
682
|
0
|
0
|
| Net cash provided by operating activities |
232,538
|
204,008
|
193,885
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(161,519)
|
(234,346)
|
(200,385)
|
| Acquisitions of operating properties and related intangible assets |
0
|
(202,866)
|
0
|
| Tenant improvements on operating properties |
(34,275)
|
(29,413)
|
(27,037)
|
| Other capital improvements on operating properties |
(26,345)
|
(23,147)
|
(28,720)
|
| Proceeds from dispositions of properties |
262,866
|
193,735
|
57,782
|
| Proceeds from partial sales of properties, net of related debt |
43,681
|
0
|
0
|
| Investing receivables funded |
(48)
|
(22)
|
(3,731)
|
| Investing receivables payments received |
0
|
5,114
|
10,279
|
| Leasing costs paid |
(10,296)
|
(13,710)
|
(16,234)
|
| Other |
(2,615)
|
(2,877)
|
(1,643)
|
| Net cash provided by (used in) investing activities |
71,449
|
(307,532)
|
(209,689)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
495,500
|
522,000
|
232,000
|
| Unsecured senior notes |
0
|
296,580
|
297,342
|
| Other debt proceeds |
255,000
|
164,000
|
11,569
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(539,000)
|
(561,500)
|
(149,000)
|
| Scheduled principal amortization |
(5,395)
|
(6,728)
|
(6,517)
|
| Other debt repayments |
(323,107)
|
(155,307)
|
(394,653)
|
| Deferred financing costs paid |
(825)
|
(7,522)
|
(708)
|
| Net proceeds from issuance of common shares |
109,069
|
28,567
|
150,174
|
| Redemption of preferred shares |
0
|
0
|
(50,000)
|
| Common share/unit dividends/distributions paid |
(108,094)
|
(107,730)
|
(100,678)
|
| Preferred share/unit dividends/distributions paid |
(14,870)
|
(14,870)
|
(17,391)
|
| Distributions paid to redeemable noncontrolling interests |
(15,206)
|
0
|
0
|
| Redemption of vested equity awards |
(2,466)
|
(2,462)
|
(1,554)
|
| Other |
(5,040)
|
2,729
|
(3,076)
|
| Net cash (used in) provided by financing activities |
(154,434)
|
157,757
|
(32,492)
|
| Net increase (decrease) in cash and cash equivalents |
149,553
|
54,233
|
(48,296)
|
| Cash and cash equivalents |
|
|
|
| Beginning of year |
60,310
|
6,077
|
54,373
|
| End of year |
209,863
|
60,310
|
6,077
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
15,655
|
188,878
|
45,206
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
134,870
|
142,231
|
138,490
|
| Impairment losses |
101,341
|
23,523
|
1,419
|
| Amortization of deferred financing costs and net debt discounts |
5,885
|
5,588
|
5,587
|
| Increase in deferred rent receivable |
(145)
|
(14,969)
|
(3,520)
|
| Gain on sales of real estate |
(40,986)
|
(68,047)
|
(10,695)
|
| Share-based compensation |
6,843
|
6,574
|
6,164
|
| Loss (gain) on early extinguishment of debt |
456
|
(86,028)
|
651
|
| Other |
(4,295)
|
528
|
(3,242)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(5,262)
|
1,331
|
(2,011)
|
| (Increase) decrease in restricted cash and marketable securities |
(691)
|
(1,360)
|
(234)
|
| (Increase) decrease in prepaid expenses and other assets, net |
(17,272)
|
2,853
|
(10,126)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
43,489
|
(3,501)
|
26,677
|
| (Decrease) increase in rents received in advance and security deposits |
(7,350)
|
6,407
|
(481)
|
| Net cash provided by operating activities |
232,538
|
204,008
|
193,885
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
5,950
|
(14,797)
|
(3,779)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
22,600
|
0
|
0
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest |
6,675
|
0
|
0
|
| Decrease in properties, net |
(114,597)
|
0
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
25,680
|
0
|
0
|
| Decrease in debt |
59,534
|
0
|
0
|
| Other net decreases in assets and liabilities |
3,619
|
0
|
0
|
| Debt assumed on acquisition of operating property |
0
|
55,490
|
0
|
| Other liabilities assumed on acquisition of operating properties |
0
|
5,179
|
0
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
(82,738)
|
0
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
(150,000)
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
0
|
1,415
|
0
|
| Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
1,315
|
(1,140)
|
(4,866)
|
| Equity in other comprehensive loss of an equity method investee |
(184)
|
(264)
|
0
|
| Reclassification of preferred shares to be redeemed to liability |
26,583
|
0
|
0
|
| Dividends/distribution payable |
31,335
|
30,178
|
29,862
|
| Increase (decrease) in redeemable noncontrolling interest and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value |
$ 621
|
$ (116)
|
$ (134)
|