Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Revenues from real estate operations received $ 133,895 $ 130,474
Construction contract and other service revenues received 23,527 7,747
Property operating expenses paid (41,192) (46,084)
Construction contract and other service expenses paid (14,790) (10,765)
General, administrative, leasing, business development and land carry costs paid (14,275) (12,175)
Interest expense paid (19,549) (21,386)
Lease incentives (7,729) (415)
Other 750 43
Net cash provided by operating activities 60,637 47,439
Cash flows from investing activities    
Construction, development and redevelopment (35,795) (45,146)
Tenant improvements on operating properties (6,916) (6,388)
Other capital improvements on operating properties (5,203) (9,505)
Proceeds from dispositions of properties 52,596 5,452
Leasing costs paid (2,042) (1,593)
Other (717) 1,121
Net cash provided by (used in) investing activities 1,923 (56,059)
Proceeds from debt    
Revolving Credit Facility 0 88,500
Repayments of debt    
Revolving Credit Facility 0 (25,000)
Scheduled principal amortization (958) (1,800)
Other debt repayments (50) (50)
Net proceeds from issuance of common shares/units 18,237 (5)
Redemption of preferred shares/units (26,583) 0
Common share/unit dividends/distributions paid (27,100) (26,002)
Preferred share/unit dividends/distributions paid (3,581) (3,552)
Distributions paid to noncontrolling interests in COPLP (1,156) (1,171)
Redemption of vested equity awards (1,753) (1,154)
Distributions paid to redeemable noncontrolling interests (407) (13,848)
Other (2,602) (5,119)
Net cash (used in) provided by financing activities (45,953) 10,799
Net increase in cash and cash equivalents 16,607 2,179
Cash and cash equivalents    
Beginning of period 209,863 60,310
End of period 226,470 62,489
Reconciliation of net income to net cash provided by operating activities:    
Net income 23,088 8,096
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,570 35,129
Impairment losses 0 2,446
(Gain) loss on interest rate derivatives (454) 1,551
Amortization of deferred financing costs and net debt discounts 1,348 1,495
Increase in deferred rent receivable (191) (1,456)
Gain on sales of real estate (4,238) 0
Share-based compensation 1,488 2,108
Other (1,341) (802)
Operating changes in assets and liabilities:    
Decrease in accounts receivable 5,007 409
Decrease in restricted cash and marketable securities 2,043 15
Decrease in prepaid expenses and other assets, net 13,991 5,941
Decrease in accounts payable, accrued expenses and other liabilities (12,269) (3,802)
Decrease in rents received in advance and security deposits (1,405) (3,691)
Net cash provided by operating activities 60,637 47,439
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (6,661) (9,420)
Increase in property and redeemable noncontrolling interests in connection with property contributed in a joint venture 0 22,600
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest 8 6,675
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 1,408 (10,414)
Dividends/distributions payable 31,131 30,217
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 2,537 0
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 246 (54)
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value 545 302
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 133,895 130,474
Construction contract and other service revenues received 23,527 7,747
Property operating expenses paid (41,192) (46,084)
Construction contract and other service expenses paid (14,790) (10,765)
General, administrative, leasing, business development and land carry costs paid (14,275) (12,175)
Interest expense paid (19,549) (21,386)
Lease incentives (7,729) (415)
Other 750 43
Net cash provided by operating activities 60,637 47,439
Cash flows from investing activities    
Construction, development and redevelopment (35,795) (45,146)
Tenant improvements on operating properties (6,916) (6,388)
Other capital improvements on operating properties (5,203) (9,505)
Proceeds from dispositions of properties 52,596 5,452
Leasing costs paid (2,042) (1,593)
Other (717) 1,121
Net cash provided by (used in) investing activities 1,923 (56,059)
Proceeds from debt    
Revolving Credit Facility 0 88,500
Repayments of debt    
Revolving Credit Facility 0 (25,000)
Scheduled principal amortization (958) (1,800)
Other debt repayments (50) (50)
Net proceeds from issuance of common shares/units 18,237 (5)
Redemption of preferred shares/units (26,583) 0
Common share/unit dividends/distributions paid (28,091) (27,008)
Preferred share/unit dividends/distributions paid (3,746) (3,717)
Redemption of vested equity awards (1,753) (1,154)
Distributions paid to redeemable noncontrolling interests (407) (13,848)
Other (2,602) (5,119)
Net cash (used in) provided by financing activities (45,953) 10,799
Net increase in cash and cash equivalents 16,607 2,179
Cash and cash equivalents    
Beginning of period 209,863 60,310
End of period 226,470 62,489
Reconciliation of net income to net cash provided by operating activities:    
Net income 23,088 8,096
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,570 35,129
Impairment losses 0 2,446
(Gain) loss on interest rate derivatives (454) 1,551
Amortization of deferred financing costs and net debt discounts 1,348 1,495
Increase in deferred rent receivable (191) (1,456)
Gain on sales of real estate (4,238) 0
Share-based compensation 1,488 2,108
Other (1,341) (802)
Operating changes in assets and liabilities:    
Decrease in accounts receivable 5,007 409
Decrease in restricted cash and marketable securities 757 (77)
Decrease in prepaid expenses and other assets, net 13,991 5,941
Decrease in accounts payable, accrued expenses and other liabilities (10,983) (3,710)
Decrease in rents received in advance and security deposits (1,405) (3,691)
Net cash provided by operating activities 60,637 47,439
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (6,661) (9,420)
Increase in property and redeemable noncontrolling interests in connection with property contributed in a joint venture 0 22,600
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interest 8 6,675
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 1,408 (10,414)
Dividends/distributions payable 31,131 30,217
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value $ 545 $ 302