Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Revenues from real estate operations received $ 390,116 $ 393,300
Construction contract and other service revenues received 72,682 54,399
Property operating expenses paid (144,187) (154,203)
Construction contract and other service expenses paid (57,189) (33,169)
General, administrative, leasing, business development and land carry costs paid (27,066) (27,879)
Interest expense paid (55,637) (61,662)
Lease incentives (9,414) (1,789)
Other 1,373 976
Net cash provided by operating activities 170,678 169,973
Cash flows from investing activities    
Construction, development and redevelopment (113,678) (121,297)
Tenant improvements on operating properties (19,876) (26,055)
Other capital improvements on operating properties (15,174) (22,063)
Proceeds from dispositions of properties 101,107 210,661
Proceeds from partial sale of properties, net of related debt 0 43,686
Leasing costs paid (6,468) (6,024)
Other 1,359 (991)
Net cash (used in) provided by investing activities (52,730) 77,917
Proceeds from debt    
Revolving Credit Facility 268,000 362,500
Other debt proceeds 0 105,000
Repayments of debt    
Revolving Credit Facility (98,000) (406,000)
Scheduled principal amortization (2,878) (4,454)
Other debt repayments (200,150) (203,056)
Deferred financing costs paid 0 (825)
Net proceeds from issuance of common shares/units 19,834 (46)
Redemption of preferred shares/units (199,083) 0
Common share/unit dividends/distributions paid (81,779) (78,072)
Preferred share/unit dividends/distributions paid (9,305) (10,657)
Distributions paid to noncontrolling interests in COPLP (3,371) (3,476)
Distributions paid to redeemable noncontrolling interests (7,860) (14,329)
Redemption of vested equity awards (1,869) (2,179)
Other (492) (5,032)
Net cash used in financing activities (316,953) (260,626)
Net decrease in cash and cash equivalents (199,005) (12,736)
Cash and cash equivalents    
Beginning of period 209,863 60,310
End of period 10,858 47,574
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 64,977 (10,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 101,963 101,429
Impairment losses 1,457 99,797
(Gain) loss on interest rate derivatives (43) 347
Amortization of deferred financing costs and net debt discounts 3,514 4,456
Increase in deferred rent receivable (545) (930)
Gain on sales of real estate (5,438) (34,101)
Share-based compensation 4,092 5,637
Other (3,970) (2,727)
Operating changes in assets and liabilities:    
Decrease in accounts receivable 7,498 3,658
Decrease in restricted cash and marketable securities 2,778 18
Decrease (increase) in prepaid expenses and other assets, net 3,190 (19,778)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (5,220) 31,523
Decrease in rents received in advance and security deposits (3,575) (8,408)
Net cash provided by operating activities 170,678 169,973
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 17,129 9,963
Increase in property in connection with capital lease obligation 16,127 0
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 0 6,683
Non-cash changes from partial sale of properties, net of debt:    
Decrease in properties, net 0 (114,597)
Increase in investment in unconsolidated real estate joint venture 0 25,680
Decrease in debt 0 59,534
Other net decreases in assets and liabilities 0 3,619
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 774 (13,817)
Equity in other comprehensive income (loss) of an equity method investee 39 (184)
Dividends/distributions payable 28,462 30,225
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 4,602 1,167
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 589 42
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interest at fair value (244) 516
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 390,116 393,300
Construction contract and other service revenues received 72,682 54,399
Property operating expenses paid (144,187) (154,203)
Construction contract and other service expenses paid (57,189) (33,169)
General, administrative, leasing, business development and land carry costs paid (27,066) (27,879)
Interest expense paid (55,637) (61,662)
Lease incentives (9,414) (1,789)
Other 1,373 976
Net cash provided by operating activities 170,678 169,973
Cash flows from investing activities    
Construction, development and redevelopment (113,678) (121,297)
Tenant improvements on operating properties (19,876) (26,055)
Other capital improvements on operating properties (15,174) (22,063)
Proceeds from dispositions of properties 101,107 210,661
Proceeds from partial sale of properties, net of related debt 0 43,686
Leasing costs paid (6,468) (6,024)
Other 1,359 (991)
Net cash (used in) provided by investing activities (52,730) 77,917
Proceeds from debt    
Revolving Credit Facility 268,000 362,500
Other debt proceeds 0 105,000
Repayments of debt    
Revolving Credit Facility (98,000) (406,000)
Scheduled principal amortization (2,878) (4,454)
Other debt repayments (200,150) (203,056)
Deferred financing costs paid 0 (825)
Net proceeds from issuance of common shares/units 19,834 (46)
Redemption of preferred shares/units (199,083) 0
Common share/unit dividends/distributions paid (84,655) (81,053)
Preferred share/unit dividends/distributions paid (9,800) (11,152)
Distributions paid to redeemable noncontrolling interests (7,860) (14,329)
Redemption of vested equity awards (1,869) (2,179)
Other (492) (5,032)
Net cash used in financing activities (316,953) (260,626)
Net decrease in cash and cash equivalents (199,005) (12,736)
Cash and cash equivalents    
Beginning of period 209,863 60,310
End of period 10,858 47,574
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 64,977 (10,948)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 101,963 101,429
Impairment losses 1,457 99,797
(Gain) loss on interest rate derivatives (43) 347
Amortization of deferred financing costs and net debt discounts 3,514 4,456
Increase in deferred rent receivable (545) (930)
Gain on sales of real estate (5,438) (34,101)
Share-based compensation 4,092 5,637
Other (3,970) (2,727)
Operating changes in assets and liabilities:    
Decrease in accounts receivable 7,498 3,658
Decrease in restricted cash and marketable securities 1,748 (495)
Decrease (increase) in prepaid expenses and other assets, net 3,190 (19,778)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (4,190) 32,036
Decrease in rents received in advance and security deposits (3,575) (8,408)
Net cash provided by operating activities 170,678 169,973
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 17,129 9,963
Increase in property in connection with capital lease obligation 16,127 0
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 0 6,683
Non-cash changes from partial sale of properties, net of debt:    
Decrease in properties, net 0 (114,597)
Increase in investment in unconsolidated real estate joint venture 0 25,680
Decrease in debt 0 59,534
Other net decreases in assets and liabilities 0 3,619
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests 774 (13,817)
Equity in other comprehensive income (loss) of an equity method investee 39 (184)
Dividends/distributions payable 28,462 30,225
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interest at fair value $ (244) $ 516