Consolidated Statements of Cash Flows
$ in Thousands |
12 Months Ended |
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 510,985
|
$ 514,098
|
$ 503,503
|
| Construction contract and other service revenues received |
102,531
|
76,824
|
117,107
|
| Property operating expenses paid |
(186,478)
|
(197,254)
|
(190,281)
|
| Construction contract and other service expenses paid |
(82,707)
|
(46,318)
|
(124,481)
|
| General, administrative, leasing, business development and land carry costs paid |
(32,673)
|
(34,877)
|
(38,113)
|
| Interest expense paid |
(73,079)
|
(78,158)
|
(65,816)
|
| Lease incentives paid |
(9,725)
|
(2,760)
|
(1,724)
|
| Income taxes paid |
(31)
|
(5)
|
(8)
|
| Other |
1,831
|
988
|
3,821
|
| Net cash provided by operating activities |
230,654
|
232,538
|
204,008
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(200,504)
|
(161,519)
|
(234,346)
|
| Acquisitions of operating properties and related intangible assets |
0
|
0
|
(202,866)
|
| Tenant improvements on operating properties |
(33,409)
|
(34,275)
|
(29,413)
|
| Other capital improvements on operating properties |
(22,882)
|
(26,345)
|
(23,147)
|
| Proceeds from dispositions of properties |
180,839
|
262,866
|
193,735
|
| Proceeds from partial sales of properties, net of related debt |
0
|
43,681
|
0
|
| Leasing costs paid |
(14,581)
|
(10,296)
|
(13,710)
|
| Other |
827
|
(2,663)
|
2,215
|
| Net cash (used in) provided by investing activities |
(89,710)
|
71,449
|
(307,532)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
352,000
|
495,500
|
522,000
|
| Unsecured senior notes |
0
|
0
|
296,580
|
| Other debt proceeds |
0
|
255,000
|
164,000
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(226,000)
|
(539,000)
|
(561,500)
|
| Scheduled principal amortization |
(3,862)
|
(5,395)
|
(6,728)
|
| Other debt repayments |
(200,200)
|
(323,107)
|
(155,307)
|
| Deferred financing costs paid |
(500)
|
(825)
|
(7,522)
|
| Net proceeds from issuance of common shares |
69,534
|
109,069
|
28,567
|
| Redemption of preferred shares |
(199,083)
|
0
|
0
|
| Common share/unit dividends/distributions paid |
(109,174)
|
(104,135)
|
(103,638)
|
| Preferred share/unit dividends/distributions paid |
(9,305)
|
(14,210)
|
(14,210)
|
| Distributions paid to noncontrolling interests in COPLP |
(4,426)
|
(4,619)
|
(4,752)
|
| Distributions paid to redeemable noncontrolling interests |
(8,215)
|
(15,206)
|
(2,993)
|
| Redemption of vested equity awards |
(1,973)
|
(2,466)
|
(2,462)
|
| Other |
2,658
|
(5,040)
|
5,722
|
| Net cash (used in) provided by financing activities |
(338,546)
|
(154,434)
|
157,757
|
| Net (decrease) increase in cash and cash equivalents |
(197,602)
|
149,553
|
54,233
|
| Cash and cash equivalents |
|
|
|
| Beginning of year |
209,863
|
60,310
|
6,077
|
| End of year |
12,261
|
209,863
|
60,310
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
76,333
|
15,655
|
188,878
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
136,501
|
134,870
|
142,231
|
| Impairment losses |
15,116
|
101,341
|
23,523
|
| Amortization of deferred financing costs and net debt discounts |
4,307
|
5,885
|
5,588
|
| Increase in deferred rent receivable |
(2,651)
|
(145)
|
(14,969)
|
| Gain on sales of real estate |
(9,890)
|
(40,986)
|
(68,047)
|
| Share-based compensation |
5,615
|
6,843
|
6,574
|
| Loss (gain) on early extinguishment of debt |
513
|
456
|
(86,028)
|
| Other |
(6,121)
|
(4,295)
|
528
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
2,783
|
(5,262)
|
1,331
|
| Decrease (increase) in restricted cash and marketable securities |
2,015
|
(365)
|
(1,241)
|
| Decrease (increase) in prepaid expenses and other assets, net |
5,737
|
(17,272)
|
2,853
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
4,309
|
43,163
|
(3,620)
|
| (Decrease) increase in rents received in advance and security deposits |
(3,913)
|
(7,350)
|
6,407
|
| Net cash provided by operating activities |
230,654
|
232,538
|
204,008
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(10,654)
|
5,950
|
(14,797)
|
| Increase in property in connection with capital lease obligation |
16,127
|
0
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by redeemable noncontrolling interests in a joint venture |
0
|
22,600
|
0
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests |
0
|
6,675
|
0
|
| Decrease in properties, net |
0
|
(114,597)
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
0
|
25,680
|
0
|
| Decrease in debt |
0
|
59,534
|
0
|
| Other net decreases in assets and liabilities |
0
|
3,619
|
0
|
| Debt assumed on acquisition of operating property |
0
|
0
|
55,490
|
| Other liabilities assumed on acquisition of operating properties |
0
|
0
|
5,179
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
0
|
(82,738)
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
0
|
(150,000)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by redeemable noncontrolling interests in a joint venture |
0
|
0
|
1,415
|
| Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
3,845
|
1,315
|
(1,140)
|
| Equity in other comprehensive income (loss) of an equity method investee |
39
|
(184)
|
(264)
|
| Reclassification of preferred shares to be redeemed to liability |
0
|
26,583
|
0
|
| Dividends/distribution payable |
28,921
|
31,335
|
30,178
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
4,636
|
1,167
|
2,151
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
1,486
|
2,158
|
682
|
| (Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value |
(626)
|
621
|
(116)
|
| Corporate Office Properties, L.P. [Member] |
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
510,985
|
514,098
|
503,503
|
| Construction contract and other service revenues received |
102,531
|
76,824
|
117,107
|
| Property operating expenses paid |
(186,478)
|
(197,254)
|
(190,281)
|
| Construction contract and other service expenses paid |
(82,707)
|
(46,318)
|
(124,481)
|
| General, administrative, leasing, business development and land carry costs paid |
(32,673)
|
(34,877)
|
(38,113)
|
| Interest expense paid |
(73,079)
|
(78,158)
|
(65,816)
|
| Lease incentives paid |
(9,725)
|
(2,760)
|
(1,724)
|
| Income taxes paid |
(31)
|
(5)
|
(8)
|
| Other |
1,831
|
988
|
3,821
|
| Net cash provided by operating activities |
230,654
|
232,538
|
204,008
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(200,504)
|
(161,519)
|
(234,346)
|
| Acquisitions of operating properties and related intangible assets |
0
|
0
|
(202,866)
|
| Tenant improvements on operating properties |
(33,409)
|
(34,275)
|
(29,413)
|
| Other capital improvements on operating properties |
(22,882)
|
(26,345)
|
(23,147)
|
| Proceeds from dispositions of properties |
180,839
|
262,866
|
193,735
|
| Proceeds from partial sales of properties, net of related debt |
0
|
43,681
|
0
|
| Leasing costs paid |
(14,581)
|
(10,296)
|
(13,710)
|
| Other |
827
|
(2,663)
|
2,215
|
| Net cash (used in) provided by investing activities |
(89,710)
|
71,449
|
(307,532)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
352,000
|
495,500
|
522,000
|
| Unsecured senior notes |
0
|
0
|
296,580
|
| Other debt proceeds |
0
|
255,000
|
164,000
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(226,000)
|
(539,000)
|
(561,500)
|
| Scheduled principal amortization |
(3,862)
|
(5,395)
|
(6,728)
|
| Other debt repayments |
(200,200)
|
(323,107)
|
(155,307)
|
| Deferred financing costs paid |
(500)
|
(825)
|
(7,522)
|
| Net proceeds from issuance of common shares |
69,534
|
109,069
|
28,567
|
| Redemption of preferred shares |
(199,083)
|
0
|
0
|
| Common share/unit dividends/distributions paid |
(112,940)
|
(108,094)
|
(107,730)
|
| Preferred share/unit dividends/distributions paid |
(9,965)
|
(14,870)
|
(14,870)
|
| Distributions paid to redeemable noncontrolling interests |
(8,215)
|
(15,206)
|
0
|
| Redemption of vested equity awards |
(1,973)
|
(2,466)
|
(2,462)
|
| Other |
2,658
|
(5,040)
|
2,729
|
| Net cash (used in) provided by financing activities |
(338,546)
|
(154,434)
|
157,757
|
| Net (decrease) increase in cash and cash equivalents |
(197,602)
|
149,553
|
54,233
|
| Cash and cash equivalents |
|
|
|
| Beginning of year |
209,863
|
60,310
|
6,077
|
| End of year |
12,261
|
209,863
|
60,310
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
76,333
|
15,655
|
188,878
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
136,501
|
134,870
|
142,231
|
| Impairment losses |
15,116
|
101,341
|
23,523
|
| Amortization of deferred financing costs and net debt discounts |
4,307
|
5,885
|
5,588
|
| Increase in deferred rent receivable |
(2,651)
|
(145)
|
(14,969)
|
| Gain on sales of real estate |
(9,890)
|
(40,986)
|
(68,047)
|
| Share-based compensation |
5,615
|
6,843
|
6,574
|
| Loss (gain) on early extinguishment of debt |
513
|
456
|
(86,028)
|
| Other |
(6,121)
|
(4,295)
|
528
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
2,783
|
(5,262)
|
1,331
|
| Decrease (increase) in restricted cash and marketable securities |
1,194
|
(691)
|
(1,360)
|
| Decrease (increase) in prepaid expenses and other assets, net |
5,737
|
(17,272)
|
2,853
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
5,130
|
43,489
|
(3,501)
|
| (Decrease) increase in rents received in advance and security deposits |
(3,913)
|
(7,350)
|
6,407
|
| Net cash provided by operating activities |
230,654
|
232,538
|
204,008
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(10,654)
|
5,950
|
(14,797)
|
| Increase in property in connection with capital lease obligation |
16,127
|
0
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by redeemable noncontrolling interests in a joint venture |
0
|
22,600
|
0
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests |
0
|
6,675
|
0
|
| Decrease in properties, net |
0
|
(114,597)
|
0
|
| Increase in investment in unconsolidated real estate joint venture |
0
|
25,680
|
0
|
| Decrease in debt |
0
|
59,534
|
0
|
| Other net decreases in assets and liabilities |
0
|
3,619
|
0
|
| Debt assumed on acquisition of operating property |
0
|
0
|
55,490
|
| Other liabilities assumed on acquisition of operating properties |
0
|
0
|
5,179
|
| Decrease in property in connection with surrender of property in settlement of debt |
0
|
0
|
(82,738)
|
| Decrease in debt in connection with surrender of property in settlement of debt |
0
|
0
|
(150,000)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by redeemable noncontrolling interests in a joint venture |
0
|
0
|
1,415
|
| Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
3,845
|
1,315
|
(1,140)
|
| Equity in other comprehensive income (loss) of an equity method investee |
39
|
(184)
|
(264)
|
| Reclassification of preferred shares to be redeemed to liability |
0
|
26,583
|
0
|
| Dividends/distribution payable |
28,921
|
31,335
|
30,178
|
| (Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value |
$ (626)
|
$ 621
|
$ (116)
|