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
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Revenues from real estate operations received $ 135,027 $ 132,985
Construction contract and other service revenues received 9,268 23,527
Property operating expenses paid (43,212) (40,837)
Construction contract and other service expenses paid (41,128) (14,790)
General, administrative, leasing, business development and land carry costs paid (10,900) (14,275)
Interest expense paid (19,092) (19,549)
Lease incentives paid (4,204) (7,729)
Other 436 750
Net cash provided by operating activities 26,195 60,082
Cash flows from investing activities    
Construction, development and redevelopment (17,540) (35,795)
Tenant improvements on operating properties (9,077) (6,916)
Other capital improvements on operating properties (5,198) (5,203)
Proceeds from dispositions of properties 0 52,596
Leasing costs paid (2,015) (2,042)
Other (974) (630)
Net cash (used in) provided by investing activities (34,804) 2,010
Proceeds from debt    
Revolving Credit Facility 82,000 0
Repayments of debt    
Revolving Credit Facility (55,000) 0
Scheduled principal amortization (1,052) (1,008)
Payments on capital lease obligation (4,202) 0
Net proceeds from issuance of common shares/units 19,989 18,237
Redemption of preferred shares/units 0 (26,583)
Common share/unit dividends/distributions paid (27,855) (27,100)
Preferred share/unit dividends/distributions paid 0 (3,581)
Distributions paid to noncontrolling interests in COPLP (1,059) (1,156)
Redemption of vested equity awards (1,327) (1,753)
Other (5,183) (3,009)
Net cash provided by (used in) financing activities 6,311 (45,953)
Net (decrease) increase in cash and cash equivalents and restricted cash (2,298) 16,139
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,533 228,758
Reconciliation of net income to net cash provided by operating activities:    
Net income 18,780 22,740
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,035 33,570
Amortization of deferred financing costs and net debt discounts 822 1,348
Increase in deferred rent receivable (1,512) (191)
Gain on sales of real estate 4 (4,238)
Share-based compensation 1,545 1,488
Other (907) (1,447)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 7,877 5,007
Decrease in prepaid expenses and other assets, net 8,533 15,479
Decrease in accounts payable, accrued expenses and other liabilities (43,903) (12,269)
Increase (decrease) in rents received in advance and security deposits 921 (1,405)
Net cash provided by operating activities 26,195 60,082
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 14,831 212,619
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 12,232 (6,661)
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 4,887 1,408
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 761 2,537
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 164 246
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 537 545
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 135,027 132,985
Construction contract and other service revenues received 9,268 23,527
Property operating expenses paid (43,212) (40,837)
Construction contract and other service expenses paid (41,128) (14,790)
General, administrative, leasing, business development and land carry costs paid (10,900) (14,275)
Interest expense paid (19,092) (19,549)
Lease incentives paid (4,204) (7,729)
Other 436 750
Net cash provided by operating activities 26,195 60,082
Cash flows from investing activities    
Construction, development and redevelopment (17,540) (35,795)
Tenant improvements on operating properties (9,077) (6,916)
Other capital improvements on operating properties (5,198) (5,203)
Proceeds from dispositions of properties 0 52,596
Leasing costs paid (2,015) (2,042)
Other (974) (630)
Net cash (used in) provided by investing activities (34,804) 2,010
Proceeds from debt    
Revolving Credit Facility 82,000 0
Repayments of debt    
Revolving Credit Facility (55,000) 0
Scheduled principal amortization (1,052) (1,008)
Payments on capital lease obligation (4,202) 0
Net proceeds from issuance of common shares/units 19,989 18,237
Redemption of preferred shares/units 0 (26,583)
Common share/unit dividends/distributions paid (28,749) (28,091)
Preferred share/unit dividends/distributions paid (165) (3,746)
Redemption of vested equity awards (1,327) (1,753)
Other (5,183) (3,009)
Net cash provided by (used in) financing activities 6,311 (45,953)
Net (decrease) increase in cash and cash equivalents and restricted cash (2,298) 16,139
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,533 228,758
Reconciliation of net income to net cash provided by operating activities:    
Net income 18,780 22,740
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,035 33,570
Amortization of deferred financing costs and net debt discounts 822 1,348
Increase in deferred rent receivable (1,512) (191)
Gain on sales of real estate 4 (4,238)
Share-based compensation 1,545 1,488
Other (907) (1,447)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 7,877 5,007
Decrease in prepaid expenses and other assets, net 8,398 14,193
Decrease in accounts payable, accrued expenses and other liabilities (43,768) (10,983)
Increase (decrease) in rents received in advance and security deposits 921 (1,405)
Net cash provided by operating activities 26,195 60,082
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 14,831 212,619
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 12,232 (6,661)
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 4,887 1,408
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 537 $ 545