| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
Our adoption of this guidance had the following effects on our consolidated statements of cash flows for the three months ended March 31, 2017 (in thousands):
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As Previously Reported |
|
Impact of Adoption |
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As
Adjusted |
Net cash provided by operating activities |
|
$ |
60,637 |
|
|
$ |
(555 |
) |
|
$ |
60,082 |
|
Net cash provided by investing activities |
|
$ |
1,923 |
|
|
$ |
87 |
|
|
$ |
2,010 |
|
Net increase in cash and cash equivalents and restricted cash |
|
$ |
16,607 |
|
|
$ |
(468 |
) |
|
$ |
16,139 |
|
Beginning of period cash and cash equivalents and restricted cash |
|
$ |
209,863 |
|
|
$ |
2,756 |
|
|
$ |
212,619 |
|
End of period cash and cash equivalents and restricted cash |
|
$ |
226,470 |
|
|
$ |
2,288 |
|
|
$ |
228,758 |
|
The tables below set forth the impact of the adoption of this guidance for amounts previously reported on the consolidated financial statements of COPT and subsidiaries (in thousands):
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As of December 31, 2017 |
|
As of March 31, 2017 |
|
As of December 31, 2016 |
Consolidated Balance Sheets |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Investment in unconsolidated real estate joint venture |
|
$ |
25,066 |
|
|
$ |
16,721 |
|
|
$ |
41,787 |
|
|
$ |
25,417 |
|
|
$ |
17,765 |
|
|
$ |
43,182 |
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|
$ |
25,548 |
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|
$ |
18,113 |
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|
$ |
43,661 |
|
Cumulative distributions in excess of net income |
|
$ |
(818,190 |
) |
|
$ |
16,105 |
|
|
$ |
(802,085 |
) |
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$ |
(774,445 |
) |
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$ |
17,115 |
|
|
$ |
(757,330 |
) |
|
$ |
(765,276 |
) |
|
$ |
17,451 |
|
|
$ |
(747,825 |
) |
Noncontrolling interests in subsidiaries |
|
$ |
65,549 |
|
|
$ |
616 |
|
|
$ |
66,165 |
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|
$ |
66,820 |
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|
$ |
650 |
|
|
$ |
67,470 |
|
|
$ |
71,605 |
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|
$ |
662 |
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|
$ |
72,267 |
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For the Three Months Ended March 31, 2017 |
Consolidated Statements of Operations and Comprehensive Income |
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As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Equity in income of unconsolidated entities |
|
$ |
725 |
|
|
$ |
(348 |
) |
|
$ |
377 |
|
Income before gain on sales of real estate |
|
$ |
18,850 |
|
|
$ |
(348 |
) |
|
$ |
18,502 |
|
Net income |
|
$ |
23,088 |
|
|
$ |
(348 |
) |
|
$ |
22,740 |
|
Net income attributable to noncontrolling interests - Common units in COPLP |
|
$ |
(634 |
) |
|
$ |
12 |
|
|
$ |
(622 |
) |
Net income attributable to COPT |
|
$ |
21,355 |
|
|
$ |
(336 |
) |
|
$ |
21,019 |
|
Net income attributable to COPT common shareholders |
|
$ |
18,175 |
|
|
$ |
(336 |
) |
|
$ |
17,839 |
|
Comprehensive income |
|
$ |
24,496 |
|
|
$ |
(348 |
) |
|
$ |
24,148 |
|
Comprehensive income attributable to COPT |
|
$ |
22,716 |
|
|
$ |
(336 |
) |
|
$ |
22,380 |
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|
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|
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|
The tables below set forth the impact of the adoption of this guidance for amounts previously reported on the consolidated financial statements of COPLP and subsidiaries (in thousands):
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As of December 31, 2017 |
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As of March 31, 2017 |
|
As of December 31, 2016 |
Consolidated Balance Sheets |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Investment in unconsolid. real estate joint venture |
|
$ |
25,066 |
|
|
$ |
16,721 |
|
|
$ |
41,787 |
|
|
$ |
25,417 |
|
|
$ |
17,765 |
|
|
$ |
43,182 |
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|
$ |
25,548 |
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|
$ |
18,113 |
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|
$ |
43,661 |
|
Common units |
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$ |
1,428,301 |
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|
$ |
16,721 |
|
|
$ |
1,445,022 |
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|
$ |
1,409,632 |
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|
$ |
17,765 |
|
|
$ |
1,427,397 |
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|
$ |
1,401,597 |
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|
$ |
18,113 |
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|
$ |
1,419,710 |
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For the Three Months Ended March 31, 2017 |
Consolidated Statements of Operations and Comprehensive Income |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Equity in income of unconsolidated entities |
|
$ |
725 |
|
|
$ |
(348 |
) |
|
$ |
377 |
|
Income before gain on sales of real estate |
|
$ |
18,850 |
|
|
$ |
(348 |
) |
|
$ |
18,502 |
|
Net income |
|
$ |
23,088 |
|
|
$ |
(348 |
) |
|
$ |
22,740 |
|
Net income attributable to COPLP |
|
$ |
22,154 |
|
|
$ |
(348 |
) |
|
$ |
21,806 |
|
Net income attributable to COPLP common unitholders |
|
$ |
18,809 |
|
|
$ |
(348 |
) |
|
$ |
18,461 |
|
Comprehensive income |
|
$ |
24,496 |
|
|
$ |
(348 |
) |
|
$ |
24,148 |
|
Comprehensive income attributable to COPLP |
|
$ |
23,562 |
|
|
$ |
(348 |
) |
|
$ |
23,214 |
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