Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Revenues from real estate operations received $ 262,602 $ 254,392
Construction contract and other service revenues received 18,411 39,917
Property operating expenses paid (83,642) (79,683)
Construction contract and other service expenses paid (62,624) (31,996)
General, administrative, leasing, business development and land carry costs paid (15,148) (20,315)
Interest expense paid (36,155) (36,351)
Lease incentives paid (4,825) (9,375)
Other 2,093 940
Net cash provided by operating activities 80,712 117,529
Cash flows from investing activities    
Construction, development and redevelopment (67,749) (85,926)
Tenant improvements on operating properties (18,352) (13,711)
Other capital improvements on operating properties (8,584) (11,780)
Proceeds from dispositions of properties 0 54,798
Leasing costs paid (3,838) (3,904)
Other 1,715 1,746
Net cash used in investing activities (96,808) (58,777)
Proceeds from debt    
Revolving Credit Facility 153,000 213,000
Repayments of debt    
Revolving Credit Facility (109,000) (19,000)
Scheduled principal amortization (2,101) (2,013)
Other debt repayments 0 (200,000)
Payments on capital lease obligation (15,379) 0
Net proceeds from issuance of common shares/units 52,277 19,835
Redemption of preferred shares/units 0 (199,083)
Common share/unit dividends/distributions paid (55,950) (54,439)
Preferred share/unit dividends/distributions paid 0 (9,305)
Distributions paid to noncontrolling interests in COPLP (2,110) (2,274)
Redemption of vested equity awards (1,525) (1,813)
Other (5,370) (2,952)
Net cash provided by (used in) financing activities 13,842 (258,044)
Net decrease in cash and cash equivalents and restricted cash (2,254) (199,292)
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,577 13,327
Reconciliation of net income to net cash provided by operating activities:    
Net income 39,865 41,599
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,684 66,948
Impairment losses 0 1,618
Amortization of deferred financing costs and net debt discounts 1,648 2,613
(Increase) decrease in deferred rent receivable (3,470) 669
Gain on sales of real estate 27 (4,250)
Share-based compensation 3,132 2,820
Other (777) (1,861)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 8,050 (8,304)
Decrease in prepaid expenses and other assets, net 14,718 22,418
Decrease in accounts payable, accrued expenses and other liabilities (49,422) (2,387)
Decrease in rents received in advance and security deposits (743) (4,354)
Net cash provided by operating activities 80,712 117,529
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 2,909 (4,927)
Increase in property in connection with capital lease obligation 0 16,127
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 6,719 513
Equity in other comprehensive income of an equity method investee 0 39
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 761 2,564
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 702 514
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 758 401
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 262,602 254,392
Construction contract and other service revenues received 18,411 39,917
Property operating expenses paid (83,642) (79,683)
Construction contract and other service expenses paid (62,624) (31,996)
General, administrative, leasing, business development and land carry costs paid (15,148) (20,315)
Interest expense paid (36,155) (36,351)
Lease incentives paid (4,825) (9,375)
Other 2,093 940
Net cash provided by operating activities 80,712 117,529
Cash flows from investing activities    
Construction, development and redevelopment (67,749) (85,926)
Tenant improvements on operating properties (18,352) (13,711)
Other capital improvements on operating properties (8,584) (11,780)
Proceeds from dispositions of properties 0 54,798
Leasing costs paid (3,838) (3,904)
Other 1,715 1,746
Net cash used in investing activities (96,808) (58,777)
Proceeds from debt    
Revolving Credit Facility 153,000 213,000
Repayments of debt    
Revolving Credit Facility (109,000) (19,000)
Scheduled principal amortization (2,101) (2,013)
Other debt repayments 0 (200,000)
Payments on capital lease obligation (15,379) 0
Net proceeds from issuance of common shares/units 52,277 19,835
Redemption of preferred shares/units 0 (199,083)
Common share/unit dividends/distributions paid (57,730) (56,383)
Preferred share/unit dividends/distributions paid (330) (9,635)
Redemption of vested equity awards (1,525) (1,813)
Other (5,370) (2,952)
Net cash provided by (used in) financing activities 13,842 (258,044)
Net decrease in cash and cash equivalents and restricted cash (2,254) (199,292)
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,577 13,327
Reconciliation of net income to net cash provided by operating activities:    
Net income 39,865 41,599
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,684 66,948
Impairment losses 0 1,618
Amortization of deferred financing costs and net debt discounts 1,648 2,613
(Increase) decrease in deferred rent receivable (3,470) 669
Gain on sales of real estate 27 (4,250)
Share-based compensation 3,132 2,820
Other (777) (1,861)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 8,050 (8,304)
Decrease in prepaid expenses and other assets, net 14,296 21,126
Decrease in accounts payable, accrued expenses and other liabilities (49,000) (1,095)
Decrease in rents received in advance and security deposits (743) (4,354)
Net cash provided by operating activities 80,712 117,529
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 2,909 (4,927)
Increase in property in connection with capital lease obligation 0 16,127
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests 6,719 513
Equity in other comprehensive income of an equity method investee 0 39
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 758 $ 401