| 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 six months ended June 30, 2017 (in thousands):
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As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Net cash provided by operating activities |
|
$ |
117,737 |
|
|
$ |
(208 |
) |
|
$ |
117,529 |
|
Net cash used in investing activities |
|
$ |
(58,950 |
) |
|
$ |
173 |
|
|
$ |
(58,777 |
) |
Net decrease in cash and cash equivalents and restricted cash |
|
$ |
(199,257 |
) |
|
$ |
(35 |
) |
|
$ |
(199,292 |
) |
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 |
|
$ |
10,606 |
|
|
$ |
2,721 |
|
|
$ |
13,327 |
|
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 June 30, 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 |
|
|
$ |
25,335 |
|
|
$ |
17,417 |
|
|
$ |
42,752 |
|
|
$ |
25,548 |
|
|
$ |
18,113 |
|
|
$ |
43,661 |
|
Cumulative distributions in excess of net income |
|
$ |
(818,190 |
) |
|
$ |
16,105 |
|
|
$ |
(802,085 |
) |
|
$ |
(793,828 |
) |
|
$ |
16,779 |
|
|
$ |
(777,049 |
) |
|
$ |
(765,276 |
) |
|
$ |
17,451 |
|
|
$ |
(747,825 |
) |
Noncontrolling interests in subsidiaries |
|
$ |
65,549 |
|
|
$ |
616 |
|
|
$ |
66,165 |
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|
$ |
66,701 |
|
|
$ |
638 |
|
|
$ |
67,339 |
|
|
$ |
71,605 |
|
|
$ |
662 |
|
|
$ |
72,267 |
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For the Three Months Ended June 30, 2017 |
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For the Six Months Ended June 30, 2017 |
Consolidated Statements of Operations and Comprehensive Income |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Equity in income of unconsolidated entities |
|
$ |
718 |
|
|
$ |
(348 |
) |
|
$ |
370 |
|
|
$ |
1,443 |
|
|
$ |
(696 |
) |
|
$ |
747 |
|
Income before gain on sales of real estate |
|
$ |
19,195 |
|
|
$ |
(348 |
) |
|
$ |
18,847 |
|
|
$ |
38,045 |
|
|
$ |
(696 |
) |
|
$ |
37,349 |
|
Net income |
|
$ |
19,207 |
|
|
$ |
(348 |
) |
|
$ |
18,859 |
|
|
$ |
42,295 |
|
|
$ |
(696 |
) |
|
$ |
41,599 |
|
Net income attributable to noncontrolling interests - Common units in COPLP |
|
$ |
(273 |
) |
|
$ |
12 |
|
|
$ |
(261 |
) |
|
$ |
(907 |
) |
|
$ |
24 |
|
|
$ |
(883 |
) |
Net income attributable to COPT |
|
$ |
17,862 |
|
|
$ |
(336 |
) |
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$ |
17,526 |
|
|
$ |
39,217 |
|
|
$ |
(672 |
) |
|
$ |
38,545 |
|
Net income attributable to COPT common shareholders |
|
$ |
7,976 |
|
|
$ |
(336 |
) |
|
$ |
7,640 |
|
|
$ |
26,151 |
|
|
$ |
(672 |
) |
|
$ |
25,479 |
|
Comprehensive income |
|
$ |
18,387 |
|
|
$ |
(348 |
) |
|
$ |
18,039 |
|
|
$ |
42,883 |
|
|
$ |
(696 |
) |
|
$ |
42,187 |
|
Comprehensive income attributable to COPT |
|
$ |
17,069 |
|
|
$ |
(336 |
) |
|
$ |
16,733 |
|
|
$ |
39,785 |
|
|
$ |
(672 |
) |
|
$ |
39,113 |
|
|
|
|
|
|
|
|
|
|
|
|
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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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|
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|
|
As of December 31, 2017 |
|
As of June 30, 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 |
|
|
$ |
25,335 |
|
|
$ |
17,417 |
|
|
$ |
42,752 |
|
|
$ |
25,548 |
|
|
$ |
18,113 |
|
|
$ |
43,661 |
|
Common units |
|
$ |
1,428,301 |
|
|
$ |
16,721 |
|
|
$ |
1,445,022 |
|
|
$ |
1,399,578 |
|
|
$ |
17,417 |
|
|
$ |
1,416,995 |
|
|
$ |
1,401,597 |
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|
$ |
18,113 |
|
|
$ |
1,419,710 |
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For the Three Months Ended June 30, 2017 |
|
For the Six Months Ended June 30, 2017 |
Consolidated Statements of Operations and Comprehensive Income |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Equity in income of unconsolidated entities |
|
$ |
718 |
|
|
$ |
(348 |
) |
|
$ |
370 |
|
|
$ |
1,443 |
|
|
$ |
(696 |
) |
|
$ |
747 |
|
Income before gain on sales of real estate |
|
$ |
19,195 |
|
|
$ |
(348 |
) |
|
$ |
18,847 |
|
|
$ |
38,045 |
|
|
$ |
(696 |
) |
|
$ |
37,349 |
|
Net income |
|
$ |
19,207 |
|
|
$ |
(348 |
) |
|
$ |
18,859 |
|
|
$ |
42,295 |
|
|
$ |
(696 |
) |
|
$ |
41,599 |
|
Net income attributable to COPLP |
|
$ |
18,300 |
|
|
$ |
(348 |
) |
|
$ |
17,952 |
|
|
$ |
40,454 |
|
|
$ |
(696 |
) |
|
$ |
39,758 |
|
Net income attributable to COPLP common unitholders |
|
$ |
8,249 |
|
|
$ |
(348 |
) |
|
$ |
7,901 |
|
|
$ |
27,058 |
|
|
$ |
(696 |
) |
|
$ |
26,362 |
|
Comprehensive income |
|
$ |
18,387 |
|
|
$ |
(348 |
) |
|
$ |
18,039 |
|
|
$ |
42,883 |
|
|
$ |
(696 |
) |
|
$ |
42,187 |
|
Comprehensive income attributable to COPLP |
|
$ |
17,480 |
|
|
$ |
(348 |
) |
|
$ |
17,132 |
|
|
$ |
41,042 |
|
|
$ |
(696 |
) |
|
$ |
40,346 |
|
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