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
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Revenues from real estate operations received $ 395,172 $ 389,206
Construction contract and other service revenues received 27,450 72,682
Property operating expenses paid (150,039) (144,527)
Construction contract and other service expenses paid (71,034) (57,189)
General, administrative, leasing, business development and land carry costs paid (20,858) (27,066)
Interest expense paid (55,611) (55,637)
Lease incentives paid (5,985) (9,414)
Other 2,572 1,373
Net cash provided by operating activities 121,667 169,428
Cash flows from investing activities    
Construction, development and redevelopment (105,852) (113,678)
Tenant improvements on operating properties (27,962) (19,876)
Other capital improvements on operating properties (13,357) (15,174)
Proceeds from dispositions of properties 0 101,107
Leasing costs paid (6,277) (6,468)
Other 762 1,619
Net cash used in investing activities (152,686) (52,470)
Proceeds from debt    
Revolving Credit Facility 208,000 268,000
Other debt proceeds 11,267 0
Repayments of debt    
Revolving Credit Facility (235,000) (98,000)
Scheduled principal amortization (3,161) (3,028)
Other debt repayments 0 (200,000)
Deferred financing costs paid (3,413) 0
Payments on capital lease obligation (15,379) 0
Net proceeds from issuance of common shares/units 162,230 19,834
Redemption of preferred shares/units 0 (199,083)
Common share/unit dividends/distributions paid (84,349) (81,779)
Preferred share/unit dividends/distributions paid 0 (9,305)
Distributions paid to noncontrolling interests in COPLP (3,169) (3,371)
Distributions paid to redeemable noncontrolling interests (1,090) (7,860)
Redemption of vested equity awards (1,611) (1,869)
Other (5,205) (492)
Net cash provided by (used in) financing activities 29,120 (316,953)
Net decrease in cash and cash equivalents and restricted cash (1,899) (199,995)
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,932 12,624
Reconciliation of net income to net cash provided by operating activities:    
Net income 60,187 63,933
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 102,440 101,963
Impairment losses 0 1,457
Amortization of deferred financing costs and net debt discounts 2,478 3,514
Increase in deferred rent receivable (3,687) (545)
Gain on sales of real estate 27 (5,438)
Share-based compensation 4,735 4,092
Other (1,969) (2,969)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 12,404 7,498
(Increase) decrease in prepaid expenses and other assets, net (3,810) 4,718
Decrease in accounts payable, accrued expenses and other liabilities (48,649) (5,220)
Decrease in rents received in advance and security deposits (2,489) (3,575)
Net cash provided by operating activities 121,667 169,428
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 in accrued capital improvements, leasing and other investing activity costs 3,550 17,129
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 7,802 774
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 27,282 4,602
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 2,069 589
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value 1,331 (244)
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 395,172 389,206
Construction contract and other service revenues received 27,450 72,682
Property operating expenses paid (150,039) (144,527)
Construction contract and other service expenses paid (71,034) (57,189)
General, administrative, leasing, business development and land carry costs paid (20,858) (27,066)
Interest expense paid (55,611) (55,637)
Lease incentives paid (5,985) (9,414)
Other 2,572 1,373
Net cash provided by operating activities 121,667 169,428
Cash flows from investing activities    
Construction, development and redevelopment (105,852) (113,678)
Tenant improvements on operating properties (27,962) (19,876)
Other capital improvements on operating properties (13,357) (15,174)
Proceeds from dispositions of properties 0 101,107
Leasing costs paid (6,277) (6,468)
Other 762 1,619
Net cash used in investing activities (152,686) (52,470)
Proceeds from debt    
Revolving Credit Facility 208,000 268,000
Other debt proceeds 11,267 0
Repayments of debt    
Revolving Credit Facility (235,000) (98,000)
Scheduled principal amortization (3,161) (3,028)
Other debt repayments 0 (200,000)
Deferred financing costs paid (3,413) 0
Payments on capital lease obligation (15,379) 0
Net proceeds from issuance of common shares/units 162,230 19,834
Redemption of preferred shares/units 0 (199,083)
Common share/unit dividends/distributions paid (87,023) (84,655)
Preferred share/unit dividends/distributions paid (495) (9,800)
Distributions paid to redeemable noncontrolling interests (1,090) (7,860)
Redemption of vested equity awards (1,611) (1,869)
Other (5,205) (492)
Net cash provided by (used in) financing activities 29,120 (316,953)
Net decrease in cash and cash equivalents and restricted cash (1,899) (199,995)
Cash and cash equivalents and restricted cash    
Beginning of period 14,831 212,619
End of period 12,932 12,624
Reconciliation of net income to net cash provided by operating activities:    
Net income 60,187 63,933
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 102,440 101,963
Impairment losses 0 1,457
Amortization of deferred financing costs and net debt discounts 2,478 3,514
Increase in deferred rent receivable (3,687) (545)
Gain on sales of real estate 27 (5,438)
Share-based compensation 4,735 4,092
Other (1,969) (2,969)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 12,404 7,498
(Increase) decrease in prepaid expenses and other assets, net (4,080) 3,688
Decrease in accounts payable, accrued expenses and other liabilities (48,379) (4,190)
Decrease in rents received in advance and security deposits (2,489) (3,575)
Net cash provided by operating activities 121,667 169,428
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 in accrued capital improvements, leasing and other investing activity costs 3,550 17,129
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 7,802 774
Equity in other comprehensive income of an equity method investee 0 39
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value $ 1,331 $ (244)