| 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 nine months ended September 30, 2017 (in thousands):
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As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Net cash provided by operating activities |
|
$ |
170,678 |
|
|
$ |
(1,250 |
) |
|
$ |
169,428 |
|
Net cash used in investing activities |
|
$ |
(52,730 |
) |
|
$ |
260 |
|
|
$ |
(52,470 |
) |
Net decrease in cash and cash equivalents and restricted cash |
|
$ |
(199,005 |
) |
|
$ |
(990 |
) |
|
$ |
(199,995 |
) |
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 |
|
$ |
10,858 |
|
|
$ |
1,766 |
|
|
$ |
12,624 |
|
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 September 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 |
|
|
$ |
25,194 |
|
|
$ |
17,069 |
|
|
$ |
42,263 |
|
|
$ |
25,548 |
|
|
$ |
18,113 |
|
|
$ |
43,661 |
|
Cumulative distributions in excess of net income |
|
$ |
(818,190 |
) |
|
$ |
16,105 |
|
|
$ |
(802,085 |
) |
|
$ |
(800,290 |
) |
|
$ |
16,442 |
|
|
$ |
(783,848 |
) |
|
$ |
(765,276 |
) |
|
$ |
17,451 |
|
|
$ |
(747,825 |
) |
Noncontrolling interests in subsidiaries |
|
$ |
65,549 |
|
|
$ |
616 |
|
|
$ |
66,165 |
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|
$ |
44,089 |
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|
$ |
627 |
|
|
$ |
44,716 |
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|
$ |
71,605 |
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|
$ |
662 |
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|
$ |
72,267 |
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For the Three Months Ended September 30, 2017 |
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For the Nine Months Ended September 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 |
|
$ |
719 |
|
|
$ |
(348 |
) |
|
$ |
371 |
|
|
$ |
2,162 |
|
|
$ |
(1,044 |
) |
|
$ |
1,118 |
|
Net income |
|
$ |
22,682 |
|
|
$ |
(348 |
) |
|
$ |
22,334 |
|
|
$ |
64,977 |
|
|
$ |
(1,044 |
) |
|
$ |
63,933 |
|
Net income attributable to noncontrolling interests - Common units in COPLP |
|
$ |
(704 |
) |
|
$ |
11 |
|
|
$ |
(693 |
) |
|
$ |
(1,611 |
) |
|
$ |
35 |
|
|
$ |
(1,576 |
) |
Net income attributable to COPT |
|
$ |
20,916 |
|
|
$ |
(337 |
) |
|
$ |
20,579 |
|
|
$ |
60,133 |
|
|
$ |
(1,009 |
) |
|
$ |
59,124 |
|
Net income attributable to COPT common shareholders |
|
$ |
20,916 |
|
|
$ |
(337 |
) |
|
$ |
20,579 |
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|
$ |
47,067 |
|
|
$ |
(1,009 |
) |
|
$ |
46,058 |
|
Earnings per common share - basic and diluted |
|
$ |
0.21 |
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|
$ |
— |
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|
$ |
0.21 |
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|
$ |
0.47 |
|
|
$ |
(0.01 |
) |
|
$ |
0.46 |
|
Comprehensive income |
|
$ |
22,996 |
|
|
$ |
(348 |
) |
|
$ |
22,648 |
|
|
$ |
65,879 |
|
|
$ |
(1,044 |
) |
|
$ |
64,835 |
|
Comprehensive income attributable to COPT |
|
$ |
21,220 |
|
|
$ |
(337 |
) |
|
$ |
20,883 |
|
|
$ |
61,005 |
|
|
$ |
(1,009 |
) |
|
$ |
59,996 |
|
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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 September 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 |
|
|
$ |
25,194 |
|
|
$ |
17,069 |
|
|
$ |
42,263 |
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|
$ |
25,548 |
|
|
$ |
18,113 |
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$ |
43,661 |
|
Common units |
|
$ |
1,428,301 |
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|
$ |
16,721 |
|
|
$ |
1,445,022 |
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|
$ |
1,394,911 |
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$ |
17,069 |
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|
$ |
1,411,980 |
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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 September 30, 2017 |
|
For the Nine Months Ended September 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 |
|
$ |
719 |
|
|
$ |
(348 |
) |
|
$ |
371 |
|
|
$ |
2,162 |
|
|
$ |
(1,044 |
) |
|
$ |
1,118 |
|
Net income |
|
$ |
22,682 |
|
|
$ |
(348 |
) |
|
$ |
22,334 |
|
|
$ |
64,977 |
|
|
$ |
(1,044 |
) |
|
$ |
63,933 |
|
Net income attributable to COPLP |
|
$ |
21,785 |
|
|
$ |
(348 |
) |
|
$ |
21,437 |
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|
$ |
62,239 |
|
|
$ |
(1,044 |
) |
|
$ |
61,195 |
|
Net income attributable to COPLP common unitholders |
|
$ |
21,620 |
|
|
$ |
(348 |
) |
|
$ |
21,272 |
|
|
$ |
48,678 |
|
|
$ |
(1,044 |
) |
|
$ |
47,634 |
|
Earnings per common unit - basic and diluted |
|
$ |
0.21 |
|
|
$ |
— |
|
|
$ |
0.21 |
|
|
$ |
0.47 |
|
|
$ |
(0.01 |
) |
|
$ |
0.46 |
|
Comprehensive income |
|
$ |
22,996 |
|
|
$ |
(348 |
) |
|
$ |
22,648 |
|
|
$ |
65,879 |
|
|
$ |
(1,044 |
) |
|
$ |
64,835 |
|
Comprehensive income attributable to COPLP |
|
$ |
22,099 |
|
|
$ |
(348 |
) |
|
$ |
21,751 |
|
|
$ |
63,141 |
|
|
$ |
(1,044 |
) |
|
$ |
62,097 |
|
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