Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 528,066
|
$ 510,551
|
$ 514,098
|
| Construction contract and other service revenues received |
33,579
|
102,531
|
76,824
|
| Property operating expenses paid |
(197,647)
|
(186,577)
|
(196,352)
|
| Construction contract and other service expenses paid |
(79,386)
|
(82,707)
|
(46,318)
|
| General, administrative, leasing, business development and land carry costs paid |
(27,006)
|
(32,673)
|
(34,877)
|
| Interest expense paid |
(72,460)
|
(73,079)
|
(77,982)
|
| Lease incentives paid |
(7,679)
|
(9,725)
|
(2,760)
|
| Income taxes paid |
(21)
|
(31)
|
(5)
|
| Other |
3,036
|
1,831
|
1,642
|
| Net cash provided by operating activities |
180,482
|
230,121
|
234,270
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(159,994)
|
(200,504)
|
(161,519)
|
| Tenant improvements on operating properties |
(35,098)
|
(33,409)
|
(34,275)
|
| Other capital improvements on operating properties |
(24,223)
|
(22,882)
|
(26,345)
|
| Proceeds from dispositions of properties |
0
|
180,839
|
262,866
|
| Proceeds from partial sales of properties, net of related debt |
0
|
0
|
43,089
|
| Leasing costs paid |
(10,926)
|
(14,581)
|
(10,296)
|
| Other |
(2,677)
|
1,174
|
(2,346)
|
| Net cash (used in) provided by investing activities |
(232,918)
|
(89,363)
|
71,174
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
381,000
|
352,000
|
495,500
|
| Other debt proceeds |
13,406
|
0
|
255,000
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(294,000)
|
(226,000)
|
(539,000)
|
| Scheduled principal amortization |
(4,240)
|
(4,062)
|
(5,595)
|
| Other debt repayments |
(100,000)
|
(200,000)
|
(322,907)
|
| Deferred financing costs paid |
(8,292)
|
(500)
|
(825)
|
| Payments on capital lease obligations |
(15,379)
|
0
|
0
|
| Net proceeds from issuance of common shares |
202,065
|
69,534
|
109,069
|
| Redemption of preferred shares |
0
|
(199,083)
|
0
|
| Common share/unit dividends/distributions paid |
(114,286)
|
(109,174)
|
(104,135)
|
| Preferred share/unit dividends/distributions paid |
0
|
(9,305)
|
(14,210)
|
| Distributions paid to noncontrolling interests in COPLP |
(3,699)
|
(4,426)
|
(4,619)
|
| Distributions paid to redeemable noncontrolling interests |
(1,382)
|
(8,215)
|
(15,206)
|
| Redemption of vested equity awards |
(1,702)
|
(1,973)
|
(2,466)
|
| Other |
(3,936)
|
2,658
|
(5,694)
|
| Net cash provided by (used in) financing activities |
49,555
|
(338,546)
|
(155,088)
|
| Net (decrease) increase in cash and cash equivalents and restricted cash |
(2,881)
|
(197,788)
|
150,356
|
| Cash and cash equivalents and restricted cash |
|
|
|
| Beginning of year |
14,831
|
212,619
|
62,263
|
| End of year |
11,950
|
14,831
|
212,619
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
78,643
|
74,941
|
33,768
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
139,063
|
136,501
|
134,870
|
| Impairment losses |
2,367
|
15,116
|
101,341
|
| Amortization of deferred financing costs and net debt discounts |
3,393
|
4,307
|
5,885
|
| Increase in deferred rent receivable |
(4,621)
|
(2,651)
|
(145)
|
| Gain on sales of real estate |
(2,340)
|
(9,890)
|
(59,679)
|
| Share-based compensation |
6,376
|
5,615
|
6,843
|
| Other |
(2,733)
|
(4,216)
|
(2,605)
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
5,673
|
2,783
|
(5,262)
|
| (Increase) decrease in prepaid expenses and other assets, net |
(987)
|
7,219
|
(16,559)
|
| (Decrease) increase in accounts payable, accrued expenses and other liabilities |
(49,179)
|
4,309
|
43,163
|
| Increase (decrease) in rents received in advance and security deposits |
4,827
|
(3,913)
|
(7,350)
|
| Net cash provided by operating activities |
180,482
|
230,121
|
234,270
|
| Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
| Cash and cash equivalents and restricted cash |
14,831
|
212,619
|
62,263
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
6,570
|
(10,654)
|
5,950
|
| Increase in property in connection with capital lease obligation |
0
|
16,127
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contributed into a joint venture |
0
|
0
|
22,600
|
| Non-cash changes from recognition of property sale previously accounted for as financing arrangement: |
|
|
|
| Decrease in assets held for sale, net |
(42,226)
|
0
|
0
|
| Decrease in deferred property sale |
43,377
|
0
|
0
|
| Non-cash changes from partial sale of properties, net of debt: |
|
|
|
| Decrease in properties, net |
0
|
0
|
(114,597)
|
| Increase in investment in unconsolidated real estate joint venture |
0
|
0
|
44,373
|
| Decrease in debt |
0
|
0
|
59,534
|
| Other net decreases in assets and liabilities |
0
|
0
|
4,211
|
| Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests |
2,915
|
3,845
|
1,315
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests |
0
|
0
|
6,675
|
| Equity in other comprehensive income (loss) of an equity method investee |
210
|
39
|
(184)
|
| Reclassification of preferred shares to be redeemed to liability |
0
|
0
|
26,583
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
27,413
|
4,636
|
1,167
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
2,466
|
1,486
|
2,158
|
| Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value |
1,837
|
(626)
|
621
|
| Corporate Office Properties, L.P. [Member] |
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
528,066
|
510,551
|
514,098
|
| Construction contract and other service revenues received |
33,579
|
102,531
|
76,824
|
| Property operating expenses paid |
(197,647)
|
(186,577)
|
(196,352)
|
| Construction contract and other service expenses paid |
(79,386)
|
(82,707)
|
(46,318)
|
| General, administrative, leasing, business development and land carry costs paid |
(27,006)
|
(32,673)
|
(34,877)
|
| Interest expense paid |
(72,460)
|
(73,079)
|
(77,982)
|
| Lease incentives paid |
(7,679)
|
(9,725)
|
(2,760)
|
| Income taxes paid |
(21)
|
(31)
|
(5)
|
| Other |
3,036
|
1,831
|
1,642
|
| Net cash provided by operating activities |
180,482
|
230,121
|
234,270
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(159,994)
|
(200,504)
|
(161,519)
|
| Tenant improvements on operating properties |
(35,098)
|
(33,409)
|
(34,275)
|
| Other capital improvements on operating properties |
(24,223)
|
(22,882)
|
(26,345)
|
| Proceeds from dispositions of properties |
0
|
180,839
|
262,866
|
| Proceeds from partial sales of properties, net of related debt |
0
|
0
|
43,089
|
| Leasing costs paid |
(10,926)
|
(14,581)
|
(10,296)
|
| Other |
(2,677)
|
1,174
|
(2,346)
|
| Net cash (used in) provided by investing activities |
(232,918)
|
(89,363)
|
71,174
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
381,000
|
352,000
|
495,500
|
| Other debt proceeds |
13,406
|
0
|
255,000
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(294,000)
|
(226,000)
|
(539,000)
|
| Scheduled principal amortization |
(4,240)
|
(4,062)
|
(5,595)
|
| Other debt repayments |
(100,000)
|
(200,000)
|
(322,907)
|
| Deferred financing costs paid |
(8,292)
|
(500)
|
(825)
|
| Payments on capital lease obligations |
(15,379)
|
0
|
0
|
| Net proceeds from issuance of common shares |
202,065
|
69,534
|
109,069
|
| Redemption of preferred shares |
0
|
(199,083)
|
0
|
| Common share/unit dividends/distributions paid |
(117,325)
|
(112,940)
|
(108,094)
|
| Preferred share/unit dividends/distributions paid |
(660)
|
(9,965)
|
(14,870)
|
| Distributions paid to redeemable noncontrolling interests |
(1,382)
|
(8,215)
|
(15,206)
|
| Redemption of vested equity awards |
(1,702)
|
(1,973)
|
(2,466)
|
| Other |
(3,936)
|
2,658
|
(5,694)
|
| Net cash provided by (used in) financing activities |
49,555
|
(338,546)
|
(155,088)
|
| Net (decrease) increase in cash and cash equivalents and restricted cash |
(2,881)
|
(197,788)
|
150,356
|
| Cash and cash equivalents and restricted cash |
|
|
|
| Beginning of year |
14,831
|
212,619
|
62,263
|
| End of year |
11,950
|
14,831
|
212,619
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
78,643
|
74,941
|
33,768
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
139,063
|
136,501
|
134,870
|
| Impairment losses |
2,367
|
15,116
|
101,341
|
| Amortization of deferred financing costs and net debt discounts |
3,393
|
4,307
|
5,885
|
| Increase in deferred rent receivable |
(4,621)
|
(2,651)
|
(145)
|
| Gain on sales of real estate |
(2,340)
|
(9,890)
|
(59,679)
|
| Share-based compensation |
6,376
|
5,615
|
6,843
|
| Other |
(2,733)
|
(4,216)
|
(2,605)
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
5,673
|
2,783
|
(5,262)
|
| (Increase) decrease in prepaid expenses and other assets, net |
(1,735)
|
6,398
|
(16,885)
|
| (Decrease) increase in accounts payable, accrued expenses and other liabilities |
(48,431)
|
5,130
|
43,489
|
| Increase (decrease) in rents received in advance and security deposits |
4,827
|
(3,913)
|
(7,350)
|
| Net cash provided by operating activities |
180,482
|
230,121
|
234,270
|
| Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
| Cash and cash equivalents and restricted cash |
14,831
|
212,619
|
62,263
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
6,570
|
(10,654)
|
5,950
|
| Increase in property in connection with capital lease obligation |
0
|
16,127
|
0
|
| Increase in property and redeemable noncontrolling interests in connection with property contributed into a joint venture |
0
|
0
|
22,600
|
| Non-cash changes from recognition of property sale previously accounted for as financing arrangement: |
|
|
|
| Decrease in assets held for sale, net |
(42,226)
|
0
|
0
|
| Decrease in deferred property sale |
43,377
|
0
|
0
|
| Non-cash changes from partial sale of properties, net of debt: |
|
|
|
| Decrease in properties, net |
0
|
0
|
(114,597)
|
| Increase in investment in unconsolidated real estate joint venture |
0
|
0
|
44,373
|
| Decrease in debt |
0
|
0
|
59,534
|
| Other net decreases in assets and liabilities |
0
|
0
|
4,211
|
| Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests |
2,915
|
3,845
|
1,315
|
| Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests |
0
|
0
|
6,675
|
| Equity in other comprehensive income (loss) of an equity method investee |
210
|
39
|
(184)
|
| Reclassification of preferred shares to be redeemed to liability |
0
|
0
|
26,583
|
| Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to carry redeemable noncontrolling interests at fair value |
$ 1,837
|
$ (626)
|
$ 621
|