| 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 years ended December 31, 2017 and December 31, 2016 (in thousands):
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For the Year Ended December 31, 2017 |
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For the Year Ended December 31, 2016 |
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|
As Previously Reported |
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Impact of Adoption |
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As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Net cash provided by operating activities |
|
$ |
230,654 |
|
|
$ |
(533 |
) |
|
$ |
230,121 |
|
|
$ |
232,538 |
|
|
$ |
1,732 |
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|
$ |
234,270 |
|
Net cash (used in) provided by investing activities |
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$ |
(89,710 |
) |
|
$ |
347 |
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|
$ |
(89,363 |
) |
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$ |
71,449 |
|
|
$ |
(275 |
) |
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$ |
71,174 |
|
Net cash used in financing activities |
|
$ |
(338,546 |
) |
|
$ |
— |
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|
$ |
(338,546 |
) |
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$ |
(154,434 |
) |
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$ |
(654 |
) |
|
$ |
(155,088 |
) |
Net (decrease) increase in cash and cash equivalents and restricted cash |
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$ |
(197,602 |
) |
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$ |
(186 |
) |
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$ |
(197,788 |
) |
|
$ |
149,553 |
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|
$ |
803 |
|
|
$ |
150,356 |
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Beginning of period cash and cash equivalents and restricted cash |
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$ |
209,863 |
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$ |
2,756 |
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$ |
212,619 |
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$ |
60,310 |
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$ |
1,953 |
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|
$ |
62,263 |
|
End of period cash and cash equivalents and restricted cash |
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$ |
12,261 |
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$ |
2,570 |
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|
$ |
14,831 |
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$ |
209,863 |
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|
$ |
2,756 |
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|
$ |
212,619 |
|
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, except per share data):
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As of December 31, 2017 |
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As of December 31, 2016 |
Consolidated Balance Sheets |
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As Previously Reported |
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Impact of Adoption |
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As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Investment in unconsolidated real estate joint venture |
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$ |
25,066 |
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|
$ |
16,721 |
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|
$ |
41,787 |
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$ |
25,548 |
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|
$ |
18,113 |
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|
$ |
43,661 |
|
Cumulative distributions in excess of net income |
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$ |
(818,190 |
) |
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$ |
16,105 |
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$ |
(802,085 |
) |
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$ |
(765,276 |
) |
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$ |
17,451 |
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|
$ |
(747,825 |
) |
Noncontrolling interests in subsidiaries |
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$ |
65,549 |
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$ |
616 |
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$ |
66,165 |
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$ |
71,605 |
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$ |
662 |
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$ |
72,267 |
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For the Year Ended December 31, 2017 |
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For the Year Ended December 31, 2016 |
Consolidated Statements of Operations and Comprehensive Income |
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As Previously Reported |
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Impact of Adoption |
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As
Adjusted |
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As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Gain on sales of real estate |
|
$ |
9,890 |
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|
$ |
— |
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|
$ |
9,890 |
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|
$ |
40,986 |
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|
$ |
18,693 |
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|
$ |
59,679 |
|
Income before equity in income of unconsolidated entities and income taxes |
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$ |
74,549 |
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|
$ |
— |
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$ |
74,549 |
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$ |
14,567 |
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$ |
18,693 |
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$ |
33,260 |
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Equity in income of unconsolidated entities |
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$ |
2,882 |
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$ |
(1,392 |
) |
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$ |
1,490 |
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$ |
1,332 |
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$ |
(580 |
) |
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$ |
752 |
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Net income |
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$ |
76,333 |
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$ |
(1,392 |
) |
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$ |
74,941 |
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$ |
15,655 |
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$ |
18,113 |
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$ |
33,768 |
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Net (income) loss attributable to noncontrolling interests - Common units in COPLP |
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$ |
(1,936 |
) |
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$ |
46 |
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$ |
(1,890 |
) |
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$ |
155 |
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$ |
(662 |
) |
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$ |
(507 |
) |
Net income attributable to COPT |
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$ |
70,091 |
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$ |
(1,346 |
) |
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$ |
68,745 |
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$ |
11,439 |
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$ |
17,451 |
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$ |
28,890 |
|
Net income (loss) attributable to COPT common shareholders |
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$ |
57,025 |
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$ |
(1,346 |
) |
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$ |
55,679 |
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$ |
(2,875 |
) |
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$ |
17,451 |
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$ |
14,576 |
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Earnings per common share - basic and diluted |
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$ |
0.57 |
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$ |
(0.01 |
) |
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$ |
0.56 |
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$ |
(0.03 |
) |
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$ |
0.18 |
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$ |
0.15 |
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Comprehensive income |
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$ |
80,360 |
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$ |
(1,392 |
) |
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$ |
78,968 |
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$ |
16,786 |
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$ |
18,113 |
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$ |
34,899 |
|
Comprehensive income attributable to COPT |
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$ |
73,989 |
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$ |
(1,346 |
) |
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$ |
72,643 |
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$ |
12,546 |
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$ |
17,451 |
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$ |
29,997 |
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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, except per unit data):
|
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As of December 31, 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 |
Investment in unconsolid. real estate joint venture |
|
$ |
25,066 |
|
|
$ |
16,721 |
|
|
$ |
41,787 |
|
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$ |
25,548 |
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$ |
18,113 |
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$ |
43,661 |
|
Common units |
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$ |
1,428,301 |
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$ |
16,721 |
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|
$ |
1,445,022 |
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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 Year Ended December 31, 2017 |
|
For the Year Ended December 31, 2016 |
Consolidated Statements of Operations and Comprehensive Income |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
|
As Previously Reported |
|
Impact of Adoption |
|
As
Adjusted |
Gain on sales of real estate |
|
$ |
9,890 |
|
|
$ |
— |
|
|
$ |
9,890 |
|
|
$ |
40,986 |
|
|
$ |
18,693 |
|
|
$ |
59,679 |
|
Income before equity in income of unconsolidated entities and income taxes |
|
$ |
74,549 |
|
|
$ |
— |
|
|
$ |
74,549 |
|
|
$ |
14,567 |
|
|
$ |
18,693 |
|
|
$ |
33,260 |
|
Equity in income of unconsolidated entities |
|
$ |
2,882 |
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|
$ |
(1,392 |
) |
|
$ |
1,490 |
|
|
$ |
1,332 |
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|
$ |
(580 |
) |
|
$ |
752 |
|
Net income |
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$ |
76,333 |
|
|
$ |
(1,392 |
) |
|
$ |
74,941 |
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$ |
15,655 |
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$ |
18,113 |
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$ |
33,768 |
|
Net income attributable to COPLP |
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$ |
72,687 |
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$ |
(1,392 |
) |
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$ |
71,295 |
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$ |
11,940 |
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$ |
18,113 |
|
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$ |
30,053 |
|
Net income (loss) attributable to COPLP common unitholders |
|
$ |
58,961 |
|
|
$ |
(1,392 |
) |
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$ |
57,569 |
|
|
$ |
(3,034 |
) |
|
$ |
18,113 |
|
|
$ |
15,079 |
|
Earnings per common unit - basic and diluted |
|
$ |
0.57 |
|
|
$ |
(0.01 |
) |
|
$ |
0.56 |
|
|
$ |
(0.04 |
) |
|
$ |
0.19 |
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|
$ |
0.15 |
|
Comprehensive income |
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$ |
80,360 |
|
|
$ |
(1,392 |
) |
|
$ |
78,968 |
|
|
$ |
16,786 |
|
|
$ |
18,113 |
|
|
$ |
34,899 |
|
Comprehensive income attributable to COPLP |
|
$ |
76,714 |
|
|
$ |
(1,392 |
) |
|
$ |
75,322 |
|
|
$ |
13,071 |
|
|
$ |
18,113 |
|
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$ |
31,184 |
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