Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Revenues from real estate operations received $ 126,569 $ 135,027
Construction contract and other service revenues received 5,904 9,268
Property operating expenses paid (42,974) (43,212)
Construction contract and other service expenses paid (4,614) (41,128)
General, administrative, leasing, business development and land carry costs paid (11,703) (10,900)
Interest expense paid (18,282) (19,092)
Lease incentives paid (1,158) (4,204)
Other 910 436
Net cash provided by operating activities 54,652 26,195
Cash flows from investing activities    
Construction, development and redevelopment (100,212) (17,540)
Tenant improvements on operating properties (4,174) (9,077)
Other capital improvements on operating properties (4,476) (5,198)
Investing receivables funded (11,051) 0
Leasing costs paid (2,539) (2,015)
Other 1,297 (974)
Net cash used in investing activities (121,155) (34,804)
Proceeds from debt    
Revolving Credit Facility 123,000 82,000
Other debt proceeds 3,350 0
Repayments of debt    
Revolving Credit Facility (74,000) (55,000)
Scheduled principal amortization (1,098) (1,052)
Payments on finance lease liabilities (52) (4,202)
Net proceeds from issuance of common shares/units 46,415 19,989
Common share/unit dividends/distributions paid (30,287) (27,855)
Distributions paid to noncontrolling interests in COPLP (553) (1,059)
Redemption of vested equity awards (1,817) (1,327)
Other 1,370 (5,183)
Net cash provided by financing activities 66,328 6,311
Net decrease in cash and cash equivalents and restricted cash (175) (2,298)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 11,775 12,533
Reconciliation of net income to net cash provided by operating activities:    
Net income 22,318 18,780
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 35,229 34,035
Amortization of deferred financing costs and net debt discounts 898 822
Increase in deferred rent receivable (2,539) (1,512)
Gain on sales of real estate 0 4
Share-based compensation 1,659 1,545
Other (1,572) (907)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 1,033 7,877
(Increase) decrease in prepaid expenses and other assets, net (6,752) 8,533
Increase (decrease) in accounts payable, accrued expenses and other liabilities 8,822 (43,903)
(Decrease) increase in rents received in advance and security deposits (4,444) 921
Net cash provided by operating activities 54,652 26,195
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 11,950 14,831
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 11,329 12,232
Finance right-of-use asset contributed by noncontrolling interest in joint venture 2,570 0
Operating right-of-use assets obtained in exchange for operating lease liabilities 276 0
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (9,450) 4,887
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 80 761
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 1,322 164
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 799 537
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 126,569 135,027
Construction contract and other service revenues received 5,904 9,268
Property operating expenses paid (42,974) (43,212)
Construction contract and other service expenses paid (4,614) (41,128)
General, administrative, leasing, business development and land carry costs paid (11,703) (10,900)
Interest expense paid (18,282) (19,092)
Lease incentives paid (1,158) (4,204)
Other 910 436
Net cash provided by operating activities 54,652 26,195
Cash flows from investing activities    
Construction, development and redevelopment (100,212) (17,540)
Tenant improvements on operating properties (4,174) (9,077)
Other capital improvements on operating properties (4,476) (5,198)
Investing receivables funded (11,051) 0
Leasing costs paid (2,539) (2,015)
Other 1,297 (974)
Net cash used in investing activities (121,155) (34,804)
Proceeds from debt    
Revolving Credit Facility 123,000 82,000
Other debt proceeds 3,350 0
Repayments of debt    
Revolving Credit Facility (74,000) (55,000)
Scheduled principal amortization (1,098) (1,052)
Payments on finance lease liabilities (52) (4,202)
Net proceeds from issuance of common shares/units 46,415 19,989
Common share/unit dividends/distributions paid (30,675) (28,749)
Preferred share/unit dividends/distributions paid (165) (165)
Redemption of vested equity awards (1,817) (1,327)
Other 1,370 (5,183)
Net cash provided by financing activities 66,328 6,311
Net decrease in cash and cash equivalents and restricted cash (175) (2,298)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 11,775 12,533
Reconciliation of net income to net cash provided by operating activities:    
Net income 22,318 18,780
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 35,229 34,035
Amortization of deferred financing costs and net debt discounts 898 822
Increase in deferred rent receivable (2,539) (1,512)
Gain on sales of real estate 0 4
Share-based compensation 1,659 1,545
Other (1,572) (907)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 1,033 7,877
(Increase) decrease in prepaid expenses and other assets, net (6,406) 8,398
Increase (decrease) in accounts payable, accrued expenses and other liabilities 8,476 (43,768)
(Decrease) increase in rents received in advance and security deposits (4,444) 921
Net cash provided by operating activities 54,652 26,195
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 11,950 14,831
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 11,329 12,232
Finance right-of-use asset contributed by noncontrolling interest in joint venture 2,570 0
Operating right-of-use assets obtained in exchange for operating lease liabilities 276 0
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (9,450) 4,887
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 799 $ 537