Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Revenues from real estate operations received $ 257,832 $ 262,602
Construction contract and other service revenues received 21,449 18,411
Property operating expenses paid (83,305) (83,642)
Construction contract and other service expenses paid (31,157) (62,624)
General, administrative, leasing, business development and land carry costs paid (16,541) (15,148)
Interest expense paid (34,896) (36,155)
Lease incentives paid (3,228) (4,825)
Other 1,661 2,093
Net cash provided by operating activities 111,815 80,712
Cash flows from investing activities    
Construction, development and redevelopment (219,633) (67,749)
Tenant improvements on operating properties (7,585) (18,352)
Other capital improvements on operating properties (8,920) (8,584)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 129,783 0
Sale of controlling interests in properties 107,517 0
Investing receivables funded (11,104) 0
Leasing costs paid (7,632) (3,838)
Other 3,944 1,715
Net cash used in investing activities (13,630) (96,808)
Proceeds from debt    
Revolving Credit Facility 258,000 153,000
Other debt proceeds 10,606 0
Repayments of debt    
Revolving Credit Facility (308,000) (109,000)
Scheduled principal amortization (2,193) (2,101)
Payments on finance lease liabilities (110) (15,379)
Net proceeds from issuance of common shares/units 46,415 52,277
Common share/unit dividends/distributions paid (61,040) (55,950)
Distributions paid to noncontrolling interests in COPLP (1,115) (2,110)
Redemption of vested equity awards (1,920) (1,525)
Other (44) (5,370)
Net cash (used in) provided by financing activities (59,401) 13,842
Net increase (decrease) in cash and cash equivalents and restricted cash 38,784 (2,254)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 50,734 12,577
Reconciliation of net income to net cash provided by operating activities:    
Net income 131,881 39,865
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 70,527 67,684
Amortization of deferred financing costs and net debt discounts 1,801 1,648
Increase in deferred rent receivable (2,419) (3,470)
Gain on sales of real estate (84,469) 27
Share-based compensation 3,283 3,132
Other (2,996) (777)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (31,846) 8,050
(Increase) decrease in prepaid expenses and other assets, net (852) 14,718
Increase (decrease) in accounts payable, accrued expenses and other liabilities 29,507 (49,422)
Decrease in rents received in advance and security deposits (2,602) (743)
Net cash provided by operating activities 111,815 80,712
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 11,950 12,577
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 29,862 2,909
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 255 0
Non-cash changes from property dispositions    
Contribution of properties to unconsolidated real estate joint venture 99,288 0
Investment in unconsolidated real estate joint venture retained in disposition 26,500 0
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (23,585) 6,719
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 834 702
Increase in redeemable noncontrolling interests and decrease in equity to adjust redeemable noncontrolling interests to fair value 2,875 758
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 257,832 262,602
Construction contract and other service revenues received 21,449 18,411
Property operating expenses paid (83,305) (83,642)
Construction contract and other service expenses paid (31,157) (62,624)
General, administrative, leasing, business development and land carry costs paid (16,541) (15,148)
Interest expense paid (34,896) (36,155)
Lease incentives paid (3,228) (4,825)
Other 1,661 2,093
Net cash provided by operating activities 111,815 80,712
Cash flows from investing activities    
Construction, development and redevelopment (219,633) (67,749)
Tenant improvements on operating properties (7,585) (18,352)
Other capital improvements on operating properties (8,920) (8,584)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 129,783 0
Sale of controlling interests in properties 107,517 0
Investing receivables funded (11,104) 0
Leasing costs paid (7,632) (3,838)
Other 3,944 1,715
Net cash used in investing activities (13,630) (96,808)
Proceeds from debt    
Revolving Credit Facility 258,000 153,000
Other debt proceeds 10,606 0
Repayments of debt    
Revolving Credit Facility (308,000) (109,000)
Scheduled principal amortization (2,193) (2,101)
Payments on finance lease liabilities (110) (15,379)
Net proceeds from issuance of common shares/units 46,415 52,277
Common share/unit dividends/distributions paid (61,825) (57,730)
Preferred share/unit dividends/distributions paid (330) (330)
Redemption of vested equity awards (1,920) (1,525)
Other (44) (5,370)
Net cash (used in) provided by financing activities (59,401) 13,842
Net increase (decrease) in cash and cash equivalents and restricted cash 38,784 (2,254)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 50,734 12,577
Reconciliation of net income to net cash provided by operating activities:    
Net income 131,881 39,865
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 70,527 67,684
Amortization of deferred financing costs and net debt discounts 1,801 1,648
Increase in deferred rent receivable (2,419) (3,470)
Gain on sales of real estate (84,469) 27
Share-based compensation 3,283 3,132
Other (2,996) (777)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (31,846) 8,050
(Increase) decrease in prepaid expenses and other assets, net (483) 14,296
Increase (decrease) in accounts payable, accrued expenses and other liabilities 29,138 (49,000)
Decrease in rents received in advance and security deposits (2,602) (743)
Net cash provided by operating activities 111,815 80,712
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 50,734 12,577
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 29,862 2,909
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 255 0
Non-cash changes from property dispositions    
Contribution of properties to unconsolidated real estate joint venture 99,288 0
Investment in unconsolidated real estate joint venture retained in disposition 26,500 0
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests (23,585) 6,719
Increase in redeemable noncontrolling interests and decrease in equity to adjust redeemable noncontrolling interests to fair value $ 2,875 $ 758