Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Revenues from real estate operations received $ 391,758 $ 395,172
Construction contract and other service revenues received 65,813 27,450
Property operating expenses paid (151,478) (150,039)
Construction contract and other service expenses paid (68,599) (71,034)
General, administrative, leasing, business development and land carry costs paid (23,806) (20,858)
Interest expense paid (52,818) (55,611)
Lease incentives paid (6,366) (5,985)
Other 2,533 2,572
Net cash provided by operating activities 157,037 121,667
Cash flows from investing activities    
Construction, development and redevelopment (308,997) (105,852)
Tenant improvements on operating properties (16,466) (27,962)
Other capital improvements on operating properties (14,497) (13,357)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 129,783 0
Sale of properties 107,440 0
Distributions from unconsolidated real estate joint ventures 16,937 1,469
Investing receivables funded (11,169) 0
Leasing costs paid (13,502) (6,277)
Other 1,558 (707)
Net cash used in investing activities (108,913) (152,686)
Proceeds from debt    
Revolving Credit Facility 349,000 208,000
Other debt proceeds 32,002 11,267
Repayments of debt    
Revolving Credit Facility (342,000) (235,000)
Scheduled principal amortization (3,300) (3,161)
Deferred financing costs paid (405) (3,413)
Payments on finance lease liabilities (173) (15,379)
Net proceeds from issuance of common shares/units 46,415 162,230
Common share/unit dividends/distributions paid (91,835) (84,349)
Redemption of vested equity awards (1,973) (1,611)
Other (2,755) (6,288)
Net cash (used in) provided by financing activities (22,567) 29,120
Net increase (decrease) in cash and cash equivalents and restricted cash 25,557 (1,899)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 37,507 12,932
Reconciliation of net income to net cash provided by operating activities:    
Net income 155,127 60,187
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 105,686 102,440
Impairment losses 327 0
Amortization of deferred financing costs and net debt discounts 2,716 2,478
Increase in deferred rent receivable (4,184) (3,687)
Gain on sales of real estate (84,469) 27
Share-based compensation 4,979 4,735
Other (4,296) (1,969)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (9,483) 12,404
Increase in prepaid expenses and other assets, net (26,878) (3,810)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 19,616 (48,649)
Decrease in rents received in advance and security deposits (2,104) (2,489)
Net cash provided by operating activities 157,037 121,667
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 29,457 3,550
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 (34,951) 7,802
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 1,556 27,282
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 522 2,069
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 1,344 1,331
Other Consolidated Entities    
Repayments of debt    
Distributions paid to noncontrolling interests (5,882) (7)
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 391,758 395,172
Construction contract and other service revenues received 65,813 27,450
Property operating expenses paid (151,478) (150,039)
Construction contract and other service expenses paid (68,599) (71,034)
General, administrative, leasing, business development and land carry costs paid (23,806) (20,858)
Interest expense paid (52,818) (55,611)
Lease incentives paid (6,366) (5,985)
Other 2,533 2,572
Net cash provided by operating activities 157,037 121,667
Cash flows from investing activities    
Construction, development and redevelopment (308,997) (105,852)
Tenant improvements on operating properties (16,466) (27,962)
Other capital improvements on operating properties (14,497) (13,357)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 129,783 0
Sale of properties 107,440 0
Distributions from unconsolidated real estate joint ventures 16,937 1,469
Investing receivables funded (11,169) 0
Leasing costs paid (13,502) (6,277)
Other 1,558 (707)
Net cash used in investing activities (108,913) (152,686)
Proceeds from debt    
Revolving Credit Facility 349,000 208,000
Other debt proceeds 32,002 11,267
Repayments of debt    
Revolving Credit Facility (342,000) (235,000)
Scheduled principal amortization (3,300) (3,161)
Deferred financing costs paid (405) (3,413)
Payments on finance lease liabilities (173) (15,379)
Net proceeds from issuance of common shares/units 46,415 162,230
Common share/unit dividends/distributions paid (93,001) (87,023)
Distributions paid to noncontrolling interests (1,661) (3,169)
Redemption of vested equity awards (1,973) (1,611)
Other (3,250) (6,783)
Net cash (used in) provided by financing activities (22,567) 29,120
Net increase (decrease) in cash and cash equivalents and restricted cash 25,557 (1,899)
Cash and cash equivalents and restricted cash    
Beginning of period 11,950 14,831
End of period 37,507 12,932
Reconciliation of net income to net cash provided by operating activities:    
Net income 155,127 60,187
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 105,686 102,440
Impairment losses 327 0
Amortization of deferred financing costs and net debt discounts 2,716 2,478
Increase in deferred rent receivable (4,184) (3,687)
Gain on sales of real estate (84,469) 27
Share-based compensation 4,979 4,735
Other (4,296) (1,969)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (9,483) 12,404
Increase in prepaid expenses and other assets, net (26,489) (4,080)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 19,227 (48,379)
Decrease in rents received in advance and security deposits (2,104) (2,489)
Net cash provided by operating activities 157,037 121,667
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 37,507 12,932
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 29,457 3,550
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 (34,951) 7,802
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 1,344 1,331
Corporate Office Properties, L.P. | Other Consolidated Entities    
Repayments of debt    
Distributions paid to noncontrolling interests $ (5,882) $ (7)