Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Revenues from real estate operations received $ 133,092 $ 126,569
Construction contract and other service revenues received 24,925 5,904
Property operating expenses paid (46,330) (42,974)
Construction contract and other service expenses paid (17,631) (4,614)
General, administrative, leasing, business development and land carry costs paid (12,371) (11,703)
Interest expense paid (16,767) (18,282)
Lease incentives paid (3,628) (1,158)
Other 928 910
Net cash provided by operating activities 62,218 54,652
Cash flows from investing activities    
Development and redevelopment of properties (92,802) (100,212)
Tenant improvements on operating properties (10,446) (4,174)
Other capital improvements on operating properties (5,457) (4,476)
Investing receivables funded 0 (11,051)
Leasing costs paid (5,950) (2,539)
Other 192 1,297
Net cash used in investing activities (114,463) (121,155)
Proceeds from debt    
Revolving Credit Facility 251,000 123,000
Other debt proceeds 181,595 3,350
Repayments of debt    
Revolving Credit Facility (186,000) (74,000)
Scheduled principal amortization (1,021) (1,098)
Deferred financing costs paid (1,261) 0
Net proceeds from issuance of common shares 0 46,415
Common share/unit dividends/distributions paid (30,817) (30,287)
Distributions paid to noncontrolling interests in COPLP (403) (553)
Distributions paid to redeemable noncontrolling interests (11,870) 0
Redemption of vested equity awards (1,492) (1,817)
Other (2,729) 1,318
Net cash provided by financing activities 197,002 66,328
Net increase (decrease) in cash and cash equivalents and restricted cash 144,757 (175)
Cash and cash equivalents and restricted cash    
Beginning of period 18,130 11,950
End of period 162,887 11,775
Reconciliation of net income to net cash provided by operating activities:    
Net income 25,550 22,318
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 33,015 35,229
Amortization of deferred financing costs and net debt discounts 961 898
Increase in deferred rent receivable (2,230) (2,539)
Share-based compensation 1,389 1,659
Other (52) (1,572)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 4,547 1,033
Decrease (increase) in prepaid expenses and other assets, net 15,548 (6,752)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (16,213) 8,822
Decrease in rents received in advance and security deposits (297) (4,444)
Net cash provided by operating activities 62,218 54,652
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 18,130 11,950
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (4,795) 11,329
Finance right-of-use asset contributed by noncontrolling interest in joint venture 0 2,570
Operating right-of-use assets obtained in exchange for operating lease liabilities 0 276
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (37,573) (9,450)
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 182 80
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 453 1,322
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 4,101 799
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 133,092 126,569
Construction contract and other service revenues received 24,925 5,904
Property operating expenses paid (46,330) (42,974)
Construction contract and other service expenses paid (17,631) (4,614)
General, administrative, leasing, business development and land carry costs paid (12,371) (11,703)
Interest expense paid (16,767) (18,282)
Lease incentives paid (3,628) (1,158)
Other 928 910
Net cash provided by operating activities 62,218 54,652
Cash flows from investing activities    
Development and redevelopment of properties (92,802) (100,212)
Tenant improvements on operating properties (10,446) (4,174)
Other capital improvements on operating properties (5,457) (4,476)
Investing receivables funded 0 (11,051)
Leasing costs paid (5,950) (2,539)
Other 192 1,297
Net cash used in investing activities (114,463) (121,155)
Proceeds from debt    
Revolving Credit Facility 251,000 123,000
Other debt proceeds 181,595 3,350
Repayments of debt    
Revolving Credit Facility (186,000) (74,000)
Scheduled principal amortization (1,021) (1,098)
Deferred financing costs paid (1,261) 0
Net proceeds from issuance of common shares 0 46,415
Common share/unit dividends/distributions paid (31,143) (30,675)
Distributions paid to redeemable noncontrolling interests (11,870) 0
Redemption of vested equity awards (1,492) (1,817)
Other (2,806) 1,153
Net cash provided by financing activities 197,002 66,328
Net increase (decrease) in cash and cash equivalents and restricted cash 144,757 (175)
Cash and cash equivalents and restricted cash    
Beginning of period 18,130 11,950
End of period 162,887 11,775
Reconciliation of net income to net cash provided by operating activities:    
Net income 25,550 22,318
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 33,015 35,229
Amortization of deferred financing costs and net debt discounts 961 898
Increase in deferred rent receivable (2,230) (2,539)
Share-based compensation 1,389 1,659
Other (52) (1,572)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 4,547 1,033
Decrease (increase) in prepaid expenses and other assets, net 14,768 (6,406)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (15,433) 8,476
Decrease in rents received in advance and security deposits (297) (4,444)
Net cash provided by operating activities 62,218 54,652
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 162,887 11,775
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (4,795) 11,329
Finance right-of-use asset contributed by noncontrolling interest in joint venture 0 2,570
Operating right-of-use assets obtained in exchange for operating lease liabilities 0 276
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (37,573) (9,450)
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 4,101 $ 799