Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Revenues from real estate operations received $ 265,833 $ 257,832
Construction contract and other service revenues received 42,149 21,449
Property operating expenses paid (86,934) (83,305)
Construction contract and other service expenses paid (32,107) (31,157)
General, administrative, leasing, business development and land carry costs paid (16,969) (16,541)
Interest expense paid (31,581) (34,896)
Lease incentives paid (5,611) (3,228)
Other 1,757 1,661
Net cash provided by operating activities 136,537 111,815
Cash flows from investing activities    
Development and redevelopment of properties (185,357) (219,633)
Tenant improvements on operating properties (16,489) (7,585)
Other capital improvements on operating properties (11,576) (8,920)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 0 129,783
Sale of properties 0 107,517
Investing receivables funded 0 (11,104)
Leasing costs paid (8,424) (7,632)
Other (5,442) 3,944
Net cash used in investing activities (227,288) (13,630)
Proceeds from debt    
Revolving Credit Facility 251,000 258,000
Other debt proceeds 189,359 10,606
Repayments of debt    
Revolving Credit Facility (259,000) (308,000)
Scheduled principal amortization (2,044) (2,193)
Deferred financing costs paid (1,261) 0
Net proceeds from issuance of common shares 0 46,415
Common share/unit dividends/distributions paid (61,667) (61,040)
Distributions paid to noncontrolling interests in COPLP (863) (1,115)
Distributions paid to redeemable noncontrolling interests (12,662) (687)
Redemption of vested equity awards (1,572) (1,920)
Other (2,803) 533
Net cash provided by (used in) financing activities 98,487 (59,401)
Net increase in cash and cash equivalents and restricted cash 7,736 38,784
Cash and cash equivalents and restricted cash    
Beginning of period 18,130 11,950
End of period 25,866 50,734
Reconciliation of net income to net cash provided by operating activities:    
Net income 50,671 131,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 67,075 70,527
Amortization of deferred financing costs and net debt discounts 1,993 1,801
Increase in deferred rent receivable (1,070) (2,419)
Gain on sales of real estate (5) (84,469)
Share-based compensation 3,027 3,283
Other (1,263) (2,996)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 5,039 (31,846)
Decrease (increase) in prepaid expenses and other assets, net 23,202 (852)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (8,971) 29,507
Decrease in rents received in advance and security deposits (3,161) (2,602)
Net cash provided by operating activities 136,537 111,815
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 25,866 50,734
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 12,940 29,862
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 3,381 255
Non-cash changes from property dispositions:    
Contribution of properties to unconsolidated real estate joint venture 0 99,288
Investment in unconsolidated real estate joint venture retained in disposition 0 26,500
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (39,953) (23,585)
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 25 834
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value 4,337 2,875
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 265,833 257,832
Construction contract and other service revenues received 42,149 21,449
Property operating expenses paid (86,934) (83,305)
Construction contract and other service expenses paid (32,107) (31,157)
General, administrative, leasing, business development and land carry costs paid (16,969) (16,541)
Interest expense paid (31,581) (34,896)
Lease incentives paid (5,611) (3,228)
Other 1,757 1,661
Net cash provided by operating activities 136,537 111,815
Cash flows from investing activities    
Development and redevelopment of properties (185,357) (219,633)
Tenant improvements on operating properties (16,489) (7,585)
Other capital improvements on operating properties (11,576) (8,920)
Proceeds from property dispositions    
Distribution from unconsolidated real estate joint venture following contribution of properties 0 129,783
Sale of properties 0 107,517
Investing receivables funded 0 (11,104)
Leasing costs paid (8,424) (7,632)
Other (5,442) 3,944
Net cash used in investing activities (227,288) (13,630)
Proceeds from debt    
Revolving Credit Facility 251,000 258,000
Other debt proceeds 189,359 10,606
Repayments of debt    
Revolving Credit Facility (259,000) (308,000)
Scheduled principal amortization (2,044) (2,193)
Deferred financing costs paid (1,261) 0
Net proceeds from issuance of common shares 0 46,415
Common share/unit dividends/distributions paid (62,376) (61,825)
Distributions paid to redeemable noncontrolling interests (12,662) (687)
Redemption of vested equity awards (1,572) (1,920)
Other (2,957) 203
Net cash provided by (used in) financing activities 98,487 (59,401)
Net increase in cash and cash equivalents and restricted cash 7,736 38,784
Cash and cash equivalents and restricted cash    
Beginning of period 18,130 11,950
End of period 25,866 50,734
Reconciliation of net income to net cash provided by operating activities:    
Net income 50,671 131,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 67,075 70,527
Amortization of deferred financing costs and net debt discounts 1,993 1,801
Increase in deferred rent receivable (1,070) (2,419)
Gain on sales of real estate (5) (84,469)
Share-based compensation 3,027 3,283
Other (1,263) (2,996)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 5,039 (31,846)
Decrease (increase) in prepaid expenses and other assets, net 22,674 (483)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (8,443) 29,138
Decrease in rents received in advance and security deposits (3,161) (2,602)
Net cash provided by operating activities 136,537 111,815
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash 18,130 50,734
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 12,940 29,862
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 3,381 255
Non-cash changes from property dispositions:    
Contribution of properties to unconsolidated real estate joint venture 0 99,288
Investment in unconsolidated real estate joint venture retained in disposition 0 26,500
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (39,953) (23,585)
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value $ 4,337 $ 2,875