Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Revenues from real estate operations received $ 233,068 $ 248,742
Construction contract and other service revenues received 28,898 46,933
Property operating expenses paid (75,566) (76,328)
Construction contract and other service expenses paid (33,404) (37,296)
General, administrative, leasing, business development and land carry costs paid (14,988) (13,076)
Interest expense paid (41,825) (45,435)
Previously accreted interest expense paid (11,116) 0
Settlement of interest rate derivatives 0 (29,738)
Proceeds from sale of trading marketable securities 0 18,975
Exit costs on property dispositions 0 (1,248)
Payments in connection with early extinguishment of debt (23,932) (156)
Interest and other income received 390 529
Income taxes paid 6 (8)
Net cash provided by operating activities 61,531 111,894
Purchases of and additions to properties    
Construction, development and redevelopment (99,779) (71,504)
Tenant improvements on operating properties (10,496) (13,797)
Other capital improvements on operating properties (11,738) (5,514)
Proceeds from dispositions of properties 12,344 130,814
Mortgage and other loan receivables funded or acquired (2,756) (8,933)
Leasing costs paid (6,048) (5,489)
Other 3,144 (991)
Net cash (used in) provided by investing activities (115,329) 24,586
Proceeds from debt    
Revolving Credit Facility 374,000 101,000
Other debt proceeds 427,313 273,909
Repayments of debt    
Revolving Credit Facility (226,000) (568,000)
Scheduled principal amortization (5,003) (6,303)
Other debt repayments (486,803) (37,035)
Deferred financing costs paid (2,099) (2,111)
Net proceeds from issuance of preferred shares 0 165,902
Net proceeds from issuance of common shares 118,768 185
Redemption of preferred shares (84,750) 0
Common share dividends paid (45,852) (49,507)
Preferred share dividends paid (12,355) (8,051)
Distributions paid to noncontrolling interests in COPLP (2,503) (3,269)
Restricted share redemptions (1,784) (3,219)
Other (532) (838)
Net cash provided by (used in) financing activities 52,400 (137,337)
Net decrease in cash and cash equivalents (1,398) (857)
Cash and cash equivalents    
Beginning of period 10,594 5,559
End of period 9,196 4,702
Reconciliation of net income to net cash provided by operating activities:    
Net income 10,872 22,096
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 58,244 64,000
Impairment losses 9,052 7,693
Settlement of previously accreted interest expense (11,116) 0
Amortization of deferred financing costs 2,971 3,169
Increase in deferred rent receivable (6,598) (4,937)
Amortization of net debt discounts 1,328 1,565
Gain on sales of real estate (2,683) (4,056)
Share-based compensation 3,296 6,559
Loss on early extinguishment of debt 2,722 0
Other (3,634) (917)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (3,222) 15,031
(Increase) decrease in restricted cash and marketable securities (969) 14,082
Decrease in prepaid expenses and other assets 5,884 18,232
Decrease in accounts payable, accrued expenses and other liabilities (1,079) (196)
Decrease in rents received in advance and security deposits (3,537) (2,424)
Decrease in interest rate derivatives in connection with cash settlement 0 (28,003)
Net cash provided by operating activities 61,531 111,894
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (12,750) (12,081)
Increase (decrease) in fair value of derivatives applied to accumulated comprehensive income (loss) and noncontrolling interests 9,592 (2,255)
Dividends/distribution payable 28,602 24,695
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 3,578 696
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 2,495 524
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity in connection with adjustment to arrive at fair value of noncontrolling interest 5,631 1,827
Corporate Office Properties, L.P.
    
Cash flows from operating activities    
Revenues from real estate operations received 233,068 248,742
Construction contract and other service revenues received 28,898 46,933
Property operating expenses paid (75,566) (76,328)
Construction contract and other service expenses paid (33,404) (37,296)
General, administrative, leasing, business development and land carry costs paid (14,988) (13,076)
Interest expense paid (41,825) (45,435)
Previously accreted interest expense paid (11,116) 0
Settlement of interest rate derivatives 0 (29,738)
Proceeds from sale of trading marketable securities 0 18,975
Exit costs on property dispositions 0 (1,248)
Payments in connection with early extinguishment of debt (23,932) (156)
Interest and other income received 390 529
Income taxes paid 6 (8)
Net cash provided by operating activities 61,531 111,894
Purchases of and additions to properties    
Construction, development and redevelopment (99,779) (71,504)
Tenant improvements on operating properties (10,496) (13,797)
Other capital improvements on operating properties (11,738) (5,514)
Proceeds from dispositions of properties 12,344 130,814
Mortgage and other loan receivables funded or acquired (2,756) (8,933)
Leasing costs paid (6,048) (5,489)
Other 3,144 (991)
Net cash (used in) provided by investing activities (115,329) 24,586
Proceeds from debt    
Revolving Credit Facility 374,000 101,000
Other debt proceeds 427,313 273,909
Repayments of debt    
Revolving Credit Facility (226,000) (568,000)
Scheduled principal amortization (5,003) (6,303)
Other debt repayments (486,803) (37,035)
Deferred financing costs paid (2,099) (2,111)
Net proceeds from issuance of preferred shares 0 165,902
Net proceeds from issuance of common shares 118,768 185
Redemption of preferred shares (84,750) 0
Common share dividends paid (48,025) (52,446)
Preferred share dividends paid (12,685) (8,381)
Restricted share redemptions (1,784) (3,219)
Other (532) (838)
Net cash provided by (used in) financing activities 52,400 (137,337)
Net decrease in cash and cash equivalents (1,398) (857)
Cash and cash equivalents    
Beginning of period 10,594 5,559
End of period 9,196 4,702
Reconciliation of net income to net cash provided by operating activities:    
Net income 10,872 22,096
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 58,244 64,000
Impairment losses 9,052 7,693
Settlement of previously accreted interest expense (11,116) 0
Amortization of deferred financing costs 2,971 3,169
Increase in deferred rent receivable (6,598) (4,937)
Amortization of net debt discounts 1,328 1,565
Gain on sales of real estate (2,683) (4,056)
Share-based compensation 3,296 6,559
Loss on early extinguishment of debt 2,722 0
Other (3,634) (917)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (3,222) 15,031
(Increase) decrease in restricted cash and marketable securities (670) 13,116
Decrease in prepaid expenses and other assets 5,884 18,232
Decrease in accounts payable, accrued expenses and other liabilities (1,378) 770
Decrease in rents received in advance and security deposits (3,537) (2,424)
Decrease in interest rate derivatives in connection with cash settlement 0 (28,003)
Net cash provided by operating activities 61,531 111,894
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (12,750) (12,081)
Increase (decrease) in fair value of derivatives applied to accumulated comprehensive income (loss) and noncontrolling interests 9,592 (2,255)
Dividends/distribution payable 28,602 24,695
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity in connection with adjustment to arrive at fair value of noncontrolling interest $ 5,631 $ 1,827