Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 542,727
|
$ 530,280
|
$ 528,066
|
| Construction contract and other service revenues received |
78,470
|
94,677
|
33,579
|
| Property operating expenses paid |
(202,660)
|
(196,611)
|
(197,647)
|
| Construction contract and other service expenses paid |
(67,760)
|
(96,789)
|
(79,386)
|
| General, administrative, leasing, business development and land carry costs paid |
(31,406)
|
(29,347)
|
(27,006)
|
| Interest expense paid |
(61,471)
|
(67,475)
|
(72,460)
|
| Lease incentives paid |
(11,925)
|
(9,482)
|
(7,679)
|
| Sales-type lease costs paid |
(10,747)
|
0
|
0
|
| Income taxes paid |
(4)
|
0
|
(21)
|
| Other |
3,200
|
3,305
|
3,036
|
| Net cash provided by operating activities |
238,424
|
228,558
|
180,482
|
| Cash flows from investing activities |
|
|
|
| Development and redevelopment of properties |
(344,401)
|
(394,444)
|
(159,994)
|
| Tenant improvements on operating properties |
(28,754)
|
(23,809)
|
(35,098)
|
| Other capital improvements on operating properties |
(32,756)
|
(24,659)
|
(24,223)
|
| Proceeds from property dispositions |
|
|
|
| Distribution from unconsolidated real estate joint venture following contribution of properties |
0
|
201,499
|
0
|
| Sale of properties |
83,165
|
108,128
|
0
|
| Proceeds from sale of investment in unconsolidated real estate joint venture |
59,841
|
0
|
0
|
| Non-operating distributions from unconsolidated real estate joint venture |
3,695
|
22,426
|
1,942
|
| Investing receivables funded |
(272)
|
(11,180)
|
(97)
|
| Investing receivables payments received |
8,000
|
0
|
4,455
|
| Leasing costs paid |
(16,938)
|
(16,825)
|
(10,926)
|
| Settlement of interest rate derivatives |
(53,130)
|
0
|
0
|
| Other |
(4,242)
|
849
|
(8,977)
|
| Net cash used in investing activities |
(325,792)
|
(138,015)
|
(232,918)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
664,000
|
409,000
|
381,000
|
| Unsecured senior notes |
395,264
|
0
|
0
|
| Other debt proceeds |
206,931
|
43,615
|
13,406
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(698,000)
|
(445,000)
|
(294,000)
|
| Unsecured senior notes |
(300,000)
|
0
|
0
|
| Scheduled principal amortization |
(4,125)
|
(4,310)
|
(4,240)
|
| Other debt repayments |
(12,031)
|
(77)
|
(100,000)
|
| Deferred financing costs paid |
(2,400)
|
(448)
|
(8,292)
|
| Payments on finance lease liabilities |
(854)
|
(223)
|
(15,379)
|
| Net proceeds from issuance of common shares |
0
|
46,415
|
202,065
|
| Common share/unit dividends/distributions paid |
(123,367)
|
(122,657)
|
(114,286)
|
| Distributions paid to noncontrolling interests in COPLP |
(1,825)
|
(2,166)
|
(3,699)
|
| Distributions paid to noncontrolling interests in other consolidated entities |
(30)
|
(5,890)
|
(16)
|
| Distributions paid to redeemable noncontrolling interests |
(14,357)
|
(1,659)
|
(1,382)
|
| Redemption of preferred units |
(8,800)
|
0
|
0
|
| Payments in connection with early extinguishment of debt |
(7,029)
|
0
|
0
|
| Other |
(2,106)
|
(963)
|
(5,622)
|
| Net cash provided by (used in) financing activities |
91,271
|
(84,363)
|
49,555
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
3,903
|
6,180
|
(2,881)
|
| Cash and cash equivalents and restricted cash |
|
|
|
| Beginning of year |
18,130
|
11,950
|
14,831
|
| End of year |
22,033
|
18,130
|
11,950
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
102,878
|
200,004
|
78,643
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
140,031
|
138,903
|
139,063
|
| Impairment losses |
1,530
|
329
|
2,367
|
| Amortization of deferred financing costs and net debt discounts |
4,272
|
3,639
|
3,393
|
| Increase in deferred rent receivable |
(2,168)
|
(4,091)
|
(4,621)
|
| Gain on sales of real estate |
(30,209)
|
(105,230)
|
(2,340)
|
| Gain on sale of investment in unconsolidated real estate joint venture |
(29,416)
|
0
|
0
|
| Share-based compensation |
6,503
|
6,714
|
6,376
|
| Loss on early extinguishment of debt |
7,306
|
0
|
258
|
| Loss on interest rate derivatives |
53,196
|
0
|
0
|
| Other |
(7,855)
|
(6,022)
|
(2,991)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(6,377)
|
(7,141)
|
5,673
|
| Increase in prepaid expenses and other assets, net |
(7,626)
|
(22,457)
|
(987)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
6,554
|
20,369
|
(49,179)
|
| (Decrease) increase in rents received in advance and security deposits |
(195)
|
3,541
|
4,827
|
| Net cash provided by operating activities |
238,424
|
228,558
|
180,482
|
| Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
| Cash and cash equivalents and restricted cash |
18,130
|
11,950
|
14,831
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(9,421)
|
35,913
|
6,570
|
| Finance right-of-use asset contributed by noncontrolling interest in joint venture |
0
|
2,570
|
0
|
| Recognition of operating right-of-use assets and related lease liabilities |
13,340
|
840
|
0
|
| Non-cash changes from property dispositions: |
|
|
|
| Contribution of properties to unconsolidated real estate joint venture |
0
|
158,542
|
0
|
| Investment in unconsolidated real estate joint ventures retained in disposition |
11,474
|
34,506
|
0
|
| Non-cash changes from recognition of property sale previously accounted for as financing arrangement: |
|
|
|
| Decrease in assets held for sale, net |
0
|
0
|
(42,226)
|
| Decrease in deferred property sale |
0
|
0
|
43,377
|
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests |
(35,728)
|
(25,817)
|
2,915
|
| Equity in other comprehensive income of an equity method investee |
0
|
199
|
210
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
211
|
1,586
|
27,413
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
(767)
|
167
|
2,466
|
| Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value |
6,607
|
1,749
|
1,837
|
| Corporate Office Properties, L.P |
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
542,727
|
530,280
|
528,066
|
| Construction contract and other service revenues received |
78,470
|
94,677
|
33,579
|
| Property operating expenses paid |
(202,660)
|
(196,611)
|
(197,647)
|
| Construction contract and other service expenses paid |
(67,760)
|
(96,789)
|
(79,386)
|
| General, administrative, leasing, business development and land carry costs paid |
(31,406)
|
(29,347)
|
(27,006)
|
| Interest expense paid |
(61,471)
|
(67,475)
|
(72,460)
|
| Lease incentives paid |
(11,925)
|
(9,482)
|
(7,679)
|
| Sales-type lease costs paid |
(10,747)
|
0
|
0
|
| Income taxes paid |
4
|
0
|
21
|
| Other |
3,200
|
3,305
|
3,036
|
| Net cash provided by operating activities |
238,424
|
228,558
|
180,482
|
| Cash flows from investing activities |
|
|
|
| Development and redevelopment of properties |
(344,401)
|
(394,444)
|
(159,994)
|
| Tenant improvements on operating properties |
(28,754)
|
(23,809)
|
(35,098)
|
| Other capital improvements on operating properties |
(32,756)
|
(24,659)
|
(24,223)
|
| Proceeds from property dispositions |
|
|
|
| Distribution from unconsolidated real estate joint venture following contribution of properties |
0
|
201,499
|
0
|
| Sale of properties |
83,165
|
108,128
|
0
|
| Proceeds from sale of investment in unconsolidated real estate joint venture |
59,841
|
0
|
0
|
| Non-operating distributions from unconsolidated real estate joint venture |
3,695
|
22,426
|
1,942
|
| Investing receivables funded |
(272)
|
(11,180)
|
(97)
|
| Investing receivables payments received |
8,000
|
0
|
4,455
|
| Leasing costs paid |
(16,938)
|
(16,825)
|
(10,926)
|
| Settlement of interest rate derivatives |
(53,130)
|
0
|
0
|
| Other |
(4,242)
|
849
|
(8,977)
|
| Net cash used in investing activities |
(325,792)
|
(138,015)
|
(232,918)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
664,000
|
409,000
|
381,000
|
| Unsecured senior notes |
395,264
|
0
|
0
|
| Other debt proceeds |
206,931
|
43,615
|
13,406
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(698,000)
|
(445,000)
|
(294,000)
|
| Unsecured senior notes |
(300,000)
|
0
|
0
|
| Scheduled principal amortization |
(4,125)
|
(4,310)
|
(4,240)
|
| Other debt repayments |
(12,031)
|
(77)
|
(100,000)
|
| Deferred financing costs paid |
(2,400)
|
(448)
|
(8,292)
|
| Payments on finance lease liabilities |
(854)
|
(223)
|
(15,379)
|
| Net proceeds from issuance of common shares |
0
|
46,415
|
202,065
|
| Common share/unit dividends/distributions paid |
(124,815)
|
(124,171)
|
(117,325)
|
| Distributions paid to noncontrolling interests in other consolidated entities |
(30)
|
(5,890)
|
(16)
|
| Distributions paid to redeemable noncontrolling interests |
(14,357)
|
(1,659)
|
(1,382)
|
| Redemption of preferred units |
(8,800)
|
0
|
0
|
| Payments in connection with early extinguishment of debt |
(7,029)
|
0
|
0
|
| Other |
(2,483)
|
(1,615)
|
(6,282)
|
| Net cash provided by (used in) financing activities |
91,271
|
(84,363)
|
49,555
|
| Net increase (decrease) in cash and cash equivalents and restricted cash |
3,903
|
6,180
|
(2,881)
|
| Cash and cash equivalents and restricted cash |
|
|
|
| Beginning of year |
18,130
|
11,950
|
14,831
|
| End of year |
22,033
|
18,130
|
11,950
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
102,878
|
200,004
|
78,643
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
140,031
|
138,903
|
139,063
|
| Impairment losses |
1,530
|
329
|
2,367
|
| Amortization of deferred financing costs and net debt discounts |
4,272
|
3,639
|
3,393
|
| Increase in deferred rent receivable |
(2,168)
|
(4,091)
|
(4,621)
|
| Gain on sales of real estate |
(30,209)
|
(105,230)
|
(2,340)
|
| Gain on sale of investment in unconsolidated real estate joint venture |
(29,416)
|
0
|
0
|
| Share-based compensation |
6,503
|
6,714
|
6,376
|
| Loss on early extinguishment of debt |
7,306
|
0
|
258
|
| Loss on interest rate derivatives |
53,196
|
0
|
0
|
| Other |
(7,855)
|
(6,022)
|
(2,991)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(6,377)
|
(7,141)
|
5,673
|
| Increase in prepaid expenses and other assets, net |
(7,659)
|
(23,255)
|
(1,735)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
6,587
|
21,167
|
(48,431)
|
| (Decrease) increase in rents received in advance and security deposits |
(195)
|
3,541
|
4,827
|
| Net cash provided by operating activities |
238,424
|
228,558
|
180,482
|
| Reconciliation of cash and cash equivalents and restricted cash: |
|
|
|
| Cash and cash equivalents and restricted cash |
18,130
|
11,950
|
11,950
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(9,421)
|
35,913
|
6,570
|
| Finance right-of-use asset contributed by noncontrolling interest in joint venture |
0
|
2,570
|
0
|
| Recognition of operating right-of-use assets and related lease liabilities |
13,340
|
840
|
0
|
| Non-cash changes from property dispositions: |
|
|
|
| Contribution of properties to unconsolidated real estate joint venture |
0
|
(158,542)
|
0
|
| Investment in unconsolidated real estate joint ventures retained in disposition |
11,474
|
34,506
|
0
|
| Non-cash changes from recognition of property sale previously accounted for as financing arrangement: |
|
|
|
| Decrease in assets held for sale, net |
0
|
0
|
(42,226)
|
| Decrease in deferred property sale |
0
|
0
|
43,377
|
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests |
(35,728)
|
(25,817)
|
2,915
|
| Equity in other comprehensive income of an equity method investee |
0
|
199
|
210
|
| Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value |
$ 6,607
|
$ 1,749
|
$ 1,837
|