Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Revenues from real estate operations received $ 476,762 $ 453,847 $ 417,494
Construction contract and other service revenues received 88,433 112,644 346,281
Property operating expenses paid (188,237) (180,619) (150,693)
Construction contract and other service expenses paid (94,140) (124,867) (325,223)
General and administrative and business development expenses paid (19,831) (16,975) (19,559)
Interest expense paid (93,715) (87,917) (73,327)
Previously accreted interest expense paid (17,314)    
Interest and other income received 698 323 161
Payments in connection with early extinguishment of debt (353)    
Income taxes paid (160)   (317)
Net cash provided by operating activities 152,143 156,436 194,817
Purchases of and additions to properties      
Construction, development and redevelopment (232,667) (303,064) (176,364)
Acquisitions of operating properties (32,856) (146,275) (45,010)
Tenant improvements on operating properties (37,195) (20,826) (14,622)
Other capital improvements on operating properties (16,906) (10,422) (15,569)
Proceeds from sales of properties 79,638 27,576 65
Proceeds from sale of equity method investment 5,773    
Mortgage and other loan receivables funded or acquired (23,377) (5,588) (82,413)
Mortgage and other loan receivables payments received 16,759 1,568 680
Leasing costs paid (15,997) (14,403) (8,786)
Investment in unconsolidated entities (250) (6,600) (3,000)
Other (3,309) (1,133) (4,057)
Net cash used in investing activities (260,387) (479,167) (349,076)
Cash flows from financing activities      
Proceeds from debt, including issuance of exchangeable senior notes 1,636,206 1,022,912 1,066,413
Repayments of debt      
Scheduled principal amortization (13,755) (13,996) (11,489)
Other repayments (1,511,100) (799,663) (863,243)
Deferred financing costs paid (13,113) (8,570) (3,388)
Net proceeds from issuance of common shares 147,828 250,196 77,052
Acquisition of noncontrolling interests in consolidated entities   (4,462)  
Dividends paid (130,745) (109,894) (100,095)
Distributions paid (7,891) (8,099) (9,579)
Restricted share redemptions (3,990) (3,913) (2,049)
Other 261 60 2,124
Net cash provided by financing activities 103,701 324,571 155,746
Net (decrease) increase in cash and cash equivalents (4,543) 1,840 1,487
Cash and cash equivalents      
Beginning of period 10,102 8,262 6,775
End of period 5,559 10,102 8,262
Reconciliation of net (loss) income to net cash provided by operating activities:      
Net (loss) income (124,318) 45,504 61,299
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and other amortization 136,594 125,819 111,811
Impairment losses 151,021    
Loss on interest rate derivatives 29,805    
Settlement of previously accreted interest expense (17,314)    
Amortization of deferred financing costs 6,596 5,871 4,214
Increase in deferred rent receivable (10,102) (5,706) (1,296)
Amortization of net debt discounts 5,540 5,841 3,412
Gain on sales of real estate (7,528) (3,917)  
Gain on equity method investment (2,452) (6,406) (442)
Share-based compensation 11,920 11,845 10,602
Other 1,356 (3,872) (5,693)
Changes in operating assets and liabilities:      
Increase in accounts receivable (7,094) (1,680) (3,634)
(Increase) decrease in restricted cash and marketable securities and prepaid expenses and other assets (2,496) 3,799 (2,745)
(Decrease) increase in accounts payable, accrued expenses and other liabilities (17,330) (19,644) 15,787
(Decrease) increase in rents received in advance and security deposits (2,055) (1,018) 1,502
Net cash provided by operating activities 152,143 156,436 194,817
Supplemental schedule of non-cash investing and financing activities:      
Increase in accrued capital improvements, leasing and other investing activity costs 11,719 4,576 6,256
Increase in property, debt and other liabilities in connection with acquisitions 3,040 74,244 3,085
Cancellation of mortgage loans receivable in connection with acquisitions     102,575
Increase in property and noncontrolling interests in connection with property contribution by a noncontrolling interest in a joint venture   9,000  
Increase (decrease) in fair value of derivatives applied to AOCL and noncontrolling interests 1,438 (1,846) 3,365
Dividends/distributions payable 35,038 32,986 28,440
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 1,521 9,567 61,654
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 2,798 $ 10,274 $ 21,072