Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

 v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
In Thousands
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities    
Revenues from real estate operations received $ 233,541 $ 216,789
Construction contract and other service revenues received 49,441 81,275
Property operating expenses paid (81,173) (82,158)
Construction contract and other service expenses paid (51,538) (87,253)
General and administrative and business development expenses paid (10,429) (9,800)
Interest expense paid (47,425) (40,861)
Interest and other income received 250 563
Income taxes paid (170)  
Net cash provided by operating activities 92,497 78,555
Purchases of and additions to properties    
Construction, development and redevelopment (99,152) (94,071)
Acquisitions of operating properties   (40,000)
Tenant improvements on operating properties (20,721) (7,623)
Other capital improvements on operating properties (6,009) (4,256)
Proceeds from sales of properties 6,943 3,947
Proceeds from sale of equity method investment 5,773  
Mortgage and other loan receivables funded or acquired (15,796) (603)
Leasing costs paid (6,802) (5,297)
Investment in unconsolidated entities (250) (4,500)
Other (1,295) (3,278)
Net cash used in investing activities (137,309) (155,681)
Cash flows from financing activities    
Proceeds from debt, including issuance of exchangeable senior notes 284,662 500,459
Repayments of debt    
Scheduled principal amortization (7,421) (6,969)
Other repayments (307,913) (349,006)
Deferred financing costs paid (557) (6,252)
Net proceeds from issuance of common shares 145,361 3,065
Dividends paid (63,466) (54,091)
Distributions paid (3,964) (4,186)
Restricted share redemptions (3,813) (3,713)
Other 3,524 (564)
Net cash provided by financing activities 46,413 78,743
Net increase in cash and cash equivalents 1,601 1,617
Cash and cash equivalents    
Beginning of period 10,102 8,262
End of period 11,703 9,879
Reconciliation of net (loss) income to net cash provided by operating activities:    
Net (loss) income (44,573) 19,826
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and other amortization 66,317 58,433
Impairment losses 72,347  
Amortization of deferred financing costs 3,461 2,621
Increase in deferred rent receivable (7,213) (4,289)
Amortization of above or below market leases (348) (1,037)
Amortization of net debt discounts 3,367 2,649
Gain on sales of real estate (2,867) (660)
Gain on equity method investment (2,442) (367)
Share-based compensation 5,734 5,642
Other (376) 275
Changes in operating assets and liabilities:    
Decrease in accounts receivable 6,044 4,704
Decrease in restricted cash and marketable securities and prepaid expenses and other assets 5,392 21,820
Decrease in accounts payable, accrued expenses and other liabilities (7,522) (27,213)
Decrease in rents received in advance and security deposits (4,824) (3,849)
Net cash provided by operating activities 92,497 78,555
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 23,053 (2,064)
Increase in property and debt in connection with loan assumption 3,040  
Increase in property and noncontrolling interests in connection with property contribution by a noncontrolling interest in a joint venture   9,000
(Decrease) increase in fair value of derivatives applied to AOCL and noncontrolling interests (6,358) 2,547
Dividends/distribution payable 35,021 28,580
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 328 8,827
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 4,778 $ 1,496