Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.3.0.15
Consolidated Statements of Cash Flows (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities    
Revenues from real estate operations received $ 350,593 $ 324,445
Construction contract and other service revenues received 73,382 92,817
Property operating expenses paid (143,481) (138,379)
Construction contract and other service expenses paid (73,009) (107,016)
General and administrative and business development expenses paid (15,921) (13,726)
Interest expense paid (69,237) (63,298)
Previously accreted interest expense paid (17,314)  
Interest and other income received 377 709
Payments in connection with early extinguishment of debt (350)  
Income taxes paid (174)  
Net cash provided by operating activities 104,866 95,552
Purchases of and additions to properties    
Construction, development and redevelopment (169,873) (240,092)
Acquisitions of operating properties (32,806) (103,277)
Tenant improvements on operating properties (27,421) (11,259)
Other capital improvements on operating properties (11,575) (5,870)
Proceeds from sales of properties 27,312 27,580
Proceeds from sale of equity method investment 5,773  
Mortgage and other loan receivables funded or acquired (20,401) (1,729)
Mortgage and other loan receivables payments received 5,203  
Leasing costs paid (10,357) (7,717)
Investment in unconsolidated entities (250) (4,500)
Other (3,330) (2,241)
Net cash used in investing activities (237,725) (349,105)
Cash flows from financing activities    
Proceeds from debt, including issuance of exchangeable senior notes 1,548,619 825,475
Repayments of debt    
Scheduled principal amortization (10,647) (10,389)
Other repayments (1,432,050) (459,614)
Deferred financing costs paid (12,771) (7,086)
Net proceeds from issuance of common shares 147,781 4,378
Acquisition of noncontrolling interests in consolidated entities   (4,462)
Dividends paid (97,047) (81,376)
Distributions paid (5,937) (6,100)
Restricted share redemptions (3,948) (3,862)
Other 261 60
Net cash provided by financing activities 134,261 257,024
Net increase in cash and cash equivalents 1,402 3,471
Cash and cash equivalents    
Beginning of period 10,102 8,262
End of period 11,504 11,733
Reconciliation of net (loss) income to net cash provided by operating activities:    
Net (loss) income (37,103) 28,752
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and other amortization 102,963 89,830
Impairment losses 72,347  
Settlement of previously accreted interest expense (17,314)  
Amortization of deferred financing costs 5,090 4,175
Increase in deferred rent receivable (7,587) (3,295)
Amortization of net debt discounts 4,778 4,360
Gain on sales of real estate (4,166) (3,921)
Gain on equity method investment (2,452)  
Share-based compensation 8,156 8,726
Loss on early extinguishment of debt 1,670  
Other 18 (2,194)
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,311) (1,648)
(Increase) decrease in restricted cash and marketable securities and prepaid expenses and other assets (5,162) 8,165
Decrease in accounts payable, accrued expenses and other liabilities (11,699) (31,696)
Decrease in rents received in advance and security deposits (3,362) (5,702)
Net cash provided by operating activities 104,866 95,552
Supplemental schedule of non-cash investing and financing activities:    
Increase in accrued capital improvements, leasing and other investing activity costs 25,314 4,308
Increase in property, debt and other liabilities in connection with acquisitions 3,040 74,244
Increase in property and noncontrolling interests in connection with property contribution by a noncontrolling interest in a joint venture   9,000
Decrease in fair value of derivatives applied to AOCL and noncontrolling interests 27,064 3,206
Dividends/distribution payable 35,029 29,899
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 1,276 8,970
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 2,542 $ 1,347