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
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities    
Revenues from real estate operations received $ 359,431 $ 363,877
Construction contract and other service revenues received 48,877 58,637
Property operating expenses paid (133,799) (133,375)
Construction contract and other service expenses paid (53,191) (50,438)
General, administrative, leasing, business development and land carry costs paid (20,681) (18,526)
Interest expense paid (59,052) (63,811)
Previously accreted interest expense paid (11,116) 0
Settlement of interest rate derivatives 0 (29,738)
Proceeds from sale of trading marketable securities 298 18,975
Exit costs on property dispositions (186) (4,066)
Payments in connection with early extinguishment of debt (23,969) (2,637)
Interest and other income received 391 786
Income taxes paid 6 (8)
Net cash provided by operating activities 107,009 139,676
Cash flows from investing activities    
Construction, development and redevelopment (156,820) (107,621)
Tenant improvements on operating properties (15,868) (20,924)
Other capital improvements on operating properties (17,528) (9,571)
Acquisitions of operating properties 0 (48,308)
Proceeds from dispositions of properties 12,447 290,607
Mortgage and other loan receivables funded or acquired (4,111) (11,603)
Leasing costs paid (9,366) (7,289)
Other 4,401 (1,527)
Net cash (used in) provided by investing activities (186,845) 83,764
Proceeds from debt    
Revolving Credit Facility 457,000 262,000
Unsecured senior notes 592,413 0
Other debt proceeds 82,886 399,296
Repayments of debt    
Revolving Credit Facility (457,000) (844,000)
Scheduled principal amortization (7,229) (9,094)
Other debt repayments (542,532) (51,850)
Deferred financing costs paid (9,001) (3,210)
Net proceeds from issuance of preferred shares/units 0 165,662
Net proceeds from issuance of common shares/units 157,307 661
Redemption of preferred shares/units (84,750) (55,000)
Common share/unit dividends/distributions paid (69,451) (69,325)
Preferred share/unit dividends/distributions paid (16,845) (12,345)
Distributions paid to noncontrolling interests in COPLP (3,705) (4,510)
Restricted share redemptions (1,848) (3,279)
Other (685) 1,004
Net cash provided by (used in) financing activities 96,560 (223,990)
Net increase (decrease) in cash and cash equivalents 16,724 (550)
Cash and cash equivalents    
Beginning of period 10,594 5,559
End of period 27,318 5,009
Reconciliation of net income to net cash provided by operating activities:    
Net income 8,872 1,331
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 87,956 95,248
Impairment losses 30,940 60,593
Settlement of previously accreted interest expense (11,116) 0
Amortization of deferred financing costs 4,292 4,696
Increase in deferred rent receivable (7,995) (7,939)
Amortization of net debt discounts 1,207 2,357
Gain on sales of real estate (2,683) (20,969)
Share-based compensation 4,869 8,262
Loss (gain) on early extinguishment of debt 3,059 (3,436)
Other (2,284) (459)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 1,523 10,063
Decrease in restricted cash and marketable securities 418 15,051
(Increase) decrease in prepaid expenses and other assets (12,974) 1,532
(Decrease) increase in accounts payable, accrued expenses and other liabilities 18 4,124
Increase (decrease) in rents received in advance and security deposits 907 (2,775)
Decrease in interest rate derivatives in connection with cash settlement 0 (28,003)
Net cash provided by operating activities 107,009 139,676
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (13,094) (11,627)
Decrease in property in connection with surrender of property in settlement of debt 0 12,812
Decrease in debt in connection with surrender of property in settlement of debt 0 16,304
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests 7,785 (4,398)
Equity in other comprehensive income of an equity method investee 1,070 0
Dividends/distributions payable 29,077 26,954
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity 5,194 0
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 3,991 1,188
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 773 373
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value 6,414 2,827
Corporate Office Properties, L.P.
    
Cash flows from operating activities    
Revenues from real estate operations received 359,431 363,877
Construction contract and other service revenues received 48,877 58,637
Property operating expenses paid (133,799) (133,375)
Construction contract and other service expenses paid (53,191) (50,438)
General, administrative, leasing, business development and land carry costs paid (20,681) (18,526)
Interest expense paid (59,052) (63,811)
Previously accreted interest expense paid (11,116) 0
Settlement of interest rate derivatives 0 (29,738)
Proceeds from sale of trading marketable securities 298 18,975
Exit costs on property dispositions (186) (4,066)
Payments in connection with early extinguishment of debt (23,969) (2,637)
Interest and other income received 391 786
Income taxes paid 6 (8)
Net cash provided by operating activities 107,009 139,676
Cash flows from investing activities    
Construction, development and redevelopment (156,820) (107,621)
Tenant improvements on operating properties (15,868) (20,924)
Other capital improvements on operating properties (17,528) (9,571)
Acquisitions of operating properties 0 (48,308)
Proceeds from dispositions of properties 12,447 290,607
Mortgage and other loan receivables funded or acquired (4,111) (11,603)
Leasing costs paid (9,366) (7,289)
Other 4,401 (1,527)
Net cash (used in) provided by investing activities (186,845) 83,764
Proceeds from debt    
Revolving Credit Facility 457,000 262,000
Unsecured senior notes 592,413 0
Other debt proceeds 82,886 399,296
Repayments of debt    
Revolving Credit Facility (457,000) (844,000)
Scheduled principal amortization (7,229) (9,094)
Other debt repayments (542,532) (51,850)
Deferred financing costs paid (9,001) (3,210)
Net proceeds from issuance of preferred shares/units 0 165,662
Net proceeds from issuance of common shares/units 157,307 661
Redemption of preferred shares/units (84,750) (55,000)
Common share/unit dividends/distributions paid (72,661) (73,340)
Preferred share/unit dividends/distributions paid (17,340) (12,840)
Restricted share redemptions (1,848) (3,279)
Other (685) 1,004
Net cash provided by (used in) financing activities 96,560 (223,990)
Net increase (decrease) in cash and cash equivalents 16,724 (550)
Cash and cash equivalents    
Beginning of period 10,594 5,559
End of period 27,318 5,009
Reconciliation of net income to net cash provided by operating activities:    
Net income 8,872 1,331
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 87,956 95,248
Impairment losses 30,940 60,593
Settlement of previously accreted interest expense (11,116) 0
Amortization of deferred financing costs 4,292 4,696
Increase in deferred rent receivable (7,995) (7,939)
Amortization of net debt discounts 1,207 2,357
Gain on sales of real estate (2,683) (20,969)
Share-based compensation 4,869 8,262
Loss (gain) on early extinguishment of debt 3,059 (3,436)
Other (2,284) (459)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 1,523 10,063
Decrease in restricted cash and marketable securities 822 14,399
(Increase) decrease in prepaid expenses and other assets (12,974) 1,532
(Decrease) increase in accounts payable, accrued expenses and other liabilities (386) 4,776
Increase (decrease) in rents received in advance and security deposits 907 (2,775)
Decrease in interest rate derivatives in connection with cash settlement 0 (28,003)
Net cash provided by operating activities 107,009 139,676
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (13,094) (11,627)
Decrease in property in connection with surrender of property in settlement of debt 0 12,812
Decrease in debt in connection with surrender of property in settlement of debt 0 16,304
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests 7,785 (4,398)
Equity in other comprehensive income of an equity method investee 1,070 0
Dividends/distributions payable 29,077 26,954
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity 5,194 0
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value $ 6,414 $ 2,827