Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities    
Revenues from real estate operations received $ 248,742 $ 233,541
Construction contract and other service revenues received 46,933 49,441
Property operating expenses paid (80,528) (81,173)
Construction contract and other service expenses paid (37,296) (51,538)
General and administrative and business development expenses paid (10,124) (10,429)
Interest expense paid (45,435) (47,425)
Cash settlement of interest rate derivatives (29,738) 0
Proceeds from sale of trading marketable securities 18,975 0
Interest and other income received 529 250
Payments in connection with early extinguishment of debt (156) 0
Income taxes paid (8) (170)
Net cash provided by operating activities 111,894 92,497
Purchases of and additions to properties    
Construction, development and redevelopment (71,504) (99,152)
Tenant improvements on operating properties (13,797) (20,721)
Other capital improvements on operating properties (5,514) (6,009)
Proceeds from sales of properties 130,814 6,943
Proceeds from sale of equity method investment 0 5,773
Mortgage and other loan receivables funded or acquired (8,933) (15,796)
Leasing costs paid (5,489) (6,802)
Other (991) (1,545)
Net cash provided by (used in) investing activities 24,586 (137,309)
Proceeds from debt    
Revolving Credit Facility 101,000 252,000
Other debt proceeds 273,909 32,662
Repayments of debt    
Revolving Credit Facility (568,000) (205,000)
Scheduled principal amortization (6,303) (7,421)
Other debt repayments (37,035) (102,913)
Deferred financing costs paid (2,111) (557)
Net proceeds from issuance of preferred shares 165,902 0
Net proceeds from issuance of common shares 185 145,361
Common share dividends paid 49,507 55,415
Preferred share dividends paid (8,051) (8,051)
Distributions paid to noncontrolling interests in the Operating Partnership (3,269) (3,964)
Restricted share redemptions (3,219) (3,813)
Other (838) 3,524
Net cash (used in) provided by financing activities (137,337) 46,413
Net (decrease) increase in cash and cash equivalents (857) 1,601
Cash and cash equivalents    
Beginning of period 5,559 10,102
End of period 4,702 11,703
Reconciliation of net income (loss) to net cash provided by operating activities:    
Net income (loss) 18,838 (44,573)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and other amortization 64,000 66,317
Impairment losses 7,693 72,347
Amortization of deferred financing costs 3,169 3,461
Increase in deferred rent receivable (4,937) (7,213)
Amortization of net debt discounts 1,565 3,367
Gain on sales of real estate (4,056) (2,867)
Gain on equity method investment 0 (2,442)
Share-based compensation 6,559 5,734
Other (917) (724)
Changes in operating assets and liabilities:    
Decrease in accounts receivable 15,031 6,044
Decrease in restricted cash and marketable securities 14,082 856
Decrease in prepaid expenses and other assets 22,201 4,536
Decrease in accounts payable, accrued expenses and other liabilities (907) (7,522)
Decrease in rents received in advance and security deposits (2,424) (4,824)
Decrease in interest rate derivatives in connection with cash settlement (28,003) 0
Net cash provided by operating activities 111,894 92,497
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (12,081) 23,053
Increase in property, debt and other liabilities in connection with acquisitions 0 3,040
Decrease in fair value of derivatives applied to AOCL and noncontrolling interests 2,255 6,358
Dividends/distributions payable 24,695 35,021
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 696 328
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 524 $ 4,778