|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 482,763
|
$ 483,421
|
$ 476,762
|
| Construction contract and other service revenues received |
63,647
|
77,831
|
88,433
|
| Property operating expenses paid |
(176,243)
|
(174,683)
|
(180,041)
|
| Construction contract and other service expenses paid |
(63,853)
|
(67,952)
|
(94,140)
|
| General, administrative, leasing, business development and land carry costs paid |
(28,022)
|
(22,904)
|
(28,027)
|
| Interest expense paid |
(81,575)
|
(87,394)
|
(93,715)
|
| Previously accreted interest expense paid |
(11,116)
|
0
|
(17,314)
|
| Settlement of interest rate derivatives |
0
|
(29,738)
|
0
|
| Proceeds from sale of trading marketable securities |
298
|
18,975
|
0
|
| Exit costs on property dispositions |
(979)
|
(4,146)
|
0
|
| Payments in connection with early extinguishment of debt |
(27,909)
|
(2,637)
|
(353)
|
| Interest and other income received |
1,962
|
1,073
|
698
|
| Income taxes paid |
6
|
(8)
|
(160)
|
| Net cash provided by operating activities |
158,979
|
191,838
|
152,143
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(201,808)
|
(165,275)
|
(232,667)
|
| Tenant improvements on operating properties |
(21,950)
|
(27,103)
|
(37,195)
|
| Other capital improvements on operating properties |
(23,940)
|
(20,066)
|
(16,906)
|
| Acquisitions of operating properties |
0
|
(48,308)
|
(32,856)
|
| Proceeds from sales of properties |
148,569
|
290,603
|
79,638
|
| Mortgage and other loan receivables funded |
(14,077)
|
(14,232)
|
(23,377)
|
| Mortgage and other loan receivables payments received |
144
|
10,113
|
16,759
|
| Leasing costs paid |
(14,429)
|
(13,278)
|
(15,997)
|
| Decrease (increase) in restricted cash associated with investing activities |
8,178
|
(872)
|
(2,232)
|
| Other |
(477)
|
2,162
|
4,446
|
| Net cash provided by (used in) investing activities |
(119,790)
|
13,744
|
(260,387)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
504,000
|
329,000
|
1,180,000
|
| Unsecured senior notes |
592,413
|
0
|
0
|
| Other debt proceeds |
94,049
|
403,117
|
456,206
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(504,000)
|
(991,000)
|
(813,000)
|
| Scheduled principal amortization |
(9,481)
|
(11,684)
|
(13,755)
|
| Other debt repayments |
(612,093)
|
(124,386)
|
(698,100)
|
| Deferred financing costs paid |
(9,361)
|
(3,371)
|
(13,113)
|
| Net proceeds from issuance of preferred shares |
0
|
165,652
|
0
|
| Net proceeds from issuance of common shares |
157,444
|
205,425
|
147,828
|
| Redemption of preferred shares |
(84,750)
|
(55,000)
|
0
|
| Common share dividends paid |
(93,474)
|
(89,161)
|
(114,643)
|
| Preferred share dividends paid |
(21,335)
|
(19,087)
|
(16,102)
|
| Distributions paid to noncontrolling interests in the Operating Partnership |
(4,958)
|
(5,828)
|
(7,875)
|
| Restricted share redemptions |
(2,002)
|
(3,379)
|
(3,990)
|
| Other |
(1,862)
|
(845)
|
245
|
| Net cash (used in) provided by financing activities |
4,590
|
(200,547)
|
103,701
|
| Net increase (decrease) in cash and cash equivalents |
43,779
|
5,035
|
(4,543)
|
| Cash and cash equivalents |
|
|
|
| Beginning of period |
10,594
|
5,559
|
10,102
|
| End of period |
54,373
|
10,594
|
5,559
|
| Reconciliation of net income (loss) to net cash provided by operating activities: |
|
|
|
| Net income (loss) |
101,544
|
20,341
|
(127,576)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
119,773
|
124,418
|
136,594
|
| Impairment losses |
31,068
|
62,702
|
151,021
|
| Loss on interest rate derivatives |
0
|
0
|
29,805
|
| Settlement of previously accreted interest expense |
(11,116)
|
0
|
(17,314)
|
| Amortization of deferred financing costs |
5,451
|
6,243
|
6,596
|
| Increase in deferred rent receivable |
(5,196)
|
(11,776)
|
(10,102)
|
| Amortization of net debt discounts |
1,159
|
3,155
|
5,540
|
| Gain on sales of real estate |
(11,687)
|
(20,961)
|
(7,528)
|
| Gain on equity method investment |
0
|
0
|
(2,452)
|
| Share-based compensation |
6,530
|
9,982
|
11,920
|
| (Gain) loss on early extinguishment of debt |
(68,689)
|
(3,430)
|
1,670
|
| Other |
(3,093)
|
(4,551)
|
(1,165)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(10,334)
|
8,049
|
(6,243)
|
| Decrease in restricted cash and marketable securities |
576
|
14,934
|
2,160
|
| (Increase) decrease in prepaid expenses and other assets |
(5,128)
|
8,550
|
(687)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
3,960
|
4,101
|
(18,041)
|
| Increase (decrease) in rents received in advance and security deposits |
4,161
|
(1,916)
|
(2,055)
|
| Decrease in interest rate derivatives in connection with cash settlement |
0
|
(28,003)
|
0
|
| Net cash provided by operating activities |
158,979
|
191,838
|
152,143
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
2,947
|
(1,227)
|
11,719
|
| Increase in property, debt and other liabilities in connection with acquisitions |
0
|
0
|
3,040
|
| Decrease in property in connection with transfer of property in settlement of debt |
73,780
|
12,042
|
0
|
| Decrease in debt in connection with transfer of property in settlement of debt |
146,500
|
16,304
|
0
|
| Increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
9,470
|
4,040
|
1,438
|
| Dividends/distribution payable |
29,080
|
28,698
|
35,038
|
| COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity |
5,194
|
0
|
0
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
3,997
|
2,814
|
1,521
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
744
|
4,627
|
2,798
|
| Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value |
7,121
|
3,955
|
1,315
|
|
Corporate Office Properties, L.P.
|
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
482,763
|
483,421
|
476,762
|
| Construction contract and other service revenues received |
63,647
|
77,831
|
88,433
|
| Property operating expenses paid |
(176,243)
|
(174,683)
|
(180,041)
|
| Construction contract and other service expenses paid |
(63,853)
|
(67,952)
|
(94,140)
|
| General, administrative, leasing, business development and land carry costs paid |
(28,022)
|
(22,904)
|
(28,021)
|
| Interest expense paid |
(81,575)
|
(87,394)
|
(93,715)
|
| Previously accreted interest expense paid |
(11,116)
|
0
|
(17,314)
|
| Settlement of interest rate derivatives |
0
|
(29,738)
|
0
|
| Proceeds from sale of trading marketable securities |
298
|
18,975
|
0
|
| Exit costs on property dispositions |
(979)
|
(4,146)
|
0
|
| Payments in connection with early extinguishment of debt |
(27,909)
|
(2,637)
|
(353)
|
| Interest and other income received |
1,962
|
1,073
|
698
|
| Income taxes paid |
6
|
(8)
|
(160)
|
| Net cash provided by operating activities |
158,979
|
191,838
|
152,149
|
| Cash flows from investing activities |
|
|
|
| Construction, development and redevelopment |
(201,808)
|
(165,275)
|
(232,667)
|
| Tenant improvements on operating properties |
(21,950)
|
(27,103)
|
(37,195)
|
| Other capital improvements on operating properties |
(23,940)
|
(20,066)
|
(16,906)
|
| Acquisitions of operating properties |
0
|
(48,308)
|
(32,856)
|
| Proceeds from sales of properties |
148,569
|
290,603
|
79,638
|
| Mortgage and other loan receivables funded |
(14,077)
|
(14,232)
|
(23,377)
|
| Mortgage and other loan receivables payments received |
144
|
10,113
|
16,759
|
| Leasing costs paid |
(14,429)
|
(13,278)
|
(15,997)
|
| Decrease (increase) in restricted cash associated with investing activities |
8,178
|
(872)
|
(2,232)
|
| Other |
(477)
|
2,162
|
4,446
|
| Net cash provided by (used in) investing activities |
(119,790)
|
13,744
|
(260,387)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
504,000
|
329,000
|
1,180,000
|
| Unsecured senior notes |
592,413
|
0
|
0
|
| Other debt proceeds |
94,049
|
403,117
|
456,206
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(504,000)
|
(991,000)
|
(813,000)
|
| Scheduled principal amortization |
(9,481)
|
(11,684)
|
(13,755)
|
| Other debt repayments |
(612,093)
|
(124,386)
|
(698,100)
|
| Deferred financing costs paid |
(9,361)
|
(3,371)
|
(13,113)
|
| Net proceeds from issuance of preferred shares |
0
|
165,652
|
0
|
| Net proceeds from issuance of common shares |
157,444
|
205,425
|
147,828
|
| Redemption of preferred shares |
(84,750)
|
(55,000)
|
0
|
| Common share dividends paid |
(97,772)
|
(94,329)
|
(121,864)
|
| Preferred share dividends paid |
(21,995)
|
(19,747)
|
(16,762)
|
| Restricted share redemptions |
(2,002)
|
(3,379)
|
(3,990)
|
| Other |
(1,862)
|
(845)
|
245
|
| Net cash (used in) provided by financing activities |
4,590
|
(200,547)
|
103,695
|
| Net increase (decrease) in cash and cash equivalents |
43,779
|
5,035
|
(4,543)
|
| Cash and cash equivalents |
|
|
|
| Beginning of period |
10,594
|
5,559
|
10,102
|
| End of period |
54,373
|
10,594
|
5,559
|
| Reconciliation of net income (loss) to net cash provided by operating activities: |
|
|
|
| Net income (loss) |
101,544
|
20,341
|
(127,570)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
119,773
|
124,418
|
136,594
|
| Impairment losses |
31,068
|
62,702
|
151,021
|
| Loss on interest rate derivatives |
0
|
0
|
29,805
|
| Settlement of previously accreted interest expense |
(11,116)
|
0
|
(17,314)
|
| Amortization of deferred financing costs |
5,451
|
6,243
|
6,596
|
| Increase in deferred rent receivable |
(5,196)
|
(11,776)
|
(10,102)
|
| Amortization of net debt discounts |
1,159
|
3,155
|
5,540
|
| Gain on sales of real estate |
(11,687)
|
(20,961)
|
(7,528)
|
| Gain on equity method investment |
0
|
0
|
(2,452)
|
| Share-based compensation |
6,530
|
9,982
|
11,920
|
| (Gain) loss on early extinguishment of debt |
(68,689)
|
(3,430)
|
1,670
|
| Other |
(3,093)
|
(4,551)
|
(1,165)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
(10,334)
|
8,049
|
(6,243)
|
| Decrease in restricted cash and marketable securities |
1,267
|
14,122
|
1,560
|
| (Increase) decrease in prepaid expenses and other assets |
(5,128)
|
8,550
|
(687)
|
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
3,269
|
4,913
|
(17,441)
|
| Increase (decrease) in rents received in advance and security deposits |
4,161
|
(1,916)
|
(2,055)
|
| Decrease in interest rate derivatives in connection with cash settlement |
0
|
(28,003)
|
0
|
| Net cash provided by operating activities |
158,979
|
191,838
|
152,149
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Increase (decrease) in accrued capital improvements, leasing and other investing activity costs |
2,947
|
(1,227)
|
11,719
|
| Increase in property, debt and other liabilities in connection with acquisitions |
0
|
0
|
3,040
|
| Decrease in property in connection with transfer of property in settlement of debt |
73,780
|
12,042
|
0
|
| Decrease in debt in connection with transfer of property in settlement of debt |
146,500
|
16,304
|
0
|
| Increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
9,470
|
4,040
|
1,438
|
| Dividends/distribution payable |
29,080
|
28,698
|
35,038
|
| COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity |
5,194
|
0
|
0
|
| Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value |
$ 7,121
|
$ 3,955
|
$ 1,315
|