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
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities    
Revenues from real estate operations received $ 116,386 $ 119,348
Construction contract and other service revenues received 17,289 15,695
Property operating expenses paid (42,739) (38,865)
Construction contract and other service expenses paid (11,397) (15,588)
General, administrative, leasing, business development and land carry costs paid (9,906) (8,521)
Interest expense paid (18,403) (18,018)
Previously accreted interest expense paid 0 (2,263)
Payments in connection with early extinguishment of debt (101) (4,803)
Interest and other income received 217 320
Income taxes refund 192 6
Net cash provided by operating activities 51,538 47,311
Cash flows from investing activities    
Construction, development and redevelopment (42,625) (44,361)
Tenant improvements on operating properties (4,357) (5,263)
Other capital improvements on operating properties (9,115) (9,327)
Mortgage and other loan receivables funded (395) (2,231)
Leasing costs paid (4,422) (3,436)
Other 59 4,442
Net cash used in investing activities (60,855) (60,176)
Proceeds from debt    
Revolving Credit Facility 0 99,000
Other debt proceeds 5,700 68,132
Repayments of debt    
Revolving Credit Facility 0 (99,000)
Scheduled principal amortization (1,855) (2,512)
Other debt repayments (50) (125,877)
Deferred financing costs paid (9) (1,109)
Net proceeds from issuance of common shares/units 568 118,389
Common share/unit dividends/distributions paid (24,036) (22,276)
Preferred share/unit dividends/distributions paid (4,490) (6,106)
Distributions paid to noncontrolling interests in COPLP (1,253) (1,370)
Restricted share redemptions (1,092) (1,576)
Other (165) 85
Net cash (used in) provided by financing activities (26,682) 25,780
Net (decrease) increase in cash and cash equivalents (35,999) 12,915
Cash and cash equivalents    
Beginning of period 54,373 10,594
End of period 18,374 23,509
Reconciliation of net income to net cash provided by operating activities:    
Net income 5,671 15,277
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 44,101 28,782
Impairment losses 1 1,857
Settlement of previously accreted interest expense 0 (2,263)
Amortization of deferred financing costs 1,167 1,528
Decrease (increase) in deferred rent receivable 398 (4,236)
Amortization of net debt discounts 171 710
Loss (gain) on sales of real estate 4 (2,354)
Share-based compensation 1,555 1,649
Loss on early extinguishment of debt (78) 381
Other (1,032) (580)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (1,769) 6,342
Decrease in restricted cash and marketable securities 283 201
(Increase) decrease in prepaid expenses and other assets (494) 4,180
Increase (decrease) in accounts payable, accrued expenses and other liabilities 4,785 (2,555)
Decrease in rents received in advance and security deposits (3,225) (1,608)
Net cash provided by operating activities 51,538 47,311
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (7,985) (5,353)
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests (1,443) 1,105
Dividends and distributions payable 29,122 29,947
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 651 3,175
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 69 2,229
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value (540) 848
Corporate Office Properties, L.P.
    
Cash flows from operating activities    
Revenues from real estate operations received 116,386 119,348
Construction contract and other service revenues received 17,289 15,695
Property operating expenses paid (42,739) (38,865)
Construction contract and other service expenses paid (11,397) (15,588)
General, administrative, leasing, business development and land carry costs paid (9,906) (8,521)
Interest expense paid (18,403) (18,018)
Previously accreted interest expense paid 0 (2,263)
Payments in connection with early extinguishment of debt (101) (4,803)
Interest and other income received 217 320
Income taxes refund 192 6
Net cash provided by operating activities 51,538 47,311
Cash flows from investing activities    
Construction, development and redevelopment (42,625) (44,361)
Tenant improvements on operating properties (4,357) (5,263)
Other capital improvements on operating properties (9,115) (9,327)
Mortgage and other loan receivables funded (395) (2,231)
Leasing costs paid (4,422) (3,436)
Other 59 4,442
Net cash used in investing activities (60,855) (60,176)
Proceeds from debt    
Revolving Credit Facility 0 99,000
Other debt proceeds 5,700 68,132
Repayments of debt    
Revolving Credit Facility 0 (99,000)
Scheduled principal amortization (1,855) (2,512)
Other debt repayments (50) (125,877)
Deferred financing costs paid (9) (1,109)
Net proceeds from issuance of common shares/units 568 118,389
Common share/unit dividends/distributions paid (25,124) (23,481)
Preferred share/unit dividends/distributions paid (4,655) (6,271)
Restricted share redemptions (1,092) (1,576)
Other (165) 85
Net cash (used in) provided by financing activities (26,682) 25,780
Net (decrease) increase in cash and cash equivalents (35,999) 12,915
Cash and cash equivalents    
Beginning of period 54,373 10,594
End of period 18,374 23,509
Reconciliation of net income to net cash provided by operating activities:    
Net income 5,671 15,277
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 44,101 28,782
Impairment losses 1 1,857
Settlement of previously accreted interest expense 0 (2,263)
Amortization of deferred financing costs 1,167 1,528
Decrease (increase) in deferred rent receivable 398 (4,236)
Amortization of net debt discounts 171 710
Loss (gain) on sales of real estate 4 (2,354)
Share-based compensation 1,555 1,649
Loss on early extinguishment of debt (78) 381
Other (1,032) (580)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (1,769) 6,342
Decrease in restricted cash and marketable securities 381 483
(Increase) decrease in prepaid expenses and other assets (494) 4,180
Increase (decrease) in accounts payable, accrued expenses and other liabilities 4,687 (2,837)
Decrease in rents received in advance and security deposits (3,225) (1,608)
Net cash provided by operating activities 51,538 47,311
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (7,985) (5,353)
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests (1,443) 1,105
Dividends and distributions payable 29,122 29,947
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value $ (540) $ 848