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
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Revenues from real estate operations received $ 232,877 $ 233,068
Construction contract and other service revenues received 35,105 28,898
Property operating expenses paid (78,621) (75,566)
Construction contract and other service expenses paid (34,588) (33,404)
General, administrative, leasing, business development and land carry costs paid (16,904) (14,988)
Interest expense paid (35,365) (41,825)
Previously accreted interest expense paid 0 (11,116)
Payments in connection with early extinguishment of debt (104) (23,932)
Interest and other income received 346 390
Income taxes refund 204 6
Net cash provided by operating activities 102,950 61,531
Cash flows from investing activities    
Construction, development and redevelopment (105,459) (99,779)
Tenant improvements on operating properties (10,842) (10,496)
Other capital improvements on operating properties (16,482) (11,738)
Proceeds from dispositions of properties 1,971 12,344
Mortgage and other loan receivables funded (565) (2,756)
Leasing costs paid (7,772) (6,048)
Other (892) 3,144
Net cash used in investing activities (140,041) (115,329)
Proceeds from debt    
Revolving Credit Facility 115,000 374,000
Unsecured senior notes 297,342 347,081
Other debt proceeds 9,931 80,232
Repayments of debt    
Revolving Credit Facility (115,000) (226,000)
Scheduled principal amortization (3,437) (5,003)
Other debt repayments (133,010) (486,803)
Deferred financing costs paid (653) (2,099)
Net proceeds from issuance of common shares/units 1,178 118,768
Redemption of preferred shares (50,000) (84,750)
Common share/unit dividends/distributions paid (48,118) (45,852)
Preferred share/unit dividends/distributions paid (9,626) (12,355)
Distributions paid to noncontrolling interests in COPLP (2,641) (2,503)
Restricted share redemptions (1,326) (1,784)
Other (706) (532)
Net cash provided by financing activities 58,934 52,400
Net increase (decrease) in cash and cash equivalents 21,843 (1,398)
Cash and cash equivalents    
Beginning of period 54,373 10,594
End of period 76,216 9,196
Reconciliation of net income to net cash provided by operating activities:    
Net income 14,721 10,872
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 75,839 58,244
Impairment losses 1,329 9,052
Settlement of previously accreted interest expense 0 (11,116)
Amortization of deferred financing costs 2,289 2,971
Increase in deferred rent receivable (1,754) (6,598)
Amortization of net debt discounts 400 1,328
Loss (gain) on sales of real estate 4 (2,683)
Share-based compensation 3,056 3,296
Loss on early extinguishment of debt 282 2,722
Other (1,664) (2,472)
Changes in operating assets and liabilities:    
Increase in accounts receivable (3,916) (4,384)
Increase in restricted cash and marketable securities (113) (969)
Decrease in prepaid expenses and other assets 3,213 5,884
Increase (decrease) in accounts payable, accrued expenses and other liabilities 13,236 (1,079)
Decrease in rents received in advance and security deposits (3,972) (3,537)
Net cash provided by operating activities 102,950 61,531
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (7,153) (12,750)
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive (loss) income and noncontrolling interests (4,369) 9,592
Dividends and distributions payable 28,342 28,602
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 1,047 3,578
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 72 2,495
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value 717 5,631
Corporate Office Properties, L.P.
    
Cash flows from operating activities    
Revenues from real estate operations received 232,877 233,068
Construction contract and other service revenues received 35,105 28,898
Property operating expenses paid (78,621) (75,566)
Construction contract and other service expenses paid (34,588) (33,404)
General, administrative, leasing, business development and land carry costs paid (16,904) (14,988)
Interest expense paid (35,365) (41,825)
Previously accreted interest expense paid 0 (11,116)
Payments in connection with early extinguishment of debt (104) (23,932)
Interest and other income received 346 390
Income taxes refund 204 6
Net cash provided by operating activities 102,950 61,531
Cash flows from investing activities    
Construction, development and redevelopment (105,459) (99,779)
Tenant improvements on operating properties (10,842) (10,496)
Other capital improvements on operating properties (16,482) (11,738)
Proceeds from dispositions of properties 1,971 12,344
Mortgage and other loan receivables funded (565) (2,756)
Leasing costs paid (7,772) (6,048)
Other (892) 3,144
Net cash used in investing activities (140,041) (115,329)
Proceeds from debt    
Revolving Credit Facility 115,000 374,000
Unsecured senior notes 297,342 347,081
Other debt proceeds 9,931 80,232
Repayments of debt    
Revolving Credit Facility (115,000) (226,000)
Scheduled principal amortization (3,437) (5,003)
Other debt repayments (133,010) (486,803)
Deferred financing costs paid (653) (2,099)
Net proceeds from issuance of common shares/units 1,178 118,768
Redemption of preferred shares (50,000) (84,750)
Common share/unit dividends/distributions paid (50,429) (48,025)
Preferred share/unit dividends/distributions paid (9,956) (12,685)
Restricted share redemptions (1,326) (1,784)
Other (706) (532)
Net cash provided by financing activities 58,934 52,400
Net increase (decrease) in cash and cash equivalents 21,843 (1,398)
Cash and cash equivalents    
Beginning of period 54,373 10,594
End of period 76,216 9,196
Reconciliation of net income to net cash provided by operating activities:    
Net income 14,721 10,872
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 75,839 58,244
Impairment losses 1,329 9,052
Settlement of previously accreted interest expense 0 (11,116)
Amortization of deferred financing costs 2,289 2,971
Increase in deferred rent receivable (1,754) (6,598)
Amortization of net debt discounts 400 1,328
Loss (gain) on sales of real estate 4 (2,683)
Share-based compensation 3,056 3,296
Loss on early extinguishment of debt 282 2,722
Other (1,664) (2,472)
Changes in operating assets and liabilities:    
Increase in accounts receivable (3,916) (4,384)
Increase in restricted cash and marketable securities 40 (670)
Decrease in prepaid expenses and other assets 3,213 5,884
Increase (decrease) in accounts payable, accrued expenses and other liabilities 13,083 (1,378)
Decrease in rents received in advance and security deposits (3,972) (3,537)
Net cash provided by operating activities 102,950 61,531
Supplemental schedule of non-cash investing and financing activities:    
Decrease in accrued capital improvements, leasing and other investing activity costs (7,153) (12,750)
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive (loss) income and noncontrolling interests (4,369) 9,592
Dividends and distributions payable 28,342 28,602
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value $ 717 $ 5,631