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
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities    
Revenues from real estate operations received $ 363,877 $ 350,593
Construction contract and other service revenues received 58,637 73,382
Property operating expenses paid (137,644) (143,481)
Construction contract and other service expenses paid (50,438) (73,009)
General and administrative and business development expenses paid (14,257) (15,921)
Interest expense paid (63,811) (69,237)
Previously accreted interest expense paid 0 (17,314)
Cash settlement of interest rate derivatives (29,738) 0
Proceeds from sale of trading marketable securities 18,975 0
Exit costs on property dispositions (4,066) 0
Payments in connection with early extinguishment of debt (2,637) (350)
Interest and other income received 786 377
Income taxes paid (8) (174)
Net cash provided by operating activities 139,676 104,866
Purchases of and additions to properties    
Construction, development and redevelopment (107,621) (169,873)
Acquisition of operating properties (48,308) (32,806)
Tenant improvements on operating properties (20,924) (27,421)
Other capital improvements on operating properties (9,571) (11,575)
Proceeds from sales of properties 290,607 27,312
Proceeds from sale of equity method investment 0 5,773
Mortgage and other loan receivables funded or acquired (11,603) (20,401)
Mortgage and other loan receivables payments received 119 5,203
Leasing costs paid (7,289) (10,357)
Other (1,646) (3,580)
Net cash provided by (used in) investing activities 83,764 (237,725)
Proceeds from debt    
Revolving Credit Facility 262,000 1,110,000
Other debt proceeds 399,296 438,619
Repayments of debt    
Revolving Credit Facility (844,000) (734,000)
Scheduled principal amortization (9,094) (10,647)
Other debt repayments (51,850) (698,050)
Deferred financing costs paid (3,210) (12,771)
Net proceeds from issuance of preferred shares 165,662 0
Net proceeds from issuance of common shares 661 147,781
Redemption of preferred shares (55,000) 0
Common share dividends paid (69,325) (84,971)
Preferred share dividends paid (12,345) (12,076)
Distributions paid to noncontrolling interests in the Operating Partnership (4,510) (5,937)
Restricted share redemptions (3,279) (3,948)
Other 1,004 261
Net cash (used in) provided by financing activities (223,990) 134,261
Net (decrease) increase in cash and cash equivalents (550) 1,402
Cash and cash equivalents    
Beginning of period 5,559 10,102
End of period 5,009 11,504
Reconciliation of net loss to net cash provided by operating activities:    
Net loss (1,927) (37,103)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and other amortization 95,248 102,963
Impairment losses 60,593 72,347
Settlement of previously accreted interest expense 0 (17,314)
Amortization of deferred financing costs 4,696 5,090
Increase in deferred rent receivable (7,939) (7,587)
Amortization of net debt discounts 2,357 4,778
Gain on sales of real estate (20,969) (4,166)
Gain on equity method investment 0 (2,452)
Share-based compensation 8,262 8,156
(Gain) loss on early extinguishment of debt (3,436) 1,670
Other (459) 18
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 10,063 (1,311)
Decrease in restricted cash and marketable securities 15,051 3,035
Decrease (increase) in prepaid expenses and other assets 5,501 (8,197)
Increase (decrease) in accounts payable, accrued expenses and other liabilities 3,413 (11,699)
Decrease in rents received in advance and security deposits (2,775) (3,362)
Decrease in interest rate derivatives in connection with cash settlement (28,003) 0
Net cash provided by operating activities 139,676 104,866
Supplemental schedule of non-cash investing and financing activities:    
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs (11,627) 25,314
Increase in property, debt and other liabilities in connection with acquisitions 0 3,040
Decrease in property in connection with surrender of property in settlement of debt 12,812 0
Decrease in debt in connection with surrender of property in settlement of debt 16,304 0
Decrease in fair value of derivatives applied to AOCL and noncontrolling interests 4,398 27,064
Dividends/distributions payable 26,954 35,029
Decrease in noncontrolling interests and increase in shareholders' equity in connection with the conversion of common units into common shares 1,188 1,276
Adjustments to noncontrolling interests resulting from changes in ownership of Operating Partnership by COPT $ 373 $ 2,542