Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.2.0.727
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Revenues from real estate operations received $ 240,538 $ 232,877
Construction contract and other service revenues received 86,790 35,105
Property operating expenses paid (79,667) (78,621)
Construction contract and other service expenses paid (76,355) (34,588)
General, administrative, leasing, business development and land carry costs paid (20,121) (16,904)
Interest expense paid (32,375) (35,365)
Payments in connection with early extinguishment of debt (18) (104)
Interest and other income received 4,055 346
Income taxes (paid) refunded (8) 204
Net cash provided by operating activities 122,839 102,950
Cash flows from investing activities    
Acquisitions of operating properties and related intangible assets (137,125) 0
Construction, development and redevelopment (117,498) (105,459)
Tenant improvements on operating properties (10,314) (10,842)
Other capital improvements on operating properties (8,372) (16,482)
Proceeds from dispositions of properties 17,424 1,971
Investing receivables payments received 5,114 151
Leasing costs paid (6,732) (7,772)
Increase in prepaid expenses and other assets associated with investing activities (3,249) (1,158)
Other (289) (450)
Net cash used in investing activities (261,041) (140,041)
Proceeds from debt    
Revolving Credit Facility 294,000 115,000
Unsecured senior notes 296,580 297,342
Other debt proceeds 50,000 9,931
Repayments of debt    
Revolving Credit Facility (377,000) (115,000)
Scheduled principal amortization (3,319) (3,437)
Other debt repayments (50,630) (133,010)
Deferred financing costs paid (4,693) (653)
Net proceeds from issuance of common shares/units 28,567 1,178
Redemption of preferred shares/units 0 (50,000)
Common share/unit dividends/distributions paid (51,642) (48,118)
Preferred share/unit dividends/distributions paid (7,105) (9,626)
Distributions paid to noncontrolling interests in COPLP (2,461) (2,641)
Redemption of vested equity awards (2,245) (1,326)
Other (853) (706)
Net cash provided by financing activities 169,199 58,934
Net increase in cash and cash equivalents 30,997 21,843
Cash and cash equivalents    
Beginning of period 6,077 54,373
End of period 37,074 76,216
Reconciliation of net income to net cash provided by operating activities:    
Net income 31,967 14,721
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 66,404 75,839
Impairment losses 1,472 1,329
Amortization of deferred financing costs 2,136 2,289
Increase in deferred rent receivable (5,956) (1,754)
Amortization of net debt discounts 482 400
(Gain) loss on sales of real estate (3,985) 4
Share-based compensation 3,210 3,056
(Gain) loss on early extinguishment of debt (330) 282
Other 2,084 (1,664)
Operating changes in assets and liabilities:    
Decrease (increase) in accounts receivable 10,655 (3,916)
Increase in restricted cash and marketable securities (735) (113)
Decrease in prepaid expenses and other assets, net 6,518 3,213
Increase in accounts payable, accrued expenses and other liabilities 12,557 13,236
Decrease in rents received in advance and security deposits (3,640) (3,972)
Net cash provided by operating activities 122,839 102,950
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 15,927 (7,153)
Liabilities assumed on acquisition of operating properties 5,265 0
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (1,540) (4,369)
Equity in other comprehensive loss of an equity method investee (264) 0
Dividends/distributions payable 30,178 28,342
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares 2,122 1,047
Adjustments to noncontrolling interests resulting from changes in COPLP ownership 519 72
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value 739 717
Corporate Office Properties, L.P.    
Cash flows from operating activities    
Revenues from real estate operations received 240,538 232,877
Construction contract and other service revenues received 86,790 35,105
Property operating expenses paid (79,667) (78,621)
Construction contract and other service expenses paid (76,355) (34,588)
General, administrative, leasing, business development and land carry costs paid (20,121) (16,904)
Interest expense paid (32,375) (35,365)
Payments in connection with early extinguishment of debt (18) (104)
Interest and other income received 4,055 346
Income taxes (paid) refunded (8) 204
Net cash provided by operating activities 122,839 102,950
Cash flows from investing activities    
Acquisitions of operating properties and related intangible assets (137,125) 0
Construction, development and redevelopment (117,498) (105,459)
Tenant improvements on operating properties (10,314) (10,842)
Other capital improvements on operating properties (8,372) (16,482)
Proceeds from dispositions of properties 17,424 1,971
Investing receivables payments received 5,114 151
Leasing costs paid (6,732) (7,772)
Increase in prepaid expenses and other assets associated with investing activities (3,249) (1,158)
Other (289) (450)
Net cash used in investing activities (261,041) (140,041)
Proceeds from debt    
Revolving Credit Facility 294,000 115,000
Unsecured senior notes 296,580 297,342
Other debt proceeds 50,000 9,931
Repayments of debt    
Revolving Credit Facility (377,000) (115,000)
Scheduled principal amortization (3,319) (3,437)
Other debt repayments (50,630) (133,010)
Deferred financing costs paid (4,693) (653)
Net proceeds from issuance of common shares/units 28,567 1,178
Redemption of preferred shares/units 0 (50,000)
Common share/unit dividends/distributions paid (53,773) (50,429)
Preferred share/unit dividends/distributions paid (7,435) (9,956)
Redemption of vested equity awards (2,245) (1,326)
Other (853) (706)
Net cash provided by financing activities 169,199 58,934
Net increase in cash and cash equivalents 30,997 21,843
Cash and cash equivalents    
Beginning of period 6,077 54,373
End of period 37,074 76,216
Reconciliation of net income to net cash provided by operating activities:    
Net income 31,967 14,721
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and other amortization 66,404 75,839
Impairment losses 1,472 1,329
Amortization of deferred financing costs 2,136 2,289
Increase in deferred rent receivable (5,956) (1,754)
Amortization of net debt discounts 482 400
(Gain) loss on sales of real estate (3,985) 4
Share-based compensation 3,210 3,056
(Gain) loss on early extinguishment of debt (330) 282
Other 2,084 (1,664)
Operating changes in assets and liabilities:    
Decrease (increase) in accounts receivable 10,655 (3,916)
Increase in restricted cash and marketable securities (744) 40
Decrease in prepaid expenses and other assets, net 6,518 3,213
Increase in accounts payable, accrued expenses and other liabilities 12,566 13,083
Decrease in rents received in advance and security deposits (3,640) (3,972)
Net cash provided by operating activities 122,839 102,950
Supplemental schedule of non-cash investing and financing activities:    
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs 15,927 (7,153)
Liabilities assumed on acquisition of operating properties 5,265 0
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests (1,540) (4,369)
Equity in other comprehensive loss of an equity method investee (264) 0
Dividends/distributions payable 30,178 28,342
Increase in redeemable noncontrolling interest and decrease in equity to carry redeemable noncontrolling interest at fair value $ 739 $ 717