Consolidated Statements of Cash Flows
$ in Thousands |
12 Months Ended |
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
$ 501,779
|
$ 479,605
|
$ 482,763
|
| Construction contract and other service revenues received |
117,107
|
89,180
|
63,647
|
| Property operating expenses paid |
(190,281)
|
(178,803)
|
(176,243)
|
| Construction contract and other service expenses paid |
(124,481)
|
(79,271)
|
(63,853)
|
| General, administrative, leasing, business development and land carry costs paid |
(38,113)
|
(29,521)
|
(28,022)
|
| Interest expense paid |
(65,816)
|
(79,095)
|
(81,575)
|
| Previously accreted interest expense paid |
0
|
0
|
(11,116)
|
| Exit costs on property dispositions |
0
|
0
|
(979)
|
| Payments in connection with early extinguishment of debt |
(373)
|
(9,017)
|
(27,909)
|
| Interest and other income received |
4,194
|
607
|
2,260
|
| Income taxes refunded (paid) |
(8)
|
200
|
6
|
| Net cash provided by operating activities |
204,008
|
193,885
|
158,979
|
| Cash flows from investing activities |
|
|
|
| Acquisitions of operating properties and related intangible assets |
(202,866)
|
0
|
0
|
| Construction, development and redevelopment |
(234,346)
|
(200,385)
|
(201,808)
|
| Tenant improvements on operating properties |
(29,413)
|
(27,037)
|
(21,950)
|
| Other capital improvements on operating properties |
(23,147)
|
(28,720)
|
(23,940)
|
| Proceeds from dispositions of properties |
193,735
|
57,782
|
148,569
|
| Investing receivables funded |
(22)
|
(3,731)
|
(14,077)
|
| Investing receivables payments received |
5,114
|
10,279
|
144
|
| Leasing costs paid |
(13,710)
|
(16,234)
|
(14,429)
|
| Decrease in restricted cash associated with investing activities |
1,455
|
1,137
|
8,178
|
| Other |
(4,332)
|
(2,780)
|
(477)
|
| Net cash used in investing activities |
(307,532)
|
(209,689)
|
(119,790)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
522,000
|
232,000
|
504,000
|
| Unsecured senior notes |
296,580
|
297,342
|
592,413
|
| Other debt proceeds |
164,000
|
11,569
|
94,049
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(561,500)
|
(149,000)
|
(504,000)
|
| Scheduled principal amortization |
(6,728)
|
(6,517)
|
(9,481)
|
| Other debt repayments |
(155,307)
|
(394,653)
|
(612,093)
|
| Deferred financing costs paid |
(7,522)
|
(708)
|
(9,361)
|
| Net proceeds from issuance of common shares |
28,567
|
150,174
|
157,444
|
| Redemption of preferred shares |
0
|
(50,000)
|
(84,750)
|
| Common share/unit dividends/distributions paid |
(103,638)
|
(96,330)
|
(93,474)
|
| Preferred share/unit dividends/distributions paid |
(14,210)
|
(16,731)
|
(21,335)
|
| Distributions paid to noncontrolling interests in COPLP |
(4,752)
|
(5,008)
|
(4,958)
|
| Redemption of vested equity awards |
(2,462)
|
(1,554)
|
(2,002)
|
| Other |
2,729
|
(3,076)
|
(1,862)
|
| Net cash provided by (used in) financing activities |
157,757
|
(32,492)
|
4,590
|
| Net increase (decrease) in cash and cash equivalents |
54,233
|
(48,296)
|
43,779
|
| Cash and cash equivalents |
|
|
|
| Beginning of period |
6,077
|
54,373
|
10,594
|
| End of period |
60,310
|
6,077
|
54,373
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
188,878
|
45,206
|
101,544
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
142,231
|
138,490
|
119,773
|
| Impairment losses |
23,523
|
1,419
|
31,068
|
| Settlement of previously accreted interest expense |
0
|
0
|
(11,116)
|
| Amortization of deferred financing costs |
4,466
|
4,666
|
5,451
|
| Increase in deferred rent receivable |
(14,969)
|
(3,520)
|
(5,196)
|
| Amortization of net debt discounts |
1,122
|
921
|
1,159
|
| Gain on sales of real estate |
(68,047)
|
(10,695)
|
(11,687)
|
| Share-based compensation |
6,574
|
6,164
|
6,530
|
| (Gain) loss on early extinguishment of debt |
(86,028)
|
651
|
(68,689)
|
| Other |
528
|
(3,242)
|
(3,093)
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
1,331
|
(2,011)
|
(11,698)
|
| Decrease in restricted cash and marketable securities |
(1,241)
|
1,352
|
576
|
| Decrease (increase) in prepaid expenses and other assets, net |
2,853
|
(10,126)
|
(3,764)
|
| (Decrease) increase in accounts payable, accrued expenses and other liabilities |
(3,620)
|
25,091
|
3,960
|
| Increase (decrease) in rents received in advance and security deposits |
6,407
|
(481)
|
4,161
|
| Net cash provided by operating activities |
204,008
|
193,885
|
158,979
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(14,797)
|
(3,779)
|
2,947
|
| Debt assumed on acquisition of operating property |
55,490
|
0
|
0
|
| Other liabilities assumed on acquisition of operating properties |
5,179
|
0
|
0
|
| Decrease in property in connection with transfer of property in settlement of debt |
(82,738)
|
0
|
(73,780)
|
| Decrease in debt in connection with transfer of property in settlement of debt |
(150,000)
|
0
|
(146,500)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
1,415
|
0
|
0
|
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
(1,140)
|
(4,866)
|
9,470
|
| Equity in other comprehensive loss of an equity method investee |
(264)
|
0
|
0
|
| Dividends/distribution payable |
30,178
|
29,862
|
29,080
|
| COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity |
0
|
0
|
5,194
|
| Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares |
2,151
|
1,843
|
3,997
|
| Adjustments to noncontrolling interests resulting from changes in COPLP ownership |
682
|
3,382
|
744
|
| (Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value |
(116)
|
(134)
|
7,121
|
| Corporate Office Properties, L.P. [Member] |
|
|
|
| Cash flows from operating activities |
|
|
|
| Revenues from real estate operations received |
501,779
|
479,605
|
482,763
|
| Construction contract and other service revenues received |
117,107
|
89,180
|
63,647
|
| Property operating expenses paid |
(190,281)
|
(178,803)
|
(176,243)
|
| Construction contract and other service expenses paid |
(124,481)
|
(79,271)
|
(63,853)
|
| General, administrative, leasing, business development and land carry costs paid |
(38,113)
|
(29,521)
|
(28,022)
|
| Interest expense paid |
(65,816)
|
(79,095)
|
(81,575)
|
| Previously accreted interest expense paid |
0
|
0
|
(11,116)
|
| Exit costs on property dispositions |
0
|
0
|
(979)
|
| Payments in connection with early extinguishment of debt |
(373)
|
(9,017)
|
(27,909)
|
| Interest and other income received |
4,194
|
607
|
2,260
|
| Income taxes refunded (paid) |
(8)
|
200
|
6
|
| Net cash provided by operating activities |
204,008
|
193,885
|
158,979
|
| Cash flows from investing activities |
|
|
|
| Acquisitions of operating properties and related intangible assets |
(202,866)
|
0
|
0
|
| Construction, development and redevelopment |
(234,346)
|
(200,385)
|
(201,808)
|
| Tenant improvements on operating properties |
(29,413)
|
(27,037)
|
(21,950)
|
| Other capital improvements on operating properties |
(23,147)
|
(28,720)
|
(23,940)
|
| Proceeds from dispositions of properties |
193,735
|
57,782
|
148,569
|
| Investing receivables funded |
(22)
|
(3,731)
|
(14,077)
|
| Investing receivables payments received |
5,114
|
10,279
|
144
|
| Leasing costs paid |
(13,710)
|
(16,234)
|
(14,429)
|
| Decrease in restricted cash associated with investing activities |
1,455
|
1,137
|
8,178
|
| Other |
(4,332)
|
(2,780)
|
(477)
|
| Net cash used in investing activities |
(307,532)
|
(209,689)
|
(119,790)
|
| Proceeds from debt |
|
|
|
| Revolving Credit Facility |
522,000
|
232,000
|
504,000
|
| Unsecured senior notes |
296,580
|
297,342
|
592,413
|
| Other debt proceeds |
164,000
|
11,569
|
94,049
|
| Repayments of debt |
|
|
|
| Revolving Credit Facility |
(561,500)
|
(149,000)
|
(504,000)
|
| Scheduled principal amortization |
(6,728)
|
(6,517)
|
(9,481)
|
| Other debt repayments |
(155,307)
|
(394,653)
|
(612,093)
|
| Deferred financing costs paid |
(7,522)
|
(708)
|
(9,361)
|
| Net proceeds from issuance of common shares |
28,567
|
150,174
|
157,444
|
| Redemption of preferred shares |
0
|
(50,000)
|
(84,750)
|
| Common share/unit dividends/distributions paid |
(107,730)
|
(100,678)
|
(97,772)
|
| Preferred share/unit dividends/distributions paid |
(14,870)
|
(17,391)
|
(21,995)
|
| Redemption of vested equity awards |
(2,462)
|
(1,554)
|
(2,002)
|
| Other |
2,729
|
(3,076)
|
(1,862)
|
| Net cash provided by (used in) financing activities |
157,757
|
(32,492)
|
4,590
|
| Net increase (decrease) in cash and cash equivalents |
54,233
|
(48,296)
|
43,779
|
| Cash and cash equivalents |
|
|
|
| Beginning of period |
6,077
|
54,373
|
10,594
|
| End of period |
60,310
|
6,077
|
54,373
|
| Reconciliation of net income to net cash provided by operating activities: |
|
|
|
| Net income |
188,878
|
45,206
|
101,544
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and other amortization |
142,231
|
138,490
|
119,773
|
| Impairment losses |
23,523
|
1,419
|
31,068
|
| Settlement of previously accreted interest expense |
0
|
0
|
(11,116)
|
| Amortization of deferred financing costs |
4,466
|
4,666
|
5,451
|
| Increase in deferred rent receivable |
(14,969)
|
(3,520)
|
(5,196)
|
| Amortization of net debt discounts |
1,122
|
921
|
1,159
|
| Gain on sales of real estate |
(68,047)
|
(10,695)
|
(11,687)
|
| Share-based compensation |
6,574
|
6,164
|
6,530
|
| (Gain) loss on early extinguishment of debt |
(86,028)
|
651
|
(68,689)
|
| Other |
528
|
(3,242)
|
(3,093)
|
| Changes in operating assets and liabilities: |
|
|
|
| Decrease (increase) in accounts receivable |
1,331
|
(2,011)
|
(11,698)
|
| Decrease in restricted cash and marketable securities |
(1,360)
|
(234)
|
1,267
|
| Decrease (increase) in prepaid expenses and other assets, net |
2,853
|
(10,126)
|
(3,764)
|
| (Decrease) increase in accounts payable, accrued expenses and other liabilities |
(3,501)
|
26,677
|
3,269
|
| Increase (decrease) in rents received in advance and security deposits |
6,407
|
(481)
|
4,161
|
| Net cash provided by operating activities |
204,008
|
193,885
|
158,979
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs |
(14,797)
|
(3,779)
|
2,947
|
| Debt assumed on acquisition of operating property |
55,490
|
0
|
0
|
| Other liabilities assumed on acquisition of operating properties |
5,179
|
0
|
0
|
| Decrease in property in connection with transfer of property in settlement of debt |
(82,738)
|
0
|
(73,780)
|
| Decrease in debt in connection with transfer of property in settlement of debt |
(150,000)
|
0
|
(146,500)
|
| Increase in property and redeemable noncontrolling interests in connection with property contribution by a redeemable noncontrolling interest in a joint venture |
1,415
|
0
|
0
|
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests |
(1,140)
|
(4,866)
|
9,470
|
| Equity in other comprehensive loss of an equity method investee |
(264)
|
0
|
0
|
| Dividends/distribution payable |
30,178
|
29,862
|
29,080
|
| COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity |
0
|
0
|
5,194
|
| (Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value |
$ (116)
|
$ (134)
|
$ 7,121
|