Consolidated Statements of Cash Flows (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | | |
Revenues from real estate operations received | $359,431 | $363,877 |
Construction contract and other service revenues received | 48,877 | 58,637 |
Property operating expenses paid | -133,799 | -133,375 |
Construction contract and other service expenses paid | -53,191 | -50,438 |
General, administrative, leasing, business development and land carry costs paid | -20,681 | -18,526 |
Interest expense paid | -59,052 | -63,811 |
Previously accreted interest expense paid | -11,116 | 0 |
Settlement of interest rate derivatives | 0 | -29,738 |
Proceeds from sale of trading marketable securities | 298 | 18,975 |
Exit costs on property dispositions | -186 | -4,066 |
Payments in connection with early extinguishment of debt | -23,969 | -2,637 |
Interest and other income received | 391 | 786 |
Income taxes paid | 6 | -8 |
Net cash provided by operating activities | 107,009 | 139,676 |
Cash flows from investing activities | | |
Construction, development and redevelopment | -156,820 | -107,621 |
Tenant improvements on operating properties | -15,868 | -20,924 |
Other capital improvements on operating properties | -17,528 | -9,571 |
Acquisitions of operating properties | 0 | -48,308 |
Proceeds from dispositions of properties | 12,447 | 290,607 |
Mortgage and other loan receivables funded or acquired | -4,111 | -11,603 |
Leasing costs paid | -9,366 | -7,289 |
Other | 4,401 | -1,527 |
Net cash (used in) provided by investing activities | -186,845 | 83,764 |
Proceeds from debt | | |
Revolving Credit Facility | 457,000 | 262,000 |
Unsecured senior notes | 592,413 | 0 |
Other debt proceeds | 82,886 | 399,296 |
Repayments of debt | | |
Revolving Credit Facility | -457,000 | -844,000 |
Scheduled principal amortization | -7,229 | -9,094 |
Other debt repayments | -542,532 | -51,850 |
Deferred financing costs paid | -9,001 | -3,210 |
Net proceeds from issuance of preferred shares/units | 0 | 165,662 |
Net proceeds from issuance of common shares/units | 157,307 | 661 |
Redemption of preferred shares/units | -84,750 | -55,000 |
Common share/unit dividends/distributions paid | -69,451 | -69,325 |
Preferred share/unit dividends/distributions paid | -16,845 | -12,345 |
Distributions paid to noncontrolling interests in COPLP | -3,705 | -4,510 |
Restricted share redemptions | -1,848 | -3,279 |
Other | -685 | 1,004 |
Net cash provided by (used in) financing activities | 96,560 | -223,990 |
Net increase (decrease) in cash and cash equivalents | 16,724 | -550 |
Cash and cash equivalents | | |
Beginning of period | 10,594 | 5,559 |
End of period | 27,318 | 5,009 |
Reconciliation of net income to net cash provided by operating activities: | | |
Net income | 8,872 | 1,331 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and other amortization | 87,956 | 95,248 |
Impairment losses | 30,940 | 60,593 |
Settlement of previously accreted interest expense | -11,116 | 0 |
Amortization of deferred financing costs | 4,292 | 4,696 |
Increase in deferred rent receivable | -7,995 | -7,939 |
Amortization of net debt discounts | 1,207 | 2,357 |
Gain on sales of real estate | -2,683 | -20,969 |
Share-based compensation | 4,869 | 8,262 |
Loss (gain) on early extinguishment of debt | 3,059 | -3,436 |
Other | -2,284 | -459 |
Changes in operating assets and liabilities: | | |
Decrease in accounts receivable | 1,523 | 10,063 |
Decrease in restricted cash and marketable securities | 418 | 15,051 |
(Increase) decrease in prepaid expenses and other assets | -12,974 | 1,532 |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | 18 | 4,124 |
Increase (decrease) in rents received in advance and security deposits | 907 | -2,775 |
Decrease in interest rate derivatives in connection with cash settlement | 0 | -28,003 |
Net cash provided by operating activities | 107,009 | 139,676 |
Supplemental schedule of non-cash investing and financing activities: | | |
Decrease in accrued capital improvements, leasing and other investing activity costs | -13,094 | -11,627 |
Decrease in property in connection with surrender of property in settlement of debt | 0 | 12,812 |
Decrease in debt in connection with surrender of property in settlement of debt | 0 | 16,304 |
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | 7,785 | -4,398 |
Equity in other comprehensive income of an equity method investee | 1,070 | 0 |
Dividends/distributions payable | 29,077 | 26,954 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 5,194 | 0 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 3,991 | 1,188 |
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | 773 | 373 |
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | 6,414 | 2,827 |
Corporate Office Properties, L.P. | | |
Cash flows from operating activities | | |
Revenues from real estate operations received | 359,431 | 363,877 |
Construction contract and other service revenues received | 48,877 | 58,637 |
Property operating expenses paid | -133,799 | -133,375 |
Construction contract and other service expenses paid | -53,191 | -50,438 |
General, administrative, leasing, business development and land carry costs paid | -20,681 | -18,526 |
Interest expense paid | -59,052 | -63,811 |
Previously accreted interest expense paid | -11,116 | 0 |
Settlement of interest rate derivatives | 0 | -29,738 |
Proceeds from sale of trading marketable securities | 298 | 18,975 |
Exit costs on property dispositions | -186 | -4,066 |
Payments in connection with early extinguishment of debt | -23,969 | -2,637 |
Interest and other income received | 391 | 786 |
Income taxes paid | 6 | -8 |
Net cash provided by operating activities | 107,009 | 139,676 |
Cash flows from investing activities | | |
Construction, development and redevelopment | -156,820 | -107,621 |
Tenant improvements on operating properties | -15,868 | -20,924 |
Other capital improvements on operating properties | -17,528 | -9,571 |
Acquisitions of operating properties | 0 | -48,308 |
Proceeds from dispositions of properties | 12,447 | 290,607 |
Mortgage and other loan receivables funded or acquired | -4,111 | -11,603 |
Leasing costs paid | -9,366 | -7,289 |
Other | 4,401 | -1,527 |
Net cash (used in) provided by investing activities | -186,845 | 83,764 |
Proceeds from debt | | |
Revolving Credit Facility | 457,000 | 262,000 |
Unsecured senior notes | 592,413 | 0 |
Other debt proceeds | 82,886 | 399,296 |
Repayments of debt | | |
Revolving Credit Facility | -457,000 | -844,000 |
Scheduled principal amortization | -7,229 | -9,094 |
Other debt repayments | -542,532 | -51,850 |
Deferred financing costs paid | -9,001 | -3,210 |
Net proceeds from issuance of preferred shares/units | 0 | 165,662 |
Net proceeds from issuance of common shares/units | 157,307 | 661 |
Redemption of preferred shares/units | -84,750 | -55,000 |
Common share/unit dividends/distributions paid | -72,661 | -73,340 |
Preferred share/unit dividends/distributions paid | -17,340 | -12,840 |
Restricted share redemptions | -1,848 | -3,279 |
Other | -685 | 1,004 |
Net cash provided by (used in) financing activities | 96,560 | -223,990 |
Net increase (decrease) in cash and cash equivalents | 16,724 | -550 |
Cash and cash equivalents | | |
Beginning of period | 10,594 | 5,559 |
End of period | 27,318 | 5,009 |
Reconciliation of net income to net cash provided by operating activities: | | |
Net income | 8,872 | 1,331 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and other amortization | 87,956 | 95,248 |
Impairment losses | 30,940 | 60,593 |
Settlement of previously accreted interest expense | -11,116 | 0 |
Amortization of deferred financing costs | 4,292 | 4,696 |
Increase in deferred rent receivable | -7,995 | -7,939 |
Amortization of net debt discounts | 1,207 | 2,357 |
Gain on sales of real estate | -2,683 | -20,969 |
Share-based compensation | 4,869 | 8,262 |
Loss (gain) on early extinguishment of debt | 3,059 | -3,436 |
Other | -2,284 | -459 |
Changes in operating assets and liabilities: | | |
Decrease in accounts receivable | 1,523 | 10,063 |
Decrease in restricted cash and marketable securities | 822 | 14,399 |
(Increase) decrease in prepaid expenses and other assets | -12,974 | 1,532 |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | -386 | 4,776 |
Increase (decrease) in rents received in advance and security deposits | 907 | -2,775 |
Decrease in interest rate derivatives in connection with cash settlement | 0 | -28,003 |
Net cash provided by operating activities | 107,009 | 139,676 |
Supplemental schedule of non-cash investing and financing activities: | | |
Decrease in accrued capital improvements, leasing and other investing activity costs | -13,094 | -11,627 |
Decrease in property in connection with surrender of property in settlement of debt | 0 | 12,812 |
Decrease in debt in connection with surrender of property in settlement of debt | 0 | 16,304 |
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | 7,785 | -4,398 |
Equity in other comprehensive income of an equity method investee | 1,070 | 0 |
Dividends/distributions payable | 29,077 | 26,954 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 5,194 | 0 |
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | $6,414 | $2,827 |