Consolidated Statements of Cash Flows (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Revenues from real estate operations received | $116,386 | $119,348 |
Construction contract and other service revenues received | 17,289 | 15,695 |
Property operating expenses paid | -42,739 | -38,865 |
Construction contract and other service expenses paid | -11,397 | -15,588 |
General, administrative, leasing, business development and land carry costs paid | -9,906 | -8,521 |
Interest expense paid | -18,403 | -18,018 |
Previously accreted interest expense paid | 0 | -2,263 |
Payments in connection with early extinguishment of debt | -101 | -4,803 |
Interest and other income received | 217 | 320 |
Income taxes refund | 192 | 6 |
Net cash provided by operating activities | 51,538 | 47,311 |
Cash flows from investing activities | ' | ' |
Construction, development and redevelopment | -42,625 | -44,361 |
Tenant improvements on operating properties | -4,357 | -5,263 |
Other capital improvements on operating properties | -9,115 | -9,327 |
Mortgage and other loan receivables funded | -395 | -2,231 |
Leasing costs paid | -4,422 | -3,436 |
Other | 59 | 4,442 |
Net cash used in investing activities | -60,855 | -60,176 |
Proceeds from debt | ' | ' |
Revolving Credit Facility | 0 | 99,000 |
Other debt proceeds | 5,700 | 68,132 |
Repayments of debt | ' | ' |
Revolving Credit Facility | 0 | -99,000 |
Scheduled principal amortization | -1,855 | -2,512 |
Other debt repayments | -50 | -125,877 |
Deferred financing costs paid | -9 | -1,109 |
Net proceeds from issuance of common shares/units | 568 | 118,389 |
Common share/unit dividends/distributions paid | -24,036 | -22,276 |
Preferred share/unit dividends/distributions paid | -4,490 | -6,106 |
Distributions paid to noncontrolling interests in COPLP | -1,253 | -1,370 |
Restricted share redemptions | -1,092 | -1,576 |
Other | -165 | 85 |
Net cash (used in) provided by financing activities | -26,682 | 25,780 |
Net (decrease) increase in cash and cash equivalents | -35,999 | 12,915 |
Cash and cash equivalents | ' | ' |
Beginning of period | 54,373 | 10,594 |
End of period | 18,374 | 23,509 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 5,671 | 15,277 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and other amortization | 44,101 | 28,782 |
Impairment losses | 1 | 1,857 |
Settlement of previously accreted interest expense | 0 | -2,263 |
Amortization of deferred financing costs | 1,167 | 1,528 |
Decrease (increase) in deferred rent receivable | 398 | -4,236 |
Amortization of net debt discounts | 171 | 710 |
Loss (gain) on sales of real estate | 4 | -2,354 |
Share-based compensation | 1,555 | 1,649 |
Loss on early extinguishment of debt | -78 | 381 |
Other | -1,032 | -580 |
Changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in accounts receivable | -1,769 | 6,342 |
Decrease in restricted cash and marketable securities | 283 | 201 |
(Increase) decrease in prepaid expenses and other assets | -494 | 4,180 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 4,785 | -2,555 |
Decrease in rents received in advance and security deposits | -3,225 | -1,608 |
Net cash provided by operating activities | 51,538 | 47,311 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Decrease in accrued capital improvements, leasing and other investing activity costs | -7,985 | -5,353 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -1,443 | 1,105 |
Dividends and distributions payable | 29,122 | 29,947 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 651 | 3,175 |
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | 69 | 2,229 |
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | -540 | 848 |
Corporate Office Properties, L.P. | ' | ' |
Cash flows from operating activities | ' | ' |
Revenues from real estate operations received | 116,386 | 119,348 |
Construction contract and other service revenues received | 17,289 | 15,695 |
Property operating expenses paid | -42,739 | -38,865 |
Construction contract and other service expenses paid | -11,397 | -15,588 |
General, administrative, leasing, business development and land carry costs paid | -9,906 | -8,521 |
Interest expense paid | -18,403 | -18,018 |
Previously accreted interest expense paid | 0 | -2,263 |
Payments in connection with early extinguishment of debt | -101 | -4,803 |
Interest and other income received | 217 | 320 |
Income taxes refund | 192 | 6 |
Net cash provided by operating activities | 51,538 | 47,311 |
Cash flows from investing activities | ' | ' |
Construction, development and redevelopment | -42,625 | -44,361 |
Tenant improvements on operating properties | -4,357 | -5,263 |
Other capital improvements on operating properties | -9,115 | -9,327 |
Mortgage and other loan receivables funded | -395 | -2,231 |
Leasing costs paid | -4,422 | -3,436 |
Other | 59 | 4,442 |
Net cash used in investing activities | -60,855 | -60,176 |
Proceeds from debt | ' | ' |
Revolving Credit Facility | 0 | 99,000 |
Other debt proceeds | 5,700 | 68,132 |
Repayments of debt | ' | ' |
Revolving Credit Facility | 0 | -99,000 |
Scheduled principal amortization | -1,855 | -2,512 |
Other debt repayments | -50 | -125,877 |
Deferred financing costs paid | -9 | -1,109 |
Net proceeds from issuance of common shares/units | 568 | 118,389 |
Common share/unit dividends/distributions paid | -25,124 | -23,481 |
Preferred share/unit dividends/distributions paid | -4,655 | -6,271 |
Restricted share redemptions | -1,092 | -1,576 |
Other | -165 | 85 |
Net cash (used in) provided by financing activities | -26,682 | 25,780 |
Net (decrease) increase in cash and cash equivalents | -35,999 | 12,915 |
Cash and cash equivalents | ' | ' |
Beginning of period | 54,373 | 10,594 |
End of period | 18,374 | 23,509 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 5,671 | 15,277 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and other amortization | 44,101 | 28,782 |
Impairment losses | 1 | 1,857 |
Settlement of previously accreted interest expense | 0 | -2,263 |
Amortization of deferred financing costs | 1,167 | 1,528 |
Decrease (increase) in deferred rent receivable | 398 | -4,236 |
Amortization of net debt discounts | 171 | 710 |
Loss (gain) on sales of real estate | 4 | -2,354 |
Share-based compensation | 1,555 | 1,649 |
Loss on early extinguishment of debt | -78 | 381 |
Other | -1,032 | -580 |
Changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in accounts receivable | -1,769 | 6,342 |
Decrease in restricted cash and marketable securities | 381 | 483 |
(Increase) decrease in prepaid expenses and other assets | -494 | 4,180 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 4,687 | -2,837 |
Decrease in rents received in advance and security deposits | -3,225 | -1,608 |
Net cash provided by operating activities | 51,538 | 47,311 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Decrease in accrued capital improvements, leasing and other investing activity costs | -7,985 | -5,353 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -1,443 | 1,105 |
Dividends and distributions payable | 29,122 | 29,947 |
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | ($540) | $848 |