Consolidated Statements of Cash Flows (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities | ' | ' |
Revenues from real estate operations received | $358,212 | $359,431 |
Construction contract and other service revenues received | 62,170 | 48,877 |
Property operating expenses paid | -141,489 | -133,799 |
Construction contract and other service expenses paid | -58,218 | -53,191 |
General, administrative, leasing, business development and land carry costs paid | -22,288 | -20,681 |
Interest expense paid | -54,683 | -59,052 |
Previously accreted interest expense paid | 0 | -11,116 |
Proceeds from sale of trading marketable securities | 0 | 298 |
Exit costs on property dispositions | 0 | -186 |
Payments in connection with early extinguishment of debt | -104 | -23,969 |
Interest and other income received | 448 | 391 |
Income taxes refunded | 200 | 6 |
Net cash provided by operating activities | 144,248 | 107,009 |
Cash flows from investing activities | ' | ' |
Construction, development and redevelopment | -150,862 | -156,820 |
Tenant improvements on operating properties | -17,754 | -15,868 |
Other capital improvements on operating properties | -21,179 | -17,528 |
Proceeds from dispositions of properties | 57,973 | 12,447 |
Mortgage and other loan receivables funded | -3,610 | -4,111 |
Mortgage and other loan receivables payments received | 10,278 | 144 |
Leasing costs paid | -10,549 | -9,366 |
Other | -1,343 | 4,257 |
Net cash used in investing activities | -137,046 | -186,845 |
Proceeds from debt | ' | ' |
Revolving Credit Facility | 115,000 | 457,000 |
Unsecured senior notes | 297,342 | 592,413 |
Other debt proceeds | 11,569 | 82,886 |
Repayments of debt | ' | ' |
Revolving Credit Facility | -115,000 | -457,000 |
Scheduled principal amortization | -4,914 | -7,229 |
Other debt repayments | -183,059 | -542,532 |
Deferred financing costs paid | -694 | -9,001 |
Net proceeds from issuance of common shares/units | 1,352 | 157,307 |
Redemption of preferred shares | -50,000 | -84,750 |
Common share/unit dividends/distributions paid | -72,217 | -69,451 |
Preferred share/unit dividends/distributions paid | -13,179 | -16,845 |
Distributions paid to noncontrolling interests in COPLP | -3,786 | -3,705 |
Restricted share redemptions | -1,389 | -1,848 |
Other | -2,582 | -685 |
Net cash (used in) provided by financing activities | -21,557 | 96,560 |
Net (decrease) increase in cash and cash equivalents | -14,355 | 16,724 |
Cash and cash equivalents | ' | ' |
Beginning of period | 54,373 | 10,594 |
End of period | 40,018 | 27,318 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 39,269 | 8,872 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and other amortization | 106,619 | 87,956 |
Impairment losses | 1,371 | 30,940 |
Settlement of previously accreted interest expense | 0 | -11,116 |
Amortization of deferred financing costs | 3,646 | 4,292 |
Increase in deferred rent receivable | -2,738 | -7,995 |
Amortization of net debt discounts | 659 | 1,207 |
Gain on sales of real estate | -10,654 | -2,683 |
Share-based compensation | 4,563 | 4,869 |
Loss on early extinguishment of debt | 458 | 3,059 |
Other | -2,446 | -2,284 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 6,815 | 1,523 |
(Increase) decrease in restricted cash and marketable securities | -2,591 | 418 |
Increase in prepaid expenses and other assets | -26,553 | -12,974 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 24,247 | 18 |
Increase in rents received in advance and security deposits | 1,583 | 907 |
Net cash provided by operating activities | 144,248 | 107,009 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Decrease in accrued capital improvements, leasing and other investing activity costs | -174 | -13,094 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -2,613 | 7,785 |
Equity in other comprehensive income of an equity method investee | 0 | 1,070 |
Dividends and distributions payable | 28,344 | 29,077 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 0 | 5,194 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 1,545 | 3,991 |
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | 248 | 773 |
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | 7 | 6,414 |
Corporate Office Properties, L.P. | ' | ' |
Cash flows from operating activities | ' | ' |
Revenues from real estate operations received | 358,212 | 359,431 |
Construction contract and other service revenues received | 62,170 | 48,877 |
Property operating expenses paid | -141,489 | -133,799 |
Construction contract and other service expenses paid | -58,218 | -53,191 |
General, administrative, leasing, business development and land carry costs paid | -22,288 | -20,681 |
Interest expense paid | -54,683 | -59,052 |
Previously accreted interest expense paid | 0 | -11,116 |
Proceeds from sale of trading marketable securities | 0 | 298 |
Exit costs on property dispositions | 0 | -186 |
Payments in connection with early extinguishment of debt | -104 | -23,969 |
Interest and other income received | 448 | 391 |
Income taxes refunded | 200 | 6 |
Net cash provided by operating activities | 144,248 | 107,009 |
Cash flows from investing activities | ' | ' |
Construction, development and redevelopment | -150,862 | -156,820 |
Tenant improvements on operating properties | -17,754 | -15,868 |
Other capital improvements on operating properties | -21,179 | -17,528 |
Proceeds from dispositions of properties | 57,973 | 12,447 |
Mortgage and other loan receivables funded | -3,610 | -4,111 |
Mortgage and other loan receivables payments received | 10,278 | 144 |
Leasing costs paid | -10,549 | -9,366 |
Other | -1,343 | 4,257 |
Net cash used in investing activities | -137,046 | -186,845 |
Proceeds from debt | ' | ' |
Revolving Credit Facility | 115,000 | 457,000 |
Unsecured senior notes | 297,342 | 592,413 |
Other debt proceeds | 11,569 | 82,886 |
Repayments of debt | ' | ' |
Revolving Credit Facility | -115,000 | -457,000 |
Scheduled principal amortization | -4,914 | -7,229 |
Other debt repayments | -183,059 | -542,532 |
Deferred financing costs paid | -694 | -9,001 |
Net proceeds from issuance of common shares/units | 1,352 | 157,307 |
Redemption of preferred shares | -50,000 | -84,750 |
Common share/unit dividends/distributions paid | -75,508 | -72,661 |
Preferred share/unit dividends/distributions paid | -13,674 | -17,340 |
Restricted share redemptions | -1,389 | -1,848 |
Other | -2,582 | -685 |
Net cash (used in) provided by financing activities | -21,557 | 96,560 |
Net (decrease) increase in cash and cash equivalents | -14,355 | 16,724 |
Cash and cash equivalents | ' | ' |
Beginning of period | 54,373 | 10,594 |
End of period | 40,018 | 27,318 |
Reconciliation of net income to net cash provided by operating activities: | ' | ' |
Net income | 39,269 | 8,872 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and other amortization | 106,619 | 87,956 |
Impairment losses | 1,371 | 30,940 |
Settlement of previously accreted interest expense | 0 | -11,116 |
Amortization of deferred financing costs | 3,646 | 4,292 |
Increase in deferred rent receivable | -2,738 | -7,995 |
Amortization of net debt discounts | 659 | 1,207 |
Gain on sales of real estate | -10,654 | -2,683 |
Share-based compensation | 4,563 | 4,869 |
Loss on early extinguishment of debt | 458 | 3,059 |
Other | -2,446 | -2,284 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 6,815 | 1,523 |
(Increase) decrease in restricted cash and marketable securities | -2,558 | 822 |
Increase in prepaid expenses and other assets | -26,553 | -12,974 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 24,214 | -386 |
Increase in rents received in advance and security deposits | 1,583 | 907 |
Net cash provided by operating activities | 144,248 | 107,009 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Decrease in accrued capital improvements, leasing and other investing activity costs | -174 | -13,094 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -2,613 | 7,785 |
Equity in other comprehensive income of an equity method investee | 0 | 1,070 |
Dividends and distributions payable | 28,344 | 29,077 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 0 | 5,194 |
Increase in redeemable noncontrolling interest and decrease in shareholders’ equity to carry redeemable noncontrolling interest at fair value | $7 | $6,414 |