Consolidated Statements of Cash Flows (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | | |
Revenues from real estate operations received | $117,521 | $116,386 |
Construction contract and other service revenues received | 19,968 | 17,289 |
Property operating expenses paid | -42,768 | -42,739 |
Construction contract and other service expenses paid | -27,853 | -11,397 |
General, administrative, leasing, business development and land carry costs paid | -12,728 | -9,906 |
Interest expense paid | -12,795 | -18,403 |
Payments in connection with early extinguishment of debt | -3 | -101 |
Interest and other income received | 556 | 217 |
Income taxes (paid) refunded | -8 | 192 |
Net cash provided by operating activities | 41,890 | 51,538 |
Cash flows from investing activities | | |
Acquisitions of operating properties | -56,622 | 0 |
Construction, development and redevelopment | -62,057 | -42,625 |
Tenant improvements on operating properties | -5,520 | -4,357 |
Other capital improvements on operating properties | -3,720 | -9,115 |
Proceeds from dispositions of properties | 17,424 | 220 |
Leasing costs paid | -1,935 | -4,422 |
Increase in prepaid expenses and other assets associated with investing activities | -5,782 | -450 |
Other | -174 | -106 |
Net cash used in investing activities | -118,386 | -60,855 |
Proceeds from debt | | |
Revolving Credit Facility | 150,000 | 0 |
Other debt proceeds | 0 | 5,700 |
Repayments of debt | | |
Revolving Credit Facility | -69,000 | 0 |
Scheduled principal amortization | -1,649 | -1,855 |
Other debt repayments | -50 | -50 |
Net proceeds from issuance of common shares/units | 28,404 | 568 |
Common share/unit dividends/distributions paid | -25,646 | -24,036 |
Preferred share/unit dividends/distributions paid | -3,552 | -4,490 |
Distributions paid to noncontrolling interests in COPLP | -1,217 | -1,253 |
Redemption of vested equity awards | -2,031 | -1,092 |
Other | -411 | -174 |
Net cash provided by (used in) financing activities | 74,848 | -26,682 |
Net decrease in cash and cash equivalents | -1,648 | -35,999 |
Cash and cash equivalents | | |
Beginning of period | 6,077 | 54,373 |
End of period | 4,429 | 18,374 |
Reconciliation of net income to net cash provided by operating activities: | | |
Net income | 14,735 | 5,671 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and other amortization | 32,091 | 44,101 |
Impairment losses | 233 | 1 |
Amortization of deferred financing costs | 990 | 1,167 |
(Increase) decrease in deferred rent receivable | -1,746 | 398 |
Amortization of net debt discounts | 264 | 171 |
(Gain) loss on sales of real estate | -3,986 | 4 |
Share-based compensation | 1,552 | 1,555 |
Loss on early extinguishment of debt | 0 | -78 |
Other | -640 | -1,032 |
Operating changes in assets and liabilities: | | |
Increase in accounts receivable | -6,918 | -1,769 |
(Increase) decrease in restricted cash and marketable securities | -1,577 | 283 |
Increase in prepaid expenses and other assets | -6,352 | -494 |
Increase in accounts payable, accrued expenses and other liabilities | 12,704 | 4,785 |
Increase (decrease) in rents received in advance and security deposits | 540 | -3,225 |
Net cash provided by operating activities | 41,890 | 51,538 |
Supplemental schedule of non-cash investing and financing activities: | | |
Decrease in accrued capital improvements, leasing and other investing activity costs | -3,897 | -7,985 |
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 | -2,701 | -1,443 |
Dividends/distributions payable | 30,174 | 29,122 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 2,122 | 651 |
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | 475 | 69 |
Increase (decrease) in redeemable noncontrolling interest and decrease (increase) in equity to carry redeemable noncontrolling interest at fair value | 73 | -540 |
Corporate Office Properties, L.P. | | |
Cash flows from operating activities | | |
Revenues from real estate operations received | 117,521 | 116,386 |
Construction contract and other service revenues received | 19,968 | 17,289 |
Property operating expenses paid | -42,768 | -42,739 |
Construction contract and other service expenses paid | -27,853 | -11,397 |
General, administrative, leasing, business development and land carry costs paid | -12,728 | -9,906 |
Interest expense paid | -12,795 | -18,403 |
Payments in connection with early extinguishment of debt | -3 | -101 |
Interest and other income received | 556 | 217 |
Income taxes (paid) refunded | -8 | 192 |
Net cash provided by operating activities | 41,890 | 51,538 |
Cash flows from investing activities | | |
Acquisitions of operating properties | -56,622 | 0 |
Construction, development and redevelopment | -62,057 | -42,625 |
Tenant improvements on operating properties | -5,520 | -4,357 |
Other capital improvements on operating properties | -3,720 | -9,115 |
Proceeds from dispositions of properties | 17,424 | 220 |
Leasing costs paid | -1,935 | -4,422 |
Increase in prepaid expenses and other assets associated with investing activities | -5,782 | -450 |
Other | -174 | -106 |
Net cash used in investing activities | -118,386 | -60,855 |
Proceeds from debt | | |
Revolving Credit Facility | 150,000 | 0 |
Other debt proceeds | 0 | 5,700 |
Repayments of debt | | |
Revolving Credit Facility | -69,000 | 0 |
Scheduled principal amortization | -1,649 | -1,855 |
Other debt repayments | -50 | -50 |
Net proceeds from issuance of common shares/units | 28,404 | 568 |
Common share/unit dividends/distributions paid | -26,698 | -25,124 |
Preferred share/unit dividends/distributions paid | -3,717 | -4,655 |
Redemption of vested equity awards | -2,031 | -1,092 |
Other | -411 | -174 |
Net cash provided by (used in) financing activities | 74,848 | -26,682 |
Net decrease in cash and cash equivalents | -1,648 | -35,999 |
Cash and cash equivalents | | |
Beginning of period | 6,077 | 54,373 |
End of period | 4,429 | 18,374 |
Reconciliation of net income to net cash provided by operating activities: | | |
Net income | 14,735 | 5,671 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and other amortization | 32,091 | 44,101 |
Impairment losses | 233 | 1 |
Amortization of deferred financing costs | 990 | 1,167 |
(Increase) decrease in deferred rent receivable | -1,746 | 398 |
Amortization of net debt discounts | 264 | 171 |
(Gain) loss on sales of real estate | -3,986 | 4 |
Share-based compensation | 1,552 | 1,555 |
Loss on early extinguishment of debt | 0 | -78 |
Other | -640 | -1,032 |
Operating changes in assets and liabilities: | | |
Increase in accounts receivable | -6,918 | -1,769 |
(Increase) decrease in restricted cash and marketable securities | -1,523 | 381 |
Increase in prepaid expenses and other assets | -6,352 | -494 |
Increase in accounts payable, accrued expenses and other liabilities | 12,650 | 4,687 |
Increase (decrease) in rents received in advance and security deposits | 540 | -3,225 |
Net cash provided by operating activities | 41,890 | 51,538 |
Supplemental schedule of non-cash investing and financing activities: | | |
Decrease in accrued capital improvements, leasing and other investing activity costs | -3,897 | -7,985 |
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 | -2,701 | -1,443 |
Dividends/distributions payable | 30,174 | 29,122 |
Increase (decrease) in redeemable noncontrolling interest and decrease (increase) in equity to carry redeemable noncontrolling interest at fair value | $73 | ($540) |