Corporate Office Properties Trust OFC Cash Flow

Corporate office properties trust (OFC)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Cash flows from operating activities
Revenues from real estate operations received
530,280	528,066	510,551	514,098	503,503	479,605	482,763	483,421	476,762	453,847	417,494	-
Construction contract and other service revenues received
94,677	33,579	102,531	76,824	117,107	89,180	63,647	77,831	88,433	112,644	346,281	-
Property operating expenses paid
196,611	197,647	186,577	196,352	190,281	178,803	176,243	174,683	180,041	173,625	150,693	-
Construction contract and other service expenses paid
96,789	79,386	82,707	46,318	124,481	79,271	63,853	67,952	94,140	124,867	325,223	-
General, administrative, leasing, business development and land carry costs paid
29,347	27,006	32,673	34,877	38,113	29,521	28,022	22,904	28,027	23,969	19,559	-
Interest expense paid
67,475	72,460	73,079	77,982	65,816	79,095	81,575	87,394	93,715	87,917	73,327	81,335
Lease incentives paid
9,482	7,679	9,725	2,760	1,724	-	-	-	-	-	-	-
Previously accreted interest expense paid
-	-	-	-	-	-	11,116	0	17,314	0	-	-
Settlement of interest rate derivatives
-	-	-	-	-	-	-	29,738	0	0	-	-
Proceeds from sale of trading marketable securities
-	-	-	-	-	-	-	18,975	0	0	-	-
Exit costs on property dispositions
-	-	-	-	-	-	979	4,146	0	0	-	-
Payments in connection with early extinguishment of debt
-	-	-	-	-	9,017	27,909	2,637	353	0	-	-
Interest and other income received
-	-	-	-	-	607	2,260	1,073	698	323	161	-
Income taxes paid
0	21	31	5	8	-200	-6	8	160	0	317	1,115
Other
3,305	3,036	1,831	1,642	3,821	0	-	-	-	-	-	-
Net cash provided by operating activities
228,558	180,482	230,121	234,270	204,008	193,885	158,979	191,838	152,143	156,436	194,817	180,892
Cash flows from investing activities
Development and redevelopment of properties
394,444	159,994	200,504	161,519	234,346	200,385	201,808	165,275	232,667	303,064	176,364	-
Acquisitions of operating properties and related intangible assets
-	-	-	-	202,866	0	0	48,308	32,856	146,275	45,010	-
Tenant improvements on operating properties
23,809	35,098	33,409	34,275	29,413	27,037	21,950	27,103	37,195	20,826	14,622	-
Other capital improvements on operating properties
24,659	24,223	22,882	26,345	23,147	28,720	23,940	20,066	16,906	10,422	15,569	-
Proceeds from property dispositions
Distribution from unconsolidated real estate joint venture following contribution of properties
201,499	0	0	-	-	-	-	-	-	-	-	-
Purchases of and additions to properties
-	-	-	-	-	-	-	-	-	-	-	280,639
Sale of properties
108,128	0	180,839	262,866	193,735	57,782	148,569	290,603	79,638	27,576	65	33,412
Distributions from unconsolidated real estate joint ventures
22,426	1,942	1,874	-	-	-	-	-	-	-	-	-
Sale of controlling interests in properties
-	-	-	43,089	0	0	-	-	-	-	-	-
Proceeds from sale of equity method investment
-	-	-	-	-	-	-	-	-	0	-	-
Investing receivables funded
11,180	97	588	-	-	3,731	14,077	14,232	23,377	5,588	82,413	25,251
Investing receivables payments received
-	-	-	-	-	10,279	144	10,113	16,759	1,568	680	-
Leasing costs paid
16,825	10,926	14,581	10,296	13,710	16,234	14,429	13,278	15,997	14,403	8,786	7,670
Decrease in restricted cash associated with investing activities
-	-	-	-	-	-	-8,178	872	2,232	-	-	-
Investment in unconsolidated entities
-	-	-	-	-	-	-	-	-	6,600	3,000	6,000
Purchases of furniture, fixtures and equipment
-	-	-	-	-	-	-	-	-	-	-	3,581
Other
-849	4,522	112	2,346	-2,215	1,643	477	-2,162	-4,446	1,133	4,057	1,093
Net cash used in investing activities
-138,015	-232,918	-89,363	71,174	-307,532	-209,689	-119,790	13,744	-260,387	-479,167	-349,076	-290,822
Cash flows from financing activities
Proceeds from debt
Revolving Credit Facility
409,000	381,000	352,000	495,500	522,000	232,000	504,000	329,000	1,180,000	663,000	-	-
Unsecured senior notes
-	-	-	-	296,580	297,342	592,413	0	0	-	-	-
Other debt proceeds
43,615	13,406	0	255,000	164,000	11,569	94,049	403,117	456,206	359,912	-	-
Repayments of debt
Revolving Credit Facility
445,000	294,000	226,000	539,000	561,500	149,000	504,000	991,000	813,000	733,000	-	-
Proceeds from debt
-	-	-	-	-	-	-	-	-	-	1,066,413	1,080,999
Scheduled principal amortization
4,310	4,240	4,062	5,595	6,728	6,517	9,481	11,684	13,755	13,996	11,489	13,668
Other debt repayments
77	100,000	200,000	322,907	155,307	394,653	612,093	124,386	698,100	66,663	863,243	988,945
Repurchase of 3.5% Exchangeable Senior Notes
-	-	-	-	-	-	-	-	-	-	-	25,238
Deferred financing costs paid
448	8,292	500	825	7,522	708	9,361	3,371	13,113	8,570	3,388	6,461
Finance Lease, Principal Payments
223	15,379	0	-	-	-	-	-	-	-	-	-
Payments on capital lease obligations
-	-	-	0	-	-	-	-	-	-	-	-
Net proceeds from issuance of preferred shares
-	-	-	-	-	-	-	165,652	0	0	-	-
Net proceeds from issuance of common shares
46,415	202,065	69,534	109,069	28,567	150,174	157,444	205,425	147,828	250,196	77,052	141,758
Redemption of preferred shares
0	0	199,083	0	0	50,000	84,750	55,000	0	0	-	-
Acquisition of noncontrolling interests in consolidated entities
-	-	-	-	-	-	-	-	-	4,462	-	-
Common share/unit dividends/distributions paid
122,657	114,286	109,174	104,135	103,638	96,330	93,474	89,161	114,643	93,792	-	-
Preferred share/unit dividends/distributions paid
0	0	9,305	14,210	14,210	16,731	21,335	19,087	16,102	16,102	-	-
Distributions paid to noncontrolling interests in COPLP
2,166	3,699	4,426	4,619	4,752	5,008	4,958	5,828	7,875	8,099	9,579	12,002
Distributions paid to redeemable noncontrolling interests
1,659	1,382	8,215	15,206	2,993	1,467	-	-	-	-	-	-
Distributions paid to noncontrolling interests in other consolidated entities
5,890	16	2,617	-	-	-	-	-	-	-	-	-
Dividends paid
-	-	-	-	-	-	-	-	-	-	100,095	83,753
Redemption of vested equity awards
2,064	1,702	1,973	2,466	2,462	1,554	2,002	3,379	3,990	3,913	2,049	1,320
Other
1,101	-3,920	5,275	-5,694	5,722	-1,609	-1,862	-845	245	60	2,124	697
Net cash provided by financing activities
-84,363	49,555	-338,546	-155,088	157,757	-32,492	4,590	-200,547	103,701	324,571	155,746	92,067
Net increase (decrease) in cash and cash equivalents and restricted cash
6,180	-2,881	-197,788	150,356	54,233	-48,296	43,779	5,035	-4,543	1,840	1,487	-17,863
Reconciliation of net income to net cash provided by operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
200,004	78,643	74,941	33,768	188,878	45,206	101,544	20,341	-127,576	45,504	61,299	61,316
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization
138,903	139,063	136,501	134,870	142,231	138,490	119,773	124,418	136,594	125,819	111,811	104,968
Impairment losses
329	2,367	15,116	101,341	23,523	1,419	31,068	62,702	151,021	0	-	-
Amortization of deferred financing costs and net debt discounts
3,639	3,393	4,307	5,885	5,588	5,587	5,451	6,243	6,596	5,871	4,214	3,843
Loss on interest rate derivatives
-	-	-	-	-	-	-	-	-29,805	0	-	-
Settlement of previously accreted interest expense
-	-	-	-	-	-	11,116	0	17,314	0	-	-
Increase in deferred rent receivable
4,091	4,621	2,651	145	14,969	3,520	5,196	11,776	10,102	5,706	1,296	10,594
Amortization of above or below market leases
-	-	-	-	-	-	-	-	-	-	-	2,064
Amortization of net debt discounts
-	-	-	-	-	-	1,159	3,155	5,540	5,841	3,412	3,873
Gain on sales of real estate
105,230	2,340	9,890	59,679	68,047	10,695	11,687	20,961	7,528	3,917	-	4,208
Gain on disposal
-	-	-	-	-	-	-	-	2,452	6,406	442	-
Share-based compensation
6,714	6,376	5,615	6,843	6,574	6,164	6,530	9,982	11,920	11,845	10,602	9,036
Loss (gain) on early extinguishment of debt
-	-	-	-	-86,028	651	-68,689	-3,430	1,670	0	-	-
Other
6,022	2,733	4,216	2,605	-528	3,242	3,093	4,551	1,165	3,872	5,693	-3,610
Changes in operating assets and liabilities:
Gain on redemption of 3.5% Exchangeable Senior Notes
-	-	-	-	-	-	-	-	-	-	-	8,101
Decrease in accounts receivable
7,141	-5,673	-2,783	5,262	-1,331	2,011	11,698	-8,049	6,243	1,680	3,634	-11,128
Decrease (increase) in restricted cash and marketable securities
-	-	-	-	1,241	-1,352	-576	-14,934	-2,160	4,875	-	-
Decrease (increase) in prepaid expenses and other assets, net
22,457	987	-7,219	16,559	-2,853	10,126	3,764	-8,550	687	-8,674	-	-
(Decrease) increase in accounts payable, accrued expenses and other liabilities
20,369	-49,179	4,309	43,163	-3,620	25,091	3,960	4,101	-18,041	-19,644	15,787	31,136
Decrease in restricted cash and marketable securities and prepaid expenses and other assets
-	-	-	-	-	-	-	-	-	-	2,745	15,061
Decrease in rents received in advance and security deposits
3,541	4,827	-3,913	-7,350	6,407	-481	4,161	-1,916	-2,055	-1,018	1,502	-770
Decrease in interest rate derivatives in connection with cash settlement
-	-	-	-	-	-	-	-28,003	0	0	-	-
Net cash provided by operating activities
228,558	180,482	230,121	234,270	204,008	193,885	158,979	191,838	152,143	156,436	194,817	180,892
Supplemental schedule of non-cash investing and financing activities:
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs
35,913	6,570	-10,654	5,950	-14,797	-3,779	2,947	-1,227	11,719	4,576	6,256	-14,799
Finance right-of-use asset contributed by noncontrolling interest in joint venture
2,570	0	0	-	-	-	-	-	-	-	-	-
Operating right-of-use assets obtained in exchange for operating lease liabilities
840	0	0	-	-	-	-	-	-	-	-	-
Finance right-of-use asset obtained in exchange for finance lease liability
0	0	16,127	-	-	-	-	-	-	-	-	-
Non-cash changes from property dispositions:
Contribution of properties to unconsolidated real estate joint venture
-158,542	0	0	114,597	0	0	-	-	-	-	-	-
Investment in unconsolidated real estate joint venture retained in disposition
34,506	0	0	44,373	0	0	-	-	-	-	-	-
Increase in property in connection with capital lease obligation
-	-	-	0	0	-	-	-	-	-	-	-
Increase in property and redeemable noncontrolling interests in connection with property contributed into a joint venture
-	-	-	22,600	0	0	0	-	-	-	-	-
Non-cash changes from recognition of property sale previously accounted for as financing arrangement:
Decrease in assets held for sale, net
0	-42,226	0	0	-	-	-	-	-	-	-	-
Decrease in deferred property sale
0	43,377	0	0	-	-	-	-	-	-	-	-
Decrease in debt
-	-	-	59,534	0	0	-	-	-	-	-	-
Other net decreases in assets and liabilities
-	-	-	4,211	0	0	-	-	-	-	-	-
Debt assumed on acquisition of operating property
-	-	-	-	55,490	0	0	-	-	-	-	-
Other liabilities assumed on acquisition of operating properties
-	-	-	-	5,179	0	0	-	3,040	74,244	3,085	-
Decrease in property in connection with surrender of property in settlement of debt
-	-	-	-	82,738	0	-73,780	12,042	0	0	-	-
Decrease in debt in connection with surrender of property in settlement of debt
-	-	-	-	150,000	0	146,500	16,304	0	0	-	-
Increase in property and redeemable noncontrolling interests in connection with property contribution by redeemable noncontrolling interests in a joint venture
-	-	-	-	1,415	0	-	-	-	-	-	-
Cancellation of mortgage loans receivable in connection with acquisitions
-	-	-	-	-	-	-	-	-	-	102,575	-
Increase in property and noncontrolling interests in connection with property contribution by a noncontrolling interest in a joint venture
-	-	-	-	-	-	-	-	-	9,000	-	3,349
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests
-25,817	2,915	3,845	1,315	-1,140	-4,866	9,470	4,040	1,438	-1,846	3,365	-2,769
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests
-	-	-	6,675	0	0	-	-	-	-	-	-
Equity in other comprehensive income of an equity method investee
199	210	39	-184	-264	0	0	-	-	-	-	-
Reclassification of preferred shares to be redeemed to liability
-	-	-	26,583	0	0	-	-	-	-	-	-
Increase in property and decrease in prepaid and other assets in connection with the consolidation of a joint venture
-	-	-	-	-	-	-	-	-	-	-	10,859
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity
-	-	-	-	-	-	5,194	0	0	-	-	-
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares
1,586	27,413	4,636	1,167	2,151	1,843	3,997	2,814	1,521	9,567	61,654	7,508
Adjustments to noncontrolling interests resulting from changes in COPLP ownership
167	2,466	1,486	2,158	682	3,382	744	4,627	2,798	10,274	21,072	16,716
Noncontrolling Interest, Change in Redemption Value
1,749	1,837	-626	621	-116	-134	7,121	3,955	1,315	0	-	-
Corporate Office Properties, L.P.
Revenues from real estate operations received
530,280	528,066	510,551	514,098	-	-	-	-	-	-	-	-
Construction contract and other service revenues received
94,677	33,579	102,531	76,824	-	-	-	-	-	-	-	-
Property operating expenses paid
196,611	197,647	186,577	196,352	-	-	-	-	-	-	-	-
Construction contract and other service expenses paid
96,789	79,386	82,707	46,318	-	-	-	-	-	-	-	-
General, administrative, leasing, business development and land carry costs paid
29,347	27,006	32,673	34,877	-	-	-	-	-	-	-	-
Interest expense paid
67,475	72,460	73,079	77,982	-	-	-	-	-	-	-	-
Lease incentives paid
9,482	7,679	9,725	2,760	-	-	-	-	-	-	-	-
Other
3,305	3,036	1,831	1,642	-	-	-	-	-	-	-	-
Net cash provided by operating activities
228,558	180,482	230,121	234,270	-	-	-	-	-	-	-	-
Development and redevelopment of properties
394,444	159,994	200,504	161,519	-	-	-	-	-	-	-	-
Tenant improvements on operating properties
23,809	35,098	33,409	34,275	-	-	-	-	-	-	-	-
Other capital improvements on operating properties
24,659	24,223	22,882	26,345	-	-	-	-	-	-	-	-
Sale of controlling interests in properties
-	-	-	43,089	-	-	-	-	-	-	-	-
Investing receivables funded
11,180	97	588	-	-	-	-	-	-	-	-	-
Leasing costs paid
16,825	10,926	14,581	10,296	-	-	-	-	-	-	-	-
Other
-849	4,522	112	2,346	-	-	-	-	-	-	-	-
Net cash used in investing activities
-138,015	-232,918	-89,363	71,174	-	-	-	-	-	-	-	-
Revolving Credit Facility
409,000	381,000	352,000	495,500	-	-	-	-	-	-	-	-
Other debt proceeds
43,615	13,406	0	255,000	-	-	-	-	-	-	-	-
Revolving Credit Facility
445,000	294,000	226,000	539,000	-	-	-	-	-	-	-	-
Scheduled principal amortization
4,310	4,240	4,062	5,595	-	-	-	-	-	-	-	-
Deferred financing costs paid
448	8,292	500	825	-	-	-	-	-	-	-	-
Net proceeds from issuance of common shares
46,415	202,065	69,534	109,069	-	-	-	-	-	-	-	-
Common share/unit dividends/distributions paid
124,171	117,325	112,940	108,094	-	-	-	-	-	-	-	-
Distributions paid to redeemable noncontrolling interests
1,659	1,382	8,215	15,206	-	-	-	-	-	-	-	-
Redemption of vested equity awards
2,064	1,702	1,973	2,466	-	-	-	-	-	-	-	-
Other
1,101	-3,920	5,275	-5,694	-	-	-	-	-	-	-	-
Net cash provided by financing activities
-84,363	49,555	-338,546	-155,088	-	-	-	-	-	-	-	-
Net increase (decrease) in cash and cash equivalents and restricted cash
6,180	-2,881	-197,788	150,356	-	-	-	-	-	-	-	-
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
200,004	78,643	74,941	33,768	-	-	-	-	-	-	-	-
Depreciation and other amortization
138,903	139,063	136,501	134,870	-	-	-	-	-	-	-	-
Amortization of deferred financing costs and net debt discounts
3,639	3,393	4,307	5,885	-	-	-	-	-	-	-	-
Increase in deferred rent receivable
4,091	4,621	2,651	145	-	-	-	-	-	-	-	-
Share-based compensation
6,714	6,376	5,615	6,843	-	-	-	-	-	-	-	-
Other
6,022	2,733	4,216	2,605	-	-	-	-	-	-	-	-
Decrease in accounts receivable
7,141	-5,673	-2,783	5,262	-	-	-	-	-	-	-	-
Decrease (increase) in prepaid expenses and other assets, net
23,255	1,735	-6,398	16,885	-	-	-	-	-	-	-	-
(Decrease) increase in accounts payable, accrued expenses and other liabilities
21,167	-48,431	5,130	43,489	-	-	-	-	-	-	-	-
Decrease in rents received in advance and security deposits
3,541	4,827	-3,913	-7,350	-	-	-	-	-	-	-	-
Net cash provided by operating activities
228,558	180,482	230,121	234,270	-	-	-	-	-	-	-	-
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs
35,913	6,570	-10,654	5,950	-	-	-	-	-	-	-	-
Finance right-of-use asset contributed by noncontrolling interest in joint venture
2,570	0	0	-	-	-	-	-	-	-	-	-
Operating right-of-use assets obtained in exchange for operating lease liabilities
840	0	0	-	-	-	-	-	-	-	-	-
Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests
-25,817	2,915	3,845	1,315	-	-	-	-	-	-	-	-
Noncontrolling Interest, Change in Redemption Value
1,749	1,837	-626	621	-	-	-	-	-	-	-	-
Corporate Office Properties, L.P
Income taxes paid
0	21	31	5	-	-	-	-	-	-	-	-
Distribution from unconsolidated real estate joint venture following contribution of properties
201,499	0	0	-	-	-	-	-	-	-	-	-
Sale of properties
108,128	0	180,839	262,866	-	-	-	-	-	-	-	-
Distributions from unconsolidated real estate joint ventures
22,426	1,942	1,874	-	-	-	-	-	-	-	-	-
Other debt repayments
77	100,000	200,000	322,907	-	-	-	-	-	-	-	-
Finance Lease, Principal Payments
223	15,379	0	-	-	-	-	-	-	-	-	-
Redemption of preferred shares
0	0	199,083	0	-	-	-	-	-	-	-	-
Preferred share/unit dividends/distributions paid
652	660	9,965	14,870	-	-	-	-	-	-	-	-
Distributions paid to noncontrolling interests in COPLP
5,890	16	2,617	-	-	-	-	-	-	-	-	-
Impairment losses
329	2,367	15,116	101,341	-	-	-	-	-	-	-	-
Gain on sales of real estate
105,230	2,340	9,890	59,679	-	-	-	-	-	-	-	-
Finance right-of-use asset obtained in exchange for finance lease liability
0	0	16,127	-	-	-	-	-	-	-	-	-
Contribution of properties to unconsolidated real estate joint venture
-158,542	0	0	114,597	-	-	-	-	-	-	-	-
Investment in unconsolidated real estate joint venture retained in disposition
34,506	0	0	44,373	-	-	-	-	-	-	-	-
Decrease in assets held for sale, net
0	-42,226	0	0	-	-	-	-	-	-	-	-
Decrease in deferred property sale
0	43,377	0	0	-	-	-	-	-	-	-	-
Equity in other comprehensive income of an equity method investee
199	210	39	-184	-	-	-	-	-	-	-	-
Corporate Office Properties, L.P. [Member]
Payments on capital lease obligations
-	-	-	0	-	-	-	-	-	-	-	-
Increase in property in connection with capital lease obligation
-	-	-	0	-	-	-	-	-	-	-	-
Increase in property and redeemable noncontrolling interests in connection with property contributed into a joint venture
-	-	-	22,600	-	-	-	-	-	-	-	-
Decrease in debt
-	-	-	59,534	-	-	-	-	-	-	-	-
Other net decreases in assets and liabilities
-	-	-	4,211	-	-	-	-	-	-	-	-
Decrease in redeemable noncontrolling interests and increase in other liabilities in connection with distribution payable to redeemable noncontrolling interests
-	-	-	6,675	-	-	-	-	-	-	-	-
Reclassification of preferred shares to be redeemed to liability
-	-	-	26,583	-	-	-	-	-	-	-	-