Company Quick10K Filing
Quick10K
Corporate Office Properties Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$27.60 112 $3,090
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-06-20 Regulation FD
8-K 2019-05-09 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-11-29 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-11-13 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-08 Earnings, Exhibits
8-K 2018-01-22 Enter Agreement, Officers, Exhibits
ED Consolidated Edison 27,480
OGE Oklahoma Gas & Electric 8,140
ETRN Equitrans Midstream 5,140
EXPO Exponent 2,890
CVA Covanta Holding 2,320
BGCP BGC Partners 1,690
EQ Embarq 105
STLY HG Holdings 0
NOVA Nova Star Innovations 0
DUOT Duos Technologies Group 0
OFC 2019-06-30
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 copt06302019ex102.htm
EX-31.1 copt06302019ex311.htm
EX-31.2 copt06302019ex312.htm
EX-31.3 copt06302019ex313.htm
EX-31.4 copt06302019ex314.htm
EX-32.1 copt06302019ex321.htm
EX-32.2 copt06302019ex322.htm
EX-32.3 copt06302019ex323.htm
EX-32.4 copt06302019ex324.htm

Corporate Office Properties Trust Earnings 2019-06-30

OFC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
to
 
           
Commission file number 1-14023 (Corporate Office Properties Trust)
Commission file number 333-189188 (Corporate Office Properties, L.P.)
Corporate Office Properties Trust
Corporate Office Properties, L.P.
(Exact name of registrant as specified in its charter)
Corporate Office Properties Trust
 
Maryland
 
23-2947217
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
 
 
 
 
 
Corporate Office Properties, L.P.
 
Delaware
 
23-2930022
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
6711 Columbia Gateway Drive
 
Suite 300
 
Columbia
 
MD
21046
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code:  (443) 285-5400

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares of beneficial interest, $0.01 par value
OFC
New York Stock Exchange
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Corporate Office Properties Trust
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

Corporate Office Properties, L.P.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Corporate Office Properties Trust
Corporate Office Properties, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No

As of July 26, 2019, 111,949,887 of Corporate Office Properties Trust’s Common Shares of Beneficial Interest, $0.01 par value, were issued and outstanding.
 
 
 
 
 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 of Corporate Office Properties Trust (“COPT”) and subsidiaries (collectively, the “Company”) and Corporate Office Properties, L.P. (“COPLP”) and subsidiaries (collectively, the “Operating Partnership”). Unless stated otherwise or the context otherwise requires, “we,” “our,” and “us” refer collectively to COPT, COPLP and their subsidiaries.

COPT is a real estate investment trust, or REIT, and the sole general partner of COPLP. As of June 30, 2019, COPT owned 98.6% of the outstanding common units in COPLP; the remaining common units and all of the outstanding COPLP preferred units were owned by third parties. As the sole general partner of COPLP, COPT controls COPLP and can cause it to enter into major transactions including acquisitions, dispositions and refinancings and cause changes in its line of business, capital structure and distribution policies.

There are a few differences between the Company and the Operating Partnership which are reflected in this Form 10-Q. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the two operate as an interrelated, consolidated company. COPT is a REIT whose only material asset is its ownership of partnership interests of COPLP. As a result, COPT does not conduct business itself, other than acting as the sole general partner of COPLP, issuing public equity and guaranteeing certain debt of COPLP. COPT itself is not directly obligated under any indebtedness but guarantees some of the debt of COPLP. COPLP owns substantially all of the assets of COPT either directly or through its subsidiaries, conducts almost all of the operations of the business and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from public equity issuances by COPT, which are contributed to COPLP in exchange for partnership units, COPLP generates the capital required by COPT’s business through COPLP’s operations, by COPLP’s direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of COPT and those of COPLP. The common limited partnership interests in COPLP not owned by COPT are accounted for as partners’ capital in COPLP’s consolidated financial statements and as noncontrolling interests in COPT’s consolidated financial statements. COPLP’s consolidated financial statements also reflect COPT’s noncontrolling interests in certain real estate partnerships and limited liability companies (“LLCs”); the differences between shareholders’ equity, partners’ capital and noncontrolling interests result from the differences in the equity issued at the COPT and COPLP levels and in COPT’s noncontrolling interests in these real estate partnerships and LLCs. The only other




significant differences between the consolidated financial statements of COPT and those of COPLP are assets in connection with a non-qualified elective deferred compensation plan and the corresponding liability to the plan’s participants that are held directly by COPT.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
combined reports better reflect how management, investors and the analyst community view the business as a single operating unit;
combined reports enhance investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and
combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements:
Note 3, Fair Value Measurements of COPT and subsidiaries and COPLP and subsidiaries;
Note 8, Prepaid Expenses and Other Assets, Net of COPT and subsidiaries and COPLP and subsidiaries; and
Note 16, Earnings per Share of COPT and subsidiaries and Earnings per Unit of COPLP and subsidiaries;
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPT”; and
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPLP.”

This report also includes separate sections under Part I, Item 4. Controls and Procedures and separate Exhibit 31 and Exhibit 32 certifications for each of COPT and COPLP to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that COPT and COPLP are compliant with Rule 13a-15 and Rule 15d-14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.





TABLE OF CONTENTS
 
FORM 10-Q
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements


Corporate Office Properties Trust and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
 
June 30,
2019
 
December 31,
2018
Assets
 

 
 

Properties, net:
 

 
 

Operating properties, net
$
2,719,585

 
$
2,847,265

Projects in development or held for future development
474,787

 
403,361

Total properties, net
3,194,372

 
3,250,626

Property - operating right-of-use assets
27,434

 

Property - finance right-of-use assets
40,476

 

Assets held for sale, net
54,448

 

Cash and cash equivalents
46,282

 
8,066

Investment in unconsolidated real estate joint ventures
65,336

 
39,845

Accounts receivable
58,189

 
26,277

Deferred rent receivable
86,707

 
89,350

Intangible assets on real estate acquisitions, net
31,162

 
43,470

Deferred leasing costs (net of accumulated amortization of $33,866 and $31,994, respectively)
52,227

 
50,191

Investing receivables
70,656

 
56,982

Prepaid expenses and other assets, net
76,180

 
91,198

Total assets
$
3,803,469

 
$
3,656,005

Liabilities and equity
 

 
 

Liabilities:
 

 
 

Debt, net
$
1,784,362

 
$
1,823,909

Accounts payable and accrued expenses
152,196

 
92,855

Rents received in advance and security deposits
27,477

 
30,079

Dividends and distributions payable
31,346

 
30,856

Deferred revenue associated with operating leases
8,161

 
9,125

Property - operating lease liabilities
16,640

 

Interest rate derivatives
23,547

 
5,459

Other liabilities
10,826

 
10,414

Total liabilities
2,054,555

 
2,002,697

Commitments and contingencies (Note 17)


 


Redeemable noncontrolling interests
29,803

 
26,260

Equity:
 

 
 

Corporate Office Properties Trust’s shareholders’ equity:
 

 
 

Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 111,949,887 at June 30, 2019 and 110,241,868 at December 31, 2018)
1,119

 
1,102

Additional paid-in capital
2,475,293

 
2,431,355

Cumulative distributions in excess of net income
(780,667
)
 
(846,808
)
Accumulated other comprehensive loss
(23,465
)
 
(238
)
Total Corporate Office Properties Trust’s shareholders’ equity
1,672,280

 
1,585,411

Noncontrolling interests in subsidiaries:
 

 
 

Common units in COPLP
21,039

 
19,168

Preferred units in COPLP
8,800

 
8,800

Other consolidated entities
16,992

 
13,669

Noncontrolling interests in subsidiaries
46,831

 
41,637

Total equity
1,719,111

 
1,627,048

Total liabilities, redeemable noncontrolling interests and equity
$
3,803,469

 
$
3,656,005



See accompanying notes to consolidated financial statements.

3



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 

 
 

 
 
 
 
Lease revenue
$
131,415

 
$
127,907

 
$
262,318

 
$
255,040

Other property revenue
1,356

 
1,255

 
2,443

 
2,400

Construction contract and other service revenues
42,299

 
17,581

 
59,249

 
44,779

Total revenues
175,070

 
146,743

 
324,010

 
302,219

Operating expenses
 

 
 

 
 

 
 

Property operating expenses
47,886

 
49,446

 
97,331

 
100,397

Depreciation and amortization associated with real estate operations
34,802

 
33,190

 
69,598

 
66,702

Construction contract and other service expenses
41,002

 
16,941

 
57,328

 
43,157

General, administrative and leasing expenses
9,386

 
7,628

 
18,137

 
14,920

Business development expenses and land carry costs
870

 
1,234

 
1,983

 
2,848

Total operating expenses
133,946

 
108,439

 
244,377

 
228,024

Interest expense
(18,475
)
 
(18,945
)
 
(37,149
)
 
(37,729
)
Interest and other income
1,849

 
1,439

 
4,135

 
2,798

Gain on sales of real estate
84,469

 
(23
)
 
84,469

 
(27
)
Income before equity in income of unconsolidated entities and income taxes
108,967

 
20,775

 
131,088

 
39,237

Equity in income of unconsolidated entities
420

 
373

 
811

 
746

Income tax benefit (expense)
176

 
(63
)
 
(18
)
 
(118
)
Net income
109,563

 
21,085

 
131,881

 
39,865

Net income attributable to noncontrolling interests:
 

 
 

 
 

 
 

Common units in COPLP
(1,339
)
 
(608
)
 
(1,596
)
 
(1,152
)
Preferred units in COPLP
(165
)
 
(165
)
 
(330
)
 
(330
)
Other consolidated entities
(1,268
)
 
(878
)
 
(2,305
)
 
(1,799
)
Net income attributable to COPT common shareholders
$
106,791

 
$
19,434

 
$
127,650

 
$
36,584

 
 
 
 
 
 
 
 
Earnings per common share: (1)
 

 
 

 
 

 
 

Net income attributable to COPT common shareholders - basic
$
0.95

 
$
0.19

 
$
1.15

 
$
0.36

Net income attributable to COPT common shareholders - diluted
$
0.95

 
$
0.19

 
$
1.15

 
$
0.36


(1) Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.

See accompanying notes to consolidated financial statements.

4



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
109,563

 
$
21,085

 
$
131,881

 
$
39,865

Other comprehensive (loss) income
 

 
 

 
 

 
 

Unrealized (loss) gain on interest rate derivatives
(13,545
)
 
1,912

 
(22,390
)
 
6,588

(Gain) loss on interest rate derivatives recognized in interest expense
(557
)
 
(47
)
 
(1,127
)
 
198

Other comprehensive (loss) income
(14,102
)
 
1,865

 
(23,517
)
 
6,786

Comprehensive income
95,461

 
22,950

 
108,364

 
46,651

Comprehensive income attributable to noncontrolling interests
(2,597
)
 
(1,708
)
 
(3,941
)
 
(3,498
)
Comprehensive income attributable to COPT
$
92,864

 
$
21,242

 
$
104,423

 
$
43,153

 
See accompanying notes to consolidated financial statements.



5



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Equity
(Dollars in thousands)
(unaudited)
 
Common
Shares
 
Additional
Paid-in
Capital
 
Cumulative
Distributions in
Excess of Net
Income
 
Accumulated
Other
Comprehensive Income (Loss)
 
Noncontrolling
Interests
 
Total
For the Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018 (102,150,358 common shares outstanding)
$
1,022

 
$
2,221,427

 
$
(813,302
)
 
$
7,204

 
$
65,673

 
$
1,482,024

Common shares issued under forward equity sale agreements (1,100,000 shares)
11

 
32,240

 

 

 

 
32,251

Share-based compensation (10,137 shares issued, net of redemptions)

 
1,720

 

 

 

 
1,720

Redemption of vested equity awards

 
(198
)
 

 

 

 
(198
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(538
)
 

 

 
538

 

Comprehensive income

 

 
19,434

 
1,808

 
1,117

 
22,359

Dividends

 

 
(28,402
)
 

 

 
(28,402
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(1,044
)
 
(1,044
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(4
)
 
(4
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(221
)
 

 

 

 
(221
)
Balance at June 30, 2018 (103,260,495 common shares outstanding)
$
1,033

 
$
2,254,430

 
$
(822,270
)
 
$
9,012


$
66,280

 
$
1,508,485

 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019 (111,939,790 common shares outstanding)
$
1,119

 
$
2,475,497

 
$
(856,703
)
 
$
(9,538
)
 
$
45,803

 
$
1,656,178

Redemption of common units

 

 

 

 
(1
)
 
(1
)
Share-based compensation (10,097 shares issued, net of redemptions)

 
1,487

 

 

 
346

 
1,833

Redemption of vested equity awards

 
(103
)
 

 

 

 
(103
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
488

 

 

 
(488
)
 

Comprehensive income

 

 
106,791

 
(13,927
)
 
1,728

 
94,592

Dividends

 

 
(30,755
)
 

 

 
(30,755
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(553
)
 
(553
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(4
)
 
(4
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(2,076
)
 

 

 

 
(2,076
)
Balance at June 30, 2019 (111,949,887 common shares outstanding)
$
1,119

 
$
2,475,293

 
$
(780,667
)
 
$
(23,465
)
 
$
46,831

 
$
1,719,111


See accompanying notes to consolidated financial statements.







6



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Equity (continued)
(Dollars in thousands)
(unaudited)
 
Common
Shares
 
Additional
Paid-in
Capital
 
Cumulative
Distributions in
Excess of Net
Income
 
Accumulated
Other
Comprehensive Income (Loss)
 
Noncontrolling
Interests
 
Total
For the Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017 (101,292,299 common shares outstanding)
$
1,013

 
$
2,201,047

 
$
(802,085
)
 
$
2,167

 
$
66,165

 
$
1,468,307

Cumulative effect of accounting change for adoption of hedge accounting guidance

 

 
(276
)
 
276

 

 

Balance at December 31, 2017, as adjusted
1,013

 
2,201,047

 
(802,361
)
 
2,443

 
66,165

 
1,468,307

Conversion of common units to common shares (53,817 shares)
1

 
760

 

 

 
(761
)
 

Common shares issued under forward equity sale agreements (1,777,000 shares)
18

 
52,209

 

 

 

 
52,227

Share-based compensation (137,379 shares issued, net of redemptions)
1

 
3,399

 

 

 

 
3,400

Redemption of vested equity awards

 
(1,525
)
 

 

 

 
(1,525
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(702
)
 

 

 
702

 

Comprehensive income

 

 
36,584

 
6,569

 
2,269

 
45,422

Dividends

 

 
(56,493
)
 

 

 
(56,493
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(2,088
)
 
(2,088
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(7
)
 
(7
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(758
)
 

 

 

 
(758
)
Balance at June 30, 2018 (103,260,495 common shares outstanding)
$
1,033

 
$
2,254,430

 
$
(822,270
)
 
$
9,012

 
$
66,280

 
$
1,508,485

 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018 (110,241,868 common shares outstanding)
$
1,102

 
$
2,431,355

 
$
(846,808
)
 
$
(238
)
 
$
41,637

 
$
1,627,048

Conversion of common units to common shares (5,500 shares)

 
80

 

 

 
(80
)
 

Redemption of common units

 

 

 

 
(1
)
 
(1
)
Common shares issued under forward equity sale agreements (1,614,087 shares)
16

 
46,438

 

 

 

 
46,454

Share-based compensation (88,432 shares issued, net of redemptions)
1

 
3,049

 

 

 
585

 
3,635

Redemption of vested equity awards

 
(1,920
)
 

 

 

 
(1,920
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(834
)
 

 

 
834

 

Comprehensive income

 

 
127,650

 
(23,227
)
 
2,397

 
106,820

Dividends

 

 
(61,509
)
 

 

 
(61,509
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(1,103
)
 
(1,103
)
Contributions from noncontrolling interests in other consolidated entities

 

 

 

 
2,570

 
2,570

Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(8
)
 
(8
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(2,875
)
 

 

 

 
(2,875
)
Balance at June 30, 2019 (111,949,887 common shares outstanding)
$
1,119

 
$
2,475,293

 
$
(780,667
)
 
$
(23,465
)
 
$
46,831

 
$
1,719,111


See accompanying notes to consolidated financial statements.

7



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited) 
 
For the Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities
 

 
 

Revenues from real estate operations received
$
257,832

 
$
262,602

Construction contract and other service revenues received
21,449

 
18,411

Property operating expenses paid
(83,305
)
 
(83,642
)
Construction contract and other service expenses paid
(31,157
)
 
(62,624
)
General, administrative, leasing, business development and land carry costs paid
(16,541
)
 
(15,148
)
Interest expense paid
(34,896
)
 
(36,155
)
Lease incentives paid
(3,228
)
 
(4,825
)