Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Properties, net:    
Operating properties, net $ 3,246,806 $ 3,258,899
Projects in development or held for future development 256,872 297,499
Total properties, net 3,503,678 3,556,398
Property - operating right-of-use assets 41,296 37,020
Assets held for sale, net 0 161,286
Cash and cash equivalents 167,820 12,337
Investment in unconsolidated real estate joint ventures 41,052 21,460
Accounts receivable, net 48,946 43,334
Deferred rent receivable 149,237 125,147
Lease incentives, net 61,331 49,757
Deferred leasing costs (net of accumulated amortization of $41,448 and $35,270, respectively) 70,057 69,339
Prepaid expenses and other assets, net 82,037 96,576
Total assets 4,246,966 4,257,275
Liabilities:    
Debt, net 2,416,287 2,231,794
Accounts payable and accrued expenses 133,315 157,998
Rents received in advance and security deposits 35,409 30,016
Dividends and distributions payable 32,644 31,400
Deferred revenue associated with operating leases 29,049 11,004
Property - operating lease liabilities 33,931 28,759
Other liabilities 18,996 18,556
Total liabilities 2,699,631 2,509,527
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 23,580 26,293
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,555,352 at December 31, 2023 and 112,423,893 at December 31, 2022) 1,126 1,124
Additional paid-in capital 2,489,989 2,486,116
Cumulative distributions in excess of net income (1,009,318) (807,508)
Accumulated other comprehensive income 2,115 2,071
Total shareholders’ equity 1,483,912 1,681,803
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 25,502 25,808
Other consolidated entities 14,341 13,844
Noncontrolling interests in subsidiaries 39,843 39,652
Total equity 1,523,755 1,721,455
Total liabilities, redeemable noncontrolling interests and equity 4,246,966 4,257,275
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,377 and $2,794, respectively) $ 81,512 $ 84,621