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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, 2020
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 20, 2020, 112,183,192 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, 2020 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, 2020, 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.

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. 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 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,
2020
 
December 31,
2019
Assets
 

 
 

Properties, net:
 

 
 

Operating properties, net
$
2,888,817

 
$
2,772,647

Projects in development or held for future development
624,282

 
568,239

Total properties, net
3,513,099

 
3,340,886

Property - operating right-of-use assets
31,009

 
27,864

Property - finance right-of-use assets
40,441

 
40,458

Cash and cash equivalents
21,596

 
14,733

Investment in unconsolidated real estate joint ventures
50,457

 
51,949

Accounts receivable, net
30,404

 
35,444

Deferred rent receivable
90,493

 
87,736

Intangible assets on real estate acquisitions, net
24,768

 
27,392

Deferred leasing costs (net of accumulated amortization of $34,878 and $33,782, respectively)
58,666

 
58,392

Investing receivables (net of allowance for credit losses of $3,976 at June 30, 2020)
72,333

 
73,523

Prepaid expenses and other assets, net
78,059

 
96,076

Total assets
$
4,011,325

 
$
3,854,453

Liabilities and equity
 

 
 

Liabilities:
 

 
 

Debt, net
$
2,012,019

 
$
1,831,139

Accounts payable and accrued expenses
149,836

 
148,746

Rents received in advance and security deposits
30,459

 
33,620

Dividends and distributions payable
31,302

 
31,263

Deferred revenue associated with operating leases
8,821

 
7,361

Property - operating lease liabilities
20,796

 
17,317

Interest rate derivatives
65,612

 
25,682

Other liabilities
12,408

 
10,649

Total liabilities
2,331,253

 
2,105,777

Commitments and contingencies (Note 17)


 


Redeemable noncontrolling interests
23,148

 
29,431

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 112,183,192 at June 30, 2020 and 112,068,705 at December 31, 2019)
1,122

 
1,121

Additional paid-in capital
2,477,977

 
2,481,558

Cumulative distributions in excess of net income
(797,959
)
 
(778,275
)
Accumulated other comprehensive loss
(64,513
)
 
(25,444
)
Total Corporate Office Properties Trust’s shareholders’ equity
1,616,627

 
1,678,960

Noncontrolling interests in subsidiaries:
 

 
 

Common units in COPLP
19,611

 
19,597

Preferred units in COPLP
8,800

 
8,800

Other consolidated entities
11,886

 
11,888

Noncontrolling interests in subsidiaries
40,297

 
40,285

Total equity
1,656,924

 
1,719,245

Total liabilities, redeemable noncontrolling interests and equity
$
4,011,325

 
$
3,854,453



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,
 
2020
 
2019
 
2020
 
2019
Revenues
 

 
 

 
 
 
 
Lease revenue
$
132,147

 
$
131,415

 
$
263,159

 
$
262,318

Other property revenue
391

 
1,356

 
1,495

 
2,443

Construction contract and other service revenues
12,236

 
42,299

 
25,917

 
59,249

Total revenues
144,774

 
175,070

 
290,571

 
324,010

Operating expenses
 

 
 

 
 

 
 

Property operating expenses
50,204

 
47,886

 
100,203

 
97,331

Depreciation and amortization associated with real estate operations
33,612

 
34,802

 
66,208

 
69,598

Construction contract and other service expenses
11,711

 
41,002

 
24,832

 
57,328

General, administrative and leasing expenses
8,158

 
9,386

 
15,644

 
18,137

Business development expenses and land carry costs
1,262

 
870

 
2,380

 
1,983

Total operating expenses
104,947

 
133,946

 
209,267

 
244,377

Interest expense
(16,797
)
 
(18,475
)
 
(33,637
)
 
(37,149
)
Interest and other income
2,282

 
1,849

 
3,487

 
4,135

Credit loss expense
(615
)
 

 
(1,304
)
 

Gain on sales of real estate

 
84,469

 
5

 
84,469

Income before equity in income of unconsolidated entities and income taxes
24,697

 
108,967

 
49,855

 
131,088

Equity in income of unconsolidated entities
454

 
420

 
895

 
811

Income tax (expense) benefit
(30
)
 
176

 
(79
)
 
(18
)
Net income
25,121

 
109,563

 
50,671

 
131,881

Net income attributable to noncontrolling interests:
 

 
 

 
 

 
 

Common units in COPLP
(284
)
 
(1,339
)
 
(571
)
 
(1,596
)
Preferred units in COPLP
(77
)
 
(165
)
 
(154
)
 
(330
)
Other consolidated entities
(1,263
)
 
(1,268
)
 
(2,395
)
 
(2,305
)
Net income attributable to COPT common shareholders
$
23,497

 
$
106,791

 
$
47,551

 
$
127,650

 
 
 
 
 
 
 
 
Earnings per common share: (1)
 

 
 

 
 

 
 

Net income attributable to COPT common shareholders - basic
$
0.21

 
$
0.95

 
$
0.42

 
$
1.15

Net income attributable to COPT common shareholders - diluted
$
0.21

 
$
0.95

 
$
0.42

 
$
1.15


(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,
 
2020
 
2019
 
2020
 
2019
Net income
$
25,121

 
$
109,563

 
$
50,671

 
$
131,881

Other comprehensive loss:
 

 
 

 
 

 
 

Unrealized loss on interest rate derivatives
(3,315
)
 
(13,545
)
 
(41,020
)
 
(22,390
)
Loss (gain) on interest rate derivatives recognized in interest expense
935

 
(557
)
 
1,066

 
(1,127
)
Total other comprehensive loss
(2,380
)
 
(14,102
)
 
(39,954
)
 
(23,517
)
Comprehensive income
22,741

 
95,461

 
10,717

 
108,364

Comprehensive income attributable to noncontrolling interests
(1,556
)
 
(2,597
)
 
(2,235
)
 
(3,941
)
Comprehensive income attributable to COPT
$
21,185

 
$
92,864

 
$
8,482

 
$
104,423

 
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 Loss
 
Noncontrolling
Interests
 
Total
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

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2020 (112,169,463 common shares outstanding)
 
$
1,122

 
$
2,476,677

 
$
(790,600
)
 
$
(62,201
)
 
$
40,188

 
$
1,665,186

Share-based compensation (13,729 shares issued, net of redemptions)
 

 
1,188

 

 

 
548

 
1,736

Redemption of vested equity awards
 

 
(80
)
 

 

 

 
(80
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
 

 
428

 

 

 
(428
)
 

Comprehensive income
 

 

 
23,497

 
(2,312
)
 
439

 
21,624

Dividends
 

 

 
(30,856
)
 

 

 
(30,856
)
Distributions to owners of common and preferred units in COPLP
 

 

 

 

 
(442
)
 
(442
)
Distributions to noncontrolling interests in other consolidated entities
 

 

 

 

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

 
(236
)
 

 

 

 
(236
)
Balance at June 30, 2020 (112,183,192 common shares outstanding)
 
$
1,122

 
$
2,477,977

 
$
(797,959
)
 
$
(64,513
)
 
$
40,297

 
$
1,656,924


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 Loss
 
Noncontrolling
Interests
 
Total
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

 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019 (112,068,705 common shares outstanding)
$
1,121

 
$
2,481,558

 
$
(778,275
)
 
$
(25,444
)
 
$
40,285

 
$
1,719,245

Cumulative effect of accounting change for adoption of credit loss guidance

 

 
(5,541
)
 

 

 
(5,541
)
Balance at December 31, 2019, as adjusted
1,121

 
2,481,558

 
(783,816
)
 
(25,444
)
 
40,285

 
1,713,704

Conversion of common units to common shares (12,009 shares)

 
182

 

 

 
(182
)
 

Share-based compensation (102,478 shares issued, net of redemptions)
1

 
2,171

 

 

 
774

 
2,946

Redemption of vested equity awards

 
(1,572
)
 

 

 

 
(1,572
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(25
)
 

 

 
25

 

Comprehensive income

 

 
47,551

 
(39,069
)
 
160

 
8,642

Dividends

 

 
(61,694
)
 

 

 
(61,694
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(862
)
 
(862
)
Contributions from noncontrolling interests in other consolidated entities

 

 

 

 
112

 
112

Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(15
)
 
(15
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(4,337
)
 

 

 

 
(4,337
)
Balance at June 30, 2020 (112,183,192 common shares outstanding)
$
1,122

 
$
2,477,977

 
$
(797,959
)
 
$
(64,513
)
 
$
40,297

 
$
1,656,924



7



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited) 
 
For the Six Months Ended June 30,
 
2020
 
2019
Cash flows from operating activities
 

 
 

Revenues from real estate operations received
$
265,833

 
$
257,832

Construction contract and other service revenues received
42,149

 
21,449

Property operating expenses paid
(86,934
)
 
(83,305
)
Construction contract and other service expenses paid
(32,107
)
 
(31,157
)
General, administrative, leasing, business development and land carry costs paid
(16,969
)
 
(16,541
)
Interest expense paid
(31,581
)
 
(34,896
)
Lease incentives paid
(5,611
)
 
(3,228
)
Other
1,757

 
1,661

Net cash provided by operating activities
136,537

 
111,815

Cash flows from investing activities
 

 
 

Development and redevelopment of properties
(185,357
)
 
(219,633
)
Tenant improvements on operating properties
(16,489
)
 
(7,585
)
Other capital improvements on operating properties
(11,576
)
 
(8,920
)
Proceeds from property dispositions
 
 
 
Distribution from unconsolidated real estate joint venture following contribution of properties

 
129,783

Sale of properties

 
107,517

Investing receivables funded

 
(11,104
)
Leasing costs paid
(8,424
)
 
(7,632
)
Other
(5,442
)
 
3,944

Net cash used in investing activities
(227,288
)
 
(13,630
)
Cash flows from financing activities
 

 
 

Proceeds from debt
 
 
 
Revolving Credit Facility
251,000

 
258,000

Other debt proceeds
189,359

 
10,606

Repayments of debt
 
 
 
Revolving Credit Facility
(259,000
)
 
(308,000
)
Scheduled principal amortization
(2,044
)
 
(2,193
)
Deferred financing costs paid
(1,261
)
 

Net proceeds from issuance of common shares