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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 endedSeptember 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period fromto
           
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 TrustMaryland 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 classTrading Symbol(s)Name of each exchange on which registered
Common Shares of beneficial interest, $0.01 par valueOFCNew 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 filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company

Corporate Office Properties, L.P.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 October 23, 2020, 112,175,248 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 September 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 September 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)
September 30,
2020
December 31,
2019
Assets  
Properties, net:  
Operating properties, net$2,999,892 $2,772,647 
Projects in development or held for future development587,046 568,239 
Total properties, net3,586,938 3,340,886 
Property - operating right-of-use assets36,442 27,864 
Property - finance right-of-use assets40,432 40,458 
Cash and cash equivalents11,458 14,733 
Investment in unconsolidated real estate joint ventures
49,662 51,949 
Accounts receivable, net
36,151 35,444 
Deferred rent receivable 92,853 87,736 
Intangible assets on real estate acquisitions, net22,433 27,392 
Deferred leasing costs (net of accumulated amortization of $31,927 and $33,782 respectively)
59,392 58,392 
Investing receivables (net of allowance for credit losses of $4,040 at September 30, 2020)
74,136 73,523 
Prepaid expenses and other assets, net110,292 96,076 
Total assets$4,120,189 $3,854,453 
Liabilities and equity  
Liabilities:  
Debt, net$2,181,551 $1,831,139 
Accounts payable and accrued expenses140,921 148,746 
Rents received in advance and security deposits30,276 33,620 
Dividends and distributions payable31,307 31,263 
Deferred revenue associated with operating leases8,579 7,361 
Property - operating lease liabilities26,382 17,317 
Interest rate derivatives10,977 25,682 
Other liabilities17,038 10,649 
Total liabilities2,447,031 2,105,777 
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests23,522 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 112,175,688 at September 30, 2020 and 112,068,705 at December 31, 2019)
1,122 1,121 
Additional paid-in capital2,479,321 2,481,558 
Cumulative distributions in excess of net income(860,647)(778,275)
Accumulated other comprehensive loss(10,548)(25,444)
Total Corporate Office Properties Trust’s shareholders’ equity1,609,248 1,678,960 
Noncontrolling interests in subsidiaries:  
Common units in COPLP19,522 19,597 
Preferred units in COPLP8,800 8,800 
Other consolidated entities12,066 11,888 
Noncontrolling interests in subsidiaries40,388 40,285 
Total equity1,649,636 1,719,245 
Total liabilities, redeemable noncontrolling interests and equity$4,120,189 $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 September 30, For the Nine Months Ended September 30,
 2020201920202019
Revenues  
Lease revenue$133,875 $129,461 $397,034 $391,779 
Other property revenue568 1,273 2,063 3,716 
Construction contract and other service revenues20,323 28,697 46,240 87,946 
Total revenues154,766 159,431 445,337 483,441 
Operating expenses    
Property operating expenses51,552 49,714 151,755 147,045 
Depreciation and amortization associated with real estate operations35,332 34,692 101,540 104,290 
Construction contract and other service expenses19,220 27,802 44,052 85,130 
Impairment losses 1,530 327 1,530 327 
General, administrative and leasing expenses7,467 7,929 23,111 26,066 
Business development expenses and land carry costs1,094 964 3,474 2,947 
Total operating expenses116,195 121,428 325,462 365,805 
Interest expense(17,152)(17,126)(50,789)(54,275)
Interest and other income 1,746 1,842 5,233 5,977 
Credit loss recoveries1,465  161  
Gain on sales of real estate  5 84,469 
Loss on early extinguishment of debt(3,237) (3,237) 
Loss on interest rate derivatives(53,196) (53,196) 
(Loss) income before equity in income of unconsolidated entities and income taxes(31,803)22,719 18,052 153,807 
Equity in income of unconsolidated entities477 396 1,372 1,207 
Income tax (expense) benefit(16)131 (95)113 
Net (loss) income (31,342)23,246 19,329 155,127 
Net loss (income) attributable to noncontrolling interests:    
Common units in COPLP386 (267)(185)(1,863)
Preferred units in COPLP(77)(157)(231)(487)
Other consolidated entities(812)(1,565)(3,207)(3,870)
Net (loss) income attributable to COPT common shareholders$(31,845)$21,257 $15,706 $148,907 
Earnings per common share: (1)    
Net (loss) income attributable to COPT common shareholders - basic$(0.29)$0.19 $0.14 $1.34 
Net (loss) income attributable to COPT common shareholders - diluted$(0.29)$0.19 $0.14 $1.33 
(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 September 30, For the Nine Months Ended September 30,
 2020201920202019
Net (loss) income$(31,342)$23,246 $19,329 $155,127 
Other comprehensive income (loss):    
Unrealized income (loss) on interest rate derivatives1,428 (11,047)(39,592)(33,437)
Reclassification adjustments on interest rate derivatives recognized in interest expense
1,342 (307)2,408 (1,434)
Reclassification adjustments on interest rate derivatives recognized in loss on interest rate derivatives
51,865  51,865  
Total other comprehensive income (loss)54,635 (11,354)14,681 (34,871)
Comprehensive income23,293 11,892 34,010 120,256 
Comprehensive income attributable to noncontrolling interests(1,173)(1,750)(3,408)(5,691)
Comprehensive income attributable to COPT$22,120 $10,142 $30,602 $114,565 
 
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 September 30, 2019
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 
Conversion of common units to common shares (97,539 shares)
1 1,475 — — (1,476) 
Redemption of common units
— — — — (24)(24)
Share-based compensation (11,749 shares issued, net of redemptions)
1 1,525 — — 369 1,895 
Redemption of vested equity awards
— (53)— — — (53)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
— 312 — — (312) 
Comprehensive income
— — 21,257 (11,115)565 10,707 
Dividends
— — (30,825)— — (30,825)
Distributions to owners of common and preferred units in COPLP
— — — — (517)(517)
Distributions to noncontrolling interests in other consolidated entities
— — — — (5,878)(5,878)
Adjustment to arrive at fair value of redeemable noncontrolling interests
— 1,531 — — — 1,531 
Balance at September 30, 2019 (112,059,175 common shares outstanding)
$1,121 $2,480,083 $(790,235)$(34,580)$39,558 $1,695,947 
For the Three Months Ended September 30, 2020
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 
Share-based compensation (7,504 shares redeemed, net of issuances)
— 1,223 — — 561 1,784 
Redemption of vested equity awards
— (57)— — — (57)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
— 552 — — (552) 
Comprehensive income— — (31,845)53,965 533 22,653 
Dividends
— — (30,843)— — (30,843)
Distributions to owners of common and preferred units in COPLP
— — — — (444)(444)
Distributions to noncontrolling interests in other consolidated entities
— — — — (7)(7)
Adjustment to arrive at fair value of redeemable noncontrolling interests
— (374)— — — (374)
Balance at September 30, 2020 (112,175,688 common shares outstanding)
$1,122 $2,479,321 $(860,647)$(10,548)$40,388 $1,649,636 

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 Nine Months Ended September 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 (103,039 shares)
1 1,555 — — (1,556) 
Redemption of common units
— — — — (25)(25)
Common shares issued under forward equity sale agreements (1,614,087 shares)
16 46,438 — — — 46,454 
Share-based compensation (100,181 shares issued, net of redemptions)
2 4,574 — — 954 5,530 
Redemption of vested equity awards
— (1,973)— — — (1,973)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
— (522)— — 522  
Comprehensive income
— — 148,907 (34,342)2,962 117,527 
Dividends
— — (92,334)— — (92,334)
Distributions to owners of common and preferred units in COPLP
— — — — (1,620)(1,620)
Contributions from noncontrolling interests in other consolidated entities
— — — — 2,570 2,570 
Distributions to noncontrolling interests in other consolidated entities
— — — — (5,886)(5,886)
Adjustment to arrive at fair value of redeemable noncontrolling interests
— (1,344)— — — (1,344)
Balance at September 30, 2019 (112,059,175 common shares outstanding)
$1,121 $2,480,083 $(790,235)$(34,580)$39,558 $1,695,947 
For the Nine Months Ended September 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 (94,974 shares issued, net of redemptions)
1 3,394 — — 1,335 4,730 
Redemption of vested equity awards
— (1,629)— — — (1,629)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
— 527 — — (527) 
Comprehensive income— — 15,706 14,896 693 31,295 
Dividends
— — (92,537)— — (92,537)
Distributions to owners of common and preferred units in COPLP
— — — — (1,306)(1,306)
Contributions from noncontrolling interests in other consolidated entities
— — — — 112 112 
Distributions to noncontrolling interests in other consolidated entities
— — — — (22)(22)
Adjustment to arrive at fair value of redeemable noncontrolling interests
— (4,711)— — — (4,711)
Balance at September 30, 2020 (112,175,688 common shares outstanding)
$1,122 $2,479,321 $(860,647)$(10,548)$40,388 $1,649,636 

7


Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited) 
For the Nine Months Ended September 30,
 20202019
Cash flows from operating activities  
Revenues from real estate operations received$394,094 $391,758 
Construction contract and other service revenues received53,911 65,813 
Property operating expenses paid(159,007)(151,478)
Construction contract and other service expenses paid(45,686)(68,599)
General, administrative, leasing, business development and land carry costs paid(24,408)(23,806)
Interest expense paid(49,693)(52,818)
Lease incentives paid(12,634)(6,366)
Other2,464 2,533 
Net cash provided by operating activities159,041 157,037 
Cash flows from investing activities  
Development and redevelopment of properties(284,416)(308,997)
Tenant improvements on operating properties(23,377)(16,466)
Other capital improvements on operating properties(24,797)(14,497)
Proceeds from property dispositions
Distribution from unconsolidated real estate joint venture following contribution of properties
 129,783 
Sale of properties
 107,440 
Distributions from unconsolidated real estate joint ventures2,287 16,937 
Investing receivables funded(258)(11,169)
Leasing costs paid(12,455)(13,502)
Settlement of interest rate derivatives(53,130) 
Other(63)1,558 
Net cash used in investing activities(396,209)(108,913)
Cash flows from financing activities  
Proceeds from debt
Revolving Credit Facility409,000 349,000 
Unsecured senior notes395,264  
Other debt proceeds199,088 32,002 
Repayments of debt
Revolving Credit Facility(529,000)(342,000)
Unsecured senior notes(122,948) 
Scheduled principal amortization(3,077)(3,300)
Deferred financing costs paid(2,161)(405)
Net proceeds from issuance of common shares 46,415 
Common share dividends paid(92,512)(91,835)
Distributions paid to noncontrolling interests in COPLP(1,303)(1,661)
Distributions paid to noncontrolling interests in other consolidated entities(15)(5,882)
Distributions paid to redeemable noncontrolling interests(13,515)(984)
Redemption of vested equity awards(1,629)(1,973)
Payments in connection with early extinguishment of debt(3,037) 
Other(442)(1,944)
Net cash provided by (used in) financing activities233,713 (22,567)
Net (decrease) increase in cash and cash equivalents and restricted cash(