Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Properties, net:    
Operating properties, net $ 2,671,831 $ 2,920,529
Projects in development or held for future development 401,531 429,219
Total properties, net 3,073,362 3,349,748
Assets held for sale, net 94,654 96,782
Cash and cash equivalents 209,863 60,310
Restricted cash and marketable securities 8,193 7,716
Investment in unconsolidated real estate joint venture 25,548 0
Accounts receivable (net of allowance for doubtful accounts of $603 and $1,525, respectively) 34,438 29,167
Deferred rent receivable (net of allowance of $373 and $1,962, respectively) 90,219 105,484
Intangible assets on real estate acquisitions, net 78,351 98,338
Deferred leasing costs (net of accumulated amortization of $65,988 and $66,364, respectively) 41,214 53,868
Investing receivables 52,279 47,875
Prepaid expenses and other assets, net 72,764 60,024
Total assets 3,780,885 3,909,312
Liabilities:    
Debt, net 1,904,001 2,077,752
Accounts payable and accrued expenses 108,682 91,755
Rents received in advance and security deposits 29,798 37,148
Dividends and distributions payable 31,335 30,178
Deferred revenue associated with operating leases 12,666 19,758
Interest rate derivatives 1,572 3,160
Redeemable preferred shares of beneficial interest at liquidation preference 26,583 0
Other liabilities 48,605 13,779
Total liabilities 2,163,242 2,273,530
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 22,979 19,218
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred Shares of beneficial interest at liquidation preference 172,500 199,083
Common Shares of beneficial interest ($0.01 par value; 125,000,000 shares authorized, shares issued and outstanding of 98,498,651 at December 31, 2016 and 94,531,512 at December 31, 2015) 985 945
Additional paid-in capital 2,116,581 2,004,507
Cumulative distributions in excess of net income (765,276) (657,172)
Accumulated other comprehensive loss (1,731) (2,838)
Total Corporate Office Properties Trust’s shareholders’ equity 1,523,059 1,544,525
Noncontrolling interests in subsidiaries:    
Common units in COPLP 49,228 52,359
Preferred units in COPLP 8,800 8,800
Other consolidated entities 13,577 10,880
Noncontrolling interests in subsidiaries 71,605 72,039
Total equity 1,594,664 1,616,564
Total liabilities, redeemable noncontrolling interest and equity 3,780,885 3,909,312
Corporate Office Properties, L.P. [Member]    
Properties, net:    
Operating properties, net 2,671,831 2,920,529
Projects in development or held for future development 401,531 429,219
Total properties, net 3,073,362 3,349,748
Assets held for sale, net 94,654 96,782
Cash and cash equivalents 209,863 60,310
Restricted cash and marketable securities 2,756 1,953
Investment in unconsolidated real estate joint venture 25,548 0
Accounts receivable (net of allowance for doubtful accounts of $603 and $1,525, respectively) 34,438 29,167
Deferred rent receivable (net of allowance of $373 and $1,962, respectively) 90,219 105,484
Intangible assets on real estate acquisitions, net 78,351 98,338
Deferred leasing costs (net of accumulated amortization of $65,988 and $66,364, respectively) 41,214 53,868
Investing receivables 52,279 47,875
Prepaid expenses and other assets, net 72,764 60,024
Total assets 3,775,448 3,903,549
Liabilities:    
Debt, net 1,904,001 2,077,752
Accounts payable and accrued expenses 108,682 91,755
Rents received in advance and security deposits 29,798 37,148
Dividends and distributions payable 31,335 30,178
Deferred revenue associated with operating leases 12,666 19,758
Interest rate derivatives 1,572 3,160
Redeemable preferred shares of beneficial interest at liquidation preference 26,583 0
Other liabilities 43,168 8,016
Total liabilities 2,157,805 2,267,767
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 22,979 19,218
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 125,000,000 shares authorized, shares issued and outstanding of 98,498,651 at December 31, 2016 and 94,531,512 at December 31, 2015) 1,401,597 1,400,745
Accumulated other comprehensive loss (1,854) (2,985)
Total Corporate Office Properties Trust’s shareholders’ equity 1,581,043 1,605,643
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 13,621 10,921
Total equity 1,594,664 1,616,564
Total liabilities, redeemable noncontrolling interest and equity 3,775,448 3,903,549
Corporate Office Properties, L.P. [Member] | General Partner [Member]    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts 172,500 199,083
Corporate Office Properties, L.P. [Member] | Limited Partner [Member]    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts $ 8,800 $ 8,800