Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Properties, net:    
Operating properties, net $ 2,737,611 $ 2,671,831
Projects in development or held for future development 403,494 401,531
Total properties, net 3,141,105 3,073,362
Assets held for sale, net 42,226 94,654
Cash and cash equivalents 12,261 209,863
Restricted cash and marketable securities 7,186 8,193
Investment in unconsolidated real estate joint venture 25,066 25,548
Accounts receivable (net of allowance for doubtful accounts of $607 and $603, respectively) 31,802 34,438
Deferred rent receivable (net of allowance of $364 and $373, respectively) 86,710 90,219
Intangible assets on real estate acquisitions, net 59,092 78,351
Deferred leasing costs (net of accumulated amortization of $29,560 and $65,988, respectively) 48,322 41,214
Investing receivables 57,493 52,279
Prepaid expenses and other assets, net 67,221 72,764
Total assets 3,578,484 3,780,885
Liabilities:    
Debt, net 1,828,333 1,904,001
Accounts payable and accrued expenses 108,137 108,682
Rents received in advance and security deposits 25,648 29,798
Dividends and distributions payable 28,921 31,335
Deferred revenue associated with operating leases 11,682 12,666
Redeemable preferred units of general partner, 531,667 units outstanding at December 31, 2016 0 26,583
Deferred property sale 43,377 0
Capital lease obligation 15,853 0
Other liabilities 41,822 50,177
Total liabilities 2,103,773 2,163,242
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 23,125 22,979
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred Shares of beneficial interest at liquidation preference 0 172,500
Common Shares of beneficial interest ($0.01 par value; shares authorized of 150,000,000 at December 31, 2017 and 125,000,000 at December 31, 2016; shares issued and outstanding of 101,292,299 at December 31, 2017 and 98,498,651 at December 31, 2016) 1,013 985
Additional paid-in capital 2,201,047 2,116,581
Cumulative distributions in excess of net income (818,190) (765,276)
Accumulated other comprehensive income (loss) 2,167 (1,731)
Total Corporate Office Properties Trust’s shareholders’ equity 1,386,037 1,523,059
Noncontrolling interests in subsidiaries:    
Common units in COPLP 44,481 49,228
Preferred units in COPLP 8,800 8,800
Other consolidated entities 12,268 13,577
Noncontrolling interests in subsidiaries 65,549 71,605
Total equity 1,451,586 1,594,664
Total liabilities, redeemable noncontrolling interests and equity 3,578,484 3,780,885
Corporate Office Properties, L.P. [Member]    
Properties, net:    
Operating properties, net 2,737,611 2,671,831
Projects in development or held for future development 403,494 401,531
Total properties, net 3,141,105 3,073,362
Assets held for sale, net 42,226 94,654
Cash and cash equivalents 12,261 209,863
Restricted cash and marketable securities 2,570 2,756
Investment in unconsolidated real estate joint venture 25,066 25,548
Accounts receivable (net of allowance for doubtful accounts of $607 and $603, respectively) 31,802 34,438
Deferred rent receivable (net of allowance of $364 and $373, respectively) 86,710 90,219
Intangible assets on real estate acquisitions, net 59,092 78,351
Deferred leasing costs (net of accumulated amortization of $29,560 and $65,988, respectively) 48,322 41,214
Investing receivables 57,493 52,279
Prepaid expenses and other assets, net 67,221 72,764
Total assets 3,573,868 3,775,448
Liabilities:    
Debt, net 1,828,333 1,904,001
Accounts payable and accrued expenses 108,137 108,682
Rents received in advance and security deposits 25,648 29,798
Dividends and distributions payable 28,921 31,335
Deferred revenue associated with operating leases 11,682 12,666
Redeemable preferred units of general partner, 531,667 units outstanding at December 31, 2016 0 26,583
Deferred property sale 43,377 0
Capital lease obligation 15,853 0
Other liabilities 37,206 44,740
Total liabilities 2,099,157 2,157,805
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 23,125 22,979
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; shares authorized of 150,000,000 at December 31, 2017 and 125,000,000 at December 31, 2016; shares issued and outstanding of 101,292,299 at December 31, 2017 and 98,498,651 at December 31, 2016) 1,428,301 1,401,597
Accumulated other comprehensive income (loss) 2,173 (1,854)
Total Corporate Office Properties Trust’s shareholders’ equity 1,439,274 1,581,043
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 12,312 13,621
Total equity 1,451,586 1,594,664
Total liabilities, redeemable noncontrolling interests and equity 3,573,868 3,775,448
Corporate Office Properties, L.P. [Member] | General Partner [Member]    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts 0 172,500
Corporate Office Properties, L.P. [Member] | Limited Partner [Member]    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts $ 8,800 $ 8,800