Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Properties, net:    
Operating properties, net $ 2,865,829 $ 2,847,265
Projects in development or held for future development 437,173 403,361
Total properties, net 3,303,002 3,250,626
Property - finance right-of-use assets 41,685  
Cash and cash equivalents 7,780 8,066
Investment in unconsolidated real estate joint venture 39,359 39,845
Accounts receivable 25,261 26,277
Deferred rent receivable 91,304 89,350
Intangible assets on real estate acquisitions, net 33,172 43,470
Deferred leasing costs (net of accumulated amortization of $34,666 and $31,994, respectively) 51,736 50,191
Investing receivables 69,390 56,982
Interest rate derivatives 2,602 5,617
Prepaid expenses and other assets, net 84,196 85,581
Total assets 3,775,859 3,656,005
Liabilities:    
Debt, net 1,876,149 1,823,909
Accounts payable and accrued expenses 112,076 92,855
Rents received in advance and security deposits 25,635 30,079
Dividends and distributions payable 31,346 30,856
Deferred revenue associated with operating leases 8,415 9,125
Property - operating lease liabilities 16,619  
Interest rate derivatives 11,894 5,459
Other liabilities 10,162 10,414
Total liabilities 2,092,296 2,002,697
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 27,385 26,260
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest 1,119 1,102
Additional paid-in capital 2,475,497 2,431,355
Cumulative distributions in excess of net income (856,703) (846,808)
Accumulated other comprehensive loss (9,538) (238)
Total Corporate Office Properties Trust’s shareholders’ equity 1,610,375 1,585,411
Noncontrolling interests in subsidiaries:    
Common units in COPLP 20,167 19,168
Preferred units in COPLP 8,800 8,800
Other consolidated entities 16,836 13,669
Noncontrolling interests in subsidiaries 45,803 41,637
Total equity 1,656,178 1,627,048
Total liabilities, redeemable noncontrolling interests and equity 3,775,859 3,656,005
Properties    
Properties, net:    
Property - operating right-of-use assets 27,569 0
Property - finance right-of-use assets 40,488 0
Liabilities:    
Property - operating lease liabilities 16,619 0
Corporate Office Properties, L.P.    
Properties, net:    
Operating properties, net 2,865,829 2,847,265
Projects in development or held for future development 437,173 403,361
Total properties, net 3,303,002 3,250,626
Cash and cash equivalents 7,780 8,066
Investment in unconsolidated real estate joint venture 39,359 39,845
Accounts receivable 25,261 26,277
Deferred rent receivable 91,304 89,350
Intangible assets on real estate acquisitions, net 33,172 43,470
Deferred leasing costs (net of accumulated amortization of $34,666 and $31,994, respectively) 51,736 50,191
Investing receivables 69,390 56,982
Interest rate derivatives 2,602 5,617
Prepaid expenses and other assets, net 79,982 81,713
Total assets 3,771,645 3,652,137
Liabilities:    
Debt, net 1,876,149 1,823,909
Accounts payable and accrued expenses 112,076 92,855
Rents received in advance and security deposits 25,635 30,079
Dividends and distributions payable 31,346 30,856
Deferred revenue associated with operating leases 8,415 9,125
Interest rate derivatives 11,894 5,459
Other liabilities 5,948 6,546
Total liabilities 2,088,082 1,998,829
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 27,385 26,260
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest 1,640,272 1,604,655
Accumulated other comprehensive loss (9,536) (121)
Total Corporate Office Properties Trust’s shareholders’ equity 1,639,536 1,613,334
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 16,642 13,714
Total equity 1,656,178 1,627,048
Total liabilities, redeemable noncontrolling interests and equity 3,771,645 3,652,137
Corporate Office Properties, L.P. | Properties    
Properties, net:    
Property - operating right-of-use assets 27,569 0
Property - finance right-of-use assets 40,488 0
Liabilities:    
Property - operating lease liabilities 16,619 0
Limited Partner | Corporate Office Properties, L.P.    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred units held by limited partner, 352,000 preferred units outstanding at March 31, 2019 and December 31, 2018 $ 8,800 $ 8,800