Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Properties, net:    
Operating properties, net $ 2,772,647 $ 2,847,265
Projects in development or held for future development 568,239 403,361
Total properties, net 3,340,886 3,250,626
Property - finance right-of-use assets 41,654  
Cash and cash equivalents 14,733 8,066
Investment in unconsolidated real estate joint ventures 51,949 39,845
Accounts receivable 35,444 26,277
Deferred rent receivable 87,736 89,350
Intangible assets on real estate acquisitions, net 27,392 43,470
Deferred leasing costs, net (accumulated amortization of $33,782 and $31,994, respectively) 58,392 50,191
Investing receivables 73,523 56,982
Prepaid expenses and other assets, net 96,076 91,198
Total assets 3,854,453 3,656,005
Liabilities:    
Debt, net 1,831,139 1,823,909
Accounts payable and accrued expenses 148,746 92,855
Rents received in advance and security deposits 33,620 30,079
Dividends and distributions payable 31,263 30,856
Deferred revenue associated with operating leases 7,361 9,125
Property - operating lease liabilities 17,317  
Interest rate derivatives 25,682 5,459
Other liabilities 10,649 10,414
Total liabilities 2,105,777 2,002,697
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 29,431 26,260
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest 1,121 1,102
Additional paid-in capital 2,481,558 2,431,355
Cumulative distributions in excess of net income (778,275) (846,808)
Accumulated other comprehensive loss (25,444) (238)
Total Corporate Office Properties Trust’s shareholders’ equity 1,678,960 1,585,411
Noncontrolling interests in subsidiaries:    
Common units in COPLP 19,597 19,168
Preferred units in COPLP 8,800 8,800
Other consolidated entities 11,888 13,669
Noncontrolling interests in subsidiaries 40,285 41,637
Total equity 1,719,245 1,627,048
Total liabilities, redeemable noncontrolling interests and equity 3,854,453 3,656,005
Corporate Office Properties, L.P    
Properties, net:    
Operating properties, net 2,772,647 2,847,265
Projects in development or held for future development 568,239 403,361
Total properties, net 3,340,886 3,250,626
Cash and cash equivalents 14,733 8,066
Investment in unconsolidated real estate joint ventures 51,949 39,845
Accounts receivable 35,444 26,277
Deferred rent receivable 87,736 89,350
Intangible assets on real estate acquisitions, net 27,392 43,470
Deferred leasing costs, net (accumulated amortization of $33,782 and $31,994, respectively) 58,392 50,191
Investing receivables 73,523 56,982
Prepaid expenses and other assets, net 93,016 87,330
Total assets 3,851,393 3,652,137
Liabilities:    
Debt, net 1,831,139 1,823,909
Accounts payable and accrued expenses 148,746 92,855
Rents received in advance and security deposits 33,620 30,079
Dividends and distributions payable 31,263 30,856
Deferred revenue associated with operating leases 7,361 9,125
Interest rate derivatives 25,682 5,459
Other liabilities 7,589 6,546
Total liabilities 2,102,717 1,998,829
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 29,431 26,260
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest 1,724,159 1,604,655
Accumulated other comprehensive loss (25,648) (121)
Total Corporate Office Properties Trust’s shareholders’ equity 1,707,311 1,613,334
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 11,934 13,714
Total equity 1,719,245 1,627,048
Total liabilities, redeemable noncontrolling interests and equity 3,851,393 3,652,137
Corporate Office Properties, L.P | Limited Partner    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred units held by limited partner, 352,000 preferred units outstanding at December 31, 2019 and 2018 8,800 8,800
Property    
Properties, net:    
Property - operating right-of-use assets 27,864  
Property - finance right-of-use assets 40,458  
Liabilities:    
Property - operating lease liabilities 17,317 $ 0
Property | Corporate Office Properties, L.P    
Properties, net:    
Property - operating right-of-use assets 27,864  
Property - finance right-of-use assets 40,458  
Liabilities:    
Property - operating lease liabilities $ 17,317