Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2013
Dec. 31, 2012
Properties, net:    
Operating properties, net $ 2,703,009 $ 2,597,666
Projects in development or held for future development 508,295 565,378
Total properties, net 3,211,304 3,163,044
Assets held for sale, net 136,896 140,229
Cash and cash equivalents 9,196 10,594
Restricted cash and marketable securities 19,472 21,557
Accounts receivable (net of allowance for doubtful accounts of $5,216 and $4,694, respectively) 23,751 19,247
Deferred rent receivable 89,811 85,802
Intangible assets on real estate acquisitions, net 68,046 75,879
Deferred leasing and financing costs, net 57,488 59,952
Prepaid expenses and other assets 83,671 77,455
Total assets 3,699,635 3,653,759
Liabilities:    
Debt, net 2,093,106 2,019,168
Accounts payable and accrued expenses 84,181 97,922
Rents received in advance and security deposits 24,095 27,632
Dividends and distributions payable 28,602 28,698
Deferred revenue associated with operating leases 9,649 11,995
Distributions received in excess of investment in unconsolidated real estate joint venture 6,420 6,420
Interest rate derivatives 3,555 6,185
Other liabilities 8,169 8,942
Total liabilities 2,257,777 2,206,962
Commitments and contingencies (Note 16)      
Redeemable noncontrolling interest 15,571 10,298
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred Shares of beneficial interest at liquidation preference ($0.01 par value; 25,000,000 shares authorized; shares issued and outstanding of 9,431,667 at June 30, 2013 and 12,821,667 at December 31, 2012) 249,083 333,833
Common Shares of beneficial interest 858 809
Additional paid-in capital 1,772,470 1,653,672
Cumulative distributions in excess of net income (668,892) (617,455)
Accumulated other comprehensive income (loss) 3,631 (5,435)
Total Corporate Office Properties Trust’s shareholders’ equity 1,357,150 1,365,424
Noncontrolling interests in subsidiaries:    
Common units in COPLP 49,112 52,122
Preferred units in COPLP 8,800 8,800
Other consolidated entities 11,225 10,153
Noncontrolling interests in subsidiaries 69,137 71,075
Total equity 1,426,287 1,436,499
Total liabilities, redeemable noncontrolling interest and equity 3,699,635 3,653,759
Corporate Office Properties, L.P.
    
Properties, net:    
Operating properties, net 2,703,009 2,597,666
Projects in development or held for future development 508,295 565,378
Total properties, net 3,211,304 3,163,044
Assets held for sale, net 136,896 140,229
Cash and cash equivalents 9,196 10,594
Restricted cash and marketable securities 12,396 14,781
Accounts receivable (net of allowance for doubtful accounts of $5,216 and $4,694, respectively) 23,751 19,247
Deferred rent receivable 89,811 85,802
Intangible assets on real estate acquisitions, net 68,046 75,879
Deferred leasing and financing costs, net 57,488 59,952
Prepaid expenses and other assets 83,671 77,455
Total assets 3,692,559 3,646,983
Liabilities:    
Debt, net 2,093,106 2,019,168
Accounts payable and accrued expenses 84,181 97,922
Rents received in advance and security deposits 24,095 27,632
Dividends and distributions payable 28,602 28,698
Deferred revenue associated with operating leases 9,649 11,995
Distributions received in excess of investment in unconsolidated real estate joint venture 6,420 6,420
Interest rate derivatives 3,555 6,185
Other liabilities 1,093 2,166
Total liabilities 2,250,701 2,200,186
Commitments and contingencies (Note 16)      
Redeemable noncontrolling interest 15,571 10,298
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest 1,153,376 1,089,391
Accumulated other comprehensive income (loss) 3,763 (5,708)
Total Corporate Office Properties Trust’s shareholders’ equity 1,415,022 1,426,316
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 11,265 10,183
Total equity 1,426,287 1,436,499
Total liabilities, redeemable noncontrolling interest and equity 3,692,559 3,646,983
General Partner | Corporate Office Properties, L.P.
    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts 249,083 333,833
Limited Partner | Corporate Office Properties, L.P.
    
Corporate Office Properties Trust’s shareholders’ equity:    
Preferred partners' capital accounts $ 8,800 $ 8,800