Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Properties, net:    
Operating properties, net $ 3,115,280 $ 2,772,647
Projects in development or held for future development 447,269 568,239
Total properties, net 3,562,549 3,340,886
Property - operating right-of-use assets 40,570 27,864
Property - finance right-of-use assets 40,425 40,458
Cash and cash equivalents 18,369 14,733
Investment in unconsolidated real estate joint ventures 29,303 51,949
Accounts receivable, net 41,637 35,444
Deferred rent receivable 92,876 87,736
Intangible assets on real estate acquisitions, net 19,344 27,392
Deferred leasing costs (net of accumulated amortization of $30,375 and $33,782, respectively) 58,613 58,392
Prepaid expenses and other assets, net 104,583 96,076
Total assets 4,077,023 3,854,453
Liabilities:    
Debt, net 2,086,918 1,831,139
Accounts payable and accrued expenses 142,717 148,746
Rents received in advance and security deposits 33,425 33,620
Dividends and distributions payable 31,231 31,263
Deferred revenue associated with operating leases 10,832 7,361
Property - operating lease liabilities 30,746 17,317
Interest rate derivatives 9,522 25,682
Other liabilities 12,490 10,649
Total liabilities 2,357,881 2,105,777
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests 25,430 29,431
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,181,759 at December 31, 2020 and 112,068,705 at December 31, 2019) 1,122 1,121
Additional paid-in capital 2,478,906 2,481,558
Cumulative distributions in excess of net income (809,836) (778,275)
Accumulated other comprehensive loss (9,157) (25,444)
Total Corporate Office Properties Trust/L.P.'s equity 1,661,035 1,678,960
Noncontrolling interests in subsidiaries:    
Common units in COPLP 20,465 19,597
Preferred units in COPLP 0 8,800
Other consolidated entities 12,212 11,888
Noncontrolling interests in subsidiaries 32,677 40,285
Total equity 1,693,712 1,719,245
Total liabilities, redeemable noncontrolling interests and equity 4,077,023 3,854,453
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,851 at December 31, 2020) 68,754 73,523
Corporate Office Properties, L.P    
Properties, net:    
Operating properties, net 3,115,280 2,772,647
Projects in development or held for future development 447,269 568,239
Total properties, net 3,562,549 3,340,886
Property - operating right-of-use assets 40,570 27,864
Property - finance right-of-use assets 40,425 40,458
Cash and cash equivalents 18,369 14,733
Investment in unconsolidated real estate joint ventures 29,303 51,949
Accounts receivable, net 41,637 35,444
Deferred rent receivable 92,876 87,736
Intangible assets on real estate acquisitions, net 19,344 27,392
Deferred leasing costs (net of accumulated amortization of $30,375 and $33,782, respectively) 58,613 58,392
Prepaid expenses and other assets, net 101,556 93,016
Total assets 4,073,996 3,851,393
Liabilities:    
Debt, net 2,086,918 1,831,139
Accounts payable and accrued expenses 142,717 148,746
Rents received in advance and security deposits 33,425 33,620
Dividends and distributions payable 31,231 31,263
Deferred revenue associated with operating leases 10,832 7,361
Property - operating lease liabilities 30,746 17,317
Interest rate derivatives 9,522 25,682
Other liabilities 9,463 7,589
Total liabilities 2,354,854 2,102,717
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests 25,430 29,431
Corporate Office Properties Trust’s shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,181,759 at December 31, 2020 and 112,068,705 at December 31, 2019) 1,690,610 1,724,159
Accumulated other comprehensive loss (9,155) (25,648)
Total Corporate Office Properties Trust/L.P.'s equity 1,681,455 1,707,311
Noncontrolling interests in subsidiaries:    
Noncontrolling interests in subsidiaries 12,257 11,934
Total equity 1,693,712 1,719,245
Total liabilities, redeemable noncontrolling interests and equity 4,073,996 3,851,393
Corporate Office Properties, L.P | Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,851 at December 31, 2020) 68,754 73,523
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 $ 0 $ 8,800