Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Properties, net:    
Operating properties, net $ 3,090,510 $ 2,915,016
Projects in development or held for future development 442,434 447,269
Total properties, net 3,532,944 3,362,285
Property - operating right-of-use assets 38,361 40,570
Property - finance right-of-use assets 2,238 40,425
Assets held for sale, net 192,699 201,820
Cash and cash equivalents 13,262 18,369
Investment in unconsolidated real estate joint ventures 39,889 29,303
Accounts receivable, net 40,752 41,637
Deferred rent receivable 108,926 91,851
Intangible assets on property acquisitions, net 14,567 19,249
Deferred leasing costs (net of accumulated amortization of $31,768 and $30,124, respectively) 65,850 58,177
Prepaid expenses and other assets, net 130,738 104,583
Total assets 4,262,452 4,077,023
Liabilities:    
Debt, net 2,272,304 2,086,918
Accounts payable and accrued expenses 186,202 142,717
Rents received in advance and security deposits 32,262 33,425
Dividends and distributions payable 31,299 31,231
Deferred revenue associated with operating leases 9,341 10,832
Property - operating lease liabilities 29,342 30,746
Interest rate derivatives 3,644 9,522
Other liabilities 14,085 12,490
Total liabilities 2,578,479 2,357,881
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 26,898 25,430
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 112,327,533 at December 31, 2021 and 112,181,759 at December 31, 2020) 1,123 1,122
Additional paid-in capital 2,481,539 2,478,906
Cumulative distributions in excess of net income (856,863) (809,836)
Accumulated other comprehensive loss (3,059) (9,157)
Total Corporate Office Properties Trust’s shareholders’ equity 1,622,740 1,661,035
Noncontrolling interests in subsidiaries:    
Common units in Corporate Office Properties, L.P. (“COPLP”) 21,363 20,465
Other consolidated entities 12,972 12,212
Noncontrolling interests in subsidiaries 34,335 32,677
Total equity 1,657,075 1,693,712
Total liabilities, redeemable noncontrolling interests and equity 4,262,452 4,077,023
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $1,599 and $2,851, respectively) $ 82,226 $ 68,754