Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Properties, net:    
Operating properties, net $ 3,167,851 $ 3,090,510
Projects in development or held for future development 412,430 442,434
Total properties, net 3,580,281 3,532,944
Property - operating right-of-use assets 38,566 38,361
Assets held for sale, net 0 192,699
Cash and cash equivalents 19,347 13,262
Investment in unconsolidated real estate joint ventures 39,440 39,889
Accounts receivable, net 42,596 40,752
Deferred rent receivable 114,952 108,926
Intangible assets on property acquisitions, net 13,410 14,567
Lease incentives, net 52,089 51,486
Deferred leasing costs (net of accumulated amortization of $32,293 and $31,768, respectively) 65,660 65,850
Prepaid expenses and other assets, net 83,268 81,490
Total assets 4,132,026 4,262,452
Liabilities:    
Debt, net 2,156,784 2,272,304
Accounts payable and accrued expenses 144,974 186,202
Rents received in advance and security deposits 29,082 32,262
Dividends and distributions payable 31,402 31,299
Deferred revenue associated with operating leases 8,241 9,341
Property - operating lease liabilities 29,729 29,342
Other liabilities 14,458 17,729
Total liabilities 2,414,670 2,578,479
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests 26,820 26,898
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,418,811 at March 31, 2022 and 112,327,533 at December 31, 2021) 1,124 1,123
Additional paid-in capital 2,479,119 2,481,539
Cumulative distributions in excess of net income (828,473) (856,863)
Accumulated other comprehensive income (loss) 164 (3,059)
Total shareholders’ equity 1,651,934 1,622,740
Noncontrolling interests in subsidiaries:    
Common units in Corporate Office Properties, L.P. (“COPLP”) 25,285 21,363
Other consolidated entities 13,317 12,972
Noncontrolling interests in subsidiaries 38,602 34,335
Total equity 1,690,536 1,657,075
Total liabilities, redeemable noncontrolling interests and equity 4,132,026 4,262,452
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $1,676 and $1,599, respectively) $ 82,417 $ 82,226