Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Properties, net:    
Operating properties, net $ 3,258,899 $ 3,090,510
Projects in development or held for future development 297,499 442,434
Total properties, net 3,556,398 3,532,944
Property - operating right-of-use assets 37,020 38,361
Assets held for sale, net 161,286 192,699
Cash and cash equivalents 12,337 13,262
Investment in unconsolidated real estate joint ventures 21,460 39,889
Accounts receivable, net 43,334 40,752
Deferred rent receivable 125,147 108,926
Lease incentives, net 49,757 51,486
Deferred leasing costs (net of accumulated amortization of $35,270 and $31,768, respectively) 69,339 65,850
Intangible assets on property acquisitions, net 9,959 14,567
Prepaid expenses and other assets, net 86,617 81,490
Total assets 4,257,275 4,262,452
Liabilities:    
Debt, net 2,231,794 2,272,304
Accounts payable and accrued expenses 157,998 186,202
Rents received in advance and security deposits 30,016 32,262
Dividends and distributions payable 31,400 31,299
Deferred revenue associated with operating leases 11,004 9,341
Property - operating lease liabilities 28,759 29,342
Other liabilities 18,556 17,729
Total liabilities 2,509,527 2,578,479
Commitments and contingencies (Note 19)
Redeemable noncontrolling interests 26,293 26,898
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,423,893 at December 31, 2022 and 112,327,533 at December 31, 2021) 1,124 1,123
Additional paid-in capital 2,486,116 2,481,539
Cumulative distributions in excess of net income (807,508) (856,863)
Accumulated other comprehensive income (loss) 2,071 (3,059)
Total shareholders’ equity 1,681,803 1,622,740
Noncontrolling interests in subsidiaries:    
Common units in Corporate Office Properties, L.P. (“COPLP”) 25,808 21,363
Other consolidated entities 13,844 12,972
Noncontrolling interests in subsidiaries 39,652 34,335
Total equity 1,721,455 1,657,075
Total liabilities, redeemable noncontrolling interests and equity 4,257,275 4,262,452
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,794 and $1,599, respectively) $ 84,621 $ 82,226