Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Properties, net:    
Operating properties, net $ 3,272,873 $ 3,258,899
Projects in development or held for future development 341,202 297,499
Total properties, net 3,614,075 3,556,398
Property - operating right-of-use assets 42,808 37,020
Assets held for sale, net 0 161,286
Cash and cash equivalents 15,199 12,337
Investment in unconsolidated real estate joint ventures 42,279 21,460
Accounts receivable, net 46,149 43,334
Deferred rent receivable 130,153 125,147
Lease incentives, net 49,679 49,757
Deferred leasing costs (net of accumulated amortization of $36,416 and $35,270, respectively) 68,930 69,339
Prepaid expenses and other assets, net 83,221 96,576
Total assets 4,177,992 4,257,275
Liabilities:    
Debt, net 2,123,012 2,231,794
Accounts payable and accrued expenses 128,509 157,998
Rents received in advance and security deposits 34,653 30,016
Dividends and distributions payable 32,630 31,400
Deferred revenue associated with operating leases 9,022 11,004
Property - operating lease liabilities 34,896 28,759
Other liabilities 21,008 18,556
Total liabilities 2,383,730 2,509,527
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 25,448 26,293
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,513,857 at March 31, 2023 and 112,423,893 at December 31, 2022) 1,125 1,124
Additional paid-in capital 2,484,501 2,486,116
Cumulative distributions in excess of net income (760,820) (807,508)
Accumulated other comprehensive income 1,353 2,071
Total shareholders’ equity 1,726,159 1,681,803
Noncontrolling interests in subsidiaries:    
Common units in Corporate Office Properties, L.P. (“COPLP”) 29,268 25,808
Other consolidated entities 13,387 13,844
Noncontrolling interests in subsidiaries 42,655 39,652
Total equity 1,768,814 1,721,455
Total liabilities, redeemable noncontrolling interests and equity 4,177,992 4,257,275
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,937 and $2,794, respectively) $ 85,499 $ 84,621