Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Properties, net:    
Operating properties, net $ 3,272,670 $ 3,258,899
Projects in development or held for future development 399,565 297,499
Total properties, net 3,672,235 3,556,398
Property - operating right-of-use assets 41,652 37,020
Assets held for sale, net 0 161,286
Cash and cash equivalents 14,273 12,337
Investment in unconsolidated real estate joint ventures 41,928 21,460
Accounts receivable, net 47,363 43,334
Deferred rent receivable 136,382 125,147
Lease incentives, net 59,541 49,757
Deferred leasing costs (net of accumulated amortization of $37,451 and $35,270, respectively) 69,218 69,339
Prepaid expenses and other assets, net 77,046 96,576
Total assets 4,246,346 4,257,275
Liabilities:    
Debt, net 2,176,174 2,231,794
Accounts payable and accrued expenses 135,784 157,998
Rents received in advance and security deposits 32,021 30,016
Dividends and distributions payable 32,636 31,400
Deferred revenue associated with operating leases 9,199 11,004
Property - operating lease liabilities 33,923 28,759
Other liabilities 27,699 18,556
Total liabilities 2,447,436 2,509,527
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 22,215 26,293
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,538,555 at June 30, 2023 and 112,423,893 at December 31, 2022) 1,125 1,124
Additional paid-in capital 2,486,996 2,486,116
Cumulative distributions in excess of net income (762,617) (807,508)
Accumulated other comprehensive income 5,224 2,071
Total shareholders’ equity 1,730,728 1,681,803
Noncontrolling interests in subsidiaries:    
Common units in Corporate Office Properties, L.P. (“COPLP”) 29,563 25,808
Other consolidated entities 16,404 13,844
Noncontrolling interests in subsidiaries 45,967 39,652
Total equity 1,776,695 1,721,455
Total liabilities, redeemable noncontrolling interests and equity 4,246,346 4,257,275
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $3,250 and $2,794, respectively) $ 86,708 $ 84,621