Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Properties, net:    
Operating properties, net $ 3,148,434 $ 3,258,899
Projects in development or held for future development 319,763 297,499
Total properties, net 3,468,197 3,556,398
Property - operating right-of-use assets 40,487 37,020
Assets held for sale, net 0 161,286
Cash and cash equivalents 204,238 12,337
Investment in unconsolidated real estate joint ventures 41,495 21,460
Accounts receivable, net 40,211 43,334
Deferred rent receivable 142,041 125,147
Lease incentives, net 60,506 49,757
Deferred leasing costs (net of accumulated amortization of $39,298 and $35,270, respectively) 68,033 69,339
Prepaid expenses and other assets, net 86,514 96,576
Total assets 4,239,257 4,257,275
Liabilities:    
Debt, net 2,415,783 2,231,794
Accounts payable and accrued expenses 135,605 157,998
Rents received in advance and security deposits 32,063 30,016
Dividends and distributions payable 32,645 31,400
Deferred revenue associated with operating leases 24,590 11,004
Property - operating lease liabilities 32,940 28,759
Other liabilities 17,936 18,556
Total liabilities 2,691,562 2,509,527
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 21,822 26,293
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,547,846 at September 30, 2023 and 112,423,893 at December 31, 2022) 1,125 1,124
Additional paid-in capital 2,489,717 2,486,116
Cumulative distributions in excess of net income (1,010,885) (807,508)
Accumulated other comprehensive income 6,094 2,071
Total shareholders’ equity 1,486,051 1,681,803
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 25,337 25,808
Other consolidated entities 14,485 13,844
Noncontrolling interests in subsidiaries 39,822 39,652
Total equity 1,525,873 1,721,455
Total liabilities, redeemable noncontrolling interests and equity 4,239,257 4,257,275
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $3,623 and $2,794, respectively) $ 87,535 $ 84,621