Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Properties, net:    
Operating properties, net $ 3,272,452 $ 3,246,806
Projects in development or held for future development 245,426 256,872
Total properties, net 3,517,878 3,503,678
Property - operating right-of-use assets 40,368 41,296
Cash and cash equivalents 123,144 167,820
Investment in unconsolidated real estate joint ventures 40,597 41,052
Accounts receivable, net 50,088 48,946
Deferred rent receivable 153,788 149,237
Lease incentives, net 61,150 61,331
Deferred leasing costs (net of accumulated amortization of $41,846 and $41,448, respectively) 70,902 70,057
Prepaid expenses and other assets, net 92,457 82,037
Total assets 4,232,895 4,246,966
Liabilities:    
Debt, net 2,416,873 2,416,287
Accounts payable and accrued expenses 111,981 133,315
Rents received in advance and security deposits 37,557 35,409
Dividends and distributions payable 33,906 32,644
Deferred revenue associated with operating leases 34,019 29,049
Property - operating lease liabilities 33,141 33,931
Other liabilities 16,406 18,996
Total liabilities 2,683,883 2,699,631
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 22,966 23,580
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,640,861 at March 31, 2024 and 112,555,352 at December 31, 2023) 1,126 1,126
Additional paid-in capital 2,487,468 2,489,989
Cumulative distributions in excess of net income (1,009,964) (1,009,318)
Accumulated other comprehensive income 3,849 2,115
Total shareholders’ equity 1,482,479 1,483,912
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 29,214 25,502
Other consolidated entities 14,353 14,341
Noncontrolling interests in subsidiaries 43,567 39,843
Total equity 1,526,046 1,523,755
Total liabilities, redeemable noncontrolling interests and equity 4,232,895 4,246,966
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,361 and $2,377, respectively) $ 82,523 $ 81,512