Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Properties, net:    
Operating properties, net $ 3,257,822 $ 3,246,806
Projects in development or held for future development 277,771 256,872
Total properties, net 3,535,593 3,503,678
Property - operating right-of-use assets 40,899 41,296
Cash and cash equivalents 100,443 167,820
Investment in unconsolidated real estate joint ventures 40,148 41,052
Accounts receivable, net 46,963 48,946
Deferred rent receivable 156,123 149,237
Lease incentives, net 63,744 61,331
Deferred leasing costs (net of accumulated amortization of $43,837 and $41,448, respectively) 72,156 70,057
Prepaid expenses and other assets, net 79,182 82,037
Total assets 4,219,338 4,246,966
Liabilities:    
Debt, net 2,389,925 2,416,287
Accounts payable and accrued expenses 122,202 133,315
Rents received in advance and security deposits 33,485 35,409
Dividends and distributions payable 33,908 32,644
Deferred revenue associated with operating leases 37,199 29,049
Property - operating lease liabilities 33,818 33,931
Other liabilities 15,530 18,996
Total liabilities 2,666,067 2,699,631
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 22,765 23,580
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,650,930 at June 30, 2024 and 112,555,352 at December 31, 2023) 1,127 1,126
Additional paid-in capital 2,489,931 2,489,989
Cumulative distributions in excess of net income (1,008,087) (1,009,318)
Accumulated other comprehensive income 3,614 2,115
Total shareholders’ equity 1,486,585 1,483,912
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 29,470 25,502
Other consolidated entities 14,451 14,341
Noncontrolling interests in subsidiaries 43,921 39,843
Total equity 1,530,506 1,523,755
Total liabilities, redeemable noncontrolling interests and equity 4,219,338 4,246,966
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,746 and $2,377, respectively) $ 84,087 $ 81,512