Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Properties, net:    
Operating properties, net $ 3,289,959 $ 3,246,806
Projects in development or held for future development 314,729 256,872
Total properties, net 3,604,688 3,503,678
Property - operating right-of-use assets 40,523 41,296
Cash and cash equivalents 34,478 167,820
Investment in unconsolidated real estate joint ventures 39,720 41,052
Accounts receivable, net 42,240 48,946
Deferred rent receivable 159,182 149,237
Lease incentives, net 63,034 61,331
Deferred leasing costs (net of accumulated amortization of $44,178 and $41,448, respectively) 71,815 70,057
Prepaid expenses and other assets, net 95,086 82,037
Total assets 4,234,302 4,246,966
Liabilities:    
Debt, net 2,390,839 2,416,287
Accounts payable and accrued expenses 134,112 133,315
Rents received in advance and security deposits 33,213 35,409
Dividends and distributions payable 33,915 32,644
Deferred revenue associated with operating leases 37,660 29,049
Property - operating lease liabilities 33,615 33,931
Other liabilities 15,917 18,996
Total liabilities 2,679,271 2,699,631
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 22,436 23,580
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,693,206 at September 30, 2024 and 112,555,352 at December 31, 2023) 1,127 1,126
Additional paid-in capital 2,493,340 2,489,989
Cumulative distributions in excess of net income (1,005,260) (1,009,318)
Accumulated other comprehensive income 58 2,115
Total shareholders’ equity 1,489,265 1,483,912
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 28,918 25,502
Other consolidated entities 14,412 14,341
Noncontrolling interests in subsidiaries 43,330 39,843
Total equity 1,532,595 1,523,755
Total liabilities, redeemable noncontrolling interests and equity 4,234,302 4,246,966
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,867 and $2,377, respectively) $ 83,536 $ 81,512