Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Properties, net:    
Operating properties, net $ 3,353,477 $ 3,246,806
Projects in development or held for future development 277,049 256,872
Total properties, net 3,630,526 3,503,678
Property - operating lease right-of-use assets 55,760 41,296
Cash and cash equivalents 38,284 167,820
Investment in unconsolidated real estate joint ventures 39,360 41,052
Accounts receivable, net 42,234 48,946
Deferred rent receivable 161,438 149,237
Lease incentives, net 64,013 61,331
Deferred leasing costs (net of accumulated amortization of $44,060 and $41,448, respectively) 71,268 70,057
Prepaid expenses and other assets, net 81,628 82,037
Total assets 4,254,191 4,246,966
Liabilities:    
Debt, net 2,391,755 2,416,287
Accounts payable and accrued expenses 126,031 133,315
Rents received in advance and security deposits 38,560 35,409
Dividends and distributions payable 33,909 32,644
Deferred revenue associated with operating leases 39,752 29,049
Property - operating lease liabilities 49,240 33,931
Other liabilities 14,377 18,996
Total liabilities 2,693,624 2,699,631
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests 23,974 23,580
Shareholders’ equity:    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,703,460 at December 31, 2024 and 112,555,352 at December 31, 2023) 1,127 1,126
Additional paid-in capital 2,494,369 2,489,989
Cumulative distributions in excess of net income (1,003,401) (1,009,318)
Accumulated other comprehensive income 988 2,115
Total shareholders’ equity 1,493,083 1,483,912
Noncontrolling interests in subsidiaries:    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 28,935 25,502
Other consolidated entities 14,575 14,341
Noncontrolling interests in subsidiaries 43,510 39,843
Total equity 1,536,593 1,523,755
Total liabilities, redeemable noncontrolling interests and equity 4,254,191 4,246,966
Investing Receivables    
Properties, net:    
Investing receivables (net of allowance for credit losses of $2,792 and $2,377, respectively) $ 69,680 $ 81,512