Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Properties, net    
Operating properties, net $ 3,343,341 $ 3,353,477
Projects in development or held for future development 300,141 277,049
Total properties, net 3,643,482 3,630,526
Property - operating lease right-of-use assets 54,374 55,760
Cash and cash equivalents 24,292 38,284
Investment in unconsolidated real estate joint ventures 38,960 39,360
Accounts receivable, net 45,924 42,234
Deferred rent receivable 165,968 161,438
Lease incentives, net 64,260 64,013
Deferred leasing costs (net of accumulated amortization of $43,253 and $44,060, respectively) 71,468 71,268
Prepaid expenses and other assets, net 63,153 81,628
Total assets 4,250,311 4,254,191
Liabilities    
Debt, net 2,412,670 2,391,755
Accounts payable and accrued expenses 98,039 126,031
Rents received in advance and security deposits 41,624 38,560
Dividends and distributions payable 35,208 33,909
Deferred revenue associated with operating leases 38,915 39,752
Property - operating lease liabilities 48,216 49,240
Other liabilities 13,809 14,377
Total liabilities 2,688,481 2,693,624
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest 23,539 23,974
Shareholders’ equity    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,882,315 at March 31, 2025 and 112,703,460 at December 31, 2024) 1,129 1,127
Additional paid-in capital 2,492,454 2,494,369
Cumulative distributions in excess of net income (1,003,120) (1,003,401)
Accumulated other comprehensive income 403 988
Total shareholders’ equity 1,490,866 1,493,083
Noncontrolling interests in subsidiaries    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 32,745 28,935
Other consolidated entities 14,680 14,575
Noncontrolling interests in subsidiaries 47,425 43,510
Total equity 1,538,291 1,536,593
Total liabilities, redeemable noncontrolling interest and equity 4,250,311 4,254,191
Investing Receivables    
Properties, net    
Investing receivables (net of allowance for credit losses of $3,362 and $2,792, respectively) $ 78,430 $ 69,680