Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Properties, net    
Operating properties, net $ 3,359,676 $ 3,353,477
Projects in development or held for future development 322,880 277,049
Total properties, net 3,682,556 3,630,526
Property - operating lease right-of-use assets 53,271 55,760
Cash and cash equivalents 21,288 38,284
Investment in unconsolidated real estate joint ventures 38,555 39,360
Accounts receivable, net 43,873 42,234
Deferred rent receivable 171,257 161,438
Lease incentives, net 66,478 64,013
Deferred leasing costs (net of accumulated amortization of $42,538 and $44,060, respectively) 73,342 71,268
Prepaid expenses and other assets, net 57,030 81,628
Total assets 4,286,950 4,254,191
Liabilities    
Debt, net 2,438,591 2,391,755
Accounts payable and accrued expenses 106,749 126,031
Rents received in advance and security deposits 37,799 38,560
Dividends and distributions payable 35,214 33,909
Deferred revenue associated with operating leases 39,325 39,752
Property - operating lease liabilities 47,372 49,240
Other liabilities 12,901 14,377
Total liabilities 2,717,951 2,693,624
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest 23,258 23,974
Shareholders’ equity    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,929,288 at June 30, 2025 and 112,703,460 at December 31, 2024) 1,129 1,127
Additional paid-in capital 2,495,422 2,494,369
Cumulative distributions in excess of net income (999,218) (1,003,401)
Accumulated other comprehensive income 342 988
Total shareholders’ equity 1,497,675 1,493,083
Noncontrolling interests in subsidiaries    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 33,181 28,935
Other consolidated entities 14,885 14,575
Noncontrolling interests in subsidiaries 48,066 43,510
Total equity 1,545,741 1,536,593
Total liabilities, redeemable noncontrolling interest and equity 4,286,950 4,254,191
Investing Receivables    
Properties, net    
Investing receivables (net of allowance for credit losses of $4,566 and $2,792, respectively) $ 79,300 $ 69,680