Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Properties, net    
Operating properties, net $ 3,372,672 $ 3,353,477
Projects in development or held for future development 353,184 277,049
Total properties, net 3,725,856 3,630,526
Property - operating lease right-of-use assets 51,838 55,760
Cash and cash equivalents 23,687 38,284
Investment in unconsolidated real estate joint ventures 36,301 39,360
Accounts receivable, net 38,931 42,234
Deferred rent receivable 173,758 161,438
Lease incentives, net 68,263 64,013
Deferred leasing costs (net of accumulated amortization of $42,807 and $44,060, respectively) 72,272 71,268
Prepaid expenses and other assets, net 80,754 81,628
Total assets 4,351,432 4,254,191
Liabilities    
Debt, net 2,443,518 2,391,755
Accounts payable and accrued expenses 135,331 126,031
Rents received in advance and security deposits 36,988 38,560
Dividends and distributions payable 35,220 33,909
Deferred revenue associated with operating leases 43,671 39,752
Property - operating lease liabilities 46,203 49,240
Other liabilities 31,245 14,377
Total liabilities 2,772,176 2,693,624
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest 24,217 23,974
Shareholders’ equity    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,950,359 at September 30, 2025 and 112,703,460 at December 31, 2024) 1,130 1,127
Additional paid-in capital 2,497,736 2,494,369
Cumulative distributions in excess of net income (991,935) (1,003,401)
Accumulated other comprehensive income 79 988
Total shareholders’ equity 1,507,010 1,493,083
Noncontrolling interests in subsidiaries    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 33,024 28,935
Other consolidated entities 15,005 14,575
Noncontrolling interests in subsidiaries 48,029 43,510
Total equity 1,555,039 1,536,593
Total liabilities, redeemable noncontrolling interest and equity 4,351,432 4,254,191
Investing Receivables    
Properties, net    
Investing receivables (net of allowance for credit losses of $4,204 and $2,792, respectively) $ 79,772 $ 69,680