Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Properties, net    
Operating properties, net $ 3,500,087 $ 3,353,477
Projects in development or held for future development 283,390 277,049
Total properties, net 3,783,477 3,630,526
Property - operating lease right-of-use assets 50,383 55,760
Cash and cash equivalents 274,986 38,284
Investment in unconsolidated real estate joint ventures 36,368 39,360
Accounts receivable, net 58,185 42,234
Deferred rent receivable 177,921 161,438
Lease incentives, net 72,347 64,013
Deferred leasing costs (net of accumulated amortization of $44,127 and $44,060, respectively) 75,052 71,268
Prepaid expenses and other assets, net 103,215 81,628
Total assets 4,701,790 4,254,191
Liabilities    
Debt, net 2,767,834 2,391,755
Accounts payable and accrued expenses 147,200 126,031
Rents received in advance and security deposits 37,914 38,560
Dividends and distributions payable 35,205 33,909
Deferred revenue associated with operating leases 47,714 39,752
Property - operating lease liabilities 45,012 49,240
Other liabilities 33,236 14,377
Total liabilities 3,114,115 2,693,624
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest 25,506 23,974
Shareholders’ equity    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,210,642 at December 31, 2025 and 112,703,460 at December 31, 2024) 1,132 1,127
Additional paid-in capital 2,502,661 2,494,369
Cumulative distributions in excess of net income (988,957) (1,003,401)
Accumulated other comprehensive (loss) income (61) 988
Total shareholders’ equity 1,514,775 1,493,083
Noncontrolling interests in subsidiaries    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 29,317 28,935
Other consolidated entities 18,077 14,575
Noncontrolling interests in subsidiaries 47,394 43,510
Total equity 1,562,169 1,536,593
Total liabilities, redeemable noncontrolling interest and equity 4,701,790 4,254,191
Investing Receivables    
Properties, net    
Investing receivables (net of allowance for credit losses of $3,575 and $2,792, respectively) $ 69,856 $ 69,680