Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Properties, net    
Operating properties, net $ 3,494,556 $ 3,500,087
Projects in development or held for future development 308,420 283,390
Total properties, net 3,802,976 3,783,477
Property - operating lease right-of-use assets 48,906 50,383
Cash and cash equivalents 28,580 274,986
Investment in unconsolidated real estate joint ventures 35,818 36,368
Accounts receivable, net 51,907 58,185
Deferred rent receivable 182,647 177,921
Lease incentives, net 71,879 72,347
Deferred leasing costs (net of accumulated amortization of $45,370 and $44,127, respectively) 76,430 75,052
Prepaid expenses and other assets, net 89,844 103,215
Total assets 4,458,909 4,701,790
Liabilities    
Debt, net 2,546,958 2,767,834
Accounts payable and accrued expenses 116,954 147,200
Rents received in advance and security deposits 40,252 37,914
Dividends and distributions payable 37,102 35,205
Deferred revenue associated with operating leases 47,874 47,714
Property - operating lease liabilities 43,768 45,012
Other liabilities 34,230 33,236
Total liabilities 2,867,138 3,114,115
Commitments and contingencies (Note 17)
Redeemable noncontrolling interest 25,130 25,506
Shareholders’ equity    
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 113,377,523 at March 31, 2026 and 113,210,642 at December 31, 2025) 1,134 1,132
Additional paid-in capital 2,500,341 2,502,661
Cumulative distributions in excess of net income (986,706) (988,957)
Accumulated other comprehensive income (loss) 34 (61)
Total shareholders’ equity 1,514,803 1,514,775
Noncontrolling interests in subsidiaries    
Common units in COPT Defense Properties, L.P. (“CDPLP”) 33,687 29,317
Other consolidated entities 18,151 18,077
Noncontrolling interests in subsidiaries 51,838 47,394
Total equity 1,566,641 1,562,169
Total liabilities, redeemable noncontrolling interest, and equity 4,458,909 4,701,790
Investing Receivables    
Properties, net    
Investing receivables (net of allowance for credit losses of $3,253 and $3,575, respectively) $ 69,922 $ 69,856