|
Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified
|
Mar. 31, 2015
|
Dec. 31, 2014
|
| Properties, net: |
|
|
| Operating properties, net |
$ 2,888,534 |
$ 2,751,488 |
| Projects in development or held for future development |
489,618 |
545,426 |
| Total properties, net |
3,378,152 |
3,296,914 |
| Assets held for sale, net |
0 |
14,339 |
| Cash and cash equivalents |
4,429 |
6,077 |
| Restricted cash and marketable securities |
11,445 |
9,069 |
| Accounts receivable (net of allowance for doubtful accounts of $784 and $717, respectively) |
33,753 |
26,901 |
| Deferred rent receivable (net of allowance of $1,695 and $1,418, respectively) |
98,340 |
95,910 |
| Intangible assets on real estate acquisitions, net |
61,477 |
43,854 |
| Deferred leasing and financing costs, net |
65,245 |
64,797 |
| Investing receivables |
52,814 |
52,147 |
| Prepaid expenses and other assets |
71,500 |
60,249 |
| Total assets |
3,777,155 |
3,670,257 |
| Liabilities: |
|
|
| Debt, net |
1,999,622 |
1,920,057 |
| Accounts payable and accrued expenses |
138,214 |
123,035 |
| Rents received in advance and security deposits |
31,551 |
31,011 |
| Dividends and distributions payable |
30,174 |
29,862 |
| Deferred revenue associated with operating leases |
14,697 |
13,031 |
| Interest rate derivatives |
4,282 |
1,855 |
| Other liabilities |
9,990 |
12,105 |
| Total liabilities |
2,228,530 |
2,130,956 |
| Commitments and contingencies |
|
|
| Redeemable noncontrolling interest |
18,895 |
18,417 |
| Corporate Office Properties Trust’s shareholders’ equity: |
|
|
| Preferred Shares of beneficial interest at liquidation preference ($0.01 par value; 25,000,000 shares authorized; issued and outstanding of 7,431,667 at March 31, 2015 and December 31, 2014) |
199,083 |
199,083 |
| Common Shares of beneficial interest |
945 |
933 |
| Additional paid-in capital |
1,999,708 |
1,969,968 |
| Cumulative distributions in excess of net income |
(733,459) |
(717,264) |
| Accumulated other comprehensive loss |
(3,947) |
(1,297) |
| Total Corporate Office Properties Trust’s shareholders’ equity |
1,462,330 |
1,451,423 |
| Noncontrolling interests in subsidiaries: |
|
|
| Common units in COPLP |
49,168 |
51,534 |
| Preferred units in COPLP |
8,800 |
8,800 |
| Other consolidated entities |
9,432 |
9,127 |
| Noncontrolling interests in subsidiaries |
67,400 |
69,461 |
| Total equity |
1,529,730 |
1,520,884 |
| Total liabilities, redeemable noncontrolling interest and equity |
3,777,155 |
3,670,257 |
| Corporate Office Properties, L.P. |
|
|
| Properties, net: |
|
|
| Operating properties, net |
2,888,534 |
2,751,488 |
| Projects in development or held for future development |
489,618 |
545,426 |
| Total properties, net |
3,378,152 |
3,296,914 |
| Assets held for sale, net |
0 |
14,339 |
| Cash and cash equivalents |
4,429 |
6,077 |
| Restricted cash and marketable securities |
5,509 |
3,187 |
| Accounts receivable (net of allowance for doubtful accounts of $784 and $717, respectively) |
33,753 |
26,901 |
| Deferred rent receivable (net of allowance of $1,695 and $1,418, respectively) |
98,340 |
95,910 |
| Intangible assets on real estate acquisitions, net |
61,477 |
43,854 |
| Deferred leasing and financing costs, net |
65,245 |
64,797 |
| Investing receivables |
52,814 |
52,147 |
| Prepaid expenses and other assets |
71,500 |
60,249 |
| Total assets |
3,771,219 |
3,664,375 |
| Liabilities: |
|
|
| Debt, net |
1,999,622 |
1,920,057 |
| Accounts payable and accrued expenses |
138,214 |
123,035 |
| Rents received in advance and security deposits |
31,551 |
31,011 |
| Dividends and distributions payable |
30,174 |
29,862 |
| Deferred revenue associated with operating leases |
14,697 |
13,031 |
| Interest rate derivatives |
4,282 |
1,855 |
| Other liabilities |
4,054 |
6,223 |
| Total liabilities |
2,222,594 |
2,125,074 |
| Commitments and contingencies |
|
|
| Redeemable noncontrolling interest |
18,895 |
18,417 |
| Corporate Office Properties Trust’s shareholders’ equity: |
|
|
| Common Shares of beneficial interest |
1,316,514 |
1,305,219 |
| Accumulated other comprehensive loss |
(4,137) |
(1,381) |
| Total Corporate Office Properties Trust’s shareholders’ equity |
1,520,260 |
1,511,721 |
| Noncontrolling interests in subsidiaries: |
|
|
| Noncontrolling interests in subsidiaries |
9,470 |
9,163 |
| Total equity |
1,529,730 |
1,520,884 |
| Total liabilities, redeemable noncontrolling interest and equity |
3,771,219 |
3,664,375 |
| General Partner | Corporate Office Properties, L.P. |
|
|
| Corporate Office Properties Trust’s shareholders’ equity: |
|
|
| Preferred partners' capital accounts |
199,083 |
199,083 |
| Limited Partner | Corporate Office Properties, L.P. |
|
|
| Corporate Office Properties Trust’s shareholders’ equity: |
|
|
| Preferred partners' capital accounts |
$ 8,800 |
$ 8,800 |