COPT DEFENSE PROPERTIES
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 4, 2024
CDP$32.81-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Statements
Consolidated Balance Sheets
(in thousands, except share data)
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Assets | ||
| Properties, net: | ||
| Operating properties, net | $3,289,959 | $3,246,806 |
| Projects in development or held for future development | 314,729 | 256,872 |
| Total properties, net | 3,604,688 | 3,503,678 |
| Property - operating right-of-use assets | 40,523 | 41,296 |
| Cash and cash equivalents | 34,478 | 167,820 |
| Investment in unconsolidated real estate joint ventures | 39,720 | 41,052 |
| Accounts receivable, net | 42,240 | 48,946 |
| Deferred rent receivable | 159,182 | 149,237 |
| Lease incentives, net | 63,034 | 61,331 |
| Deferred leasing costs (net of accumulated amortization of $44,178 and $41,448, respectively) | 71,815 | 70,057 |
| Investing receivables (net of allowance for credit losses of $2,867 and $2,377, respectively) | 83,536 | 81,512 |
| Prepaid expenses and other assets, net | 95,086 | 82,037 |
| Total assets | $4,234,302 | $4,246,966 |
| Liabilities and equity | ||
| Liabilities: | ||
| Debt, net | $2,390,839 | $2,416,287 |
| Accounts payable and accrued expenses | 134,112 | 133,315 |
| Rents received in advance and security deposits | 33,213 | 35,409 |
| Dividends and distributions payable | 33,915 | 32,644 |
| Deferred revenue associated with operating leases | 37,660 | 29,049 |
| Property - operating lease liabilities | 33,615 | 33,931 |
| Other liabilities | 15,917 | 18,996 |
| Total liabilities | 2,679,271 | 2,699,631 |
| Commitments and contingencies (Note 17) | ||
| Redeemable noncontrolling interests | 22,436 | 23,580 |
| Equity: | ||
| Shareholders’ equity: | ||
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,693,206 at September 30, 2024 and 112,555,352 at December 31, 2023) | 1,127 | 1,126 |
| Additional paid-in capital | 2,493,340 | 2,489,989 |
| Cumulative distributions in excess of net income | (1,005,260) | (1,009,318) |
| Accumulated other comprehensive income | 58 | 2,115 |
| Total shareholders’ equity | 1,489,265 | 1,483,912 |
| Noncontrolling interests in subsidiaries: | ||
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | 28,918 | 25,502 |
| Other consolidated entities | 14,412 | 14,341 |
| Noncontrolling interests in subsidiaries | 43,330 | 39,843 |
| Total equity | 1,532,595 | 1,523,755 |
| Total liabilities, redeemable noncontrolling interests and equity | $4,234,302 | $4,246,966 |
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