COPT DEFENSE PROPERTIES
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
CDP$33.46+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Financial Statements Consolidated Balance Sheets as of December 31, 2024 and 2023 F-
(in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Properties, net: | ||
| Operating properties, net | $3,353,477 | $3,246,806 |
| Projects in development or held for future development | 277,049 | 256,872 |
| Total properties, net | 3,630,526 | 3,503,678 |
| Property - operating lease right-of-use assets | 55,760 | 41,296 |
| Cash and cash equivalents | 38,284 | 167,820 |
| Investment in unconsolidated real estate joint ventures | 39,360 | 41,052 |
| Accounts receivable, net | 42,234 | 48,946 |
| Deferred rent receivable | 161,438 | 149,237 |
| Lease incentives, net | 64,013 | 61,331 |
| Deferred leasing costs (net of accumulated amortization of $44,060 and $41,448, respectively) | 71,268 | 70,057 |
| Investing receivables (net of allowance for credit losses of $2,792 and $2,377, respectively) | 69,680 | 81,512 |
| Prepaid expenses and other assets, net | 81,628 | 82,037 |
| Total assets | $4,254,191 | $4,246,966 |
| Liabilities and equity | ||
| Liabilities: | ||
| Debt, net | $2,391,755 | $2,416,287 |
| Accounts payable and accrued expenses | 126,031 | 133,315 |
| Rents received in advance and security deposits | 38,560 | 35,409 |
| Dividends and distributions payable | 33,909 | 32,644 |
| Deferred revenue associated with operating leases | 39,752 | 29,049 |
| Property - operating lease liabilities | 49,240 | 33,931 |
| Other liabilities | 14,377 | 18,996 |
| Total liabilities | 2,693,624 | 2,699,631 |
| Commitments and contingencies (Note 17) | ||
| Redeemable noncontrolling interests | 23,974 | 23,580 |
| Equity: | ||
| Shareholders’ equity: | ||
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,703,460 at December 31, 2024 and 112,555,352 at December 31, 2023) | 1,127 | 1,126 |
| Additional paid-in capital | 2,494,369 | 2,489,989 |
| Cumulative distributions in excess of net income | (1,003,401) | (1,009,318) |
| Accumulated other comprehensive income | 988 | 2,115 |
| Total shareholders’ equity | 1,493,083 | 1,483,912 |
| Noncontrolling interests in subsidiaries: | ||
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | 28,935 | 25,502 |
| Other consolidated entities | 14,575 | 14,341 |
| Noncontrolling interests in subsidiaries | 43,510 | 39,843 |
| Total equity | 1,536,593 | 1,523,755 |
| Total liabilities, redeemable noncontrolling interests and equity | $4,254,191 | $4,246,966 |
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