COPT DEFENSE PROPERTIES
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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, 2023 and 2022 F-
(in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Properties, net: | ||
| Operating properties, net | $3,246,806 | $3,258,899 |
| Projects in development or held for future development | 256,872 | 297,499 |
| Total properties, net | 3,503,678 | 3,556,398 |
| Property - operating right-of-use assets | 41,296 | 37,020 |
| Assets held for sale, net | — | 161,286 |
| Cash and cash equivalents | 167,820 | 12,337 |
| Investment in unconsolidated real estate joint ventures | 41,052 | 21,460 |
| Accounts receivable, net | 48,946 | 43,334 |
| Deferred rent receivable | 149,237 | 125,147 |
| Lease incentives, net | 61,331 | 49,757 |
| Deferred leasing costs (net of accumulated amortization of $41,448 and $35,270, respectively) | 70,057 | 69,339 |
| Investing receivables (net of allowance for credit losses of $2,377 and $2,794, respectively) | 81,512 | 84,621 |
| Prepaid expenses and other assets, net | 82,037 | 96,576 |
| Total assets | $4,246,966 | $4,257,275 |
| Liabilities and equity | ||
| Liabilities: | ||
| Debt, net | $2,416,287 | $2,231,794 |
| Accounts payable and accrued expenses | 133,315 | 157,998 |
| Rents received in advance and security deposits | 35,409 | 30,016 |
| Dividends and distributions payable | 32,644 | 31,400 |
| Deferred revenue associated with operating leases | 29,049 | 11,004 |
| Property - operating lease liabilities | 33,931 | 28,759 |
| Other liabilities | 18,996 | 18,556 |
| Total liabilities | 2,699,631 | 2,509,527 |
| Commitments and contingencies (Note 17) | ||
| Redeemable noncontrolling interests | 23,580 | 26,293 |
| Equity: | ||
| Shareholders’ equity: | ||
| Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,555,352 at December 31, 2023 and 112,423,893 at December 31, 2022) | 1,126 | 1,124 |
| Additional paid-in capital | 2,489,989 | 2,486,116 |
| Cumulative distributions in excess of net income | (1,009,318) | (807,508) |
| Accumulated other comprehensive income | 2,115 | 2,071 |
| Total shareholders’ equity | 1,483,912 | 1,681,803 |
| Noncontrolling interests in subsidiaries: | ||
| Common units in COPT Defense Properties, L.P. (“CDPLP”) | 25,502 | 25,808 |
| Other consolidated entities | 14,341 | 13,844 |
| Noncontrolling interests in subsidiaries | 39,843 | 39,652 |
| Total equity | 1,523,755 | 1,721,455 |
| Total liabilities, redeemable noncontrolling interests and equity | $4,246,966 | $4,257,275 |
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