Company Quick10K Filing
Corporate Office Properties Trust
Price30.11 EPS2
Shares112 P/E19
MCap3,374 P/FCF21
Net Debt1,825 EBIT173
TEV5,199 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-07-31
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-18
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-12
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-10
10-Q 2011-09-30 Filed 2011-10-28
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-11
10-Q 2010-09-30 Filed 2010-10-29
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-04-30 Earnings, Exhibits
8-K 2020-03-16 Officers, Other Events, Exhibits
8-K 2020-03-06 Enter Agreement, Off-BS Arrangement
8-K 2020-02-06 Earnings, Exhibits
8-K 2019-10-28 Earnings, Exhibits
8-K 2019-07-29 Earnings, Exhibits
8-K 2019-06-20 Regulation FD
8-K 2019-05-09 Shareholder Vote, Other Events, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-11-29 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-11-13 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-08 Earnings, Exhibits
8-K 2018-01-22 Enter Agreement, Officers, Exhibits

OFC 10Q Quarterly Report

Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 copt03312020ex101.htm
EX-31.1 copt03312020ex311.htm
EX-31.2 copt03312020ex312.htm
EX-31.3 copt03312020ex313.htm
EX-31.4 copt03312020ex314.htm
EX-32.1 copt03312020ex321.htm
EX-32.2 copt03312020ex322.htm
EX-32.3 copt03312020ex323.htm
EX-32.4 copt03312020ex324.htm

Corporate Office Properties Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
4.03.22.41.60.80.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
to
 
           
Commission file number 1-14023 (Corporate Office Properties Trust)
Commission file number 333-189188 (Corporate Office Properties, L.P.)
Corporate Office Properties Trust
Corporate Office Properties, L.P.
(Exact name of registrant as specified in its charter)
Corporate Office Properties Trust
 
Maryland
 
23-2947217
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
 
 
 
 
 
Corporate Office Properties, L.P.
 
Delaware
 
23-2930022
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
6711 Columbia Gateway Drive
,
Suite 300
,
Columbia
,
MD
21046
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code:  (443) 285-5400

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares of beneficial interest, $0.01 par value
OFC
New York Stock Exchange
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Corporate Office Properties Trust
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

Corporate Office Properties, L.P.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Corporate Office Properties Trust
Corporate Office Properties, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No

As of April 21, 2020, 112,169,463 of Corporate Office Properties Trust’s Common Shares of Beneficial Interest, $0.01 par value, were issued and outstanding.
 
 
 
 
 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2020 of Corporate Office Properties Trust (“COPT”) and subsidiaries (collectively, the “Company”) and Corporate Office Properties, L.P. (“COPLP”) and subsidiaries (collectively, the “Operating Partnership”). Unless stated otherwise or the context otherwise requires, “we,” “our,” and “us” refer collectively to COPT, COPLP and their subsidiaries.

COPT is a real estate investment trust, or REIT, and the sole general partner of COPLP. As of March 31, 2020, COPT owned 98.6% of the outstanding common units in COPLP; the remaining common units and all of the outstanding COPLP preferred units were owned by third parties. As the sole general partner of COPLP, COPT controls COPLP and can cause it to enter into major transactions including acquisitions, dispositions and refinancings and cause changes in its line of business, capital structure and distribution policies.

There are a few differences between the Company and the Operating Partnership which are reflected in this Form 10-Q. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the two operate as an interrelated, consolidated company. COPT is a REIT whose only material asset is its ownership of partnership interests of COPLP. As a result, COPT does not conduct business itself, other than acting as the sole general partner of COPLP, issuing public equity and guaranteeing certain debt of COPLP. COPT itself is not directly obligated under any indebtedness but guarantees some of the debt of COPLP. COPLP owns substantially all of the assets of COPT either directly or through its subsidiaries, conducts almost all of the operations of the business and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from public equity issuances by COPT, which are contributed to COPLP in exchange for partnership units, COPLP generates the capital required by COPT’s business.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of COPT and those of COPLP. The common limited partnership interests in COPLP not owned by COPT are accounted for as partners’ capital in COPLP’s consolidated financial statements and as noncontrolling interests in COPT’s consolidated financial statements. The only other significant differences between the consolidated financial statements of COPT and those of COPLP are assets in connection with a non-qualified elective deferred compensation plan and the corresponding liability to the plan’s participants that are held directly by COPT.





We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
combined reports better reflect how management, investors and the analyst community view the business as a single operating unit;
combined reports enhance investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and
combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements:
Note 3, Fair Value Measurements of COPT and subsidiaries and COPLP and subsidiaries;
Note 8, Prepaid Expenses and Other Assets, Net of COPT and subsidiaries and COPLP and subsidiaries; and
Note 16, Earnings per Share of COPT and subsidiaries and Earnings per Unit of COPLP and subsidiaries;
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPT”; and
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPLP.”

This report also includes separate sections under Part I, Item 4. Controls and Procedures and separate Exhibit 31 and Exhibit 32 certifications for each of COPT and COPLP to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that COPT and COPLP are compliant with Rule 13a-15 and Rule 15d-14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.





TABLE OF CONTENTS
 
FORM 10-Q
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements


Corporate Office Properties Trust and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
 
March 31,
2020
 
December 31,
2019
Assets
 

 
 

Properties, net:
 

 
 

Operating properties, net
$
2,813,949

 
$
2,772,647

Projects in development or held for future development
605,679

 
568,239

Total properties, net
3,419,628

 
3,340,886

Property - operating right-of-use assets
27,793

 
27,864

Property - finance right-of-use assets
40,450

 
40,458

Cash and cash equivalents
159,061

 
14,733

Investment in unconsolidated real estate joint ventures
51,220

 
51,949

Accounts receivable, net
30,317

 
35,444

Deferred rent receivable
89,690

 
87,736

Intangible assets on real estate acquisitions, net
26,078

 
27,392

Deferred leasing costs (net of accumulated amortization of $34,613 and $33,782, respectively)
58,608

 
58,392

Investing receivables (net of allowance for credit losses of $3,598 at March 31, 2020)
71,197

 
73,523

Prepaid expenses and other assets, net
80,415

 
96,076

Total assets
$
4,054,457

 
$
3,854,453

Liabilities and equity
 

 
 

Liabilities:
 

 
 

Debt, net
$
2,076,839

 
$
1,831,139

Accounts payable and accrued expenses
128,441

 
148,746

Rents received in advance and security deposits
33,323

 
33,620

Dividends and distributions payable
31,301

 
31,263

Deferred revenue associated with operating leases
6,972

 
7,361

Property - operating lease liabilities
17,365

 
17,317

Interest rate derivatives
63,232

 
25,682

Other liabilities
8,886

 
10,649

Total liabilities
2,366,359

 
2,105,777

Commitments and contingencies (Note 17)


 


Redeemable noncontrolling interests
22,912

 
29,431

Equity:
 

 
 

Corporate Office Properties Trust’s shareholders’ equity:
 

 
 

Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,169,463 at March 31, 2020 and 112,068,705 at December 31, 2019)
1,122

 
1,121

Additional paid-in capital
2,476,677

 
2,481,558

Cumulative distributions in excess of net income
(790,600
)
 
(778,275
)
Accumulated other comprehensive loss
(62,201
)
 
(25,444
)
Total Corporate Office Properties Trust’s shareholders’ equity
1,624,998

 
1,678,960

Noncontrolling interests in subsidiaries:
 

 
 

Common units in COPLP
19,600

 
19,597

Preferred units in COPLP
8,800

 
8,800

Other consolidated entities
11,788

 
11,888

Noncontrolling interests in subsidiaries
40,188

 
40,285

Total equity
1,665,186

 
1,719,245

Total liabilities, redeemable noncontrolling interests and equity
$
4,054,457

 
$
3,854,453



See accompanying notes to consolidated financial statements.

3



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 
For the Three Months Ended March 31,
 
2020
 
2019
Revenues
 

 
 

Lease revenue
$
131,012

 
$
130,903

Other property revenue
1,104

 
1,087

Construction contract and other service revenues
13,681

 
16,950

Total revenues
145,797

 
148,940

Operating expenses
 

 
 

Property operating expenses
49,999

 
49,445

Depreciation and amortization associated with real estate operations
32,596

 
34,796

Construction contract and other service expenses
13,121

 
16,326

General, administrative and leasing expenses
7,486

 
8,751

Business development expenses and land carry costs
1,118

 
1,113

Total operating expenses
104,320

 
110,431

Interest expense
(16,840
)
 
(18,674
)
Interest and other income
1,205

 
2,286

Credit loss expense
(689
)
 

Gain on sales of real estate
5

 

Income before equity in income of unconsolidated entities and income taxes
25,158

 
22,121

Equity in income of unconsolidated entities
441

 
391

Income tax expense
(49
)
 
(194
)
Net income
25,550

 
22,318

Net income attributable to noncontrolling interests:
 

 
 

Common units in COPLP
(287
)
 
(257
)
Preferred units in COPLP
(77
)
 
(165
)
Other consolidated entities
(1,132
)
 
(1,037
)
Net income attributable to COPT common shareholders
$
24,054

 
$
20,859

 
 
 
 
Earnings per common share: (1)
 

 
 

Net income attributable to COPT common shareholders - basic
$
0.21

 
$
0.19

Net income attributable to COPT common shareholders - diluted
$
0.21

 
$
0.19


(1) Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.

See accompanying notes to consolidated financial statements.

4



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
 
For the Three Months Ended March 31,
 
2020
 
2019
Net income
$
25,550

 
$
22,318

Other comprehensive loss:
 

 
 

Unrealized loss on interest rate derivatives
(37,705
)
 
(8,845
)
Loss (gain) on interest rate derivatives recognized in interest expense
131

 
(570
)
Total other comprehensive loss
(37,574
)
 
(9,415
)
Comprehensive (loss) income
(12,024
)
 
12,903

Comprehensive income attributable to noncontrolling interests
(679
)
 
(1,344
)
Comprehensive (loss) income attributable to COPT
$
(12,703
)
 
$
11,559

 
See accompanying notes to consolidated financial statements.



5



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Equity
(Dollars in thousands)
(unaudited)
 
 
Common
Shares
 
Additional
Paid-in
Capital
 
Cumulative
Distributions in
Excess of Net
Income
 
Accumulated
Other
Comprehensive Loss
 
Noncontrolling
Interests
 
Total
For the Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018 (110,241,868 common shares outstanding)
 
$
1,102

 
$
2,431,355

 
$
(846,808
)
 
$
(238
)
 
$
41,637

 
$
1,627,048

Conversion of common units to common shares (5,500 shares)
 

 
80

 

 

 
(80
)
 

Common shares issued under forward equity sale agreements (1,614,087 shares)
 
16

 
46,438

 

 

 

 
46,454

Share-based compensation (78,335 shares issued, net of redemptions)
 
1

 
1,562

 

 

 
239

 
1,802

Redemption of vested equity awards
 

 
(1,817
)
 

 

 

 
(1,817
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
 

 
(1,322
)
 

 

 
1,322

 

Comprehensive income
 

 

 
20,859

 
(9,300
)
 
669

 
12,228

Dividends
 

 

 
(30,754
)
 

 

 
(30,754
)
Distributions to owners of common and preferred units in COPLP
 

 

 

 

 
(550
)
 
(550
)
Contributions from noncontrolling interests in other consolidated entities
 

 

 

 

 
2,570

 
2,570

Distributions to noncontrolling interests in other consolidated entities
 

 

 

 

 
(4
)
 
(4
)
Adjustment to arrive at fair value of redeemable noncontrolling interests
 

 
(799
)
 

 

 

 
(799
)
Balance at March 31, 2019 (111,939,790 common shares outstanding)
 
$
1,119

 
$
2,475,497

 
$
(856,703
)
 
$
(9,538
)

$
45,803

 
$
1,656,178

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019 (112,068,705 common shares outstanding)
 
$
1,121

 
$
2,481,558

 
$
(778,275
)
 
$
(25,444
)
 
$
40,285

 
$
1,719,245

Cumulative effect of accounting change for adoption of credit loss guidance
 

 

 
(5,541
)
 

 

 
(5,541
)
Balance at December 31, 2019, as adjusted
 
1,121

 
2,481,558

 
(783,816
)
 
(25,444
)
 
40,285

 
1,713,704

Conversion of common units to common shares (12,009 shares)
 

 
182

 

 

 
(182
)
 

Share-based compensation (88,749 shares issued, net of redemptions)
 
1

 
983

 

 

 
226

 
1,210

Redemption of vested equity awards
 

 
(1,492
)
 

 

 

 
(1,492
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
 

 
(453
)
 

 

 
453

 

Comprehensive loss
 

 

 
24,054

 
(36,757
)
 
(279
)
 
(12,982
)
Dividends
 

 

 
(30,838
)
 

 

 
(30,838
)
Distributions to owners of common and preferred units in COPLP
 

 

 

 

 
(420
)
 
(420
)
Contributions from noncontrolling interests in other consolidated entities
 

 

 

 

 
112

 
112

Distributions to noncontrolling interests in other consolidated entities
 

 

 

 

 
(7
)
 
(7
)
Adjustment to arrive at fair value of redeemable noncontrolling interests
 

 
(4,101
)
 

 

 

 
(4,101
)
Balance at March 31, 2020 (112,169,463 common shares outstanding)
 
$
1,122

 
$
2,476,677

 
$
(790,600
)
 
$
(62,201
)
 
$
40,188

 
$
1,665,186


See accompanying notes to consolidated financial statements.




6



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited) 
 
For the Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities
 

 
 

Revenues from real estate operations received
$
133,092

 
$
126,569

Construction contract and other service revenues received
24,925

 
5,904

Property operating expenses paid
(46,330
)
 
(42,974
)
Construction contract and other service expenses paid
(17,631
)
 
(4,614
)
General, administrative, leasing, business development and land carry costs paid
(12,371
)
 
(11,703
)
Interest expense paid
(16,767
)
 
(18,282
)
Lease incentives paid
(3,628
)
 
(1,158
)
Other
928

 
910

Net cash provided by operating activities
62,218

 
54,652

Cash flows from investing activities
 

 
 

Development and redevelopment of properties
(92,802
)
 
(100,212
)
Tenant improvements on operating properties
(10,446
)
 
(4,174
)
Other capital improvements on operating properties
(5,457
)
 
(4,476
)
Investing receivables funded

 
(11,051
)
Leasing costs paid
(5,950
)
 
(2,539
)
Other
192

 
1,297

Net cash used in investing activities
(114,463
)
 
(121,155
)
Cash flows from financing activities
 

 
 

Proceeds from debt
 
 
 
Revolving Credit Facility
251,000

 
123,000

Other debt proceeds
181,595

 
3,350

Repayments of debt
 
 
 
Revolving Credit Facility
(186,000
)
 
(74,000
)
Scheduled principal amortization
(1,021
)
 
(1,098
)
Deferred financing costs paid
(1,261
)
 

Net proceeds from issuance of common shares

 
46,415

Common share dividends paid
(30,817
)
 
(30,287
)
Distributions paid to noncontrolling interests in COPLP
(403
)
 
(553
)
Distributions paid to redeemable noncontrolling interests
(11,870
)
 

Redemption of vested equity awards
(1,492
)
 
(1,817
)
Other
(2,729
)
 
1,318

Net cash provided by financing activities
197,002

 
66,328

Net increase (decrease) in cash and cash equivalents and restricted cash
144,757

 
(175
)
Cash and cash equivalents and restricted cash
 

 
 

Beginning of period
18,130

 
11,950

End of period
$
162,887

 
$
11,775


See accompanying notes to consolidated financial statements.
 


7



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows (continued)
(in thousands)
(unaudited)
 
For the Three Months Ended March 31,
 
2020
 
2019
Reconciliation of net income to net cash provided by operating activities:
 

 
 

Net income
$
25,550

 
$
22,318

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Depreciation and other amortization
33,015

 
35,229

Amortization of deferred financing costs and net debt discounts
961

 
898

Increase in deferred rent receivable
(2,230
)
 
(2,539
)
Share-based compensation
1,389

 
1,659

Other
(52
)
 
(1,572
)
Changes in operating assets and liabilities:
 

 
 
Decrease in accounts receivable
4,547

 
1,033

Decrease (increase) in prepaid expenses and other assets, net
15,548

 
(6,752
)
(Decrease) increase in accounts payable, accrued expenses and other liabilities
(16,213
)
 
8,822

Decrease in rents received in advance and security deposits
(297
)
 
(4,444
)
Net cash provided by operating activities
$
62,218

 
$
54,652

Reconciliation of cash and cash equivalents and restricted cash:
 
 
 
Cash and cash equivalents at beginning of period
$
14,733

 
$
8,066

Restricted cash at beginning of period
3,397

 
3,884

Cash and cash equivalents and restricted cash at beginning of period
$
18,130

 
$
11,950

 
 
 
 
Cash and cash equivalents at end of period
$
159,061

 
$
7,780

Restricted cash at end of period
3,826

 
3,995

Cash and cash equivalents and restricted cash at end of period
$
162,887

 
$
11,775

Supplemental schedule of non-cash investing and financing activities:
 

 
 

(Decrease) increase in accrued capital improvements, leasing and other investing activity costs
$
(4,795
)
 
$
11,329

Finance right-of-use asset contributed by noncontrolling interest in joint venture
$

 
$
2,570

Operating right-of-use assets obtained in exchange for operating lease liabilities
$

 
$
276

Decrease in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests
$
(37,573
)
 
$
(9,450
)
Dividends/distributions payable
$
31,301

 
$
31,346

Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares
$
182

 
$
80

Adjustments to noncontrolling interests resulting from changes in COPLP ownership
$
453

 
$
1,322

Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value
$
4,101

 
$
799

 
See accompanying notes to consolidated financial statements.


8





Corporate Office Properties, L.P. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except unit data)
(unaudited)
 
March 31,
2020
 
December 31,
2019
Assets
 

 
 

Properties, net:
 

 
 

Operating properties, net
$
2,813,949

 
$
2,772,647

Projects in development or held for future development
605,679

 
568,239

Total properties, net
3,419,628

 
3,340,886

Property - operating right-of-use assets
27,793

 
27,864

Property - finance right-of-use assets
40,450

 
40,458

Cash and cash equivalents
159,061

 
14,733

Investment in unconsolidated real estate joint ventures
51,220

 
51,949

Accounts receivable, net
30,317

 
35,444

Deferred rent receivable
89,690

 
87,736

Intangible assets on real estate acquisitions, net
26,078

 
27,392

Deferred leasing costs (net of accumulated amortization of $34,613 and $33,782, respectively)
58,608

 
58,392

Investing receivables (net of allowance for credit losses of $3,598 at March 31, 2020)
71,197

 
73,523

Prepaid expenses and other assets, net
78,136

 
93,016

Total assets
$
4,052,178

 
$
3,851,393

Liabilities and equity
 

 
 

Liabilities:
 

 
 

Debt, net
$
2,076,839

 
$
1,831,139

Accounts payable and accrued expenses
128,441

 
148,746

Rents received in advance and security deposits
33,323

 
33,620<