Corporate Office Properties Trust (OFC) Financial Statements (2023 and earlier)
Company Profile
| Business Address |
6711 COLUMBIA GATEWAY DRIVE COLUMBIA, MD 21046 |
| State of Incorp. | MD |
| Fiscal Year End | December 31 |
| Industry (SIC) | 6798 - Real Estate Investment Trusts (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 6/30/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 12,337 | 13,262 | 18,369 | 14,733 | 8,066 | 12,261 | |||
| Cash and cash equivalents | 12,337 | 13,262 | 18,369 | 14,733 | 8,066 | 12,261 | |||
| Total current assets: | 12,337 | 13,262 | 18,369 | 14,733 | 8,066 | 12,261 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 2,207 | 2,238 | 40,425 | 41,654 | ✕ | ✕ | |||
| Operating lease, right-of-use asset | 37,020 | 38,361 | 40,570 | ✕ | ✕ | ||||
| Property, plant and equipment | 8,286 | 9,599 | 5,256 | ||||||
| Long-term investments and receivables | 21,460 | 39,889 | 29,303 | 51,949 | 39,845 | 25,066 | |||
| Long-term investments | 21,460 | 39,889 | 29,303 | 51,949 | 39,845 | 25,066 | |||
| Intangible assets, net (including goodwill) | 9,959 | 14,567 | 19,344 | 27,392 | 43,470 | 59,092 | |||
| Intangible assets, net (excluding goodwill) | 9,959 | 14,567 | 19,344 | 27,392 | 43,470 | 59,092 | |||
| Deferred costs | 1,831 | 2,556 | 3,027 | 3,060 | 3,868 | 19,011 | |||
| Total noncurrent assets: | 80,763 | 107,210 | 132,669 | 124,055 | 87,183 | 108,425 | |||
| Other undisclosed assets | 4,164,175 | 4,141,980 | 3,925,985 | 3,715,665 | 3,560,756 | 3,457,798 | |||
| TOTAL ASSETS: | 4,257,275 | 4,262,452 | 4,077,023 | 3,854,453 | 3,656,005 | 3,578,484 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Noncurrent Liabilities | |||||||||
| Other undisclosed liabilities | 2,509,527 | 2,578,479 | 2,357,881 | 2,105,777 | 2,002,697 | 2,103,773 | |||
| Total liabilities: | 2,509,527 | 2,578,479 | 2,357,881 | 2,105,777 | 2,002,697 | 2,103,773 | |||
| Temporary equity, carrying amount | 26,293 | 26,898 | 25,430 | 29,431 | 26,260 | 23,125 | |||
| Equity | |||||||||
| Equity, attributable to parent, including: | 1,681,803 | 1,622,740 | 1,661,035 | 1,678,960 | 1,585,411 | 1,386,037 | |||
| Common stock | 1,124 | 1,123 | 1,122 | 1,121 | 1,102 | 1,013 | |||
| Additional paid in capital | 2,486,116 | 2,481,539 | 2,478,906 | 2,481,558 | 2,431,355 | 2,201,047 | |||
| Accumulated other comprehensive income (loss) | 2,071 | (3,059) | (9,157) | (25,444) | (238) | 2,167 | |||
| Other undisclosed equity, attributable to parent | (807,508) | (856,863) | (809,836) | (778,275) | (846,808) | (818,190) | |||
| Equity, attributable to noncontrolling interest | 39,652 | 34,335 | 32,677 | 40,285 | 41,637 | 65,549 | |||
| Total equity: | 1,721,455 | 1,657,075 | 1,693,712 | 1,719,245 | 1,627,048 | 1,451,586 | |||
| TOTAL LIABILITIES AND EQUITY: | 4,257,275 | 4,262,452 | 4,077,023 | 3,854,453 | 3,656,005 | 3,578,484 | |||
Income Statement (P&L) ($ in thousands)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 739,030 | 664,446 | 609,365 | 641,226 | 578,112 | 612,820 | ||
| Operating leases, income statement, lease revenue | ✕ | ✕ | ✕ | ✕ | ✕ | 407,686 | ✕ | |
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 1,018,542 | |
| Operating lease, lease income | 580,169 | 553,668 | 536,127 | 522,472 | ✕ | ✕ | ||
| Cost of revenue | (399,836) | (387,667) | (306,137) | (312,344) | (265,201) | (296,795) | ||
| Cost of goods and services sold | (104,053) | (67,615) | (109,962) | (58,326) | (290,582) | |||
| Gross profit: | 339,194 | 276,779 | 303,228 | 328,882 | 312,911 | 316,025 | ||
| Operating expenses | (157,778) | (108,080) | (142,515) | (172,800) | (168,383) | (180,188) | ||
| Operating income: | 181,416 | 168,699 | 160,713 | 156,082 | 144,528 | 135,837 | ||
| Nonoperating income (expense) | 9,341 | 7,879 | (15,206) | 7,894 | 4,358 | 6,318 | ||
| Investment income, nonoperating | (23,780) | |||||||
| Other nonoperating income | 9,341 | 7,879 | 8,574 | 7,894 | 4,358 | 6,318 | ||
| Interest and debt expense | (61,783) | (166,024) | (75,243) | (71,052) | (75,385) | (76,983) | ||
| Other undisclosed income (loss) from continuing operations before equity method investments, income taxes | 18,979 | 66,718 | 31,142 | 105,230 | 2,082 | (513) | ||
| Income from continuing operations before equity method investments, income taxes: | 147,953 | 77,272 | 101,406 | 198,154 | 75,583 | 64,659 | ||
| Income from equity method investments | 1,743 | 1,093 | 1,825 | 1,633 | 2,697 | 2,882 | ||
| Income from continuing operations before income taxes: | 149,696 | 78,365 | 103,231 | 199,787 | 78,280 | 67,541 | ||
| Income tax expense (benefit) | (447) | (145) | (353) | 217 | 363 | (1,098) | ||
| Income from continuing operations: | 149,249 | 78,220 | 102,878 | 200,004 | 78,643 | 66,443 | ||
| Income before gain (loss) on sale of properties: | ✕ | 81,578 | 102,878 | 200,004 | 78,643 | 66,443 | ||
| Gain on sale of properties, net of applicable income taxes | ✕ | ✕ | ✕ | ✕ | 2,340 | 9,890 | ||
| Income from discontinued operations | 29,573 | 3,358 | ||||||
| Other undisclosed net loss | (2,340) | |||||||
| Net income: | 178,822 | 81,578 | 102,878 | 200,004 | 78,643 | 76,333 | ||
| Net loss attributable to noncontrolling interest | (2,603) | (4,172) | (1,480) | (2,927) | (2,402) | (2,596) | ||
| Other undisclosed net loss attributable to parent | (4,024) | (5,385) | (3,940) | (3,646) | ||||
| Net income attributable to parent: | 176,219 | 77,406 | 97,374 | 191,692 | 72,301 | 70,091 | ||
| Preferred stock dividends and other adjustments | (13,066) | |||||||
| Other undisclosed net loss available to common stockholders, basic | (431) | (656) | ||||||
| Net income available to common stockholders, basic: | 176,219 | 77,406 | 96,943 | 191,036 | 72,301 | 57,025 | ||
| Dilutive securities, effect on basic earnings per share | 78 | 44 | 27 | 33 | ||||
| Other undisclosed net income (loss) available to common stockholders, diluted | (3,900) | (1,454) | 132 | (462) | (449) | |||
| Net income available to common stockholders, diluted: | 172,397 | 75,996 | 96,970 | 191,201 | 71,839 | 56,576 | ||
Comprehensive Income ($ in thousands)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 178,822 | 81,578 | 102,878 | 200,004 | 78,643 | 76,333 | ||
| Other comprehensive income (loss) | 5,726 | 6,427 | 16,136 | (25,537) | (2,570) | 4,027 | ||
| Comprehensive income: | 184,548 | 88,005 | 119,014 | 174,467 | 76,073 | 80,360 | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (6,389) | (5,366) | (5,353) | (7,981) | (6,453) | (6,371) | ||
| Comprehensive income, net of tax, attributable to parent: | 178,159 | 82,639 | 113,661 | 166,486 | 69,620 | 73,989 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.