☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Maryland | 23-2947217 | |||||||
(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) |
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 |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
PAGE | ||||||||
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Properties, net: | Properties, net: | Properties, net: | ||||||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,099,182 | $ | 3,115,280 | Operating properties, net | $ | 3,227,797 | $ | 3,115,280 | ||||||||||||
Projects in development or held for future development | Projects in development or held for future development | 431,535 | 447,269 | Projects in development or held for future development | 379,325 | 447,269 | ||||||||||||||||
Total properties, net | Total properties, net | 3,530,717 | 3,562,549 | Total properties, net | 3,607,122 | 3,562,549 | ||||||||||||||||
Property - operating right-of-use assets | Property - operating right-of-use assets | 39,333 | 40,570 | Property - operating right-of-use assets | 38,854 | 40,570 | ||||||||||||||||
Property - finance right-of-use assets | Property - finance right-of-use assets | 40,082 | 40,425 | Property - finance right-of-use assets | 40,077 | 40,425 | ||||||||||||||||
Assets held for sale, net | Assets held for sale, net | 2,821 | — | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 17,182 | 18,369 | Cash and cash equivalents | 14,570 | 18,369 | ||||||||||||||||
Investment in unconsolidated real estate joint ventures | Investment in unconsolidated real estate joint ventures | 40,586 | 29,303 | Investment in unconsolidated real estate joint ventures | 40,304 | 29,303 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 39,951 | 41,637 | Accounts receivable, net | 33,110 | 41,637 | ||||||||||||||||
Deferred rent receivable | Deferred rent receivable | 99,715 | 92,876 | Deferred rent receivable | 103,062 | 92,876 | ||||||||||||||||
Intangible assets on real estate acquisitions, net | Intangible assets on real estate acquisitions, net | 16,959 | 19,344 | Intangible assets on real estate acquisitions, net | 15,788 | 19,344 | ||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $30,532 and $30,375, respectively) | 62,277 | 58,613 | ||||||||||||||||||||
Investing receivables (net of allowance for credit losses of $2,132 and $2,851, respectively) | 73,073 | 68,754 | ||||||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $31,975 and $30,375, respectively) | Deferred leasing costs (net of accumulated amortization of $31,975 and $30,375, respectively) | 62,269 | 58,613 | |||||||||||||||||||
Investing receivables (net of allowance for credit losses of $1,415 and $2,851, respectively) | Investing receivables (net of allowance for credit losses of $1,415 and $2,851, respectively) | 75,947 | 68,754 | |||||||||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | 92,157 | 104,583 | Prepaid expenses and other assets, net | 117,214 | 104,583 | ||||||||||||||||
Total assets | Total assets | $ | 4,052,032 | $ | 4,077,023 | Total assets | $ | 4,151,138 | $ | 4,077,023 | ||||||||||||
Liabilities and equity | Liabilities and equity | Liabilities and equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Debt, net | Debt, net | $ | 2,109,640 | $ | 2,086,918 | Debt, net | $ | 2,159,732 | $ | 2,086,918 | ||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 127,027 | 142,717 | Accounts payable and accrued expenses | 176,636 | 142,717 | ||||||||||||||||
Rents received in advance and security deposits | Rents received in advance and security deposits | 30,893 | 33,425 | Rents received in advance and security deposits | 32,092 | 33,425 | ||||||||||||||||
Dividends and distributions payable | Dividends and distributions payable | 31,302 | 31,231 | Dividends and distributions payable | 31,306 | 31,231 | ||||||||||||||||
Deferred revenue associated with operating leases | Deferred revenue associated with operating leases | 9,564 | 10,832 | Deferred revenue associated with operating leases | 8,704 | 10,832 | ||||||||||||||||
Property - operating lease liabilities | Property - operating lease liabilities | 29,909 | 30,746 | Property - operating lease liabilities | 29,630 | 30,746 | ||||||||||||||||
Interest rate derivatives | Interest rate derivatives | 6,646 | 9,522 | Interest rate derivatives | 5,562 | 9,522 | ||||||||||||||||
Other liabilities | Other liabilities | 9,699 | 12,490 | Other liabilities | 10,691 | 12,490 | ||||||||||||||||
Total liabilities | Total liabilities | 2,354,680 | 2,357,881 | Total liabilities | 2,454,353 | 2,357,881 | ||||||||||||||||
Commitments and contingencies (Note 18) | Commitments and contingencies (Note 18) | 0 | 0 | Commitments and contingencies (Note 18) | 0 | 0 | ||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 26,040 | 25,430 | Redeemable noncontrolling interests | 26,006 | 25,430 | ||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||
Corporate Office Properties Trust’s shareholders’ equity: | Corporate Office Properties Trust’s shareholders’ 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 112,336,070 at June 30, 2021 and 112,181,759 at December 31, 2020) | 1,123 | 1,122 | ||||||||||||||||||||
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,325,411 at September 30, 2021 and 112,181,759 at December 31, 2020) | Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,325,411 at September 30, 2021 and 112,181,759 at December 31, 2020) | 1,123 | 1,122 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 2,478,416 | 2,478,906 | Additional paid-in capital | 2,480,412 | 2,478,906 | ||||||||||||||||
Cumulative distributions in excess of net income | Cumulative distributions in excess of net income | (835,894) | (809,836) | Cumulative distributions in excess of net income | (839,676) | (809,836) | ||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (6,415) | (9,157) | Accumulated other comprehensive loss | (5,347) | (9,157) | ||||||||||||||||
Total Corporate Office Properties Trust’s shareholders’ equity | Total Corporate Office Properties Trust’s shareholders’ equity | 1,637,230 | 1,661,035 | Total Corporate Office Properties Trust’s shareholders’ equity | 1,636,512 | 1,661,035 | ||||||||||||||||
Noncontrolling interests in subsidiaries: | Noncontrolling interests in subsidiaries: | Noncontrolling interests in subsidiaries: | ||||||||||||||||||||
Common units in Corporate Office Properties, L.P. (“COPLP”) | Common units in Corporate Office Properties, L.P. (“COPLP”) | 21,604 | 20,465 | Common units in Corporate Office Properties, L.P. (“COPLP”) | 21,568 | 20,465 | ||||||||||||||||
Other consolidated entities | Other consolidated entities | 12,478 | 12,212 | Other consolidated entities | 12,699 | 12,212 | ||||||||||||||||
Noncontrolling interests in subsidiaries | Noncontrolling interests in subsidiaries | 34,082 | 32,677 | Noncontrolling interests in subsidiaries | 34,267 | 32,677 | ||||||||||||||||
Total equity | Total equity | 1,671,312 | 1,693,712 | Total equity | 1,670,779 | 1,693,712 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,052,032 | $ | 4,077,023 | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,151,138 | $ | 4,077,023 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | $ | 143,658 | $ | 132,147 | $ | 288,282 | $ | 263,159 | Lease revenue | $ | 145,749 | $ | 133,875 | $ | 434,031 | $ | 397,034 | ||||||||||||||||||||||||||||
Other property revenue | Other property revenue | 765 | 391 | 1,305 | 1,495 | Other property revenue | 841 | 568 | 2,146 | 2,063 | ||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 19,988 | 12,236 | 36,546 | 25,917 | Construction contract and other service revenues | 28,046 | 20,323 | 64,592 | 46,240 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 164,411 | 144,774 | 326,133 | 290,571 | Total revenues | 174,636 | 154,766 | 500,769 | 445,337 | ||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 54,616 | 50,204 | 111,590 | 100,203 | Property operating expenses | 57,190 | 51,552 | 168,780 | 151,755 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 37,555 | 33,612 | 74,876 | 66,208 | Depreciation and amortization associated with real estate operations | 36,611 | 35,332 | 111,487 | 101,540 | ||||||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 19,082 | 11,711 | 34,875 | 24,832 | Construction contract and other service expenses | 27,089 | 19,220 | 61,964 | 44,052 | ||||||||||||||||||||||||||||||||||||
Impairment losses | Impairment losses | — | 1,530 | — | 1,530 | |||||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | 9,222 | 8,158 | 17,628 | 15,644 | General, administrative and leasing expenses | 9,342 | 7,467 | 26,970 | 23,111 | ||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | 1,372 | 1,262 | 2,466 | 2,380 | Business development expenses and land carry costs | 1,093 | 1,094 | 3,559 | 3,474 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 121,847 | 104,947 | 241,435 | 209,267 | Total operating expenses | 131,325 | 116,195 | 372,760 | 325,462 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (15,942) | (16,797) | (33,461) | (33,637) | Interest expense | (15,720) | (17,152) | (49,181) | (50,789) | ||||||||||||||||||||||||||||||||||||
Interest and other income | Interest and other income | 2,228 | 2,282 | 4,093 | 3,487 | Interest and other income | 1,818 | 1,746 | 5,911 | 5,233 | ||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | (193) | (615) | 714 | (1,304) | ||||||||||||||||||||||||||||||||||||||||||
Credit loss recoveries | Credit loss recoveries | 326 | 1,465 | 1,040 | 161 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 40,233 | 0 | 39,743 | 5 | Gain on sales of real estate | (32) | — | 39,711 | 5 | ||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (25,228) | 0 | (58,394) | 0 | Loss on early extinguishment of debt | (1,159) | (3,237) | (59,553) | (3,237) | ||||||||||||||||||||||||||||||||||||
Income before equity in income of unconsolidated entities and income taxes | 43,662 | 24,697 | 37,393 | 49,855 | ||||||||||||||||||||||||||||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | (53,196) | — | (53,196) | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before equity in income of unconsolidated entities and income taxes | Income (loss) before equity in income of unconsolidated entities and income taxes | 28,544 | (31,803) | 65,937 | 18,052 | |||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 260 | 454 | 482 | 895 | Equity in income of unconsolidated entities | 297 | 477 | 779 | 1,372 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (24) | (30) | (56) | (79) | Income tax expense | (47) | (16) | (103) | (95) | ||||||||||||||||||||||||||||||||||||
Net income | 43,898 | 25,121 | 37,819 | 50,671 | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 28,794 | (31,342) | 66,613 | 19,329 | |||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | Net (income) loss attributable to noncontrolling interests: | |||||||||||||||||||||||||||||||||||||||||||||
Common units in COPLP | Common units in COPLP | (559) | (284) | (474) | (571) | Common units in COPLP | (357) | 386 | (831) | (185) | ||||||||||||||||||||||||||||||||||||
Preferred units in COPLP | Preferred units in COPLP | 0 | (77) | 0 | (154) | Preferred units in COPLP | — | (77) | — | (231) | ||||||||||||||||||||||||||||||||||||
Other consolidated entities | Other consolidated entities | (938) | (1,263) | (1,613) | (2,395) | Other consolidated entities | (1,336) | (812) | (2,949) | (3,207) | ||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | $ | 42,401 | $ | 23,497 | $ | 35,732 | $ | 47,551 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | Net income (loss) attributable to COPT common shareholders | $ | 27,101 | $ | (31,845) | $ | 62,833 | $ | 15,706 | |||||||||||||||||||||||||||||||||||||
Earnings per common share: (1) | Earnings per common share: (1) | Earnings per common share: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders - basic | $ | 0.38 | $ | 0.21 | $ | 0.32 | $ | 0.42 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders - diluted | $ | 0.38 | $ | 0.21 | $ | 0.32 | $ | 0.42 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders - basic | Net income (loss) attributable to COPT common shareholders - basic | $ | 0.24 | $ | (0.29) | $ | 0.56 | $ | 0.14 | |||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders - diluted | Net income (loss) attributable to COPT common shareholders - diluted | $ | 0.24 | $ | (0.29) | $ | 0.56 | $ | 0.14 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Net income | $ | 43,898 | $ | 25,121 | $ | 37,819 | $ | 50,671 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 28,794 | $ | (31,342) | $ | 66,613 | $ | 19,329 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) income on interest rate derivatives | Unrealized (loss) income on interest rate derivatives | (240) | (3,315) | 544 | (41,020) | Unrealized (loss) income on interest rate derivatives | (118) | 1,428 | 426 | (39,592) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustments on interest rate derivatives recognized in interest expense | Reclassification adjustments on interest rate derivatives recognized in interest expense | 1,203 | 935 | 2,378 | 1,066 | Reclassification adjustments on interest rate derivatives recognized in interest expense | 1,226 | 1,342 | 3,604 | 2,408 | ||||||||||||||||||||||||||||||||||||
Reclassification adjustments on interest rate derivatives recognized in loss on interest rate derivatives | Reclassification adjustments on interest rate derivatives recognized in loss on interest rate derivatives | — | 51,865 | — | 51,865 | |||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 963 | (2,380) | 2,922 | (39,954) | ||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | 1,108 | 54,635 | 4,030 | 14,681 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 44,861 | 22,741 | 40,741 | 10,717 | Comprehensive income | 29,902 | 23,293 | 70,643 | 34,010 | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | Comprehensive income attributable to noncontrolling interests | (1,484) | (1,556) | (2,267) | (2,235) | Comprehensive income attributable to noncontrolling interests | (1,733) | (1,173) | (4,000) | (3,408) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to COPT | Comprehensive income attributable to COPT | $ | 43,377 | $ | 21,185 | $ | 38,474 | $ | 8,482 | Comprehensive income attributable to COPT | $ | 28,169 | $ | 22,120 | $ | 66,643 | $ | 30,602 |
Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | 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 June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2020 | For the Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 (112,183,192 common shares outstanding) | Balance at June 30, 2020 (112,183,192 common shares outstanding) | $ | 1,122 | $ | 2,477,977 | $ | (797,959) | $ | (64,513) | $ | 40,297 | $ | 1,656,924 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (13,729 shares issued, net of redemptions) | 0 | 1,188 | — | — | 548 | 1,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (7,504 shares redeemed, net of issuances) | Share-based compensation (7,504 shares redeemed, net of issuances) | — | 1,223 | — | — | 561 | 1,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (80) | — | — | — | (80) | Redemption of vested equity awards | — | (57) | — | — | — | (57) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 428 | — | — | (428) | 0 | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 552 | — | — | (552) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 23,497 | (2,312) | 439 | 21,624 | Comprehensive income | — | — | (31,845) | 53,965 | 533 | 22,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (30,856) | — | — | (30,856) | Dividends | — | — | (30,843) | — | — | (30,843) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common and preferred units in COPLP | Distributions to owners of common and preferred units in COPLP | — | — | — | — | (442) | (442) | Distributions to owners of common and preferred units in COPLP | — | — | — | — | (444) | (444) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (236) | — | — | — | (236) | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (374) | — | — | — | (374) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 (112,183,192 common shares outstanding) | $ | 1,122 | $ | 2,477,977 | $ | (797,959) | $ | (64,513) | $ | 40,297 | $ | 1,656,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 (112,175,688 common shares outstanding) | Balance at September 30, 2020 (112,175,688 common shares outstanding) | $ | 1,122 | $ | 2,479,321 | $ | (860,647) | $ | (10,548) | $ | 40,388 | $ | 1,649,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 (112,327,234 common shares outstanding) | $ | 1,123 | $ | 2,476,807 | $ | (847,407) | $ | (7,391) | $ | 33,660 | $ | 1,656,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (112,336,070 common shares outstanding) | Balance at June 30, 2021 (112,336,070 common shares outstanding) | $ | 1,123 | $ | 2,478,416 | $ | (835,894) | $ | (6,415) | $ | 34,082 | $ | 1,671,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (241) | (241) | Redemption of common units | — | — | — | — | (56) | (56) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (8,836 shares issued, net of redemptions) | — | 1,078 | — | — | 1,067 | 2,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (10,659 shares redeemed, net of issuances) | Share-based compensation (10,659 shares redeemed, net of issuances) | — | 1,064 | — | — | 1,098 | 2,162 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (68) | — | — | — | (68) | Redemption of vested equity awards | — | (64) | — | — | — | (64) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 739 | — | — | (739) | 0 | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,051 | — | — | (1,051) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 42,401 | 976 | 743 | 44,120 | Comprehensive income | — | — | 27,101 | 1,068 | 600 | 28,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (30,888) | — | — | (30,888) | Dividends | — | — | (30,883) | — | — | (30,883) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | Distributions to owners of common units in COPLP | — | — | — | — | (400) | (400) | Distributions to owners of common units in COPLP | — | — | — | — | (398) | (398) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (140) | — | — | — | (140) | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (55) | — | — | — | (55) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (112,336,070 common shares outstanding) | $ | 1,123 | $ | 2,478,416 | $ | (835,894) | $ | (6,415) | $ | 34,082 | $ | 1,671,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (112,325,411 common shares outstanding) | Balance at September 30, 2021 (112,325,411 common shares outstanding) | $ | 1,123 | $ | 2,480,412 | $ | (839,676) | $ | (5,347) | $ | 34,267 | $ | 1,670,779 |
Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2020 | For the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 (112,068,705 common shares outstanding) | 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 | 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 | Cumulative effect of accounting change for adoption of credit loss guidance | — | — | (5,541) | — | — | (5,541) | Cumulative effect of accounting change for adoption of credit loss guidance | — | — | (5,541) | — | — | (5,541) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019, as adjusted | Balance at December 31, 2019, as adjusted | 1,121 | 2,481,558 | (783,816) | (25,444) | 40,285 | 1,713,704 | 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) | Conversion of common units to common shares (12,009 shares) | — | 182 | — | — | (182) | 0 | Conversion of common units to common shares (12,009 shares) | — | 182 | — | — | (182) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (102,478 shares issued, net of redemptions) | 1 | 2,171 | — | — | 774 | 2,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (94,974 shares issued, net of redemptions) | Share-based compensation (94,974 shares issued, net of redemptions) | 1 | 3,394 | — | — | 1,335 | 4,730 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (1,572) | — | — | — | (1,572) | Redemption of vested equity awards | — | (1,629) | — | — | — | (1,629) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (25) | — | — | 25 | 0 | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 527 | — | — | (527) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 47,551 | (39,069) | 160 | 8,642 | Comprehensive income | — | — | 15,706 | 14,896 | 693 | 31,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (61,694) | — | — | (61,694) | Dividends | — | — | (92,537) | — | — | (92,537) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common and preferred units in COPLP | Distributions to owners of common and preferred units in COPLP | — | — | — | — | (862) | (862) | Distributions to owners of common and preferred units in COPLP | — | — | — | — | (1,306) | (1,306) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in other consolidated entities | Contributions from noncontrolling interests in other consolidated entities | — | — | — | — | 112 | 112 | Contributions from noncontrolling interests in other consolidated entities | — | — | — | — | 112 | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (15) | (15) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (22) | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (4,337) | — | — | — | (4,337) | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (4,711) | — | — | — | (4,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 (112,183,192 common shares outstanding) | $ | 1,122 | $ | 2,477,977 | $ | (797,959) | $ | (64,513) | $ | 40,297 | $ | 1,656,924 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 (112,175,688 common shares outstanding) | Balance at September 30, 2020 (112,175,688 common shares outstanding) | $ | 1,122 | $ | 2,479,321 | $ | (860,647) | $ | (10,548) | $ | 40,388 | $ | 1,649,636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (112,181,759 common shares outstanding) | Balance at December 31, 2020 (112,181,759 common shares outstanding) | $ | 1,122 | $ | 2,478,906 | $ | (809,836) | $ | (9,157) | $ | 32,677 | $ | 1,693,712 | Balance at December 31, 2020 (112,181,759 common shares outstanding) | $ | 1,122 | $ | 2,478,906 | $ | (809,836) | $ | (9,157) | $ | 32,677 | $ | 1,693,712 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common shares (8,054 shares) | Conversion of common units to common shares (8,054 shares) | — | 121 | — | — | (121) | 0 | Conversion of common units to common shares (8,054 shares) | — | 121 | — | — | (121) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (241) | (241) | Redemption of common units | — | — | — | — | (297) | (297) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (146,257 shares issued, net of redemptions) | 1 | 2,175 | — | — | 1,984 | 4,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (135,598 shares issued, net of redemptions) | Share-based compensation (135,598 shares issued, net of redemptions) | 1 | 3,239 | — | — | 3,082 | 6,322 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (2,358) | — | — | — | (2,358) | Redemption of vested equity awards | — | (2,422) | — | — | — | (2,422) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 194 | — | — | (194) | 0 | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,245 | — | — | (1,245) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 35,732 | 2,742 | 1,114 | 39,588 | Comprehensive income | — | — | 62,833 | 3,810 | 1,714 | 68,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (61,790) | — | — | (61,790) | Dividends | — | — | (92,673) | — | — | (92,673) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | Distributions to owners of common units in COPLP | — | — | — | — | (798) | (798) | Distributions to owners of common units in COPLP | — | — | — | — | (1,196) | (1,196) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (15) | (15) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (23) | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (622) | — | — | — | (622) | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (677) | — | — | — | (677) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | — | — | — | — | (324) | (324) | Other | — | — | — | — | (324) | (324) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (112,336,070 common shares outstanding) | $ | 1,123 | $ | 2,478,416 | $ | (835,894) | $ | (6,415) | $ | 34,082 | $ | 1,671,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (112,325,411 common shares outstanding) | Balance at September 30, 2021 (112,325,411 common shares outstanding) | $ | 1,123 | $ | 2,480,412 | $ | (839,676) | $ | (5,347) | $ | 34,267 | $ | 1,670,779 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||
Revenues from real estate operations received | Revenues from real estate operations received | $ | 280,708 | $ | 265,833 | Revenues from real estate operations received | $ | 427,448 | $ | 394,094 | ||||||||||||
Construction contract and other service revenues received | Construction contract and other service revenues received | 38,419 | 42,149 | Construction contract and other service revenues received | 68,780 | 53,911 | ||||||||||||||||
Property operating expenses paid | Property operating expenses paid | (91,672) | (86,934) | Property operating expenses paid | (168,009) | (159,007) | ||||||||||||||||
Construction contract and other service expenses paid | Construction contract and other service expenses paid | (34,445) | (32,107) | Construction contract and other service expenses paid | (50,275) | (45,686) | ||||||||||||||||
General, administrative, leasing, business development and land carry costs paid | General, administrative, leasing, business development and land carry costs paid | (15,399) | (16,969) | General, administrative, leasing, business development and land carry costs paid | (22,367) | (24,408) | ||||||||||||||||
Interest expense paid | Interest expense paid | (31,392) | (31,581) | Interest expense paid | (46,621) | (49,693) | ||||||||||||||||
Lease incentives paid | Lease incentives paid | (7,442) | (5,611) | Lease incentives paid | (8,694) | (12,634) | ||||||||||||||||
Other | Other | (765) | 1,757 | Other | (359) | 2,464 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 138,012 | 136,537 | Net cash provided by operating activities | 199,903 | 159,041 | ||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||||||||
Development and redevelopment of properties | Development and redevelopment of properties | (110,909) | (185,357) | Development and redevelopment of properties | (176,554) | (284,416) | ||||||||||||||||
Tenant improvements on operating properties | Tenant improvements on operating properties | (10,872) | (16,489) | Tenant improvements on operating properties | (15,149) | (23,377) | ||||||||||||||||
Other capital improvements on operating properties | Other capital improvements on operating properties | (12,382) | (11,576) | Other capital improvements on operating properties | (19,256) | (24,797) | ||||||||||||||||
Proceeds from sale of properties | Proceeds from sale of properties | 114,394 | 0 | Proceeds from sale of properties | 114,050 | — | ||||||||||||||||
Non-operating distributions from unconsolidated real estate joint venture | Non-operating distributions from unconsolidated real estate joint venture | 872 | 2,287 | |||||||||||||||||||
Leasing costs paid | Leasing costs paid | (11,408) | (8,424) | Leasing costs paid | (14,929) | (12,455) | ||||||||||||||||
Settlement of interest rate derivatives | Settlement of interest rate derivatives | — | (53,130) | |||||||||||||||||||
Other | Other | 576 | (5,442) | Other | (1,026) | (321) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (30,601) | (227,288) | Net cash used in investing activities | (111,992) | (396,209) | ||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||
Proceeds from debt | Proceeds from debt | Proceeds from debt | ||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | 387,000 | 251,000 | Revolving Credit Facility | 456,000 | 409,000 | ||||||||||||||||
Unsecured senior notes | Unsecured senior notes | 589,818 | 0 | Unsecured senior notes | 987,210 | 395,264 | ||||||||||||||||
Other debt proceeds | Other debt proceeds | 4,459 | 189,359 | Other debt proceeds | 4,630 | 199,088 | ||||||||||||||||
Repayments of debt | Repayments of debt | Repayments of debt | ||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | (361,000) | (259,000) | Revolving Credit Facility | (589,000) | (529,000) | ||||||||||||||||
Unsecured senior notes | Unsecured senior notes | (600,000) | 0 | Unsecured senior notes | (600,000) | (122,948) | ||||||||||||||||
Scheduled principal amortization | Scheduled principal amortization | (1,922) | (2,044) | Scheduled principal amortization | (2,911) | (3,077) | ||||||||||||||||
Other debt repayments | Other debt repayments | (188,960) | — | |||||||||||||||||||
Deferred financing costs paid | Deferred financing costs paid | (1,620) | (1,261) | Deferred financing costs paid | (2,662) | (2,161) | ||||||||||||||||
Payments in connection with early extinguishment of debt | Payments in connection with early extinguishment of debt | (55,713) | 0 | Payments in connection with early extinguishment of debt | (55,720) | (3,037) | ||||||||||||||||
Common share dividends paid | Common share dividends paid | (61,747) | (61,667) | Common share dividends paid | (92,632) | (92,512) | ||||||||||||||||
Distributions paid to redeemable noncontrolling interests | Distributions paid to redeemable noncontrolling interests | (1,226) | (12,662) | Distributions paid to redeemable noncontrolling interests | (1,687) | (13,515) | ||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | (2,358) | (1,572) | Redemption of vested equity awards | (2,422) | (1,629) | ||||||||||||||||
Other | Other | (3,360) | (3,666) | Other | (3,645) | (1,760) | ||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (107,669) | 98,487 | Net cash (used in) provided by financing activities | (91,799) | 233,713 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | (258) | 7,736 | ||||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | (3,888) | (3,455) | |||||||||||||||||||
Cash and cash equivalents and restricted cash | Cash and cash equivalents and restricted cash | Cash and cash equivalents and restricted cash | ||||||||||||||||||||
Beginning of period | Beginning of period | 22,033 | 18,130 | Beginning of period | 22,033 | 18,130 | ||||||||||||||||
End of period | End of period | $ | 21,775 | $ | 25,866 | End of period | $ | 18,145 | $ | 14,675 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 37,819 | $ | 50,671 | Net income | $ | 66,613 | $ | 19,329 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and other amortization | Depreciation and other amortization | 76,476 | 67,075 | Depreciation and other amortization | 113,676 | 102,864 | ||||||||||||||||
Impairment losses | Impairment losses | — | 1,530 | |||||||||||||||||||
Amortization of deferred financing costs and net debt discounts | Amortization of deferred financing costs and net debt discounts | 2,666 | 1,993 | Amortization of deferred financing costs and net debt discounts | 3,969 | 3,104 | ||||||||||||||||
Increase in deferred rent receivable | Increase in deferred rent receivable | (9,421) | (1,070) | Increase in deferred rent receivable | (13,515) | (3,560) | ||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (39,743) | (5) | Gain on sales of real estate | (39,711) | (5) | ||||||||||||||||
Share-based compensation | Share-based compensation | 3,913 | 3,027 | Share-based compensation | 5,960 | 4,753 | ||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | 58,394 | 0 | Loss on early extinguishment of debt | 59,553 | 3,237 | ||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | 53,196 | |||||||||||||||||||
Other | Other | (2,462) | (1,263) | Other | (3,708) | (4,184) | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Decrease in accounts receivable | 45 | 5,039 | ||||||||||||||||||||
Decrease in prepaid expenses and other assets, net | 13,894 | 23,202 | ||||||||||||||||||||
Decrease in accounts payable, accrued expenses and other liabilities | (1,037) | (8,971) | ||||||||||||||||||||
Decrease (increase) in accounts receivable | Decrease (increase) in accounts receivable | 6,269 | (744) | |||||||||||||||||||
Increase in prepaid expenses and other assets, net | Increase in prepaid expenses and other assets, net | (13,120) | (13,164) | |||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | Increase (decrease) in accounts payable, accrued expenses and other liabilities | 15,250 | (3,971) | |||||||||||||||||||
Decrease in rents received in advance and security deposits | Decrease in rents received in advance and security deposits | (2,532) | (3,161) | Decrease in rents received in advance and security deposits | (1,333) | (3,344) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 138,012 | $ | 136,537 | Net cash provided by operating activities | $ | 199,903 | $ | 159,041 | ||||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 18,369 | $ | 14,733 | Cash and cash equivalents at beginning of period | $ | 18,369 | $ | 14,733 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 3,664 | 3,397 | Restricted cash at beginning of period | 3,664 | 3,397 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 22,033 | $ | 18,130 | Cash and cash equivalents and restricted cash at beginning of period | $ | 22,033 | $ | 18,130 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 17,182 | $ | 21,596 | Cash and cash equivalents at end of period | $ | 14,570 | $ | 11,458 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 4,593 | 4,270 | Restricted cash at end of period | 3,575 | 3,217 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 21,775 | $ | 25,866 | Cash and cash equivalents and restricted cash at end of period | $ | 18,145 | $ | 14,675 | ||||||||||||
Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs | $ | (15,887) | $ | 12,940 | ||||||||||||||||||
Increase (decrease) in accrued capital improvements, leasing and other investing activity costs | Increase (decrease) in accrued capital improvements, leasing and other investing activity costs | $ | 17,590 | $ | (195) | |||||||||||||||||
Recognition of operating right-of-use assets and related lease liabilities | Recognition of operating right-of-use assets and related lease liabilities | $ | 328 | $ | 3,381 | Recognition of operating right-of-use assets and related lease liabilities | $ | 328 | $ | 8,955 | ||||||||||||
Investment in unconsolidated real estate joint venture retained in property disposition | Investment in unconsolidated real estate joint venture retained in property disposition | $ | 11,842 | $ | 0 | Investment in unconsolidated real estate joint venture retained in property disposition | $ | 11,842 | $ | — | ||||||||||||
Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | $ | 2,922 | $ | (39,953) | Increase (decrease) in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | $ | 4,030 | $ | (37,183) | ||||||||||||
Dividends/distributions payable | Dividends/distributions payable | $ | 31,302 | $ | 31,302 | Dividends/distributions payable | $ | 31,306 | $ | 31,307 | ||||||||||||
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | $ | 121 | $ | 182 | Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | $ | 121 | $ | 182 | ||||||||||||
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | (194) | $ | 25 | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | (1,245) | $ | (527) | ||||||||||||
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value | Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value | $ | 622 | $ | 4,337 | Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value | $ | 677 | $ | 4,711 |
Description | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | Marketable securities in deferred compensation plan (1) | Marketable securities in deferred compensation plan (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | Mutual funds | $ | 2,648 | $ | 0 | $ | 0 | $ | 2,648 | Mutual funds | $ | 2,545 | $ | — | $ | — | $ | 2,545 | ||||||||||||||||||||||||||||||||||
Other | Other | 14 | 0 | 0 | 14 | Other | 71 | — | — | 71 | ||||||||||||||||||||||||||||||||||||||||||
Other marketable securities (1) | Other marketable securities (1) | 33 | 0 | 0 | 33 | Other marketable securities (1) | 33 | — | — | 33 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (1) | Interest rate derivatives (1) | 0 | 46 | 0 | 46 | Interest rate derivatives (1) | — | 70 | — | 70 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 2,695 | $ | 46 | $ | 0 | $ | 2,741 | Total assets | $ | 2,649 | $ | 70 | $ | — | $ | 2,719 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan liability (2) | Deferred compensation plan liability (2) | $ | 0 | $ | 2,662 | $ | 0 | $ | 2,662 | Deferred compensation plan liability (2) | $ | — | $ | 2,616 | $ | — | $ | 2,616 | ||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | — | 6,646 | 0 | 6,646 | Interest rate derivatives | — | 5,562 | — | 5,562 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | $ | 0 | $ | 9,308 | $ | 0 | $ | 9,308 | Total liabilities | $ | — | $ | 8,178 | $ | — | $ | 8,178 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Land | Land | $ | 527,994 | $ | 528,269 | Land | $ | 539,899 | $ | 528,269 | ||||||||||||
Buildings and improvements | Buildings and improvements | 3,753,620 | 3,711,264 | Buildings and improvements | 3,890,678 | 3,711,264 | ||||||||||||||||
Less: Accumulated depreciation | Less: Accumulated depreciation | (1,182,432) | (1,124,253) | Less: Accumulated depreciation | (1,202,780) | (1,124,253) | ||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,099,182 | $ | 3,115,280 | Operating properties, net | $ | 3,227,797 | $ | 3,115,280 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | 2021 | 2020 | 2021 | 2020 | Lease revenue | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Fixed | Fixed | $ | 113,423 | $ | 103,993 | $ | 225,848 | $ | 208,102 | Fixed | $ | 114,309 | $ | 106,743 | $ | 340,157 | $ | 314,845 | ||||||||||||||||||||||||||||||||||
Variable | Variable | 30,235 | 28,154 | 62,434 | 55,057 | Variable | 31,440 | 27,132 | 93,874 | 82,189 | ||||||||||||||||||||||||||||||||||||||||||
$ | 143,658 | $ | 132,147 | $ | 288,282 | $ | 263,159 | $ | 145,749 | $ | 133,875 | $ | 434,031 | $ | 397,034 |
As of June 30, 2021 | As of September 30, 2021 | |||||||||||||||||||||||||||
Year Ending December 31, | Year Ending December 31, | Operating leases | Sales-type leases | Year Ending December 31, | Operating leases | Sales-type leases | ||||||||||||||||||||||
2021 (1) | 2021 (1) | $ | 215,266 | $ | 442 | 2021 (1) | $ | 109,800 | $ | 221 | ||||||||||||||||||
2022 | 2022 | 398,730 | 960 | 2022 | 418,746 | 960 | ||||||||||||||||||||||
2023 | 2023 | 346,493 | 960 | 2023 | 370,652 | 960 | ||||||||||||||||||||||
2024 | 2024 | 299,455 | 960 | 2024 | 323,198 | 960 | ||||||||||||||||||||||
2025 | 2025 | 220,803 | 960 | 2025 | 241,090 | 960 | ||||||||||||||||||||||
Thereafter | Thereafter | 879,852 | 4,516 | Thereafter | 1,020,675 | 4,516 | ||||||||||||||||||||||
Total contractual payments | Total contractual payments | $ | 2,360,599 | 8,798 | Total contractual payments | $ | 2,484,161 | 8,577 | ||||||||||||||||||||
Less: Amount representing interest | Less: Amount representing interest | (2,393) | Less: Amount representing interest | (2,277) | ||||||||||||||||||||||||
Net investment in sales-type leases | Net investment in sales-type leases | $ | 6,405 | Net investment in sales-type leases | $ | 6,300 |
Leases | Leases | Balance Sheet Location | June 30, 2021 | December 31, 2020 | Leases | Balance Sheet Location | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Right-of-use assets | Right-of-use assets | Right-of-use assets | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating right-of-use assets | $ | 39,333 | $ | 40,570 | Operating leases - Property | Property - operating right-of-use assets | $ | 38,854 | $ | 40,570 | ||||||||||||||||||||||||||||
Finance leases - Property | Finance leases - Property | Property - finance right-of-use assets | 40,082 | 40,425 | Finance leases - Property | Property - finance right-of-use assets | 40,077 | 40,425 | ||||||||||||||||||||||||||||||||
Total right-of-use assets | Total right-of-use assets | $ | 79,415 | $ | 80,995 | Total right-of-use assets | $ | 78,931 | $ | 80,995 |
Leases | Leases | Balance Sheet Location | June 30, 2021 | December 31, 2020 | Leases | Balance Sheet Location | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Lease liabilities | Lease liabilities | Lease liabilities | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating lease liabilities | $ | 29,909 | $ | 30,746 | Operating leases - Property | Property - operating lease liabilities | $ | 29,630 | $ | 30,746 | ||||||||||||||||||||||||||||
Finance leases - Property | Finance leases - Property | Other liabilities | 18 | 28 | Finance leases - Property | Other liabilities | 14 | 28 | ||||||||||||||||||||||||||||||||
Total lease liabilities | Total lease liabilities | $ | 29,927 | $ | 30,774 | Total lease liabilities | $ | 29,644 | $ | 30,774 |
Weighted average remaining lease term | ||||||||
Operating leases | 51 years | |||||||
Finance leases | < 1 year | |||||||
Weighted average discount rate | ||||||||
Operating leases | 7.16 | % | ||||||
Finance leases | 3.62 | % |
Statement of Operations Location | For the Three Months Ended June 30, | For the Six Months Ended June 30, | Statement of Operations Location | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease cost | Lease cost | 2021 | 2020 | 2021 | 2020 | Lease cost | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | Operating lease cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property leases - fixed | Property leases - fixed | Property operating expenses | $ | 1,013 | $ | 440 | $ | 1,986 | $ | 867 | Property leases - fixed | Property operating expenses | $ | 1,013 | $ | 598 | $ | 2,999 | $ | 1,465 | ||||||||||||||||||||||||||||||||||||||||||||
Property leases - variable | Property leases - variable | Property operating expenses | 10 | 5 | 20 | 9 | Property leases - variable | Property operating expenses | 11 | 107 | 31 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease cost | Finance lease cost | Finance lease cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of property right-of-use assets | Amortization of property right-of-use assets | Property operating expenses | 9 | 9 | 18 | 18 | Amortization of property right-of-use assets | Property operating expenses | 5 | 9 | 23 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,032 | $ | 454 | $ | 2,024 | $ | 894 | $ | 1,029 | $ | 714 | $ | 3,053 | $ | 1,608 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information | 2021 | 2020 | Supplemental cash flow information | 2021 | 2020 | ||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating cash flows for operating leases | Operating cash flows for operating leases | $ | 1,586 | $ | 541 | Operating cash flows for operating leases | $ | 2,399 | $ | 987 | ||||||||||||||||||||||||
Financing cash flows for financing leases | Financing cash flows for financing leases | $ | 10 | $ | 14 | Financing cash flows for financing leases | $ | 14 | $ | 674 |
As of June 30, 2021 | As of September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ending December 31, | Year Ending December 31, | Operating leases | Finance leases | Total | Year Ending December 31, | Operating leases | Finance leases | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 (1) | 2021 (1) | $ | 1,610 | $ | 4 | $ | 1,614 | 2021 (1) | $ | 807 | $ | — | $ | 807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2022 | 3,297 | 14 | 3,311 | 2022 | 3,297 | 14 | 3,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 3,352 | 0 | 3,352 | 2023 | 3,352 | — | 3,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 3,403 | 0 | 3,403 | 2024 | 3,403 | — | 3,403 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 1,749 | 0 | 1,749 | 2025 | 1,749 | — | 1,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 123,979 | 0 | 123,979 | Thereafter | 123,979 | — | 123,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total lease payments | Total lease payments | 137,390 | 18 | 137,408 | Total lease payments | 136,587 | 14 | 136,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amount representing interest | Less: Amount representing interest | (107,481) | 0 | (107,481) | Less: Amount representing interest | (106,957) | — | (106,957) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability | Lease liability | $ | 29,909 | $ | 18 | $ | 29,927 | Lease liability | $ | 29,630 | $ | 14 | $ | 29,644 |
June 30, 2021 (1) | September 30, 2021 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Acquired | Nominal Ownership % | Total Assets | Encumbered Assets | Total Liabilities | Date Acquired | Nominal Ownership % | Total Assets | Encumbered Assets | Total Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity | Entity | Location | Entity | Location | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LW Redstone Company, LLC (2) | LW Redstone Company, LLC (2) | 3/23/2010 | 85% | Huntsville, Alabama | $ | 429,103 | $ | 90,985 | $ | 89,943 | LW Redstone Company, LLC (2) | 3/23/2010 | 85% | Huntsville, Alabama | $ | 453,496 | $ | 90,295 | $ | 99,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stevens Investors, LLC | Stevens Investors, LLC | 8/11/2015 | 95% | Washington, DC | 163,349 | 162,141 | 89,142 | Stevens Investors, LLC | 8/11/2015 | 95% | Washington, DC | 164,189 | — | 859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M Square Associates, LLC | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 101,228 | 61,395 | 52,767 | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 100,634 | 60,950 | 52,527 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 693,680 | $ | 314,521 | $ | 231,852 | $ | 718,319 | $ | 151,245 | $ | 152,559 |
Date Acquired | Nominal Ownership % | Number of Properties | Carrying Value of Investment (1) | Date Acquired | Nominal Ownership % | Number of Properties | Carrying Value of Investment (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity | Entity | June 30, 2021 | December 31, 2020 | Entity | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV II LLC (2) | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | $ | 15,877 | $ | 15,988 | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | $ | 15,735 | $ | 15,988 | ||||||||||||||||||||||||||||||||||||||||||||||||
BREIT COPT DC JV LLC | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 12,840 | 13,315 | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 12,620 | 13,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV III LLC | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 11,869 | 0 | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 11,949 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | $ | 40,586 | $ | 29,303 | 19 | $ | 40,304 | $ | 29,303 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Notes receivable from the City of Huntsville | Notes receivable from the City of Huntsville | $ | 69,165 | $ | 65,564 | Notes receivable from the City of Huntsville | $ | 71,322 | $ | 65,564 | ||||||||||||
Other investing loans receivable | Other investing loans receivable | 6,040 | 6,041 | Other investing loans receivable | 6,040 | 6,041 | ||||||||||||||||
Amortized cost basis | Amortized cost basis | 75,205 | 71,605 | Amortized cost basis | 77,362 | 71,605 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (2,132) | (2,851) | Allowance for credit losses | (1,415) | (2,851) | ||||||||||||||||
Investing receivables, net | Investing receivables, net | $ | 73,073 | $ | 68,754 | Investing receivables, net | $ | 75,947 | $ | 68,754 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Lease incentives, net | Lease incentives, net | $ | 37,665 | $ | 35,642 | Lease incentives, net | $ | 40,150 | $ | 35,642 | ||||||||||||
Prepaid expenses | Prepaid expenses | 26,815 | 19,690 | |||||||||||||||||||
Construction contract costs in excess of billings, net | Construction contract costs in excess of billings, net | 12,987 | 10,343 | |||||||||||||||||||
Furniture, fixtures and equipment, net | Furniture, fixtures and equipment, net | 9,993 | 10,433 | Furniture, fixtures and equipment, net | 10,008 | 10,433 | ||||||||||||||||
Construction contract costs in excess of billings, net | 9,766 | 10,343 | ||||||||||||||||||||
Net investment in sales-type leases | Net investment in sales-type leases | 6,405 | 6,573 | Net investment in sales-type leases | 6,300 | 6,573 | ||||||||||||||||
Non-real estate equity investments | Non-real estate equity investments | 5,541 | 5,509 | Non-real estate equity investments | 5,545 | 5,509 | ||||||||||||||||
Restricted cash | Restricted cash | 4,593 | 3,664 | Restricted cash | 3,575 | 3,664 | ||||||||||||||||
Prepaid expenses | 4,516 | 19,690 | ||||||||||||||||||||
Marketable securities in deferred compensation plan | Marketable securities in deferred compensation plan | 2,662 | 3,027 | Marketable securities in deferred compensation plan | 2,616 | 3,027 | ||||||||||||||||
Deferred tax asset, net (1) | Deferred tax asset, net (1) | 1,928 | 1,989 | Deferred tax asset, net (1) | 1,883 | 1,989 | ||||||||||||||||
Deferred financing costs, net (2) | Deferred financing costs, net (2) | 1,876 | 2,439 | Deferred financing costs, net (2) | 1,595 | 2,439 | ||||||||||||||||
Other assets | Other assets | 7,212 | 5,274 | Other assets | 5,740 | 5,274 | ||||||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | $ | 92,157 | $ | 104,583 | Prepaid expenses and other assets, net | $ | 117,214 | $ | 104,583 |
Carrying Value (1) as of | Carrying Value (1) as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | September 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated Interest Rates | Scheduled Maturity | September 30, 2021 | December 31, 2020 | Scheduled Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Secured Debt: | Mortgage and Other Secured Debt: | Mortgage and Other Secured Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate mortgage debt (2) | Fixed rate mortgage debt (2) | $ | 138,209 | $ | 139,991 | 3.82% - 4.62% (3) | 2023-2026 | Fixed rate mortgage debt (2) | $ | 137,310 | $ | 139,991 | 3.82% - 4.62% (3) | 2023-2026 | ||||||||||||||||||||||||||||||||||||||||||||
Variable rate secured debt | Variable rate secured debt | 121,126 | 115,119 | LIBOR + 1.45% to 2.35% (5) | 2022-2026 | Variable rate secured debt | 33,698 | 115,119 | LIBOR + 1.45% to 1.55% (4) | 2025-2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage and other secured debt | Total mortgage and other secured debt | 259,335 | 255,110 | Total mortgage and other secured debt | 171,008 | 255,110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | 169,000 | 143,000 | LIBOR + 0.775% to 1.45% (7) | March 2023 (6) | Revolving Credit Facility | 10,000 | 143,000 | LIBOR + 0.775% to 1.45% (6) | March 2023 (5) | ||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan Facility | Term Loan Facility | 398,837 | 398,447 | LIBOR + 1.00% to 1.65% (8) | December 2022 | Term Loan Facility | 299,274 | 398,447 | LIBOR + 1.00% to 1.65% (7) | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.00%, $300,000 aggregate principal | 5.00%, $300,000 aggregate principal | 298,127 | 297,915 | 5.00% (9) | July 2025 | 5.00%, $300,000 aggregate principal | 298,235 | 297,915 | 5.00% (8) | July 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.25%, $400,000 aggregate principal | 2.25%, $400,000 aggregate principal | 394,975 | 394,464 | 2.25% (10) | March 2026 | 2.25%, $400,000 aggregate principal | 395,232 | 394,464 | 2.25% (9) | March 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.00%, $400,000 aggregate principal | 2.00%, $400,000 aggregate principal | 396,394 | — | 2.00% (10) | January 2029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2.75%, $600,000 aggregate principal | 2.75%, $600,000 aggregate principal | 588,538 | 0 | 2.75% (11) | April 2031 | 2.75%, $600,000 aggregate principal | 588,798 | — | 2.75% (10) | April 2031 | ||||||||||||||||||||||||||||||||||||||||||||||||
3.60%, $350,000 aggregate principal | 3.60%, $350,000 aggregate principal | 0 | 348,888 | 3.60% (12) | N/A (11) | 3.60%, $350,000 aggregate principal | — | 348,888 | 3.60% (11) | N/A (11) | ||||||||||||||||||||||||||||||||||||||||||||||||
5.25%, $250,000 aggregate principal | 5.25%, $250,000 aggregate principal | 0 | 248,194 | 5.25% (13) | N/A (12) | 5.25%, $250,000 aggregate principal | — | 248,194 | 5.25% (12) | N/A (12) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured note payable | Unsecured note payable | 828 | 900 | 0% (14) | May 2026 | Unsecured note payable | 791 | 900 | 0% (13) | May 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total debt, net | Total debt, net | $ | 2,109,640 | $ | 2,086,918 | Total debt, net | $ | 2,159,732 | $ | 2,086,918 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | Fixed-rate debt | Fixed-rate debt | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | Unsecured Senior Notes | $ | 1,281,640 | $ | 1,324,953 | $ | 1,289,461 | $ | 1,334,342 | Unsecured Senior Notes | $ | 1,678,659 | $ | 1,723,267 | $ | 1,289,461 | $ | 1,334,342 | ||||||||||||||||||||||||||||
Other fixed-rate debt | Other fixed-rate debt | 139,037 | 138,241 | 140,891 | 142,838 | Other fixed-rate debt | 138,101 | 136,653 | 140,891 | 142,838 | ||||||||||||||||||||||||||||||||||||
Variable-rate debt | Variable-rate debt | 688,963 | 691,144 | 656,566 | 654,102 | Variable-rate debt | 342,972 | 343,577 | 656,566 | 654,102 | ||||||||||||||||||||||||||||||||||||
$ | 2,109,640 | $ | 2,154,338 | $ | 2,086,918 | $ | 2,131,282 | $ | 2,159,732 | $ | 2,203,497 | $ | 2,086,918 | $ | 2,131,282 |
Fair Value at | ||||||||||||||||||||||||||||||||||||||
Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
$ | 100,000 | 1.901% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | $ | (2,477) | $ | (3,394) | |||||||||||||||||||||||||||||
$ | 100,000 | 1.905% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | (2,483) | (3,401) | |||||||||||||||||||||||||||||||
$ | 50,000 | 1.908% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | (1,244) | (1,704) | |||||||||||||||||||||||||||||||
$ | 11,200 | (1) | 1.678% | One-Month LIBOR | 8/1/2019 | 8/1/2026 | (442) | (733) | ||||||||||||||||||||||||||||||
$ | 23,000 | (2) | 0.573% | One-Month LIBOR | 4/1/2020 | 3/26/2025 | 46 | (290) | ||||||||||||||||||||||||||||||
$ | (6,600) | $ | (9,522) |
Fair Value at | ||||||||||||||||||||||||||||||||||||||
Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
$ | 100,000 | 1.901% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | $ | (2,065) | $ | (3,394) | |||||||||||||||||||||||||||||
$ | 100,000 | 1.905% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | (2,070) | (3,401) | |||||||||||||||||||||||||||||||
$ | 50,000 | 1.908% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | (1,036) | (1,704) | |||||||||||||||||||||||||||||||
$ | 11,180 | (1) | 1.678% | One-Month LIBOR | 8/1/2019 | 8/1/2026 | (391) | (733) | ||||||||||||||||||||||||||||||
$ | 23,000 | (2) | 0.573% | One-Month LIBOR | 4/1/2020 | 3/26/2025 | 70 | (290) | ||||||||||||||||||||||||||||||
$ | (5,492) | $ | (9,522) |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | Balance Sheet Location | June 30, 2021 | December 31, 2020 | Derivatives | Balance Sheet Location | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 46 | $ | 0 | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 70 | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate swaps designated as cash flow hedges | Interest rate derivatives (liabilities) | $ | (6,646) | $ | (9,522) | Interest rate swaps designated as cash flow hedges | Interest rate derivatives (liabilities) | $ | (5,562) | $ | (9,522) |
Amount of (Loss) Income Recognized in AOCL on Derivatives | Amount of Loss Reclassified from AOCL into Interest Expense on Statement of Operations | Amount of (Loss) Income Recognized in AOCL on Derivatives | Amount of Loss Reclassified from AOCL into Interest Expense on Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Hedging Relationships | Derivatives in Hedging Relationships | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | Derivatives in Hedging Relationships | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | $ | (240) | $ | (3,315) | $ | 544 | $ | (41,020) | $ | (1,203) | $ | (935) | $ | (2,378) | $ | (1,066) | Interest rate derivatives | $ | (118) | $ | 1,428 | $ | 426 | $ | (39,592) | $ | (1,226) | $ | (1,342) | $ | (3,604) | $ | (2,408) |
Amount of Loss Reclassified from AOCL into Loss on Interest Rate Derivatives on Statement of Operations | Amount of Loss Recognized on Undesignated Swaps in Loss on Interest Rate Derivatives on Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Hedging Relationships | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | (51,865) | $ | — | $ | (51,865) | $ | — | $ | (1,265) | $ | — | $ | (1,265) |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 25,430 | $ | 29,431 | Beginning balance | $ | 25,430 | $ | 29,431 | ||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (1,165) | (12,695) | Distributions to noncontrolling interests | (2,387) | (13,335) | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | 1,153 | 2,075 | Net income attributable to noncontrolling interests | 2,286 | 2,715 | ||||||||||||||||||||||
Adjustment to arrive at fair value of interests | Adjustment to arrive at fair value of interests | 622 | 4,337 | Adjustment to arrive at fair value of interests | 677 | 4,711 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 26,040 | $ | 23,148 | Ending balance | $ | 26,006 | $ | 23,522 |
For the Six Months Ended June 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 2,851 | $ | 1,203 | $ | 643 | $ | 4,697 | December 31, 2020 | $ | 2,851 | $ | 1,203 | $ | 643 | $ | 4,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss (recoveries) expense | Credit loss (recoveries) expense | (719) | (77) | 82 | (714) | Credit loss (recoveries) expense | (1,436) | (114) | 510 | (1,040) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | $ | 2,132 | $ | 1,126 | $ | 725 | $ | 3,983 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | $ | 1,415 | $ | 1,089 | $ | 1,153 | $ | 3,657 |
Origination Year | Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 and Earlier | 2017 | 2018 | 2019 | 2020 | 2021 | Total | 2016 and Earlier | 2017 | 2018 | 2019 | 2020 | 2021 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing receivables: | Investing receivables: | Investing receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 67,112 | $ | 1,019 | $ | 0 | $ | 0 | $ | 1,028 | $ | 6 | $ | 69,165 | Investment grade | $ | 68,773 | $ | 1,043 | $ | — | $ | — | $ | 1,057 | $ | 449 | $ | 71,322 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | 0 | 0 | 0 | 6,040 | 0 | 0 | 6,040 | Non-investment grade | — | — | — | 6,040 | — | — | 6,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 67,112 | $ | 1,019 | $ | 0 | $ | 6,040 | $ | 1,028 | $ | 6 | $ | 75,205 | Total | $ | 68,773 | $ | 1,043 | $ | — | $ | 6,040 | $ | 1,057 | $ | 449 | $ | 77,362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant notes receivable: | Tenant notes receivable: | Tenant notes receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 0 | $ | 0 | $ | 965 | $ | 74 | $ | 308 | $ | 0 | $ | 1,347 | Investment grade | $ | — | $ | — | $ | 949 | $ | 69 | $ | 297 | $ | — | $ | 1,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | 234 | 0 | 149 | 157 | 1,803 | 0 | 2,343 | Non-investment grade | 221 | — | 141 | 147 | 1,763 | — | 2,272 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 234 | $ | 0 | $ | 1,114 | $ | 231 | $ | 2,111 | $ | 0 | $ | 3,690 | Total | $ | 221 | $ | — | $ | 1,090 | $ | 216 | $ | 2,060 | $ | — | $ | 3,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-type lease receivables: | Sales-type lease receivables: | Sales-type lease receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 6,405 | $ | 0 | $ | 6,405 | Investment grade | $ | — | $ | — | $ | — | $ | — | $ | 6,300 | $ | — | $ | 6,300 |
Defense/Information Technology Locations | Defense/Information Technology Locations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Meade/BW Corridor | Northern Virginia Defense/IT | Lackland Air Force Base | Navy Support Locations | Redstone Arsenal | Data Center Shells | Total Defense/IT Locations | Regional Office | Operating Wholesale Data Center | Other | Total | Fort Meade/BW Corridor | Northern Virginia Defense/IT | Lackland Air Force Base | Navy Support Locations | Redstone Arsenal | Data Center Shells | Total Defense/IT Locations | Regional Office | Operating Wholesale Data Center | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 64,840 | $ | 14,712 | $ | 13,688 | $ | 8,445 | $ | 8,775 | $ | 8,070 | $ | 118,530 | $ | 16,884 | $ | 8,175 | $ | 834 | $ | 144,423 | Revenues from real estate operations | $ | 66,029 | $ | 15,291 | $ | 14,519 | $ | 8,558 | $ | 9,144 | $ | 6,913 | $ | 120,454 | $ | 16,810 | $ | 8,637 | $ | 689 | $ | 146,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (21,714) | (5,538) | (7,506) | (3,227) | (2,968) | (777) | (41,730) | (7,842) | (4,629) | (415) | (54,616) | Property operating expenses | (22,956) | (5,980) | (6,935) | (3,454) | (3,003) | (657) | (42,985) | (8,395) | (5,345) | (465) | (57,190) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | 0 | 0 | 0 | 0 | 0 | 973 | 973 | 0 | 0 | 0 | 973 | UJV NOI allocable to COPT | — | — | — | — | — | 1,060 | 1,060 | — | — | — | 1,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 43,126 | $ | 9,174 | $ | 6,182 | $ | 5,218 | $ | 5,807 | $ | 8,266 | $ | 77,773 | $ | 9,042 | $ | 3,546 | $ | 419 | $ | 90,780 | NOI from real estate operations | $ | 43,073 | $ | 9,311 | $ | 7,584 | $ | 5,104 | $ | 6,141 | $ | 7,316 | $ | 78,529 | $ | 8,415 | $ | 3,292 | $ | 224 | $ | 90,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 11,511 | $ | 1,022 | $ | 0 | $ | 1,205 | $ | 3,053 | $ | 0 | $ | 16,791 | $ | 4,089 | $ | 121 | $ | 9 | $ | 21,010 | Additions to long-lived assets | $ | 10,671 | $ | 1,614 | $ | — | $ | 897 | $ | 107 | $ | — | $ | 13,289 | $ | 5,319 | $ | 1,141 | $ | 69 | $ | 19,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 784 | $ | 25 | $ | 49,218 | $ | 0 | $ | 1,288 | $ | 1,017 | $ | 52,332 | $ | 38,000 | $ | 0 | $ | 0 | $ | 90,332 | Transfers from non-operating properties | $ | 53,935 | $ | 87,986 | $ | 7,332 | $ | — | $ | 5,519 | $ | 421 | $ | 155,193 | $ | 381 | $ | — | $ | — | $ | 155,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 62,698 | $ | 14,447 | $ | 13,257 | $ | 8,119 | $ | 4,647 | $ | 7,076 | $ | 110,244 | $ | 15,162 | $ | 6,455 | $ | 677 | $ | 132,538 | Revenues from real estate operations | $ | 63,328 | $ | 14,699 | $ | 12,602 | $ | 8,006 | $ | 6,079 | $ | 7,995 | $ | 112,709 | $ | 14,913 | $ | 6,068 | $ | 753 | $ | 134,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (20,859) | (5,335) | (7,785) | (3,171) | (1,612) | (789) | (39,551) | (6,888) | (3,463) | (302) | (50,204) | Property operating expenses | (21,537) | (5,245) | (7,116) | (3,044) | (2,029) | (861) | (39,832) | (7,782) | (3,642) | (296) | (51,552) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | 0 | 0 | 0 | 0 | 0 | 1,725 | 1,725 | 0 | 0 | 0 | 1,725 | UJV NOI allocable to COPT | — | — | — | — | — | 1,752 | 1,752 | — | — | — | 1,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 41,839 | $ | 9,112 | $ | 5,472 | $ | 4,948 | $ | 3,035 | $ | 8,012 | $ | 72,418 | $ | 8,274 | $ | 2,992 | $ | 375 | $ | 84,059 | NOI from real estate operations | $ | 41,791 | $ | 9,454 | $ | 5,486 | $ | 4,962 | $ | 4,050 | $ | 8,886 | $ | 74,629 | $ | 7,131 | $ | 2,426 | $ | 457 | $ | 84,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 6,958 | $ | 3,204 | $ | 0 | $ | 2,110 | $ | 146 | $ | 0 | $ | 12,418 | $ | 4,445 | $ | 7,904 | $ | 103 | $ | 24,870 | Additions to long-lived assets | $ | 7,511 | $ | 2,219 | $ | — | $ | 1,650 | $ | 6,382 | $ | — | $ | 17,762 | $ | 5,303 | $ | 1,917 | $ | (3) | $ | 24,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 3,975 | $ | 524 | $ | 145 | $ | 0 | $ | 29,171 | $ | 49,964 | $ | 83,779 | $ | 0 | $ | 0 | $ | 0 | $ | 83,779 | Transfers from non-operating properties | $ | (209) | $ | 58 | $ | 221 | $ | — | $ | 61,520 | $ | 65,269 | $ | 126,859 | $ | — | $ | — | $ | — | $ | 126,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 131,286 | $ | 29,923 | $ | 26,243 | $ | 16,843 | $ | 17,028 | $ | 16,857 | $ | 238,180 | $ | 33,561 | $ | 16,265 | $ | 1,581 | $ | 289,587 | Revenues from real estate operations | $ | 197,315 | $ | 45,214 | $ | 40,762 | $ | 25,401 | $ | 26,172 | $ | 23,770 | $ | 358,634 | $ | 50,371 | $ | 24,902 | $ | 2,270 | $ | 436,177 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (46,385) | (11,414) | (14,380) | (6,660) | (5,522) | (1,859) | (86,220) | (15,506) | (9,050) | (814) | (111,590) | Property operating expenses | (69,341) | (17,394) | (21,315) | (10,114) | (8,525) | (2,516) | (129,205) | (23,901) | (14,395) | (1,279) | (168,780) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | 0 | 0 | 0 | 0 | 0 | 1,890 | 1,890 | 0 | 0 | 0 | 1,890 | UJV NOI allocable to COPT | — | — | — | — | — | 2,950 | 2,950 | — | — | — | 2,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 84,901 | $ | 18,509 | $ | 11,863 | $ | 10,183 | $ | 11,506 | $ | 16,888 | $ | 153,850 | $ | 18,055 | $ | 7,215 | $ | 767 | $ | 179,887 | NOI from real estate operations | $ | 127,974 | $ | 27,820 | $ | 19,447 | $ | 15,287 | $ | 17,647 | $ | 24,204 | $ | 232,379 | $ | 26,470 | $ | 10,507 | $ | 991 | $ | 270,347 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 18,392 | $ | 1,307 | $ | 0 | $ | 1,757 | $ | 3,311 | $ | 0 | $ | 24,767 | $ | 8,111 | $ | 349 | $ | 13 | $ | 33,240 | Additions to long-lived assets | $ | 29,063 | $ | 2,921 | $ | — | $ | 2,654 | $ | 3,418 | $ | — | $ | 38,056 | $ | 13,430 | $ | 1,490 | $ | 82 | $ | 53,058 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 1,140 | $ | 113 | $ | 49,269 | $ | 0 | $ | 14,205 | $ | 2,002 | $ | 66,729 | $ | 38,357 | $ | 0 | $ | 0 | $ | 105,086 | Transfers from non-operating properties | $ | 55,075 | $ | 88,099 | $ | 56,601 | $ | — | $ | 19,724 | $ | 2,423 | $ | 221,922 | $ | 38,738 | $ | — | $ | — | $ | 260,660 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at June 30, 2021 | $ | 1,266,622 | $ | 385,050 | $ | 189,418 | $ | 174,633 | $ | 295,672 | $ | 353,797 | $ | 2,665,192 | $ | 538,518 | $ | 196,395 | $ | 3,453 | $ | 3,403,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at September 30, 2021 | Segment assets at September 30, 2021 | $ | 1,315,101 | $ | 470,077 | $ | 196,624 | $ | 172,381 | $ | 299,184 | $ | 353,340 | $ | 2,806,707 | $ | 538,080 | $ | 194,576 | $ | 3,508 | $ | 3,542,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 127,136 | $ | 28,125 | $ | 25,333 | $ | 16,460 | $ | 9,323 | $ | 12,653 | $ | 219,030 | $ | 30,622 | $ | 13,627 | $ | 1,375 | $ | 264,654 | Revenues from real estate operations | $ | 190,464 | $ | 42,824 | $ | 37,935 | $ | 24,466 | $ | 15,402 | $ | 20,648 | $ | 331,739 | $ | 45,535 | $ | 19,695 | $ | 2,128 | $ | 399,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (42,081) | (10,520) | (14,580) | (6,456) | (3,459) | (1,446) | (78,542) | (14,425) | (6,696) | (540) | (100,203) | Property operating expenses | (63,618) | (15,765) | (21,696) | (9,500) | (5,488) | (2,307) | (118,374) | (22,207) | (10,338) | (836) | (151,755) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | 0 | 0 | 0 | 0 | 0 | 3,438 | 3,438 | 0 | 0 | 0 | 3,438 | UJV NOI allocable to COPT | — | — | — | — | — | 5,190 | 5,190 | — | — | — | 5,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 85,055 | $ | 17,605 | $ | 10,753 | $ | 10,004 | $ | 5,864 | $ | 14,645 | $ | 143,926 | $ | 16,197 | $ | 6,931 | $ | 835 | $ | 167,889 | NOI from real estate operations | $ | 126,846 | $ | 27,059 | $ | 16,239 | $ | 14,966 | $ | 9,914 | $ | 23,531 | $ | 218,555 | $ | 23,328 | $ | 9,357 | $ | 1,292 | $ | 252,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 14,633 | $ | 5,895 | $ | 0 | $ | 3,868 | $ | 316 | $ | 0 | $ | 24,712 | $ | 7,802 | $ | 8,782 | $ | 168 | $ | 41,464 | Additions to long-lived assets | $ | 22,144 | $ | 8,114 | $ | — | $ | 5,518 | $ | 6,698 | $ | — | $ | 42,474 | $ | 13,105 | $ | 10,699 | $ | 165 | $ | 66,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 4,513 | $ | 780 | $ | 160 | $ | 0 | $ | 30,307 | $ | 106,196 | $ | 141,956 | $ | 0 | $ | 0 | $ | 0 | $ | 141,956 | Transfers from non-operating properties | $ | 4,304 | $ | 838 | $ | 381 | $ | — | $ | 91,827 | $ | 171,465 | $ | 268,815 | $ | — | $ | — | $ | — | $ | 268,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at June 30, 2020 | $ | 1,271,790 | $ | 394,363 | $ | 144,253 | $ | 181,744 | $ | 167,161 | $ | 382,749 | $ | 2,542,060 | $ | 389,058 | $ | 205,711 | $ | 3,710 | $ | 3,140,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at September 30, 2020 | Segment assets at September 30, 2020 | $ | 1,264,547 | $ | 392,226 | $ | 143,206 | $ | 180,337 | $ | 234,355 | $ | 446,530 | $ | 2,661,201 | $ | 387,290 | $ | 204,834 | $ | 3,643 | $ | 3,256,968 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Segment revenues from real estate operations | Segment revenues from real estate operations | $ | 144,423 | $ | 132,538 | $ | 289,587 | $ | 264,654 | Segment revenues from real estate operations | $ | 146,590 | $ | 134,443 | $ | 436,177 | $ | 399,097 | ||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 19,988 | 12,236 | 36,546 | 25,917 | Construction contract and other service revenues | 28,046 | 20,323 | 64,592 | 46,240 | ||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 164,411 | $ | 144,774 | $ | 326,133 | $ | 290,571 | Total revenues | $ | 174,636 | $ | 154,766 | $ | 500,769 | $ | 445,337 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | $ | 973 | $ | 1,725 | $ | 1,890 | $ | 3,438 | UJV NOI allocable to COPT | $ | 1,060 | $ | 1,752 | $ | 2,950 | $ | 5,190 | ||||||||||||||||||||||||||||
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (711) | (1,270) | (1,404) | (2,540) | Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (763) | (1,274) | (2,167) | (3,814) | ||||||||||||||||||||||||||||||||||||
Add: Equity in loss of unconsolidated non-real estate entities | Add: Equity in loss of unconsolidated non-real estate entities | (2) | (1) | (4) | (3) | Add: Equity in loss of unconsolidated non-real estate entities | — | (1) | (4) | (4) | ||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | $ | 260 | $ | 454 | $ | 482 | $ | 895 | Equity in income of unconsolidated entities | $ | 297 | $ | 477 | $ | 779 | $ | 1,372 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 19,988 | $ | 12,236 | $ | 36,546 | $ | 25,917 | Construction contract and other service revenues | $ | 28,046 | $ | 20,323 | $ | 64,592 | $ | 46,240 | ||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (19,082) | (11,711) | (34,875) | (24,832) | Construction contract and other service expenses | (27,089) | (19,220) | (61,964) | (44,052) | ||||||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 906 | $ | 525 | $ | 1,671 | $ | 1,085 | NOI from service operations | $ | 957 | $ | 1,103 | $ | 2,628 | $ | 2,188 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 90,780 | $ | 84,059 | $ | 179,887 | $ | 167,889 | NOI from real estate operations | $ | 90,460 | $ | 84,643 | $ | 270,347 | $ | 252,532 | ||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | 906 | 525 | 1,671 | 1,085 | NOI from service operations | 957 | 1,103 | 2,628 | 2,188 | ||||||||||||||||||||||||||||||||||||
Interest and other income | Interest and other income | 2,228 | 2,282 | 4,093 | 3,487 | Interest and other income | 1,818 | 1,746 | 5,911 | 5,233 | ||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | (193) | (615) | 714 | (1,304) | ||||||||||||||||||||||||||||||||||||||||||
Credit loss recoveries | Credit loss recoveries | 326 | 1,465 | 1,040 | 161 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 40,233 | 0 | 39,743 | 5 | Gain on sales of real estate | (32) | — | 39,711 | 5 | ||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 260 | 454 | 482 | 895 | Equity in income of unconsolidated entities | 297 | 477 | 779 | 1,372 | ||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (24) | (30) | (56) | (79) | Income tax expense | (47) | (16) | (103) | (95) | ||||||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | Depreciation and other amortization associated with real estate operations | (37,555) | (33,612) | (74,876) | (66,208) | Depreciation and other amortization associated with real estate operations | (36,611) | (35,332) | (111,487) | (101,540) | ||||||||||||||||||||||||||||||||||||
Impairment losses | Impairment losses | — | (1,530) | — | (1,530) | |||||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | (9,222) | (8,158) | (17,628) | (15,644) | General, administrative and leasing expenses | (9,342) | (7,467) | (26,970) | (23,111) | ||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | (1,372) | (1,262) | (2,466) | (2,380) | Business development expenses and land carry costs | (1,093) | (1,094) | (3,559) | (3,474) | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (15,942) | (16,797) | (33,461) | (33,637) | Interest expense | (15,720) | (17,152) | (49,181) | (50,789) | ||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT included in equity in income of unconsolidated entities | UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (973) | (1,725) | (1,890) | (3,438) | UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (1,060) | (1,752) | (2,950) | (5,190) | ||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (25,228) | 0 | (58,394) | 0 | Loss on early extinguishment of debt | (1,159) | (3,237) | (59,553) | (3,237) | ||||||||||||||||||||||||||||||||||||
Net income | $ | 43,898 | $ | 25,121 | $ | 37,819 | $ | 50,671 | ||||||||||||||||||||||||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | (53,196) | — | (53,196) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 28,794 | $ | (31,342) | $ | 66,613 | $ | 19,329 |
June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Segment assets | Segment assets | $ | 3,403,558 | $ | 3,140,539 | Segment assets | $ | 3,542,871 | $ | 3,256,968 | ||||||||||||
Operating properties lease liabilities included in segment assets | Operating properties lease liabilities included in segment assets | 29,927 | 19,073 | Operating properties lease liabilities included in segment assets | 29,644 | 26,054 | ||||||||||||||||
Non-operating property assets | Non-operating property assets | 441,048 | 679,207 | Non-operating property assets | 385,025 | 642,182 | ||||||||||||||||
Other assets | Other assets | 177,499 | 172,506 | Other assets | 193,598 | 194,985 | ||||||||||||||||
Total consolidated assets | Total consolidated assets | $ | 4,052,032 | $ | 4,011,325 | Total consolidated assets | $ | 4,151,138 | $ | 4,120,189 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Construction contract revenue: | Construction contract revenue: | Construction contract revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Guaranteed maximum price | Guaranteed maximum price | $ | 11,388 | $ | 5,432 | $ | 13,489 | $ | 10,476 | Guaranteed maximum price | $ | 15,846 | $ | 4,358 | $ | 29,335 | $ | 14,834 | ||||||||||||||||||||||||||||
Cost-plus fee | Cost-plus fee | 5,847 | 3,563 | 18,333 | 6,872 | Cost-plus fee | 4,742 | 13,249 | 23,075 | 20,121 | ||||||||||||||||||||||||||||||||||||
Firm fixed price | Firm fixed price | 2,441 | 2,984 | 3,912 | 8,056 | Firm fixed price | 7,042 | 1,365 | 10,954 | 9,421 | ||||||||||||||||||||||||||||||||||||
Other | Other | 312 | 257 | 812 | 513 | Other | 416 | 1,351 | 1,228 | 1,864 | ||||||||||||||||||||||||||||||||||||
$ | 19,988 | $ | 12,236 | $ | 36,546 | $ | 25,917 | $ | 28,046 | $ | 20,323 | $ | 64,592 | $ | 46,240 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Construction contract revenue: | Construction contract revenue: | Construction contract revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 18,828 | $ | 10,851 | $ | 34,584 | $ | 23,734 | Construction | $ | 26,893 | $ | 18,786 | $ | 61,477 | $ | 42,520 | ||||||||||||||||||||||||||||
Design | Design | 848 | 1,128 | 1,150 | 1,670 | Design | 737 | 186 | 1,887 | 1,856 | ||||||||||||||||||||||||||||||||||||
Other | Other | 312 | 257 | 812 | 513 | Other | 416 | 1,351 | 1,228 | 1,864 | ||||||||||||||||||||||||||||||||||||
$ | 19,988 | $ | 12,236 | $ | 36,546 | $ | 25,917 | $ | 28,046 | $ | 20,323 | $ | 64,592 | $ | 46,240 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 13,997 | $ | 12,378 | Beginning balance | $ | 13,997 | $ | 12,378 | ||||||||||||
Ending balance | Ending balance | $ | 10,003 | $ | 8,898 | Ending balance | $ | 5,726 | $ | 11,183 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 10,343 | $ | 17,223 | Beginning balance | $ | 10,343 | $ | 17,223 | ||||||||||||
Ending balance | Ending balance | $ | 9,766 | $ | 5,508 | Ending balance | $ | 12,987 | $ | 13,980 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 4,610 | $ | 1,184 | Beginning balance | $ | 4,610 | $ | 1,184 | ||||||||||||
Ending balance | Ending balance | $ | 2,320 | $ | 2,435 | Ending balance | $ | 3,818 | $ | 5,236 | ||||||||||||
Portion of beginning balance recognized in revenue during: | Portion of beginning balance recognized in revenue during: | Portion of beginning balance recognized in revenue during: | ||||||||||||||||||||
Three months ended June 30 | $ | 2,070 | $ | 92 | ||||||||||||||||||
Six months ended June 30 | $ | 2,617 | $ | 738 | ||||||||||||||||||
Three months ended September 30 | Three months ended September 30 | $ | 9 | $ | 19 | |||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | $ | 2,626 | $ | 757 |
Percentile Rank | Earned PB-PIUs Payout % | |||||||
75th or greater | 100% of PB-PIUs granted | |||||||
50th (target) | 50% of PB-PIUs granted | |||||||
25th | 25% of PB-PIUs granted | |||||||
Below 25th | 0% of PB-PIUs granted |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT | $ | 42,401 | $ | 23,497 | $ | 35,732 | $ | 47,551 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT | Net income (loss) attributable to COPT | $ | 27,101 | $ | (31,845) | $ | 62,833 | $ | 15,706 | |||||||||||||||||||||||||||||||||||||
Income attributable to share-based compensation awards | Income attributable to share-based compensation awards | (136) | (115) | (244) | (220) | Income attributable to share-based compensation awards | (92) | (145) | (337) | (365) | ||||||||||||||||||||||||||||||||||||
Numerator for basic EPS on net income attributable to COPT common shareholders | 42,265 | 23,382 | 35,488 | 47,331 | ||||||||||||||||||||||||||||||||||||||||||
Numerator for basic EPS on net income (loss) attributable to COPT common shareholders | Numerator for basic EPS on net income (loss) attributable to COPT common shareholders | 27,009 | (31,990) | 62,496 | 15,341 | |||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (20) | 0 | 7 | 0 | Redeemable noncontrolling interests | (89) | — | (82) | — | ||||||||||||||||||||||||||||||||||||
Income attributable to share-based compensation awards | Income attributable to share-based compensation awards | 11 | 6 | 9 | 14 | Income attributable to share-based compensation awards | 13 | — | 17 | 6 | ||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS on net income attributable to COPT common shareholders | $ | 42,256 | $ | 23,388 | $ | 35,504 | $ | 47,345 | ||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders | Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders | $ | 26,933 | $ | (31,990) | $ | 62,431 | $ | 15,347 | |||||||||||||||||||||||||||||||||||||
Denominator (all weighted averages): | Denominator (all weighted averages): | Denominator (all weighted averages): | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic EPS (common shares) | Denominator for basic EPS (common shares) | 111,974 | 111,800 | 111,931 | 111,762 | Denominator for basic EPS (common shares) | 111,985 | 111,811 | 111,949 | 111,778 | ||||||||||||||||||||||||||||||||||||
Dilutive effect of redeemable noncontrolling interests | Dilutive effect of redeemable noncontrolling interests | 133 | 0 | 125 | 0 | Dilutive effect of redeemable noncontrolling interests | 138 | — | 130 | — | ||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 297 | 321 | 280 | 280 | Dilutive effect of share-based compensation awards | 375 | — | 285 | 278 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS (common shares) | Denominator for diluted EPS (common shares) | 112,404 | 112,121 | 112,336 | 112,042 | Denominator for diluted EPS (common shares) | 112,498 | 111,811 | 112,364 | 112,056 | ||||||||||||||||||||||||||||||||||||
Basic EPS | Basic EPS | $ | 0.38 | $ | 0.21 | $ | 0.32 | $ | 0.42 | Basic EPS | $ | 0.24 | $ | (0.29) | $ | 0.56 | $ | 0.14 | ||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 0.38 | $ | 0.21 | $ | 0.32 | $ | 0.42 | Diluted EPS | $ | 0.24 | $ | (0.29) | $ | 0.56 | $ | 0.14 |
Weighted Average Shares Excluded from Denominator | Weighted Average Shares Excluded from Denominator | |||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Conversion of common units | Conversion of common units | 1,262 | 1,237 | 1,254 | 1,232 | Conversion of common units | 1,262 | 1,240 | 1,257 | 1,235 | ||||||||||||||||||||||||||||||||||||
Conversion of redeemable noncontrolling interests | Conversion of redeemable noncontrolling interests | 776 | 878 | 799 | 944 | Conversion of redeemable noncontrolling interests | 782 | 973 | 793 | 954 | ||||||||||||||||||||||||||||||||||||
Conversion of Series I Preferred Units | Conversion of Series I Preferred Units | 0 | 176 | 0 | 176 | Conversion of Series I Preferred Units | — | 176 | — | 176 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Occupancy rates at period end | Occupancy rates at period end | Occupancy rates at period end | ||||||||||||||||||||
Total | Total | 93.5 | % | 94.1 | % | Total | 93.3 | % | 94.1 | % | ||||||||||||
Defense/IT Locations: | Defense/IT Locations: | Defense/IT Locations: | ||||||||||||||||||||
Fort Meade/BW Corridor | Fort Meade/BW Corridor | 90.6 | % | 91.0 | % | Fort Meade/BW Corridor | 90.4 | % | 91.0 | % | ||||||||||||
Northern Virginia Defense/IT | Northern Virginia Defense/IT | 87.7 | % | 88.1 | % | Northern Virginia Defense/IT | 88.8 | % | 88.1 | % | ||||||||||||
Lackland Air Force Base | Lackland Air Force Base | 100.0 | % | 100.0 | % | Lackland Air Force Base | 100.0 | % | 100.0 | % | ||||||||||||
Navy Support Locations | Navy Support Locations | 96.9 | % | 97.2 | % | Navy Support Locations | 96.5 | % | 97.2 | % | ||||||||||||
Redstone Arsenal | Redstone Arsenal | 99.6 | % | 99.4 | % | Redstone Arsenal | 99.3 | % | 99.4 | % | ||||||||||||
Data Center Shells | Data Center Shells | 100.0 | % | 100.0 | % | Data Center Shells | 100.0 | % | 100.0 | % | ||||||||||||
Total Defense/IT Locations | Total Defense/IT Locations | 94.3 | % | 94.5 | % | Total Defense/IT Locations | 94.1 | % | 94.5 | % | ||||||||||||
Regional Office | Regional Office | 88.3 | % | 92.5 | % | Regional Office | 87.8 | % | 92.5 | % | ||||||||||||
Other | Other | 66.2 | % | 68.4 | % | Other | 66.2 | % | 68.4 | % | ||||||||||||
Average contractual annual rental rate per square foot at period end (1) | Average contractual annual rental rate per square foot at period end (1) | $ | 32.18 | $ | 31.50 | Average contractual annual rental rate per square foot at period end (1) | $ | 32.38 | $ | 31.50 |
Rentable Square Feet | Occupied Square Feet | Rentable Square Feet | Occupied Square Feet | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
December 31, 2020 | December 31, 2020 | 20,959 | 19,722 | December 31, 2020 | 20,959 | 19,722 | ||||||||||||||||
Vacated upon lease expiration (1) | Vacated upon lease expiration (1) | — | (391) | Vacated upon lease expiration (1) | — | (524) | ||||||||||||||||
Occupancy for new leases | Occupancy for new leases | — | 269 | Occupancy for new leases | — | 387 | ||||||||||||||||
Developed or redeveloped | Developed or redeveloped | 243 | 162 | Developed or redeveloped | 709 | 628 | ||||||||||||||||
Removed from operations | (63) | — | ||||||||||||||||||||
Other changes | Other changes | (4) | — | Other changes | (8) | — | ||||||||||||||||
June 30, 2021 | 21,135 | 19,762 | ||||||||||||||||||||
September 30, 2021 | September 30, 2021 | 21,660 | 20,213 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 144,423 | $ | 132,538 | $ | 11,885 | Revenues from real estate operations | $ | 146,590 | $ | 134,443 | $ | 12,147 | ||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 19,988 | 12,236 | 7,752 | Construction contract and other service revenues | 28,046 | 20,323 | 7,723 | ||||||||||||||||||||||||||
Total revenues | Total revenues | 164,411 | 144,774 | 19,637 | Total revenues | 174,636 | 154,766 | 19,870 | ||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 54,616 | 50,204 | 4,412 | Property operating expenses | 57,190 | 51,552 | 5,638 | ||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 37,555 | 33,612 | 3,943 | Depreciation and amortization associated with real estate operations | 36,611 | 35,332 | 1,279 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 19,082 | 11,711 | 7,371 | Construction contract and other service expenses | 27,089 | 19,220 | 7,869 | ||||||||||||||||||||||||||
Impairment losses | Impairment losses | — | 1,530 | (1,530) | ||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | 9,222 | 8,158 | 1,064 | General, administrative and leasing expenses | 9,342 | 7,467 | 1,875 | ||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | 1,372 | 1,262 | 110 | Business development expenses and land carry costs | 1,093 | 1,094 | (1) | ||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 121,847 | 104,947 | 16,900 | Total operating expenses | 131,325 | 116,195 | 15,130 | ||||||||||||||||||||||||||
Interest expense | Interest expense | (15,942) | (16,797) | 855 | Interest expense | (15,720) | (17,152) | 1,432 | ||||||||||||||||||||||||||
Interest and other income | Interest and other income | 2,228 | 2,282 | (54) | Interest and other income | 1,818 | 1,746 | 72 | ||||||||||||||||||||||||||
Credit loss expense | (193) | (615) | 422 | |||||||||||||||||||||||||||||||
Credit loss recoveries | Credit loss recoveries | 326 | 1,465 | (1,139) | ||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 40,233 | — | 40,233 | Gain on sales of real estate | (32) | — | (32) | ||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (25,228) | — | (25,228) | Loss on early extinguishment of debt | (1,159) | (3,237) | 2,078 | ||||||||||||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | (53,196) | 53,196 | ||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 260 | 454 | (194) | Equity in income of unconsolidated entities | 297 | 477 | (180) | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (24) | (30) | 6 | Income tax expense | (47) | (16) | (31) | ||||||||||||||||||||||||||
Net income | $ | 43,898 | $ | 25,121 | $ | 18,777 | ||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 28,794 | $ | (31,342) | $ | 60,136 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
(Dollars in thousands, except per square foot data) | (Dollars in thousands, except per square foot data) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Same Properties revenues | Same Properties revenues | Same Properties revenues | ||||||||||||||||||||||||||||||||
Lease revenue, excluding net lease termination revenue and provision for collectability losses | Lease revenue, excluding net lease termination revenue and provision for collectability losses | $ | 121,160 | $ | 120,866 | $ | 294 | Lease revenue, excluding net lease termination revenue and provision for collectability losses | $ | 123,331 | $ | 119,782 | $ | 3,549 | ||||||||||||||||||||
Lease termination revenue, net | Lease termination revenue, net | 1,094 | 200 | 894 | Lease termination revenue, net | 853 | 455 | 398 | ||||||||||||||||||||||||||
Provision for collectability losses included in lease revenue | Provision for collectability losses included in lease revenue | 5 | (1,374) | 1,379 | Provision for collectability losses included in lease revenue | 1 | (412) | 413 | ||||||||||||||||||||||||||
Other property revenue | Other property revenue | 732 | 389 | 343 | Other property revenue | 808 | 573 | 235 | ||||||||||||||||||||||||||
Same Properties total revenues | Same Properties total revenues | 122,991 | 120,081 | 2,910 | Same Properties total revenues | 124,993 | 120,398 | 4,595 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 11,647 | 2,484 | 9,163 | Developed and redeveloped properties placed in service | 12,937 | 4,930 | 8,007 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 8,175 | 6,455 | 1,720 | Wholesale data center | 8,637 | 6,068 | 2,569 | ||||||||||||||||||||||||||
Dispositions | Dispositions | 1,165 | 3,099 | (1,934) | Dispositions | (154) | 3,047 | (3,201) | ||||||||||||||||||||||||||
Other | Other | 445 | 419 | 26 | Other | 177 | — | 177 | ||||||||||||||||||||||||||
144,423 | 132,538 | 11,885 | 146,590 | 134,443 | 12,147 | |||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | Property operating expenses | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | (46,852) | (46,001) | (851) | Same Properties | (48,769) | (46,856) | (1,913) | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | (2,761) | (289) | (2,472) | Developed and redeveloped properties placed in service | (2,945) | (726) | (2,219) | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | (4,629) | (3,463) | (1,166) | Wholesale data center | (5,345) | (3,642) | (1,703) | ||||||||||||||||||||||||||
Dispositions | Dispositions | (135) | (311) | 176 | Dispositions | (44) | (326) | 282 | ||||||||||||||||||||||||||
Other | Other | (239) | (140) | (99) | Other | (87) | (2) | (85) | ||||||||||||||||||||||||||
(54,616) | (50,204) | (4,412) | (57,190) | (51,552) | (5,638) | |||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | UJV NOI allocable to COPT | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 503 | 506 | (3) | Same Properties | 504 | 504 | — | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | Retained interest in newly-formed UJVs | 575 | — | 575 | ||||||||||||||||||||||||||||||
Dispositions | Dispositions | — | 1,219 | (1,219) | Dispositions | (19) | 1,248 | (1,267) | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | 470 | — | 470 | |||||||||||||||||||||||||||||||
973 | 1,725 | (752) | 1,060 | 1,752 | (692) | |||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | NOI from real estate operations | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 76,642 | 74,586 | 2,056 | Same Properties | 76,728 | 74,046 | 2,682 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 8,886 | 2,195 | 6,691 | Developed and redeveloped properties placed in service | 9,992 | 4,204 | 5,788 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 3,546 | 2,992 | 554 | Wholesale data center | 3,292 | 2,426 | 866 | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | 1,500 | 4,007 | (2,507) | Dispositions, net of retained interest in newly-formed UJVs | 358 | 3,969 | (3,611) | ||||||||||||||||||||||||||
Other | Other | 206 | 279 | (73) | Other | 90 | (2) | 92 | ||||||||||||||||||||||||||
$ | 90,780 | $ | 84,059 | $ | 6,721 | $ | 90,460 | $ | 84,643 | $ | 5,817 | |||||||||||||||||||||||
Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | ||||||||||||||||||||||||||||||||
Defense/IT Locations | Defense/IT Locations | $ | 68,041 | $ | 65,937 | $ | 2,104 | Defense/IT Locations | $ | 68,664 | $ | 66,459 | $ | 2,205 | ||||||||||||||||||||
Regional Office | Regional Office | 8,220 | 8,274 | (54) | Regional Office | 7,739 | 7,131 | 608 | ||||||||||||||||||||||||||
Other | Other | 381 | 375 | 6 | Other | 325 | 456 | (131) | ||||||||||||||||||||||||||
$ | 76,642 | $ | 74,586 | $ | 2,056 | $ | 76,728 | $ | 74,046 | $ | 2,682 | |||||||||||||||||||||||
Same Properties rent statistics | Same Properties rent statistics | Same Properties rent statistics | ||||||||||||||||||||||||||||||||
Average occupancy rate | Average occupancy rate | 92.7 | % | 92.7 | % | — | % | Average occupancy rate | 92.0 | % | 92.8 | % | (0.8 | %) | ||||||||||||||||||||
Average straight-line rent per occupied square foot (1) | Average straight-line rent per occupied square foot (1) | $ | 6.55 | $ | 6.44 | $ | 0.11 | Average straight-line rent per occupied square foot (1) | $ | 6.59 | $ | 6.49 | $ | 0.10 |
For the Three Months Ended June 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 19,988 | $ | 12,236 | $ | 7,752 | Construction contract and other service revenues | $ | 28,046 | $ | 20,323 | $ | 7,723 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (19,082) | (11,711) | (7,371) | Construction contract and other service expenses | (27,089) | (19,220) | (7,869) | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 906 | $ | 525 | $ | 381 | NOI from service operations | $ | 957 | $ | 1,103 | $ | (146) |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 289,587 | $ | 264,654 | $ | 24,933 | Revenues from real estate operations | $ | 436,177 | $ | 399,097 | $ | 37,080 | ||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 36,546 | 25,917 | 10,629 | Construction contract and other service revenues | 64,592 | 46,240 | 18,352 | ||||||||||||||||||||||||||
Total revenues | Total revenues | 326,133 | 290,571 | 35,562 | Total revenues | 500,769 | 445,337 | 55,432 | ||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 111,590 | 100,203 | 11,387 | Property operating expenses | 168,780 | 151,755 | 17,025 | ||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 74,876 | 66,208 | 8,668 | Depreciation and amortization associated with real estate operations | 111,487 | 101,540 | 9,947 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 34,875 | 24,832 | 10,043 | Construction contract and other service expenses | 61,964 | 44,052 | 17,912 | ||||||||||||||||||||||||||
Impairment losses | Impairment losses | — | 1,530 | (1,530) | ||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | 17,628 | 15,644 | 1,984 | General, administrative and leasing expenses | 26,970 | 23,111 | 3,859 | ||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | 2,466 | 2,380 | 86 | Business development expenses and land carry costs | 3,559 | 3,474 | 85 | ||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 241,435 | 209,267 | 32,168 | Total operating expenses | 372,760 | 325,462 | 47,298 | ||||||||||||||||||||||||||
Interest expense | Interest expense | (33,461) | (33,637) | 176 | Interest expense | (49,181) | (50,789) | 1,608 | ||||||||||||||||||||||||||
Interest and other income | Interest and other income | 4,093 | 3,487 | 606 | Interest and other income | 5,911 | 5,233 | 678 | ||||||||||||||||||||||||||
Credit loss recoveries (expense) | 714 | (1,304) | 2,018 | |||||||||||||||||||||||||||||||
Credit loss recoveries | Credit loss recoveries | 1,040 | 161 | 879 | ||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 39,743 | 5 | 39,738 | Gain on sales of real estate | 39,711 | 5 | 39,706 | ||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (58,394) | — | (58,394) | Loss on early extinguishment of debt | (59,553) | (3,237) | (56,316) | ||||||||||||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | (53,196) | 53,196 | ||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 482 | 895 | (413) | Equity in income of unconsolidated entities | 779 | 1,372 | (593) | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (56) | (79) | 23 | Income tax expense | (103) | (95) | (8) | ||||||||||||||||||||||||||
Net income | Net income | $ | 37,819 | $ | 50,671 | $ | (12,852) | Net income | $ | 66,613 | $ | 19,329 | $ | 47,284 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||
(Dollars in thousands, except per square foot data) | (Dollars in thousands, except per square foot data) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Same Properties revenues | Same Properties revenues | Same Properties revenues | ||||||||||||||||||||||||||||||||
Lease revenue, excluding lease termination revenue and provision for collectability losses | Lease revenue, excluding lease termination revenue and provision for collectability losses | $ | 242,972 | $ | 240,406 | $ | 2,566 | Lease revenue, excluding lease termination revenue and provision for collectability losses | $ | 367,002 | $ | 361,032 | $ | 5,970 | ||||||||||||||||||||
Lease termination revenue | 2,456 | 238 | 2,218 | |||||||||||||||||||||||||||||||
Lease termination revenue, net | Lease termination revenue, net | 3,309 | 693 | 2,616 | ||||||||||||||||||||||||||||||
Provision for collectability losses included in lease revenue | Provision for collectability losses included in lease revenue | (119) | (1,482) | 1,363 | Provision for collectability losses included in lease revenue | (118) | (1,894) | 1,776 | ||||||||||||||||||||||||||
Other property revenue | Other property revenue | 1,239 | 1,487 | (248) | Other property revenue | 2,047 | 2,060 | (13) | ||||||||||||||||||||||||||
Same Properties total revenues | Same Properties total revenues | 246,548 | 240,649 | 5,899 | Same Properties total revenues | 372,240 | 361,891 | 10,349 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 22,965 | 3,480 | 19,485 | Developed and redeveloped properties placed in service | 35,902 | 8,410 | 27,492 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 16,265 | 13,627 | 2,638 | Wholesale data center | 24,902 | 19,695 | 5,207 | ||||||||||||||||||||||||||
Dispositions | Dispositions | 2,845 | 6,050 | (3,205) | Dispositions | 2,691 | 9,097 | (6,406) | ||||||||||||||||||||||||||
Other | Other | 964 | 848 | 116 | Other | 442 | 4 | 438 | ||||||||||||||||||||||||||
289,587 | 264,654 | 24,933 | 436,177 | 399,097 | 37,080 | |||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | Property operating expenses | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | (96,822) | (92,066) | (4,756) | Same Properties | (145,830) | (139,209) | (6,621) | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | (4,850) | (520) | (4,330) | Developed and redeveloped properties placed in service | (7,795) | (1,246) | (6,549) | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | (9,050) | (6,696) | (2,354) | Wholesale data center | (14,395) | (10,338) | (4,057) | ||||||||||||||||||||||||||
Dispositions | Dispositions | (433) | (626) | 193 | Dispositions | (477) | (952) | 475 | ||||||||||||||||||||||||||
Other | Other | (435) | (295) | (140) | Other | (283) | (10) | (273) | ||||||||||||||||||||||||||
(111,590) | (100,203) | (11,387) | (168,780) | (151,755) | (17,025) | |||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | UJV NOI allocable to COPT | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 1,002 | 1,011 | (9) | Same Properties | 1,506 | 1,515 | (9) | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | Retained interest in newly-formed UJVs | 1,463 | — | 1,463 | ||||||||||||||||||||||||||||||
Dispositions | Dispositions | — | 2,427 | (2,427) | Dispositions | (19) | 3,675 | (3,694) | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | 888 | — | 888 | |||||||||||||||||||||||||||||||
1,890 | 3,438 | (1,548) | 2,950 | 5,190 | (2,240) | |||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | NOI from real estate operations | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 150,728 | 149,594 | 1,134 | Same Properties | 227,916 | 224,197 | 3,719 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 18,115 | 2,960 | 15,155 | Developed and redeveloped properties placed in service | 28,107 | 7,164 | 20,943 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 7,215 | 6,931 | 284 | Wholesale data center | 10,507 | 9,357 | 1,150 | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | 3,300 | 7,851 | (4,551) | Dispositions, net of retained interest in newly-formed UJVs | 3,658 | 11,820 | (8,162) | ||||||||||||||||||||||||||
Other | Other | 529 | 553 | (24) | Other | 159 | (6) | 165 | ||||||||||||||||||||||||||
$ | 179,887 | $ | 167,889 | $ | 11,998 | $ | 270,347 | $ | 252,532 | $ | 17,815 | |||||||||||||||||||||||
Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | ||||||||||||||||||||||||||||||||
Defense/IT Locations | Defense/IT Locations | $ | 134,108 | $ | 132,561 | $ | 1,547 | Defense/IT Locations | $ | 203,232 | $ | 199,577 | $ | 3,655 | ||||||||||||||||||||
Regional Office | Regional Office | 15,935 | 16,197 | (262) | Regional Office | 23,674 | 23,328 | 346 | ||||||||||||||||||||||||||
Other | Other | 685 | 836 | (151) | Other | 1,010 | 1,292 | (282) | ||||||||||||||||||||||||||
$ | 150,728 | $ | 149,594 | $ | 1,134 | $ | 227,916 | $ | 224,197 | $ | 3,719 | |||||||||||||||||||||||
Same Properties rent statistics | Same Properties rent statistics | Same Properties rent statistics | ||||||||||||||||||||||||||||||||
Average occupancy rate | Average occupancy rate | 92.6 | % | 92.7 | % | (0.1 | %) | Average occupancy rate | 92.4 | % | 92.7 | % | (0.3 | %) | ||||||||||||||||||||
Average straight-line rent per occupied square foot (1) | Average straight-line rent per occupied square foot (1) | $ | 13.05 | $ | 12.95 | $ | 0.10 | Average straight-line rent per occupied square foot (1) | $ | 19.62 | $ | 19.42 | $ | 0.20 |
For the Six Months Ended June 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 36,546 | $ | 25,917 | $ | 10,629 | Construction contract and other service revenues | $ | 64,592 | $ | 46,240 | $ | 18,352 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (34,875) | (24,832) | (10,043) | Construction contract and other service expenses | (61,964) | (44,052) | (17,912) | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 1,671 | $ | 1,085 | $ | 586 | NOI from service operations | $ | 2,628 | $ | 2,188 | $ | 440 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | (Dollars and shares in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 43,898 | $ | 25,121 | $ | 37,819 | $ | 50,671 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 28,794 | $ | (31,342) | $ | 66,613 | $ | 19,329 | |||||||||||||||||||||||||||||||||||||
Real estate-related depreciation and amortization | Real estate-related depreciation and amortization | 37,555 | 33,612 | 74,876 | 66,208 | Real estate-related depreciation and amortization | 36,611 | 35,332 | 111,487 | 101,540 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization on UJVs allocable to COPT | Depreciation and amortization on UJVs allocable to COPT | 476 | 818 | 930 | 1,636 | Depreciation and amortization on UJVs allocable to COPT | 525 | 819 | 1,455 | 2,455 | ||||||||||||||||||||||||||||||||||||
Impairment losses on real estate | Impairment losses on real estate | — | 1,530 | — | 1,530 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (40,233) | — | (39,743) | (5) | Gain on sales of real estate | 32 | — | (39,711) | (5) | ||||||||||||||||||||||||||||||||||||
FFO | FFO | 41,696 | 59,551 | 73,882 | 118,510 | FFO | 65,962 | 6,339 | 139,844 | 124,849 | ||||||||||||||||||||||||||||||||||||
FFO allocable to other noncontrolling interests | FFO allocable to other noncontrolling interests | (1,302) | (1,525) | (2,329) | (13,540) | FFO allocable to other noncontrolling interests | (1,696) | (1,074) | (4,025) | (14,614) | ||||||||||||||||||||||||||||||||||||
Basic FFO allocable to share-based compensation awards | Basic FFO allocable to share-based compensation awards | (193) | (254) | (353) | (447) | Basic FFO allocable to share-based compensation awards | (313) | (119) | (663) | (449) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interests-preferred units in the Operating Partnership | Noncontrolling interests-preferred units in the Operating Partnership | — | (77) | — | (154) | Noncontrolling interests-preferred units in the Operating Partnership | — | (77) | — | (231) | ||||||||||||||||||||||||||||||||||||
Basic FFO available to common share and common unit holders | Basic FFO available to common share and common unit holders | 40,201 | 57,695 | 71,200 | 104,369 | Basic FFO available to common share and common unit holders | 63,953 | 5,069 | 135,156 | 109,555 | ||||||||||||||||||||||||||||||||||||
Dilutive preferred units in the Operating Partnership | — | 77 | — | 154 | ||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 11 | 37 | 70 | 69 | Redeemable noncontrolling interests | (68) | — | 1 | 103 | ||||||||||||||||||||||||||||||||||||
Diluted FFO adjustments allocable to share-based compensation awards | Diluted FFO adjustments allocable to share-based compensation awards | 13 | — | 27 | — | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO available to common share and common unit holders | Diluted FFO available to common share and common unit holders | 40,212 | 57,809 | 71,270 | 104,592 | Diluted FFO available to common share and common unit holders | 63,898 | 5,069 | 135,184 | 109,658 | ||||||||||||||||||||||||||||||||||||
Loss on interest rate derivatives | Loss on interest rate derivatives | — | 53,196 | — | 53,196 | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments allocable to share-based compensation awards | (137) | (1) | (304) | (51) | ||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | 25,228 | — | 58,394 | — | Loss on early extinguishment of debt | 1,159 | 3,237 | 59,553 | 3,237 | ||||||||||||||||||||||||||||||||||||
Demolition costs on redevelopment and nonrecurring improvements | Demolition costs on redevelopment and nonrecurring improvements | 302 | 9 | 302 | 52 | Demolition costs on redevelopment and nonrecurring improvements | 129 | 11 | 431 | 63 | ||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments for redeemable noncontrolling interests | Diluted FFO comparability adjustments for redeemable noncontrolling interests | — | 34 | — | — | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments allocable to share-based compensation awards | Diluted FFO comparability adjustments allocable to share-based compensation awards | (7) | (139) | (300) | (307) | |||||||||||||||||||||||||||||||||||||||||
Dilutive preferred units in the Operating Partnership | Dilutive preferred units in the Operating Partnership | — | 77 | — | 231 | |||||||||||||||||||||||||||||||||||||||||
FFO allocation to other noncontrolling interests resulting from capital event | FFO allocation to other noncontrolling interests resulting from capital event | — | — | — | 11,090 | FFO allocation to other noncontrolling interests resulting from capital event | — | — | — | 11,090 | ||||||||||||||||||||||||||||||||||||
Diluted FFO available to common share and common unit holders, as adjusted for comparability | Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 65,605 | $ | 57,817 | $ | 129,662 | $ | 115,683 | Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 65,179 | $ | 61,485 | $ | 194,868 | $ | 177,168 | ||||||||||||||||||||||||||||
Weighted average common shares | Weighted average common shares | 111,974 | 111,800 | 111,931 | 111,762 | Weighted average common shares | 111,985 | 111,811 | 111,949 | 111,778 | ||||||||||||||||||||||||||||||||||||
Conversion of weighted average common units | Conversion of weighted average common units | 1,262 | 1,237 | 1,254 | 1,232 | Conversion of weighted average common units | 1,262 | 1,240 | 1,257 | 1,235 | ||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Basic FFO per share | Weighted average common shares/units - Basic FFO per share | 113,236 | 113,037 | 113,185 | 112,994 | Weighted average common shares/units - Basic FFO per share | 113,247 | 113,051 | 113,206 | 113,013 | ||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 297 | 321 | 280 | 280 | Dilutive effect of share-based compensation awards | 375 | 274 | 311 | 278 | ||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 138 | — | 130 | 125 | |||||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share | Weighted average common shares/units - Diluted FFO per share | 113,760 | 113,325 | 113,647 | 113,416 | |||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | — | 109 | — | — | |||||||||||||||||||||||||||||||||||||||||
Dilutive convertible preferred units | Dilutive convertible preferred units | — | 176 | — | 176 | Dilutive convertible preferred units | — | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | 133 | 157 | 125 | 133 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share and as adjusted for comparability | 113,666 | 113,691 | 113,590 | 113,583 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share, as adjusted for comparability | Weighted average common shares/units - Diluted FFO per share, as adjusted for comparability | 113,760 | 113,610 | 113,647 | 113,592 | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO per share | Diluted FFO per share | $ | 0.35 | $ | 0.51 | $ | 0.63 | $ | 0.92 | Diluted FFO per share | $ | 0.56 | $ | 0.04 | $ | 1.19 | $ | 0.97 | ||||||||||||||||||||||||||||
Diluted FFO per share, as adjusted for comparability | Diluted FFO per share, as adjusted for comparability | $ | 0.58 | $ | 0.51 | $ | 1.14 | $ | 1.02 | Diluted FFO per share, as adjusted for comparability | $ | 0.57 | $ | 0.54 | $ | 1.71 | $ | 1.56 | ||||||||||||||||||||||||||||
Denominator for diluted EPS | Denominator for diluted EPS | 112,404 | 112,121 | 112,336 | 112,042 | Denominator for diluted EPS | 112,498 | 111,811 | 112,364 | 112,056 | ||||||||||||||||||||||||||||||||||||
Weighted average common units | Weighted average common units | 1,262 | 1,237 | 1,254 | 1,232 | Weighted average common units | 1,262 | 1,240 | 1,257 | 1,235 | ||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | — | 157 | — | 133 | Redeemable noncontrolling interests | — | — | — | 125 | ||||||||||||||||||||||||||||||||||||
Anti-dilutive EPS effect of share-based compensation awards | Anti-dilutive EPS effect of share-based compensation awards | — | 274 | 26 | — | |||||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share | Denominator for diluted FFO per share | 113,760 | 113,325 | 113,647 | 113,416 | |||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | — | 109 | — | — | |||||||||||||||||||||||||||||||||||||||||
Dilutive convertible preferred units | Dilutive convertible preferred units | — | 176 | — | 176 | Dilutive convertible preferred units | — | 176 | — | 176 | ||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share and as adjusted for comparability | 113,666 | 113,691 | 113,590 | 113,583 | ||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share, as adjusted for comparability | Denominator for diluted FFO per share, as adjusted for comparability | 113,760 | 113,610 | 113,647 | 113,592 |
Development | $ | ||||
Tenant improvements on operating properties (1) | |||||
Capital improvements on operating properties | |||||
$ |
For the Periods Ending December 31, | For the Periods Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations (1) | Contractual obligations (1) | Contractual obligations (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt (2) | Debt (2) | Debt (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balloon payments due upon maturity | Balloon payments due upon maturity | $ | — | $ | 488,413 | $ | 232,578 | $ | 27,649 | $ | 322,100 | $ | 1,045,623 | $ | 2,116,363 | Balloon payments due upon maturity | $ | — | $ | 300,000 | $ | 73,578 | $ | 27,649 | $ | 322,100 | $ | 1,445,623 | $ | 2,168,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled principal payments (3) | Scheduled principal payments (3) | 2,034 | 4,498 | 3,552 | 2,334 | 1,617 | 677 | 14,712 | Scheduled principal payments (3) | 1,045 | 4,498 | 3,552 | 2,334 | 1,617 | 677 | 13,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on debt (3)(4) | Interest on debt (3)(4) | 28,304 | 55,420 | 45,125 | 43,011 | 34,666 | 89,852 | 296,378 | Interest on debt (3)(4) | 14,562 | 57,963 | 52,759 | 51,009 | 42,665 | 114,185 | 333,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development and redevelopment obligations (5)(6) | 150,331 | 69,918 | 558 | — | — | — | 220,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development obligations (5)(6) | Development obligations (5)(6) | 77,621 | 161,023 | 46,081 | — | — | — | 284,725 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-party construction cost obligations (6)(7) | Third-party construction cost obligations (6)(7) | 44,748 | 100,000 | — | — | — | — | 144,748 | Third-party construction cost obligations (6)(7) | 26,773 | 100,000 | — | — | — | — | 126,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant and other building improvements (3)(6) | Tenant and other building improvements (3)(6) | 19,080 | 33,158 | 10,480 | — | — | — | 62,718 | Tenant and other building improvements (3)(6) | 13,811 | 22,465 | 33,203 | — | — | — | 69,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property finance leases (principal and interest) (3) | Property finance leases (principal and interest) (3) | 4 | 14 | — | — | — | — | 18 | Property finance leases (principal and interest) (3) | — | 14 | — | — | — | — | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating leases (3) | Property operating leases (3) | 1,610 | 3,297 | 3,352 | 3,403 | 1,749 | 123,979 | 137,390 | Property operating leases (3) | 807 | 3,297 | 3,352 | 3,403 | 1,749 | 123,979 | 136,587 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual cash obligations | Total contractual cash obligations | $ | 246,111 | $ | 754,718 | $ | 295,645 | $ | 76,397 | $ | 360,132 | $ | 1,260,131 | $ | 2,993,134 | Total contractual cash obligations | $ | 134,619 | $ | 649,260 | $ | 212,525 | $ | 84,395 | $ | 368,131 | $ | 1,684,464 | $ | 3,133,394 |
For the Periods Ending December 31, | For the Periods Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt (1) | Fixed rate debt (1) | $ | 1,954 | $ | 4,033 | $ | 66,590 | $ | 29,443 | $ | 301,302 | $ | 1,036,140 | $ | 1,439,462 | Fixed rate debt (1) | $ | 985 | $ | 4,033 | $ | 66,590 | $ | 29,443 | $ | 301,302 | $ | 1,436,140 | $ | 1,838,493 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | Weighted average interest rate | 3.97% | 3.98% | 4.22% | 4.42% | 4.99% | 2.59% | 3.21% | Weighted average interest rate | 3.97% | 3.98% | 4.22% | 4.42% | 4.99% | 2.43% | 2.95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate debt | Variable rate debt | $ | 80 | $ | 488,878 | $ | 169,540 | $ | 540 | $ | 22,415 | $ | 10,160 | $ | 691,613 | Variable rate debt | $ | 60 | $ | 300,465 | $ | 10,540 | $ | 540 | $ | 22,415 | $ | 10,160 | $ | 344,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (2) | Weighted average interest rate (2) | 1.54% | 1.55% | 1.20% | 1.60% | 1.64% | 1.54% | 1.46% | Weighted average interest rate (2) | 1.54% | 1.09% | 1.21% | 1.59% | 1.63% | 1.54% | 1.14% |
EXHIBIT NO. | DESCRIPTION | ||||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document (filed herewith). | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | ||||||||||
101.LAB | Inline XBRL Extension Labels Linkbase (filed herewith). | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
CORPORATE OFFICE PROPERTIES TRUST | |||||
/s/ Stephen E. Budorick | |||||
Stephen E. Budorick | |||||
President and Chief Executive Officer | |||||
/s/ Anthony Mifsud | |||||
Anthony Mifsud | |||||
Executive Vice President and Chief Financial Officer | |||||
Dated: |