Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 07, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-14023 | ||
Entity Registrant Name | COPT DEFENSE PROPERTIES | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 23-2947217 | ||
Entity Address, Address Line One | 6711 Columbia Gateway Drive | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Columbia | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 21046 | ||
City Area Code | 443 | ||
Local Phone Number | 285-5400 | ||
Title of 12(b) Security | Common Shares of beneficial interest, $0.01 par value | ||
Trading Symbol | CDP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.3 | ||
Entity Common Stock, Shares Outstanding | 112,548,467 | ||
Documents Incorporated by Reference | Portions of the proxy statement of COPT Defense Properties for its 2024 Annual Meeting of Shareholders to be filed within 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000860546 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Baltimore, Maryland |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Properties, net: | ||
Operating properties, net | $ 3,246,806 | $ 3,258,899 |
Projects in development or held for future development | 256,872 | 297,499 |
Total properties, net | 3,503,678 | 3,556,398 |
Property - operating right-of-use assets | 41,296 | 37,020 |
Assets held for sale, net | 0 | 161,286 |
Cash and cash equivalents | 167,820 | 12,337 |
Investment in unconsolidated real estate joint ventures | 41,052 | 21,460 |
Accounts receivable, net | 48,946 | 43,334 |
Deferred rent receivable | 149,237 | 125,147 |
Lease incentives, net | 61,331 | 49,757 |
Deferred leasing costs (net of accumulated amortization of $41,448 and $35,270, respectively) | 70,057 | 69,339 |
Prepaid expenses and other assets, net | 82,037 | 96,576 |
Total assets | 4,246,966 | 4,257,275 |
Liabilities: | ||
Debt, net | 2,416,287 | 2,231,794 |
Accounts payable and accrued expenses | 133,315 | 157,998 |
Rents received in advance and security deposits | 35,409 | 30,016 |
Dividends and distributions payable | 32,644 | 31,400 |
Deferred revenue associated with operating leases | 29,049 | 11,004 |
Property - operating lease liabilities | 33,931 | 28,759 |
Other liabilities | 18,996 | 18,556 |
Total liabilities | 2,699,631 | 2,509,527 |
Commitments and contingencies (Note 17) | ||
Redeemable noncontrolling interests | 23,580 | 26,293 |
Shareholders’ equity: | ||
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,555,352 at December 31, 2023 and 112,423,893 at December 31, 2022) | 1,126 | 1,124 |
Additional paid-in capital | 2,489,989 | 2,486,116 |
Cumulative distributions in excess of net income | (1,009,318) | (807,508) |
Accumulated other comprehensive income | 2,115 | 2,071 |
Total shareholders’ equity | 1,483,912 | 1,681,803 |
Noncontrolling interests in subsidiaries: | ||
Common units in COPT Defense Properties, L.P. (“CDPLP”) | 25,502 | 25,808 |
Other consolidated entities | 14,341 | 13,844 |
Noncontrolling interests in subsidiaries | 39,843 | 39,652 |
Total equity | 1,523,755 | 1,721,455 |
Total liabilities, redeemable noncontrolling interests and equity | 4,246,966 | 4,257,275 |
Investing Receivables | ||
Properties, net: | ||
Investing receivables (net of allowance for credit losses of $2,377 and $2,794, respectively) | $ 81,512 | $ 84,621 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization of deferred leasing costs | $ 41,448 | $ 35,270 |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 112,555,352 | 112,423,893 |
Common shares of beneficial interest, shares outstanding (in shares) | 112,555,352 | 112,423,893 |
Investing Receivables | ||
Investing receivable allowance for credit loss | $ 2,377 | $ 2,794 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | ||||
Lease revenue | $ 619,847 | $ 580,169 | $ 553,668 | |
Other property revenue | 4,956 | 4,229 | 2,902 | |
Construction contract and other service revenues | 60,179 | 154,632 | 107,876 | |
Total revenues | 684,982 | 739,030 | 664,446 | |
Operating expenses | ||||
Property operating expenses | 247,385 | 227,430 | 213,377 | |
Depreciation and amortization associated with real estate operations | 148,950 | 141,230 | 137,543 | |
Construction contract and other service expenses | 57,416 | 149,963 | 104,053 | |
Impairment losses | 252,797 | 0 | 0 | |
General, administrative, leasing and other expenses | 42,769 | 38,991 | 40,774 | |
Total operating expenses | 749,317 | 557,614 | 495,747 | |
Interest expense | (71,142) | (61,174) | (65,398) | |
Interest and other income, net | 12,587 | 9,070 | 9,007 | |
Gain on sales of real estate | 49,392 | 19,250 | 65,590 | |
Loss on early extinguishment of debt | 0 | (609) | (100,626) | |
(Loss) income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes | (73,498) | 147,953 | 77,272 | |
Equity in (loss) income of unconsolidated entities | (261) | 1,743 | 1,093 | |
Income tax expense | (588) | (447) | (145) | |
(Loss) income from continuing operations | (74,347) | 149,249 | 78,220 | |
Discontinued operations | 0 | 29,573 | 3,358 | |
Net (loss) income | (74,347) | 178,822 | 81,578 | |
Net loss (income) attributable to noncontrolling interests: | ||||
Common units in CDPLP | 1,306 | (2,603) | (1,012) | |
Other consolidated entities | (428) | (3,190) | (4,025) | |
Net (loss) income attributable to common shareholders | $ (73,469) | $ 173,029 | $ 76,541 | |
Basic earnings per common share: | ||||
(Loss) income from continuing operations - basic (in dollars per share) | [1] | $ (0.67) | $ 1.28 | $ 0.65 |
Discontinued operations - basic (in dollars per share) | [1] | 0 | 0.26 | 0.03 |
Net (loss) income attributable to common shareholders - basic (in dollars per share) | [1] | (0.67) | 1.54 | 0.68 |
Diluted earnings per common share: | ||||
(Loss) income from continuing operations - diluted (in dollars per share) | [1] | (0.67) | 1.27 | 0.65 |
Discontinued operations - diluted (in dollars per share) | [1] | 0 | 0.26 | 0.03 |
Net (loss) income attributable to common shareholders - diluted (in dollars per share) | [1] | $ (0.67) | $ 1.53 | $ 0.68 |
[1]Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (74,347) | $ 178,822 | $ 81,578 |
Other comprehensive (loss) income | |||
Unrealized income on interest rate derivatives | 3,827 | 4,730 | 1,379 |
Reclassification adjustments on interest rate derivatives recognized in interest expense | (3,900) | 996 | 5,048 |
Total other comprehensive (loss) income | (73) | 5,726 | 6,427 |
Comprehensive (loss) income | (74,420) | 184,548 | 88,005 |
Comprehensive loss (income) attributable to noncontrolling interests | 995 | (6,389) | (5,366) |
Comprehensive (loss) income attributable to common shareholders | $ (73,425) | $ 178,159 | $ 82,639 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests |
Balance at Dec. 31, 2020 | $ 1,693,712 | $ 1,122 | $ 2,478,906 | $ (809,836) | $ (9,157) | $ 32,677 |
Increase (Decrease) in Shareholders' Equity | ||||||
Conversion of common units to common shares | 0 | 121 | (121) | |||
Redemption of common units | (339) | (339) | ||||
Share-based compensation issuance, net of redemptions | 8,481 | 1 | 4,301 | 4,179 | ||
Redemption of vested equity awards | (2,492) | (2,492) | ||||
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP | 0 | 2,318 | (2,318) | |||
Comprehensive (loss) income | 84,845 | 76,541 | 6,098 | 2,206 | ||
Dividends | (123,568) | (123,568) | ||||
Distributions to owners of common units in CDPLP | (1,595) | (1,595) | ||||
Distributions to noncontrolling interests in other consolidated entities | (30) | (30) | ||||
Adjustments for changes in fair value of redeemable noncontrolling interests | (1,615) | (1,615) | ||||
Other | (324) | |||||
Reclassification of redeemable noncontrolling interests to equity | 0 | |||||
Balance at Dec. 31, 2021 | 1,657,075 | 1,123 | 2,481,539 | (856,863) | (3,059) | 34,335 |
Increase (Decrease) in Shareholders' Equity | ||||||
Redemption of common units | (513) | (513) | ||||
Share-based compensation issuance, net of redemptions | 9,534 | 1 | 4,098 | 5,435 | ||
Redemption of vested equity awards | (1,230) | (1,230) | ||||
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP | 0 | 1,273 | (1,273) | |||
Comprehensive (loss) income | 181,741 | 173,029 | 5,130 | 3,582 | ||
Dividends | (123,674) | (123,674) | ||||
Distributions to owners of common units in CDPLP | (1,883) | (1,883) | ||||
Distributions to noncontrolling interests in other consolidated entities | (31) | (31) | ||||
Adjustments for changes in fair value of redeemable noncontrolling interests | 436 | 436 | ||||
Reclassification of redeemable noncontrolling interests to equity | 0 | |||||
Balance at Dec. 31, 2022 | 1,721,455 | 1,124 | 2,486,116 | (807,508) | 2,071 | 39,652 |
Increase (Decrease) in Shareholders' Equity | ||||||
Redemption of common units | (731) | (731) | ||||
Share-based compensation issuance, net of redemptions | 9,120 | 2 | 4,157 | 4,961 | ||
Redemption of vested equity awards | (1,251) | (1,251) | ||||
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP | 0 | 1,039 | (1,039) | |||
Comprehensive (loss) income | (76,874) | (73,469) | 44 | (3,449) | ||
Dividends | (128,341) | (128,341) | ||||
Distributions to owners of common units in CDPLP | (2,190) | (2,190) | ||||
Distributions to noncontrolling interests in other consolidated entities | (31) | (31) | ||||
Adjustments for changes in fair value of redeemable noncontrolling interests | (72) | (72) | ||||
Reclassification of redeemable noncontrolling interests to equity | 2,670 | 2,670 | ||||
Balance at Dec. 31, 2023 | $ 1,523,755 | $ 1,126 | $ 2,489,989 | $ (1,009,318) | $ 2,115 | $ 39,843 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common shares of beneficial interest, shares outstanding (in shares) | 112,555,352 | 112,423,893 | 112,327,533 |
Conversion of common units to common shares (in shares) | 0 | 0 | 8,054 |
Share-based compensation issuance, net of redemptions (in shares) | 131,459 | 96,360 | 137,720 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Revenues from real estate operations received | $ 638,177 | $ 581,139 | $ 571,092 |
Construction contract and other service revenues received | 66,027 | 155,108 | 100,222 |
Property operating expenses paid | (243,209) | (231,422) | (223,254) |
Construction contract and other service expenses paid | (65,335) | (160,497) | (86,602) |
General, administrative, leasing and other expenses paid | (33,283) | (32,852) | (29,072) |
Interest expense paid | (59,807) | (56,061) | (65,184) |
Lease incentives paid | (25,566) | (10,374) | (18,127) |
Interest and other income received | 5,491 | 19,327 | 1,099 |
Sales-type lease costs paid | (7,409) | 0 | (2,065) |
Income taxes paid | (37) | 0 | (60) |
Other | 1,225 | 1,457 | 1,099 |
Net cash provided by operating activities | 276,274 | 265,825 | 249,148 |
Cash flows from investing activities | |||
Development and redevelopment of properties | (264,834) | (283,147) | (267,905) |
Tenant improvements on operating properties | (67,113) | (43,606) | (21,488) |
Other capital improvements on operating properties | (20,500) | (36,377) | (30,026) |
Proceeds from sale of properties | 189,506 | 281,071 | 143,116 |
Non-operating distributions from unconsolidated real estate joint venture | 1,088 | 26,627 | 1,287 |
Investing receivables funded | (1,087) | (19,712) | (5,880) |
Investing receivables payments received | 11,000 | 6,000 | 0 |
Leasing costs paid | (16,328) | (13,591) | (21,913) |
Other | (1,355) | (722) | (160) |
Net cash used in investing activities | (169,623) | (83,457) | (202,969) |
Proceeds from debt | |||
Revolving Credit Facility | 291,000 | 852,000 | 597,000 |
Unsecured senior notes | 336,375 | 0 | 1,382,614 |
Term loan facility | 0 | 125,000 | 0 |
Other debt proceeds | 0 | 0 | 4,630 |
Repayments of debt | |||
Revolving Credit Facility | (427,000) | (717,000) | (664,000) |
Unsecured senior notes | 0 | 0 | (900,000) |
Term loan facilities | 0 | (300,000) | (100,000) |
Scheduled principal amortization | (3,052) | (3,333) | (3,860) |
Other debt repayments | (15,902) | 0 | (138,397) |
Deferred financing costs paid | (1,030) | (6,506) | (3,620) |
Payments in connection with early extinguishment of debt | 0 | (6) | (95,180) |
Common share dividends paid | (127,178) | (123,645) | (123,527) |
Distributions paid to redeemable noncontrolling interests | (2,686) | (3,396) | (2,273) |
Other | (4,263) | (6,289) | (4,283) |
Net cash provided by (used in) financing activities | 46,264 | (183,175) | (50,896) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 152,915 | (807) | (4,717) |
Cash and cash equivalents and restricted cash | |||
Beginning of year | 16,509 | 17,316 | 22,033 |
End of year | 169,424 | 16,509 | 17,316 |
Reconciliation of net (loss) income to net cash provided by operating activities: | |||
Net (loss) income | (74,347) | 178,822 | 81,578 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and other amortization | 151,395 | 143,593 | 150,644 |
Impairment losses | 252,797 | 0 | 0 |
Amortization of deferred financing costs and net debt discounts | 5,574 | 4,737 | 5,224 |
Change in net deferred rent receivable and liability | (5,495) | (19,288) | (19,090) |
Gain on sales of real estate | (49,392) | (47,814) | (65,590) |
Share-based compensation | 8,544 | 8,789 | 7,979 |
Loss on early extinguishment of debt | 0 | 609 | 100,626 |
Other | (4,826) | 10,073 | (5,047) |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable | (5,618) | (2,436) | (662) |
(Increase) decrease in lease incentives and prepaid expenses and other assets, net | (4,851) | 2,130 | (27,355) |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | (2,900) | (11,144) | 22,004 |
Increase (decrease) in rents received in advance and security deposits | 5,393 | (2,246) | (1,163) |
Net cash provided by operating activities | 276,274 | 265,825 | 249,148 |
Reconciliation of cash and cash equivalents and restricted cash: | |||
Cash and cash equivalents at beginning of year | 12,337 | 13,262 | 18,369 |
Restricted cash at beginning of year | 4,172 | 4,054 | 3,664 |
Beginning of year | 16,509 | 17,316 | 22,033 |
Cash and cash equivalents at end of year | 167,820 | 12,337 | 13,262 |
Restricted cash at end of year | 1,604 | 4,172 | 4,054 |
End of year | 169,424 | 16,509 | 17,316 |
Supplemental schedule of non-cash investing and financing activities: | |||
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs | (22,700) | (11,453) | 20,667 |
Reclassification of finance right-of-use asset to operating properties, net in connection with exercise of bargain purchase option | 0 | 0 | 37,831 |
Recognition of operating right-of-use assets and related lease liabilities | 8,718 | 683 | 328 |
Recognition of finance right-of-use assets and related lease liabilities | 434 | 0 | 0 |
Investment in unconsolidated real estate joint ventures retained in property disposition | 21,121 | 6,738 | 11,842 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | (73) | 5,236 | 6,233 |
Dividends/distributions payable | 32,644 | 31,400 | 31,299 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 0 | 0 | 121 |
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership | (1,039) | (1,273) | (2,318) |
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to adjust for changes in fair value of redeemable noncontrolling interests | 72 | (436) | 1,615 |
Reclassification of redeemable noncontrolling interests to equity | $ 2,670 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization COPT Defense Properties (“COPT Defense”) and subsidiaries (collectively, the “Company”, “we” or “us”) is a fully-integrated and self-managed real estate investment trust (“REIT”) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. In September 2023, we changed our name from Corporate Office Properties Trust to COPT Defense Properties to better describe our investment strategy’s focus on locations serving our country’s priority defense activities. As of December 31, 2023, our Defense/IT Portfolio included (all references to number of properties, square footage and acres are unaudited): > 190 operating properties totaling 21.7 million square feet comprised of 16.0 million square feet in 160 office properties and 5.7 million square feet in 30 single-tenant data center shells. We owned 24 of these data center shells through unconsolidated real estate joint ventures; > five properties under development (two office properties and three data center shells) that will total approximately 817,000 square feet upon completion; and > approximately 660 acres of land controlled that we believe could be developed into approximately 7.9 million square feet. We also owned eight other operating properties totaling 2.1 million square feet and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2023. We conduct almost all of our operations and own almost all of our assets through our operating partnership, COPT Defense Properties, L.P. (“CDPLP”) and subsidiaries (collectively, the “Operating Partnership”), of which COPT Defense is the sole general partner. CDPLP owns real estate directly and through subsidiary partnerships and limited liability companies (“LLCs”). In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development and construction services primarily for our properties but also for third parties. Some of these services are performed by a taxable REIT subsidiary (“TRS”). In September 2023, we changed CDPLP’s name from Corporate Office Properties, L.P. to COPT Defense Properties, L.P. Equity interests in CDPLP are in the form of common and preferred units. As of December 31, 2023, COPT Defense owned 97.8% of the outstanding CDPLP common units (“common units”) and there were no preferred units outstanding. Common units not owned by COPT Defense carry certain redemption rights. The number of common units owned by COPT Defense is equivalent to the number of outstanding common shares of beneficial interest (“common shares”) of COPT Defense, and the entitlement of common units to quarterly distributions and payments in liquidation is substantially the same as that of COPT Defense common shareholders. In September 2023, the ticker symbol under which our common shares are publicly traded on the New York Stock Exchange (“NYSE”) changed from “OFC” to “CDP”. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation. We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. When we own an equity investment in an entity and cannot exert significant influence over its operations, we measure the investment at fair value, with changes recognized through net income. For an investment without a readily determinable fair value, we measure the investment at cost, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. Reclassifications We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity. Use of Estimates in the Preparation of Financial Statements We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: > the reported amounts of assets and liabilities in our consolidated balance sheets as of the dates of the financial statements; > the disclosure of contingent assets and liabilities as of the dates of the financial statements; and > the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. Significant estimates are inherent in the presentation of our financial statements in a number of areas, including the evaluation of the collectability of accounts and deferred rent receivable, the determination of estimated useful lives of assets, the determination of lease terms, the evaluation of long-lived assets for impairment, the amount of impairment losses recognized, the allocation of property acquisition costs, the amount of revenue recognized relating to tenant improvements, the level of expense recognized in connection with share-based compensation and the determination of accounting method for investments. Actual results could differ from these and other estimates. Properties We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. We capitalize direct and indirect project costs (including related compensation and other indirect costs), interest expense and real estate taxes associated with properties, or portions thereof, undergoing development or redevelopment activities. In capitalizing interest expense, if there is a specific debt for a property undergoing development or redevelopment activities, we apply the interest rate of that debt to the average accumulated expenditures that do not exceed such debt; for the portion of expenditures exceeding any such specific debt, we apply our weighted average interest rate on other debt to the expenditures. We continue to capitalize costs while development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-developed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under development. We start depreciating costs associated with newly-developed or redeveloped properties as they become operational. For newly-developed properties, we classify improvements provided under the terms of a lease that are deemed to be landlord assets (as discussed further below) as new building development costs. Most of our leases provide for some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense over the estimated useful lives of the assets as discussed below. We recognize any payments from the tenant for such assets as lease revenue over the term of the lease. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including whether the economic substance of the lease terms is properly reflected and whether the improvements: have value to us as real estate; are unique to the tenant or reusable by other tenants; may be altered or removed by the tenant without our consent or without compensating us for any lost fair value; or are owned, and remain, with us or the tenant at the end of the lease term. We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years We report properties disposed or classified as held for sale as discontinued operations when the disposition represents a strategic shift having a major effect on our operations and financial results (such as a disposition of a reportable segment or sub- segment or major line of business). For discontinued operations, we classify for all periods presented the associated: assets as held for sale on our consolidated balance sheets; and results of operations as discontinued operations on our consolidated statements of operations (including interest expense on debt specifically identifiable to such components). For periods in which a property not reported as discontinued operations is classified as held for sale, we classify the assets of the property’s asset group as held for sale on our consolidated balance sheets. Sales of Properties We recognize gains from sales of consolidated interests in properties when we transfer control of such interests. Impairment of Properties We assess the asset groups associated with each of our properties, including operating properties, properties in development, land held for future development, related intangible assets and liabilities, deferred leasing costs, right-of-use assets, deferred rents receivable and lease liabilities, for indicators of impairment quarterly or when circumstances indicate that an asset group may be impaired. If our analyses indicate that the carrying values of certain properties’ asset groups may be impaired, we perform a recovery analysis for such asset groups. For properties to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over, in most cases, a ten-year holding period. If we believe it is more likely than not that we will dispose of the properties earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over the various possible holding periods. If the analysis indicates that the carrying value of a tested property’s asset group is not recoverable from its estimated future cash flows, the property’s asset group is written down to the property’s estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of such property using holding periods that are consistent with our revised plans; as a result, changes in holding periods may require us to recognize impairment losses. Fair values are estimated based on contract prices, indicative bids, discounted cash flow analyses or comparable sales analyses. Estimated cash flows used in our impairment analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider items such as current and future market rental and occupancy rates, estimated operating and capital expenditures, leasing commissions, absorption and hold periods and recent sales data for comparable properties; most of these items are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets. When we determine that a property is held for sale, we stop depreciating the property and estimate the property’s fair value, net of selling costs; if we then determine that the estimated fair value, net of selling costs, is less than the net carrying value of the property’s asset group, we recognize an impairment loss equal to the difference and reduce the net carrying value of the property’s asset group. Acquisition of Operating Properties Upon completion of operating property acquisitions, we allocate the purchase price to tangible and intangible assets and liabilities associated with such acquisitions based on our estimates of their fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate operating property acquisitions to the following components: > properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated based on the valuation performed between land and buildings or, in the case of properties under development, development in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancelable terms of the respective leases; > above- and below-market lease intangible assets or liabilities based on the present value (using an estimated interest rate reflective of the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding spaces, measured over a period equal to the remaining non-cancelable terms of the respective leases. The capitalized above- and below-market lease values are amortized as adjustments to lease revenue over the remaining lease terms of the respective leases, and to renewal periods in the case of below-market leases; > in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; > tenant relationship value based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors; and > above- and below-market cost arrangements (such as real estate tax treaties or above- or below-market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition. Leased Assets, as a Lessee We recognize right-of-use assets and lease liabilities for land and other assets leased by us from third parties for terms of at least one year. We recognize lease expense over lease terms on a straight-line basis for operating leases and on an effective interest method basis for finance leases. In determining right-of-use assets and lease liabilities, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms under our land leases are usually significantly longer than the terms of borrowings available to us on a fully-collateralized basis, our estimates of rates for such leases require significant judgment, and consider factors such as estimated interest rates available to us on a fully-collateralized basis for shorter-termed debt and U.S. Treasury rates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses on these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Investments in Marketable Securities We classify marketable securities as trading securities when we intend to sell such securities in the near term, and classify other marketable securities as available-for-sale securities. We determine the appropriate classification of investments in marketable securities at the acquisition date and re-evaluate the classification at each balance sheet date. We report investments in marketable securities classified as trading securities at fair value (which is included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets), with unrealized gains and losses recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from these securities as operating activities. Receivables and Credit Losses We write off receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When cash is received in connection with receivables for which we have previously recognized credit losses, we recognize reductions in our credit losses. Lease Revenue We estimate the collectability of lease revenue and related accounts receivable using judgement based on the credit status and payment history of the related tenants. If we deem that collectability of revenue under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. Financial Assets and Other Instruments We measure credit losses of most financial assets and certain other instruments not measured at fair value through net income using an expected loss model, including for our: > investing receivables, as disclosed in Note 7; > tenant notes receivable; > net investments in sales-type leases; > other assets comprised of non-lease revenue related accounts receivable (primarily from construction contract services) and contract assets from unbilled construction contract revenue; and > off-balance sheet credit exposures. We recognize an estimate of our expected credit losses on these items as an allowance or as a separate liability in the case of off-balance sheet credit exposures. The allowance represents the portion that we do not expect to collect (or loss we expect to incur in the case of off-balance sheet credit exposures) due to credit over the contractual life based on available information relevant to assessing the collectability of cash flows, which includes consideration of past events, current conditions and reasonable and supportable forecasts of future economic conditions (including consideration of asset- or borrower-specific factors). The allowance for expected credit losses reflects the risk of loss, even when that risk is remote. An allowance for credit losses is measured and recorded upon the initial recognition of a financial asset (or off-balance sheet credit exposure), regardless of whether it is originated or purchased. We update our estimate of expected losses quarterly, considering any cash receipts and changes in risks or assumptions, with resulting adjustments recognized as credit loss expense or recoveries on our consolidated statements of operations. Expected credit losses are estimated using historical loss rate information developed for varying classifications of credit risk and contractual lives. Due to our limited quantity of items for which we use the expected loss model and the unique risk characteristics of such items, we individually assign each item a credit risk classification. The credit risk classifications assigned by us are determined based on credit ratings assigned by ratings agencies (as available) or are internally-developed based on available financial information, historical payment experience, credit documentation, other publicly available information and current economic trends. In addition, for certain items for which the risk of credit loss is affected by the economic performance of a real estate development project, we develop probability weighted scenario analyses for varying levels of performance in estimating our credit loss allowance (applicable to our notes receivable from the City of Huntsville disclosed in Note 7). When we believe that collection of interest income on an investing or tenant note receivable is not probable, we place the receivable on nonaccrual status, meaning interest income is recognized when payments are received rather than on an accrual basis. Deferred Leasing Costs We defer costs incurred to obtain new tenant leases or extend existing tenant leases. We amortize these costs evenly over the lease terms. We classify leasing costs paid as an investing activity on our statements of cash flows since such costs are necessary in order for us to generate long-term future cash flows from our properties. When tenant leases are terminated early, we expense any unamortized deferred leasing costs associated with those leases over the shortened lease term. Intangible Assets and Deferred Revenue on Property Acquisitions We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations On our consolidated balance sheets, we include intangible assets in the line entitled “prepaid expense and other assets, net” and deferred revenue in the line entitled “deferred revenue associated with operating leases.” Intangible assets on property acquisitions consisted of the following (in thousands): December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net In-place lease value $ 124,884 $ 121,424 $ 3,460 $ 125,207 $ 120,178 $ 5,029 Tenant relationship value 53,953 50,987 2,966 57,210 52,803 4,407 Above-market leases 13,718 13,558 160 13,718 13,476 242 Other 1,333 1,067 266 1,333 1,052 281 $ 193,888 $ 187,036 $ 6,852 $ 197,468 $ 187,509 $ 9,959 Deferred Financing Costs We defer costs of financing arrangements and recognize these costs as interest expense over the related debt terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early or significantly modified. We include deferred costs of financing arrangements as a direct deduction from the related debt liability, except for costs attributable to line-of-credit arrangements and interest rate derivatives, which we include on our consolidated balance sheets in the line entitled “prepaid expenses and other assets, net”. Interest Rate Derivatives Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We use interest rate swaps to hedge the cash flows associated with interest rates on variable-rate debt borrowings. We have also used forward-starting interest rate swaps to hedge the cash flows associated with interest rates on forecasted fixed-rate borrowings. We recognize all derivatives as assets or liabilities on our consolidated balance sheets at fair value. We defer all changes in the fair value of designated cash flow hedges to accumulated other comprehensive income (“AOCI”) or loss (“AOCL”), reclassifying such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions, and recognize related cash flows as cash flows from operating activities. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting and the hedged transactions are probable not to occur, we recognize changes in the fair value of the hedge previously deferred to AOCI or AOCL, along with any changes in fair value occurring thereafter, through earnings and, if applicable, related cash flows as cash flows from investing activities. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. Noncontrolling Interests Our consolidated noncontrolling interests are comprised of interests in CDPLP not owned by COPT Defense and interests in consolidated real estate joint ventures not owned by us (discussed further in Note 6). We evaluate whether noncontrolling interests are subject to redemption features outside of our control. We classify noncontrolling interests that are currently redeemable for cash at the option of the holders or are probable of becoming redeemable as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets; we adjust these interests each period to the greater of their fair value or carrying amount (initial amount as adjusted for allocations of income and losses and contributions and distributions), with a corresponding offset to additional paid-in capital on our consolidated balance sheets. Our other noncontrolling interests are reported in the equity section of our consolidated balance sheets. Revenue Recognition Lease and Other Property Revenue We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases usually include options under which the tenant may renew its lease based on market rates at the time of renewal, which are then typically subject to further negotiation. These leases occasionally provide the tenant with an option to terminate its lease early usually for a defined termination fee. Most of our lease revenue is from fixed contractual payments defined under the lease that, in most cases, escalate annually over the term of the lease. Our lease revenue also includes variable lease payments predominantly for tenant reimbursements of property operating expenses and lease termination fees. Property operating expense reimbursement structures vary, with some tenants responsible for all of a property’s expenses, while others are responsible for their share of a property’s expenses only to the extent such expenses exceed amounts defined in the lease (which are derived from the property’s historical expense levels). Lease termination fees in most cases result from a tenant’s exercise of an existing right under a lease. Upon lease commencement, we evaluate leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases; if a lease meets none of these criteria, we classify the lease as an operating lease. Upon commencement of sales-type leases, we derecognize the underlying asset, recognizing in its place a net investment in the lease equal to the sum of the lease receivable and the present value of any unguaranteed residual asset and recognize any selling profit or loss created as a result of the difference between those two amounts. Similarly, for direct financing leases, we would derecognize the underlying asset and recognize a net investment in the lease, but, unlike in a sales-type lease, would defer profit and amortize it as interest income over the lease term. Our leases of properties as lessor are predominantly classified as operating leases, for which the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as described below. We recognize minimum rents on operating leases, net of abatements, on a straight-line basis over the term of tenant leases. A lease term commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of the lease. The term of a lease includes the noncancellable periods of the lease along with periods covered by: (1) a tenant option to extend the lease if the tenant is reasonably certain to exercise that option; (2) a tenant option to terminate the lease if the tenant is reasonably certain not to exercise that option; and (3) an option to extend (or not to terminate) the lease in which exercise of the option is controlled by us as the lessor. When assessing the expected lease end date, we use judgment in contemplating the significance of: any penalties a tenant may incur should it choose not to exercise any existing options to extend the lease or exercise any existing options to terminate the lease; and economic incentives for the tenant based on any existing contract, asset, entity or market-based factors associated with the lease. While a significant portion of our portfolio is leased to the USG, and the majority of those leases consist of a series of one-year renewal options, and/or provide for early termination rights, we have concluded that exercise of existing renewal options, or continuation of such leases without exercising early termination rights, is reasonably certain for most of these leases. We elected a practical expedient available under lease accounting guidance that enables us to combine non-lease components that otherwise would need to be accounted for under revenue accounting guidance (such as tenant reimbursements of property operating expenses) with the associated lease components for our accounting and reporting of operating lease revenue. We report on our consolidated balance sheets amounts by which our minimum rental revenue recognized on a straight-line basis under leases exceed the contractual rent billings associated with such leases as deferred rent receivable and amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases in liabilities as deferred revenue associated with operating leases. In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we generally defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets; if the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. If collectability under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. We recognize lease revenue associated with tenant expense recoveries in the same periods in which we incur the related expenses, including tenant reimbursements of property taxes, utilities and other property operating expenses. We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into lease revenue associated with such leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant’s lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. Construction Contract and Other Service Revenues We enter into construction contracts to complete various design and construction services primarily for our USG tenants. The revenues and expenses from these services consist primarily of subcontracted costs that are reimbursed to us by our customers along with a fee. These services are an ancillary component of our overall operations, with small operating margins relative to the revenue. We review each contract to determine the performance obligations and allocate the transaction price based on the standalone selling price, as discussed further below. We recognize revenue under these contracts as services are performed in an amount that reflects the consideration we expect to receive in exchange for those services. Our performance obligations are satisfied over time as work progresses. Revenue recognition is determined using the input method based on costs incurred as of a point in time relative to the total estimated costs at completion to measure progress towards satisfying our performance obligations. We believe incurred costs of work performed best depicts the transfer of control of the services being transferred to the customer. In determining whether the performance obligations associated with a construction contract should be accounted for separately versus together, we consider numerous factors that may require significant judgment, including: whether the components contracted are substantially the same with the same pattern of transfer; whether the customer could contract with another party to perform construction based on our design project; and whether the customer can elect not to move forward after the design phase of the contract. Most of our contracts have a single performance obligation as the promise to transfer the services is not separately identifiable from other obligations in the contracts and, therefore, are not distinct. Some contracts have multiple performance obligations, most c |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in inactive markets and (3) inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. Recurring Fair Value Measurements We have a non-qualified elective deferred compensation plan for Trustees and certain members of our management team that, prior to December 31, 2019, permitted participants to defer up to 100% of their compensation on a pre-tax basis and receive a tax-deferred return on such deferrals. Effective December 31, 2019, no new investments of deferred compensation were eligible for the plan. The assets held in the plan (comprised of mutual funds) and the corresponding liability to the participants are measured at fair value on a recurring basis on our consolidated balance sheets using quoted market prices. The balance of the plan, which was fully funded and totaled $1.8 million as of December 31, 2023 and 2022, is included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. The offsetting liability associated with the plan is adjusted to fair value at the end of each accounting period based on the fair value of the plan assets and reported in “other liabilities” on our consolidated balance sheets. The assets of the plan are classified in Level 1 of the fair value hierarchy, while the offsetting liability is classified in Level 2 of the fair value hierarchy. The fair values of our interest rate derivatives are determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, as of December 31, 2023 and 2022, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivatives and determined that these adjustments were not significant. As a result, we determined that our interest rate derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding investing receivables) and accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturities of these instruments. The fair values of our investing receivables, as disclosed in Note 7, were based on the discounted estimated future cash flows of the loans (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. For our disclosure of debt fair values in Note 8, we estimated the fair value of our unsecured senior notes based on quoted market rates for our senior notes (categorized within Level 1 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments include scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): Description Quoted Prices in Significant Other Significant Total December 31, 2023: Assets: (1) Marketable securities in deferred compensation plan $ 1,842 $ — $ — $ 1,842 Interest rate derivatives — 2,558 — 2,558 Total assets $ 1,842 $ 2,558 $ — $ 4,400 Liabilities: (2) Deferred compensation plan liability $ — $ 1,842 $ — $ 1,842 December 31, 2022: Assets: (1) Marketable securities in deferred compensation plan $ 1,831 $ — $ — $ 1,831 Interest rate derivatives — 2,631 — 2,631 Total assets $ 1,831 $ 2,631 $ — $ 4,462 Liabilities: (2) Deferred compensation plan liability $ — $ 1,831 $ — $ 1,831 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (2) Included in the line entitled “other liabilities” on our consolidated balance sheets. |
Properties, Net
Properties, Net | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Properties, Net | Properties, Net Operating properties, net consisted of the following (in thousands): December 31, 2023 2022 Land $ 482,964 $ 539,809 Buildings and improvements 4,164,004 3,986,524 Less: Accumulated depreciation (1,400,162) (1,267,434) Operating properties, net $ 3,246,806 $ 3,258,899 2023 Impairments As part of our closing process for the three months ended September 30, 2023, we conducted our quarterly review of our portfolio of long-lived assets to be held and used for indicators of impairment. As a result of this process, we shortened the expected holding periods for six operating properties in our Other segment and a parcel of land located in Baltimore, Maryland, Northern Virginia and Washington, D.C. We determined that the carrying amount of the properties would not likely be recovered from the undiscounted cash flows from the operations and sales of the properties over the shortened holding periods. Accordingly, we recognized impairment losses of $252.8 million on these properties during the period. 2023 Dispositions On January 10, 2023, we sold a 90% interest in three data center shell properties in Northern Virginia based on an aggregate property value of $211.3 million and retained a 10% interest in the properties through Redshift JV LLC (“Redshift”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $190.2 million. We account for our interest in the joint venture using the equity method of accounting, as described further in Note 6. We recognized a gain on sale Properties, net $ 156,691 Deferred rent receivable 4,595 Assets held for sale, net $ 161,286 2022 Dispositions and Discontinued Operations On January 25, 2022, we sold 9651 Hornbaker Road in Manassas, Virginia, our sole wholesale data center investment, for $222.5 million, resulting in a gain on sale For the Years Ended December 31, 2022 2021 Revenues from real estate operations $ 1,980 $ 30,490 Property operating expenses (971) (16,842) Depreciation and amortization associated with real estate operations — (10,290) Gain on sale of real estate 28,564 — Discontinued operations $ 29,573 $ 3,358 Cash flows from operating activities $ 5,757 $ 10,930 Cash flows from investing activities $ 220,565 $ (1,912) On December 14, 2022, we sold a 90% interest in two data center shell properties in Northern Virginia based on an aggregate property value of $67.0 million and retained a 10% interest in the properties through Quark JV LLC (“Quark”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $60.3 million. We account for our interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on sale 2021 Dispositions On June 2, 2021, we sold a 90% interest in two data center shell properties in Northern Virginia based on an aggregate property value of $118.8 million and retained a 10% interest in the properties through B RE COPT DC JV III LLC (“BRE-COPT 3”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $106.9 million. We account for our interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on sale On December 30, 2021, we sold a property that was previously removed from service from our data center shells sub-segment for $30.0 million and recognized a gain on sale |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue (1) 2023 2022 2021 Fixed $ 478,585 $ 453,907 $ 436,768 Variable 141,262 126,262 116,900 $ 619,847 $ 580,169 $ 553,668 (1) Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% in 2023 and 2022 and 36% in 2021 of our total lease revenue, and 27% in 2023 and 2022 and 26% in 2021 of our fixed-lease revenue. Our lease revenue from the USG in 2023, 2022 and 2021 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2023, our balance sheet included $43.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 25 to 77 years (excluding extension options). As of December 31, 2023, our right-of-use assets included: > $14.5 million for land in a business park in Huntsville, Alabama under 20 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 39 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $9.5 million for land underlying operating office properties in Washington, D.C. under two leases with remaining terms of approximately 76 years; > $6.4 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 25 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 59 to 70 years; > $5.1 million for data center space in Phoenix, Arizona with a remaining term of one year and an option to renew for an additional five years that were not included in the term used in determining the asset balance; and > $2.1 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 44 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2023 2022 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 41,296 $ 37,020 Finance leases - Property Prepaid expenses and other assets, net 2,565 2,207 Total right-of-use assets $ 43,861 $ 39,227 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 33,931 $ 28,759 Finance leases - Property Other liabilities 415 — Total lease liabilities $ 34,346 $ 28,759 As of December 31, 2023, our operating leases had a weighted average remaining lease term of 49 years and a weighted average discount rate of 7.31%, while our finance leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 9.14%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2023 2022 2021 Operating lease cost Property leases - fixed Property operating expenses $ 6,955 $ 4,114 $ 4,011 Property leases - variable Property operating expenses 66 65 45 Finance lease cost Amortization of property right-of-use assets Property operating expenses 76 31 31 Interest on lease liabilities Interest expense 42 — — $ 7,139 $ 4,210 $ 4,087 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,056 $ 3,355 $ 3,206 Operating cash flows for financing leases $ 42 $ — $ — Financing cash flows for financing leases $ 20 $ — $ 14 Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue (1) 2023 2022 2021 Fixed $ 478,585 $ 453,907 $ 436,768 Variable 141,262 126,262 116,900 $ 619,847 $ 580,169 $ 553,668 (1) Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% in 2023 and 2022 and 36% in 2021 of our total lease revenue, and 27% in 2023 and 2022 and 26% in 2021 of our fixed-lease revenue. Our lease revenue from the USG in 2023, 2022 and 2021 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2023, our balance sheet included $43.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 25 to 77 years (excluding extension options). As of December 31, 2023, our right-of-use assets included: > $14.5 million for land in a business park in Huntsville, Alabama under 20 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 39 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $9.5 million for land underlying operating office properties in Washington, D.C. under two leases with remaining terms of approximately 76 years; > $6.4 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 25 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 59 to 70 years; > $5.1 million for data center space in Phoenix, Arizona with a remaining term of one year and an option to renew for an additional five years that were not included in the term used in determining the asset balance; and > $2.1 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 44 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2023 2022 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 41,296 $ 37,020 Finance leases - Property Prepaid expenses and other assets, net 2,565 2,207 Total right-of-use assets $ 43,861 $ 39,227 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 33,931 $ 28,759 Finance leases - Property Other liabilities 415 — Total lease liabilities $ 34,346 $ 28,759 As of December 31, 2023, our operating leases had a weighted average remaining lease term of 49 years and a weighted average discount rate of 7.31%, while our finance leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 9.14%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2023 2022 2021 Operating lease cost Property leases - fixed Property operating expenses $ 6,955 $ 4,114 $ 4,011 Property leases - variable Property operating expenses 66 65 45 Finance lease cost Amortization of property right-of-use assets Property operating expenses 76 31 31 Interest on lease liabilities Interest expense 42 — — $ 7,139 $ 4,210 $ 4,087 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,056 $ 3,355 $ 3,206 Operating cash flows for financing leases $ 42 $ — $ — Financing cash flows for financing leases $ 20 $ — $ 14 Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue (1) 2023 2022 2021 Fixed $ 478,585 $ 453,907 $ 436,768 Variable 141,262 126,262 116,900 $ 619,847 $ 580,169 $ 553,668 (1) Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% in 2023 and 2022 and 36% in 2021 of our total lease revenue, and 27% in 2023 and 2022 and 26% in 2021 of our fixed-lease revenue. Our lease revenue from the USG in 2023, 2022 and 2021 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2023, our balance sheet included $43.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 25 to 77 years (excluding extension options). As of December 31, 2023, our right-of-use assets included: > $14.5 million for land in a business park in Huntsville, Alabama under 20 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 39 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $9.5 million for land underlying operating office properties in Washington, D.C. under two leases with remaining terms of approximately 76 years; > $6.4 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 25 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 59 to 70 years; > $5.1 million for data center space in Phoenix, Arizona with a remaining term of one year and an option to renew for an additional five years that were not included in the term used in determining the asset balance; and > $2.1 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 44 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2023 2022 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 41,296 $ 37,020 Finance leases - Property Prepaid expenses and other assets, net 2,565 2,207 Total right-of-use assets $ 43,861 $ 39,227 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 33,931 $ 28,759 Finance leases - Property Other liabilities 415 — Total lease liabilities $ 34,346 $ 28,759 As of December 31, 2023, our operating leases had a weighted average remaining lease term of 49 years and a weighted average discount rate of 7.31%, while our finance leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 9.14%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2023 2022 2021 Operating lease cost Property leases - fixed Property operating expenses $ 6,955 $ 4,114 $ 4,011 Property leases - variable Property operating expenses 66 65 45 Finance lease cost Amortization of property right-of-use assets Property operating expenses 76 31 31 Interest on lease liabilities Interest expense 42 — — $ 7,139 $ 4,210 $ 4,087 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,056 $ 3,355 $ 3,206 Operating cash flows for financing leases $ 42 $ — $ — Financing cash flows for financing leases $ 20 $ — $ 14 Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue (1) 2023 2022 2021 Fixed $ 478,585 $ 453,907 $ 436,768 Variable 141,262 126,262 116,900 $ 619,847 $ 580,169 $ 553,668 (1) Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% in 2023 and 2022 and 36% in 2021 of our total lease revenue, and 27% in 2023 and 2022 and 26% in 2021 of our fixed-lease revenue. Our lease revenue from the USG in 2023, 2022 and 2021 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2023, our balance sheet included $43.9 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 25 to 77 years (excluding extension options). As of December 31, 2023, our right-of-use assets included: > $14.5 million for land in a business park in Huntsville, Alabama under 20 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 39 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $9.5 million for land underlying operating office properties in Washington, D.C. under two leases with remaining terms of approximately 76 years; > $6.4 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 25 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 59 to 70 years; > $5.1 million for data center space in Phoenix, Arizona with a remaining term of one year and an option to renew for an additional five years that were not included in the term used in determining the asset balance; and > $2.1 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 44 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2023 2022 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 41,296 $ 37,020 Finance leases - Property Prepaid expenses and other assets, net 2,565 2,207 Total right-of-use assets $ 43,861 $ 39,227 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 33,931 $ 28,759 Finance leases - Property Other liabilities 415 — Total lease liabilities $ 34,346 $ 28,759 As of December 31, 2023, our operating leases had a weighted average remaining lease term of 49 years and a weighted average discount rate of 7.31%, while our finance leases had a weighted average remaining lease term of nine years and a weighted average discount rate of 9.14%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2023 2022 2021 Operating lease cost Property leases - fixed Property operating expenses $ 6,955 $ 4,114 $ 4,011 Property leases - variable Property operating expenses 66 65 45 Finance lease cost Amortization of property right-of-use assets Property operating expenses 76 31 31 Interest on lease liabilities Interest expense 42 — — $ 7,139 $ 4,210 $ 4,087 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,056 $ 3,355 $ 3,206 Operating cash flows for financing leases $ 42 $ — $ — Financing cash flows for financing leases $ 20 $ — $ 14 Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Real Estate Joint Ventures
Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Real Estate Joint Ventures | Real Estate Joint Ventures Consolidated Real Estate Joint Ventures The table below sets forth information as of December 31, 2023 pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands): Nominal Ownership % December 31, 2023 Date Formed Total Encumbered Assets Total Liabilities Mortgage Debt Entity Location LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, Alabama $ 718,522 $ 99,675 $ 102,397 $ 50,573 Stevens Investors, LLC 8/11/2015 95% Washington, D.C. 128,857 — 2,060 — M Square Associates, LLC 6/26/2007 50% College Park, Maryland 98,117 57,249 49,720 48,635 $ 945,496 $ 156,924 $ 154,177 $ 99,208 (1) As discussed below, we fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows and we receive the remainder. Each of these joint ventures are engaged in the development and operation of real estate. We consolidate these joint ventures because of our: (1) power to direct the matters that most significantly impact their activities, including development, leasing and management of their properties; and (2) right to receive returns on our fundings and, in many cases, the obligation to fund the activities of the ventures to the extent that third-party financing is not obtained, both of which could be potentially significant. With regard to these joint ventures: > for LW Redstone Company, LLC, we anticipate funding certain infrastructure costs (up to a maximum of $76.0 million excluding accrued interest thereon) due to be reimbursed by the City of Huntsville as discussed further in Note 7. We had advanced $72.2 million to the City through December 31, 2023 to fund such costs. We also expect to fund additional development costs through equity contributions to the extent that third party financing is not obtained. Our partner was credited with $9.0 million in invested capital upon formation and is not required to make, nor has it made, additional equity contributions. Cash flows are generally distributed to the partners as follows: (1) debt service on member loans; (2) cumulative preferred returns of 13.5% on our partner’s invested capital; (3) cumulative preferred returns of 13.5% on our invested capital; (4) return of our invested capital; (5) return of our partner’s invested capital; and (6) any remaining residual 85% to us and 15% to our partner. Our partner has the right to require us to acquire its interest for fair value; accordingly, we classify the fair value of our partner’s interest as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets. We have the right to acquire our partner’s interest at fair value upon the earlier of five years following the project’s achievement of a construction commencement threshold of 4.4 million square feet or March 2040; the project had achieved approximately 2.5 million square feet of construction commencement through December 31, 2023. Our partner has the right to receive some or all of the consideration for the acquisition of its interests in the form of common units in CDPLP; > for Stevens Investors, LLC, net cash flows of this entity are distributed to the partners as follows: (1) member loans and accrued interest; (2) pro rata return of the partners’ capital; (3) pro rata return of the partners’ respective unpaid preferred returns; and (4) varying splits of 85% to 60% to us and the balance to our partners as we reach specified return hurdles. Our partners had the right to require us to acquire some or all of their interests for fair value until June 2023; accordingly, we classified the fair value of our partners’ interests as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets until such rights expired in June 2023. We and our partners each have the right to acquire each other’s interests at fair value beginning in December 2023. Our partners have the right to receive some or all of the consideration for the acquisition of their interests in the form of common units in CDPLP; and > for M Square Associates, LLC, net cash flows of this entity are distributed to the partners as follows: (1) member loans and accrued interest; (2) our preferred return and capital contributions used to fund infrastructure costs; (3) the partners’ preferred returns and capital contributions used to fund all other costs in proportion to their respective accrued returns and capital accounts; and (4) residual amounts distributed 50% to each member. We disclose the activity of our redeemable noncontrolling interests in Note 10. Unconsolidated Real Estate Joint Ventures The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands): Date Formed Nominal Ownership % Number of Properties Carrying Value of Investment as of December 31 (1), Entity 2023 2022 Redshift (2) 1/10/2023 10% 3 $ 21,053 $ — BREIT COPT DC JV LLC 6/20/2019 10% 9 10,629 11,568 Quark (2) 12/14/2022 10% 2 6,727 6,758 BRE-COPT 3 (2) 6/2/2021 10% 2 2,643 3,134 B RE COPT DC JV II LLC (3) 10/30/2020 10% 8 (2,777) (1,459) 24 $ 38,275 $ 20,001 (1) Included $41.1 million and $21.5 million reported in “investment in unconsolidated real estate joint ventures” and $2.8 million and $1.5 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. (2) Formed in connection with transactions described further in Note 4. (3) Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.8 million as of December 31, 2023 and $7.0 million as of December 31, 2022 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture. These joint ventures operate triple-net leased, single-tenant data center shell properties in Northern Virginia. We concluded that these joint ventures are variable interest entities. Under the terms of the joint venture agreements, we and our partners receive returns in proportion to our investments, and our maximum exposure to losses is limited to our investments, subject to our share |
Investing Receivables
Investing Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Investing Receivables | Investing Receivables Investing receivables consisted of the following (in thousands): December 31, 2023 2022 Notes receivable from the City of Huntsville $ 77,022 $ 69,703 Other investing loans receivable 6,867 17,712 Amortized cost basis 83,889 87,415 Allowance for credit losses (2,377) (2,794) Investing receivables, net $ 81,512 $ 84,621 The balances above include accrued interest receivable Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. These notes and the accrued and unpaid interest thereon, which compounds annually on March 1, will be repaid using the real estate taxes generated by the properties developed by the joint venture. When these tax revenues are sufficient to cover the debt service on a certain increment of municipal bonds, the City of Huntsville is required to issue bonds to repay the notes and the accrued and unpaid interest thereon. Each note has a maturity date of the earlier of 30 years from the date issued or the expiration of the tax increment district comprising the developed properties in 2045. Our other investing loan receivable as of December 31, 2023 carries a stated interest rate of 12.0% and matures in 2024. The fair value of these receivables was approximately $84 million as of December 31, 2023 and $87 million as of December 31, 2022. |
Debt, Net
Debt, Net | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt, Net | Debt, Net Debt Summary Our debt consisted of the following (dollars in thousands): Carrying Value (1) as of December 31, December 31, 2023 2023 2022 Stated Interest Rates Scheduled Maturity Mortgage and Other Secured Debt: Fixed-rate mortgage debt $ 66,314 $ 84,433 3.82% to 4.62% (2) 2024-2026 Variable-rate secured debt 32,894 33,318 SOFR + 0.10% + 1.45% to 1.55% (3) 2025-2026 Total mortgage and other secured debt 99,208 117,751 Revolving Credit Facility (4) 75,000 211,000 SOFR + 0.10% + 0.725% to 1.400% (5) October 2026 (4) Term Loan Facility (4) 124,291 123,948 SOFR + 0.10% + 0.850% to 1.700% (6) January 2026 (4) Unsecured Senior Notes (4) 2.25%, $400,000 aggregate principal 397,608 396,539 2.25% (7) March 2026 5.25%, $345,000 aggregate principal 335,802 — 5.25% (8) September 2028 2.00%, $400,000 aggregate principal 397,471 396,988 2.00% (9) January 2029 2.75%, $600,000 aggregate principal 591,212 590,123 2.75% (10) April 2031 2.90%, $400,000 aggregate principal 395,265 394,848 2.90% (11) December 2033 Unsecured note payable 430 597 0% (12) May 2026 Total debt, net $ 2,416,287 $ 2,231,794 (1) The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.3 million as of December 31, 2023 and $5.4 million as of December 31, 2022. (2) The weighted average interest rate on our fixed-rate mortgage debt was 4.10% as of December 31, 2023. (3) Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2023 was 6.94%. (4) Refer to the paragraphs below for further disclosure. (5) The weighted average interest rate on the Revolving Credit Facility was 6.49% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (6) The interest rate on this loan was 6.74% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (7) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.9 million as of December 31, 2023 and $2.8 million as of December 31, 2022 The effective interest rate under the notes, including amortization of such costs, was 2.48%. (8) The carrying value of these notes reflects unamortized commissions totaling $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. Refer to the paragraphs below for further disclosure. (9) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.8 million as of December 31, 2023 and $2.1 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.09%. (10) The carrying value of these notes reflects unamortized discounts and commissions totaling $7.6 million as of December 31, 2023 and $8.5 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.94%. (11) The carrying value of these notes reflects unamortized discounts and commissions totaling $3.9 million as of December 31, 2023 and $4.2 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 3.01%. (12) This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $32,000 as of December 31, 2023 and $65,000 as of December 31, 2022. All debt is owed by the Operating Partnership. While COPT Defense is not directly obligated by any debt, it has guaranteed CDPLP’s Revolving Credit Facility, Term Loan Facility and Unsecured Senior Notes. All of our mortgage and other secured debt as of December 31, 2023 was for consolidated real estate joint ventures (see Note 6). Certain of our debt instruments require that we comply with a number of restrictive financial covenants, including maximum leverage ratio, unencumbered leverage ratio, minimum fixed charge coverage ratio, minimum unencumbered interest coverage ratio, minimum debt service and maximum secured indebtedness ratio. In addition, the terms of some of CDPLP’s debt may limit its ability to make certain types of payments and other distributions to COPT Defense in the event of default or when such payments or distributions may prompt failure of debt covenants, unless such distributions are required to maintain COPT Defense’s qualification as a REIT. As of December 31, 2023, we were compliant with these financial covenants. Our debt matures on the following schedule (in thousands): Year Ending December 31, December 31, 2023 2024 $ 29,983 2025 23,717 2026 646,300 2027 — 2028 345,000 Thereafter 1,400,000 Total $ 2,445,000 (1) (1) Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $28.7 million. We capitalized interest costs of $4.5 million in 2023, $6.7 million in 2022 and $6.5 million in 2021. The following table sets forth information pertaining to the fair value of our debt (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Fixed-rate debt Unsecured Senior Notes $ 2,117,358 $ 1,876,611 $ 1,778,498 $ 1,433,561 Other fixed-rate debt 66,744 63,692 85,030 80,330 Variable-rate debt 232,185 232,270 368,266 367,896 $ 2,416,287 $ 2,172,573 $ 2,231,794 $ 1,881,787 Revolving Credit Facility On October 26, 2022, we entered into a credit agreement with a group of lenders for an unsecured revolving credit facility with a lender commitment of $600.0 million that replaced our existing unsecured revolving credit facility (the prior facility and new facility are referred to collectively herein as our “Revolving Credit Facility”). The facility matures on October 26, 2026, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period. The interest rate on the facility is based on the Secured Overnight Financing Rate (“SOFR”) plus a SOFR index adjustment of 0.10% plus 0.725% to 1.400%, as determined by the credit ratings assigned to CDPLP by S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. (collectively, the “Ratings Agencies”). The facility also carries a quarterly fee that is based on the lenders’ commitment under the facility multiplied by a per annum rate of 0.125% to 0.300%, as determined by the credit ratings assigned to CDPLP by the Ratings Agencies. As of December 31, 2023, the maximum borrowing capacity under this facility totaled $600.0 million, of which $525.0 million was available. Weighted average borrowings under our Revolving Credit Facility totaled $133.3 million in 2023 and $202.8 million in 2022. The weighted average interest rate on our Revolving Credit Facility was 6.17% in 2023 and 3.31% in 2022, excluding the effect of interest rate swaps that hedge the risk of interest rate changes. Term Loan Facilities The credit agreement with a group of lenders entered into on October 26, 2022 discussed above provided for a $125.0 million unsecured term loan with an interest rate based on SOFR plus a SOFR index adjustment of 0.10% plus 0.850% to 1.700%, as determined by the credit ratings assigned to CDPLP by the Ratings Agencies. This term loan facility matures on January 30, 2026, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding loan balance for each extension period. In addition to the term loan discussed above, we also had a term loan that we amended in 2020 to increase the loan amount by $150.0 million for a balance outstanding of $400.0 million. We repaid $100.0 million of this loan in 2021 and the remaining $300.0 million in 2022. Unsecured Senior Notes From 2021 through 2023, we issued the following unsecured senior notes: > $600.0 million of 2.75% Senior Notes due 2031 (the “2.75% Notes”) at an initial offering price of 98.95% of their face value on March 11, 2021, resulting in proceeds, after deducting underwriting discounts and commissions, but before other offering expenses, of $589.8 million. The notes mature on April 15, 2031; > $400.0 million of 2.00% Senior Notes due 2029 (the “2.00% Notes”) at an initial offering price of 99.97% of their face value on August 11, 2021, resulting in proceeds, after deducting underwriting discounts and commissions, but before other offering expenses, of $397.4 million. The notes mature on January 15, 2029; > $400.0 million of 2.90% Senior Notes due 2033 (the “2.90% Notes”) at an initial offering price of 99.53% of their face value on November 17, 2021, resulting in proceeds, after deducting underwriting discounts and commissions, but before other offering expenses, of $395.4 million. The notes mature on December 1, 2033; and > $345.0 million of 5.25% Exchangeable Senior Notes due 2028 (the “5.25% Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, on September 12, 2023, resulting in proceeds, after deducting the initial purchasers’ commissions, but before other offering expenses, of $336.4 million. The notes mature on September 15, 2028. We may redeem our 2.25% Senior Notes due 2026 (the “2.25% Notes”) and the 2.75% Notes, 2.00% Notes and 2.90% Notes in whole at any time or in part from time to time, at our option, at a redemption price equal to the greater of (1) the aggregate principal amount of the notes being redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption) discounted to its present value, on a semi-annual basis at an adjusted treasury rate plus a spread (35 basis points for the 2.25% Notes, 25 basis points for the 2.75% Notes, 20 basis points for the 2.00% Notes and 25 basis points for the 2.90% Notes), plus, in each case, accrued and unpaid interest thereon to the date of redemption. However, in each case, if this redemption occurs on or after a defined date (February 15, 2026 for the 2.25% Notes, January 15, 2031 for the 2.75% Notes, November 15, 2028 for the 2.00% Notes and September 1, 2033 for the 2.90% Notes), the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. These notes are unconditionally guaranteed by COPT Defense. With regard to the 5.25% Notes: > prior to the close of business on the business day immediately preceding June 15, 2028, the notes will be exchangeable at the option of the noteholders only in the event of certain circumstances and during certain periods defined under the terms of the notes. On or after June 15, 2028, the notes will be exchangeable at the option of the holders at any time prior to the close of business on the business day immediately preceding the maturity date. Upon exchange, the principal amount of notes is payable in cash. The remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, is payable in cash, common shares or a combination thereof at our election. The exchange rate of the notes initially equaled 33.3739 of our common shares per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $29.96 per common share). The exchange rate is subject to adjustment upon the occurrence of some events, but will not be adjusted for any accrued and unpaid interest; > we may redeem the notes at our option, in whole or in part, on any business day on or after September 21, 2026, and prior to the 51st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; > the notes are unconditionally guaranteed by COPT Defense; and > the table below sets forth interest expense recognized on the notes in 2023 (in thousands): Interest expense at stated interest rate $ 5,484 Interest expense associated with amortization of debt discount and issuance costs 500 Total $ 5,984 In 2021, we purchased or redeemed the following unsecured senior notes: > purchased pursuant to tender offers $184.4 million of 3.60% Senior Notes due 2023 for $196.7 million and $145.6 million of 5.25% Senior Notes due 2024 for $164.7 million, plus accrued interest effective March 11, 2021; and on April 12, 2021, redeemed the remaining $165.6 million of 3.60% Senior Notes due 2023 for $176.3 million and $104.4 million of 5.25% Senior Notes due 2024 for $117.7 million, plus accrued interest. In connection with these purchases and redemptions, we recognized a loss on early extinguishment of debt of $58.4 million in 2021; and > redeemed $300.0 million of 5.00% Senior Notes due 2025 on November 18, 2021 for $336.4 million plus accrued interest. We recognized a loss on early extinguishment of debt of $38.2 million for this redemption in 2021. |
Interest Rate Derivatives
Interest Rate Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives | Interest Rate Derivatives The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): Notional Amount Effective Date Expiration Date Fair Value at December 31, Fixed Rate Floating Rate Index 2023 2022 $ 10,640 (1) 1.678 % SOFR + 0.10% 8/1/2019 8/1/2026 $ 571 $ 806 $ 22,475 (2) 0.573 % SOFR + 0.10% 4/1/2020 3/26/2025 1,084 1,825 $ 150,000 3.742 % One-Month SOFR 2/1/2023 2/2/2026 681 — $ 50,000 3.747 % One-Month SOFR 2/1/2023 2/2/2026 222 — $ 2,558 $ 2,631 (1) The notional amount of this instrument is scheduled to amortize to $10.0 million. (2) The notional amount of this instrument is scheduled to amortize to $22.1 million. Each of these swaps was designated as a cash flow hedge of interest rate risk. The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): Fair Value at December 31, Derivatives Balance Sheet Location 2023 2022 Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 2,558 $ 2,631 The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): Amount of Income Recognized in AOCI on Derivatives Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations For the Years Ended December 31, For the Years Ended December 31, Derivatives in Hedging Relationships 2023 2022 2021 2023 2022 2021 Interest rate derivatives $ 3,827 $ 4,730 $ 1,379 $ 3,900 $ (996) $ (5,048) Based on the fair value of our derivatives as of December 31, 2023, we estimate that approximately $3.0 million of gains will be reclassified from AOCI as a decrease to interest expense over the next 12 months. We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. As of December 31, 2023, we were not in default with any of these provisions. As of December 31, 2023, we did not have any derivatives in liability positions. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests As discussed further in Note 6, redeemable noncontrolling interests on our consolidated balance sheets include the ownership interests of our partners in LW Redstone Company, LLC and Stevens Investors, LLC due to the partners’ rights to require us to acquire their interests. Effective in June 2023, these rights expired for our Stevens Investors, LLC partners, which resulted in our reclassification of their interests from redeemable noncontrolling interests to the noncontrolling interests in subsidiaries section of equity. The table below sets forth the activity for redeemable noncontrolling interests (in thousands): For the Years Ended December 31, 2023 2022 2021 Beginning balance $ 26,293 $ 26,898 $ 25,430 Distributions to noncontrolling interests (2,569) (2,976) (3,307) Net income attributable to noncontrolling interests 2,454 2,807 3,160 Adjustment for changes in fair value of interests 72 (436) 1,615 Reclassification of Stevens Investors, LLC interests to equity (2,670) — — Ending balance $ 23,580 $ 26,293 $ 26,898 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Preferred Shares As of December 31, 2023, we had 25.0 million preferred shares authorized and unissued at $0.01 par value per share. Common Shares In May 2022, we entered into an at-the-market (“ATM”) stock offering program (the “2022 ATM Program”) that replaced a similar program established in 2018 (the “2018 ATM Program”) because we replaced the registration statement under which the 2018 ATM Program was registered with a new registration statement. Under the 2022 ATM Program, we may offer and sell common shares in at-the-market stock offerings having an aggregate gross sales price of up to $300 million and may also, at our discretion, sell common shares under forward equity sales agreements. As of December 31, 2023, we had not issued any shares under the 2022 ATM Program. Certain holders of CDPLP common units converted an aggregate of 8,054 of their units into common shares in 2021 on the basis of one common share for each common unit. No CDPLP common units were converted in 2023 or 2022. We declared dividends per common share of $1.14 in 2023 and $1.10 in 2022 and 2021. We pay dividends at the discretion of our Board of Trustees. Our ability to pay cash dividends will be dependent upon: (1) the cash flow generated from our operations; (2) cash generated or used by our financing and investing activities; and (3) the annual distribution requirements under the REIT provisions of the Code described in Note 2 and such other factors as the Board of Trustees deems relevant. Our ability to make cash dividends will also be limited by the terms of CDPLP’s Partnership Agreement, as well as by limitations imposed by state law. In addition, we are prohibited from paying cash dividends in excess of the amount necessary for us to qualify for taxation as a REIT if a default or event of default exists pursuant to the terms of the credit agreement underlying our Revolving Credit Facility and unsecured term loan; this restriction does not currently limit our ability to pay dividends, and we do not believe that this restriction is reasonably likely to limit our ability to pay future dividends because we expect to comply with the terms of this agreement. See Note 12 for disclosure of common share activity pertaining to our share-based compensation plans. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Compensation Matters | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation and Other Compensation Matters | Share-Based Compensation and Other Compensation Matters Share-Based Compensation Plans In May 2017, we adopted the 2017 Omnibus Equity and Incentive Plan following the approval of such plan by our common shareholders, and we amended the plan in November 2018 (as amended, the “2017 Plan”). We may issue equity-based awards under this plan to officers, employees, non-employee trustees and any other key persons of us and our subsidiaries, as defined in the plan. The plan provides for a maximum of 3.4 million of our common shares to be issued in the form of options, share appreciation rights, restricted share unit awards, restricted share awards, unrestricted share awards, PIUs, dividend equivalent rights and other equity-based awards and for the granting of cash-based awards. This plan expires on May 11, 2027. Shares for the 2017 Plan are issued under a registration statement on Form S-8 that became effective upon filing with the Securities and Exchange Commission. The table below sets forth our reporting for share based compensation cost (in thousands): For the Years Ended December 31, 2023 2022 2021 General, administrative, leasing and other expenses $ 7,255 $ 7,643 $ 6,881 Property operating expenses 1,289 1,147 1,098 Capitalized to development activities 576 847 719 Share-based compensation cost $ 9,120 $ 9,637 $ 8,698 The amounts included in our consolidated statements of operations for share-based compensation reflected an estimate of pre-vesting forfeitures of 0% for awards to our executives and non-employee Trustees and 8% to 9% for awards to all other employees. As of December 31, 2023, unrecognized compensation costs related to unvested awards included: > $5.4 million on restricted shares expected to be recognized over a weighted average period of approximately two years; > $3.4 million on PB-PIUs expected to be recognized over a weighted average performance period of approximately two years; > $3.1 million on TB-PIUs expected to be recognized over a weighted average period of approximately two years; and > $77,000 on deferred share awards expected to be recognized through May 2024. Restricted Shares The following table summarizes restricted shares activity under our share-based compensation plan for 2021, 2022 and 2023: Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2020 360,817 $ 26.16 Granted 177,995 $ 26.17 Forfeited (39,664) $ 26.62 Vested (164,575) $ 25.95 Unvested as of December 31, 2021 334,573 $ 26.22 Granted 186,515 $ 26.50 Forfeited (43,420) $ 26.47 Vested (152,585) $ 26.39 Unvested as of December 31, 2022 325,083 $ 26.27 Granted 220,336 $ 25.38 Forfeited (39,474) $ 26.03 Vested (152,490) $ 26.09 Unvested as of December 31, 2023 353,455 $ 25.82 Unvested shares as of December 31, 2023 that are expected to vest 317,075 $ 25.83 Restricted shares granted to employees vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. Restricted shares granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. The aggregate intrinsic value of restricted shares that vested was $3.8 million in 2023, $4.0 million in 2022 and $4.3 million in 2021. PIUs We granted two forms of PIUs: TB-PIUs; and PB-PIUs. TB-PIUs are subject to forfeiture restrictions until the end of the requisite service period, at which time the TB-PIUs automatically convert into vested PIUs. PB-PIUs are subject to a market condition in that the number of earned awards are determined at the end of the performance period (as described further below) and then settled in vested PIUs. Vested PIUs automatically convert into common units in CDPLP if, or when, a book-up event (as defined under federal income tax regulations) has occurred and carry substantially the same rights to distributions as common units. TB-PIUs TB-PIUs granted to senior management team members vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. TB-PIUs granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. Prior to vesting, TB-PIUs carry substantially the same rights to distributions as common units but carry no redemption rights. The following table summarizes TB-PIUs activity under our share-based compensation plan for 2021, 2022 and 2023 : Number of TB-PIUs Weighted Average Grant Date Fair Value Unvested as of December 31, 2020 114,334 $ 25.57 Granted 93,983 $ 26.16 Vested (45,244) $ 25.28 Unvested as of December 31, 2021 163,073 $ 25.99 Granted 101,966 $ 26.39 Vested (77,709) $ 26.04 Unvested as of December 31, 2022 187,330 $ 26.19 Granted 123,900 $ 25.40 Forfeited (27,182) $ 26.46 Vested (89,633) $ 25.95 Unvested as of December 31, 2023 194,415 $ 25.76 Unvested TB-PIUs as of December 31, 2023 that are expected to vest 193,131 $ 25.76 The aggregate intrinsic value of TB-PIUs that vested was $2.3 million in 2023, $2.0 million in 2022 and $1.2 million in 2021. PB-PIUs We made the following grants of PB-PIUs to senior management team members from 2019 through 2023 (dollars in thousands, except per share data): Grant Date Number of PB-PIUs Granted Grant Date Fair Value Number of PB-PIUs Outstanding as of December 31, 2023 1/1/2019 193,682 $ 2,415 — 1/1/2020 176,758 $ 2,891 — 1/1/2021 227,544 $ 3,417 189,308 1/1/2022 231,838 $ 3,810 192,996 1/1/2023 275,402 $ 4,343 225,590 The PB-PIUs each have a three-year performance period concluding on the earlier of the respective performance period end dates, or the date of: (1) termination by us without cause, death or disability of the employee or constructive discharge of the employee (collectively, “qualified termination”); or (2) a sale event. The number of earned awards at the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule: Percentile Rank Earned Awards 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 If the percentile rank exceeds the 25th percentile and is between two of the percentile ranks set forth in the table above, then the percentage of the earned awards will be interpolated between the ranges set forth in the table above to reflect any performance between the listed percentiles. If COPT Defense’s TSR during the measurement period is negative, the maximum number of earned awards will be limited to the target level payout percentage. During the performance period, PB-PIUs carry rights to distributions equal to 10% of the distribution rights of common units but carry no redemption rights. At the end of the performance period, we settle the award by issuing vested PIUs equal to the number of earned awards and either: > for awards granted January 1, 2019 and 2020, paying cash equal to the excess, if any, of: the aggregate distributions that would have been paid with respect to vested PIUs issued in settlement of the earned awards through the date of settlement had such vested PIUs been issued on the grant date; over the aggregate distributions made on the PB-PIUs during the performance period; or > for all other awards, issuing additional vested PIUs equal to the excess, if any, of (1) the aggregate distributions that would have been paid with respect to vested PIUs issued in settlement of the earned awards through the date of settlement had such vested PIUs been issued on the grant date over (2) the aggregate distributions made on the PB-PIUs during the performance period, divided by the price of our common shares over a defined period of time. If a performance period ends due to a sale event or qualified termination, the number of earned awards is prorated based on the portion of the three-year performance period that has elapsed. If employment is terminated by the employee or by us for cause, all PB-PIUs are forfeited. Based on COPT Defense’s TSR relative to its peer group of companies: > for the 2019 PB-PIUs issued to employees that vested on December 31, 2021, we issued 156,104 vested PIUs in settlement of the PB-PIUs on February 1, 2022; > for the 2020 PB-PIUs issued to employees that vested on December 31, 2022, we issued 141,152 vested PIUs in settlement of the PB-PIUs on February 1, 2023; and > for the 2021 PB-PIUs issued to employees that vested on December 31, 2023, we issued 211,845 vested PIUs in settlement of the PB-PIUs on February 1, 2024. We computed grant date fair values for PB-PIUs using Monte Carlo models and recognize these values over the respective performance periods. The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PB-PIUs granted in 2021, 2022 and 2023 are set forth below: Grant Date Grant Date Fair Value Per PB-PIU at Target-Level Award Baseline Common Share Value Expected Volatility of Common Shares Risk-free Interest Rate 1/1/2021 $ 30.03 $ 26.08 34.7 % 0.18 % 1/1/2022 $ 32.87 $ 27.97 31.7 % 0.98 % 1/1/2023 $ 31.54 $ 25.94 35.0 % 4.28 % In 2023, 126,890 PB-PIUs were forfeited due to an award recipient’s resignation. Deferred Share Awards We made the following grants of deferred share awards to non-employee Trustees in 2021, 2022 and 2023 (dollars in thousands, except per share data): Year of Grant Number of Deferred Share Awards Granted Aggregate Grant Date Fair Value Grant Date Fair Value Per Award 2021 3,416 $ 93 $ 27.12 2022 6,771 $ 166 $ 24.50 2023 9,046 $ 215 $ 23.75 Deferred share awards vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. We settle deferred share awards by issuing an equivalent number of common shares upon vesting of the awards or a later date elected by the Trustee (generally upon cessation of being a Trustee). We did not have any award settlements in 2021, 2022 or 2023. |
Information by Business Segment
Information by Business Segment | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Information by Business Segment | Information by Business Segment We have the following reportable segments: Defense/IT Portfolio, which we referred to as Defense/IT Locations in our 2022 Annual Report on Form 10-K; Wholesale Data Center (the only property in which we sold on January 25, 2022); and Other. We also report on Defense/IT Portfolio sub-segments, which include the following: Fort Meade/BW Corridor; NoVA Defense/IT; Lackland Air Force Base (in San Antonio); locations serving the U.S. Navy (“Navy Support”), which included properties proximate to the Washington Navy Yard, the Naval Air Station Patuxent River in Maryland and the Naval Surface Warfare Center Dahlgren Division in Virginia; Redstone Arsenal (in Huntsville); and data center shells (properties leased to tenants to be operated as data centers in which the tenants fund the costs for the power, fiber connectivity and data center infrastructure). In the third quarter of 2023, we retrospectively reclassified to our Other reportable segment a portfolio of office properties located in the Greater Washington, DC/Baltimore region that we previously reported as a separate reportable segment referred to as Regional Office. The table below reports segment financial information for our reportable segments (in thousands): Defense/IT Portfolio Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Portfolio Wholesale Other Total Year Ended December 31, 2023 Revenues from real estate operations $ 290,061 $ 80,413 $ 67,254 $ 32,638 $ 55,131 $ 27,444 $ 552,941 $ — $ 71,862 $ 624,803 Property operating expenses (99,788) (31,593) (36,616) (14,614) (19,148) (2,703) (204,462) — (42,923) (247,385) UJV NOI allocable to COPT Defense — — — — — 6,659 6,659 — — 6,659 NOI from real estate operations $ 190,273 $ 48,820 $ 30,638 $ 18,024 $ 35,983 $ 31,400 $ 355,138 $ — $ 28,939 $ 384,077 Additions to long-lived assets $ 54,564 $ 19,041 $ 62 $ 5,785 $ 20,949 $ — $ 100,401 $ — $ 17,227 $ 117,628 Transfers from non-operating properties $ 64,264 $ 4,136 $ 166 $ 2,651 $ 86,868 $ 115,052 $ 273,137 $ — $ 2,671 $ 275,808 Segment assets at December 31, 2023 $ 1,446,164 $ 490,104 $ 188,847 $ 163,818 $ 554,803 $ 432,851 $ 3,276,587 $ — $ 312,728 $ 3,589,315 Year Ended December 31, 2022 Revenues from real estate operations $ 273,790 $ 73,985 $ 62,911 $ 32,754 $ 38,593 $ 35,722 $ 517,755 $ 1,980 $ 66,643 $ 586,378 Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (979) (36,786) (228,401) UJV NOI allocable to COPT Defense — — — — — 4,327 4,327 — — 4,327 NOI from real estate operations $ 176,063 $ 47,350 $ 30,610 $ 18,753 $ 22,993 $ 35,677 $ 331,446 $ 1,001 $ 29,857 $ 362,304 Additions to long-lived assets $ 48,443 $ 11,102 $ — $ 3,801 $ 3,405 $ — $ 66,751 $ (35) $ 37,810 $ 104,526 Transfers from non-operating properties $ 69,771 $ 1,882 $ 1,290 $ 6,420 $ 158,831 $ 179,522 $ 417,716 $ — $ 704 $ 418,420 Segment assets at December 31, 2022 $ 1,387,517 $ 488,277 $ 194,481 $ 169,119 $ 453,543 $ 462,471 $ 3,155,408 $ — $ 553,863 $ 3,709,271 Year Ended December 31, 2021 Revenues from real estate operations $ 262,120 $ 65,853 $ 57,756 $ 33,757 $ 35,727 $ 31,582 $ 486,795 $ 30,490 $ 69,775 $ 587,060 Property operating expenses (92,521) (24,785) (30,535) (13,617) (11,618) (4,086) (177,162) (17,424) (35,633) (230,219) UJV NOI allocable to COPT Defense — — — — — 4,029 4,029 — — 4,029 NOI from real estate operations $ 169,599 $ 41,068 $ 27,221 $ 20,140 $ 24,109 $ 31,525 $ 313,662 $ 13,066 $ 34,142 $ 360,870 Additions to long-lived assets $ 45,647 $ 6,197 $ — $ 4,193 $ 3,542 $ — $ 59,579 $ 1,680 $ 35,526 $ 96,785 Transfers from non-operating properties $ 70,514 $ 90,050 $ 59,323 $ — $ 22,739 $ 3,004 $ 245,630 $ — $ 39,319 $ 284,949 Segment assets at December 31, 2021 $ 1,332,399 $ 489,582 $ 198,200 $ 170,985 $ 300,252 $ 350,098 $ 2,841,516 $ 192,647 $ 541,299 $ 3,575,462 The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Segment revenues from real estate operations $ 624,803 $ 586,378 $ 587,060 Construction contract and other service revenues 60,179 154,632 107,876 Less: Revenues from discontinued operations (Note 4) — (1,980) (30,490) Total revenues $ 684,982 $ 739,030 $ 664,446 The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Segment property operating expenses $ 247,385 $ 228,401 $ 230,219 Less: Property operating expenses from discontinued operations (Note 4) — (971) (16,842) Total property operating expenses $ 247,385 $ 227,430 $ 213,377 The following table reconciles UJV NOI allocable to COPT Defense to equity in (loss) income of unconsolidated entities as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 UJV NOI allocable to COPT Defense $ 6,659 $ 4,327 $ 4,029 Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,917) (3,145) (2,930) Add: Equity in (loss) income of unconsolidated non-real estate entities (3) 561 (6) Equity in (loss) income of unconsolidated entities $ (261) $ 1,743 $ 1,093 As previously discussed, we provide real estate services such as property management, development and construction services primarily for our properties but also for third parties. The primary manner in which we evaluate the operating performance of our service activities is through a measure we define as net operating income from service operations (“NOI from service operations”), which is based on the net of revenues and expenses from these activities. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to us by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. We believe NOI from service operations is a useful measure in assessing both our level of activity and our profitability in conducting such operations. The table below sets forth the computation of our NOI from service operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Construction contract and other service revenues $ 60,179 $ 154,632 $ 107,876 Construction contract and other service expenses (57,416) (149,963) (104,053) NOI from service operations $ 2,763 $ 4,669 $ 3,823 The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to (loss) income from continuing operations as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 NOI from real estate operations $ 384,077 $ 362,304 $ 360,870 NOI from service operations 2,763 4,669 3,823 Depreciation and other amortization associated with real estate operations (148,950) (141,230) (137,543) Impairment losses (252,797) — — General, administrative, leasing and other expenses (42,769) (38,991) (40,774) Interest expense (71,142) (61,174) (65,398) Interest and other income, net 12,587 9,070 9,007 Gain on sales of real estate 49,392 19,250 65,590 Loss on early extinguishment of debt — (609) (100,626) Equity in (loss) income of unconsolidated entities (261) 1,743 1,093 UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities (6,659) (4,327) (4,029) Income tax expense (588) (447) (145) Revenues from real estate operations from discontinued operations (Note 4) — (1,980) (30,490) Property operating expenses from discontinued operations (Note 4) — 971 16,842 (Loss) income from continuing operations $ (74,347) $ 149,249 $ 78,220 The following table reconciles our segment assets to our consolidated total assets (in thousands): As of December 31, 2023 2022 Segment assets $ 3,589,315 $ 3,709,271 Operating properties lease liabilities included in segment assets 34,346 28,759 Non-operating property assets 258,299 301,002 Other assets 365,006 218,243 Total consolidated assets $ 4,246,966 $ 4,257,275 The accounting policies of the segments are the same as those used to prepare our consolidated financial statements, except that discontinued operations are not presented separately for segment purposes. In the segment reporting presented above, we did not allocate interest expense, depreciation and amortization, impairment losses, gain on sales of real estate, loss on early extinguishment of debt and equity in (loss) income of unconsolidated entities not included in NOI to our real estate segments since they are not included in the measure of segment profit reviewed by management. We also did not allocate general, administrative, leasing and other expenses, interest and other income, net, income taxes and noncontrolling interests because these items represent general corporate or non-operating property items not attributable to segments. |
Construction Contract and Other
Construction Contract and Other Service Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Construction Contract and Other Service Revenues | Construction Contract and Other Service Revenues We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue: (in thousands): For the Years Ended December 31, 2023 2022 2021 Construction contract revenue: FFP $ 30,846 $ 15,119 $ 13,897 GMP 18,178 129,149 68,113 Cost-plus fee 9,843 8,320 24,260 Other 1,312 2,044 1,606 $ 60,179 $ 154,632 $ 107,876 We derived 88% of our construction contract revenue from the USG in 2023, 90% in 2022 and 79% in 2021. We recognized an insignificant amount of revenue in 2023, 2022 and 2021 from performance obligations satisfied (or partially satisfied) in previous periods. Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 7,618 $ 7,193 Ending balance $ 10,500 $ 7,618 Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 22,331 $ 22,384 Ending balance $ 15,086 $ 22,331 Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 2,867 $ 2,499 Ending balance $ 4,176 $ 2,867 Portion of beginning balance recognized in revenue during the year $ 326 $ 278 Revenue allocated to the remaining performance obligations under existing contracts as of December 31, 2023 that will be recognized as revenue in future periods was $70.4 million, all of which we expect to recognize in 2024. |
Credit Losses on Financial Asse
Credit Losses on Financial Assets and Other Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Credit Losses on Financial Assets and Other Instruments | Credit Losses on Financial Assets and Other Instruments The table below sets forth the activity for our allowance for credit losses in 2021, 2022 and 2023 (in thousands): Investing Receivables Tenant Notes Other Assets (2) Total December 31, 2020 $ 2,851 $ 1,203 $ 643 $ 4,697 Credit loss (recoveries) expense (3) (1,252) (146) 270 (1,128) December 31, 2021 1,599 1,057 913 3,569 Credit loss expense (recoveries) (3) 1,195 (279) (645) 271 December 31, 2022 2,794 778 268 3,840 Credit loss recoveries (3) (417) (79) (115) (611) Write-offs — (33) — (33) December 31, 2023 $ 2,377 $ 666 $ 153 $ 3,196 (1) Included in the line entitled “accounts receivable, net” on our consolidated balance sheets. (2) The balance as of December 31, 2023 and December 31, 2022 included $87,000 and $52,000, respectively, in the line entitled “accounts receivable, net” and $66,000 and $216,000, respectively, in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (3) Included in the line entitled “interest and other income, net” on our consolidated statements of operations. The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of December 31, 2023 (in thousands): Origination Year 2018 and Earlier 2019 2020 2021 2022 2023 Total Investing receivables: Credit risk classification: Investment grade $ 66,105 $ — $ 2,326 $ 8,336 $ — $ 255 $ 77,022 Non-investment grade — — — — 6,867 — 6,867 Total $ 66,105 $ — $ 2,326 $ 8,336 $ 6,867 $ 255 $ 83,889 Tenant notes receivable: Credit risk classification: Investment grade $ 686 $ 15 $ 115 $ — $ — $ — $ 816 Non-investment grade 125 46 1,433 — — — 1,604 Total $ 811 $ 61 $ 1,548 $ — $ — $ — $ 2,420 Gross write-offs during the year ended December 31, 2023 $ 33 $ — $ — $ — $ — $ — $ 33 Sales-type lease receivable: Credit risk classification: Investment grade $ — $ — $ 5,098 $ — $ — $ — $ 5,098 Our investment grade credit risk classification represents entities with investment grade credit ratings from ratings agencies (such as S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc.), meaning that they are considered to have at least an adequate capacity to meet their financial commitments, with credit risk ranging from minimal to moderate. Our non-investment grade credit risk classification represents entities with either no credit agency credit ratings or ratings deemed to be sub-investment grade; we believe that there is significantly more credit risk associated with this classification. The credit risk classifications of our investing receivables and tenant notes receivable were last updated in December 2023. An insignificant portion of the investing and tenant notes receivables set forth above was past due, which we define as being delinquent by more than three months from the due date. Notes receivable on nonaccrual status as of December 31, 2023 and 2022 were not significant. We did not recognize any interest income on notes receivable on nonaccrual status during the years ended December 31, 2023, 2022 and 2021. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) We present both basic and diluted EPS. We compute basic EPS by dividing net (loss) income available to common shareholders allocable to unrestricted common shares by the weighted average number of unrestricted common shares outstanding during the period after allocating undistributed earnings between common shareholders and participating securities under the two-class method. Our participating securities include restricted shares and PIUs and deferred share awards not previously settled by common share issuances. Our computation of diluted EPS is similar except that: > the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to redeemable noncontrolling interests and share-based compensation awards using the if-converted or treasury stock methods; and > the numerator is adjusted to add back any changes in income or loss that would result from the assumed conversion into common shares that we add to the denominator. We compute diluted EPS using the treasury stock method for unvested restricted shares, TB-PIUs and deferred share awards and the if-converted method for common units, redeemable noncontrolling interests, PB-PIUs and vested PIUs and deferred share awards not previously settled by common share issuances. Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): For the Years Ended December 31, 2023 2022 2021 Numerator: (Loss) income from continuing operations $ (74,347) $ 149,249 $ 78,220 Loss (income) from continuing operations attributable to noncontrolling interests 878 (5,372) (4,994) Income from continuing operations attributable to share-based compensation awards for basic EPS (1,199) (451) (467) Numerator for basic EPS from continuing operations attributable to common shareholders $ (74,668) $ 143,426 $ 72,759 Redeemable noncontrolling interests — (169) (128) Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS — 78 44 Numerator for diluted EPS from continuing operations attributable to common shareholders $ (74,668) $ 143,335 $ 72,675 Discontinued operations — 29,573 3,358 Discontinued operations attributable to noncontrolling interests — (421) (43) Income from discontinued operations attributable to share-based compensation awards for diluted EPS — (90) 6 Numerator for diluted EPS on net (loss) income attributable to common shareholders $ (74,668) $ 172,397 $ 75,996 Denominator (all weighted averages): Denominator for basic EPS (common shares) 112,178 112,073 111,960 Dilutive effect of redeemable noncontrolling interests — 116 128 Dilutive effect of share-based compensation awards — 431 330 Denominator for diluted EPS (common shares) 112,178 112,620 112,418 Basic EPS attributable to common shareholders: (Loss) income from continuing operations $ (0.67) $ 1.28 $ 0.65 Discontinued operations — 0.26 0.03 Net (loss) income $ (0.67) $ 1.54 $ 0.68 Diluted EPS attributable to common shareholders: (Loss) income from continuing operations $ (0.67) $ 1.27 $ 0.65 Discontinued operations — 0.26 0.03 Net (loss) income $ (0.67) $ 1.53 $ 0.68 Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): Weighted Average Shares Excluded from Denominator for the Years Ended December 31, 2023 2022 2021 Conversion of common units 1,509 1,454 1,257 Conversion of redeemable noncontrolling interests 969 866 804 The following securities were also excluded from the computation of diluted EPS because their effect was antidilutive: > weighted average restricted shares and deferred share awards of 416,000 for 2023, 399,000 for 2022 and 412,000 for 2021; > weighted average TB-PIUs of 175,000 for 2023, 187,000 for 2022 and 158,000 for 2021; > weighted average vested PIUs of 154,000 for 2023; and > weighted average PB-PIUs of 629,000 for 2023. As discussed in Note 8, our 5.25% Notes issued on September 12, 2023 have an exchange settlement feature under which the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, payable in cash, common shares or a combination thereof at our election. These notes did not affect our diluted EPS reported above since the weighted average closing price of our common shares for the year ended December 31, 2023 was less than the exchange price applicable to that period. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Claims In the normal course of business, we are subject to legal actions and other claims. We record losses for specific legal proceedings and claims when we determine that a loss is probable and the amount of loss can be reasonably estimated. As of December 31, 2023, management believes that it is reasonably possible that we could recognize a loss of up to $4.5 million for certain municipal tax claims; while we do not believe this loss would materially affect our financial position or liquidity, it could be material to our results of operations. Management believes that it is also reasonably possible that we could incur losses pursuant to other claims but do not believe such losses would materially affect our financial position, liquidity or results of operations. Our assessment of the potential outcomes of these matters involves significant judgment and is subject to change based on future developments. Environmental We are subject to various federal, state and local environmental regulations related to our property ownership and operations. We have performed environmental assessments of our properties, the results of which have not revealed any environmental liability that we believe would have a materially adverse effect on our financial position, operations or liquidity. In connection with a lease and subsequent sale in 2008 and 2010 of three properties in Dayton, New Jersey, we agreed to provide certain environmental indemnifications limited to $19 million in the aggregate. We have insurance coverage in place to mitigate most of any potential future losses that may result from these indemnification agreements. Tax Incremental Financing Obligation Anne Arundel County, Maryland issued tax incremental financing bonds to third-party investors in order to finance public improvements needed in connection with our project known as the National Business Park. These bonds had a remaining principal balance of approximately $27 million as of December 31, 2023. The real estate taxes on increases in assessed values post-bond issuance of properties in development districts encompassing the National Business Park are transferred to a special fund pledged to the repayment of the bonds. While we are obligated to fund, through a special tax, any future shortfalls between debt service of the bonds and real estate taxes available to repay the bonds, as of December 31, 2023, we do not expect any such future fundings will be required. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 100 Light Street (O) Baltimore, MD $ — $ 6,720 $ 31,215 $ 27,021 $ 6,720 $ 58,236 $ 64,956 $ (36,309) 1973/2011 8/7/2015 100 Secured Gateway (O) Huntsville, AL — — 71,174 52 — 71,226 71,226 (5,910) 2020 3/23/2010 1000 Redstone Gateway (O) Huntsville, AL 8,461 — 20,533 217 — 20,750 20,750 (5,566) 2013 3/23/2010 1100 Redstone Gateway (O) Huntsville, AL 9,163 — 19,593 2,929 — 22,522 22,522 (4,956) 2014 3/23/2010 114 National Business Parkway (O) Annapolis Junction, MD — 364 3,109 427 364 3,536 3,900 (1,883) 2002 6/30/2000 1200 Redstone Gateway (O) Huntsville, AL 10,563 — 22,389 9,493 — 31,882 31,882 (6,195) 2013 3/23/2010 1201 M Street SE (O) Washington, DC — — 49,775 10,883 — 60,658 60,658 (25,428) 2001 9/28/2010 1201 Winterson Road (O) Linthicum, MD — 2,130 17,207 937 2,130 18,144 20,274 (6,857) 1985/2017 4/30/1998 1220 12th Street SE (O) Washington, DC — — 42,464 11,714 — 54,178 54,178 (23,306) 2003 9/28/2010 1243 Winterson Road (L) Linthicum, MD — 630 — — 630 — 630 — (6) 12/19/2001 131 National Business Parkway (O) Annapolis Junction, MD — 1,906 7,623 6,520 1,906 14,143 16,049 (9,286) 1990 9/28/1998 132 National Business Parkway (O) Annapolis Junction, MD — 2,917 12,259 4,995 2,917 17,254 20,171 (11,842) 2000 5/28/1999 133 National Business Parkway (O) Annapolis Junction, MD — 2,517 10,068 6,842 2,517 16,910 19,427 (11,967) 1997 9/28/1998 134 National Business Parkway (O) Annapolis Junction, MD — 3,684 7,517 5,973 3,684 13,490 17,174 (9,640) 1999 11/13/1998 1340 Ashton Road (O) Hanover, MD — 905 3,620 2,631 905 6,251 7,156 (3,861) 1989 4/28/1999 13450 Sunrise Valley Drive (O) Herndon, VA — 1,386 5,576 5,076 1,386 10,652 12,038 (7,417) 1998 7/25/2003 13454 Sunrise Valley Drive (O) Herndon, VA — 2,847 11,986 12,997 2,847 24,983 27,830 (14,469) 1998 7/25/2003 135 National Business Parkway (O) Annapolis Junction, MD — 2,484 9,750 7,296 2,484 17,046 19,530 (12,106) 1998 12/30/1998 1362 Mellon Road (O) Hanover, MD — 950 3,864 3,031 950 6,895 7,845 (1,898) 2006 2/10/2006 13857 McLearen Road (O) Herndon, VA — 3,507 30,177 5,911 3,507 36,088 39,595 (16,023) 2007 7/11/2012 140 National Business Parkway (O) Annapolis Junction, MD — 3,407 24,167 2,975 3,407 27,142 30,549 (13,110) 2003 12/31/2003 141 National Business Parkway (O) Annapolis Junction, MD — 2,398 9,538 4,844 2,398 14,382 16,780 (10,511) 1990 9/28/1998 14280 Park Meadow Drive (O) Chantilly, VA — 3,731 15,953 5,641 3,731 21,594 25,325 (12,342) 1999 9/29/2004 1460 Dorsey Road (L) Hanover, MD — 1,577 187 — 1,577 187 1,764 — (6) 2/28/2006 14840 Conference Center Drive (O) Chantilly, VA — 1,572 8,175 5,833 1,572 14,008 15,580 (8,945) 2000 7/25/2003 14850 Conference Center Drive (O) Chantilly, VA — 1,615 8,358 7,740 1,615 16,098 17,713 (8,803) 2000 7/25/2003 14900 Conference Center Drive (O) Chantilly, VA — 3,436 14,402 10,459 3,436 24,861 28,297 (15,682) 1999 7/25/2003 1501 South Clinton Street (O) Baltimore, MD — 13,137 20,753 46,956 13,137 67,709 80,846 (38,074) 2006 10/27/2009 15049 Conference Center Drive (O) Chantilly, VA — 4,415 20,365 18,213 4,415 38,578 42,993 (24,412) 1997 8/14/2002 15059 Conference Center Drive (O) Chantilly, VA — 5,753 13,615 9,602 5,753 23,217 28,970 (12,086) 2000 8/14/2002 1550 West Nursery Road (O) Linthicum, MD — 14,071 16,930 — 14,071 16,930 31,001 (7,415) 2009 10/28/2009 1560 West Nursery Road (O) Linthicum, MD — 1,441 113 — 1,441 113 1,554 (27) 2014 10/28/2009 1610 West Nursery Road (O) Linthicum, MD — 259 246 — 259 246 505 (42) 2016 4/30/1998 1616 West Nursery Road (O) Linthicum, MD — 393 3,323 75 393 3,398 3,791 (539) 2017 4/30/1998 1622 West Nursery Road (O) Linthicum, MD — 393 2,542 — 393 2,542 2,935 (436) 2016 4/30/1998 16442 Commerce Drive (O) Dahlgren, VA — 613 2,582 1,142 613 3,724 4,337 (2,275) 2002 12/21/2004 16480 Commerce Drive (O) Dahlgren, VA — 1,856 7,425 2,878 1,856 10,303 12,159 (5,623) 2000 12/28/2004 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 16501 Commerce Drive (O) Dahlgren, VA — 522 2,090 1,251 522 3,341 3,863 (1,794) 2002 12/21/2004 16539 Commerce Drive (O) Dahlgren, VA — 688 2,860 2,345 688 5,205 5,893 (3,316) 1990 12/21/2004 16541 Commerce Drive (O) Dahlgren, VA — 773 3,094 2,715 773 5,809 6,582 (3,540) 1996 12/21/2004 16543 Commerce Drive (O) Dahlgren, VA — 436 1,742 907 436 2,649 3,085 (1,543) 2002 12/21/2004 1751 Pinnacle Drive (O) McLean, VA — 4,762 26,046 33,008 4,762 59,054 63,816 (48,466) 1989/1995 9/23/2004 1753 Pinnacle Drive (O) McLean, VA — 3,729 21,500 27,446 3,729 48,946 52,675 (33,423) 1976/2004 9/23/2004 206 Research Boulevard (O) Aberdeen, MD — — — — — — — — 2012 9/14/2007 209 Research Boulevard (O) Aberdeen, MD — 134 1,711 842 134 2,553 2,687 (874) 2010 9/14/2007 210 Research Boulevard (O) Aberdeen, MD — 113 1,402 539 113 1,941 2,054 (710) 2010 9/14/2007 2100 L Street (O) Washington, DC — 41,935 71,067 — 41,935 71,067 113,002 (6,645) 2020 8/11/2015 2100 Rideout Road (O) Huntsville, AL — — 7,336 3,256 — 10,592 10,592 (3,248) 2016 3/23/2010 22289 Exploration Drive (O) Lexington Park, MD — 1,422 5,719 2,379 1,422 8,098 9,520 (4,804) 2000 3/24/2004 22299 Exploration Drive (O) Lexington Park, MD — 1,278 5,791 3,085 1,278 8,876 10,154 (5,765) 1998 3/24/2004 22300 Exploration Drive (O) Lexington Park, MD — 1,094 5,038 3,060 1,094 8,098 9,192 (5,054) 1997 11/9/2004 22309 Exploration Drive (O) Lexington Park, MD — 2,160 10,419 8,179 2,160 18,598 20,758 (10,400) 1984/1997 3/24/2004 23535 Cottonwood Parkway (O) California, MD — 692 3,051 648 692 3,699 4,391 (2,524) 1984 3/24/2004 250 W Pratt St (O) Baltimore, MD — 4,704 21,487 21,784 4,704 43,271 47,975 (25,472) 1985 3/19/2015 2600 Park Tower Drive (O) Vienna, VA — 20,284 34,443 8,431 20,284 42,874 63,158 (11,121) 1999 4/15/2015 2691 Technology Drive (O) Annapolis Junction, MD — 2,098 17,334 9,191 2,098 26,525 28,623 (13,995) 2005 5/26/2000 2701 Technology Drive (O) Annapolis Junction, MD — 1,737 15,266 7,366 1,737 22,632 24,369 (14,744) 2001 5/26/2000 2711 Technology Drive (O) Annapolis Junction, MD — 2,251 21,611 4,509 2,251 26,120 28,371 (16,956) 2002 11/13/2000 2720 Technology Drive (O) Annapolis Junction, MD — 3,863 29,272 3,227 3,863 32,499 36,362 (16,331) 2004 1/31/2002 2721 Technology Drive (O) Annapolis Junction, MD — 4,611 14,597 3,836 4,611 18,433 23,044 (12,025) 2000 10/21/1999 2730 Hercules Road (O) Annapolis Junction, MD — 8,737 31,612 9,569 8,737 41,181 49,918 (26,409) 1990 9/28/1998 30 Light Street (O) Baltimore, MD — — 2,501 625 — 3,126 3,126 (3,084) 2009 8/7/2015 300 Secured Gateway (O) Huntsville, AL — — 63,500 — — 63,500 63,500 (379) 2023 3/23/2010 300 Sentinel Drive (O) Annapolis Junction, MD — 1,517 59,165 2,590 1,517 61,755 63,272 (22,195) 2009 11/14/2003 302 Sentinel Drive (O) Annapolis Junction, MD — 2,648 29,687 6,540 2,648 36,227 38,875 (13,417) 2007 11/14/2003 304 Sentinel Drive (O) Annapolis Junction, MD — 3,411 24,917 5,335 3,411 30,252 33,663 (14,610) 2005 11/14/2003 306 Sentinel Drive (O) Annapolis Junction, MD — 3,260 22,592 3,755 3,260 26,347 29,607 (12,080) 2006 11/14/2003 308 Sentinel Drive (O) Annapolis Junction, MD — 1,422 26,208 2,365 1,422 28,573 29,995 (9,641) 2010 11/14/2003 310 Sentinel Way (O) Annapolis Junction, MD — 2,372 50,677 716 2,372 51,393 53,765 (8,291) 2016 11/14/2003 310 The Bridge Street (O) Huntsville, AL — 261 26,530 6,406 261 32,936 33,197 (14,449) 2009 8/9/2011 312 Sentinel Way (O) Annapolis Junction, MD — 3,138 27,797 — 3,138 27,797 30,935 (6,474) 2014 11/14/2003 314 Sentinel Way (O) Annapolis Junction, MD — 1,254 7,741 — 1,254 7,741 8,995 (1,947) 2008 11/14/2003 316 Sentinel Way (O) Annapolis Junction, MD — 2,748 38,156 298 2,748 38,454 41,202 (11,361) 2011 11/14/2003 318 Sentinel Way (O) Annapolis Junction, MD — 2,185 28,426 562 2,185 28,988 31,173 (13,016) 2005 11/14/2003 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 320 Sentinel Way (O) Annapolis Junction, MD — 2,067 21,623 148 2,067 21,771 23,838 (8,753) 2007 11/14/2003 322 Sentinel Way (O) Annapolis Junction, MD — 2,605 22,827 1,900 2,605 24,727 27,332 (10,851) 2006 11/14/2003 324 Sentinel Way (O) Annapolis Junction, MD — 1,656 23,018 61 1,656 23,079 24,735 (7,690) 2010 6/29/2006 4000 Market Street (O) Huntsville, AL 5,914 — 9,198 1,955 — 11,153 11,153 (1,231) 2018 3/23/2010 410 National Business Parkway (O) Annapolis Junction, MD — 1,831 23,257 2,259 1,831 25,516 27,347 (8,066) 2012 6/29/2006 4100 Market Street (O) Huntsville, AL 5,148 — 8,046 7 — 8,053 8,053 (913) 2019 3/23/2010 420 National Business Parkway (O) Annapolis Junction, MD — 2,370 31,397 3,199 2,370 34,596 36,966 (7,049) 2013 6/29/2006 430 National Business Parkway (O) Annapolis Junction, MD — 1,852 21,563 3,118 1,852 24,681 26,533 (7,560) 2011 6/29/2006 44408 Pecan Court (O) California, MD — 817 1,583 1,861 817 3,444 4,261 (2,432) 1986 3/24/2004 44414 Pecan Court (O) California, MD — 405 1,619 1,229 405 2,848 3,253 (2,015) 1986 3/24/2004 44417 Pecan Court (O) California, MD — 434 3,822 295 434 4,117 4,551 (2,576) 1989/2015 3/24/2004 44420 Pecan Court (O) California, MD — 344 890 329 344 1,219 1,563 (729) 1989 11/9/2004 44425 Pecan Court (O) California, MD — 1,309 3,506 2,694 1,309 6,200 7,509 (4,310) 1997 5/5/2004 45310 Abell House Lane (O) California, MD — 2,272 13,808 1,812 2,272 15,620 17,892 (5,025) 2011 8/30/2010 4600 River Road (O) College Park, MD — — 26,255 — — 26,255 26,255 (1,706) 2020 1/29/2008 46579 Expedition Drive (O) Lexington Park, MD — 1,406 5,796 2,987 1,406 8,783 10,189 (5,214) 2002 3/24/2004 46591 Expedition Drive (O) Lexington Park, MD — 1,200 7,199 4,727 1,200 11,926 13,126 (5,899) 2005 3/24/2004 4851 Stonecroft Boulevard (O) Chantilly, VA — 1,878 11,558 483 1,878 12,041 13,919 (5,618) 2004 8/14/2002 5300 Redstone Gateway (O) Huntsville, AL — — 17,350 — — 17,350 17,350 — (7) 3/23/2010 540 National Business Parkway (O) Annapolis Junction, MD — 2,035 35,545 41 2,035 35,586 37,621 (5,003) 2017 6/29/2006 550 National Business Parkway (O) Annapolis Junction, MD — 2,678 43,521 — 2,678 43,521 46,199 (98) 2023 6/29/2006 5520 Research Park Drive (O) Catonsville, MD — — 20,072 2,356 — 22,428 22,428 (8,416) 2009 4/4/2006 5522 Research Park Drive (O) Catonsville, MD — — 4,550 883 — 5,433 5,433 (2,249) 2007 3/8/2006 560 National Business Parkway (O) Annapolis Junction, MD — 2,193 55,079 — 2,193 55,079 57,272 (1,635) 2022 6/29/2006 5801 University Research Court (O) College Park, MD 10,640 — 17,431 162 — 17,593 17,593 (2,726) 2018 1/29/2008 5825 University Research Court (O) College Park, MD 18,580 — 22,771 2,874 — 25,645 25,645 (9,925) 2008 1/29/2008 5850 University Research Court (O) College Park, MD 19,657 — 31,906 1,112 — 33,018 33,018 (11,519) 2008 1/29/2008 6000 Redstone Gateway (O) Huntsville, AL — — 8,542 17 — 8,559 8,559 (633) 2020 3/23/2010 610 Guardian Way (O) Annapolis Junction, MD — 7,636 53,682 — 7,636 53,682 61,318 (2,915) 2021 6/29/2006 6200 Redstone Gateway (O) Huntsville, AL — — 50,086 — — 50,086 50,086 (922) 2022 3/23/2010 6700 Alexander Bell Drive (O) Columbia, MD — 1,755 7,019 10,647 1,755 17,666 19,421 (11,013) 1988 5/14/2001 6708 Alexander Bell Drive (O) Columbia, MD — 897 12,693 1,618 897 14,311 15,208 (5,520) 1988/2016 5/14/2001 6711 Columbia Gateway Drive (O) Columbia, MD — 2,683 23,239 3,243 2,683 26,482 29,165 (11,617) 2006-2007 9/28/2000 6716 Alexander Bell Drive (O) Columbia, MD — 1,242 4,969 7,391 1,242 12,360 13,602 (7,078) 1990 12/31/1998 6721 Columbia Gateway Drive (O) Columbia, MD — 1,753 34,090 9,251 1,753 43,341 45,094 (15,125) 2009 9/28/2000 6724 Alexander Bell Drive (O) Columbia, MD — 449 5,039 2,680 449 7,719 8,168 (4,620) 2001 5/14/2001 6731 Columbia Gateway Drive (O) Columbia, MD — 2,807 19,098 6,920 2,807 26,018 28,825 (15,938) 2002 3/29/2000 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 6740 Alexander Bell Drive (O) Columbia, MD — 1,424 4,209 9,685 1,424 13,894 15,318 (3,397) 1992 12/31/1998 6741 Columbia Gateway Drive (O) Columbia, MD — 675 1,711 179 675 1,890 2,565 (807) 2008 9/28/2000 6750 Alexander Bell Drive (O) Columbia, MD — 1,263 12,461 6,070 1,263 18,531 19,794 (12,322) 2001 12/31/1998 6760 Alexander Bell Drive (O) Columbia, MD — 890 3,561 3,946 890 7,507 8,397 (5,576) 1991 12/31/1998 6940 Columbia Gateway Drive (O) Columbia, MD — 3,545 9,916 12,806 3,545 22,722 26,267 (13,989) 1999 11/13/1998 6950 Columbia Gateway Drive (O) Columbia, MD — 3,596 28,278 3,223 3,596 31,501 35,097 (14,171) 1998/2019 10/22/1998 7000 Columbia Gateway Drive (O) Columbia, MD — 3,131 12,103 10,509 3,131 22,612 25,743 (13,223) 1999 5/31/2002 7000 Redstone Gateway (O) Huntsville, AL — — 8,900 — — 8,900 8,900 (147) 2022 3/23/2010 7005 Columbia Gateway Drive (L) Columbia, MD — 3,036 747 — 3,036 747 3,783 — (6) 6/26/2014 7015 Albert Einstein Drive (O) Columbia, MD — 2,058 6,093 3,560 2,058 9,653 11,711 (5,853) 1999 12/1/2005 7061 Columbia Gateway Drive (O) Columbia, MD — 729 3,094 2,907 729 6,001 6,730 (3,964) 2000 8/30/2001 7063 Columbia Gateway Drive (O) Columbia, MD — 902 3,684 3,707 902 7,391 8,293 (5,139) 2000 8/30/2001 7065 Columbia Gateway Drive (O) Columbia, MD — 919 3,763 3,302 919 7,065 7,984 (4,991) 2000 8/30/2001 7067 Columbia Gateway Drive (O) Columbia, MD — 1,829 11,823 9,177 1,829 21,000 22,829 (11,144) 2001 8/30/2001 7100 Redstone Gateway (O) Huntsville, AL — — 12,989 — — 12,989 12,989 (839) 2021 3/23/2010 7125 Columbia Gateway Drive (O) Columbia, MD — 20,487 49,926 29,466 20,487 79,392 99,879 (35,289) 1973/1999 6/29/2006 7130 Columbia Gateway Drive (O) Columbia, MD — 1,350 4,359 3,167 1,350 7,526 8,876 (4,626) 1989 9/19/2005 7134 Columbia Gateway Drive (O) Columbia, MD — 704 4,700 817 704 5,517 6,221 (2,330) 1990/2016 9/19/2005 7138 Columbia Gateway Drive (O) Columbia, MD — 1,104 3,518 2,989 1,104 6,507 7,611 (4,725) 1990 9/19/2005 7142 Columbia Gateway Drive (O) Columbia, MD — 1,342 7,148 4,265 1,342 11,413 12,755 (5,145) 1994/2018 9/19/2005 7150 Columbia Gateway Drive (O) Columbia, MD — 1,032 3,429 1,659 1,032 5,088 6,120 (2,392) 1991 9/19/2005 7150 Riverwood Drive (O) Columbia, MD — 1,821 4,388 16,234 1,821 20,622 22,443 (3,599) 2000 1/10/2007 7160 Riverwood Drive (O) Columbia, MD — 2,732 7,006 4,609 2,732 11,615 14,347 (6,322) 2000 1/10/2007 7170 Riverwood Drive (O) Columbia, MD — 1,283 3,096 2,389 1,283 5,485 6,768 (3,181) 2000 1/10/2007 7175 Riverwood Drive (O) Columbia, MD — 1,788 7,269 — 1,788 7,269 9,057 (1,842) 1996/2013 7/27/2005 7200 Redstone Gateway (O) Huntsville, AL — — 8,348 185 — 8,533 8,533 (2,048) 2013 3/23/2010 7200 Riverwood Drive (O) Columbia, MD — 4,089 22,630 5,332 4,089 27,962 32,051 (15,053) 1986 10/13/1998 7205 Riverwood Drive (O) Columbia, MD — 1,367 21,419 — 1,367 21,419 22,786 (5,593) 2013 7/27/2005 7272 Park Circle Drive (O) Hanover, MD — 1,479 6,300 4,618 1,479 10,918 12,397 (6,956) 1991/1996 1/10/2007 7318 Parkway Drive (O) Hanover, MD — 972 3,888 2,297 972 6,185 7,157 (3,590) 1984 4/16/1999 7400 Redstone Gateway (O) Huntsville, AL — — 9,223 75 — 9,298 9,298 (1,993) 2015 3/23/2010 7467 Ridge Road (O) Hanover, MD — 1,565 3,116 7,657 1,565 10,773 12,338 (5,750) 1990 4/28/1999 7500 Advanced Gateway (O) Huntsville, AL — — 18,665 — — 18,665 18,665 (1,667) 2020 3/23/2010 7600 Advanced Gateway (O) Huntsville, AL — — 13,752 — — 13,752 13,752 (1,170) 2020 3/23/2010 7740 Milestone Parkway (O) Hanover, MD — 3,825 34,176 1,855 3,825 36,031 39,856 (12,142) 2009 7/2/2007 7770 Backlick Road (O) Springfield, VA — 6,387 78,892 1,747 6,387 80,639 87,026 (21,899) 2012 3/10/2010 7880 Milestone Parkway (O) Hanover, MD — 4,857 27,173 1,619 4,857 28,792 33,649 (6,037) 2015 9/17/2013 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 8000 Rideout Road (O) Huntsville, AL — — 28,155 49 — 28,204 28,204 (1,240) 2021 3/23/2010 8100 Rideout Road (O) Huntsville, AL — — 29,681 — — 29,681 29,681 — (7) 3/23/2010 8200 Rideout Road (O) Huntsville, AL — — 45,653 — — 45,653 45,653 (1,556) 2022 3/23/2010 8300 Rideout Road (O) Huntsville, AL — — 52,678 — — 52,678 52,678 (1,803) 2022 3/23/2010 8600 Advanced Gateway (O) Huntsville, AL — — 27,312 24 — 27,336 27,336 (2,079) 2020 3/23/2010 8621 Robert Fulton Drive (O) Columbia, MD — 2,317 12,642 8,084 2,317 20,726 23,043 (10,265) 2005-2006 6/10/2005 8661 Robert Fulton Drive (O) Columbia, MD — 1,510 3,764 3,379 1,510 7,143 8,653 (4,437) 2002 12/30/2003 8671 Robert Fulton Drive (O) Columbia, MD — 1,718 4,280 4,848 1,718 9,128 10,846 (5,796) 2002 12/30/2003 870 Elkridge Landing Road (O) Linthicum, MD — 2,003 9,442 10,464 2,003 19,906 21,909 (14,016) 1981 8/3/2001 8800 Redstone Gateway (O) Huntsville, AL 11,413 — 18,470 — — 18,470 18,470 (1,900) 2019 3/23/2010 891 Elkridge Landing Road (O) Linthicum, MD — 1,165 4,772 4,192 1,165 8,964 10,129 (6,042) 1984 7/2/2001 901 Elkridge Landing Road (O) Linthicum, MD — 1,156 4,437 7,429 1,156 11,866 13,022 (6,397) 1984 7/2/2001 911 Elkridge Landing Road (O) Linthicum, MD — 1,215 4,861 3,383 1,215 8,244 9,459 (5,783) 1985 4/30/1998 938 Elkridge Landing Road (O) Linthicum, MD — 922 4,748 1,538 922 6,286 7,208 (3,816) 1984 7/2/2001 939 Elkridge Landing Road (O) Linthicum, MD — 939 3,756 6,229 939 9,985 10,924 (6,565) 1983 4/30/1998 Arundel Preserve (L) Hanover, MD — 13,352 9,888 — 13,352 9,888 23,240 — (6) 7/2/2007 Canton Crossing Land (L) Baltimore, MD — — 6,009 57 — 6,066 6,066 (57) (6) 10/27/2009 Canton Crossing Util Distr Ctr (O) Baltimore, MD — 2,866 7,271 1,976 2,866 9,247 12,113 (8,026) 2006 10/27/2009 Columbia Gateway - Southridge (L) Columbia, MD — 6,387 3,725 — 6,387 3,725 10,112 — (6) 9/20/2004 Dahlgren Technology Center (L) Dahlgren, VA — 978 178 — 978 178 1,156 — (6) 3/16/2005 Expedition VII (O) Lexington Park, MD — 705 8,366 — 705 8,366 9,071 (319) 2022 3/24/2004 M Square Research Park (L) College Park, MD — — 3,352 — — 3,352 3,352 — (6) 1/29/2008 MP 3 (O) Northern Virginia — 9,038 993 — 9,038 993 10,031 — (7) 11/8/2018 National Business Park North (L) Annapolis Junction, MD — 15,554 28,744 — 15,554 28,744 44,298 — (6) 6/29/2006 North Gate Business Park (L) Aberdeen, MD — 1,755 5 — 1,755 5 1,760 — (6) 9/14/2007 NoVA Office A (O) Chantilly, VA — 2,096 46,849 — 2,096 46,849 48,945 (10,436) 2015 7/18/2002 NoVA Office B (O) Chantilly, VA — 739 38,376 — 739 38,376 39,115 (6,675) 2016 7/18/2002 NoVA Office C (O) Chantilly, VA — 7,751 84,815 — 7,751 84,815 92,566 (4,503) 2021 7/18/2002 NoVA Office D (O) Chantilly, VA — 6,587 40,559 — 6,587 40,559 47,146 (6,499) 2017 7/2/2013 Oak Grove A (O) Northern Virginia — 12,866 42,087 — 12,866 42,087 54,953 (3,279) 2020 11/1/2018 Oak Grove B (O) Northern Virginia — 12,866 41,621 — 12,866 41,621 54,487 (3,908) 2019 11/1/2018 Oak Grove C (O) Northern Virginia — 11,741 78,829 — 11,741 78,829 90,570 (3,323) 2022 11/1/2018 Oak Grove D (O) Northern Virginia — 11,741 77,097 — 11,741 77,097 88,838 (2,096) 2022 11/1/2018 Old Annapolis Road (O) Columbia, MD — 1,637 5,500 6,985 1,637 12,485 14,122 (6,432) 1974/1985 12/14/2000 Patriot Ridge (L) Springfield, VA — 18,517 14,616 — 18,517 14,616 33,133 — (6) 3/10/2010 Project EL (O) Confidential-USA — 7,190 46,912 — 7,190 46,912 54,102 (2,878) 2021 1/20/2006 Project EX (O) Confidential-USA — 13,010 19,107 — 13,010 19,107 32,117 (2,225) 2018 7/16/2008 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) PS A (O) Northern Virginia — 4,078 54,122 — 4,078 54,122 58,200 (512) 2023 1/27/2005 PS B (O) Northern Virginia — 3,468 45,377 — 3,468 45,377 48,845 (82) 2023 1/27/2005 Redstone Gateway (L) Huntsville, AL — — 31,193 — — 31,193 31,193 — (6) 3/23/2010 Sentry Gateway - T (O) San Antonio, TX — 14,020 38,804 13 14,020 38,817 52,837 (16,384) 1982/2008 3/30/2005 Sentry Gateway - V (O) San Antonio, TX — — 1,066 — — 1,066 1,066 (401) 2007 3/30/2005 Sentry Gateway - W (O) San Antonio, TX — — 1,884 71 — 1,955 1,955 (703) 2009 3/30/2005 Sentry Gateway - X (O) San Antonio, TX — 1,964 21,178 53 1,964 21,231 23,195 (6,978) 2010 1/20/2006 Sentry Gateway - Y (O) San Antonio, TX — 1,964 21,298 8 1,964 21,306 23,270 (7,007) 2010 1/20/2006 Sentry Gateway - Z (O) San Antonio, TX — 1,964 30,573 — 1,964 30,573 32,537 (6,733) 2015 6/14/2005 Southpoint Phase 2 Bldg A (O) Northern Virginia — 4,404 16,356 — 4,404 16,356 20,760 — (7) 7/24/2019 Southpoint Phase 2 Bldg B (O) Northern Virginia — 3,752 1,398 — 3,752 1,398 5,150 — (7) 7/24/2019 Westfields - Park Center (L) Chantilly, VA — 8,667 3,515 — 8,667 3,515 12,182 — (6) 7/2/2013 Other Developments, including Various — — 1,140 258 — 1,398 1,398 (167) Various Various $ 99,539 $ 570,610 $ 3,607,812 $ 725,418 $ 570,610 $ 4,333,230 $ 4,903,840 $ (1,400,162) (1) A legend for the Property Type follows: (O) = Office or data center shell property; (L) = Land held or pre-development; and (V) = Various. (2) Excludes our Revolving Credit Facility of $75.0 million, term loan facilities of $124.3 million, unsecured senior notes of $2.1 billion, unsecured notes payable of $430,000, and deferred financing costs, net of premiums, on the remaining loans of $331,000. (3) The aggregate cost of these assets for federal income tax purposes was approximately $3.8 billion as of December 31, 2023. (4) The estimated lives over which depreciation is recognized follow: Building and land improvements: 10-40 years; and tenant improvements: related lease terms. (5) The acquisition date of multi-parcel properties reflects the date of the earliest parcel acquisition. The acquisition date of properties owned through real estate joint ventures reflects the date of the formation of the joint venture. (6) Held as of December 31, 2023. (7) Under development as of December 31, 2023. The following table summarizes our changes in cost of properties for the years ended December 31, 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Beginning balance $ 4,986,537 $ 4,959,709 $ 4,686,802 Improvements and other additions 333,081 350,702 342,684 Sales (1) (162,981) (323,874) (103,097) Impairments (2) (252,797) — — Other dispositions — — (4,511) Reclassification from right-of-use asset — — 37,831 Ending balance $ 4,903,840 $ 4,986,537 $ 4,959,709 The following table summarizes our changes in accumulated depreciation for the same time periods (in thousands): 2023 2022 2021 Beginning balance $ 1,273,448 $ 1,234,908 $ 1,124,253 Depreciation expense 132,728 124,803 130,604 Sales (1) (6,014) (86,263) (15,438) Other dispositions — — (4,511) Ending balance $ 1,400,162 $ 1,273,448 $ 1,234,908 (1) Includes sales of our wholesale data center and ownership interests in data center shells through newly-formed unconsolidated real estate joint ventures, as described in Note 4 to our consolidated financial statements. (2) Includes impairment recognized on six operating properties and a parcel of land, as described in Note 4 to our consolidated financial statements. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation. We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. |
Reclassifications | Reclassifications We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: > the reported amounts of assets and liabilities in our consolidated balance sheets as of the dates of the financial statements; > the disclosure of contingent assets and liabilities as of the dates of the financial statements; and > the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. |
Properties | Properties We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. We capitalize direct and indirect project costs (including related compensation and other indirect costs), interest expense and real estate taxes associated with properties, or portions thereof, undergoing development or redevelopment activities. In capitalizing interest expense, if there is a specific debt for a property undergoing development or redevelopment activities, we apply the interest rate of that debt to the average accumulated expenditures that do not exceed such debt; for the portion of expenditures exceeding any such specific debt, we apply our weighted average interest rate on other debt to the expenditures. We continue to capitalize costs while development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-developed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under development. We start depreciating costs associated with newly-developed or redeveloped properties as they become operational. For newly-developed properties, we classify improvements provided under the terms of a lease that are deemed to be landlord assets (as discussed further below) as new building development costs. Most of our leases provide for some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense over the estimated useful lives of the assets as discussed below. We recognize any payments from the tenant for such assets as lease revenue over the term of the lease. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including whether the economic substance of the lease terms is properly reflected and whether the improvements: have value to us as real estate; are unique to the tenant or reusable by other tenants; may be altered or removed by the tenant without our consent or without compensating us for any lost fair value; or are owned, and remain, with us or the tenant at the end of the lease term. We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years We report properties disposed or classified as held for sale as discontinued operations when the disposition represents a strategic shift having a major effect on our operations and financial results (such as a disposition of a reportable segment or sub- segment or major line of business). For discontinued operations, we classify for all periods presented the associated: assets as held for sale on our consolidated balance sheets; and results of operations as discontinued operations on our consolidated statements of operations (including interest expense on debt specifically identifiable to such components). For periods in which a property not reported as discontinued operations is classified as held for sale, we classify the assets of the property’s asset group as held for sale on our consolidated balance sheets. |
Sale of Properties | Sales of Properties |
Impairment of Properties | Impairment of Properties We assess the asset groups associated with each of our properties, including operating properties, properties in development, land held for future development, related intangible assets and liabilities, deferred leasing costs, right-of-use assets, deferred rents receivable and lease liabilities, for indicators of impairment quarterly or when circumstances indicate that an asset group may be impaired. If our analyses indicate that the carrying values of certain properties’ asset groups may be impaired, we perform a recovery analysis for such asset groups. For properties to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over, in most cases, a ten-year holding period. If we believe it is more likely than not that we will dispose of the properties earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over the various possible holding periods. If the analysis indicates that the carrying value of a tested property’s asset group is not recoverable from its estimated future cash flows, the property’s asset group is written down to the property’s estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of such property using holding periods that are consistent with our revised plans; as a result, changes in holding periods may require us to recognize impairment losses. Fair values are estimated based on contract prices, indicative bids, discounted cash flow analyses or comparable sales analyses. Estimated cash flows used in our impairment analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider items such as current and future market rental and occupancy rates, estimated operating and capital expenditures, leasing commissions, absorption and hold periods and recent sales data for comparable properties; most of these items are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets. |
Acquisition of Operating Properties | Acquisition of Operating Properties Upon completion of operating property acquisitions, we allocate the purchase price to tangible and intangible assets and liabilities associated with such acquisitions based on our estimates of their fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate operating property acquisitions to the following components: > properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated based on the valuation performed between land and buildings or, in the case of properties under development, development in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancelable terms of the respective leases; > above- and below-market lease intangible assets or liabilities based on the present value (using an estimated interest rate reflective of the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding spaces, measured over a period equal to the remaining non-cancelable terms of the respective leases. The capitalized above- and below-market lease values are amortized as adjustments to lease revenue over the remaining lease terms of the respective leases, and to renewal periods in the case of below-market leases; > in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; > tenant relationship value based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors; and > above- and below-market cost arrangements (such as real estate tax treaties or above- or below-market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition. |
Leased Assets, as a Lessee | Leased Assets, as a Lessee |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses on these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. |
Investments in Marketable Securities | Investments in Marketable Securities |
Receivables and Credit Losses | Receivables and Credit Losses We write off receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When cash is received in connection with receivables for which we have previously recognized credit losses, we recognize reductions in our credit losses. Lease Revenue We estimate the collectability of lease revenue and related accounts receivable using judgement based on the credit status and payment history of the related tenants. If we deem that collectability of revenue under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. Financial Assets and Other Instruments We measure credit losses of most financial assets and certain other instruments not measured at fair value through net income using an expected loss model, including for our: > investing receivables, as disclosed in Note 7; > tenant notes receivable; > net investments in sales-type leases; > other assets comprised of non-lease revenue related accounts receivable (primarily from construction contract services) and contract assets from unbilled construction contract revenue; and > off-balance sheet credit exposures. We recognize an estimate of our expected credit losses on these items as an allowance or as a separate liability in the case of off-balance sheet credit exposures. The allowance represents the portion that we do not expect to collect (or loss we expect to incur in the case of off-balance sheet credit exposures) due to credit over the contractual life based on available information relevant to assessing the collectability of cash flows, which includes consideration of past events, current conditions and reasonable and supportable forecasts of future economic conditions (including consideration of asset- or borrower-specific factors). The allowance for expected credit losses reflects the risk of loss, even when that risk is remote. An allowance for credit losses is measured and recorded upon the initial recognition of a financial asset (or off-balance sheet credit exposure), regardless of whether it is originated or purchased. We update our estimate of expected losses quarterly, considering any cash receipts and changes in risks or assumptions, with resulting adjustments recognized as credit loss expense or recoveries on our consolidated statements of operations. Expected credit losses are estimated using historical loss rate information developed for varying classifications of credit risk and contractual lives. Due to our limited quantity of items for which we use the expected loss model and the unique risk characteristics of such items, we individually assign each item a credit risk classification. The credit risk classifications assigned by us are determined based on credit ratings assigned by ratings agencies (as available) or are internally-developed based on available financial information, historical payment experience, credit documentation, other publicly available information and current economic trends. In addition, for certain items for which the risk of credit loss is affected by the economic performance of a real estate development project, we develop probability weighted scenario analyses for varying levels of performance in estimating our credit loss allowance (applicable to our notes receivable from the City of Huntsville disclosed in Note 7). |
Deferred Leasing and Deferred Financing Costs | Deferred Leasing Costs Deferred Financing Costs We defer costs of financing arrangements and recognize these costs as interest expense over the related debt terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early or significantly modified. We include deferred costs of financing arrangements as a direct deduction from the related debt liability, except for costs attributable to line-of-credit arrangements and interest rate derivatives, which we include on our consolidated balance sheets in the line entitled “prepaid expenses and other assets, net”. |
Intangible Assets and Deferred Revenue on Property Acquisitions | Intangible Assets and Deferred Revenue on Property Acquisitions We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations |
Interest Rate Derivatives | Interest Rate Derivatives Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We use interest rate swaps to hedge the cash flows associated with interest rates on variable-rate debt borrowings. We have also used forward-starting interest rate swaps to hedge the cash flows associated with interest rates on forecasted fixed-rate borrowings. We recognize all derivatives as assets or liabilities on our consolidated balance sheets at fair value. We defer all changes in the fair value of designated cash flow hedges to accumulated other comprehensive income (“AOCI”) or loss (“AOCL”), reclassifying such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions, and recognize related cash flows as cash flows from operating activities. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting and the hedged transactions are probable not to occur, we recognize changes in the fair value of the hedge previously deferred to AOCI or AOCL, along with any changes in fair value occurring thereafter, through earnings and, if applicable, related cash flows as cash flows from investing activities. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. |
Noncontrolling Interests | Noncontrolling Interests |
Revenue Recognition | Revenue Recognition Lease and Other Property Revenue We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases usually include options under which the tenant may renew its lease based on market rates at the time of renewal, which are then typically subject to further negotiation. These leases occasionally provide the tenant with an option to terminate its lease early usually for a defined termination fee. Most of our lease revenue is from fixed contractual payments defined under the lease that, in most cases, escalate annually over the term of the lease. Our lease revenue also includes variable lease payments predominantly for tenant reimbursements of property operating expenses and lease termination fees. Property operating expense reimbursement structures vary, with some tenants responsible for all of a property’s expenses, while others are responsible for their share of a property’s expenses only to the extent such expenses exceed amounts defined in the lease (which are derived from the property’s historical expense levels). Lease termination fees in most cases result from a tenant’s exercise of an existing right under a lease. Upon lease commencement, we evaluate leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases; if a lease meets none of these criteria, we classify the lease as an operating lease. Upon commencement of sales-type leases, we derecognize the underlying asset, recognizing in its place a net investment in the lease equal to the sum of the lease receivable and the present value of any unguaranteed residual asset and recognize any selling profit or loss created as a result of the difference between those two amounts. Similarly, for direct financing leases, we would derecognize the underlying asset and recognize a net investment in the lease, but, unlike in a sales-type lease, would defer profit and amortize it as interest income over the lease term. Our leases of properties as lessor are predominantly classified as operating leases, for which the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as described below. We recognize minimum rents on operating leases, net of abatements, on a straight-line basis over the term of tenant leases. A lease term commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of the lease. The term of a lease includes the noncancellable periods of the lease along with periods covered by: (1) a tenant option to extend the lease if the tenant is reasonably certain to exercise that option; (2) a tenant option to terminate the lease if the tenant is reasonably certain not to exercise that option; and (3) an option to extend (or not to terminate) the lease in which exercise of the option is controlled by us as the lessor. When assessing the expected lease end date, we use judgment in contemplating the significance of: any penalties a tenant may incur should it choose not to exercise any existing options to extend the lease or exercise any existing options to terminate the lease; and economic incentives for the tenant based on any existing contract, asset, entity or market-based factors associated with the lease. While a significant portion of our portfolio is leased to the USG, and the majority of those leases consist of a series of one-year renewal options, and/or provide for early termination rights, we have concluded that exercise of existing renewal options, or continuation of such leases without exercising early termination rights, is reasonably certain for most of these leases. We elected a practical expedient available under lease accounting guidance that enables us to combine non-lease components that otherwise would need to be accounted for under revenue accounting guidance (such as tenant reimbursements of property operating expenses) with the associated lease components for our accounting and reporting of operating lease revenue. We report on our consolidated balance sheets amounts by which our minimum rental revenue recognized on a straight-line basis under leases exceed the contractual rent billings associated with such leases as deferred rent receivable and amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases in liabilities as deferred revenue associated with operating leases. In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we generally defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets; if the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. If collectability under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. We recognize lease revenue associated with tenant expense recoveries in the same periods in which we incur the related expenses, including tenant reimbursements of property taxes, utilities and other property operating expenses. We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into lease revenue associated with such leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant’s lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. Construction Contract and Other Service Revenues We enter into construction contracts to complete various design and construction services primarily for our USG tenants. The revenues and expenses from these services consist primarily of subcontracted costs that are reimbursed to us by our customers along with a fee. These services are an ancillary component of our overall operations, with small operating margins relative to the revenue. We review each contract to determine the performance obligations and allocate the transaction price based on the standalone selling price, as discussed further below. We recognize revenue under these contracts as services are performed in an amount that reflects the consideration we expect to receive in exchange for those services. Our performance obligations are satisfied over time as work progresses. Revenue recognition is determined using the input method based on costs incurred as of a point in time relative to the total estimated costs at completion to measure progress towards satisfying our performance obligations. We believe incurred costs of work performed best depicts the transfer of control of the services being transferred to the customer. In determining whether the performance obligations associated with a construction contract should be accounted for separately versus together, we consider numerous factors that may require significant judgment, including: whether the components contracted are substantially the same with the same pattern of transfer; whether the customer could contract with another party to perform construction based on our design project; and whether the customer can elect not to move forward after the design phase of the contract. Most of our contracts have a single performance obligation as the promise to transfer the services is not separately identifiable from other obligations in the contracts and, therefore, are not distinct. Some contracts have multiple performance obligations, most commonly due to having distinct project phases for design and construction that our customer is managing separately. In these cases, we allocate the transaction price between these performance obligations based on the relative standalone selling prices, which we determine by evaluating: the relative costs of each performance obligation; the expected operating margins (which typically do not vary significantly between obligations); and amounts set forth in the contracts for each obligation. Contract modifications, such as change orders, are routine for our construction contracts and are generally determined to be additions to the existing performance obligations because they would have been part of the initial performance obligations if they were identified at the initial contract date. We have three main types of compensation arrangements for our construction contracts: guaranteed maximum price (“GMP”); firm fixed price (“FFP”); and cost-plus fee. > GMP contracts provide for revenue equal to costs incurred plus a fee equal to a percentage of such costs, up to a maximum contract amount. We generally enter into GMP contracts for projects that are significant in nature based on the size of the project and total fees and with an undefined scope as of the contract date. GMP contracts are lower risk to us than FFP contracts since the costs and revenue move proportionately to one another. > FFP contracts provide for revenue equal to a fixed fee. These contracts are typically lower in value and scope relative to GMP contracts, and are generally entered into when the scope of the project is well defined. Typically, we assume more risk with FFP contracts than GMP contracts since the revenue is fixed and we could realize losses or less than expected profits if we incur more costs than originally estimated. However, these types of contracts offer the opportunity for additional profits when we complete the work for less than originally estimated. > Cost-plus fee contracts provide for revenue equal to costs incurred plus a fee equal to a percentage of such costs but, unlike GMP contracts, do not have a maximum contract amount. Similar to GMP contracts, cost-plus fee contracts are low risk to us since the costs and revenue move proportionately to one another. Construction contract cost estimates are based primarily on contracts in place with subcontractors to complete most of the work, but may also include assumptions, such as performance of subcontractors and cost and availability of materials, to project the outcome of future events over the course of the project. We review and update these estimates regularly as a significant change could affect the profitability of our construction contracts. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method as the modification does not create a new performance obligation. Under this method, the impact of an adjustment to profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on a contract, we recognize the total loss in the quarter it is identified. Our timing of revenue recognition for construction contracts generally differs from the timing of invoicing to customers. We recognize construction contract revenue as we satisfy our performance obligations. Payment terms and conditions vary by contract type. Under most of our contracts, we bill customers monthly, as work progresses, in accordance with the contract terms, with payment due in 30 days, although customers occasionally pay in advance of services being provided. We have determined that our contracts generally do not include a significant financing component. The timing of our customer invoicing is for convenience purposes, not to provide or receive financing. Additionally, the timing of transfer of our services is often at the discretion of the customer. Under most of our contracts, we bill customers one month subsequent to revenue recognition, resulting in contract assets representing unbilled construction revenue. |
Expense Classification | Expense Classification We classify as property operating expenses costs incurred for property taxes, ground rents, utilities, property management, insurance, repairs and exterior and interior maintenance, as well as associated labor and indirect costs. We classify as general, administrative, leasing and other expenses costs incurred for corporate-level management, public company administration, asset management, leasing, investor relations, marketing, corporate-level insurance, leasing prospects and business development and land carry costs, as well as associated labor and indirect costs. |
Share-Based Compensation | Share-Based Compensation We issue four forms of share-based compensation: restricted COPT Defense common shares (“restricted shares”), profit interest units (“PIUs”) (time-based and performance-based), deferred share awards (also known as restricted share units) and performance share units (also known as performance share awards) (“PSUs”). We account for share-based compensation based on the fair value of awards on the grant date; such cost is then recognized over the period during which the employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. We recognize share-based compensation associated with awards that are ultimately expected to vest; as a result, future forfeitures of awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If an award is voluntarily cancelled by an employee, we recognize the previously unrecognized cost associated with the original award on the date of such cancellation. We capitalize costs associated with share-based compensation attributable to employees engaged in development and redevelopment activities. We compute the fair value of restricted shares, time-based PIUs (“TB-PIUs”) and deferred share awards based on the fair value of COPT Defense common shares on the grant date. We compute the fair value of performance-based PIUs (“PB-PIUs”) and PSUs using a Monte Carlo model. Significant assumptions used for that model include the following: the baseline common share value is the market value on the grant date; the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant; and expected volatility is based on historical volatility of COPT Defense’s common shares. |
Income Taxes | Income Taxes COPT Defense elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, COPT Defense must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to its shareholders. As a REIT, COPT Defense generally will not be subject to federal income tax on taxable income that it distributes to its shareholders. If COPT Defense fails to qualify as a REIT in any tax year, it will be subject to federal income tax on its taxable income at regular corporate rates and may not be able to qualify as a REIT for four subsequent tax years. For federal income tax purposes, dividends to shareholders may be characterized as ordinary income, capital gains or return of capital. The characterization of dividends paid on COPT Defense’s common shares during each of the last three years was as follows: For the Years Ended December 31, 2023 2022 2021 Ordinary income 51.0 % 68.2 % 33.3 % Long-term capital gain 49.0 % 31.8 % 57.3 % Return of capital — % — % 9.4 % The dividends allocated to each of the above years for federal income tax purposes included dividends paid on COPT Defense’s common shares during each of those years except for the dividends paid on January 18, 2024 (with a record date of December 29, 2023), which were allocated for federal income tax purposes to 2023 and dividends paid on January 15, 2021 (with a record date of December 31, 2020), which were allocated for federal income tax purposes to 2020. We distributed all of COPT Defense’s REIT taxable income in 2023, 2022 and 2021 and, as a result, did not incur federal income tax in those years. The net basis of our consolidated assets and liabilities for tax reporting purposes was approximately $236 million higher than the amount reported on our consolidated balance sheet as of December 31, 2023, which was primarily related to differences in basis for net properties, intangible assets on property acquisitions and deferred rent receivable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standard Board (“FASB”) issued guidance to improve reportable segment disclosure requirements. This guidance requires disclosure of incremental segment information on an annual and interim basis and is effective for us beginning after December 15, 2024. Early adoption is permitted. The guidance will be applied retrospectively to all periods presented unless it is impracticable to do so. We are currently assessing the impact of this guidance on our future related disclosures. In December 2023, the FASB issued guidance to improve income tax disclosures. This guidance requires enhanced annual disclosures primarily related to existing rate reconciliation and income taxes paid disclosure requirements and is effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We expect to apply this guidance prospectively. We are currently assessing the application of this guidance but do not expect it to materially affect our future related disclosures. |
Fair Value Measurements | Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in inactive markets and (3) inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of the estimated useful lives of fixed assets | We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years Operating properties, net consisted of the following (in thousands): December 31, 2023 2022 Land $ 482,964 $ 539,809 Buildings and improvements 4,164,004 3,986,524 Less: Accumulated depreciation (1,400,162) (1,267,434) Operating properties, net $ 3,246,806 $ 3,258,899 |
Schedule of amortization of intangible assets and deferred revenue | We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations |
Schedule of intangible assets on real estate acquisitions | Intangible assets on property acquisitions consisted of the following (in thousands): December 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net In-place lease value $ 124,884 $ 121,424 $ 3,460 $ 125,207 $ 120,178 $ 5,029 Tenant relationship value 53,953 50,987 2,966 57,210 52,803 4,407 Above-market leases 13,718 13,558 160 13,718 13,476 242 Other 1,333 1,067 266 1,333 1,052 281 $ 193,888 $ 187,036 $ 6,852 $ 197,468 $ 187,509 $ 9,959 |
Schedule of characterization of dividends declared on common and preferred shares | The characterization of dividends paid on COPT Defense’s common shares during each of the last three years was as follows: For the Years Ended December 31, 2023 2022 2021 Ordinary income 51.0 % 68.2 % 33.3 % Long-term capital gain 49.0 % 31.8 % 57.3 % Return of capital — % — % 9.4 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): Description Quoted Prices in Significant Other Significant Total December 31, 2023: Assets: (1) Marketable securities in deferred compensation plan $ 1,842 $ — $ — $ 1,842 Interest rate derivatives — 2,558 — 2,558 Total assets $ 1,842 $ 2,558 $ — $ 4,400 Liabilities: (2) Deferred compensation plan liability $ — $ 1,842 $ — $ 1,842 December 31, 2022: Assets: (1) Marketable securities in deferred compensation plan $ 1,831 $ — $ — $ 1,831 Interest rate derivatives — 2,631 — 2,631 Total assets $ 1,831 $ 2,631 $ — $ 4,462 Liabilities: (2) Deferred compensation plan liability $ — $ 1,831 $ — $ 1,831 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (2) Included in the line entitled “other liabilities” on our consolidated balance sheets. |
Properties, Net (Tables)
Properties, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Operating Properties, Net | We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years Operating properties, net consisted of the following (in thousands): December 31, 2023 2022 Land $ 482,964 $ 539,809 Buildings and improvements 4,164,004 3,986,524 Less: Accumulated depreciation (1,400,162) (1,267,434) Operating properties, net $ 3,246,806 $ 3,258,899 |
Schedule of Disclosure of Long Lived Assets Held-for-sale | The table below sets forth the components of the properties’ assets, which were classified as held for sale on our consolidated balance sheet as of December 31, 2022 (in thousands): Properties, net $ 156,691 Deferred rent receivable 4,595 Assets held for sale, net $ 161,286 |
Schedule of Disposal Groups, Including Discontinued Operations | The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statements of operations and its operating and investing cash flows included on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, 2022 2021 Revenues from real estate operations $ 1,980 $ 30,490 Property operating expenses (971) (16,842) Depreciation and amortization associated with real estate operations — (10,290) Gain on sale of real estate 28,564 — Discontinued operations $ 29,573 $ 3,358 Cash flows from operating activities $ 5,757 $ 10,930 Cash flows from investing activities $ 220,565 $ (1,912) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue | The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue (1) 2023 2022 2021 Fixed $ 478,585 $ 453,907 $ 436,768 Variable 141,262 126,262 116,900 $ 619,847 $ 580,169 $ 553,668 (1) Excludes lease revenue from discontinued operations of which $1.5 million and $22.3 million was fixed and $527,000 and $8.2 million was variable for 2022 and 2021, respectively. |
Schedule of Operating Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. |
Schedule of Sales-Type Leases Fixed Contractual Payments Due | Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2023 Year Ending December 31, Operating leases Sales-type leases 2024 $ 466,559 $ 960 2025 404,835 960 2026 341,126 960 2027 305,907 960 2028 252,628 961 Thereafter 1,100,744 1,635 Total contractual payments $ 2,871,799 6,436 Less: Amount representing interest (1,338) Net investment in sales-type leases (1) $ 5,098 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. |
Schedule of Right-of-Use Assets and Lease Liabilities | The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2023 2022 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 41,296 $ 37,020 Finance leases - Property Prepaid expenses and other assets, net 2,565 2,207 Total right-of-use assets $ 43,861 $ 39,227 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 33,931 $ 28,759 Finance leases - Property Other liabilities 415 — Total lease liabilities $ 34,346 $ 28,759 |
Schedule of Lease Cost and Effect of Property Lease Payments on Consolidated Statements of Cash Flows | The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2023 2022 2021 Operating lease cost Property leases - fixed Property operating expenses $ 6,955 $ 4,114 $ 4,011 Property leases - variable Property operating expenses 66 65 45 Finance lease cost Amortization of property right-of-use assets Property operating expenses 76 31 31 Interest on lease liabilities Interest expense 42 — — $ 7,139 $ 4,210 $ 4,087 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 6,056 $ 3,355 $ 3,206 Operating cash flows for financing leases $ 42 $ — $ — Financing cash flows for financing leases $ 20 $ — $ 14 |
Schedule of Operating Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Schedule of Finance Lease, Liability, Maturity | Payments on property leases were due as follows (in thousands): December 31, 2023 Year Ending December 31, Operating Leases Finance Leases 2024 $ 6,763 $ 61 2025 2,380 63 2026 1,791 65 2027 1,807 66 2028 1,823 69 Thereafter 138,189 297 Total lease payments 152,753 621 Less: Amount representing interest (118,822) (206) Lease liability $ 33,931 $ 415 |
Real Estate Joint Ventures (Tab
Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Information Related to Investments in Consolidated Real Estate Joint Ventures | The table below sets forth information as of December 31, 2023 pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands): Nominal Ownership % December 31, 2023 Date Formed Total Encumbered Assets Total Liabilities Mortgage Debt Entity Location LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, Alabama $ 718,522 $ 99,675 $ 102,397 $ 50,573 Stevens Investors, LLC 8/11/2015 95% Washington, D.C. 128,857 — 2,060 — M Square Associates, LLC 6/26/2007 50% College Park, Maryland 98,117 57,249 49,720 48,635 $ 945,496 $ 156,924 $ 154,177 $ 99,208 (1) As discussed below, we fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows and we receive the remainder. |
Schedule of Information Related to Investments in Unconsolidated Real Estate Joint Ventures | The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands): Date Formed Nominal Ownership % Number of Properties Carrying Value of Investment as of December 31 (1), Entity 2023 2022 Redshift (2) 1/10/2023 10% 3 $ 21,053 $ — BREIT COPT DC JV LLC 6/20/2019 10% 9 10,629 11,568 Quark (2) 12/14/2022 10% 2 6,727 6,758 BRE-COPT 3 (2) 6/2/2021 10% 2 2,643 3,134 B RE COPT DC JV II LLC (3) 10/30/2020 10% 8 (2,777) (1,459) 24 $ 38,275 $ 20,001 (1) Included $41.1 million and $21.5 million reported in “investment in unconsolidated real estate joint ventures” and $2.8 million and $1.5 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of December 31, 2023 and December 31, 2022, respectively. (2) Formed in connection with transactions described further in Note 4. (3) |
Investing Receivables (Tables)
Investing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Investing Receivables | Investing receivables consisted of the following (in thousands): December 31, 2023 2022 Notes receivable from the City of Huntsville $ 77,022 $ 69,703 Other investing loans receivable 6,867 17,712 Amortized cost basis 83,889 87,415 Allowance for credit losses (2,377) (2,794) Investing receivables, net $ 81,512 $ 84,621 |
Debt, Net (Tables)
Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our debt consisted of the following (dollars in thousands): Carrying Value (1) as of December 31, December 31, 2023 2023 2022 Stated Interest Rates Scheduled Maturity Mortgage and Other Secured Debt: Fixed-rate mortgage debt $ 66,314 $ 84,433 3.82% to 4.62% (2) 2024-2026 Variable-rate secured debt 32,894 33,318 SOFR + 0.10% + 1.45% to 1.55% (3) 2025-2026 Total mortgage and other secured debt 99,208 117,751 Revolving Credit Facility (4) 75,000 211,000 SOFR + 0.10% + 0.725% to 1.400% (5) October 2026 (4) Term Loan Facility (4) 124,291 123,948 SOFR + 0.10% + 0.850% to 1.700% (6) January 2026 (4) Unsecured Senior Notes (4) 2.25%, $400,000 aggregate principal 397,608 396,539 2.25% (7) March 2026 5.25%, $345,000 aggregate principal 335,802 — 5.25% (8) September 2028 2.00%, $400,000 aggregate principal 397,471 396,988 2.00% (9) January 2029 2.75%, $600,000 aggregate principal 591,212 590,123 2.75% (10) April 2031 2.90%, $400,000 aggregate principal 395,265 394,848 2.90% (11) December 2033 Unsecured note payable 430 597 0% (12) May 2026 Total debt, net $ 2,416,287 $ 2,231,794 (1) The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $5.3 million as of December 31, 2023 and $5.4 million as of December 31, 2022. (2) The weighted average interest rate on our fixed-rate mortgage debt was 4.10% as of December 31, 2023. (3) Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2023 was 2.45%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2023 was 6.94%. (4) Refer to the paragraphs below for further disclosure. (5) The weighted average interest rate on the Revolving Credit Facility was 6.49% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (6) The interest rate on this loan was 6.74% as of December 31, 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (7) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.9 million as of December 31, 2023 and $2.8 million as of December 31, 2022 The effective interest rate under the notes, including amortization of such costs, was 2.48%. (8) The carrying value of these notes reflects unamortized commissions totaling $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. Refer to the paragraphs below for further disclosure. (9) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.8 million as of December 31, 2023 and $2.1 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.09%. (10) The carrying value of these notes reflects unamortized discounts and commissions totaling $7.6 million as of December 31, 2023 and $8.5 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 2.94%. (11) The carrying value of these notes reflects unamortized discounts and commissions totaling $3.9 million as of December 31, 2023 and $4.2 million as of December 31, 2022. The effective interest rate under the notes, including amortization of such costs, was 3.01%. (12) This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $32,000 as of December 31, 2023 and $65,000 as of December 31, 2022. |
Schedule of Debt Maturities | Our debt matures on the following schedule (in thousands): Year Ending December 31, December 31, 2023 2024 $ 29,983 2025 23,717 2026 646,300 2027 — 2028 345,000 Thereafter 1,400,000 Total $ 2,445,000 (1) (1) Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $28.7 million. |
Schedule of the Fair Value of Debt | The following table sets forth information pertaining to the fair value of our debt (in thousands): December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Fixed-rate debt Unsecured Senior Notes $ 2,117,358 $ 1,876,611 $ 1,778,498 $ 1,433,561 Other fixed-rate debt 66,744 63,692 85,030 80,330 Variable-rate debt 232,185 232,270 368,266 367,896 $ 2,416,287 $ 2,172,573 $ 2,231,794 $ 1,881,787 |
Schedule of Interest Expense | the table below sets forth interest expense recognized on the notes in 2023 (in thousands): Interest expense at stated interest rate $ 5,484 Interest expense associated with amortization of debt discount and issuance costs 500 Total $ 5,984 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Key Terms and Fair Values of Interest Rate Swap Derivatives | The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): Notional Amount Effective Date Expiration Date Fair Value at December 31, Fixed Rate Floating Rate Index 2023 2022 $ 10,640 (1) 1.678 % SOFR + 0.10% 8/1/2019 8/1/2026 $ 571 $ 806 $ 22,475 (2) 0.573 % SOFR + 0.10% 4/1/2020 3/26/2025 1,084 1,825 $ 150,000 3.742 % One-Month SOFR 2/1/2023 2/2/2026 681 — $ 50,000 3.747 % One-Month SOFR 2/1/2023 2/2/2026 222 — $ 2,558 $ 2,631 (1) The notional amount of this instrument is scheduled to amortize to $10.0 million. (2) The notional amount of this instrument is scheduled to amortize to $22.1 million. |
Schedule of Fair Value and Balance Sheet Classification of Interest Rate Derivatives | The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): Fair Value at December 31, Derivatives Balance Sheet Location 2023 2022 Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 2,558 $ 2,631 |
Schedule of Effect of Interest Rate Derivatives on Consolidated Statements of Operations and Comprehensive Income | The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): Amount of Income Recognized in AOCI on Derivatives Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations For the Years Ended December 31, For the Years Ended December 31, Derivatives in Hedging Relationships 2023 2022 2021 2023 2022 2021 Interest rate derivatives $ 3,827 $ 4,730 $ 1,379 $ 3,900 $ (996) $ (5,048) |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Activity for Redeemable Noncontrolling Interest | The table below sets forth the activity for redeemable noncontrolling interests (in thousands): For the Years Ended December 31, 2023 2022 2021 Beginning balance $ 26,293 $ 26,898 $ 25,430 Distributions to noncontrolling interests (2,569) (2,976) (3,307) Net income attributable to noncontrolling interests 2,454 2,807 3,160 Adjustment for changes in fair value of interests 72 (436) 1,615 Reclassification of Stevens Investors, LLC interests to equity (2,670) — — Ending balance $ 23,580 $ 26,293 $ 26,898 |
Share-Based Compensation and _2
Share-Based Compensation and Other Compensation Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Reporting for Share-Based Compensation Expense | The table below sets forth our reporting for share based compensation cost (in thousands): For the Years Ended December 31, 2023 2022 2021 General, administrative, leasing and other expenses $ 7,255 $ 7,643 $ 6,881 Property operating expenses 1,289 1,147 1,098 Capitalized to development activities 576 847 719 Share-based compensation cost $ 9,120 $ 9,637 $ 8,698 |
Schedule of Restricted Share and TB-PIU Activity | The following table summarizes restricted shares activity under our share-based compensation plan for 2021, 2022 and 2023: Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2020 360,817 $ 26.16 Granted 177,995 $ 26.17 Forfeited (39,664) $ 26.62 Vested (164,575) $ 25.95 Unvested as of December 31, 2021 334,573 $ 26.22 Granted 186,515 $ 26.50 Forfeited (43,420) $ 26.47 Vested (152,585) $ 26.39 Unvested as of December 31, 2022 325,083 $ 26.27 Granted 220,336 $ 25.38 Forfeited (39,474) $ 26.03 Vested (152,490) $ 26.09 Unvested as of December 31, 2023 353,455 $ 25.82 Unvested shares as of December 31, 2023 that are expected to vest 317,075 $ 25.83 2023 : Number of TB-PIUs Weighted Average Grant Date Fair Value Unvested as of December 31, 2020 114,334 $ 25.57 Granted 93,983 $ 26.16 Vested (45,244) $ 25.28 Unvested as of December 31, 2021 163,073 $ 25.99 Granted 101,966 $ 26.39 Vested (77,709) $ 26.04 Unvested as of December 31, 2022 187,330 $ 26.19 Granted 123,900 $ 25.40 Forfeited (27,182) $ 26.46 Vested (89,633) $ 25.95 Unvested as of December 31, 2023 194,415 $ 25.76 Unvested TB-PIUs as of December 31, 2023 that are expected to vest 193,131 $ 25.76 |
Schedule of PB-PIU's Granted | We made the following grants of PB-PIUs to senior management team members from 2019 through 2023 (dollars in thousands, except per share data): Grant Date Number of PB-PIUs Granted Grant Date Fair Value Number of PB-PIUs Outstanding as of December 31, 2023 1/1/2019 193,682 $ 2,415 — 1/1/2020 176,758 $ 2,891 — 1/1/2021 227,544 $ 3,417 189,308 1/1/2022 231,838 $ 3,810 192,996 1/1/2023 275,402 $ 4,343 225,590 |
Schedule of Payouts for Defined Performance Under PB-PIU | The number of earned awards at the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule: Percentile Rank Earned Awards 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 |
Schedule of Assumptions Used in Monte Carlo Models for PB-PIUs | The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PB-PIUs granted in 2021, 2022 and 2023 are set forth below: Grant Date Grant Date Fair Value Per PB-PIU at Target-Level Award Baseline Common Share Value Expected Volatility of Common Shares Risk-free Interest Rate 1/1/2021 $ 30.03 $ 26.08 34.7 % 0.18 % 1/1/2022 $ 32.87 $ 27.97 31.7 % 0.98 % 1/1/2023 $ 31.54 $ 25.94 35.0 % 4.28 % |
Schedule of Deferred Shares Granted | We made the following grants of deferred share awards to non-employee Trustees in 2021, 2022 and 2023 (dollars in thousands, except per share data): Year of Grant Number of Deferred Share Awards Granted Aggregate Grant Date Fair Value Grant Date Fair Value Per Award 2021 3,416 $ 93 $ 27.12 2022 6,771 $ 166 $ 24.50 2023 9,046 $ 215 $ 23.75 |
Information by Business Segme_2
Information by Business Segment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Information for Real Estate Operations | The table below reports segment financial information for our reportable segments (in thousands): Defense/IT Portfolio Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Portfolio Wholesale Other Total Year Ended December 31, 2023 Revenues from real estate operations $ 290,061 $ 80,413 $ 67,254 $ 32,638 $ 55,131 $ 27,444 $ 552,941 $ — $ 71,862 $ 624,803 Property operating expenses (99,788) (31,593) (36,616) (14,614) (19,148) (2,703) (204,462) — (42,923) (247,385) UJV NOI allocable to COPT Defense — — — — — 6,659 6,659 — — 6,659 NOI from real estate operations $ 190,273 $ 48,820 $ 30,638 $ 18,024 $ 35,983 $ 31,400 $ 355,138 $ — $ 28,939 $ 384,077 Additions to long-lived assets $ 54,564 $ 19,041 $ 62 $ 5,785 $ 20,949 $ — $ 100,401 $ — $ 17,227 $ 117,628 Transfers from non-operating properties $ 64,264 $ 4,136 $ 166 $ 2,651 $ 86,868 $ 115,052 $ 273,137 $ — $ 2,671 $ 275,808 Segment assets at December 31, 2023 $ 1,446,164 $ 490,104 $ 188,847 $ 163,818 $ 554,803 $ 432,851 $ 3,276,587 $ — $ 312,728 $ 3,589,315 Year Ended December 31, 2022 Revenues from real estate operations $ 273,790 $ 73,985 $ 62,911 $ 32,754 $ 38,593 $ 35,722 $ 517,755 $ 1,980 $ 66,643 $ 586,378 Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (979) (36,786) (228,401) UJV NOI allocable to COPT Defense — — — — — 4,327 4,327 — — 4,327 NOI from real estate operations $ 176,063 $ 47,350 $ 30,610 $ 18,753 $ 22,993 $ 35,677 $ 331,446 $ 1,001 $ 29,857 $ 362,304 Additions to long-lived assets $ 48,443 $ 11,102 $ — $ 3,801 $ 3,405 $ — $ 66,751 $ (35) $ 37,810 $ 104,526 Transfers from non-operating properties $ 69,771 $ 1,882 $ 1,290 $ 6,420 $ 158,831 $ 179,522 $ 417,716 $ — $ 704 $ 418,420 Segment assets at December 31, 2022 $ 1,387,517 $ 488,277 $ 194,481 $ 169,119 $ 453,543 $ 462,471 $ 3,155,408 $ — $ 553,863 $ 3,709,271 Year Ended December 31, 2021 Revenues from real estate operations $ 262,120 $ 65,853 $ 57,756 $ 33,757 $ 35,727 $ 31,582 $ 486,795 $ 30,490 $ 69,775 $ 587,060 Property operating expenses (92,521) (24,785) (30,535) (13,617) (11,618) (4,086) (177,162) (17,424) (35,633) (230,219) UJV NOI allocable to COPT Defense — — — — — 4,029 4,029 — — 4,029 NOI from real estate operations $ 169,599 $ 41,068 $ 27,221 $ 20,140 $ 24,109 $ 31,525 $ 313,662 $ 13,066 $ 34,142 $ 360,870 Additions to long-lived assets $ 45,647 $ 6,197 $ — $ 4,193 $ 3,542 $ — $ 59,579 $ 1,680 $ 35,526 $ 96,785 Transfers from non-operating properties $ 70,514 $ 90,050 $ 59,323 $ — $ 22,739 $ 3,004 $ 245,630 $ — $ 39,319 $ 284,949 Segment assets at December 31, 2021 $ 1,332,399 $ 489,582 $ 198,200 $ 170,985 $ 300,252 $ 350,098 $ 2,841,516 $ 192,647 $ 541,299 $ 3,575,462 |
Schedule of Reconciliation of Segment Revenues to Total Revenues | The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Segment revenues from real estate operations $ 624,803 $ 586,378 $ 587,060 Construction contract and other service revenues 60,179 154,632 107,876 Less: Revenues from discontinued operations (Note 4) — (1,980) (30,490) Total revenues $ 684,982 $ 739,030 $ 664,446 |
Schedule of Reconciliation of Segment Property Operating Expenses to Property Operating Expenses | The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Segment property operating expenses $ 247,385 $ 228,401 $ 230,219 Less: Property operating expenses from discontinued operations (Note 4) — (971) (16,842) Total property operating expenses $ 247,385 $ 227,430 $ 213,377 |
Reconciliation of UJV NOI Allocable to COPT to Equity in Income of Unconsolidated Entities | The following table reconciles UJV NOI allocable to COPT Defense to equity in (loss) income of unconsolidated entities as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 UJV NOI allocable to COPT Defense $ 6,659 $ 4,327 $ 4,029 Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,917) (3,145) (2,930) Add: Equity in (loss) income of unconsolidated non-real estate entities (3) 561 (6) Equity in (loss) income of unconsolidated entities $ (261) $ 1,743 $ 1,093 |
Schedule of Computation of Net Operating Income from Service Operations | The table below sets forth the computation of our NOI from service operations (in thousands): For the Years Ended December 31, 2023 2022 2021 Construction contract and other service revenues $ 60,179 $ 154,632 $ 107,876 Construction contract and other service expenses (57,416) (149,963) (104,053) NOI from service operations $ 2,763 $ 4,669 $ 3,823 |
Schedule of Reconciliation of Net Operating Income from Real Estate Operations and Service Operations to (Loss) Income from Continuing Operations | The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to (loss) income from continuing operations as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2023 2022 2021 NOI from real estate operations $ 384,077 $ 362,304 $ 360,870 NOI from service operations 2,763 4,669 3,823 Depreciation and other amortization associated with real estate operations (148,950) (141,230) (137,543) Impairment losses (252,797) — — General, administrative, leasing and other expenses (42,769) (38,991) (40,774) Interest expense (71,142) (61,174) (65,398) Interest and other income, net 12,587 9,070 9,007 Gain on sales of real estate 49,392 19,250 65,590 Loss on early extinguishment of debt — (609) (100,626) Equity in (loss) income of unconsolidated entities (261) 1,743 1,093 UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities (6,659) (4,327) (4,029) Income tax expense (588) (447) (145) Revenues from real estate operations from discontinued operations (Note 4) — (1,980) (30,490) Property operating expenses from discontinued operations (Note 4) — 971 16,842 (Loss) income from continuing operations $ (74,347) $ 149,249 $ 78,220 |
Schedule of Reconciliation of Segment Assets to Total Assets | The following table reconciles our segment assets to our consolidated total assets (in thousands): As of December 31, 2023 2022 Segment assets $ 3,589,315 $ 3,709,271 Operating properties lease liabilities included in segment assets 34,346 28,759 Non-operating property assets 258,299 301,002 Other assets 365,006 218,243 Total consolidated assets $ 4,246,966 $ 4,257,275 |
Construction Contract and Oth_2
Construction Contract and Other Service Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue: (in thousands): For the Years Ended December 31, 2023 2022 2021 Construction contract revenue: FFP $ 30,846 $ 15,119 $ 13,897 GMP 18,178 129,149 68,113 Cost-plus fee 9,843 8,320 24,260 Other 1,312 2,044 1,606 $ 60,179 $ 154,632 $ 107,876 |
Contract Asset, Contract Liability and Receivable | Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 7,618 $ 7,193 Ending balance $ 10,500 $ 7,618 Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 22,331 $ 22,384 Ending balance $ 15,086 $ 22,331 Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands): For the Years Ended December 31, 2023 2022 Beginning balance $ 2,867 $ 2,499 Ending balance $ 4,176 $ 2,867 Portion of beginning balance recognized in revenue during the year $ 326 $ 278 |
Credit Losses on Financial As_2
Credit Losses on Financial Assets and Other Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Credit Loss [Abstract] | |
Schedule of Credit Losses, Financial Assets and Other Instruments, Allowance for Credit Loss | The table below sets forth the activity for our allowance for credit losses in 2021, 2022 and 2023 (in thousands): Investing Receivables Tenant Notes Other Assets (2) Total December 31, 2020 $ 2,851 $ 1,203 $ 643 $ 4,697 Credit loss (recoveries) expense (3) (1,252) (146) 270 (1,128) December 31, 2021 1,599 1,057 913 3,569 Credit loss expense (recoveries) (3) 1,195 (279) (645) 271 December 31, 2022 2,794 778 268 3,840 Credit loss recoveries (3) (417) (79) (115) (611) Write-offs — (33) — (33) December 31, 2023 $ 2,377 $ 666 $ 153 $ 3,196 (1) Included in the line entitled “accounts receivable, net” on our consolidated balance sheets. (2) The balance as of December 31, 2023 and December 31, 2022 included $87,000 and $52,000, respectively, in the line entitled “accounts receivable, net” and $66,000 and $216,000, respectively, in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (3) |
Schedule of Financing Receivable Credit Quality Indicators | The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of December 31, 2023 (in thousands): Origination Year 2018 and Earlier 2019 2020 2021 2022 2023 Total Investing receivables: Credit risk classification: Investment grade $ 66,105 $ — $ 2,326 $ 8,336 $ — $ 255 $ 77,022 Non-investment grade — — — — 6,867 — 6,867 Total $ 66,105 $ — $ 2,326 $ 8,336 $ 6,867 $ 255 $ 83,889 Tenant notes receivable: Credit risk classification: Investment grade $ 686 $ 15 $ 115 $ — $ — $ — $ 816 Non-investment grade 125 46 1,433 — — — 1,604 Total $ 811 $ 61 $ 1,548 $ — $ — $ — $ 2,420 Gross write-offs during the year ended December 31, 2023 $ 33 $ — $ — $ — $ — $ — $ 33 Sales-type lease receivable: Credit risk classification: Investment grade $ — $ — $ 5,098 $ — $ — $ — $ 5,098 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of calculation of numerator and denominator in basic and diluted earnings per share | Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): For the Years Ended December 31, 2023 2022 2021 Numerator: (Loss) income from continuing operations $ (74,347) $ 149,249 $ 78,220 Loss (income) from continuing operations attributable to noncontrolling interests 878 (5,372) (4,994) Income from continuing operations attributable to share-based compensation awards for basic EPS (1,199) (451) (467) Numerator for basic EPS from continuing operations attributable to common shareholders $ (74,668) $ 143,426 $ 72,759 Redeemable noncontrolling interests — (169) (128) Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS — 78 44 Numerator for diluted EPS from continuing operations attributable to common shareholders $ (74,668) $ 143,335 $ 72,675 Discontinued operations — 29,573 3,358 Discontinued operations attributable to noncontrolling interests — (421) (43) Income from discontinued operations attributable to share-based compensation awards for diluted EPS — (90) 6 Numerator for diluted EPS on net (loss) income attributable to common shareholders $ (74,668) $ 172,397 $ 75,996 Denominator (all weighted averages): Denominator for basic EPS (common shares) 112,178 112,073 111,960 Dilutive effect of redeemable noncontrolling interests — 116 128 Dilutive effect of share-based compensation awards — 431 330 Denominator for diluted EPS (common shares) 112,178 112,620 112,418 Basic EPS attributable to common shareholders: (Loss) income from continuing operations $ (0.67) $ 1.28 $ 0.65 Discontinued operations — 0.26 0.03 Net (loss) income $ (0.67) $ 1.54 $ 0.68 Diluted EPS attributable to common shareholders: (Loss) income from continuing operations $ (0.67) $ 1.27 $ 0.65 Discontinued operations — 0.26 0.03 Net (loss) income $ (0.67) $ 1.53 $ 0.68 |
Schedule of securities excluded from computation of diluted earnings per share | Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): Weighted Average Shares Excluded from Denominator for the Years Ended December 31, 2023 2022 2021 Conversion of common units 1,509 1,454 1,257 Conversion of redeemable noncontrolling interests 969 866 804 |
Organization (Details)
Organization (Details) - 12 months ended Dec. 31, 2023 ft² in Thousands | property | ft² | a | shares |
CDPLP | Preferred units | ||||
Investments in real estate | ||||
Limited partners' capital account, units outstanding (in shares) | shares | 0 | |||
CDPLP | COPT Defense Properties | Common Units | ||||
Investments in real estate | ||||
Percentage ownership in operating partnership | 97.80% | |||
Operating Properties | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 190 | |||
Area of real estate property (in sqft or acres) | ft² | 21,700 | |||
Operating Properties | Other | Greater Washington, DC/Baltimore | ||||
Investments in real estate | ||||
Number of real estate properties | 8 | |||
Area of real estate property (in sqft or acres) | ft² | 2,100 | |||
Operating Properties | Office properties | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 160 | |||
Area of real estate property (in sqft or acres) | ft² | 16,000 | |||
Operating Properties | Single-tenant data centers | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 30 | |||
Area of real estate property (in sqft or acres) | ft² | 5,700 | |||
Properties Under Development | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 5 | |||
Area of real estate property (in sqft or acres) | ft² | 817 | |||
Properties Under Development | Office properties | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 2 | |||
Properties Under Development | Single-tenant data centers | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 3 | |||
Land controlled for development | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Area of real estate property (in sqft or acres) | 7,900 | 660 | ||
Land controlled for development | Other | Greater Washington, DC/Baltimore | ||||
Investments in real estate | ||||
Area of real estate property (in sqft or acres) | a | 50 | |||
Unconsolidated real estate joint ventures | ||||
Investments in real estate | ||||
Number of real estate properties | 24 | |||
Unconsolidated real estate joint ventures | Operating Properties | Single-tenant data centers | Defense/IT Portfolio | ||||
Investments in real estate | ||||
Number of real estate properties | 24 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Properties and Impairment (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Properties | |
Period after the cessation of major construction activities for considering property as operational if leases have not commenced earlier (in years) | 1 year |
Period after the cessation of major construction activities for considering property as partially operational if leases have commenced earlier (in years) | 1 year |
Property, Plant and Equipment [Line Items] | |
Period used recovery analysis for long-lived assets to be held and used that may be impaired (in years) | 10 years |
Minimum | Buildings and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum | Equipment and personal property | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Buildings and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Maximum | Equipment and personal property | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Intangible Assets on Property Acquisitions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible assets on real estate acquisitions | ||
Gross Carrying Amount | $ 193,888 | $ 197,468 |
Accumulated Amortization | 187,036 | 187,509 |
Net Carrying Amount | 6,852 | 9,959 |
In-place lease value | ||
Intangible assets on real estate acquisitions | ||
Gross Carrying Amount | 124,884 | 125,207 |
Accumulated Amortization | 121,424 | 120,178 |
Net Carrying Amount | 3,460 | 5,029 |
Tenant relationship value | ||
Intangible assets on real estate acquisitions | ||
Gross Carrying Amount | 53,953 | 57,210 |
Accumulated Amortization | 50,987 | 52,803 |
Net Carrying Amount | 2,966 | 4,407 |
Above-market leases | ||
Intangible assets on real estate acquisitions | ||
Gross Carrying Amount | 13,718 | 13,718 |
Accumulated Amortization | 13,558 | 13,476 |
Net Carrying Amount | 160 | 242 |
Other | ||
Intangible assets on real estate acquisitions | ||
Gross Carrying Amount | 1,333 | 1,333 |
Accumulated Amortization | 1,067 | 1,052 |
Net Carrying Amount | $ 266 | $ 281 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Lease and Other Property Revenue (Details) | Dec. 31, 2023 |
United States Government | |
Lessor, Lease, Description [Line Items] | |
Renewal term | 1 year |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Construction Contract and Other Service Revenues (Details) | Dec. 31, 2023 compensation_arrangement |
Accounting Policies [Abstract] | |
Number of compensation arrangements | 3 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Share-Based Compensation (Details) | 12 Months Ended |
Dec. 31, 2023 form | |
Accounting Policies [Abstract] | |
Number of forms of share based compensation plans | 4 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Line Items] | |||
Approximate amount by which basis of assets and liabilities for tax reporting purposes is higher (lower) than amount reported on consolidated balance sheet | $ 236 | ||
Common Shares | |||
Income Tax Disclosure [Line Items] | |||
Ordinary income | 51% | 68.20% | 33.30% |
Long-term capital gain | 49% | 31.80% | 57.30% |
Return of capital | 0% | 0% | 9.40% |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Fair value measurement on a recurring basis - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets and liabilities measured at fair value on a recurring basis | |||
Marketable securities in deferred compensation plan | $ 1,842 | $ 1,831 | |
Deferred compensation plan | Trustees and Management | |||
Assets and liabilities measured at fair value on a recurring basis | |||
Maximum percentage of participants' compensation which is deferrable (as a percent) | 100% | ||
Marketable securities in deferred compensation plan | $ 1,800 | $ 1,800 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities, Measured on Recurring Basis (Details) - Fair value measurement on a recurring basis - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Marketable securities in deferred compensation plan | $ 1,842 | $ 1,831 |
Interest rate derivatives | 2,558 | 2,631 |
Total assets | 4,400 | 4,462 |
Liabilities: | ||
Deferred compensation plan liability | 1,842 | 1,831 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Marketable securities in deferred compensation plan | 1,842 | 1,831 |
Interest rate derivatives | 0 | 0 |
Total assets | 1,842 | 1,831 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Significant Other Observable Inputs(Level 2) | ||
Assets: | ||
Marketable securities in deferred compensation plan | 0 | 0 |
Interest rate derivatives | 2,558 | 2,631 |
Total assets | 2,558 | 2,631 |
Liabilities: | ||
Deferred compensation plan liability | 1,842 | 1,831 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Marketable securities in deferred compensation plan | 0 | 0 |
Interest rate derivatives | 0 | 0 |
Total assets | 0 | 0 |
Liabilities: | ||
Deferred compensation plan liability | $ 0 | $ 0 |
Properties, Net - Operating Pro
Properties, Net - Operating Properties, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating properties, net | ||||
Gross | $ 4,903,840 | $ 4,986,537 | $ 4,959,709 | $ 4,686,802 |
Operating properties, net | 3,246,806 | 3,258,899 | ||
Operating Properties, Net | ||||
Operating properties, net | ||||
Less: Accumulated depreciation | (1,400,162) | (1,267,434) | ||
Operating properties, net | 3,246,806 | 3,258,899 | ||
Operating Properties, Net | Land | ||||
Operating properties, net | ||||
Gross | 482,964 | 539,809 | ||
Operating Properties, Net | Buildings and improvements | ||||
Operating properties, net | ||||
Gross | $ 4,164,004 | $ 3,986,524 |
Properties, Net - Narrative (De
Properties, Net - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Jan. 10, 2023 USD ($) property | Dec. 14, 2022 USD ($) property | Jan. 25, 2022 USD ($) | Dec. 30, 2021 USD ($) | Jun. 02, 2021 USD ($) property | Sep. 30, 2023 USD ($) property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of impaired parcels of land | property | 1 | ||||||||
Other | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of impaired operating properties | property | 6 | ||||||||
Impairment charges | $ 252,800 | ||||||||
Redshift JV LLC | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Nominal ownership % | 10% | 10% | |||||||
Quark JV LLC | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Nominal ownership % | 10% | 10% | |||||||
BRE- COPT 3 | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Nominal ownership % | 10% | 10% | |||||||
Data Center Shells in Northern Virginia | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage sold | 90% | 90% | 90% | ||||||
Number of properties sold | property | 3 | 2 | 2 | ||||||
Transaction value | $ 211,300 | $ 67,000 | $ 118,800 | ||||||
Proceeds from sale | $ 190,200 | $ 60,300 | $ 106,900 | ||||||
Disposal, location of gain/loss | Gain on sales of real estate | Gain on sales of real estate | Gain on sales of real estate | ||||||
Gain on disposal | $ 49,400 | $ 19,200 | $ 40,200 | ||||||
Wholesale Data Center | Discontinued Operations, Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Transaction value | $ 222,500 | ||||||||
Discontinued operations, location of gain/loss | Discontinued operations | ||||||||
Gain on disposal, discontinued operations | $ 28,600 | $ 28,564 | $ 0 | ||||||
Other Data Center Shells | Disposed of by Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale | $ 30,000 | ||||||||
Disposal, location of gain/loss | Gain on sales of real estate | ||||||||
Gain on disposal | $ 25,900 |
Properties, Net - Schedule of A
Properties, Net - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale, net | $ 0 | $ 161,286 |
Disposed of by sale | Data Center Shells | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Properties, net | 156,691 | |
Deferred rent receivable | 4,595 | |
Assets held for sale, net | $ 161,286 |
Properties, Net - Schedule of C
Properties, Net - Schedule of Components of Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues from real estate operations | $ 0 | $ 1,980 | $ 30,490 | |
Property operating expenses | 0 | (971) | (16,842) | |
Discontinued operations | $ 0 | 29,573 | 3,358 | |
Discontinued Operations, Disposed of by Sale | Wholesale Data Center | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues from real estate operations | 1,980 | 30,490 | ||
Property operating expenses | (971) | (16,842) | ||
Depreciation and amortization associated with real estate operations | 0 | (10,290) | ||
Gain on sale of real estate | $ 28,600 | 28,564 | 0 | |
Discontinued operations | 29,573 | 3,358 | ||
Cash flows from operating activities | 5,757 | 10,930 | ||
Cash flows from investing activities | $ 220,565 | $ (1,912) |
Leases - Lease Revenue (Details
Leases - Lease Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |||
Lease revenue | $ 619,847 | $ 580,169 | $ 553,668 |
Continuing Operations | |||
Lessor, Lease, Description [Line Items] | |||
Fixed | 478,585 | 453,907 | 436,768 |
Variable | 141,262 | 126,262 | 116,900 |
Lease revenue | $ 619,847 | 580,169 | 553,668 |
Discontinued Operations | |||
Lessor, Lease, Description [Line Items] | |||
Fixed | 1,500 | 22,300 | |
Variable | $ 527 | $ 8,200 |
Leases - Percentage of Revenue
Leases - Percentage of Revenue (Details) - United States Government - Concentration risk | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Revenue From Continuing Operations, Risk Benchmark | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 37% | 37% | 36% |
Fixed Lease Revenue From Continuing Operations Benchmark | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 27% | 27% | 26% |
Leases - Payments to be Receive
Leases - Payments to be Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating leases | |
2024 | $ 466,559 |
2025 | 404,835 |
2026 | 341,126 |
2027 | 305,907 |
2028 | 252,628 |
Thereafter | 1,100,744 |
Total contractual payments | 2,871,799 |
Sales-type leases | |
2024 | 960 |
2025 | 960 |
2026 | 960 |
2027 | 960 |
2028 | 961 |
Thereafter | 1,635 |
Total contractual payments | 6,436 |
Less: Amount representing interest | (1,338) |
Net investment in sales-type leases | $ 5,098 |
Leases - Lessee Arrangements (D
Leases - Lessee Arrangements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) lease | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 43.9 |
Washington DC | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 9.5 |
Lessee, Remaining term of contract | 76 years |
Lessee, Number of lease contracts | lease | 2 |
Baltimore, Maryland | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 6.4 |
Lessee, Remaining term of contract | 25 years |
Optional renewal term | 49 years |
Phoenix, Arizona | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 5.1 |
Lessee, Remaining term of contract | 1 year |
Optional renewal term | 5 years |
Fort Meade/BW Corridor | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 2.1 |
Lessee, Remaining term of contract | 44 years |
Lessee, Number of lease contracts | lease | 2 |
LW Redstone Company, LLC | Huntsville, Alabama | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 14.5 |
Lessee, Number of lease contracts | lease | 20 |
Optional renewal term | 25 years |
M Square Associates, LLC | College Park, Maryland | |
Lessee, Lease, Description [Line Items] | |
Lessee, Right-of-use asset | $ 5.9 |
Lessee, Number of lease contracts | lease | 4 |
Minimum | LW Redstone Company, LLC | Huntsville, Alabama | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 39 years |
Minimum | M Square Associates, LLC | College Park, Maryland | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 59 years |
Maximum | LW Redstone Company, LLC | Huntsville, Alabama | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 50 years |
Maximum | M Square Associates, LLC | College Park, Maryland | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 70 years |
Land Leases | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 25 years |
Land Leases | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Remaining term of contract | 77 years |
Leases - Property Right-of-Use
Leases - Property Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating leases - Property | $ 41,296 | $ 37,020 |
Finance leases - Property | 2,565 | 2,207 |
Total right-of-use assets | 43,861 | 39,227 |
Operating leases - Property | 33,931 | 28,759 |
Finance leases - Property | 415 | 0 |
Total lease liabilities | $ 34,346 | $ 28,759 |
Finance lease, right of use asset location | Prepaid expenses and other assets, net | Prepaid expenses and other assets, net |
Finance lease, liability location | Other liabilities | Other liabilities |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Operating leases, weighted average remaining lease term | 49 years |
Operating leases, weighted average discount rate | 7.31% |
Finance leases, weighted average remaining lease term | 9 years |
Finance leases, weighted average discount rate | 9.14% |
Leases - Property Lease Costs (
Leases - Property Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Lease costs | $ 7,139 | $ 4,210 | $ 4,087 |
Property operating expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost, Property leases - fixed | 6,955 | 4,114 | 4,011 |
Operating lease cost, Property leases - variable | 66 | 65 | 45 |
Finance lease cost, Amortization of property right-of-use assets | 76 | 31 | 31 |
Interest Expense | |||
Lessee, Lease, Description [Line Items] | |||
Finance lease cost, Interest on lease liabilities | $ 42 | $ 0 | $ 0 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows for operating leases | $ 6,056 | $ 3,355 | $ 3,206 |
Operating cash flows for financing leases | 42 | 0 | 0 |
Financing cash flows for financing leases | $ 20 | $ 0 | $ 14 |
Leases - Payment Due on Propert
Leases - Payment Due on Property Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 6,763 | |
2025 | 2,380 | |
2026 | 1,791 | |
2027 | 1,807 | |
2028 | 1,823 | |
Thereafter | 138,189 | |
Total lease payments | 152,753 | |
Less: Amount representing interest | (118,822) | |
Lease liability | 33,931 | $ 28,759 |
Finance Leases | ||
2024 | 61 | |
2025 | 63 | |
2026 | 65 | |
2027 | 66 | |
2028 | 69 | |
Thereafter | 297 | |
Total lease payments | 621 | |
Less: Amount representing interest | (206) | |
Lease liability | $ 415 | $ 0 |
Real Estate Joint Ventures - In
Real Estate Joint Ventures - Investments in Consolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in consolidated real estate joint ventures | ||
Total Assets | $ 4,246,966 | $ 4,257,275 |
Total Liabilities | 2,699,631 | $ 2,509,527 |
LW Redstone Company, LLC | ||
Investments in consolidated real estate joint ventures | ||
Preferred distributions of annual operating cash flows to partner | 1,200 | |
Variable Interest Entity, Primary Beneficiary | ||
Investments in consolidated real estate joint ventures | ||
Total Assets | 945,496 | |
Total Liabilities | 154,177 | |
Variable Interest Entity, Primary Beneficiary | Encumbered Assets | ||
Investments in consolidated real estate joint ventures | ||
Total Assets | 156,924 | |
Variable Interest Entity, Primary Beneficiary | Mortgage Debt | ||
Investments in consolidated real estate joint ventures | ||
Total Liabilities | $ 99,208 | |
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC | ||
Investments in consolidated real estate joint ventures | ||
Nominal Ownership % | 85% | |
Total Assets | $ 718,522 | |
Total Liabilities | 102,397 | |
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC | Encumbered Assets | ||
Investments in consolidated real estate joint ventures | ||
Total Assets | 99,675 | |
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC | Mortgage Debt | ||
Investments in consolidated real estate joint ventures | ||
Total Liabilities | $ 50,573 | |
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC | ||
Investments in consolidated real estate joint ventures | ||
Nominal Ownership % | 95% | |
Total Assets | $ 128,857 | |
Total Liabilities | 2,060 | |
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC | Encumbered Assets | ||
Investments in consolidated real estate joint ventures | ||
Total Assets | 0 | |
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC | Mortgage Debt | ||
Investments in consolidated real estate joint ventures | ||
Total Liabilities | $ 0 | |
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC | ||
Investments in consolidated real estate joint ventures | ||
Nominal Ownership % | 50% | |
Total Assets | $ 98,117 | |
Total Liabilities | 49,720 | |
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC | Encumbered Assets | ||
Investments in consolidated real estate joint ventures | ||
Total Assets | 57,249 | |
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC | Mortgage Debt | ||
Investments in consolidated real estate joint ventures | ||
Total Liabilities | $ 48,635 |
Real Estate Joint Ventures - Na
Real Estate Joint Ventures - Narrative (Details) ft² in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) ft² | |
LW Redstone Company, LLC | |
Investments in real estate joint ventures | |
Partner's capital account upon formation | $ 9 |
Percentage of cumulative preferred returns of cash flows on partners' invested capital | 13.50% |
Percentage of cumulative preferred returns of cash flows on our invested capital | 13.50% |
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company | 85% |
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the entity's partners | 15% |
Number of years following construction commencement threshold achievement before partner's interest can be purchased at fair value | 5 years |
Construction commencement threshold (in sqft) | ft² | 4.4 |
Construction commencement completed (in sqft) | ft² | 2.5 |
LW Redstone Company, LLC | Maximum | |
Investments in real estate joint ventures | |
Infrastructure costs anticipated to be funded by entity for reimbursement by the City of Huntsville (in dollars) | $ 76 |
LW Redstone Company, LLC | Notes Receivable from the City of Huntsville | |
Investments in real estate joint ventures | |
Infrastructure costs funded to date for reimbursement by the City of Huntsville | $ 72.2 |
Stevens Investors, LLC | Maximum | |
Investments in real estate joint ventures | |
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company | 85% |
Stevens Investors, LLC | Minimum | |
Investments in real estate joint ventures | |
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company | 60% |
M Square Associates, LLC | |
Investments in real estate joint ventures | |
Percentage of residual amounts distributed to each member | 50% |
Real Estate Joint Ventures - Un
Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) $ in Thousands | Dec. 31, 2023 USD ($) property | Jan. 10, 2023 | Dec. 31, 2022 USD ($) | Dec. 14, 2022 | Jun. 02, 2021 |
Schedule of Equity Method Investments [Line Items] | |||||
Investment in unconsolidated real estate joint ventures | $ 41,052 | $ 21,460 | |||
Other liabilities | $ 18,996 | 18,556 | |||
Unconsolidated real estate joint ventures | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Properties | property | 24 | ||||
Carrying value of Investments | $ 38,275 | 20,001 | |||
Investment in unconsolidated real estate joint ventures | 41,100 | 21,500 | |||
Other liabilities | $ 2,800 | 1,500 | |||
Redshift | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Nominal Ownership % | 10% | 10% | |||
Number of Properties | property | 3 | ||||
Carrying value of Investments | $ 21,053 | 0 | |||
BREIT COPT DC JV LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Nominal Ownership % | 10% | ||||
Number of Properties | property | 9 | ||||
Carrying value of Investments | $ 10,629 | 11,568 | |||
Quark | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Nominal Ownership % | 10% | 10% | |||
Number of Properties | property | 2 | ||||
Carrying value of Investments | $ 6,727 | 6,758 | |||
BRE- COPT 3 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Nominal Ownership % | 10% | 10% | |||
Number of Properties | property | 2 | ||||
Carrying value of Investments | $ 2,643 | 3,134 | |||
B RE COPT DC JV II LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Nominal Ownership % | 10% | ||||
Number of Properties | property | 8 | ||||
Carrying value of Investments | $ (2,777) | (1,459) | |||
Difference between the joint venture's cost basis and the entity's share of underlying equity in the net assets | $ 6,800 | $ 7,000 |
Investing Receivables - Compone
Investing Receivables - Components of Investing Receivables (Details) - Investing Receivables - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost basis | $ 83,889 | $ 87,415 | ||
Allowance for credit losses | (2,377) | (2,794) | $ (1,599) | $ (2,851) |
Investing receivables, net | 81,512 | 84,621 | ||
Notes receivable from the City of Huntsville | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost basis | 77,022 | 69,703 | ||
Other investing loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Amortized cost basis | $ 6,867 | $ 17,712 |
Investing Receivables - Narrati
Investing Receivables - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest location | Investing receivables (net of allowance for credit losses of $2,377 and $2,794, respectively) | |
Investing Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, net of allowance for credit losses | $ 6 | $ 2.9 |
Notes receivable, fair value disclosure | $ 84 | $ 87 |
Investing Receivables | Notes Receivable from the City of Huntsville | LW Redstone Company, LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate | 9.95% | |
Notes receivable, maximum initial maturity term | 30 years | |
Investing Receivables | Other investing loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest rate | 12% |
Debt, Net - Schedule of Debt (D
Debt, Net - Schedule of Debt (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Sep. 12, 2023 USD ($) | Dec. 31, 2022 USD ($) | Nov. 17, 2021 USD ($) | Aug. 11, 2021 USD ($) | Mar. 11, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt | |||||||
Carrying Value | $ 2,416,287,000 | $ 2,231,794,000 | |||||
Revolving Credit Facility | |||||||
Debt | |||||||
Carrying Value | 75,000,000 | 211,000,000 | |||||
Term Loan Facility | |||||||
Debt | |||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Carrying Value | $ 124,291,000 | 123,948,000 | |||||
Unsecured note payable | |||||||
Debt | |||||||
Interest rate | 0% | ||||||
Carrying Value | $ 430,000 | 597,000 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 32,000 | 65,000 | |||||
Secured Overnight Financing Rate | Revolving Credit Facility | |||||||
Debt | |||||||
Variable rate, additional spread | 0.0010 | ||||||
Weighted average interest rate | 6.49% | ||||||
Secured Overnight Financing Rate | Revolving Credit Facility | Minimum | |||||||
Debt | |||||||
Variable rate, spread | 0.725% | ||||||
Secured Overnight Financing Rate | Revolving Credit Facility | Maximum | |||||||
Debt | |||||||
Variable rate, spread | 1.40% | ||||||
Secured Overnight Financing Rate | Term Loan Facility | |||||||
Debt | |||||||
Interest rate | 6.74% | ||||||
Variable rate, additional spread | 0.0010 | ||||||
Secured Overnight Financing Rate | Term Loan Facility | Minimum | |||||||
Debt | |||||||
Variable rate, spread | 0.85% | ||||||
Secured Overnight Financing Rate | Term Loan Facility | Maximum | |||||||
Debt | |||||||
Variable rate, spread | 1.70% | ||||||
Mortgage and other secured debt | |||||||
Debt | |||||||
Carrying Value | $ 99,208,000 | 117,751,000 | |||||
Mortgage and other secured debt | Fixed-rate mortgage debt | |||||||
Debt | |||||||
Carrying Value | $ 66,314,000 | 84,433,000 | |||||
Weighted average interest rate | 4.10% | ||||||
Mortgage and other secured debt | Fixed-rate mortgage debt | Minimum | |||||||
Debt | |||||||
Interest rate | 3.82% | ||||||
Mortgage and other secured debt | Fixed-rate mortgage debt | Maximum | |||||||
Debt | |||||||
Interest rate | 4.62% | ||||||
Mortgage and other secured debt | Variable-rate secured debt | |||||||
Debt | |||||||
Carrying Value | $ 32,894,000 | 33,318,000 | |||||
Mortgage and other secured debt | Secured Overnight Financing Rate | Variable-rate secured debt | |||||||
Debt | |||||||
Variable rate, additional spread | 0.0010 | ||||||
Weighted average interest rate | 6.94% | ||||||
Mortgage and other secured debt | Secured Overnight Financing Rate | Variable-rate secured debt | Interest rate swaps | |||||||
Debt | |||||||
Weighted average interest rate | 2.45% | ||||||
Mortgage and other secured debt | Secured Overnight Financing Rate | Variable-rate secured debt | Minimum | |||||||
Debt | |||||||
Variable rate, spread | 1.45% | ||||||
Mortgage and other secured debt | Secured Overnight Financing Rate | Variable-rate secured debt | Maximum | |||||||
Debt | |||||||
Variable rate, spread | 1.55% | ||||||
Unsecured Senior Notes | 2.25%, $400,000 aggregate principal | |||||||
Debt | |||||||
Interest rate | 2.25% | ||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Carrying Value | 397,608,000 | 396,539,000 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 1,900,000 | 2,800,000 | |||||
Effective interest rate on debt | 2.48% | ||||||
Unsecured Senior Notes | 5.25%, $345,000 aggregate principal | |||||||
Debt | |||||||
Interest rate | 5.25% | 5.25% | |||||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 | |||||
Carrying Value | 335,802,000 | 0 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 8,100,000 | ||||||
Effective interest rate on debt | 5.83% | ||||||
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal | |||||||
Debt | |||||||
Interest rate | 2% | 2% | |||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | |||||
Carrying Value | 397,471,000 | 396,988,000 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 1,800,000 | 2,100,000 | |||||
Effective interest rate on debt | 2.09% | ||||||
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal | |||||||
Debt | |||||||
Interest rate | 2.75% | 2.75% | |||||
Debt instrument, face amount | $ 600,000,000 | $ 600,000,000 | |||||
Carrying Value | 591,212,000 | 590,123,000 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 7,600,000 | 8,500,000 | |||||
Effective interest rate on debt | 2.94% | ||||||
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal | |||||||
Debt | |||||||
Interest rate | 2.90% | 2.90% | |||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | |||||
Carrying Value | 395,265,000 | 394,848,000 | |||||
Unamortized discounts and/or commissions included in carrying value | $ 3,900,000 | 4,200,000 | |||||
Effective interest rate on debt | 3.01% | ||||||
Loans Payable | |||||||
Debt | |||||||
Net deferred financing costs | $ 5,300,000 | $ 5,400,000 |
Debt, Net - Debt Maturities (De
Debt, Net - Debt Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule on basis of which debt matures | |||
2024 | $ 29,983 | ||
2025 | 23,717 | ||
2026 | 646,300 | ||
2027 | 0 | ||
2028 | 345,000 | ||
Thereafter | 1,400,000 | ||
Total | 2,445,000 | ||
Net discounts and deferred financing costs | 28,700 | ||
Capitalized interest costs | $ 4,500 | $ 6,700 | $ 6,500 |
Debt, Net - Fair Value of Debt
Debt, Net - Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,416,287 | $ 2,231,794 |
Carrying Amount | Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,117,358 | 1,778,498 |
Carrying Amount | Other fixed-rate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 66,744 | 85,030 |
Carrying Amount | Variable-rate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 232,185 | 368,266 |
Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2,172,573 | 1,881,787 |
Estimated Fair Value | Unsecured Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,876,611 | 1,433,561 |
Estimated Fair Value | Other fixed-rate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 63,692 | 80,330 |
Estimated Fair Value | Variable-rate debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 232,270 | $ 367,896 |
Debt, Net - Narrative (Details)
Debt, Net - Narrative (Details) | 12 Months Ended | ||||||||||
Sep. 12, 2023 USD ($) | Nov. 17, 2021 USD ($) | Aug. 11, 2021 USD ($) | Mar. 11, 2021 USD ($) | Dec. 31, 2023 USD ($) day extension $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 26, 2022 USD ($) | Nov. 18, 2021 USD ($) | Apr. 12, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Loss on early extinguishment of debt | $ 0 | $ (609,000) | $ (100,626,000) | ||||||||
Revolving Credit Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, additional spread | 0.0010 | ||||||||||
Weighted average interest rate | 6.49% | ||||||||||
Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of extensions | extension | 2 | ||||||||||
Extension option period | 12 months | ||||||||||
Line of credit facility, extension fee | 0.125% | ||||||||||
Loan amount | $ 400,000,000 | ||||||||||
Loan increase | $ 150,000,000 | ||||||||||
Repayments of term loan | 300,000,000 | 100,000,000 | |||||||||
Term Loan Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, additional spread | 0.0010 | ||||||||||
Interest rate | 6.74% | ||||||||||
Minimum | Revolving Credit Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 0.725% | ||||||||||
Minimum | Term Loan Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 0.85% | ||||||||||
Maximum | Revolving Credit Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 1.40% | ||||||||||
Maximum | Term Loan Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 1.70% | ||||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average borrowings | $ 133,300,000 | $ 202,800,000 | |||||||||
Weighted average interest rate | 6.17% | 3.31% | |||||||||
Revolving Credit Facility | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, additional spread | 0.0010 | ||||||||||
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 0.725% | ||||||||||
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate, spread | 1.40% | ||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Current borrowing capacity | $ 600,000,000 | $ 600,000,000 | |||||||||
Number of extensions | extension | 2 | ||||||||||
Extension option period | 6 months | ||||||||||
Line of credit facility, extension fee | 0.0625% | ||||||||||
Remaining borrowing capacity | $ 525,000,000 | ||||||||||
Line of Credit | Revolving Credit Facility | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee percentage | 0.125% | ||||||||||
Line of Credit | Revolving Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Commitment fee percentage | 0.30% | ||||||||||
Unsecured Debt | Term Loan Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 125,000,000 | ||||||||||
Unsecured Senior Notes | 2.25%, 2.75%, 2.00% and 2.90% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption price | 100% | ||||||||||
Unsecured Senior Notes | 2.25% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 400,000,000 | ||||||||||
Interest rate | 2.25% | ||||||||||
Basis point used in determining redemption price prior to maturity | 0.35% | ||||||||||
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 600,000,000 | $ 600,000,000 | |||||||||
Interest rate | 2.75% | 2.75% | |||||||||
Initial offering price | 98.95% | ||||||||||
Proceeds from issuance of debt | $ 589,800,000 | ||||||||||
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal | Adjusted Treasury | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point used in determining redemption price prior to maturity | 0.25% | ||||||||||
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 400,000,000 | $ 400,000,000 | |||||||||
Interest rate | 2% | 2% | |||||||||
Initial offering price | 99.97% | ||||||||||
Proceeds from issuance of debt | $ 397,400,000 | ||||||||||
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal | Adjusted Treasury | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point used in determining redemption price prior to maturity | 0.20% | ||||||||||
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 400,000,000 | $ 400,000,000 | |||||||||
Interest rate | 2.90% | 2.90% | |||||||||
Initial offering price | 99.53% | ||||||||||
Proceeds from issuance of debt | $ 395,400,000 | ||||||||||
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal | Adjusted Treasury | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis point used in determining redemption price prior to maturity | 0.25% | ||||||||||
Unsecured Senior Notes | 5.25%, $345,000 aggregate principal | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan amount | $ 345,000,000 | $ 345,000,000 | |||||||||
Interest rate | 5.25% | 5.25% | |||||||||
Proceeds from issuance of debt | $ 336,400,000 | ||||||||||
Redemption price | 100% | ||||||||||
Initial exchange rate per $1000 principal amount of the notes (in shares) | 0.0333739 | ||||||||||
Exchange price per share (in dollars per share) | $ / shares | $ 29.96 | ||||||||||
Threshold percentage of stock price trigger | 130% | ||||||||||
Threshold trading days | day | 20 | ||||||||||
Threshold consecutive trading days | day | 30 | ||||||||||
Unsecured Senior Notes | 3.60% Senior Notes due 2023 and 5.25% Senior Notes due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loss on early extinguishment of debt | (58,400,000) | ||||||||||
Unsecured Senior Notes | 3.60% Senior Notes due 2023 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchased face amount | 184,400,000 | $ 165,600,000 | |||||||||
Repurchase face amount plus prepayment premium | 196,700,000 | 176,300,000 | |||||||||
Unsecured Senior Notes | 5.25% Senior Notes due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchased face amount | 145,600,000 | 104,400,000 | |||||||||
Repurchase face amount plus prepayment premium | $ 164,700,000 | $ 117,700,000 | |||||||||
Unsecured Senior Notes | 5.00% Senior Notes due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchased face amount | $ 300,000,000 | ||||||||||
Repurchase face amount plus prepayment premium | $ 336,400,000 | ||||||||||
Loss on early extinguishment of debt | $ (38,200,000) |
Debt, Net - Schedule of Interes
Debt, Net - Schedule of Interest Expense Recognized (Details) - 5.25%, $345,000 aggregate principal $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Interest expense at stated interest rate | $ 5,484 |
Interest expense associated with amortization of debt discount and issuance costs | 500 |
Total | $ 5,984 |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Key Terms and Fair Values of Interest Rate Swap Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair values of interest rate swap derivatives | ||
Fair value of interest rate swaps | $ 2,558 | $ 2,631 |
Interest rate swap, effective August 1, 2019 | Designated | ||
Fair values of interest rate swap derivatives | ||
Notional Amount | $ 10,640 | |
Fixed Rate | 1.678% | |
Fair value of interest rate swaps | $ 571 | 806 |
Notional amount of interest rate derivatives after scheduled amortization | $ 10,000 | |
Interest rate swap, effective August 1, 2019 | Designated | Secured Overnight Financing Rate | ||
Fair values of interest rate swap derivatives | ||
Floating Rate Index | 0.10% | |
Interest rate swap, effective April 1, 2020 | Designated | ||
Fair values of interest rate swap derivatives | ||
Notional Amount | $ 22,475 | |
Fixed Rate | 0.573% | |
Fair value of interest rate swaps | $ 1,084 | 1,825 |
Notional amount of interest rate derivatives after scheduled amortization | $ 22,100 | |
Interest rate swap, effective April 1, 2020 | Designated | Secured Overnight Financing Rate | ||
Fair values of interest rate swap derivatives | ||
Floating Rate Index | 0.10% | |
Interest rate swap, effective February 1, 2023, swap one | Designated | ||
Fair values of interest rate swap derivatives | ||
Notional Amount | $ 150,000 | |
Fixed Rate | 3.742% | |
Fair value of interest rate swaps | $ 681 | 0 |
Interest rate swap, effective February 1, 2023, swap two | Designated | ||
Fair values of interest rate swap derivatives | ||
Notional Amount | $ 50,000 | |
Fixed Rate | 3.747% | |
Fair value of interest rate swaps | $ 222 | $ 0 |
Interest Rate Derivatives - S_2
Interest Rate Derivatives - Schedule of Fair Value and Balance Sheet Classification of Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other assets, net | Interest rate swaps | ||
Fair values of interest rate swap derivatives | ||
Interest rate swaps designated as cash flow hedges | $ 2,558 | $ 2,631 |
Interest Rate Derivatives - S_3
Interest Rate Derivatives - Schedule of Effect of Interest Rate Derivatives on Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair values of interest rate swap derivatives | |||
Amount of Income Recognized in AOCI on Derivatives | $ 3,827 | $ 4,730 | $ 1,379 |
Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations | 3,900 | (996) | (5,048) |
Interest rate swaps | |||
Fair values of interest rate swap derivatives | |||
Amount of Income Recognized in AOCI on Derivatives | 3,827 | 4,730 | 1,379 |
Interest rate swaps | Interest Expense | |||
Fair values of interest rate swap derivatives | |||
Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations | $ 3,900 | $ (996) | $ (5,048) |
Interest Rate Derivatives - Nar
Interest Rate Derivatives - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Interest rate swaps | Designated | |
Fair values of interest rate swap derivatives | |
Approximate amount to be reclassified from AOCL to interest expense over the next 12 months | $ 3 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Redeemable Noncontrolling Interest [Roll Forward] | |||
Beginning balance | $ 26,293 | $ 26,898 | $ 25,430 |
Distributions to noncontrolling interests | (2,569) | (2,976) | (3,307) |
Net income attributable to noncontrolling interests | 2,454 | 2,807 | 3,160 |
Adjustment for changes in fair value of interests | 72 | (436) | 1,615 |
Reclassification of Stevens Investors, LLC interests to equity | (2,670) | 0 | 0 |
Ending balance | $ 23,580 | $ 26,293 | $ 26,898 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
May 31, 2022 USD ($) | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Common Shares | ||||
Number of common shares for each converted common unit | 1 | 1 | 1 | |
Number of operating partnerships units converted into common shares (in units) | 0 | 0 | 8,054 | |
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.14 | $ 1.10 | $ 1.10 | |
Preferred Shares | ||||
Preferred Stock | ||||
Number of preferred shares authorized | 25,000,000 | |||
Number of preferred shares of beneficial interest authorized (in dollars per share) | $ / shares | $ 0.01 | |||
2022 ATM Program | Common Shares | ||||
Common Shares | ||||
At-market-stock, offering program established, aggregate value | $ | $ 300 | |||
Shares issued to the public (in shares) | 0 |
Share-Based Compensation and _3
Share-Based Compensation and Other Compensation Matters - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||
Feb. 01, 2024 shares | Feb. 01, 2023 shares | Feb. 01, 2022 shares | Dec. 31, 2023 USD ($) form percentile_rank shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | May 31, 2017 shares | |
Executives and Non-Employee Trustees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Estimated pre-vesting forfeitures | 0% | 0% | 0% | ||||
Minimum | All Other Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Estimated pre-vesting forfeitures | 8% | 8% | 8% | ||||
Maximum | All Other Employees | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Estimated pre-vesting forfeitures | 9% | 9% | 9% | ||||
Restricted shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ | $ 5,400 | ||||||
Expected weighted average period during which unrecognized compensation cost will be recognized | 2 years | ||||||
Aggregate intrinsic value of shares issued | $ | $ 3,800 | $ 4,000 | $ 4,300 | ||||
Forfeited (in shares or units) | 39,474 | 43,420 | 39,664 | ||||
Number of common shares issued (in shares) | 152,490 | 152,585 | 164,575 | ||||
PB-PIUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ | $ 3,400 | ||||||
Expected weighted average period during which unrecognized compensation cost will be recognized | 2 years | ||||||
Performance period of the award | 3 years | ||||||
Percentile ranks to fall between for PIUs | percentile_rank | 2 | ||||||
Percent of award distribution rights | 10% | ||||||
Forfeited (in shares or units) | 126,890 | ||||||
TB- PIUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ | $ 3,100 | ||||||
Expected weighted average period during which unrecognized compensation cost will be recognized | 2 years | ||||||
Aggregate intrinsic value of shares issued | $ | $ 2,300 | $ 2,000 | $ 1,200 | ||||
Forfeited (in shares or units) | 27,182 | ||||||
Number of common shares issued (in shares) | 89,633 | 77,709 | 45,244 | ||||
Deferred Share Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | $ | $ 77 | ||||||
Number of common shares issued (in shares) | 0 | 0 | 0 | ||||
PIUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of forms of profit interest units | form | 2 | ||||||
2017 Omnibus Equity and Incentive Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common shares of beneficial interest authorized to be issued | 3,400,000 | ||||||
PB PIU Grants 2019 | PB-PIUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares/units issued for awards vested in period (in shares or units) | 156,104 | ||||||
PB PIU Grants 2020 | PB-PIUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares/units issued for awards vested in period (in shares or units) | 141,152 | ||||||
PB PIU Grants 2021 | PB-PIUs | Subsequent Event | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares/units issued for awards vested in period (in shares or units) | 211,845 |
Share-Based Compensation and _4
Share-Based Compensation and Other Compensation Matters - Share-based compensation cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation | |||
Share-based compensation cost | $ 9,120 | $ 9,637 | $ 8,698 |
General, administrative, leasing and other expenses | |||
Share-Based Compensation | |||
Share-based compensation cost | 7,255 | 7,643 | 6,881 |
Property operating expenses | |||
Share-Based Compensation | |||
Share-based compensation cost | 1,289 | 1,147 | 1,098 |
Capitalized to development activities | |||
Share-Based Compensation | |||
Share-based compensation cost | $ 576 | $ 847 | $ 719 |
Share-Based Compensation and _5
Share-Based Compensation and Other Compensation Matters - Restricted share and TB-PIU transactions under the entity's share-based compensation plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | |||
Shares | |||
Unvested at the beginning of the period (in shares or units) | 325,083 | 334,573 | 360,817 |
Granted (in shares or units) | 220,336 | 186,515 | 177,995 |
Forfeited (in shares or units) | (39,474) | (43,420) | (39,664) |
Vested (in shares or units) | (152,490) | (152,585) | (164,575) |
Unvested at the end of the period (in shares or units) | 353,455 | 325,083 | 334,573 |
Unvested shares as of December 31, 2023 that are expected to vest (in shares or units) | 317,075 | ||
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share or unit) | $ 26.27 | $ 26.22 | $ 26.16 |
Granted (in dollars per share or unit) | 25.38 | 26.50 | 26.17 |
Forfeited (in dollars per share or unit) | 26.03 | 26.47 | 26.62 |
Vested (in dollars per share or unit) | 26.09 | 26.39 | 25.95 |
Unvested at the end of the period (in dollars per share or unit) | 25.82 | $ 26.27 | $ 26.22 |
Unvested shares as of December 31, 2023 that are expected to vest (in dollars per share or unit) | $ 25.83 | ||
TB- PIUs | |||
Shares | |||
Unvested at the beginning of the period (in shares or units) | 187,330 | 163,073 | 114,334 |
Granted (in shares or units) | 123,900 | 101,966 | 93,983 |
Forfeited (in shares or units) | (27,182) | ||
Vested (in shares or units) | (89,633) | (77,709) | (45,244) |
Unvested at the end of the period (in shares or units) | 194,415 | 187,330 | 163,073 |
Unvested shares as of December 31, 2023 that are expected to vest (in shares or units) | 193,131 | ||
Weighted Average Grant Date Fair Value | |||
Unvested at the beginning of the period (in dollars per share or unit) | $ 26.19 | $ 25.99 | $ 25.57 |
Granted (in dollars per share or unit) | 25.40 | 26.39 | 26.16 |
Forfeited (in dollars per share or unit) | 26.46 | ||
Vested (in dollars per share or unit) | 25.95 | 26.04 | 25.28 |
Unvested at the end of the period (in dollars per share or unit) | 25.76 | $ 26.19 | $ 25.99 |
Unvested shares as of December 31, 2023 that are expected to vest (in dollars per share or unit) | $ 25.76 |
Share-Based Compensation and _6
Share-Based Compensation and Other Compensation Matters - Grants to Senior Management (Details) - PB-PIUs - USD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | Jan. 01, 2019 | Dec. 31, 2023 | |
PB PIU Grants 2019 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards granted (in shares or units) | 193,682 | |||||
Grant Date Fair Value | $ 2,415 | |||||
Unvested at the end of the period (in shares or units) | 0 | |||||
PB PIU Grants 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards granted (in shares or units) | 176,758 | |||||
Grant Date Fair Value | $ 2,891 | |||||
Unvested at the end of the period (in shares or units) | 0 | |||||
PB PIU Grants 2021 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards granted (in shares or units) | 227,544 | |||||
Grant Date Fair Value | $ 3,417 | |||||
Unvested at the end of the period (in shares or units) | 189,308 | |||||
PB PIU Grants 2022 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards granted (in shares or units) | 231,838 | |||||
Grant Date Fair Value | $ 3,810 | |||||
Unvested at the end of the period (in shares or units) | 192,996 | |||||
PB PIU Grants 2023 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock awards granted (in shares or units) | 275,402 | |||||
Grant Date Fair Value | $ 4,343 | |||||
Unvested at the end of the period (in shares or units) | 225,590 |
Share-Based Compensation and _7
Share-Based Compensation and Other Compensation Matters - Percentile Grant and Assumptions (Details) - PB-PIUs - $ / shares | 12 Months Ended | |||
Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 | Dec. 31, 2023 | |
Potential earned payout for defined levels of performance under awards | ||||
Earned payout (as a percent of PIUs granted) on 75th or greater percentile rank | 100% | |||
Earned payout (as a percent of PIUs granted) on 50th percentile rank (target) | 50% | |||
Earned payout (as a percent of PIUs granted) on 25th percentile rank | 25% | |||
Earned payout (as a percent of PIUs granted) on below 25th percentile rank | 0% | |||
PB PIU Grants 2021 | ||||
Assumptions used to value stock awards | ||||
Baseline Common Share Value (in dollars per share) | $ 26.08 | |||
Expected Volatility of Common Shares | 34.70% | |||
Risk-free Interest Rate | 0.18% | |||
PB PIU Grants 2021 | Target Level | ||||
Assumptions used to value stock awards | ||||
Grant date fair value (in dollars per share or unit) | $ 30.03 | |||
PB PIU Grants 2022 | ||||
Assumptions used to value stock awards | ||||
Baseline Common Share Value (in dollars per share) | $ 27.97 | |||
Expected Volatility of Common Shares | 31.70% | |||
Risk-free Interest Rate | 0.98% | |||
PB PIU Grants 2022 | Target Level | ||||
Assumptions used to value stock awards | ||||
Grant date fair value (in dollars per share or unit) | $ 32.87 | |||
PB PIU Grants 2023 | ||||
Assumptions used to value stock awards | ||||
Baseline Common Share Value (in dollars per share) | $ 25.94 | |||
Expected Volatility of Common Shares | 35% | |||
Risk-free Interest Rate | 4.28% | |||
PB PIU Grants 2023 | Target Level | ||||
Assumptions used to value stock awards | ||||
Grant date fair value (in dollars per share or unit) | $ 31.54 |
Share-Based Compensation and _8
Share-Based Compensation and Other Compensation Matters - Deferred Share Awards (Details) - Deferred Share Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Deferred Share Awards Granted (in shares) | 9,046 | 6,771 | 3,416 |
Aggregate Grant Date Fair Value | $ 215 | $ 166 | $ 93 |
Grant Date Fair Value Per Award (in dollars per share or unit) | $ 23.75 | $ 24.50 | $ 27.12 |
Information by Business Segme_3
Information by Business Segment - Segment Financial Information for Our Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment financial information for real estate operations | |||
Revenues from real estate operations | $ 684,982 | $ 739,030 | $ 664,446 |
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
Segment assets | 4,246,966 | 4,257,275 | |
Segment assets | |||
Segment financial information for real estate operations | |||
Segment assets | 3,589,315 | 3,709,271 | |
Real estate operations | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 624,803 | 586,378 | 587,060 |
Property operating expenses | (247,385) | (228,401) | (230,219) |
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
NOI from real estate operations | 384,077 | 362,304 | 360,870 |
Additions to long-lived assets | 117,628 | 104,526 | 96,785 |
Transfers from non-operating properties | 275,808 | 418,420 | 284,949 |
Real estate operations | Defense/IT Portfolio | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 552,941 | 517,755 | 486,795 |
Property operating expenses | (204,462) | (190,636) | (177,162) |
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
NOI from real estate operations | 355,138 | 331,446 | 313,662 |
Additions to long-lived assets | 100,401 | 66,751 | 59,579 |
Transfers from non-operating properties | 273,137 | 417,716 | 245,630 |
Real estate operations | Defense/IT Portfolio | Fort Meade/BW Corridor | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 290,061 | 273,790 | 262,120 |
Property operating expenses | (99,788) | (97,727) | (92,521) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 190,273 | 176,063 | 169,599 |
Additions to long-lived assets | 54,564 | 48,443 | 45,647 |
Transfers from non-operating properties | 64,264 | 69,771 | 70,514 |
Real estate operations | Defense/IT Portfolio | NoVA Defense/IT | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 80,413 | 73,985 | 65,853 |
Property operating expenses | (31,593) | (26,635) | (24,785) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 48,820 | 47,350 | 41,068 |
Additions to long-lived assets | 19,041 | 11,102 | 6,197 |
Transfers from non-operating properties | 4,136 | 1,882 | 90,050 |
Real estate operations | Defense/IT Portfolio | Lackland Air Force Base | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 67,254 | 62,911 | 57,756 |
Property operating expenses | (36,616) | (32,301) | (30,535) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 30,638 | 30,610 | 27,221 |
Additions to long-lived assets | 62 | 0 | 0 |
Transfers from non-operating properties | 166 | 1,290 | 59,323 |
Real estate operations | Defense/IT Portfolio | Navy Support | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 32,638 | 32,754 | 33,757 |
Property operating expenses | (14,614) | (14,001) | (13,617) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 18,024 | 18,753 | 20,140 |
Additions to long-lived assets | 5,785 | 3,801 | 4,193 |
Transfers from non-operating properties | 2,651 | 6,420 | 0 |
Real estate operations | Defense/IT Portfolio | Redstone Arsenal | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 55,131 | 38,593 | 35,727 |
Property operating expenses | (19,148) | (15,600) | (11,618) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 35,983 | 22,993 | 24,109 |
Additions to long-lived assets | 20,949 | 3,405 | 3,542 |
Transfers from non-operating properties | 86,868 | 158,831 | 22,739 |
Real estate operations | Defense/IT Portfolio | Data Center Shells | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 27,444 | 35,722 | 31,582 |
Property operating expenses | (2,703) | (4,372) | (4,086) |
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
NOI from real estate operations | 31,400 | 35,677 | 31,525 |
Additions to long-lived assets | 0 | 0 | 0 |
Transfers from non-operating properties | 115,052 | 179,522 | 3,004 |
Real estate operations | Wholesale Data Center | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 0 | 1,980 | 30,490 |
Property operating expenses | 0 | (979) | (17,424) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 0 | 1,001 | 13,066 |
Additions to long-lived assets | 0 | (35) | 1,680 |
Transfers from non-operating properties | 0 | 0 | 0 |
Real estate operations | Other | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 71,862 | 66,643 | 69,775 |
Property operating expenses | (42,923) | (36,786) | (35,633) |
UJV NOI allocable to COPT Defense | 0 | 0 | 0 |
NOI from real estate operations | 28,939 | 29,857 | 34,142 |
Additions to long-lived assets | 17,227 | 37,810 | 35,526 |
Transfers from non-operating properties | 2,671 | 704 | 39,319 |
Real estate operations | Segment assets | |||
Segment financial information for real estate operations | |||
Segment assets | 3,589,315 | 3,709,271 | 3,575,462 |
Real estate operations | Segment assets | Defense/IT Portfolio | |||
Segment financial information for real estate operations | |||
Segment assets | 3,276,587 | 3,155,408 | 2,841,516 |
Real estate operations | Segment assets | Defense/IT Portfolio | Fort Meade/BW Corridor | |||
Segment financial information for real estate operations | |||
Segment assets | 1,446,164 | 1,387,517 | 1,332,399 |
Real estate operations | Segment assets | Defense/IT Portfolio | NoVA Defense/IT | |||
Segment financial information for real estate operations | |||
Segment assets | 490,104 | 488,277 | 489,582 |
Real estate operations | Segment assets | Defense/IT Portfolio | Lackland Air Force Base | |||
Segment financial information for real estate operations | |||
Segment assets | 188,847 | 194,481 | 198,200 |
Real estate operations | Segment assets | Defense/IT Portfolio | Navy Support | |||
Segment financial information for real estate operations | |||
Segment assets | 163,818 | 169,119 | 170,985 |
Real estate operations | Segment assets | Defense/IT Portfolio | Redstone Arsenal | |||
Segment financial information for real estate operations | |||
Segment assets | 554,803 | 453,543 | 300,252 |
Real estate operations | Segment assets | Defense/IT Portfolio | Data Center Shells | |||
Segment financial information for real estate operations | |||
Segment assets | 432,851 | 462,471 | 350,098 |
Real estate operations | Segment assets | Wholesale Data Center | |||
Segment financial information for real estate operations | |||
Segment assets | 0 | 0 | 192,647 |
Real estate operations | Segment assets | Other | |||
Segment financial information for real estate operations | |||
Segment assets | $ 312,728 | $ 553,863 | $ 541,299 |
Information by Business Segme_4
Information by Business Segment - Reconciliation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of segment revenues to total revenues | |||
Construction contract and other service revenues | $ 60,179 | $ 154,632 | $ 107,876 |
Less: Revenues from discontinued operations (Note 4) | 0 | (1,980) | (30,490) |
Total revenues | 684,982 | 739,030 | 664,446 |
Operating expenses | |||
Less: Property operating expenses from discontinued operations (Note 4) | 0 | (971) | (16,842) |
Total property operating expenses | 247,385 | 227,430 | 213,377 |
Reconciliation of UJV NOI allocable to COPT to Equity Income in Unconsolidated entities [Abstract] | |||
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt | (6,917) | (3,145) | (2,930) |
Add: Equity in (loss) income of unconsolidated non-real estate entities | (3) | 561 | (6) |
Equity in (loss) income of unconsolidated entities | (261) | 1,743 | 1,093 |
Computation of net operating income from service operations | |||
Construction contract and other service revenues | 60,179 | 154,632 | 107,876 |
Construction contract and other service expenses | (57,416) | (149,963) | (104,053) |
Real estate operations | |||
Reconciliation of segment revenues to total revenues | |||
Total revenues | 624,803 | 586,378 | 587,060 |
Operating expenses | |||
Segment property operating expenses | 247,385 | 228,401 | 230,219 |
Less: Property operating expenses from discontinued operations (Note 4) | 0 | (971) | (16,842) |
Reconciliation of UJV NOI allocable to COPT to Equity Income in Unconsolidated entities [Abstract] | |||
UJV NOI allocable to COPT Defense | 6,659 | 4,327 | 4,029 |
Service operations | |||
Computation of net operating income from service operations | |||
NOI from service operations | $ 2,763 | $ 4,669 | $ 3,823 |
Information by Business Segme_5
Information by Business Segment - NOI Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment financial information for real estate operations | |||
Depreciation and other amortization associated with real estate operations | $ (148,950) | $ (141,230) | $ (137,543) |
Impairment losses | (252,797) | 0 | 0 |
General, administrative, leasing and other expenses | (42,769) | (38,991) | (40,774) |
Interest expense | (71,142) | (61,174) | (65,398) |
Interest and other income, net | 12,587 | 9,070 | 9,007 |
Gain on sales of real estate | 49,392 | 19,250 | 65,590 |
Loss on early extinguishment of debt | 0 | (609) | (100,626) |
Equity in (loss) income of unconsolidated entities | (261) | 1,743 | 1,093 |
UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities | (6,659) | (4,327) | (4,029) |
Income tax expense | (588) | (447) | (145) |
Revenues from real estate operations from discontinued operations (Note 4) | 0 | (1,980) | (30,490) |
Property operating expenses from discontinued operations (Note 4) | 0 | 971 | 16,842 |
(Loss) income from continuing operations | (74,347) | 149,249 | 78,220 |
Real estate operations | |||
Segment financial information for real estate operations | |||
NOI from real estate operations | 384,077 | 362,304 | 360,870 |
UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities | (6,659) | (4,327) | (4,029) |
Property operating expenses from discontinued operations (Note 4) | 0 | 971 | 16,842 |
Service operations | |||
Segment financial information for real estate operations | |||
NOI from service operations | $ 2,763 | $ 4,669 | $ 3,823 |
Information by Business Segme_6
Information by Business Segment - Assets Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Reconciliation of segment assets to total assets | ||
Total consolidated assets | $ 4,246,966 | $ 4,257,275 |
Operating properties lease liabilities included in segment assets | 34,346 | 28,759 |
Segment assets | ||
Reconciliation of segment assets to total assets | ||
Total consolidated assets | 3,589,315 | 3,709,271 |
Operating properties lease liabilities included in segment assets | 34,346 | 28,759 |
Non-operating property assets | ||
Reconciliation of segment assets to total assets | ||
Total consolidated assets | 258,299 | 301,002 |
Other assets | ||
Reconciliation of segment assets to total assets | ||
Total consolidated assets | $ 365,006 | $ 218,243 |
Construction Contract and Oth_3
Construction Contract and Other Service Revenues - Construction Contract and Other Service Revenues by Compensation Arrangement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Construction contract and other service revenues | $ 60,179 | $ 154,632 | $ 107,876 |
FFP | |||
Disaggregation of Revenue [Line Items] | |||
Construction contract and other service revenues | 30,846 | 15,119 | 13,897 |
GMP | |||
Disaggregation of Revenue [Line Items] | |||
Construction contract and other service revenues | 18,178 | 129,149 | 68,113 |
Cost-plus fee | |||
Disaggregation of Revenue [Line Items] | |||
Construction contract and other service revenues | 9,843 | 8,320 | 24,260 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Construction contract and other service revenues | $ 1,312 | $ 2,044 | $ 1,606 |
Construction Contract and Oth_4
Construction Contract and Other Service Revenues - Percentage of Revenue (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Construction contract revenue | Revenue from Contract with Customer Benchmark | Concentration risk | United States Government | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 88% | 90% | 79% |
Construction Contract and Oth_5
Construction Contract and Other Service Revenues - Rollforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in Accounts Receivable | ||
Beginning balance | $ 43,334 | |
Ending balance | 48,946 | $ 43,334 |
Construction contract revenue | ||
Change in Accounts Receivable | ||
Beginning balance | 7,618 | 7,193 |
Ending balance | 10,500 | 7,618 |
Change in Contract with Customer, Asset | ||
Beginning balance | 22,331 | 22,384 |
Ending balance | 15,086 | 22,331 |
Change in Contract with Customer, Liability | ||
Beginning balance | 2,867 | 2,499 |
Ending balance | 4,176 | 2,867 |
Portion of beginning balance recognized in revenue during the year | $ 326 | $ 278 |
Construction Contract and Oth_6
Construction Contract and Other Service Revenues - Narrative (Details) - Construction contract revenue - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligations | $ 70,400,000 | ||
Deferred incremental costs | $ 0 | $ 0 | |
Credit loss (recoveries) expense | $ (740,000) | $ 211,000 |
Credit Losses on Financial As_3
Credit Losses on Financial Assets and Other Instruments - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Losses, Financial Assets and Other Instruments [Roll Forward] | |||
Beginning balance | $ 3,840 | $ 3,569 | $ 4,697 |
Credit loss (recoveries) expense | (611) | 271 | (1,128) |
Write-offs | (33) | ||
Ending balance | 3,196 | 3,840 | 3,569 |
Other Assets | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 268 | 913 | 643 |
Credit loss (recoveries) expense | (115) | (645) | 270 |
Write-offs | 0 | ||
Ending balance | 153 | 268 | 913 |
Credit Losses, Financial Assets and Other Instruments [Roll Forward] | |||
Accounts receivable, allowance for credit loss | 153 | 268 | 913 |
Other Assets | Accounts Receivable, Net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 52 | ||
Ending balance | 87 | 52 | |
Credit Losses, Financial Assets and Other Instruments [Roll Forward] | |||
Accounts receivable, allowance for credit loss | 87 | 52 | |
Other Assets | Prepaid expenses and other assets, net | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 216 | ||
Ending balance | 66 | 216 | |
Credit Losses, Financial Assets and Other Instruments [Roll Forward] | |||
Accounts receivable, allowance for credit loss | 66 | 216 | |
Investing Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,794 | 1,599 | 2,851 |
Credit loss (recoveries) expense | (417) | 1,195 | (1,252) |
Write-offs | 0 | ||
Ending balance | 2,377 | 2,794 | 1,599 |
Tenant Notes Receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 778 | 1,057 | 1,203 |
Credit loss (recoveries) expense | (79) | (279) | (146) |
Write-offs | (33) | ||
Ending balance | $ 666 | $ 778 | $ 1,057 |
Credit Losses on Financial As_4
Credit Losses on Financial Assets and Other Instruments - Credit Risk Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investing Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | $ 66,105 | |
2019 | 0 | |
2020 | 2,326 | |
2021 | 8,336 | |
2022 | 6,867 | |
2023 | 255 | |
Total | 83,889 | $ 87,415 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Total | 0 | |
Investing Receivables | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 66,105 | |
2019 | 0 | |
2020 | 2,326 | |
2021 | 8,336 | |
2022 | 0 | |
2023 | 255 | |
Total | 77,022 | |
Investing Receivables | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 0 | |
2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 6,867 | |
2023 | 0 | |
Total | 6,867 | |
Tenant Notes Receivables | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 811 | |
2019 | 61 | |
2020 | 1,548 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 2,420 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
2018 and Earlier | 33 | |
2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 33 | |
Tenant Notes Receivables | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 686 | |
2019 | 15 | |
2020 | 115 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 816 | |
Tenant Notes Receivables | Non-investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 125 | |
2019 | 46 | |
2020 | 1,433 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | 1,604 | |
Sales-Type Lease Receivables | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2018 and Earlier | 0 | |
2019 | 0 | |
2020 | 5,098 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Total | $ 5,098 |
Earnings Per Share ("EPS") - Sc
Earnings Per Share ("EPS") - Schedule of Calculation Of Numerator and Denominator in Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Numerator: | ||||
(Loss) income from continuing operations | $ (74,347) | $ 149,249 | $ 78,220 | |
Loss (income) from continuing operations attributable to noncontrolling interests | 878 | (5,372) | (4,994) | |
Income from continuing operations attributable to share-based compensation awards for basic EPS | (1,199) | (451) | (467) | |
Numerator for basic EPS from continuing operations attributable to common shareholders | (74,668) | 143,426 | 72,759 | |
Redeemable noncontrolling interests | 0 | (169) | (128) | |
Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS | 0 | 78 | 44 | |
Numerator for diluted EPS from continuing operations attributable to common shareholders | (74,668) | 143,335 | 72,675 | |
Discontinued operations | 0 | 29,573 | 3,358 | |
Discontinued operations attributable to noncontrolling interests | 0 | (421) | (43) | |
Income from discontinued operations attributable to share-based compensation awards for diluted EPS | 0 | (90) | 6 | |
Numerator for diluted EPS on net (loss) income attributable to common shareholders | $ (74,668) | $ 172,397 | $ 75,996 | |
Denominator (all weighted averages): | ||||
Denominator for basic EPS (common shares) | 112,178 | 112,073 | 111,960 | |
Dilutive effect of redeemable noncontrolling interests (in shares) | 0 | 116 | 128 | |
Dilutive effect of share-based compensation awards (in shares) | 0 | 431 | 330 | |
Denominator for diluted EPS (common shares) | 112,178 | 112,620 | 112,418 | |
Basic EPS attributable to common shareholders: | ||||
(Loss) income from continuing operations - basic (in dollars per share) | [1] | $ (0.67) | $ 1.28 | $ 0.65 |
Discontinued operations - basic (in dollars per share) | [1] | 0 | 0.26 | 0.03 |
Net (loss) income attributable to common shareholders - basic (in dollars per share) | [1] | (0.67) | 1.54 | 0.68 |
Diluted EPS attributable to common shareholders: | ||||
(Loss) income from continuing operations - diluted (in dollars per share) | [1] | (0.67) | 1.27 | 0.65 |
Discontinued operations - diluted (in dollars per share) | 0 | 0.26 | 0.03 | |
Net (loss) income attributable to common shareholders - diluted (in dollars per share) | [1] | $ (0.67) | $ 1.53 | $ 0.68 |
[1]Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders. |
Earnings Per Share ("EPS") - _2
Earnings Per Share ("EPS") - Schedule of Securities Excluded From Computation Of Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Conversion of common units | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 1,509 | 1,454 | 1,257 |
Conversion of redeemable noncontrolling interests | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 969 | 866 | 804 |
Earnings Per Share ("EPS") - Na
Earnings Per Share ("EPS") - Narrative (Details) - shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 12, 2023 | |
5.25%, $345,000 aggregate principal | Unsecured Senior Notes | ||||
Antidilutive securities | ||||
Interest rate | 5.25% | 5.25% | ||
Weighted average restricted shares and deferred shares | ||||
Antidilutive securities | ||||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 416 | 399 | 412 | |
Weighted average TB-PIUs | ||||
Antidilutive securities | ||||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 175 | 187 | 158 | |
Weighted Average Vested PIUs | ||||
Antidilutive securities | ||||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 154 | |||
Weighted Average PB-PIUs | ||||
Antidilutive securities | ||||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 629 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) property |
Commitments and Contingencies | |
Estimate of possible loss, up to | $ 4.5 |
Environmental Indemnity Agreement | |
Number of lease properties which were provided environmental indemnifications | property | 3 |
Maximum environmental indemnification to the tenant against consequential damages after acquisition of property | $ 19 |
Anne Arundel County, Maryland | Tax Incremental Financing Bond | |
Environmental Indemnity Agreement | |
Maximum exposure | $ 27 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 99,539 | |||
Initial Cost | ||||
Land | 570,610 | |||
Building and Land Improvements | 3,607,812 | |||
Costs Capitalized Subsequent to Acquisition | 725,418 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 570,610 | |||
Building and Land Improvements | 4,333,230 | |||
Total | 4,903,840 | $ 4,986,537 | $ 4,959,709 | $ 4,686,802 |
Accumulated Depreciation | (1,400,162) | (1,273,448) | $ (1,234,908) | $ (1,124,253) |
Additional information | ||||
Debt, net | 2,416,287 | 2,231,794 | ||
Net discounts and deferred financing costs | 28,700 | |||
Aggregate cost of assets for federal income tax purposes | $ 3,800,000 | |||
Buildings improvements | Minimum | ||||
Additional information | ||||
Estimated lives over which depreciation is recognized | 10 years | |||
Buildings improvements | Maximum | ||||
Additional information | ||||
Estimated lives over which depreciation is recognized | 40 years | |||
Revolving Credit Facility | ||||
Additional information | ||||
Debt, net | $ 75,000 | 211,000 | ||
Term Loan Facility | ||||
Additional information | ||||
Debt, net | 124,291 | $ 123,948 | ||
Unsecured Senior Notes | ||||
Additional information | ||||
Debt, net | 2,100,000 | |||
Unsecured notes payable | ||||
Additional information | ||||
Debt, net | 430 | |||
Fixed rate mortgage loans | ||||
Additional information | ||||
Net discounts and deferred financing costs | 331 | |||
100 Light Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,720 | |||
Building and Land Improvements | 31,215 | |||
Costs Capitalized Subsequent to Acquisition | 27,021 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 6,720 | |||
Building and Land Improvements | 58,236 | |||
Total | 64,956 | |||
Accumulated Depreciation | (36,309) | |||
100 Secured Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 71,174 | |||
Costs Capitalized Subsequent to Acquisition | 52 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 71,226 | |||
Total | 71,226 | |||
Accumulated Depreciation | (5,910) | |||
1000 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 8,461 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 20,533 | |||
Costs Capitalized Subsequent to Acquisition | 217 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 20,750 | |||
Total | 20,750 | |||
Accumulated Depreciation | (5,566) | |||
1100 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 9,163 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 19,593 | |||
Costs Capitalized Subsequent to Acquisition | 2,929 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 22,522 | |||
Total | 22,522 | |||
Accumulated Depreciation | (4,956) | |||
114 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 364 | |||
Building and Land Improvements | 3,109 | |||
Costs Capitalized Subsequent to Acquisition | 427 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 364 | |||
Building and Land Improvements | 3,536 | |||
Total | 3,900 | |||
Accumulated Depreciation | (1,883) | |||
1200 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 10,563 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 22,389 | |||
Costs Capitalized Subsequent to Acquisition | 9,493 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 31,882 | |||
Total | 31,882 | |||
Accumulated Depreciation | (6,195) | |||
1201 M Street SE | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 49,775 | |||
Costs Capitalized Subsequent to Acquisition | 10,883 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 60,658 | |||
Total | 60,658 | |||
Accumulated Depreciation | (25,428) | |||
1201 Winterson Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,130 | |||
Building and Land Improvements | 17,207 | |||
Costs Capitalized Subsequent to Acquisition | 937 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,130 | |||
Building and Land Improvements | 18,144 | |||
Total | 20,274 | |||
Accumulated Depreciation | (6,857) | |||
1220 12th Street, SE | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 42,464 | |||
Costs Capitalized Subsequent to Acquisition | 11,714 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 54,178 | |||
Total | 54,178 | |||
Accumulated Depreciation | (23,306) | |||
1243 Winterson Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 630 | |||
Building and Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 630 | |||
Building and Land Improvements | 0 | |||
Total | 630 | |||
Accumulated Depreciation | 0 | |||
131 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,906 | |||
Building and Land Improvements | 7,623 | |||
Costs Capitalized Subsequent to Acquisition | 6,520 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,906 | |||
Building and Land Improvements | 14,143 | |||
Total | 16,049 | |||
Accumulated Depreciation | (9,286) | |||
132 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,917 | |||
Building and Land Improvements | 12,259 | |||
Costs Capitalized Subsequent to Acquisition | 4,995 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,917 | |||
Building and Land Improvements | 17,254 | |||
Total | 20,171 | |||
Accumulated Depreciation | (11,842) | |||
133 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,517 | |||
Building and Land Improvements | 10,068 | |||
Costs Capitalized Subsequent to Acquisition | 6,842 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,517 | |||
Building and Land Improvements | 16,910 | |||
Total | 19,427 | |||
Accumulated Depreciation | (11,967) | |||
134 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,684 | |||
Building and Land Improvements | 7,517 | |||
Costs Capitalized Subsequent to Acquisition | 5,973 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,684 | |||
Building and Land Improvements | 13,490 | |||
Total | 17,174 | |||
Accumulated Depreciation | (9,640) | |||
1340 Ashton Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 905 | |||
Building and Land Improvements | 3,620 | |||
Costs Capitalized Subsequent to Acquisition | 2,631 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 905 | |||
Building and Land Improvements | 6,251 | |||
Total | 7,156 | |||
Accumulated Depreciation | (3,861) | |||
13450 Sunrise Valley Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,386 | |||
Building and Land Improvements | 5,576 | |||
Costs Capitalized Subsequent to Acquisition | 5,076 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,386 | |||
Building and Land Improvements | 10,652 | |||
Total | 12,038 | |||
Accumulated Depreciation | (7,417) | |||
13454 Sunrise Valley Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,847 | |||
Building and Land Improvements | 11,986 | |||
Costs Capitalized Subsequent to Acquisition | 12,997 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,847 | |||
Building and Land Improvements | 24,983 | |||
Total | 27,830 | |||
Accumulated Depreciation | (14,469) | |||
135 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,484 | |||
Building and Land Improvements | 9,750 | |||
Costs Capitalized Subsequent to Acquisition | 7,296 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,484 | |||
Building and Land Improvements | 17,046 | |||
Total | 19,530 | |||
Accumulated Depreciation | (12,106) | |||
1362 Mellon Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 950 | |||
Building and Land Improvements | 3,864 | |||
Costs Capitalized Subsequent to Acquisition | 3,031 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 950 | |||
Building and Land Improvements | 6,895 | |||
Total | 7,845 | |||
Accumulated Depreciation | (1,898) | |||
13857 McLearen Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,507 | |||
Building and Land Improvements | 30,177 | |||
Costs Capitalized Subsequent to Acquisition | 5,911 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,507 | |||
Building and Land Improvements | 36,088 | |||
Total | 39,595 | |||
Accumulated Depreciation | (16,023) | |||
140 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,407 | |||
Building and Land Improvements | 24,167 | |||
Costs Capitalized Subsequent to Acquisition | 2,975 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,407 | |||
Building and Land Improvements | 27,142 | |||
Total | 30,549 | |||
Accumulated Depreciation | (13,110) | |||
141 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,398 | |||
Building and Land Improvements | 9,538 | |||
Costs Capitalized Subsequent to Acquisition | 4,844 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,398 | |||
Building and Land Improvements | 14,382 | |||
Total | 16,780 | |||
Accumulated Depreciation | (10,511) | |||
14280 Park Meadow Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,731 | |||
Building and Land Improvements | 15,953 | |||
Costs Capitalized Subsequent to Acquisition | 5,641 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,731 | |||
Building and Land Improvements | 21,594 | |||
Total | 25,325 | |||
Accumulated Depreciation | (12,342) | |||
1460 Dorsey Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,577 | |||
Building and Land Improvements | 187 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,577 | |||
Building and Land Improvements | 187 | |||
Total | 1,764 | |||
Accumulated Depreciation | 0 | |||
14840 Conference Center Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,572 | |||
Building and Land Improvements | 8,175 | |||
Costs Capitalized Subsequent to Acquisition | 5,833 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,572 | |||
Building and Land Improvements | 14,008 | |||
Total | 15,580 | |||
Accumulated Depreciation | (8,945) | |||
14850 Conference Center Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,615 | |||
Building and Land Improvements | 8,358 | |||
Costs Capitalized Subsequent to Acquisition | 7,740 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,615 | |||
Building and Land Improvements | 16,098 | |||
Total | 17,713 | |||
Accumulated Depreciation | (8,803) | |||
14900 Conference Center Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,436 | |||
Building and Land Improvements | 14,402 | |||
Costs Capitalized Subsequent to Acquisition | 10,459 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,436 | |||
Building and Land Improvements | 24,861 | |||
Total | 28,297 | |||
Accumulated Depreciation | (15,682) | |||
1501 South Clinton Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 13,137 | |||
Building and Land Improvements | 20,753 | |||
Costs Capitalized Subsequent to Acquisition | 46,956 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 13,137 | |||
Building and Land Improvements | 67,709 | |||
Total | 80,846 | |||
Accumulated Depreciation | (38,074) | |||
15049 Conference Center Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,415 | |||
Building and Land Improvements | 20,365 | |||
Costs Capitalized Subsequent to Acquisition | 18,213 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,415 | |||
Building and Land Improvements | 38,578 | |||
Total | 42,993 | |||
Accumulated Depreciation | (24,412) | |||
15059 Conference Center Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,753 | |||
Building and Land Improvements | 13,615 | |||
Costs Capitalized Subsequent to Acquisition | 9,602 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 5,753 | |||
Building and Land Improvements | 23,217 | |||
Total | 28,970 | |||
Accumulated Depreciation | (12,086) | |||
1550 West Nursery Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 14,071 | |||
Building and Land Improvements | 16,930 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 14,071 | |||
Building and Land Improvements | 16,930 | |||
Total | 31,001 | |||
Accumulated Depreciation | (7,415) | |||
1560 West Nursery Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,441 | |||
Building and Land Improvements | 113 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,441 | |||
Building and Land Improvements | 113 | |||
Total | 1,554 | |||
Accumulated Depreciation | (27) | |||
1610 West Nursery Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 259 | |||
Building and Land Improvements | 246 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 259 | |||
Building and Land Improvements | 246 | |||
Total | 505 | |||
Accumulated Depreciation | (42) | |||
1616 West Nursery Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 393 | |||
Building and Land Improvements | 3,323 | |||
Costs Capitalized Subsequent to Acquisition | 75 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 393 | |||
Building and Land Improvements | 3,398 | |||
Total | 3,791 | |||
Accumulated Depreciation | (539) | |||
1622 West Nursery Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 393 | |||
Building and Land Improvements | 2,542 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 393 | |||
Building and Land Improvements | 2,542 | |||
Total | 2,935 | |||
Accumulated Depreciation | (436) | |||
16442 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 613 | |||
Building and Land Improvements | 2,582 | |||
Costs Capitalized Subsequent to Acquisition | 1,142 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 613 | |||
Building and Land Improvements | 3,724 | |||
Total | 4,337 | |||
Accumulated Depreciation | (2,275) | |||
16480 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,856 | |||
Building and Land Improvements | 7,425 | |||
Costs Capitalized Subsequent to Acquisition | 2,878 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,856 | |||
Building and Land Improvements | 10,303 | |||
Total | 12,159 | |||
Accumulated Depreciation | (5,623) | |||
16501 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 522 | |||
Building and Land Improvements | 2,090 | |||
Costs Capitalized Subsequent to Acquisition | 1,251 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 522 | |||
Building and Land Improvements | 3,341 | |||
Total | 3,863 | |||
Accumulated Depreciation | (1,794) | |||
16539 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 688 | |||
Building and Land Improvements | 2,860 | |||
Costs Capitalized Subsequent to Acquisition | 2,345 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 688 | |||
Building and Land Improvements | 5,205 | |||
Total | 5,893 | |||
Accumulated Depreciation | (3,316) | |||
16541 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 773 | |||
Building and Land Improvements | 3,094 | |||
Costs Capitalized Subsequent to Acquisition | 2,715 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 773 | |||
Building and Land Improvements | 5,809 | |||
Total | 6,582 | |||
Accumulated Depreciation | (3,540) | |||
16543 Commerce Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 436 | |||
Building and Land Improvements | 1,742 | |||
Costs Capitalized Subsequent to Acquisition | 907 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 436 | |||
Building and Land Improvements | 2,649 | |||
Total | 3,085 | |||
Accumulated Depreciation | (1,543) | |||
1751 Pinnacle Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,762 | |||
Building and Land Improvements | 26,046 | |||
Costs Capitalized Subsequent to Acquisition | 33,008 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,762 | |||
Building and Land Improvements | 59,054 | |||
Total | 63,816 | |||
Accumulated Depreciation | (48,466) | |||
1753 Pinnacle Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,729 | |||
Building and Land Improvements | 21,500 | |||
Costs Capitalized Subsequent to Acquisition | 27,446 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,729 | |||
Building and Land Improvements | 48,946 | |||
Total | 52,675 | |||
Accumulated Depreciation | (33,423) | |||
206 Research Boulevard | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 0 | |||
Total | 0 | |||
Accumulated Depreciation | 0 | |||
209 Research Boulevard | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 134 | |||
Building and Land Improvements | 1,711 | |||
Costs Capitalized Subsequent to Acquisition | 842 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 134 | |||
Building and Land Improvements | 2,553 | |||
Total | 2,687 | |||
Accumulated Depreciation | (874) | |||
210 Research Boulevard | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 113 | |||
Building and Land Improvements | 1,402 | |||
Costs Capitalized Subsequent to Acquisition | 539 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 113 | |||
Building and Land Improvements | 1,941 | |||
Total | 2,054 | |||
Accumulated Depreciation | (710) | |||
2100 L Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 41,935 | |||
Building and Land Improvements | 71,067 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 41,935 | |||
Building and Land Improvements | 71,067 | |||
Total | 113,002 | |||
Accumulated Depreciation | (6,645) | |||
2100 Rideout Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 7,336 | |||
Costs Capitalized Subsequent to Acquisition | 3,256 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 10,592 | |||
Total | 10,592 | |||
Accumulated Depreciation | (3,248) | |||
22289 Exploration Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,422 | |||
Building and Land Improvements | 5,719 | |||
Costs Capitalized Subsequent to Acquisition | 2,379 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,422 | |||
Building and Land Improvements | 8,098 | |||
Total | 9,520 | |||
Accumulated Depreciation | (4,804) | |||
22299 Exploration Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,278 | |||
Building and Land Improvements | 5,791 | |||
Costs Capitalized Subsequent to Acquisition | 3,085 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,278 | |||
Building and Land Improvements | 8,876 | |||
Total | 10,154 | |||
Accumulated Depreciation | (5,765) | |||
22300 Exploration Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,094 | |||
Building and Land Improvements | 5,038 | |||
Costs Capitalized Subsequent to Acquisition | 3,060 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,094 | |||
Building and Land Improvements | 8,098 | |||
Total | 9,192 | |||
Accumulated Depreciation | (5,054) | |||
22309 Exploration Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,160 | |||
Building and Land Improvements | 10,419 | |||
Costs Capitalized Subsequent to Acquisition | 8,179 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,160 | |||
Building and Land Improvements | 18,598 | |||
Total | 20,758 | |||
Accumulated Depreciation | (10,400) | |||
23535 Cottonwood Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 692 | |||
Building and Land Improvements | 3,051 | |||
Costs Capitalized Subsequent to Acquisition | 648 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 692 | |||
Building and Land Improvements | 3,699 | |||
Total | 4,391 | |||
Accumulated Depreciation | (2,524) | |||
250 W Pratt St | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,704 | |||
Building and Land Improvements | 21,487 | |||
Costs Capitalized Subsequent to Acquisition | 21,784 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,704 | |||
Building and Land Improvements | 43,271 | |||
Total | 47,975 | |||
Accumulated Depreciation | (25,472) | |||
2600 Park Tower Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 20,284 | |||
Building and Land Improvements | 34,443 | |||
Costs Capitalized Subsequent to Acquisition | 8,431 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 20,284 | |||
Building and Land Improvements | 42,874 | |||
Total | 63,158 | |||
Accumulated Depreciation | (11,121) | |||
2691 Technology Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,098 | |||
Building and Land Improvements | 17,334 | |||
Costs Capitalized Subsequent to Acquisition | 9,191 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,098 | |||
Building and Land Improvements | 26,525 | |||
Total | 28,623 | |||
Accumulated Depreciation | (13,995) | |||
2701 Technology Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,737 | |||
Building and Land Improvements | 15,266 | |||
Costs Capitalized Subsequent to Acquisition | 7,366 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,737 | |||
Building and Land Improvements | 22,632 | |||
Total | 24,369 | |||
Accumulated Depreciation | (14,744) | |||
2711 Technology Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,251 | |||
Building and Land Improvements | 21,611 | |||
Costs Capitalized Subsequent to Acquisition | 4,509 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,251 | |||
Building and Land Improvements | 26,120 | |||
Total | 28,371 | |||
Accumulated Depreciation | (16,956) | |||
2720 Technology Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,863 | |||
Building and Land Improvements | 29,272 | |||
Costs Capitalized Subsequent to Acquisition | 3,227 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,863 | |||
Building and Land Improvements | 32,499 | |||
Total | 36,362 | |||
Accumulated Depreciation | (16,331) | |||
2721 Technology Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,611 | |||
Building and Land Improvements | 14,597 | |||
Costs Capitalized Subsequent to Acquisition | 3,836 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,611 | |||
Building and Land Improvements | 18,433 | |||
Total | 23,044 | |||
Accumulated Depreciation | (12,025) | |||
2730 Hercules Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,737 | |||
Building and Land Improvements | 31,612 | |||
Costs Capitalized Subsequent to Acquisition | 9,569 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 8,737 | |||
Building and Land Improvements | 41,181 | |||
Total | 49,918 | |||
Accumulated Depreciation | (26,409) | |||
30 Light Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 2,501 | |||
Costs Capitalized Subsequent to Acquisition | 625 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 3,126 | |||
Total | 3,126 | |||
Accumulated Depreciation | (3,084) | |||
300 Secured Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 63,500 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 63,500 | |||
Total | 63,500 | |||
Accumulated Depreciation | (379) | |||
300 Sentinel Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,517 | |||
Building and Land Improvements | 59,165 | |||
Costs Capitalized Subsequent to Acquisition | 2,590 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,517 | |||
Building and Land Improvements | 61,755 | |||
Total | 63,272 | |||
Accumulated Depreciation | (22,195) | |||
302 Sentinel Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,648 | |||
Building and Land Improvements | 29,687 | |||
Costs Capitalized Subsequent to Acquisition | 6,540 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,648 | |||
Building and Land Improvements | 36,227 | |||
Total | 38,875 | |||
Accumulated Depreciation | (13,417) | |||
304 Sentinel Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,411 | |||
Building and Land Improvements | 24,917 | |||
Costs Capitalized Subsequent to Acquisition | 5,335 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,411 | |||
Building and Land Improvements | 30,252 | |||
Total | 33,663 | |||
Accumulated Depreciation | (14,610) | |||
306 Sentinel Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,260 | |||
Building and Land Improvements | 22,592 | |||
Costs Capitalized Subsequent to Acquisition | 3,755 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,260 | |||
Building and Land Improvements | 26,347 | |||
Total | 29,607 | |||
Accumulated Depreciation | (12,080) | |||
308 Sentinel Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,422 | |||
Building and Land Improvements | 26,208 | |||
Costs Capitalized Subsequent to Acquisition | 2,365 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,422 | |||
Building and Land Improvements | 28,573 | |||
Total | 29,995 | |||
Accumulated Depreciation | (9,641) | |||
310 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,372 | |||
Building and Land Improvements | 50,677 | |||
Costs Capitalized Subsequent to Acquisition | 716 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,372 | |||
Building and Land Improvements | 51,393 | |||
Total | 53,765 | |||
Accumulated Depreciation | (8,291) | |||
310 The Bridge Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 261 | |||
Building and Land Improvements | 26,530 | |||
Costs Capitalized Subsequent to Acquisition | 6,406 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 261 | |||
Building and Land Improvements | 32,936 | |||
Total | 33,197 | |||
Accumulated Depreciation | (14,449) | |||
312 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,138 | |||
Building and Land Improvements | 27,797 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,138 | |||
Building and Land Improvements | 27,797 | |||
Total | 30,935 | |||
Accumulated Depreciation | (6,474) | |||
314 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,254 | |||
Building and Land Improvements | 7,741 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,254 | |||
Building and Land Improvements | 7,741 | |||
Total | 8,995 | |||
Accumulated Depreciation | (1,947) | |||
316 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,748 | |||
Building and Land Improvements | 38,156 | |||
Costs Capitalized Subsequent to Acquisition | 298 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,748 | |||
Building and Land Improvements | 38,454 | |||
Total | 41,202 | |||
Accumulated Depreciation | (11,361) | |||
318 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,185 | |||
Building and Land Improvements | 28,426 | |||
Costs Capitalized Subsequent to Acquisition | 562 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,185 | |||
Building and Land Improvements | 28,988 | |||
Total | 31,173 | |||
Accumulated Depreciation | (13,016) | |||
320 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,067 | |||
Building and Land Improvements | 21,623 | |||
Costs Capitalized Subsequent to Acquisition | 148 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,067 | |||
Building and Land Improvements | 21,771 | |||
Total | 23,838 | |||
Accumulated Depreciation | (8,753) | |||
322 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,605 | |||
Building and Land Improvements | 22,827 | |||
Costs Capitalized Subsequent to Acquisition | 1,900 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,605 | |||
Building and Land Improvements | 24,727 | |||
Total | 27,332 | |||
Accumulated Depreciation | (10,851) | |||
324 Sentinel Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,656 | |||
Building and Land Improvements | 23,018 | |||
Costs Capitalized Subsequent to Acquisition | 61 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,656 | |||
Building and Land Improvements | 23,079 | |||
Total | 24,735 | |||
Accumulated Depreciation | (7,690) | |||
4000 Market Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,914 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 9,198 | |||
Costs Capitalized Subsequent to Acquisition | 1,955 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 11,153 | |||
Total | 11,153 | |||
Accumulated Depreciation | (1,231) | |||
410 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,831 | |||
Building and Land Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 2,259 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,831 | |||
Building and Land Improvements | 25,516 | |||
Total | 27,347 | |||
Accumulated Depreciation | (8,066) | |||
4100 Market Street | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 5,148 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 8,046 | |||
Costs Capitalized Subsequent to Acquisition | 7 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 8,053 | |||
Total | 8,053 | |||
Accumulated Depreciation | (913) | |||
420 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,370 | |||
Building and Land Improvements | 31,397 | |||
Costs Capitalized Subsequent to Acquisition | 3,199 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,370 | |||
Building and Land Improvements | 34,596 | |||
Total | 36,966 | |||
Accumulated Depreciation | (7,049) | |||
430 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,852 | |||
Building and Land Improvements | 21,563 | |||
Costs Capitalized Subsequent to Acquisition | 3,118 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,852 | |||
Building and Land Improvements | 24,681 | |||
Total | 26,533 | |||
Accumulated Depreciation | (7,560) | |||
44408 Pecan Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 817 | |||
Building and Land Improvements | 1,583 | |||
Costs Capitalized Subsequent to Acquisition | 1,861 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 817 | |||
Building and Land Improvements | 3,444 | |||
Total | 4,261 | |||
Accumulated Depreciation | (2,432) | |||
44414 Pecan Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 405 | |||
Building and Land Improvements | 1,619 | |||
Costs Capitalized Subsequent to Acquisition | 1,229 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 405 | |||
Building and Land Improvements | 2,848 | |||
Total | 3,253 | |||
Accumulated Depreciation | (2,015) | |||
44417 Pecan Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 434 | |||
Building and Land Improvements | 3,822 | |||
Costs Capitalized Subsequent to Acquisition | 295 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 434 | |||
Building and Land Improvements | 4,117 | |||
Total | 4,551 | |||
Accumulated Depreciation | (2,576) | |||
44420 Pecan Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 344 | |||
Building and Land Improvements | 890 | |||
Costs Capitalized Subsequent to Acquisition | 329 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 344 | |||
Building and Land Improvements | 1,219 | |||
Total | 1,563 | |||
Accumulated Depreciation | (729) | |||
44425 Pecan Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,309 | |||
Building and Land Improvements | 3,506 | |||
Costs Capitalized Subsequent to Acquisition | 2,694 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,309 | |||
Building and Land Improvements | 6,200 | |||
Total | 7,509 | |||
Accumulated Depreciation | (4,310) | |||
45310 Abell House Lane | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,272 | |||
Building and Land Improvements | 13,808 | |||
Costs Capitalized Subsequent to Acquisition | 1,812 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,272 | |||
Building and Land Improvements | 15,620 | |||
Total | 17,892 | |||
Accumulated Depreciation | (5,025) | |||
4600 River Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 26,255 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 26,255 | |||
Total | 26,255 | |||
Accumulated Depreciation | (1,706) | |||
46579 Expedition Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,406 | |||
Building and Land Improvements | 5,796 | |||
Costs Capitalized Subsequent to Acquisition | 2,987 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,406 | |||
Building and Land Improvements | 8,783 | |||
Total | 10,189 | |||
Accumulated Depreciation | (5,214) | |||
46591 Expedition Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,200 | |||
Building and Land Improvements | 7,199 | |||
Costs Capitalized Subsequent to Acquisition | 4,727 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,200 | |||
Building and Land Improvements | 11,926 | |||
Total | 13,126 | |||
Accumulated Depreciation | (5,899) | |||
4851 Stonecroft Boulevard | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,878 | |||
Building and Land Improvements | 11,558 | |||
Costs Capitalized Subsequent to Acquisition | 483 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,878 | |||
Building and Land Improvements | 12,041 | |||
Total | 13,919 | |||
Accumulated Depreciation | (5,618) | |||
5300 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 17,350 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 17,350 | |||
Total | 17,350 | |||
Accumulated Depreciation | 0 | |||
540 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,035 | |||
Building and Land Improvements | 35,545 | |||
Costs Capitalized Subsequent to Acquisition | 41 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,035 | |||
Building and Land Improvements | 35,586 | |||
Total | 37,621 | |||
Accumulated Depreciation | (5,003) | |||
550 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,678 | |||
Building and Land Improvements | 43,521 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,678 | |||
Building and Land Improvements | 43,521 | |||
Total | 46,199 | |||
Accumulated Depreciation | (98) | |||
5520 Research Park Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 20,072 | |||
Costs Capitalized Subsequent to Acquisition | 2,356 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 22,428 | |||
Total | 22,428 | |||
Accumulated Depreciation | (8,416) | |||
5522 Research Park Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 4,550 | |||
Costs Capitalized Subsequent to Acquisition | 883 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 5,433 | |||
Total | 5,433 | |||
Accumulated Depreciation | (2,249) | |||
560 National Business Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,193 | |||
Building and Land Improvements | 55,079 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,193 | |||
Building and Land Improvements | 55,079 | |||
Total | 57,272 | |||
Accumulated Depreciation | (1,635) | |||
5801 University Research Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 10,640 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 17,431 | |||
Costs Capitalized Subsequent to Acquisition | 162 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 17,593 | |||
Total | 17,593 | |||
Accumulated Depreciation | (2,726) | |||
5825 University Research Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 18,580 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 22,771 | |||
Costs Capitalized Subsequent to Acquisition | 2,874 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 25,645 | |||
Total | 25,645 | |||
Accumulated Depreciation | (9,925) | |||
5850 University Research Court | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 19,657 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 31,906 | |||
Costs Capitalized Subsequent to Acquisition | 1,112 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 33,018 | |||
Total | 33,018 | |||
Accumulated Depreciation | (11,519) | |||
6000 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 8,542 | |||
Costs Capitalized Subsequent to Acquisition | 17 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 8,559 | |||
Total | 8,559 | |||
Accumulated Depreciation | (633) | |||
610 Guardian Way | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,636 | |||
Building and Land Improvements | 53,682 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 7,636 | |||
Building and Land Improvements | 53,682 | |||
Total | 61,318 | |||
Accumulated Depreciation | (2,915) | |||
6200 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 50,086 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 50,086 | |||
Total | 50,086 | |||
Accumulated Depreciation | (922) | |||
6700 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,755 | |||
Building and Land Improvements | 7,019 | |||
Costs Capitalized Subsequent to Acquisition | 10,647 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,755 | |||
Building and Land Improvements | 17,666 | |||
Total | 19,421 | |||
Accumulated Depreciation | (11,013) | |||
6708 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 897 | |||
Building and Land Improvements | 12,693 | |||
Costs Capitalized Subsequent to Acquisition | 1,618 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 897 | |||
Building and Land Improvements | 14,311 | |||
Total | 15,208 | |||
Accumulated Depreciation | (5,520) | |||
6711 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,683 | |||
Building and Land Improvements | 23,239 | |||
Costs Capitalized Subsequent to Acquisition | 3,243 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,683 | |||
Building and Land Improvements | 26,482 | |||
Total | 29,165 | |||
Accumulated Depreciation | (11,617) | |||
6716 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,242 | |||
Building and Land Improvements | 4,969 | |||
Costs Capitalized Subsequent to Acquisition | 7,391 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,242 | |||
Building and Land Improvements | 12,360 | |||
Total | 13,602 | |||
Accumulated Depreciation | (7,078) | |||
6721 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,753 | |||
Building and Land Improvements | 34,090 | |||
Costs Capitalized Subsequent to Acquisition | 9,251 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,753 | |||
Building and Land Improvements | 43,341 | |||
Total | 45,094 | |||
Accumulated Depreciation | (15,125) | |||
6724 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 449 | |||
Building and Land Improvements | 5,039 | |||
Costs Capitalized Subsequent to Acquisition | 2,680 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 449 | |||
Building and Land Improvements | 7,719 | |||
Total | 8,168 | |||
Accumulated Depreciation | (4,620) | |||
6731 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,807 | |||
Building and Land Improvements | 19,098 | |||
Costs Capitalized Subsequent to Acquisition | 6,920 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,807 | |||
Building and Land Improvements | 26,018 | |||
Total | 28,825 | |||
Accumulated Depreciation | (15,938) | |||
6740 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,424 | |||
Building and Land Improvements | 4,209 | |||
Costs Capitalized Subsequent to Acquisition | 9,685 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,424 | |||
Building and Land Improvements | 13,894 | |||
Total | 15,318 | |||
Accumulated Depreciation | (3,397) | |||
6741 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 675 | |||
Building and Land Improvements | 1,711 | |||
Costs Capitalized Subsequent to Acquisition | 179 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 675 | |||
Building and Land Improvements | 1,890 | |||
Total | 2,565 | |||
Accumulated Depreciation | (807) | |||
6750 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,263 | |||
Building and Land Improvements | 12,461 | |||
Costs Capitalized Subsequent to Acquisition | 6,070 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,263 | |||
Building and Land Improvements | 18,531 | |||
Total | 19,794 | |||
Accumulated Depreciation | (12,322) | |||
6760 Alexander Bell Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 890 | |||
Building and Land Improvements | 3,561 | |||
Costs Capitalized Subsequent to Acquisition | 3,946 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 890 | |||
Building and Land Improvements | 7,507 | |||
Total | 8,397 | |||
Accumulated Depreciation | (5,576) | |||
6940 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,545 | |||
Building and Land Improvements | 9,916 | |||
Costs Capitalized Subsequent to Acquisition | 12,806 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,545 | |||
Building and Land Improvements | 22,722 | |||
Total | 26,267 | |||
Accumulated Depreciation | (13,989) | |||
6950 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,596 | |||
Building and Land Improvements | 28,278 | |||
Costs Capitalized Subsequent to Acquisition | 3,223 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,596 | |||
Building and Land Improvements | 31,501 | |||
Total | 35,097 | |||
Accumulated Depreciation | (14,171) | |||
7000 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,131 | |||
Building and Land Improvements | 12,103 | |||
Costs Capitalized Subsequent to Acquisition | 10,509 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,131 | |||
Building and Land Improvements | 22,612 | |||
Total | 25,743 | |||
Accumulated Depreciation | (13,223) | |||
7000 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 8,900 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 8,900 | |||
Total | 8,900 | |||
Accumulated Depreciation | (147) | |||
7005 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,036 | |||
Building and Land Improvements | 747 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,036 | |||
Building and Land Improvements | 747 | |||
Total | 3,783 | |||
Accumulated Depreciation | 0 | |||
7015 Albert Einstein Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,058 | |||
Building and Land Improvements | 6,093 | |||
Costs Capitalized Subsequent to Acquisition | 3,560 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,058 | |||
Building and Land Improvements | 9,653 | |||
Total | 11,711 | |||
Accumulated Depreciation | (5,853) | |||
7061 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 729 | |||
Building and Land Improvements | 3,094 | |||
Costs Capitalized Subsequent to Acquisition | 2,907 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 729 | |||
Building and Land Improvements | 6,001 | |||
Total | 6,730 | |||
Accumulated Depreciation | (3,964) | |||
7063 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 902 | |||
Building and Land Improvements | 3,684 | |||
Costs Capitalized Subsequent to Acquisition | 3,707 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 902 | |||
Building and Land Improvements | 7,391 | |||
Total | 8,293 | |||
Accumulated Depreciation | (5,139) | |||
7065 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 919 | |||
Building and Land Improvements | 3,763 | |||
Costs Capitalized Subsequent to Acquisition | 3,302 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 919 | |||
Building and Land Improvements | 7,065 | |||
Total | 7,984 | |||
Accumulated Depreciation | (4,991) | |||
7067 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,829 | |||
Building and Land Improvements | 11,823 | |||
Costs Capitalized Subsequent to Acquisition | 9,177 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,829 | |||
Building and Land Improvements | 21,000 | |||
Total | 22,829 | |||
Accumulated Depreciation | (11,144) | |||
7100 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 12,989 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 12,989 | |||
Total | 12,989 | |||
Accumulated Depreciation | (839) | |||
7125 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 20,487 | |||
Building and Land Improvements | 49,926 | |||
Costs Capitalized Subsequent to Acquisition | 29,466 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 20,487 | |||
Building and Land Improvements | 79,392 | |||
Total | 99,879 | |||
Accumulated Depreciation | (35,289) | |||
7130 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,350 | |||
Building and Land Improvements | 4,359 | |||
Costs Capitalized Subsequent to Acquisition | 3,167 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,350 | |||
Building and Land Improvements | 7,526 | |||
Total | 8,876 | |||
Accumulated Depreciation | (4,626) | |||
7134 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 704 | |||
Building and Land Improvements | 4,700 | |||
Costs Capitalized Subsequent to Acquisition | 817 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 704 | |||
Building and Land Improvements | 5,517 | |||
Total | 6,221 | |||
Accumulated Depreciation | (2,330) | |||
7138 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,104 | |||
Building and Land Improvements | 3,518 | |||
Costs Capitalized Subsequent to Acquisition | 2,989 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,104 | |||
Building and Land Improvements | 6,507 | |||
Total | 7,611 | |||
Accumulated Depreciation | (4,725) | |||
7142 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,342 | |||
Building and Land Improvements | 7,148 | |||
Costs Capitalized Subsequent to Acquisition | 4,265 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,342 | |||
Building and Land Improvements | 11,413 | |||
Total | 12,755 | |||
Accumulated Depreciation | (5,145) | |||
7150 Columbia Gateway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,032 | |||
Building and Land Improvements | 3,429 | |||
Costs Capitalized Subsequent to Acquisition | 1,659 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,032 | |||
Building and Land Improvements | 5,088 | |||
Total | 6,120 | |||
Accumulated Depreciation | (2,392) | |||
7150 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,821 | |||
Building and Land Improvements | 4,388 | |||
Costs Capitalized Subsequent to Acquisition | 16,234 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,821 | |||
Building and Land Improvements | 20,622 | |||
Total | 22,443 | |||
Accumulated Depreciation | (3,599) | |||
7160 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,732 | |||
Building and Land Improvements | 7,006 | |||
Costs Capitalized Subsequent to Acquisition | 4,609 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,732 | |||
Building and Land Improvements | 11,615 | |||
Total | 14,347 | |||
Accumulated Depreciation | (6,322) | |||
7170 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,283 | |||
Building and Land Improvements | 3,096 | |||
Costs Capitalized Subsequent to Acquisition | 2,389 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,283 | |||
Building and Land Improvements | 5,485 | |||
Total | 6,768 | |||
Accumulated Depreciation | (3,181) | |||
7175 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,788 | |||
Building and Land Improvements | 7,269 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,788 | |||
Building and Land Improvements | 7,269 | |||
Total | 9,057 | |||
Accumulated Depreciation | (1,842) | |||
7200 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 8,348 | |||
Costs Capitalized Subsequent to Acquisition | 185 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 8,533 | |||
Total | 8,533 | |||
Accumulated Depreciation | (2,048) | |||
7200 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,089 | |||
Building and Land Improvements | 22,630 | |||
Costs Capitalized Subsequent to Acquisition | 5,332 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,089 | |||
Building and Land Improvements | 27,962 | |||
Total | 32,051 | |||
Accumulated Depreciation | (15,053) | |||
7205 Riverwood Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,367 | |||
Building and Land Improvements | 21,419 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,367 | |||
Building and Land Improvements | 21,419 | |||
Total | 22,786 | |||
Accumulated Depreciation | (5,593) | |||
7272 Park Circle Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,479 | |||
Building and Land Improvements | 6,300 | |||
Costs Capitalized Subsequent to Acquisition | 4,618 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,479 | |||
Building and Land Improvements | 10,918 | |||
Total | 12,397 | |||
Accumulated Depreciation | (6,956) | |||
7318 Parkway Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 972 | |||
Building and Land Improvements | 3,888 | |||
Costs Capitalized Subsequent to Acquisition | 2,297 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 972 | |||
Building and Land Improvements | 6,185 | |||
Total | 7,157 | |||
Accumulated Depreciation | (3,590) | |||
7400 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 9,223 | |||
Costs Capitalized Subsequent to Acquisition | 75 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 9,298 | |||
Total | 9,298 | |||
Accumulated Depreciation | (1,993) | |||
7467 Ridge Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,565 | |||
Building and Land Improvements | 3,116 | |||
Costs Capitalized Subsequent to Acquisition | 7,657 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,565 | |||
Building and Land Improvements | 10,773 | |||
Total | 12,338 | |||
Accumulated Depreciation | (5,750) | |||
7500 Advanced Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 18,665 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 18,665 | |||
Total | 18,665 | |||
Accumulated Depreciation | (1,667) | |||
7600 Advanced Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 13,752 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 13,752 | |||
Total | 13,752 | |||
Accumulated Depreciation | (1,170) | |||
7740 Milestone Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,825 | |||
Building and Land Improvements | 34,176 | |||
Costs Capitalized Subsequent to Acquisition | 1,855 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,825 | |||
Building and Land Improvements | 36,031 | |||
Total | 39,856 | |||
Accumulated Depreciation | (12,142) | |||
7770 Backlick Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,387 | |||
Building and Land Improvements | 78,892 | |||
Costs Capitalized Subsequent to Acquisition | 1,747 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 6,387 | |||
Building and Land Improvements | 80,639 | |||
Total | 87,026 | |||
Accumulated Depreciation | (21,899) | |||
7880 Milestone Parkway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,857 | |||
Building and Land Improvements | 27,173 | |||
Costs Capitalized Subsequent to Acquisition | 1,619 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,857 | |||
Building and Land Improvements | 28,792 | |||
Total | 33,649 | |||
Accumulated Depreciation | (6,037) | |||
8000 Rideout Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 28,155 | |||
Costs Capitalized Subsequent to Acquisition | 49 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 28,204 | |||
Total | 28,204 | |||
Accumulated Depreciation | (1,240) | |||
8100 Rideout Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 29,681 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 29,681 | |||
Total | 29,681 | |||
Accumulated Depreciation | 0 | |||
8200 Rideout Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 45,653 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 45,653 | |||
Total | 45,653 | |||
Accumulated Depreciation | (1,556) | |||
8300 Rideout Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 52,678 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 52,678 | |||
Total | 52,678 | |||
Accumulated Depreciation | (1,803) | |||
8600 Advanced Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 27,312 | |||
Costs Capitalized Subsequent to Acquisition | 24 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 27,336 | |||
Total | 27,336 | |||
Accumulated Depreciation | (2,079) | |||
8621 Robert Fulton Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,317 | |||
Building and Land Improvements | 12,642 | |||
Costs Capitalized Subsequent to Acquisition | 8,084 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,317 | |||
Building and Land Improvements | 20,726 | |||
Total | 23,043 | |||
Accumulated Depreciation | (10,265) | |||
8661 Robert Fulton Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,510 | |||
Building and Land Improvements | 3,764 | |||
Costs Capitalized Subsequent to Acquisition | 3,379 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,510 | |||
Building and Land Improvements | 7,143 | |||
Total | 8,653 | |||
Accumulated Depreciation | (4,437) | |||
8671 Robert Fulton Drive | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,718 | |||
Building and Land Improvements | 4,280 | |||
Costs Capitalized Subsequent to Acquisition | 4,848 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,718 | |||
Building and Land Improvements | 9,128 | |||
Total | 10,846 | |||
Accumulated Depreciation | (5,796) | |||
870 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,003 | |||
Building and Land Improvements | 9,442 | |||
Costs Capitalized Subsequent to Acquisition | 10,464 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,003 | |||
Building and Land Improvements | 19,906 | |||
Total | 21,909 | |||
Accumulated Depreciation | (14,016) | |||
8800 Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 11,413 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 18,470 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 18,470 | |||
Total | 18,470 | |||
Accumulated Depreciation | (1,900) | |||
891 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,165 | |||
Building and Land Improvements | 4,772 | |||
Costs Capitalized Subsequent to Acquisition | 4,192 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,165 | |||
Building and Land Improvements | 8,964 | |||
Total | 10,129 | |||
Accumulated Depreciation | (6,042) | |||
901 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,156 | |||
Building and Land Improvements | 4,437 | |||
Costs Capitalized Subsequent to Acquisition | 7,429 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,156 | |||
Building and Land Improvements | 11,866 | |||
Total | 13,022 | |||
Accumulated Depreciation | (6,397) | |||
911 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,215 | |||
Building and Land Improvements | 4,861 | |||
Costs Capitalized Subsequent to Acquisition | 3,383 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,215 | |||
Building and Land Improvements | 8,244 | |||
Total | 9,459 | |||
Accumulated Depreciation | (5,783) | |||
938 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 922 | |||
Building and Land Improvements | 4,748 | |||
Costs Capitalized Subsequent to Acquisition | 1,538 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 922 | |||
Building and Land Improvements | 6,286 | |||
Total | 7,208 | |||
Accumulated Depreciation | (3,816) | |||
939 Elkridge Landing Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 939 | |||
Building and Land Improvements | 3,756 | |||
Costs Capitalized Subsequent to Acquisition | 6,229 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 939 | |||
Building and Land Improvements | 9,985 | |||
Total | 10,924 | |||
Accumulated Depreciation | (6,565) | |||
Arundel Preserve | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 13,352 | |||
Building and Land Improvements | 9,888 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 13,352 | |||
Building and Land Improvements | 9,888 | |||
Total | 23,240 | |||
Accumulated Depreciation | 0 | |||
Canton Crossing Land | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 6,009 | |||
Costs Capitalized Subsequent to Acquisition | 57 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 6,066 | |||
Total | 6,066 | |||
Accumulated Depreciation | (57) | |||
Canton Crossing Util Distr Ctr | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,866 | |||
Building and Land Improvements | 7,271 | |||
Costs Capitalized Subsequent to Acquisition | 1,976 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,866 | |||
Building and Land Improvements | 9,247 | |||
Total | 12,113 | |||
Accumulated Depreciation | (8,026) | |||
Columbia Gateway - Southridge | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,387 | |||
Building and Land Improvements | 3,725 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 6,387 | |||
Building and Land Improvements | 3,725 | |||
Total | 10,112 | |||
Accumulated Depreciation | 0 | |||
Dahlgren Technology Center | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 978 | |||
Building and Land Improvements | 178 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 978 | |||
Building and Land Improvements | 178 | |||
Total | 1,156 | |||
Accumulated Depreciation | 0 | |||
Expedition VII | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 705 | |||
Building and Land Improvements | 8,366 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 705 | |||
Building and Land Improvements | 8,366 | |||
Total | 9,071 | |||
Accumulated Depreciation | (319) | |||
M Square Research Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 3,352 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 3,352 | |||
Total | 3,352 | |||
Accumulated Depreciation | 0 | |||
MP 3 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9,038 | |||
Building and Land Improvements | 993 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 9,038 | |||
Building and Land Improvements | 993 | |||
Total | 10,031 | |||
Accumulated Depreciation | 0 | |||
National Business Park North | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 15,554 | |||
Building and Land Improvements | 28,744 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 15,554 | |||
Building and Land Improvements | 28,744 | |||
Total | 44,298 | |||
Accumulated Depreciation | 0 | |||
North Gate Business Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,755 | |||
Building and Land Improvements | 5 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,755 | |||
Building and Land Improvements | 5 | |||
Total | 1,760 | |||
Accumulated Depreciation | 0 | |||
NoVA Office A | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,096 | |||
Building and Land Improvements | 46,849 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 2,096 | |||
Building and Land Improvements | 46,849 | |||
Total | 48,945 | |||
Accumulated Depreciation | (10,436) | |||
NoVA Office B | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 739 | |||
Building and Land Improvements | 38,376 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 739 | |||
Building and Land Improvements | 38,376 | |||
Total | 39,115 | |||
Accumulated Depreciation | (6,675) | |||
NoVA Office C | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,751 | |||
Building and Land Improvements | 84,815 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 7,751 | |||
Building and Land Improvements | 84,815 | |||
Total | 92,566 | |||
Accumulated Depreciation | (4,503) | |||
NoVA Office D | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,587 | |||
Building and Land Improvements | 40,559 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 6,587 | |||
Building and Land Improvements | 40,559 | |||
Total | 47,146 | |||
Accumulated Depreciation | (6,499) | |||
Oak Grove A | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 12,866 | |||
Building and Land Improvements | 42,087 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 12,866 | |||
Building and Land Improvements | 42,087 | |||
Total | 54,953 | |||
Accumulated Depreciation | (3,279) | |||
Oak Grove B | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 12,866 | |||
Building and Land Improvements | 41,621 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 12,866 | |||
Building and Land Improvements | 41,621 | |||
Total | 54,487 | |||
Accumulated Depreciation | (3,908) | |||
Oak Grove C | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 11,741 | |||
Building and Land Improvements | 78,829 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 11,741 | |||
Building and Land Improvements | 78,829 | |||
Total | 90,570 | |||
Accumulated Depreciation | (3,323) | |||
Oak Grove D | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 11,741 | |||
Building and Land Improvements | 77,097 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 11,741 | |||
Building and Land Improvements | 77,097 | |||
Total | 88,838 | |||
Accumulated Depreciation | (2,096) | |||
Old Annapolis Road | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,637 | |||
Building and Land Improvements | 5,500 | |||
Costs Capitalized Subsequent to Acquisition | 6,985 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,637 | |||
Building and Land Improvements | 12,485 | |||
Total | 14,122 | |||
Accumulated Depreciation | (6,432) | |||
Patriot Ridge | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 18,517 | |||
Building and Land Improvements | 14,616 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 18,517 | |||
Building and Land Improvements | 14,616 | |||
Total | 33,133 | |||
Accumulated Depreciation | 0 | |||
Project EL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,190 | |||
Building and Land Improvements | 46,912 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 7,190 | |||
Building and Land Improvements | 46,912 | |||
Total | 54,102 | |||
Accumulated Depreciation | (2,878) | |||
Project EX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 13,010 | |||
Building and Land Improvements | 19,107 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 13,010 | |||
Building and Land Improvements | 19,107 | |||
Total | 32,117 | |||
Accumulated Depreciation | (2,225) | |||
PS A | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,078 | |||
Building and Land Improvements | 54,122 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,078 | |||
Building and Land Improvements | 54,122 | |||
Total | 58,200 | |||
Accumulated Depreciation | (512) | |||
PS B | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,468 | |||
Building and Land Improvements | 45,377 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,468 | |||
Building and Land Improvements | 45,377 | |||
Total | 48,845 | |||
Accumulated Depreciation | (82) | |||
Redstone Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 31,193 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 31,193 | |||
Total | 31,193 | |||
Accumulated Depreciation | 0 | |||
Sentry Gateway - T | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 14,020 | |||
Building and Land Improvements | 38,804 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 14,020 | |||
Building and Land Improvements | 38,817 | |||
Total | 52,837 | |||
Accumulated Depreciation | (16,384) | |||
Sentry Gateway - V | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 1,066 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 1,066 | |||
Total | 1,066 | |||
Accumulated Depreciation | (401) | |||
Sentry Gateway - W | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 1,884 | |||
Costs Capitalized Subsequent to Acquisition | 71 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 1,955 | |||
Total | 1,955 | |||
Accumulated Depreciation | (703) | |||
Sentry Gateway - X | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,964 | |||
Building and Land Improvements | 21,178 | |||
Costs Capitalized Subsequent to Acquisition | 53 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,964 | |||
Building and Land Improvements | 21,231 | |||
Total | 23,195 | |||
Accumulated Depreciation | (6,978) | |||
Sentry Gateway - Y | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,964 | |||
Building and Land Improvements | 21,298 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,964 | |||
Building and Land Improvements | 21,306 | |||
Total | 23,270 | |||
Accumulated Depreciation | (7,007) | |||
Sentry Gateway - Z | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,964 | |||
Building and Land Improvements | 30,573 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 1,964 | |||
Building and Land Improvements | 30,573 | |||
Total | 32,537 | |||
Accumulated Depreciation | (6,733) | |||
Southpoint Phase 2 Bldg A | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,404 | |||
Building and Land Improvements | 16,356 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 4,404 | |||
Building and Land Improvements | 16,356 | |||
Total | 20,760 | |||
Accumulated Depreciation | 0 | |||
Southpoint Phase 2 Bldg B | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,752 | |||
Building and Land Improvements | 1,398 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 3,752 | |||
Building and Land Improvements | 1,398 | |||
Total | 5,150 | |||
Accumulated Depreciation | 0 | |||
Westfields - Park Center | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,667 | |||
Building and Land Improvements | 3,515 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 8,667 | |||
Building and Land Improvements | 3,515 | |||
Total | 12,182 | |||
Accumulated Depreciation | 0 | |||
Other Developments, including intercompany eliminations | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Building and Land Improvements | 1,140 | |||
Costs Capitalized Subsequent to Acquisition | 258 | |||
Gross Amounts Carried At Close of Period | ||||
Land | 0 | |||
Building and Land Improvements | 1,398 | |||
Total | 1,398 | |||
Accumulated Depreciation | $ (167) |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2023 property | |
Changes in cost of properties | ||||
Beginning balance | $ 4,986,537 | $ 4,959,709 | $ 4,686,802 | |
Improvements and other additions | 333,081 | 350,702 | 342,684 | |
Sales | (162,981) | (323,874) | (103,097) | |
Impairments | (252,797) | 0 | 0 | |
Other dispositions | 0 | 0 | (4,511) | |
Reclassification from right-of-use asset | 0 | 0 | 37,831 | |
Ending balance | 4,903,840 | 4,986,537 | 4,959,709 | |
Changes in accumulated depreciation | ||||
Beginning balance | 1,273,448 | 1,234,908 | 1,124,253 | |
Depreciation expense | 132,728 | 124,803 | 130,604 | |
Sales | (6,014) | (86,263) | (15,438) | |
Other dispositions | 0 | 0 | (4,511) | |
Ending balance | $ 1,400,162 | $ 1,273,448 | $ 1,234,908 | |
Real Estate and Accumulated Depreciation | ||||
Number of impaired parcels of land | property | 1 | |||
Other | ||||
Real Estate and Accumulated Depreciation | ||||
Number of impaired operating properties | property | 6 |