2024 Q3 Form 10-Q Financial Statement

#000086054624000054 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $189.2M $187.3M
YoY Change 12.26% 10.73%
Cost Of Revenue $83.02M
YoY Change 13.24%
Gross Profit $104.3M
YoY Change 8.8%
Gross Profit Margin 55.68%
Selling, General & Admin $11.42M $12.03M
YoY Change 7.94% -1.19%
% of Gross Profit 11.53%
Research & Development $979.0K
YoY Change
% of Gross Profit 0.94%
Depreciation & Amortization $38.16M
YoY Change 1.44%
% of Gross Profit 36.58%
Operating Expenses $11.42M $12.03M
YoY Change 7.94% -75.84%
Operating Profit $92.29M
YoY Change 100.27%
Interest Expense -$17.71M
YoY Change 24.13%
% of Operating Profit -19.19%
Other Income/Expense, Net $3.324M $2.884M
YoY Change 31.44% 34.58%
Pretax Income $37.44M $36.40M
YoY Change -116.94% 14.33%
Income Tax $130.0K $14.00K
% Of Pretax Income 0.35% 0.04%
Net Earnings $37.40M $36.41M
YoY Change -116.91% 20.8%
Net Earnings / Revenue 19.76% 19.43%
Basic Earnings Per Share $0.32 $0.31
Diluted Earnings Per Share $0.32 $0.31
COMMON SHARES
Basic Shares Outstanding 112.7M shares 112.6M shares
Diluted Shares Outstanding 113.0M shares 112.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.4M
YoY Change 603.73%
Cash & Equivalents $34.48M $100.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $46.96M
Other Receivables $0.00
Total Short-Term Assets $147.4M
YoY Change 139.16%
LONG-TERM ASSETS
Property, Plant & Equipment $3.576B
YoY Change -3.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $40.15M
YoY Change -4.25%
Other Assets $151.3M
YoY Change 5.34%
Total Long-Term Assets $4.072B
YoY Change -2.7%
TOTAL ASSETS
Total Short-Term Assets $147.4M
Total Long-Term Assets $4.072B
Total Assets $4.234B $4.219B
YoY Change -0.12% -0.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $122.2M
YoY Change -10.0%
Accrued Expenses $33.82M
YoY Change -0.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $223.4M
YoY Change -4.67%
LONG-TERM LIABILITIES
Long-Term Debt $2.390B
YoY Change 9.8%
Other Long-Term Liabilities $52.73M
YoY Change 44.57%
Total Long-Term Liabilities $2.443B
YoY Change 10.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.4M
Total Long-Term Liabilities $2.443B
Total Liabilities $2.679B $2.666B
YoY Change -0.46% 5.98%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.127M $1.127M
YoY Change 0.18% 0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.489B $1.487B
YoY Change
Total Liabilities & Shareholders Equity $4.234B $4.219B
YoY Change -0.12% -0.64%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $37.40M $36.41M
YoY Change -116.91% 20.8%
Depreciation, Depletion And Amortization $38.16M
YoY Change 1.44%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Selling General And Administrative Expense
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us-gaap Costs And Expenses
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us-gaap Costs And Expenses
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us-gaap Other Nonoperating Income Expense
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q4 us-gaap Finance Lease Liability Statement Of Financial Position Extensible List
FinanceLeaseLiabilityStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2024#OtherLiabilities
CY2024Q2 us-gaap Finance Lease Liability Statement Of Financial Position Extensible List
FinanceLeaseLiabilityStatementOfFinancialPositionExtensibleList
http://fasb.org/us-gaap/2024#OtherLiabilities
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Dividends
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ofc Revenues From Real Estate Operations Received
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ofc Revenues From Real Estate Operations Received
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ofc Construction Contract And Other Service Revenues Received
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ofc Construction Contract And Other Service Revenues Received
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31479000 usd
ofc Property Operating Expenses Paid
PropertyOperatingExpensesPaid
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ofc Property Operating Expenses Paid
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ofc Construction Contract And Other Service Expenses Paid
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ofc Construction Contract And Other Service Expenses Paid
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ofc General And Administrative Leasing And Other Expenses Paid
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ofc General And Administrative Leasing And Other Expenses Paid
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
29975000 usd
ofc Paymentsof Lease Incentives
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10679000 usd
ofc Paymentsof Lease Incentives
PaymentsofLeaseIncentives
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ofc Interest And Other Income Received
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ofc Interest And Other Income Received
InterestAndOtherIncomeReceived
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
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us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
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us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
66945000 usd
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
145395000 usd
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
22479000 usd
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
43642000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
18555000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
8034000 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 usd
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
189506000 usd
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
7994000 usd
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
9120000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1059000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-251000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-132242000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16434000 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 usd
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
197000000 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
0 usd
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
237000000 usd
ofc Scheduled Principal Amortization Repayments Of Long Term Debt
ScheduledPrincipalAmortizationRepaymentsOfLongTermDebt
1431000 usd
ofc Scheduled Principal Amortization Repayments Of Long Term Debt
ScheduledPrincipalAmortizationRepaymentsOfLongTermDebt
1536000 usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
27649000 usd
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
15902000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
65335000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
63016000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4989000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4222000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-99404000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-124676000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-66821000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-197000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
169424000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16509000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102603000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16312000 usd
us-gaap Profit Loss
ProfitLoss
70078000 usd
us-gaap Profit Loss
ProfitLoss
112040000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
77684000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75806000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3403000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2500000 usd
us-gaap Straight Line Rent
StraightLineRent
-1417000 usd
us-gaap Straight Line Rent
StraightLineRent
12771000 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 usd
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
49392000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
5209000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3946000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1106000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1603000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1862000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4029000 usd
ofc Increase Decrease In Lease Incentives And Prepaid Expenses And Other Assets Net
IncreaseDecreaseInLeaseIncentivesAndPrepaidExpensesAndOtherAssetsNet
-7510000 usd
ofc Increase Decrease In Lease Incentives And Prepaid Expenses And Other Assets Net
IncreaseDecreaseInLeaseIncentivesAndPrepaidExpensesAndOtherAssetsNet
-8389000 usd
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
692000 usd
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
4022000 usd
ofc Increase Decrease In Advance Rent And Security Deposit Liability
IncreaseDecreaseInAdvanceRentAndSecurityDepositLiability
-1924000 usd
ofc Increase Decrease In Advance Rent And Security Deposit Liability
IncreaseDecreaseInAdvanceRentAndSecurityDepositLiability
2005000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
164825000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
140913000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
167820000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12337000 usd
CY2023Q4 us-gaap Restricted Cash
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1604000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
4172000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
169424000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16509000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100443000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14273000 usd
CY2024Q2 us-gaap Restricted Cash
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2160000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
2039000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102603000 usd
ofc Increase Decrease In Accrued Capital Improvements Leasing And Other Investing Activity Costs
IncreaseDecreaseInAccruedCapitalImprovementsLeasingAndOtherInvestingActivityCosts
-15180000 usd
ofc Increase Decrease In Accrued Capital Improvements Leasing And Other Investing Activity Costs
IncreaseDecreaseInAccruedCapitalImprovementsLeasingAndOtherInvestingActivityCosts
-17627000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2055000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6697000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
434000 usd
ofc Increasein Investmentin Unconsolidated Real Estate Joint Venturein Connection With Partial Saleof Properties
IncreaseinInvestmentinUnconsolidatedRealEstateJointVentureinConnectionWithPartialSaleofProperties
0 usd
ofc Increasein Investmentin Unconsolidated Real Estate Joint Venturein Connection With Partial Saleof Properties
IncreaseinInvestmentinUnconsolidatedRealEstateJointVentureinConnectionWithPartialSaleofProperties
21121000 usd
ofc Increase Decrease In Fair Value Of Derivatives Applied To Aocl And Noncontrolling Interests
IncreaseDecreaseInFairValueOfDerivativesAppliedToAoclAndNoncontrollingInterests
1539000 usd
ofc Increase Decrease In Fair Value Of Derivatives Applied To Aocl And Noncontrolling Interests
IncreaseDecreaseInFairValueOfDerivativesAppliedToAoclAndNoncontrollingInterests
3209000 usd
CY2024Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
33908000 usd
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
32636000 usd
ofc Equity Change Adjustments To Additional Paid In Capital Reallocation Of Minority Interest
EquityChangeAdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest
1866000 usd
ofc Equity Change Adjustments To Additional Paid In Capital Reallocation Of Minority Interest
EquityChangeAdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest
1302000 usd
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-816000 usd
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-1293000 usd
ofc Reclassification Of Redeemable Noncontrolling Interests To Equity
ReclassificationOfRedeemableNoncontrollingInterestsToEquity
0 usd
ofc Reclassification Of Redeemable Noncontrolling Interests To Equity
ReclassificationOfRedeemableNoncontrollingInterestsToEquity
2670000 usd
us-gaap Nature Of Operations
NatureOfOperations
Organization<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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. As of June 30, 2024, our Defense/IT Portfolio included:</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&gt;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:12.75pt">193 operating properties totaling 22.0 million square feet comprised of 16.3 million square feet in 163 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;</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&gt;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:12.75pt">six properties under development (three office properties and three data center shells), including one partially-operational property, that will total approximately 959,000 square feet upon completion; and</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&gt;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:12.75pt">approximately 650 acres of land controlled that we believe could be developed into approximately 7.7 million square feet.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">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 June 30, 2024.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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”). </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Equity interests in CDPLP are in the form of common and preferred units. As of June 30, 2024, COPT Defense owned 97.5% 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.</span></div>COPT Defense’s common shares are publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “CDP”.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reclassifications</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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.</span></div>
CY2024Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
127363000 usd
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
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us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
253561000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
234500000 usd
CY2024Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
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CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
35221000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
77491000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
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CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
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CY2023Q2 us-gaap Operating Lease Lease Income
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153682000 usd
us-gaap Operating Lease Lease Income
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us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
304242000 usd
CY2024Q2 ofc Lessee Right Of Use Asset Carrying Value
LesseeRightOfUseAssetCarryingValue
43400000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2528000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2565000 usd
CY2024Q2 ofc Lease Rightof Use Assets
LeaseRightofUseAssets
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CY2023Q4 ofc Lease Rightof Use Assets
LeaseRightofUseAssets
43861000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
403000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
415000 usd
CY2024Q2 ofc Lease Liability
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34221000 usd
CY2023Q4 ofc Lease Liability
LeaseLiability
34346000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P52Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0736
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P9Y
CY2024Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0914
CY2024Q2 us-gaap Operating Lease Cost
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1899000 usd
CY2023Q2 us-gaap Operating Lease Cost
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1803000 usd
us-gaap Operating Lease Cost
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3758000 usd
us-gaap Operating Lease Cost
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3338000 usd
CY2024Q2 us-gaap Variable Lease Cost
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143000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
16000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
177000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
33000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
18000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
19000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
37000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
39000 usd
CY2024Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10000 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
19000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
23000 usd
CY2024Q2 us-gaap Lease Cost
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2070000 usd
CY2023Q2 us-gaap Lease Cost
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1848000 usd
us-gaap Lease Cost
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3991000 usd
us-gaap Lease Cost
LeaseCost
3433000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
3476000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2806000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
19000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
23000 usd
us-gaap Finance Lease Principal Payments
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12000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
9000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3462000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
30000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2528000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
63000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1940000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1955000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
67000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1971000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
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69000 usd
CY2024Q2 ofc Lessee Operating Lease Liabilitytobe Paidafter Year Four
LesseeOperatingLeaseLiabilitytobePaidafterYearFour
149013000 usd
CY2024Q2 ofc Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
297000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
591000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
127051000 usd
CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
188000 usd
CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
403000 usd
CY2024Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
40100000 usd
CY2023Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
41100000 usd
CY2024Q2 us-gaap Long Term Debt
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2389925000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2416287000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
903000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
23717000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
646300000 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 usd
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
345000000 usd
CY2024Q2 ofc Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1400000000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2415920000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
26000000.0 usd
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
643000 usd
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1200000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1200000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2000000.0 usd
CY2024Q2 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
4097000 usd
CY2023Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
2558000 usd
CY2023Q4 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
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