☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Maryland | 23-2947217 | |||||||
(State or other jurisdiction of | (IRS Employer | |||||||
incorporation or organization) | Identification No.) |
6711 Columbia Gateway Drive, Suite 300, Columbia, MD | 21046 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Shares of beneficial interest, $0.01 par value | OFC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
PAGE | ||||||||
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Properties, net: | Properties, net: | Properties, net: | ||||||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,167,851 | $ | 3,090,510 | Operating properties, net | $ | 3,169,992 | $ | 3,090,510 | ||||||||||||
Projects in development or held for future development | Projects in development or held for future development | 412,430 | 442,434 | Projects in development or held for future development | 521,419 | 442,434 | ||||||||||||||||
Total properties, net | Total properties, net | 3,580,281 | 3,532,944 | Total properties, net | 3,691,411 | 3,532,944 | ||||||||||||||||
Property - operating right-of-use assets | Property - operating right-of-use assets | 38,566 | 38,361 | Property - operating right-of-use assets | 37,541 | 38,361 | ||||||||||||||||
Assets held for sale, net | Assets held for sale, net | — | 192,699 | Assets held for sale, net | — | 192,699 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 19,347 | 13,262 | Cash and cash equivalents | 12,643 | 13,262 | ||||||||||||||||
Investment in unconsolidated real estate joint ventures | Investment in unconsolidated real estate joint ventures | 39,440 | 39,889 | Investment in unconsolidated real estate joint ventures | 38,644 | 39,889 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 42,596 | 40,752 | Accounts receivable, net | 39,720 | 40,752 | ||||||||||||||||
Deferred rent receivable | Deferred rent receivable | 114,952 | 108,926 | Deferred rent receivable | 124,146 | 108,926 | ||||||||||||||||
Intangible assets on property acquisitions, net | Intangible assets on property acquisitions, net | 13,410 | 14,567 | Intangible assets on property acquisitions, net | 11,788 | 14,567 | ||||||||||||||||
Lease incentives, net | Lease incentives, net | 52,089 | 51,486 | Lease incentives, net | 49,083 | 51,486 | ||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $32,293 and $31,768, respectively) | 65,660 | 65,850 | ||||||||||||||||||||
Investing receivables (net of allowance for credit losses of $1,676 and $1,599, respectively) | 82,417 | 82,226 | ||||||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $34,711 and $31,768, respectively) | Deferred leasing costs (net of accumulated amortization of $34,711 and $31,768, respectively) | 68,122 | 65,850 | |||||||||||||||||||
Investing receivables (net of allowance for credit losses of $3,728 and $1,599, respectively) | Investing receivables (net of allowance for credit losses of $3,728 and $1,599, respectively) | 102,550 | 82,226 | |||||||||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | 83,268 | 81,490 | Prepaid expenses and other assets, net | 93,681 | 81,490 | ||||||||||||||||
Total assets | Total assets | $ | 4,132,026 | $ | 4,262,452 | Total assets | $ | 4,269,329 | $ | 4,262,452 | ||||||||||||
Liabilities and equity | Liabilities and equity | Liabilities and equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Debt, net | Debt, net | $ | 2,156,784 | $ | 2,272,304 | Debt, net | $ | 2,269,834 | $ | 2,272,304 | ||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 144,974 | 186,202 | Accounts payable and accrued expenses | 156,815 | 186,202 | ||||||||||||||||
Rents received in advance and security deposits | Rents received in advance and security deposits | 29,082 | 32,262 | Rents received in advance and security deposits | 29,056 | 32,262 | ||||||||||||||||
Dividends and distributions payable | Dividends and distributions payable | 31,402 | 31,299 | Dividends and distributions payable | 31,407 | 31,299 | ||||||||||||||||
Deferred revenue associated with operating leases | Deferred revenue associated with operating leases | 8,241 | 9,341 | Deferred revenue associated with operating leases | 9,382 | 9,341 | ||||||||||||||||
Property - operating lease liabilities | Property - operating lease liabilities | 29,729 | 29,342 | Property - operating lease liabilities | 29,088 | 29,342 | ||||||||||||||||
Other liabilities | Other liabilities | 14,458 | 17,729 | Other liabilities | 17,634 | 17,729 | ||||||||||||||||
Total liabilities | Total liabilities | 2,414,670 | 2,578,479 | Total liabilities | 2,543,216 | 2,578,479 | ||||||||||||||||
Commitments and contingencies (Note 18) | Commitments and contingencies (Note 18) | 0 | 0 | Commitments and contingencies (Note 18) | ||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 26,820 | 26,898 | Redeemable noncontrolling interests | 25,447 | 26,898 | ||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | Shareholders’ equity: | ||||||||||||||||||||
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,418,811 at March 31, 2022 and 112,327,533 at December 31, 2021) | 1,124 | 1,123 | ||||||||||||||||||||
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,423,263 at September 30, 2022 and 112,327,533 at December 31, 2021) | Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,423,263 at September 30, 2022 and 112,327,533 at December 31, 2021) | 1,124 | 1,123 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 2,479,119 | 2,481,539 | Additional paid-in capital | 2,484,702 | 2,481,539 | ||||||||||||||||
Cumulative distributions in excess of net income | Cumulative distributions in excess of net income | (828,473) | (856,863) | Cumulative distributions in excess of net income | (827,072) | (856,863) | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | 164 | (3,059) | Accumulated other comprehensive income (loss) | 2,632 | (3,059) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,651,934 | 1,622,740 | Total shareholders’ equity | 1,661,386 | 1,622,740 | ||||||||||||||||
Noncontrolling interests in subsidiaries: | Noncontrolling interests in subsidiaries: | Noncontrolling interests in subsidiaries: | ||||||||||||||||||||
Common units in Corporate Office Properties, L.P. (“COPLP”) | Common units in Corporate Office Properties, L.P. (“COPLP”) | 25,285 | 21,363 | Common units in Corporate Office Properties, L.P. (“COPLP”) | 25,524 | 21,363 | ||||||||||||||||
Other consolidated entities | Other consolidated entities | 13,317 | 12,972 | Other consolidated entities | 13,756 | 12,972 | ||||||||||||||||
Noncontrolling interests in subsidiaries | Noncontrolling interests in subsidiaries | 38,602 | 34,335 | Noncontrolling interests in subsidiaries | 39,280 | 34,335 | ||||||||||||||||
Total equity | Total equity | 1,690,536 | 1,657,075 | Total equity | 1,700,666 | 1,657,075 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,132,026 | $ | 4,262,452 | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,269,329 | $ | 4,262,452 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | $ | 141,389 | $ | 137,290 | Lease revenue | $ | 146,481 | $ | 138,032 | $ | 430,147 | $ | 411,776 | ||||||||||||||||||||||||||||||||
Other property revenue | Other property revenue | 891 | 540 | Other property revenue | 1,206 | 841 | 3,066 | 2,146 | ||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 53,200 | 16,558 | Construction contract and other service revenues | 34,813 | 28,046 | 130,570 | 64,592 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 195,480 | 154,388 | Total revenues | 182,500 | 166,919 | 563,783 | 478,514 | ||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 57,181 | 53,276 | Property operating expenses | 57,663 | 52,728 | 168,960 | 156,918 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 34,264 | 34,500 | Depreciation and amortization associated with real estate operations | 35,247 | 33,807 | 104,323 | 103,039 | ||||||||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 51,650 | 15,793 | Construction contract and other service expenses | 33,555 | 27,089 | 126,509 | 61,964 | ||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | 8,544 | 8,406 | General, administrative and leasing expenses | 8,898 | 9,342 | 25,797 | 26,970 | ||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | 783 | 1,094 | Business development expenses and land carry costs | 552 | 1,093 | 2,036 | 3,559 | ||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 152,422 | 113,069 | Total operating expenses | 135,915 | 124,059 | 427,625 | 352,450 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (14,424) | (17,519) | Interest expense | (15,123) | (15,720) | (44,355) | (49,181) | ||||||||||||||||||||||||||||||||||||||
Interest and other income | Interest and other income | 1,893 | 1,865 | Interest and other income | 2,290 | 1,818 | 6,001 | 5,911 | ||||||||||||||||||||||||||||||||||||||
Credit loss recoveries | 316 | 907 | ||||||||||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | Credit loss (expense) recoveries | (1,693) | 326 | (1,602) | 1,040 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 15 | (490) | Gain on sales of real estate | 16 | (32) | 12 | 39,711 | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (342) | (33,166) | Loss on early extinguishment of debt | — | (1,159) | (342) | (59,553) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes | 30,516 | (7,084) | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity in income of unconsolidated entities and income taxes | Income from continuing operations before equity in income of unconsolidated entities and income taxes | 32,075 | 28,093 | 95,872 | 63,992 | |||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 888 | 222 | Equity in income of unconsolidated entities | 308 | 297 | 1,514 | 779 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (153) | (32) | Income tax expense | (67) | (47) | (224) | (103) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 31,251 | (6,894) | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 32,316 | 28,343 | 97,162 | 64,668 | |||||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 29,573 | 815 | Discontinued operations | — | 451 | 29,573 | 1,945 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | 60,824 | (6,079) | ||||||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 32,316 | 28,794 | 126,735 | 66,613 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests: | Net income attributable to noncontrolling interests: | |||||||||||||||||||||||||||||||||||||||||||||
Common units in COPLP | Common units in COPLP | (856) | 85 | Common units in COPLP | (476) | (357) | (1,828) | (831) | ||||||||||||||||||||||||||||||||||||||
Other consolidated entities | Other consolidated entities | (649) | (675) | Other consolidated entities | (919) | (1,336) | (2,357) | (2,949) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 59,319 | $ | (6,669) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | Net income attributable to COPT common shareholders | $ | 30,921 | $ | 27,101 | $ | 122,550 | $ | 62,833 | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share: (1) | Basic earnings per common share: (1) | Basic earnings per common share: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.27 | $ | (0.07) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.28 | $ | 0.24 | $ | 0.83 | $ | 0.54 | |||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 0.26 | 0.01 | Discontinued operations | — | — | 0.26 | 0.02 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.53 | $ | (0.06) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | Net income attributable to COPT common shareholders | $ | 0.28 | $ | 0.24 | $ | 1.09 | $ | 0.56 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share: (1) | Diluted earnings per common share: (1) | Diluted earnings per common share: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.27 | $ | (0.07) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.27 | $ | 0.24 | $ | 0.83 | $ | 0.54 | |||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 0.25 | 0.01 | Discontinued operations | — | — | 0.25 | 0.02 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.52 | $ | (0.06) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | Net income attributable to COPT common shareholders | $ | 0.27 | $ | 0.24 | $ | 1.08 | $ | 0.56 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 60,824 | $ | (6,079) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,316 | $ | 28,794 | $ | 126,735 | $ | 66,613 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized income on interest rate derivatives | 2,537 | 784 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized income (loss) on interest rate derivatives | Unrealized income (loss) on interest rate derivatives | 1,101 | (118) | 4,646 | 426 | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments on interest rate derivatives recognized in interest expense | Reclassification adjustments on interest rate derivatives recognized in interest expense | 1,003 | 1,175 | Reclassification adjustments on interest rate derivatives recognized in interest expense | (77) | 1,226 | 1,680 | 3,604 | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | 3,540 | 1,959 | Total other comprehensive income | 1,024 | 1,108 | 6,326 | 4,030 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 64,364 | (4,120) | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 33,340 | 29,902 | 133,061 | 70,643 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | Comprehensive income attributable to noncontrolling interests | (1,822) | (783) | Comprehensive income attributable to noncontrolling interests | (1,593) | (1,733) | (4,820) | (4,000) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to COPT | $ | 62,542 | $ | (4,903) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to COPT | Comprehensive income attributable to COPT | $ | 31,747 | $ | 28,169 | $ | 128,241 | $ | 66,643 |
Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (112,181,759 common shares outstanding) | $ | 1,122 | $ | 2,478,906 | $ | (809,836) | $ | (9,157) | $ | 32,677 | $ | 1,693,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common shares (8,054 shares) | — | 121 | — | — | (121) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (137,421 shares issued, net of redemptions) | 1 | 1,097 | — | — | 917 | 2,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | — | (2,290) | — | — | — | (2,290) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (545) | — | — | 545 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | — | — | (6,669) | 1,766 | 371 | (4,532) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | (30,902) | — | — | (30,902) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | — | — | — | — | (398) | (398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (7) | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (482) | — | — | — | (482) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (324) | (324) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 (112,327,234 common shares outstanding) | $ | 1,123 | $ | 2,476,807 | $ | (847,407) | $ | (7,391) | $ | 33,660 | $ | 1,656,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 (112,327,533 common shares outstanding) | $ | 1,123 | $ | 2,481,539 | $ | (856,863) | $ | (3,059) | $ | 34,335 | $ | 1,657,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (112,336,070 common shares outstanding) | Balance at June 30, 2021 (112,336,070 common shares outstanding) | $ | 1,123 | $ | 2,478,416 | $ | (835,894) | $ | (6,415) | $ | 34,082 | $ | 1,671,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (212) | (212) | Redemption of common units | — | — | — | — | (56) | (56) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (91,278 shares issued, net of redemptions) | 1 | 1,014 | — | — | 1,286 | 2,301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (10,659 shares redeemed, net of issuances) | Share-based compensation (10,659 shares redeemed, net of issuances) | — | 1,064 | — | — | 1,098 | 2,162 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (1,059) | — | — | — | (1,059) | Redemption of vested equity awards | — | (64) | — | — | — | (64) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (2,414) | — | — | 2,414 | — | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,051 | — | — | (1,051) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 59,319 | 3,223 | 1,255 | 63,797 | Comprehensive income | — | — | 27,101 | 1,068 | 600 | 28,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (30,929) | — | — | (30,929) | Dividends | — | — | (30,883) | — | — | (30,883) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | Distributions to owners of common units in COPLP | — | — | — | — | (469) | (469) | Distributions to owners of common units in COPLP | — | — | — | — | (398) | (398) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (7) | (7) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | 39 | — | — | — | 39 | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (55) | — | — | — | (55) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (112,325,411 common shares outstanding) | Balance at September 30, 2021 (112,325,411 common shares outstanding) | $ | 1,123 | $ | 2,480,412 | $ | (839,676) | $ | (5,347) | $ | 34,267 | $ | 1,670,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 (112,418,811 common shares outstanding) | $ | 1,124 | $ | 2,479,119 | $ | (828,473) | $ | 164 | $ | 38,602 | $ | 1,690,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2022 | For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 (112,424,671 common shares outstanding) | Balance at June 30, 2022 (112,424,671 common shares outstanding) | $ | 1,124 | $ | 2,481,139 | $ | (827,076) | $ | 1,806 | $ | 38,958 | $ | 1,695,951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (86) | (86) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (1,408 shares redeemed, net of issuances) | Share-based compensation (1,408 shares redeemed, net of issuances) | — | 1,045 | — | — | 1,389 | 2,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (48) | — | — | — | (48) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,301 | — | — | (1,301) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 30,921 | 826 | 799 | 32,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (30,917) | — | — | (30,917) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | Distributions to owners of common units in COPLP | — | — | — | — | (471) | (471) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | Adjustment to arrive at fair value of redeemable noncontrolling interests | — | 1,265 | — | — | — | 1,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 (112,423,263 common shares outstanding) | Balance at September 30, 2022 (112,423,263 common shares outstanding) | $ | 1,124 | $ | 2,484,702 | $ | (827,072) | $ | 2,632 | $ | 39,280 | $ | 1,700,666 |
Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 (112,181,759 common shares outstanding) | $ | 1,122 | $ | 2,478,906 | $ | (809,836) | $ | (9,157) | $ | 32,677 | $ | 1,693,712 | |||||||||||||||||||||||||||||
Conversion of common units to common shares (8,054 shares) | — | 121 | — | — | (121) | — | |||||||||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (297) | (297) | |||||||||||||||||||||||||||||||||||
Share-based compensation (135,598 shares issued, net of redemptions) | 1 | 3,239 | — | — | 3,082 | 6,322 | |||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | — | (2,422) | — | — | — | (2,422) | |||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,245 | — | — | (1,245) | — | |||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 62,833 | 3,810 | 1,714 | 68,357 | |||||||||||||||||||||||||||||||||||
Dividends | — | — | (92,673) | — | — | (92,673) | |||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | — | — | — | — | (1,196) | (1,196) | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (23) | (23) | |||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | — | (677) | — | — | — | (677) | |||||||||||||||||||||||||||||||||||
Other | — | — | — | — | (324) | (324) | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (112,325,411 common shares outstanding) | $ | 1,123 | $ | 2,480,412 | $ | (839,676) | $ | (5,347) | $ | 34,267 | $ | 1,670,779 | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 (112,327,533 common shares outstanding) | $ | 1,123 | $ | 2,481,539 | $ | (856,863) | $ | (3,059) | $ | 34,335 | $ | 1,657,075 | |||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (462) | (462) | |||||||||||||||||||||||||||||||||||
Share-based compensation (95,730 shares issued, net of redemptions) | 1 | 3,066 | — | — | 4,045 | 7,112 | |||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | — | (1,168) | — | — | — | (1,168) | |||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (77) | — | — | 77 | — | |||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 122,550 | 5,691 | 2,720 | 130,961 | |||||||||||||||||||||||||||||||||||
Dividends | — | — | (92,759) | — | — | (92,759) | |||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | — | — | — | — | (1,412) | (1,412) | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (23) | (23) | |||||||||||||||||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interests | — | 1,342 | — | — | — | 1,342 | |||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 (112,423,263 common shares outstanding) | $ | 1,124 | $ | 2,484,702 | $ | (827,072) | $ | 2,632 | $ | 39,280 | $ | 1,700,666 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||
Revenues from real estate operations received | Revenues from real estate operations received | $ | 133,550 | $ | 133,234 | Revenues from real estate operations received | $ | 431,447 | $ | 427,448 | ||||||||||||
Construction contract and other service revenues received | Construction contract and other service revenues received | 49,436 | 22,046 | Construction contract and other service revenues received | 130,710 | 68,780 | ||||||||||||||||
Property operating expenses paid | Property operating expenses paid | (56,132) | (51,718) | Property operating expenses paid | (179,306) | (168,009) | ||||||||||||||||
Construction contract and other service expenses paid | Construction contract and other service expenses paid | (47,380) | (19,897) | Construction contract and other service expenses paid | (128,428) | (50,275) | ||||||||||||||||
General, administrative, leasing, business development and land carry costs paid | General, administrative, leasing, business development and land carry costs paid | (13,196) | (10,806) | General, administrative, leasing, business development and land carry costs paid | (24,630) | (22,367) | ||||||||||||||||
Interest expense paid | Interest expense paid | (9,949) | (24,510) | Interest expense paid | (37,561) | (46,621) | ||||||||||||||||
Lease incentives paid | Lease incentives paid | (5,677) | (5,963) | Lease incentives paid | (8,360) | (8,694) | ||||||||||||||||
Other | Other | 2,059 | (1,714) | Other | 3,262 | (359) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 52,711 | 40,672 | Net cash provided by operating activities | 187,134 | 199,903 | ||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | Cash flows from investing activities | ||||||||||||||||||||
Development and redevelopment of properties | Development and redevelopment of properties | (91,783) | (57,427) | Development and redevelopment of properties | (223,298) | (176,554) | ||||||||||||||||
Tenant improvements on operating properties | Tenant improvements on operating properties | (7,989) | (4,173) | Tenant improvements on operating properties | (22,550) | (15,149) | ||||||||||||||||
Other capital improvements on operating properties | Other capital improvements on operating properties | (14,529) | (5,955) | Other capital improvements on operating properties | (28,705) | (19,256) | ||||||||||||||||
Proceeds from sale of properties | Proceeds from sale of properties | 220,814 | — | Proceeds from sale of properties | 220,810 | 114,050 | ||||||||||||||||
Investing receivables funded | Investing receivables funded | (19,000) | (1,196) | |||||||||||||||||||
Leasing costs paid | Leasing costs paid | (2,103) | (4,628) | Leasing costs paid | (10,544) | (14,929) | ||||||||||||||||
Other | Other | (190) | (631) | Other | 852 | 1,042 | ||||||||||||||||
Net cash provided by (used in) investing activities | 104,220 | (72,814) | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (82,435) | (111,992) | |||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||
Proceeds from debt | Proceeds from debt | Proceeds from debt | ||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | 244,000 | 73,000 | Revolving Credit Facility | 451,000 | 456,000 | ||||||||||||||||
Unsecured senior notes | Unsecured senior notes | — | 589,818 | Unsecured senior notes | — | 987,210 | ||||||||||||||||
Other debt proceeds | Other debt proceeds | — | 3,620 | Other debt proceeds | — | 4,630 | ||||||||||||||||
Repayments of debt | Repayments of debt | Repayments of debt | ||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | (160,000) | (216,000) | Revolving Credit Facility | (254,000) | (589,000) | ||||||||||||||||
Unsecured senior notes | Unsecured senior notes | — | (330,039) | Unsecured senior notes | — | (600,000) | ||||||||||||||||
Scheduled principal amortization | Scheduled principal amortization | (774) | (962) | Scheduled principal amortization | (2,469) | (2,911) | ||||||||||||||||
Other debt repayments | Other debt repayments | (200,000) | — | Other debt repayments | (200,000) | (188,960) | ||||||||||||||||
Deferred financing costs paid | Deferred financing costs paid | — | (2,662) | |||||||||||||||||||
Payments in connection with early extinguishment of debt | Payments in connection with early extinguishment of debt | (6) | (31,565) | Payments in connection with early extinguishment of debt | (6) | (55,720) | ||||||||||||||||
Common share dividends paid | Common share dividends paid | (30,904) | (30,862) | Common share dividends paid | (92,731) | (92,632) | ||||||||||||||||
Other | Other | (2,719) | (6,621) | Other | (7,411) | (7,754) | ||||||||||||||||
Net cash (used in) provided by financing activities | (150,403) | 50,389 | ||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 6,528 | 18,247 | ||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (105,617) | (91,799) | |||||||||||||||||||
Net decrease in cash and cash equivalents and restricted cash | Net decrease in cash and cash equivalents and restricted cash | (918) | (3,888) | |||||||||||||||||||
Cash and cash equivalents and restricted cash | Cash and cash equivalents and restricted cash | Cash and cash equivalents and restricted cash | ||||||||||||||||||||
Beginning of period | Beginning of period | 17,316 | 22,033 | Beginning of period | 17,316 | 22,033 | ||||||||||||||||
End of period | End of period | $ | 23,844 | $ | 40,280 | End of period | $ | 16,398 | $ | 18,145 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||
Net income (loss) | $ | 60,824 | $ | (6,079) | ||||||||||||||||||
Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | |||||||||||||||||||||
Net income | Net income | $ | 126,735 | $ | 66,613 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and other amortization | Depreciation and other amortization | 34,871 | 37,876 | Depreciation and other amortization | 106,084 | 113,676 | ||||||||||||||||
Amortization of deferred financing costs and net debt discounts | Amortization of deferred financing costs and net debt discounts | 1,202 | 1,335 | Amortization of deferred financing costs and net debt discounts | 3,503 | 3,969 | ||||||||||||||||
Increase in deferred rent receivable | Increase in deferred rent receivable | (5,822) | (5,671) | Increase in deferred rent receivable | (13,660) | (13,515) | ||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (28,579) | 490 | Gain on sales of real estate | (28,576) | (39,711) | ||||||||||||||||
Share-based compensation | Share-based compensation | 2,111 | 1,904 | Share-based compensation | 6,542 | 5,960 | ||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | 342 | 33,166 | Loss on early extinguishment of debt | 342 | 59,553 | ||||||||||||||||
Other | Other | (1,363) | (2,217) | Other | (2,580) | (3,708) | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Increase in accounts receivable | (1,994) | (2,983) | ||||||||||||||||||||
Decrease in prepaid expenses and other assets, net | 1,585 | 6,609 | ||||||||||||||||||||
Decrease in accounts payable, accrued expenses and other liabilities | (7,286) | (21,255) | ||||||||||||||||||||
Decrease in accounts receivable | Decrease in accounts receivable | 2,098 | 6,269 | |||||||||||||||||||
Increase in lease incentives and prepaid expenses and other assets, net | Increase in lease incentives and prepaid expenses and other assets, net | (7,646) | (13,120) | |||||||||||||||||||
(Decrease) increase in accounts payable, accrued expenses and other liabilities | (Decrease) increase in accounts payable, accrued expenses and other liabilities | (2,502) | 15,250 | |||||||||||||||||||
Decrease in rents received in advance and security deposits | Decrease in rents received in advance and security deposits | (3,180) | (2,503) | Decrease in rents received in advance and security deposits | (3,206) | (1,333) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 52,711 | $ | 40,672 | Net cash provided by operating activities | $ | 187,134 | $ | 199,903 | ||||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | $ | 13,262 | $ | 18,369 | Cash and cash equivalents at beginning of period | $ | 13,262 | $ | 18,369 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 4,054 | 3,664 | Restricted cash at beginning of period | 4,054 | 3,664 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 17,316 | $ | 22,033 | Cash and cash equivalents and restricted cash at beginning of period | $ | 17,316 | $ | 22,033 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 19,347 | $ | 36,139 | Cash and cash equivalents at end of period | $ | 12,643 | $ | 14,570 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 4,497 | 4,141 | Restricted cash at end of period | 3,755 | 3,575 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 23,844 | $ | 40,280 | Cash and cash equivalents and restricted cash at end of period | $ | 16,398 | $ | 18,145 | ||||||||||||
Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | Supplemental schedule of non-cash investing and financing activities: | ||||||||||||||||||||
Decrease in accrued capital improvements, leasing and other investing activity costs | $ | (33,733) | $ | (20,454) | ||||||||||||||||||
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs | (Decrease) increase in accrued capital improvements, leasing and other investing activity costs | $ | (21,401) | $ | 17,590 | |||||||||||||||||
Recognition of operating right-of-use assets and related lease liabilities | Recognition of operating right-of-use assets and related lease liabilities | $ | 683 | $ | 328 | Recognition of operating right-of-use assets and related lease liabilities | $ | 683 | $ | 328 | ||||||||||||
Investment in unconsolidated real estate joint venture retained in property disposition | Investment in unconsolidated real estate joint venture retained in property disposition | $ | — | $ | 11,842 | |||||||||||||||||
Increase in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | Increase in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | $ | 3,478 | $ | 1,959 | Increase in fair value of derivatives applied to accumulated other comprehensive loss and noncontrolling interests | $ | 5,901 | $ | 4,030 | ||||||||||||
Dividends/distributions payable | Dividends/distributions payable | $ | 31,402 | $ | 31,305 | Dividends/distributions payable | $ | 31,407 | $ | 31,306 | ||||||||||||
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | $ | — | $ | 121 | Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | $ | — | $ | 121 | ||||||||||||
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | 2,414 | $ | 545 | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | 77 | $ | (1,245) | ||||||||||||
(Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value | (Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value | $ | (39) | $ | 482 | (Decrease) increase in redeemable noncontrolling interests and (increase) decrease in equity to carry redeemable noncontrolling interests at fair value | $ | (1,342) | $ | 677 |
Description | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | Marketable securities in deferred compensation plan (1) | Marketable securities in deferred compensation plan (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | Mutual funds | $ | 2,263 | $ | — | $ | — | $ | 2,263 | Mutual funds | $ | 1,712 | $ | — | $ | — | $ | 1,712 | ||||||||||||||||||||||||||||||||||
Other | Other | 59 | — | — | 59 | Other | 57 | — | — | 57 | ||||||||||||||||||||||||||||||||||||||||||
Other marketable securities (1) | 33 | — | — | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives (1) | Interest rate derivatives (1) | — | 1,538 | — | 1,538 | Interest rate derivatives (1) | — | 3,296 | — | 3,296 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 2,355 | $ | 1,538 | $ | — | $ | 3,893 | Total assets | $ | 1,769 | $ | 3,296 | $ | — | $ | 5,065 | ||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan liability (2) | Deferred compensation plan liability (2) | $ | — | $ | 2,322 | $ | — | $ | 2,322 | Deferred compensation plan liability (2) | $ | — | $ | 1,769 | $ | — | $ | 1,769 | ||||||||||||||||||||||||||||||||||
Interest rate derivatives (2) | — | 665 | — | 665 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 2,987 | $ | — | $ | 2,987 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Land | Land | $ | 584,878 | $ | 572,900 | Land | $ | 584,878 | $ | 572,900 | ||||||||||||
Buildings and improvements | Buildings and improvements | 3,765,625 | 3,670,133 | Buildings and improvements | 3,830,427 | 3,670,133 | ||||||||||||||||
Less: Accumulated depreciation | Less: Accumulated depreciation | (1,182,652) | (1,152,523) | Less: Accumulated depreciation | (1,245,313) | (1,152,523) | ||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,167,851 | $ | 3,090,510 | Operating properties, net | $ | 3,169,992 | $ | 3,090,510 |
Properties, net | $ | 191,857 | |||||||||
Deferred rent receivable | 462 | ||||||||||
Intangible assets on property acquisitions, net | 73 | ||||||||||
Deferred leasing costs, net | 307 | ||||||||||
Assets held for sale, net | $ | 192,699 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 1,980 | $ | 7,334 | Revenues from real estate operations | $ | — | $ | 7,717 | $ | 1,980 | $ | 22,255 | ||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (971) | (3,698) | Property operating expenses | — | (4,462) | (971) | (11,862) | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | — | (2,821) | Depreciation and amortization associated with real estate operations | — | (2,804) | — | (8,448) | ||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | Gain on sale of real estate | 28,564 | — | Gain on sale of real estate | — | — | 28,564 | — | ||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 29,573 | 815 | Discontinued operations | $ | — | $ | 451 | $ | 29,573 | $ | 1,945 | ||||||||||||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | $ | 4,463 | $ | 4,387 | Cash flows from operating activities | $ | 5,759 | $ | 11,593 | ||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | $ | 220,569 | $ | (297) | Cash flows from investing activities | $ | 220,566 | $ | (882) |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue (1) | Lease revenue (1) | 2022 | 2021 | Lease revenue (1) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed | Fixed | $ | 111,167 | $ | 106,935 | Fixed | $ | 113,700 | $ | 108,694 | $ | 337,558 | $ | 323,452 | ||||||||||||||||||||||||||||||||||||||
Variable | Variable | 30,222 | 30,355 | Variable | 32,781 | 29,338 | 92,589 | 88,324 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 141,389 | $ | 137,290 | $ | 146,481 | $ | 138,032 | $ | 430,147 | $ | 411,776 |
As of March 31, 2022 | As of September 30, 2022 | |||||||||||||||||||||||||||
Year Ending December 31, | Year Ending December 31, | Operating leases | Sales-type leases | Year Ending December 31, | Operating leases | Sales-type leases | ||||||||||||||||||||||
2022 (1) | 2022 (1) | $ | 329,371 | $ | 720 | 2022 (1) | $ | 114,168 | $ | 240 | ||||||||||||||||||
2023 | 2023 | 412,129 | 960 | 2023 | 433,302 | 960 | ||||||||||||||||||||||
2024 | 2024 | 363,829 | 960 | 2024 | 391,451 | 960 | ||||||||||||||||||||||
2025 | 2025 | 276,356 | 960 | 2025 | 304,035 | 960 | ||||||||||||||||||||||
2026 | 2026 | 212,571 | 960 | 2026 | 237,922 | 960 | ||||||||||||||||||||||
Thereafter | Thereafter | 1,032,507 | 3,556 | Thereafter | 1,106,292 | 3,556 | ||||||||||||||||||||||
Total contractual payments | Total contractual payments | $ | 2,626,763 | 8,116 | Total contractual payments | $ | 2,587,170 | 7,636 | ||||||||||||||||||||
Less: Amount representing interest | Less: Amount representing interest | (2,051) | Less: Amount representing interest | (1,835) | ||||||||||||||||||||||||
Net investment in sales-type leases | Net investment in sales-type leases | $ | 6,065 | Net investment in sales-type leases | $ | 5,801 |
Leases | Leases | Balance Sheet Location | March 31, 2022 | December 31, 2021 | Leases | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Right-of-use assets | Right-of-use assets | Right-of-use assets | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating right-of-use assets | $ | 38,566 | $ | 38,361 | Operating leases - Property | Property - operating right-of-use assets | $ | 37,541 | $ | 38,361 | ||||||||||||||||||||||||||||
Finance leases - Property | Finance leases - Property | Prepaid expenses and other assets, net | 2,230 | 2,238 | Finance leases - Property | Prepaid expenses and other assets, net | 2,214 | 2,238 | ||||||||||||||||||||||||||||||||
Total right-of-use assets | Total right-of-use assets | $ | 40,796 | $ | 40,599 | Total right-of-use assets | $ | 39,755 | $ | 40,599 |
Leases | Leases | Balance Sheet Location | March 31, 2022 | December 31, 2021 | Leases | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Lease liabilities | Lease liabilities | Lease liabilities | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating lease liabilities | $ | 29,729 | $ | 29,342 | Operating leases - Property | Property - operating lease liabilities | $ | 29,088 | $ | 29,342 |
Statement of Operations Location | For the Three Months Ended March 31, | Statement of Operations Location | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease cost | Lease cost | 2022 | 2021 | Statement of Operations Location | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | Operating lease cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property leases - fixed | Property leases - fixed | Property operating expenses | $ | 1,019 | $ | 973 | Property leases - fixed | Property operating expenses | $ | 1,031 | $ | 1,013 | $ | 3,082 | $ | 2,999 | ||||||||||||||||||||||||||||||||||||||||||||||||
Property leases - variable | Property leases - variable | Property operating expenses | 16 | 10 | Property leases - variable | Property operating expenses | 16 | 11 | 49 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease cost | Finance lease cost | Finance lease cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of property right-of-use assets | Amortization of property right-of-use assets | Property operating expenses | 8 | 9 | Amortization of property right-of-use assets | Property operating expenses | 7 | 5 | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,043 | $ | 992 | $ | 1,054 | $ | 1,029 | $ | 3,154 | $ | 3,053 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information | 2022 | 2021 | Supplemental cash flow information | 2022 | 2021 | ||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating cash flows for operating leases | Operating cash flows for operating leases | $ | 837 | $ | 782 | Operating cash flows for operating leases | $ | 2,515 | $ | 2,399 | ||||||||||||||||||||||||
Financing cash flows for financing leases | Financing cash flows for financing leases | $ | — | $ | 14 |
Year Ending December 31, | Year Ending December 31, | March 31, 2022 | Year Ending December 31, | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 (1) | 2022 (1) | $ | 2,518 | 2022 (1) | $ | 839 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2023 | 3,399 | 2023 | 3,399 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 3,451 | 2024 | 3,451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 1,797 | 2025 | 1,797 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 1,578 | 2026 | 1,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 125,934 | Thereafter | 125,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total lease payments | Total lease payments | 138,677 | Total lease payments | 136,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amount representing interest | Less: Amount representing interest | (108,948) | Less: Amount representing interest | (107,910) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability | Lease liability | $ | 29,729 | Lease liability | $ | 29,088 |
Nominal Ownership % | March 31, 2022 (1) | Nominal Ownership % | September 30, 2022 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Acquired | Total Assets | Encumbered Assets | Total Liabilities | Date Acquired | Total Assets | Encumbered Assets | Total Liabilities | Mortgage Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity | Entity | Nominal Ownership % | Location | Entity | Nominal Ownership % | Location | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LW Redstone Company, LLC (2) | LW Redstone Company, LLC (2) | 3/23/2010 | 85% | Huntsville, Alabama | $ | 512,373 | $ | 88,832 | $ | 95,225 | LW Redstone Company, LLC (2) | 3/23/2010 | 85% | Huntsville, Alabama | $ | 578,626 | $ | 88,453 | $ | 112,909 | $ | 52,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stevens Investors, LLC (3) | Stevens Investors, LLC (3) | 8/11/2015 | 95% | Washington, DC | 167,047 | — | 875 | Stevens Investors, LLC (3) | 8/11/2015 | 95% | Washington, DC | 167,869 | — | 678 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M Square Associates, LLC | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 103,368 | 60,202 | 52,730 | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 101,865 | 59,933 | 51,531 | 50,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 782,788 | $ | 149,034 | $ | 148,830 | $ | 848,360 | $ | 148,386 | $ | 165,118 | $ | 102,451 |
Date Acquired | Nominal Ownership % | Number of Properties | Carrying Value of Investment (1) | Date Acquired | Nominal Ownership % | Number of Properties | Carrying Value of Investment (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity | Entity | March 31, 2022 | December 31, 2021 | Entity | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV II LLC (2) | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | $ | 15,440 | $ | 15,579 | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | $ | 15,140 | $ | 15,579 | ||||||||||||||||||||||||||||||||||||||||||||||||
BREIT COPT DC JV LLC | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 12,190 | 12,460 | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 11,801 | 12,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV III LLC | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 11,810 | 11,850 | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 11,703 | 11,850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | $ | 39,440 | $ | 39,889 | 19 | $ | 38,644 | $ | 39,889 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Notes receivable from the City of Huntsville | Notes receivable from the City of Huntsville | $ | 79,053 | $ | 77,784 | Notes receivable from the City of Huntsville | $ | 83,636 | $ | 77,784 | ||||||||||||
Other investing loans receivable | Other investing loans receivable | 5,040 | 6,041 | Other investing loans receivable | 22,642 | 6,041 | ||||||||||||||||
Amortized cost basis | Amortized cost basis | 84,093 | 83,825 | Amortized cost basis | 106,278 | 83,825 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (1,676) | (1,599) | Allowance for credit losses | (3,728) | (1,599) | ||||||||||||||||
Investing receivables, net | Investing receivables, net | $ | 82,417 | $ | 82,226 | Investing receivables, net | $ | 102,550 | $ | 82,226 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Prepaid expenses | Prepaid expenses | $ | 27,142 | $ | 20,058 | |||||||||||||||||
Construction contract costs in excess of billings, net | Construction contract costs in excess of billings, net | $ | 29,389 | $ | 22,384 | Construction contract costs in excess of billings, net | 26,562 | 22,384 | ||||||||||||||
Prepaid expenses | 11,213 | 20,058 | ||||||||||||||||||||
Furniture, fixtures and equipment, net | Furniture, fixtures and equipment, net | 9,214 | 9,599 | Furniture, fixtures and equipment, net | 8,815 | 9,599 | ||||||||||||||||
Deposits | 6,793 | 3,910 | ||||||||||||||||||||
Non-real estate equity investments | Non-real estate equity investments | 6,109 | 5,544 | Non-real estate equity investments | 6,106 | 5,544 | ||||||||||||||||
Net investment in sales-type leases | Net investment in sales-type leases | 6,065 | 6,194 | Net investment in sales-type leases | 5,801 | 6,194 | ||||||||||||||||
Deposits | Deposits | 4,850 | 3,910 | |||||||||||||||||||
Restricted cash | Restricted cash | 4,497 | 4,054 | Restricted cash | 3,755 | 4,054 | ||||||||||||||||
Interest rate derivatives | Interest rate derivatives | 3,296 | 355 | |||||||||||||||||||
Property - finance right-of-use assets | Property - finance right-of-use assets | 2,214 | 2,238 | |||||||||||||||||||
Marketable securities in deferred compensation plan | Marketable securities in deferred compensation plan | 2,322 | 2,556 | Marketable securities in deferred compensation plan | 1,769 | 2,556 | ||||||||||||||||
Property - finance right-of-use assets | 2,230 | 2,238 | ||||||||||||||||||||
Deferred tax asset, net (1) | Deferred tax asset, net (1) | 1,688 | 1,841 | Deferred tax asset, net (1) | 1,628 | 1,841 | ||||||||||||||||
Deferred financing costs, net (2) | Deferred financing costs, net (2) | 1,024 | 1,314 | Deferred financing costs, net (2) | 467 | 1,314 | ||||||||||||||||
Other assets | Other assets | 2,724 | 1,798 | Other assets | 1,276 | 1,443 | ||||||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | $ | 83,268 | $ | 81,490 | Prepaid expenses and other assets, net | $ | 93,681 | $ | 81,490 |
Carrying Value (1) as of | Carrying Value (1) as of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2022 | September 30, 2022 | December 31, 2021 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated Interest Rates | Scheduled Maturity | September 30, 2022 | December 31, 2021 | Scheduled Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Secured Debt: | Mortgage and Other Secured Debt: | Mortgage and Other Secured Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate mortgage debt | Fixed rate mortgage debt | $ | 86,331 | $ | 86,960 | 3.82% - 4.62% (2) | 2023-2026 | Fixed rate mortgage debt | $ | 85,077 | $ | 86,960 | 3.82% - 4.62% (2) | 2023-2026 | ||||||||||||||||||||||||||||||||||||||||||||
Variable rate secured debt | Variable rate secured debt | 33,636 | 33,667 | LIBOR + 1.45% to 1.55% (3) | 2025-2026 | Variable rate secured debt | 33,424 | 33,667 | LIBOR + 1.45% to 1.55% (3) | 2025-2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage and other secured debt | Total mortgage and other secured debt | 119,967 | 120,627 | Total mortgage and other secured debt | 118,501 | 120,627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility (4) | Revolving Credit Facility (4) | 160,000 | 76,000 | LIBOR + 0.775% to 1.45% (5) | March 2023 (4) | Revolving Credit Facility (4) | 273,000 | 76,000 | LIBOR + 0.775% to 1.45% (5) | March 2023 (4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan Facility (6) | Term Loan Facility (6) | 99,855 | 299,420 | LIBOR + 1.00% to 1.65% (7) | December 2022 | Term Loan Facility (6) | 99,953 | 299,420 | LIBOR + 1.00% to 1.65% (7) | December 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.25%, $400,000 aggregate principal | 2.25%, $400,000 aggregate principal | 395,751 | 395,491 | 2.25% (8) | March 2026 | 2.25%, $400,000 aggregate principal | 396,275 | 395,491 | 2.25% (8) | March 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.00%, $400,000 aggregate principal | 2.00%, $400,000 aggregate principal | 396,631 | 396,512 | 2.00% (9) | January 2029 | 2.00%, $400,000 aggregate principal | 396,869 | 396,512 | 2.00% (9) | January 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.75%, $600,000 aggregate principal | 2.75%, $600,000 aggregate principal | 589,323 | 589,060 | 2.75% (10) | April 2031 | 2.75%, $600,000 aggregate principal | 589,854 | 589,060 | 2.75% (10) | April 2031 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.90%, $400,000 aggregate principal | 2.90%, $400,000 aggregate principal | 394,542 | 394,441 | 2.90% (11) | December 2033 | 2.90%, $400,000 aggregate principal | 394,745 | 394,441 | 2.90% (11) | December 2033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured note payable | Unsecured note payable | 715 | 753 | 0% (12) | May 2026 | Unsecured note payable | 637 | 753 | 0% (12) | May 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total debt, net | Total debt, net | $ | 2,156,784 | $ | 2,272,304 | Total debt, net | $ | 2,269,834 | $ | 2,272,304 |
Year Ending December 31, | Year Ending December 31, | March 31, 2022 | Year Ending December 31, | September 30, 2022 | ||||||||||||||||||
2022 (1) | 2022 (1) | $ | 102,559 | 2022 (1) | $ | 100,864 | ||||||||||||||||
2023 | 2023 | 178,953 | 2023 | 291,954 | ||||||||||||||||||
2024 | 2024 | 29,983 | 2024 | 29,983 | ||||||||||||||||||
2025 | 2025 | 23,717 | 2025 | 23,717 | ||||||||||||||||||
2026 | 2026 | 446,300 | 2026 | 446,300 | ||||||||||||||||||
Thereafter | Thereafter | 1,400,000 | Thereafter | 1,400,000 | ||||||||||||||||||
Total | Total | $ | 2,181,512 | (2) | Total | $ | 2,292,818 | (2) |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | Fixed-rate debt | Fixed-rate debt | ||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | Unsecured Senior Notes | $ | 1,776,247 | $ | 1,779,846 | $ | 1,775,504 | $ | 1,809,950 | Unsecured Senior Notes | $ | 1,777,743 | $ | 1,711,298 | $ | 1,775,504 | $ | 1,809,950 | ||||||||||||||||||||||||||||
Other fixed-rate debt | Other fixed-rate debt | 87,046 | 84,608 | 87,713 | 87,339 | Other fixed-rate debt | 85,714 | 80,197 | 87,713 | 87,339 | ||||||||||||||||||||||||||||||||||||
Variable-rate debt | Variable-rate debt | 293,491 | 293,729 | 409,087 | 409,639 | Variable-rate debt | 406,377 | 404,871 | 409,087 | 409,639 | ||||||||||||||||||||||||||||||||||||
$ | 2,156,784 | $ | 2,158,183 | $ | 2,272,304 | $ | 2,306,928 | $ | 2,269,834 | $ | 2,196,366 | $ | 2,272,304 | $ | 2,306,928 |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | March 31, 2022 | December 31, 2021 | Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 100,000 | 1.901% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | $ | (331) | $ | (1,361) | 100,000 | 1.901% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | $ | 251 | $ | (1,361) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 100,000 | 1.905% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | (334) | (1,365) | 100,000 | 1.905% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | 251 | (1,365) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 11,060 | (1) | 1.678% | One-Month LIBOR | 8/1/2019 | 8/1/2026 | 307 | (234) | 10,940 | (1) | 1.678% | One-Month LIBOR | 8/1/2019 | 8/1/2026 | 865 | (234) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 23,000 | (2) | 0.573% | One-Month LIBOR | 4/1/2020 | 3/26/2025 | 1,231 | 355 | 22,850 | (2) | 0.573% | One-Month LIBOR | 4/1/2020 | 3/26/2025 | 1,929 | 355 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,000 | (3) | 1.908% | One-Month LIBOR | 9/1/2016 | N/A | — | (684) | 50,000 | (3) | 1.908% | One-Month LIBOR | 9/1/2016 | N/A | — | (684) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 873 | $ | (3,289) | $ | 3,296 | $ | (3,289) |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | Balance Sheet Location | March 31, 2022 | December 31, 2021 | Derivatives | Balance Sheet Location | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 1,538 | $ | 355 | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 3,296 | $ | 355 | ||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate swaps designated as cash flow hedges | Other liabilities | $ | (665) | $ | (2,960) | Interest rate swaps designated as cash flow hedges | Other liabilities | $ | — | $ | (2,960) | ||||||||||||||||||||||||||||
Interest rate swap not designated | Interest rate swap not designated | Other liabilities | $ | — | $ | (684) | Interest rate swap not designated | Other liabilities | $ | — | $ | (684) |
Amount of Income Recognized in AOCL on Derivatives | Amount of Loss Reclassified from AOCL into Interest Expense on Statement of Operations | Amount of Income (Loss) Recognized in AOCI on Derivatives | Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Hedging Relationships | Derivatives in Hedging Relationships | For the Three Months Ended March 31, | For the Three Months Ended March 31, | Derivatives in Hedging Relationships | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Derivatives in Hedging Relationships | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | $ | 2,537 | $ | 784 | $ | (1,003) | $ | (1,175) | $ | 1,101 | $ | (118) | $ | 4,646 | $ | 426 | $ | 77 | $ | (1,226) | $ | (1,680) | $ | (3,604) |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 26,898 | $ | 25,430 | Beginning balance | $ | 26,898 | $ | 25,430 | ||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (606) | (399) | Distributions to noncontrolling interests | (2,209) | (2,387) | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | 567 | 412 | Net income attributable to noncontrolling interests | 2,100 | 2,286 | ||||||||||||||||||||||
Adjustment to arrive at fair value of interests | Adjustment to arrive at fair value of interests | (39) | 482 | Adjustment to arrive at fair value of interests | (1,342) | 677 | ||||||||||||||||||||||
Ending balance | Ending balance | $ | 26,820 | $ | 25,925 | Ending balance | $ | 25,447 | $ | 26,006 |
Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | December 31, 2021 | $ | 1,599 | $ | 1,057 | $ | 913 | $ | 3,569 | December 31, 2021 | $ | 1,599 | $ | 1,057 | $ | 913 | $ | 3,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss (recoveries) expense | 77 | (34) | (359) | (316) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense (recoveries) | Credit loss expense (recoveries) | 2,129 | (112) | (415) | 1,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | 1,676 | $ | 1,023 | $ | 554 | $ | 3,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | $ | 3,728 | $ | 945 | $ | 498 | $ | 5,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | $ | 2,851 | $ | 1,203 | $ | 643 | $ | 4,697 | December 31, 2020 | $ | 2,851 | $ | 1,203 | $ | 643 | $ | 4,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss recoveries | (771) | (7) | (129) | (907) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | $ | 2,080 | $ | 1,196 | $ | 514 | $ | 3,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss (recoveries) expense | Credit loss (recoveries) expense | (1,436) | (114) | 510 | (1,040) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | $ | 1,415 | $ | 1,089 | $ | 1,153 | $ | 3,657 |
Origination Year | Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 and Earlier | 2018 | 2019 | 2020 | 2021 | Total | 2017 and Earlier | 2018 | 2019 | 2020 | 2021 | 2022 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing receivables: | Investing receivables: | Investing receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 71,682 | $ | — | $ | — | $ | 1,715 | $ | 5,656 | $ | 79,053 | Investment grade | $ | 75,293 | $ | — | $ | — | $ | 1,801 | $ | 6,542 | $ | — | $ | 83,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | — | — | 5,040 | — | — | 5,040 | Non-investment grade | — | — | 5,033 | — | — | 17,609 | 22,642 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 71,682 | $ | — | $ | 5,040 | $ | 1,715 | $ | 5,656 | $ | 84,093 | Total | $ | 75,293 | $ | — | $ | 5,033 | $ | 1,801 | $ | 6,542 | $ | 17,609 | $ | 106,278 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant notes receivable: | Tenant notes receivable: | Tenant notes receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | — | $ | 888 | $ | 58 | $ | 252 | $ | — | $ | 1,198 | Investment grade | $ | — | $ | 836 | $ | 46 | $ | 215 | $ | — | $ | — | $ | 1,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | 194 | 124 | 126 | 1,685 | — | 2,129 | Non-investment grade | 166 | 107 | 99 | 1,605 | — | — | 1,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 194 | $ | 1,012 | $ | 184 | $ | 1,937 | $ | — | $ | 3,327 | Total | $ | 166 | $ | 943 | $ | 145 | $ | 1,820 | $ | — | $ | — | $ | 3,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales-type lease receivables: | Sales-type lease receivables: | Sales-type lease receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | — | $ | — | $ | — | $ | 6,065 | $ | — | $ | 6,065 | Investment grade | $ | — | $ | — | $ | — | $ | 5,801 | $ | — | $ | — | $ | 5,801 |
Defense/IT Locations | Defense/IT Locations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fort Meade/BW Corridor | NoVA Defense/IT | Lackland Air Force Base | Navy Support | Redstone Arsenal | Data Center Shells | Total Defense/IT Locations | Regional Office | Wholesale Data Center | Other | Total | Fort Meade/BW Corridor | NoVA Defense/IT | Lackland Air Force Base | Navy Support | Redstone Arsenal | Data Center Shells | Total Defense/IT Locations | Regional Office | Wholesale Data Center | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 67,214 | $ | 18,576 | $ | 14,713 | $ | 8,169 | $ | 9,195 | $ | 7,505 | $ | 125,372 | $ | 15,082 | $ | 1,980 | $ | 1,826 | $ | 144,260 | Revenues from real estate operations | $ | 69,209 | $ | 18,611 | $ | 15,951 | $ | 8,253 | $ | 9,976 | $ | 9,069 | $ | 131,069 | $ | 14,739 | $ | — | $ | 1,879 | $ | 147,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (25,784) | (6,869) | (7,072) | (3,471) | (3,735) | (1,010) | (47,941) | (7,930) | (1,025) | (1,256) | (58,152) | Property operating expenses | (24,450) | (6,776) | (8,281) | (3,665) | (4,324) | (1,116) | (48,612) | (7,764) | — | (1,287) | (57,663) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 1,080 | 1,080 | — | — | — | 1,080 | UJV NOI allocable to COPT | — | — | — | — | — | 1,072 | 1,072 | — | — | — | 1,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 41,430 | $ | 11,707 | $ | 7,641 | $ | 4,698 | $ | 5,460 | $ | 7,575 | $ | 78,511 | $ | 7,152 | $ | 955 | $ | 570 | $ | 87,188 | NOI from real estate operations | $ | 44,759 | $ | 11,835 | $ | 7,670 | $ | 4,588 | $ | 5,652 | $ | 9,025 | $ | 83,529 | $ | 6,975 | $ | — | $ | 592 | $ | 91,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 11,785 | $ | 2,189 | $ | — | $ | 740 | $ | 235 | $ | — | $ | 14,949 | $ | 4,333 | $ | (51) | $ | 1 | $ | 19,232 | Additions to long-lived assets | $ | 9,076 | $ | 1,454 | $ | — | $ | 734 | $ | 1,573 | $ | — | $ | 12,837 | $ | 6,852 | $ | — | $ | 13 | $ | 19,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 5,369 | $ | 319 | $ | 418 | $ | 6,376 | $ | 76 | $ | 81,203 | $ | 93,761 | $ | 271 | $ | — | $ | — | $ | 94,032 | Transfers from non-operating properties | $ | 1,039 | $ | 345 | $ | 129 | $ | 27 | $ | 267 | $ | 2,986 | $ | 4,793 | $ | 348 | $ | — | $ | — | $ | 5,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at March 31, 2022 | $ | 1,334,119 | $ | 488,479 | $ | 197,406 | $ | 175,176 | $ | 297,974 | $ | 430,447 | $ | 2,923,601 | $ | 536,909 | $ | — | $ | 3,901 | $ | 3,464,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 66,446 | $ | 16,185 | $ | 12,555 | $ | 8,398 | $ | 8,253 | $ | 8,787 | $ | 120,624 | $ | 15,703 | $ | 7,334 | $ | 1,503 | $ | 145,164 | Revenues from real estate operations | $ | 66,029 | $ | 16,077 | $ | 14,519 | $ | 8,558 | $ | 9,144 | $ | 6,913 | $ | 121,240 | $ | 16,024 | $ | 7,717 | $ | 1,609 | $ | 146,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (24,671) | (6,336) | (6,874) | (3,433) | (2,554) | (1,082) | (44,950) | (7,204) | (3,823) | (997) | (56,974) | Property operating expenses | (22,956) | (6,330) | (6,935) | (3,454) | (3,003) | (657) | (43,335) | (8,045) | (4,612) | (1,198) | (57,190) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 917 | 917 | — | — | — | 917 | UJV NOI allocable to COPT | — | — | — | — | — | 1,060 | 1,060 | — | — | — | 1,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 41,775 | $ | 9,849 | $ | 5,681 | $ | 4,965 | $ | 5,699 | $ | 8,622 | $ | 76,591 | $ | 8,499 | $ | 3,511 | $ | 506 | $ | 89,107 | NOI from real estate operations | $ | 43,073 | $ | 9,747 | $ | 7,584 | $ | 5,104 | $ | 6,141 | $ | 7,316 | $ | 78,965 | $ | 7,979 | $ | 3,105 | $ | 411 | $ | 90,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 6,881 | $ | 298 | $ | — | $ | 552 | $ | 258 | $ | — | $ | 7,989 | $ | 4,009 | $ | 228 | $ | 4 | $ | 12,230 | Additions to long-lived assets | $ | 10,671 | $ | 1,500 | $ | — | $ | 897 | $ | 107 | $ | — | $ | 13,175 | $ | 5,433 | $ | 1,141 | $ | 69 | $ | 19,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 356 | $ | 88 | $ | 51 | $ | — | $ | 12,917 | $ | 985 | $ | 14,397 | $ | 357 | $ | — | $ | — | $ | 14,754 | Transfers from non-operating properties | $ | 53,935 | $ | 87,986 | $ | 7,332 | $ | — | $ | 5,519 | $ | 421 | $ | 155,193 | $ | 381 | $ | — | $ | — | $ | 155,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at March 31, 2021 | $ | 1,270,467 | $ | 407,528 | $ | 141,044 | $ | 176,506 | $ | 293,107 | $ | 419,957 | $ | 2,708,609 | $ | 469,452 | $ | 199,029 | $ | 3,712 | $ | 3,380,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 204,012 | $ | 55,290 | $ | 45,793 | $ | 24,507 | $ | 28,479 | $ | 25,714 | $ | 383,795 | $ | 43,942 | $ | 1,980 | $ | 5,476 | $ | 435,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (73,733) | (19,802) | (22,873) | (10,466) | (11,690) | (3,315) | (141,879) | (23,322) | (975) | (3,755) | (169,931) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 3,232 | 3,232 | — | — | — | 3,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 130,279 | $ | 35,488 | $ | 22,920 | $ | 14,041 | $ | 16,789 | $ | 25,631 | $ | 245,148 | $ | 20,620 | $ | 1,005 | $ | 1,721 | $ | 268,494 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 33,202 | $ | 6,184 | $ | — | $ | 2,124 | $ | 2,032 | $ | — | $ | 43,542 | $ | 14,746 | $ | (35) | $ | 79 | $ | 58,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 7,176 | $ | 1,582 | $ | 1,068 | $ | 6,325 | $ | 20,380 | $ | 89,862 | $ | 126,393 | $ | 649 | $ | — | $ | — | $ | 127,042 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at September 30, 2022 | Segment assets at September 30, 2022 | $ | 1,325,703 | $ | 487,032 | $ | 195,612 | $ | 170,574 | $ | 314,156 | $ | 436,908 | $ | 2,929,985 | $ | 534,838 | $ | — | $ | 3,795 | $ | 3,468,618 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 197,315 | $ | 47,888 | $ | 40,762 | $ | 25,401 | $ | 26,172 | $ | 23,770 | $ | 361,308 | $ | 47,697 | $ | 22,255 | $ | 4,917 | $ | 436,177 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (69,341) | (18,583) | (21,315) | (10,114) | (8,525) | (2,516) | (130,394) | (22,712) | (12,263) | (3,411) | (168,780) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 2,950 | 2,950 | — | — | — | 2,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 127,974 | $ | 29,305 | $ | 19,447 | $ | 15,287 | $ | 17,647 | $ | 24,204 | $ | 233,864 | $ | 24,985 | $ | 9,992 | $ | 1,506 | $ | 270,347 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 29,063 | $ | 2,970 | $ | — | $ | 2,654 | $ | 3,418 | $ | — | $ | 38,105 | $ | 13,381 | $ | 1,490 | $ | 82 | $ | 53,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 55,075 | $ | 88,099 | $ | 56,601 | $ | — | $ | 19,724 | $ | 2,423 | $ | 221,922 | $ | 38,738 | $ | — | $ | — | $ | 260,660 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at September 30, 2021 | Segment assets at September 30, 2021 | $ | 1,315,101 | $ | 487,973 | $ | 196,624 | $ | 172,381 | $ | 299,184 | $ | 353,340 | $ | 2,824,603 | $ | 520,184 | $ | 194,421 | $ | 3,663 | $ | 3,542,871 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues from real estate operations | Segment revenues from real estate operations | $ | 144,260 | $ | 145,164 | Segment revenues from real estate operations | $ | 147,687 | $ | 146,590 | $ | 435,193 | $ | 436,177 | ||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 53,200 | 16,558 | Construction contract and other service revenues | 34,813 | 28,046 | 130,570 | 64,592 | ||||||||||||||||||||||||||||||||||||||
Less: Revenues from discontinued operations (Note 4) | Less: Revenues from discontinued operations (Note 4) | (1,980) | (7,334) | Less: Revenues from discontinued operations (Note 4) | — | (7,717) | (1,980) | (22,255) | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 195,480 | $ | 154,388 | Total revenues | $ | 182,500 | $ | 166,919 | $ | 563,783 | $ | 478,514 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Segment property operating expenses | Segment property operating expenses | $ | 58,152 | $ | 56,974 | Segment property operating expenses | $ | 57,663 | $ | 57,190 | $ | 169,931 | $ | 168,780 | |||||||||||||||||||||||
Less: Property operating expenses from discontinued operations (Note 4) | Less: Property operating expenses from discontinued operations (Note 4) | (971) | (3,698) | Less: Property operating expenses from discontinued operations (Note 4) | — | (4,462) | (971) | (11,862) | |||||||||||||||||||||||||||||
Total property operating expenses | Total property operating expenses | $ | 57,181 | $ | 53,276 | Total property operating expenses | $ | 57,663 | $ | 52,728 | $ | 168,960 | $ | 156,918 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | $ | 1,080 | $ | 917 | UJV NOI allocable to COPT | $ | 1,072 | $ | 1,060 | $ | 3,232 | $ | 2,950 | ||||||||||||||||||||||||||||||||
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (758) | (693) | Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (762) | (763) | (2,280) | (2,167) | ||||||||||||||||||||||||||||||||||||||
Add: Equity in income (loss) of unconsolidated non-real estate entities | 566 | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Add: Equity in (loss) income of unconsolidated non-real estate entities | Add: Equity in (loss) income of unconsolidated non-real estate entities | (2) | — | 562 | (4) | |||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | $ | 888 | $ | 222 | Equity in income of unconsolidated entities | $ | 308 | $ | 297 | $ | 1,514 | $ | 779 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 53,200 | $ | 16,558 | Construction contract and other service revenues | $ | 34,813 | $ | 28,046 | $ | 130,570 | $ | 64,592 | ||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (51,650) | (15,793) | Construction contract and other service expenses | (33,555) | (27,089) | (126,509) | (61,964) | ||||||||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 1,550 | $ | 765 | NOI from service operations | $ | 1,258 | $ | 957 | $ | 4,061 | $ | 2,628 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 87,188 | $ | 89,107 | NOI from real estate operations | $ | 91,096 | $ | 90,460 | $ | 268,494 | $ | 270,347 | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | 1,550 | 765 | NOI from service operations | 1,258 | 957 | 4,061 | 2,628 | ||||||||||||||||||||||||||||||||||||||
Interest and other income | Interest and other income | 1,893 | 1,865 | Interest and other income | 2,290 | 1,818 | 6,001 | 5,911 | ||||||||||||||||||||||||||||||||||||||
Credit loss recoveries | 316 | 907 | ||||||||||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | Credit loss (expense) recoveries | (1,693) | 326 | (1,602) | 1,040 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 15 | (490) | Gain on sales of real estate | 16 | (32) | 12 | 39,711 | ||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 888 | 222 | Equity in income of unconsolidated entities | 308 | 297 | 1,514 | 779 | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (153) | (32) | Income tax expense | (67) | (47) | (224) | (103) | ||||||||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | Depreciation and other amortization associated with real estate operations | (34,264) | (34,500) | Depreciation and other amortization associated with real estate operations | (35,247) | (33,807) | (104,323) | (103,039) | ||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | (8,544) | (8,406) | General, administrative and leasing expenses | (8,898) | (9,342) | (25,797) | (26,970) | ||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | (783) | (1,094) | Business development expenses and land carry costs | (552) | (1,093) | (2,036) | (3,559) | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (14,424) | (17,519) | Interest expense | (15,123) | (15,720) | (44,355) | (49,181) | ||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT included in equity in income of unconsolidated entities | UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (1,080) | (917) | UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (1,072) | (1,060) | (3,232) | (2,950) | ||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations from discontinued operations (Note 4) | Revenues from real estate operations from discontinued operations (Note 4) | (1,980) | (7,334) | Revenues from real estate operations from discontinued operations (Note 4) | — | (7,717) | (1,980) | (22,255) | ||||||||||||||||||||||||||||||||||||||
Property operating expenses from discontinued operations (Note 4) | Property operating expenses from discontinued operations (Note 4) | 971 | 3,698 | Property operating expenses from discontinued operations (Note 4) | — | 4,462 | 971 | 11,862 | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (342) | (33,166) | Loss on early extinguishment of debt | — | (1,159) | (342) | (59,553) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 31,251 | $ | (6,894) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 32,316 | $ | 28,343 | $ | 97,162 | $ | 64,668 |
March 31, 2022 | March 31, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
Segment assets | Segment assets | $ | 3,464,411 | $ | 3,380,802 | Segment assets | $ | 3,468,618 | $ | 3,542,871 | ||||||||||||||||||
Operating properties lease liabilities included in segment assets | Operating properties lease liabilities included in segment assets | 29,729 | 30,151 | Operating properties lease liabilities included in segment assets | 29,088 | 29,644 | ||||||||||||||||||||||
Non-operating property assets | Non-operating property assets | 419,346 | 492,230 | Non-operating property assets | 531,838 | 385,025 | ||||||||||||||||||||||
Other assets | Other assets | 218,540 | 209,765 | Other assets | 239,785 | 193,598 | ||||||||||||||||||||||
Total consolidated assets | Total consolidated assets | $ | 4,132,026 | $ | 4,112,948 | Total consolidated assets | $ | 4,269,329 | $ | 4,151,138 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Construction contract revenue: | Construction contract revenue: | Construction contract revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Guaranteed maximum price | Guaranteed maximum price | $ | 47,923 | $ | 2,101 | Guaranteed maximum price | $ | 27,928 | $ | 15,846 | $ | 112,354 | $ | 29,335 | ||||||||||||||||||||||||||||||||
Firm fixed price | Firm fixed price | 3,444 | 1,471 | Firm fixed price | 3,121 | 7,042 | 9,822 | 10,954 | ||||||||||||||||||||||||||||||||||||||
Cost-plus fee | Cost-plus fee | 1,306 | 12,486 | Cost-plus fee | 3,196 | 4,742 | 6,757 | 23,075 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 527 | 500 | Other | 568 | 416 | 1,637 | 1,228 | ||||||||||||||||||||||||||||||||||||||
$ | 53,200 | $ | 16,558 | $ | 34,813 | $ | 28,046 | $ | 130,570 | $ | 64,592 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Construction contract revenue: | Construction contract revenue: | Construction contract revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Construction | Construction | $ | 52,569 | $ | 15,756 | Construction | $ | 33,920 | $ | 26,893 | $ | 128,318 | $ | 61,477 | ||||||||||||||||||||||||||||||||
Design | Design | 104 | 302 | Design | 325 | 737 | 615 | 1,887 | ||||||||||||||||||||||||||||||||||||||
Other | Other | 527 | 500 | Other | 568 | 416 | 1,637 | 1,228 | ||||||||||||||||||||||||||||||||||||||
$ | 53,200 | $ | 16,558 | $ | 34,813 | $ | 28,046 | $ | 130,570 | $ | 64,592 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 7,193 | $ | 13,997 | Beginning balance | $ | 7,193 | $ | 13,997 | ||||||||||||
Ending balance | Ending balance | $ | 4,165 | $ | 7,283 | Ending balance | $ | 6,283 | $ | 5,726 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 22,384 | $ | 10,343 | Beginning balance | $ | 22,384 | $ | 10,343 | ||||||||||||
Ending balance | Ending balance | $ | 29,389 | $ | 13,046 | Ending balance | $ | 26,562 | $ | 12,987 |
For the Three Months Ended March 31, | For the Nine Months Ended September 30, | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 2,499 | $ | 4,610 | Beginning balance | $ | 2,499 | $ | 4,610 | ||||||||||||
Ending balance | Ending balance | $ | 2,534 | $ | 6,193 | Ending balance | $ | 5,846 | $ | 3,818 | ||||||||||||
Portion of beginning balance recognized in revenue during period | $ | 26 | $ | 547 | ||||||||||||||||||
Portion of beginning balance recognized in revenue during: | Portion of beginning balance recognized in revenue during: | |||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | $ | 14 | $ | 9 | |||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | $ | 204 | $ | 2,626 |
Percentile Rank | Earned PB-PIUs Payout % | |||||||
75th or greater | 100% of PB-PIUs granted | |||||||
50th (target) | 50% of PB-PIUs granted | |||||||
25th | 25% of PB-PIUs granted | |||||||
Below 25th | 0% of PB-PIUs granted |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 31,251 | $ | (6,894) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 32,316 | $ | 28,343 | $ | 97,162 | $ | 64,668 | |||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | Income from continuing operations attributable to noncontrolling interests | (1,084) | (580) | Income from continuing operations attributable to noncontrolling interests | (1,395) | (1,688) | (3,764) | (3,756) | ||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to share-based compensation awards for basic EPS | Income from continuing operations attributable to share-based compensation awards for basic EPS | (116) | (172) | Income from continuing operations attributable to share-based compensation awards for basic EPS | (91) | (93) | (295) | (340) | ||||||||||||||||||||||||||||||||||||||
Numerator for basic EPS from continuing operations attributable to COPT common shareholders | Numerator for basic EPS from continuing operations attributable to COPT common shareholders | 30,051 | (7,646) | Numerator for basic EPS from continuing operations attributable to COPT common shareholders | 30,830 | 26,562 | 93,103 | 60,572 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (39) | — | Redeemable noncontrolling interests | (40) | (89) | (109) | (82) | ||||||||||||||||||||||||||||||||||||||
Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS | Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS | 18 | — | Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS | 16 | 13 | 51 | 17 | ||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders | Numerator for diluted EPS from continuing operations attributable to COPT common shareholders | 30,030 | (7,646) | Numerator for diluted EPS from continuing operations attributable to COPT common shareholders | 30,806 | 26,486 | 93,045 | 60,507 | ||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 29,573 | 815 | Discontinued operations | — | 451 | 29,573 | 1,945 | ||||||||||||||||||||||||||||||||||||||
Discontinued operations attributable to noncontrolling interests | Discontinued operations attributable to noncontrolling interests | (421) | (10) | Discontinued operations attributable to noncontrolling interests | — | (5) | (421) | (24) | ||||||||||||||||||||||||||||||||||||||
Income from discontinued operations attributable to share-based compensation awards for diluted EPS | Income from discontinued operations attributable to share-based compensation awards for diluted EPS | (83) | 2 | Income from discontinued operations attributable to share-based compensation awards for diluted EPS | — | 1 | (90) | 3 | ||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders | $ | 59,099 | $ | (6,839) | ||||||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS on net income attributable to COPT common shareholders | Numerator for diluted EPS on net income attributable to COPT common shareholders | $ | 30,806 | $ | 26,933 | $ | 122,107 | $ | 62,431 | |||||||||||||||||||||||||||||||||||||
Denominator (all weighted averages): | Denominator (all weighted averages): | Denominator (all weighted averages): | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic EPS (common shares) | Denominator for basic EPS (common shares) | 112,020 | 111,888 | Denominator for basic EPS (common shares) | 112,093 | 111,985 | 112,066 | 111,949 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of redeemable noncontrolling interests | Dilutive effect of redeemable noncontrolling interests | 132 | — | Dilutive effect of redeemable noncontrolling interests | 105 | 138 | 121 | 130 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 426 | — | Dilutive effect of share-based compensation awards | 433 | 375 | 429 | 285 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS (common shares) | Denominator for diluted EPS (common shares) | 112,578 | 111,888 | Denominator for diluted EPS (common shares) | 112,631 | 112,498 | 112,616 | 112,364 | ||||||||||||||||||||||||||||||||||||||
Basic EPS: | Basic EPS: | Basic EPS: | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.27 | $ | (0.07) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to COPT common shareholders | Income from continuing operations attributable to COPT common shareholders | $ | 0.28 | $ | 0.24 | $ | 0.83 | $ | 0.54 | |||||||||||||||||||||||||||||||||||||
Discontinued operations attributable to COPT common shareholders | Discontinued operations attributable to COPT common shareholders | 0.26 | 0.01 | Discontinued operations attributable to COPT common shareholders | — | — | 0.26 | 0.02 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.53 | $ | (0.06) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | Net income attributable to COPT common shareholders | $ | 0.28 | $ | 0.24 | $ | 1.09 | $ | 0.56 | |||||||||||||||||||||||||||||||||||||
Diluted EPS: | Diluted EPS: | Diluted EPS: | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.27 | $ | (0.07) | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to COPT common shareholders | Income from continuing operations attributable to COPT common shareholders | $ | 0.27 | $ | 0.24 | $ | 0.83 | $ | 0.54 | |||||||||||||||||||||||||||||||||||||
Discontinued operations attributable to COPT common shareholders | Discontinued operations attributable to COPT common shareholders | 0.25 | 0.01 | Discontinued operations attributable to COPT common shareholders | — | — | 0.25 | 0.02 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.52 | $ | (0.06) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to COPT common shareholders | Net income attributable to COPT common shareholders | $ | 0.27 | $ | 0.24 | $ | 1.08 | $ | 0.56 |
Weighted Average Shares Excluded from Denominator | Weighted Average Shares Excluded from Denominator | |||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Conversion of common units | Conversion of common units | 1,384 | 1,246 | Conversion of common units | 1,477 | 1,262 | 1,446 | 1,257 | ||||||||||||||||||||||||||||||||||||||
Conversion of redeemable noncontrolling interests | Conversion of redeemable noncontrolling interests | 806 | 940 | Conversion of redeemable noncontrolling interests | 895 | 782 | 855 | 793 |
March 31, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Occupancy rates at period end | Occupancy rates at period end | Occupancy rates at period end | ||||||||||||||||||||
Total | Total | 92.0 | % | 92.4 | % | Total | 92.7 | % | 92.4 | % | ||||||||||||
Defense/IT Locations: | Defense/IT Locations: | Defense/IT Locations: | ||||||||||||||||||||
Fort Meade/BW Corridor | Fort Meade/BW Corridor | 90.2 | % | 90.0 | % | Fort Meade/BW Corridor | 92.2 | % | 90.0 | % | ||||||||||||
NoVA Defense/IT | NoVA Defense/IT | 88.6 | % | 89.5 | % | NoVA Defense/IT | 89.9 | % | 89.5 | % | ||||||||||||
Lackland Air Force Base | Lackland Air Force Base | 100.0 | % | 100.0 | % | Lackland Air Force Base | 100.0 | % | 100.0 | % | ||||||||||||
Navy Support | Navy Support | 92.9 | % | 93.9 | % | Navy Support | 91.5 | % | 93.9 | % | ||||||||||||
Redstone Arsenal | Redstone Arsenal | 91.3 | % | 90.8 | % | Redstone Arsenal | 88.1 | % | 90.8 | % | ||||||||||||
Data Center Shells | Data Center Shells | 100.0 | % | 100.0 | % | Data Center Shells | 100.0 | % | 100.0 | % | ||||||||||||
Total Defense/IT Locations | Total Defense/IT Locations | 93.3 | % | 93.2 | % | Total Defense/IT Locations | 93.9 | % | 93.2 | % | ||||||||||||
Regional Office | Regional Office | 81.8 | % | 87.3 | % | Regional Office | 81.5 | % | 87.3 | % | ||||||||||||
Other | Other | 66.2 | % | 66.2 | % | Other | 75.5 | % | 66.2 | % | ||||||||||||
Annualized rental revenue per occupied square foot at period end | Annualized rental revenue per occupied square foot at period end | $ | 32.59 | $ | 32.47 | Annualized rental revenue per occupied square foot at period end | $ | 32.85 | $ | 32.47 |
Rentable Square Feet | Occupied Square Feet | Rentable Square Feet | Occupied Square Feet | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
December 31, 2021 | December 31, 2021 | 21,710 | 20,070 | December 31, 2021 | 21,710 | 20,070 | ||||||||||||||||
Vacated upon lease expiration (1) | Vacated upon lease expiration (1) | — | (288) | Vacated upon lease expiration (1) | — | (525) | ||||||||||||||||
Occupancy for new leases | Occupancy for new leases | — | 189 | Occupancy for new leases | — | 569 | ||||||||||||||||
Developed | 283 | 283 | ||||||||||||||||||||
Development placed in service | Development placed in service | 363 | 352 | |||||||||||||||||||
Other changes | Other changes | 13 | — | Other changes | 12 | — | ||||||||||||||||
March 31, 2022 | 22,006 | 20,254 | ||||||||||||||||||||
September 30, 2022 | September 30, 2022 | 22,085 | 20,466 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 142,280 | $ | 137,830 | $ | 4,450 | Revenues from real estate operations | $ | 147,687 | $ | 138,873 | $ | 8,814 | ||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 53,200 | 16,558 | 36,642 | Construction contract and other service revenues | 34,813 | 28,046 | 6,767 | ||||||||||||||||||||||||||
Total revenues | Total revenues | 195,480 | 154,388 | 41,092 | Total revenues | 182,500 | 166,919 | 15,581 | ||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 57,181 | 53,276 | 3,905 | Property operating expenses | 57,663 | 52,728 | 4,935 | ||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 34,264 | 34,500 | (236) | Depreciation and amortization associated with real estate operations | 35,247 | 33,807 | 1,440 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 51,650 | 15,793 | 35,857 | Construction contract and other service expenses | 33,555 | 27,089 | 6,466 | ||||||||||||||||||||||||||
General, administrative and leasing expenses | General, administrative and leasing expenses | 8,544 | 8,406 | 138 | General, administrative and leasing expenses | 8,898 | 9,342 | (444) | ||||||||||||||||||||||||||
Business development expenses and land carry costs | Business development expenses and land carry costs | 783 | 1,094 | (311) | Business development expenses and land carry costs | 552 | 1,093 | (541) | ||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 152,422 | 113,069 | 39,353 | Total operating expenses | 135,915 | 124,059 | 11,856 | ||||||||||||||||||||||||||
Interest expense | Interest expense | (14,424) | (17,519) | 3,095 | Interest expense | (15,123) | (15,720) | 597 | ||||||||||||||||||||||||||
Interest and other income | Interest and other income | 1,893 | 1,865 | 28 | Interest and other income | 2,290 | 1,818 | 472 | ||||||||||||||||||||||||||
Credit loss recoveries | 316 | 907 | (591) | |||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | Credit loss (expense) recoveries | (1,693) | 326 | (2,019) | ||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 15 | (490) | 505 | Gain on sales of real estate | 16 | (32) | 48 | ||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | (342) | (33,166) | 32,824 | Loss on early extinguishment of debt | — | (1,159) | 1,159 | ||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 888 | 222 | 666 | Equity in income of unconsolidated entities | 308 | 297 | 11 | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (153) | (32) | (121) | Income tax expense | (67) | (47) | (20) | ||||||||||||||||||||||||||
Income (loss) from continuing operations | 31,251 | (6,894) | 38,145 | |||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 32,316 | 28,343 | 3,973 | ||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | 29,573 | 815 | 28,758 | Discontinued operations | — | 451 | (451) | ||||||||||||||||||||||||||
Net income (loss) | $ | 60,824 | $ | (6,079) | $ | 66,903 | ||||||||||||||||||||||||||||
Net income | Net income | $ | 32,316 | $ | 28,794 | $ | 3,522 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||||||||||||||||
(Dollars in thousands, except per square foot data) | (Dollars in thousands, except per square foot data) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Same Properties revenues | Same Properties revenues | Same Properties revenues | ||||||||||||||||||||||||||||||||
Lease revenue, excluding net lease termination revenue and provision for collectability losses | Lease revenue, excluding net lease termination revenue and provision for collectability losses | $ | 132,505 | $ | 131,157 | $ | 1,348 | Lease revenue, excluding net lease termination revenue and provision for collectability losses | $ | 134,286 | $ | 132,395 | $ | 1,891 | ||||||||||||||||||||
Lease termination revenue, net | Lease termination revenue, net | 221 | 1,362 | (1,141) | Lease termination revenue, net | 591 | 853 | (262) | ||||||||||||||||||||||||||
Provision for collectability losses included in lease revenue | Provision for collectability losses included in lease revenue | — | (124) | 124 | Provision for collectability losses included in lease revenue | (18) | 1 | (19) | ||||||||||||||||||||||||||
Other property revenue | Other property revenue | 859 | 507 | 352 | Other property revenue | 1,149 | 809 | 340 | ||||||||||||||||||||||||||
Same Properties total revenues | Same Properties total revenues | 133,585 | 132,902 | 683 | Same Properties total revenues | 136,008 | 134,058 | 1,950 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 7,527 | 2,409 | 5,118 | Developed and redeveloped properties placed in service | 10,537 | 3,872 | 6,665 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 1,980 | 7,334 | (5,354) | Wholesale data center | — | 7,717 | (7,717) | ||||||||||||||||||||||||||
Dispositions | Dispositions | 1 | 1,681 | (1,680) | Dispositions | — | (2) | 2 | ||||||||||||||||||||||||||
Other | Other | 1,167 | 838 | 329 | Other | 1,142 | 945 | 197 | ||||||||||||||||||||||||||
144,260 | 145,164 | (904) | 147,687 | 146,590 | 1,097 | |||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | Property operating expenses | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | (54,161) | (51,655) | (2,506) | Same Properties | (54,348) | (50,387) | (3,961) | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | (2,065) | (562) | (1,503) | Developed and redeveloped properties placed in service | (2,390) | (1,334) | (1,056) | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | (1,025) | (3,823) | 2,798 | Wholesale data center | — | (4,612) | 4,612 | ||||||||||||||||||||||||||
Dispositions | Dispositions | 1 | (298) | 299 | Dispositions | — | 1 | (1) | ||||||||||||||||||||||||||
Other | Other | (902) | (636) | (266) | Other | (925) | (858) | (67) | ||||||||||||||||||||||||||
(58,152) | (56,974) | (1,178) | (57,663) | (57,190) | (473) | |||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | UJV NOI allocable to COPT | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 926 | 917 | 9 | Same Properties | 919 | 924 | (5) | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | Retained interest in newly-formed UJVs | 154 | — | 154 | Retained interest in newly-formed UJVs | 153 | 155 | (2) | ||||||||||||||||||||||||||
Dispositions | Dispositions | — | (19) | 19 | ||||||||||||||||||||||||||||||
1,080 | 917 | 163 | 1,072 | 1,060 | 12 | |||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | NOI from real estate operations | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 80,350 | 82,164 | (1,814) | Same Properties | 82,579 | 84,595 | (2,016) | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 5,462 | 1,847 | 3,615 | Developed and redeveloped properties placed in service | 8,147 | 2,538 | 5,609 | ||||||||||||||||||||||||||
Wholesale data center | Wholesale data center | 955 | 3,511 | (2,556) | Wholesale data center | — | 3,105 | (3,105) | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | 156 | 1,383 | (1,227) | Dispositions, net of retained interest in newly-formed UJVs | 153 | 135 | 18 | ||||||||||||||||||||||||||
Other | Other | 265 | 202 | 63 | Other | 217 | 87 | 130 | ||||||||||||||||||||||||||
$ | 87,188 | $ | 89,107 | $ | (1,919) | $ | 91,096 | $ | 90,460 | $ | 636 | |||||||||||||||||||||||
Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | Same Properties NOI from real estate operations by segment | ||||||||||||||||||||||||||||||||
Defense/IT Locations | Defense/IT Locations | $ | 73,586 | $ | 74,659 | $ | (1,073) | Defense/IT Locations | $ | 76,475 | $ | 76,967 | $ | (492) | ||||||||||||||||||||
Regional Office | Regional Office | 6,459 | 7,201 | (742) | Regional Office | 5,729 | 7,303 | (1,574) | ||||||||||||||||||||||||||
Other | Other | 305 | 304 | 1 | Other | 375 | 325 | 50 | ||||||||||||||||||||||||||
$ | 80,350 | $ | 82,164 | $ | (1,814) | $ | 82,579 | $ | 84,595 | $ | (2,016) | |||||||||||||||||||||||
Same Properties rent statistics | Same Properties rent statistics | Same Properties rent statistics | ||||||||||||||||||||||||||||||||
Average occupancy rate | Average occupancy rate | 91.7 | % | 93.6 | % | (1.9 | %) | Average occupancy rate | 92.5 | % | 93.1 | % | (0.6 | %) | ||||||||||||||||||||
Average straight-line rent per occupied square foot (1) | Average straight-line rent per occupied square foot (1) | $ | 6.45 | $ | 6.40 | $ | 0.05 | Average straight-line rent per occupied square foot (1) | $ | 6.60 | $ | 6.63 | $ | (0.03) |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 53,200 | $ | 16,558 | $ | 36,642 | Construction contract and other service revenues | $ | 34,813 | $ | 28,046 | $ | 6,767 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (51,650) | (15,793) | (35,857) | Construction contract and other service expenses | (33,555) | (27,089) | (6,466) | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 1,550 | $ | 765 | $ | 785 | NOI from service operations | $ | 1,258 | $ | 957 | $ | 301 |
For the Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Variance | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Revenues from real estate operations | $ | 433,213 | $ | 413,922 | $ | 19,291 | |||||||||||
Construction contract and other service revenues | 130,570 | 64,592 | 65,978 | ||||||||||||||
Total revenues | 563,783 | 478,514 | 85,269 | ||||||||||||||
Operating expenses | |||||||||||||||||
Property operating expenses | 168,960 | 156,918 | 12,042 | ||||||||||||||
Depreciation and amortization associated with real estate operations | 104,323 | 103,039 | 1,284 | ||||||||||||||
Construction contract and other service expenses | 126,509 | 61,964 | 64,545 | ||||||||||||||
General, administrative and leasing expenses | 25,797 | 26,970 | (1,173) | ||||||||||||||
Business development expenses and land carry costs | 2,036 | 3,559 | (1,523) | ||||||||||||||
Total operating expenses | 427,625 | 352,450 | 75,175 | ||||||||||||||
Interest expense | (44,355) | (49,181) | 4,826 | ||||||||||||||
Interest and other income | 6,001 | 5,911 | 90 | ||||||||||||||
Credit loss (expense) recoveries | (1,602) | 1,040 | (2,642) | ||||||||||||||
Gain on sales of real estate | 12 | 39,711 | (39,699) | ||||||||||||||
Loss on early extinguishment of debt | (342) | (59,553) | 59,211 | ||||||||||||||
Equity in income of unconsolidated entities | 1,514 | 779 | 735 | ||||||||||||||
Income tax expense | (224) | (103) | (121) | ||||||||||||||
Income from continuing operations | 97,162 | 64,668 | 32,494 | ||||||||||||||
Discontinued operations | 29,573 | 1,945 | 27,628 | ||||||||||||||
Net income | $ | 126,735 | $ | 66,613 | $ | 60,122 |
For the Nine Months Ended September 30, | |||||||||||||||||
2022 | 2021 | Variance | |||||||||||||||
(Dollars in thousands, except per square foot data) | |||||||||||||||||
Revenues | |||||||||||||||||
Same Properties revenues | |||||||||||||||||
Lease revenue, excluding lease termination revenue and provision for collectability losses | $ | 398,326 | $ | 393,781 | $ | 4,545 | |||||||||||
Lease termination revenue, net | 1,211 | 3,309 | (2,098) | ||||||||||||||
Provision for collectability losses included in lease revenue | (745) | (118) | (627) | ||||||||||||||
Other property revenue | 2,943 | 2,048 | 895 | ||||||||||||||
Same Properties total revenues | 401,735 | 399,020 | 2,715 | ||||||||||||||
Developed and redeveloped properties placed in service | 28,043 | 9,122 | 18,921 | ||||||||||||||
Wholesale data center | 1,980 | 22,255 | (20,275) | ||||||||||||||
Dispositions | (3) | 2,844 | (2,847) | ||||||||||||||
Other | 3,438 | 2,936 | 502 | ||||||||||||||
435,193 | 436,177 | (984) | |||||||||||||||
Property operating expenses | |||||||||||||||||
Same Properties | (159,481) | (150,599) | (8,882) | ||||||||||||||
Developed and redeveloped properties placed in service | (6,746) | (3,046) | (3,700) | ||||||||||||||
Wholesale data center | (975) | (12,263) | 11,288 | ||||||||||||||
Dispositions | 1 | (432) | 433 | ||||||||||||||
Other | (2,730) | (2,440) | (290) | ||||||||||||||
(169,931) | (168,780) | (1,151) | |||||||||||||||
UJV NOI allocable to COPT | |||||||||||||||||
Same Properties | 2,769 | 2,764 | 5 | ||||||||||||||
Retained interest in newly-formed UJVs | 463 | 205 | 258 | ||||||||||||||
Dispositions | — | (19) | 19 | ||||||||||||||
3,232 | 2,950 | 282 | |||||||||||||||
NOI from real estate operations | |||||||||||||||||
Same Properties | 245,023 | 251,185 | (6,162) | ||||||||||||||
Developed and redeveloped properties placed in service | 21,297 | 6,076 | 15,221 | ||||||||||||||
Wholesale data center | 1,005 | 9,992 | (8,987) | ||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | 461 | 2,598 | (2,137) | ||||||||||||||
Other | 708 | 496 | 212 | ||||||||||||||
$ | 268,494 | $ | 270,347 | $ | (1,853) | ||||||||||||
Same Properties NOI from real estate operations by segment | |||||||||||||||||
Defense/IT Locations | $ | 226,380 | $ | 227,985 | $ | (1,605) | |||||||||||
Regional Office | 17,629 | 22,190 | (4,561) | ||||||||||||||
Other | 1,014 | 1,010 | 4 | ||||||||||||||
$ | 245,023 | $ | 251,185 | $ | (6,162) | ||||||||||||
Same Properties rent statistics | |||||||||||||||||
Average occupancy rate | 91.9 | % | 93.5 | % | (1.6 | %) | |||||||||||
Average straight-line rent per occupied square foot (1) | $ | 19.28 | $ | 19.24 | $ | 0.04 |
For the Nine Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | Variance | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Construction contract and other service revenues | $ | 130,570 | $ | 64,592 | $ | 65,978 | ||||||||||||||
Construction contract and other service expenses | (126,509) | (61,964) | (64,545) | |||||||||||||||||
NOI from service operations | $ | 4,061 | $ | 2,628 | $ | 1,433 |
For the Three Months Ended March 31, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | (Dollars and shares in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 60,824 | $ | (6,079) | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 32,316 | $ | 28,794 | $ | 126,735 | $ | 66,613 | |||||||||||||||||||||||||||||||||||||
Real estate-related depreciation and amortization | Real estate-related depreciation and amortization | 34,264 | 37,321 | Real estate-related depreciation and amortization | 35,247 | 36,611 | 104,323 | 111,487 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization on UJVs allocable to COPT | Depreciation and amortization on UJVs allocable to COPT | 526 | 454 | Depreciation and amortization on UJVs allocable to COPT | 524 | 525 | 1,575 | 1,455 | ||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (28,579) | 490 | Gain on sales of real estate | (16) | 32 | (28,576) | (39,711) | ||||||||||||||||||||||||||||||||||||||
FFO | FFO | 67,035 | 32,186 | FFO | 68,071 | 65,962 | 204,057 | 139,844 | ||||||||||||||||||||||||||||||||||||||
FFO allocable to other noncontrolling interests | FFO allocable to other noncontrolling interests | (1,042) | (1,027) | FFO allocable to other noncontrolling interests | (1,348) | (1,696) | (3,568) | (4,025) | ||||||||||||||||||||||||||||||||||||||
Basic FFO allocable to share-based compensation awards | Basic FFO allocable to share-based compensation awards | (362) | (162) | Basic FFO allocable to share-based compensation awards | (354) | (313) | (1,073) | (663) | ||||||||||||||||||||||||||||||||||||||
Basic FFO available to common share and common unit holders | Basic FFO available to common share and common unit holders | 65,631 | 30,997 | Basic FFO available to common share and common unit holders | 66,369 | 63,953 | 199,416 | 135,156 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (6) | — | Redeemable noncontrolling interests | (5) | (68) | (7) | 1 | ||||||||||||||||||||||||||||||||||||||
Diluted FFO adjustments allocable to share-based compensation awards | Diluted FFO adjustments allocable to share-based compensation awards | 27 | — | Diluted FFO adjustments allocable to share-based compensation awards | 27 | 13 | 81 | 27 | ||||||||||||||||||||||||||||||||||||||
Diluted FFO available to common share and common unit holders | Diluted FFO available to common share and common unit holders | 65,652 | 30,997 | Diluted FFO available to common share and common unit holders | 66,391 | 63,898 | 199,490 | 135,184 | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | 1,159 | 342 | 59,553 | |||||||||||||||||||||||||||||||||||||||||
Demolition costs on redevelopment and nonrecurring improvements | Demolition costs on redevelopment and nonrecurring improvements | — | 129 | — | 431 | |||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 342 | 33,166 | ||||||||||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments for redeemable noncontrolling interests | — | 458 | ||||||||||||||||||||||||||||||||||||||||||||
Executive transition costs | Executive transition costs | 206 | — | 343 | — | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments allocable to share-based compensation awards | Diluted FFO comparability adjustments allocable to share-based compensation awards | (2) | (167) | Diluted FFO comparability adjustments allocable to share-based compensation awards | (2) | (7) | (4) | (300) | ||||||||||||||||||||||||||||||||||||||
Diluted FFO available to common share and common unit holders, as adjusted for comparability | Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 65,992 | $ | 64,454 | Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 66,595 | $ | 65,179 | $ | 200,171 | $ | 194,868 | ||||||||||||||||||||||||||||||||
Weighted average common shares | Weighted average common shares | 112,020 | 111,888 | Weighted average common shares | 112,093 | 111,985 | 112,066 | 111,949 | ||||||||||||||||||||||||||||||||||||||
Conversion of weighted average common units | Conversion of weighted average common units | 1,384 | 1,246 | Conversion of weighted average common units | 1,477 | 1,262 | 1,446 | 1,257 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Basic FFO per share | Weighted average common shares/units - Basic FFO per share | 113,404 | 113,134 | Weighted average common shares/units - Basic FFO per share | 113,570 | 113,247 | 113,512 | 113,206 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 426 | 261 | Dilutive effect of share-based compensation awards | 433 | 375 | 429 | 311 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 132 | — | Redeemable noncontrolling interests | 105 | 138 | 121 | 130 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share | 113,962 | 113,395 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | — | 940 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share, as adjusted for comparability | 113,962 | 114,335 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Diluted FFO per share and as adjusted for comparability | Weighted average common shares/units - Diluted FFO per share and as adjusted for comparability | 114,108 | 113,760 | 114,062 | 113,647 | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO per share | Diluted FFO per share | $ | 0.58 | $ | 0.27 | Diluted FFO per share | $ | 0.58 | $ | 0.56 | $ | 1.75 | $ | 1.19 | ||||||||||||||||||||||||||||||||
Diluted FFO per share, as adjusted for comparability | Diluted FFO per share, as adjusted for comparability | $ | 0.58 | $ | 0.56 | Diluted FFO per share, as adjusted for comparability | $ | 0.58 | $ | 0.57 | $ | 1.75 | $ | 1.71 | ||||||||||||||||||||||||||||||||
Denominator for diluted EPS | Denominator for diluted EPS | 112,578 | 111,888 | Denominator for diluted EPS | 112,631 | 112,498 | 112,616 | 112,364 | ||||||||||||||||||||||||||||||||||||||
Weighted average common units | Weighted average common units | 1,384 | 1,246 | Weighted average common units | 1,477 | 1,262 | 1,446 | 1,257 | ||||||||||||||||||||||||||||||||||||||
Anti-dilutive EPS effect of share-based compensation awards | Anti-dilutive EPS effect of share-based compensation awards | — | 261 | Anti-dilutive EPS effect of share-based compensation awards | — | — | — | 26 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share | 113,962 | 113,395 | ||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | — | 940 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share, as adjusted for comparability | 113,962 | 114,335 | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share and as adjusted for comparability | Denominator for diluted FFO per share and as adjusted for comparability | 114,108 | 113,760 | 114,062 | 113,647 |
Development | $ | ||||
Tenant improvements on operating properties (1) | |||||
Capital improvements on operating properties | |||||
$ |
For the Periods Ending December 31, | For the Periods Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt (1) | Fixed rate debt (1) | $ | 2,154 | $ | 18,413 | $ | 29,443 | $ | 1,302 | $ | 436,140 | $ | 1,400,000 | $ | 1,887,452 | Fixed rate debt (1) | $ | 729 | $ | 18,414 | $ | 29,443 | $ | 1,302 | $ | 436,140 | $ | 1,400,000 | $ | 1,886,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | Weighted average interest rate | 3.84% | 3.94% | 4.42% | 3.23% | 2.38% | 2.58% | 2.58% | Weighted average interest rate | 3.85% | 3.94% | 4.42% | 3.23% | 2.38% | 2.58% | 2.58% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate debt (2) | Variable rate debt (2) | $ | 100,405 | $ | 160,540 | $ | 540 | $ | 22,415 | $ | 10,160 | $ | — | $ | 294,060 | Variable rate debt (2) | $ | 100,135 | $ | 273,540 | $ | 540 | $ | 22,415 | $ | 10,160 | $ | — | $ | 406,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (3) | Weighted average interest rate (3) | 1.48% | 1.38% | 1.74% | 1.78% | 1.68% | —% | 1.46% | Weighted average interest rate (3) | 3.81% | 3.94% | 4.07% | 4.11% | 4.01% | —% | 3.92% |
EXHIBIT NO. | DESCRIPTION | ||||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document (filed herewith). | ||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | ||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | ||||||||||
101.LAB | Inline XBRL Extension Labels Linkbase (filed herewith). | ||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | ||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
CORPORATE OFFICE PROPERTIES TRUST | |||||||||||
Date: | November 1, 2022 | ||||||||||
By: | /s/ Stephen E. Budorick | ||||||||||
Stephen E. Budorick | |||||||||||
President and Chief Executive Officer | |||||||||||
Date: | November 1, 2022 | By: | /s/ Anthony Mifsud | ||||||||
Anthony Mifsud | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||