☒ | 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, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||
Properties, net: | Properties, net: | Properties, net: | ||||||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,272,873 | $ | 3,258,899 | Operating properties, net | $ | 3,272,670 | $ | 3,258,899 | ||||||||||||
Projects in development or held for future development | Projects in development or held for future development | 341,202 | 297,499 | Projects in development or held for future development | 399,565 | 297,499 | ||||||||||||||||
Total properties, net | Total properties, net | 3,614,075 | 3,556,398 | Total properties, net | 3,672,235 | 3,556,398 | ||||||||||||||||
Property - operating right-of-use assets | Property - operating right-of-use assets | 42,808 | 37,020 | Property - operating right-of-use assets | 41,652 | 37,020 | ||||||||||||||||
Assets held for sale, net | Assets held for sale, net | — | 161,286 | Assets held for sale, net | — | 161,286 | ||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 15,199 | 12,337 | Cash and cash equivalents | 14,273 | 12,337 | ||||||||||||||||
Investment in unconsolidated real estate joint ventures | Investment in unconsolidated real estate joint ventures | 42,279 | 21,460 | Investment in unconsolidated real estate joint ventures | 41,928 | 21,460 | ||||||||||||||||
Accounts receivable, net | Accounts receivable, net | 46,149 | 43,334 | Accounts receivable, net | 47,363 | 43,334 | ||||||||||||||||
Deferred rent receivable | Deferred rent receivable | 130,153 | 125,147 | Deferred rent receivable | 136,382 | 125,147 | ||||||||||||||||
Lease incentives, net | Lease incentives, net | 49,679 | 49,757 | Lease incentives, net | 59,541 | 49,757 | ||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $36,416 and $35,270, respectively) | 68,930 | 69,339 | ||||||||||||||||||||
Investing receivables (net of allowance for credit losses of $2,937 and $2,794, respectively) | 85,499 | 84,621 | ||||||||||||||||||||
Deferred leasing costs (net of accumulated amortization of $37,451 and $35,270, respectively) | Deferred leasing costs (net of accumulated amortization of $37,451 and $35,270, respectively) | 69,218 | 69,339 | |||||||||||||||||||
Investing receivables (net of allowance for credit losses of $3,250 and $2,794, respectively) | Investing receivables (net of allowance for credit losses of $3,250 and $2,794, respectively) | 86,708 | 84,621 | |||||||||||||||||||
Prepaid expenses and other assets, net | Prepaid expenses and other assets, net | 83,221 | 96,576 | Prepaid expenses and other assets, net | 77,046 | 96,576 | ||||||||||||||||
Total assets | Total assets | $ | 4,177,992 | $ | 4,257,275 | Total assets | $ | 4,246,346 | $ | 4,257,275 | ||||||||||||
Liabilities and equity | Liabilities and equity | Liabilities and equity | ||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Debt, net | Debt, net | $ | 2,123,012 | $ | 2,231,794 | Debt, net | $ | 2,176,174 | $ | 2,231,794 | ||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 128,509 | 157,998 | Accounts payable and accrued expenses | 135,784 | 157,998 | ||||||||||||||||
Rents received in advance and security deposits | Rents received in advance and security deposits | 34,653 | 30,016 | Rents received in advance and security deposits | 32,021 | 30,016 | ||||||||||||||||
Dividends and distributions payable | Dividends and distributions payable | 32,630 | 31,400 | Dividends and distributions payable | 32,636 | 31,400 | ||||||||||||||||
Deferred revenue associated with operating leases | Deferred revenue associated with operating leases | 9,022 | 11,004 | Deferred revenue associated with operating leases | 9,199 | 11,004 | ||||||||||||||||
Property - operating lease liabilities | Property - operating lease liabilities | 34,896 | 28,759 | Property - operating lease liabilities | 33,923 | 28,759 | ||||||||||||||||
Other liabilities | Other liabilities | 21,008 | 18,556 | Other liabilities | 27,699 | 18,556 | ||||||||||||||||
Total liabilities | Total liabilities | 2,383,730 | 2,509,527 | Total liabilities | 2,447,436 | 2,509,527 | ||||||||||||||||
Commitments and contingencies (Note 17) | Commitments and contingencies (Note 17) | Commitments and contingencies (Note 17) | ||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 25,448 | 26,293 | Redeemable noncontrolling interests | 22,215 | 26,293 | ||||||||||||||||
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 112,513,857 at March 31, 2023 and 112,423,893 at December 31, 2022) | 1,125 | 1,124 | ||||||||||||||||||||
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,538,555 at June 30, 2023 and 112,423,893 at December 31, 2022) | Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,538,555 at June 30, 2023 and 112,423,893 at December 31, 2022) | 1,125 | 1,124 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 2,484,501 | 2,486,116 | Additional paid-in capital | 2,486,996 | 2,486,116 | ||||||||||||||||
Cumulative distributions in excess of net income | Cumulative distributions in excess of net income | (760,820) | (807,508) | Cumulative distributions in excess of net income | (762,617) | (807,508) | ||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 1,353 | 2,071 | Accumulated other comprehensive income | 5,224 | 2,071 | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,726,159 | 1,681,803 | Total shareholders’ equity | 1,730,728 | 1,681,803 | ||||||||||||||||
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”) | 29,268 | 25,808 | Common units in Corporate Office Properties, L.P. (“COPLP”) | 29,563 | 25,808 | ||||||||||||||||
Other consolidated entities | Other consolidated entities | 13,387 | 13,844 | Other consolidated entities | 16,404 | 13,844 | ||||||||||||||||
Noncontrolling interests in subsidiaries | Noncontrolling interests in subsidiaries | 42,655 | 39,652 | Noncontrolling interests in subsidiaries | 45,967 | 39,652 | ||||||||||||||||
Total equity | Total equity | 1,768,814 | 1,721,455 | Total equity | 1,776,695 | 1,721,455 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,177,992 | $ | 4,257,275 | Total liabilities, redeemable noncontrolling interests and equity | $ | 4,246,346 | $ | 4,257,275 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | $ | 150,560 | $ | 141,389 | Lease revenue | $ | 153,682 | $ | 142,277 | $ | 304,242 | $ | 283,666 | ||||||||||||||||||||||||||||||||
Other property revenue | Other property revenue | 1,121 | 891 | Other property revenue | 1,271 | 969 | 2,392 | 1,860 | ||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 15,820 | 53,200 | Construction contract and other service revenues | 14,243 | 42,557 | 30,063 | 95,757 | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | 167,501 | 195,480 | Total revenues | 169,196 | 185,803 | 336,697 | 381,283 | ||||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 59,420 | 57,181 | Property operating expenses | 61,600 | 54,116 | 121,020 | 111,297 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 36,995 | 34,264 | Depreciation and amortization associated with real estate operations | 37,600 | 34,812 | 74,595 | 69,076 | ||||||||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 15,201 | 51,650 | Construction contract and other service expenses | 13,555 | 41,304 | 28,756 | 92,954 | ||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | 9,995 | 8,544 | ||||||||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | 495 | 783 | ||||||||||||||||||||||||||||||||||||||||||||
General, administrative, leasing and other expenses | General, administrative, leasing and other expenses | 10,358 | 9,056 | 20,848 | 18,383 | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 122,106 | 152,422 | Total operating expenses | 123,113 | 139,288 | 245,219 | 291,710 | ||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (16,442) | (14,424) | Interest expense | (16,519) | (14,808) | (32,961) | (29,232) | ||||||||||||||||||||||||||||||||||||||
Interest and other income | 2,323 | 1,893 | ||||||||||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | (67) | 316 | ||||||||||||||||||||||||||||||||||||||||||||
Interest and other income, net | Interest and other income, net | 2,143 | 1,593 | 4,399 | 3,802 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 49,378 | 15 | Gain on sales of real estate | 14 | (19) | 49,392 | (4) | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | (342) | Loss on early extinguishment of debt | — | — | — | (342) | ||||||||||||||||||||||||||||||||||||||
Income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes | 80,587 | 30,516 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in (loss) income of unconsolidated entities | (64) | 888 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 31,721 | 33,281 | 112,308 | 63,797 | |||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 111 | 318 | 47 | 1,206 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (125) | (153) | Income tax expense | (190) | (4) | (315) | (157) | ||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 80,398 | 31,251 | Income from continuing operations | 31,642 | 33,595 | 112,040 | 64,846 | ||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 29,573 | Discontinued operations | — | — | — | 29,573 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 80,398 | 60,824 | Net income | 31,642 | 33,595 | 112,040 | 94,419 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests: | Net income attributable to noncontrolling interests: | Net income attributable to noncontrolling interests: | ||||||||||||||||||||||||||||||||||||||||||||
Common units in COPLP | Common units in COPLP | (1,293) | (856) | Common units in COPLP | (516) | (496) | (1,809) | (1,352) | ||||||||||||||||||||||||||||||||||||||
Other consolidated entities | Other consolidated entities | (326) | (649) | Other consolidated entities | (839) | (789) | (1,165) | (1,438) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 78,779 | $ | 59,319 | Net income attributable to common shareholders | $ | 30,287 | $ | 32,310 | $ | 109,066 | $ | 91,629 | ||||||||||||||||||||||||||||||||
Basic earnings per common share: (1) | Basic earnings per common share: (1) | Basic earnings per common share: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.70 | $ | 0.27 | Income from continuing operations | $ | 0.27 | $ | 0.29 | $ | 0.97 | $ | 0.55 | ||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 0.26 | Discontinued operations | — | — | — | 0.26 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 0.70 | $ | 0.53 | Net income attributable to common shareholders | $ | 0.27 | $ | 0.29 | $ | 0.97 | $ | 0.81 | ||||||||||||||||||||||||||||||||
Diluted earnings per common share: (1) | Diluted earnings per common share: (1) | Diluted earnings per common share: (1) | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.70 | $ | 0.27 | Income from continuing operations | $ | 0.27 | $ | 0.29 | $ | 0.96 | $ | 0.55 | ||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 0.25 | Discontinued operations | — | — | — | 0.26 | ||||||||||||||||||||||||||||||||||||||
Net income attributable to common shareholders | Net income attributable to common shareholders | $ | 0.70 | $ | 0.52 | Net income attributable to common shareholders | $ | 0.27 | $ | 0.29 | $ | 0.96 | $ | 0.81 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 80,398 | $ | 60,824 | Net income | $ | 31,642 | $ | 33,595 | $ | 112,040 | $ | 94,419 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) income on interest rate derivatives | (215) | 2,537 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized income on interest rate derivatives | Unrealized income on interest rate derivatives | 4,989 | 1,008 | 4,774 | 3,545 | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments on interest rate derivatives recognized in interest expense | Reclassification adjustments on interest rate derivatives recognized in interest expense | (591) | 1,003 | Reclassification adjustments on interest rate derivatives recognized in interest expense | (974) | 754 | (1,565) | 1,757 | ||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | (806) | 3,540 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | 4,015 | 1,762 | 3,209 | 5,302 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 79,592 | 64,364 | Comprehensive income | 35,657 | 35,357 | 115,249 | 99,721 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | Comprehensive income attributable to noncontrolling interests | (1,531) | (1,822) | Comprehensive income attributable to noncontrolling interests | (1,499) | (1,405) | (3,030) | (3,227) | ||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | Comprehensive income attributable to common shareholders | $ | 78,061 | $ | 62,542 | Comprehensive income attributable to common shareholders | $ | 34,158 | $ | 33,952 | $ | 112,219 | $ | 96,494 |
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 | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2022 | For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 (112,418,811 common shares outstanding) | Balance at March 31, 2022 (112,418,811 common shares outstanding) | $ | 1,124 | $ | 2,479,119 | $ | (828,473) | $ | 164 | $ | 38,602 | $ | 1,690,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (212) | (212) | Redemption of common units | — | — | — | — | (164) | (164) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (91,278 shares issued, net of redemptions) | 1 | 1,014 | — | — | 1,286 | 2,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (5,860 shares issued, net of redemptions) | Share-based compensation (5,860 shares issued, net of redemptions) | — | 1,007 | — | — | 1,370 | 2,377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (1,059) | — | — | — | (1,059) | Redemption of vested equity awards | — | (61) | — | — | — | (61) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 1,036 | — | — | (1,036) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 59,319 | 3,223 | 1,255 | 63,797 | Comprehensive income | — | — | 32,310 | 1,642 | 666 | 34,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (30,929) | — | — | (30,929) | Dividends | — | — | (30,913) | — | — | (30,913) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | — | (472) | (472) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for changes in fair value of redeemable noncontrolling interests | Adjustments for changes in fair value of redeemable noncontrolling interests | — | 39 | — | — | — | 39 | Adjustments for changes in fair value of redeemable noncontrolling interests | — | 38 | — | — | — | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 (112,418,811 common shares outstanding) | $ | 1,124 | $ | 2,479,119 | $ | (828,473) | $ | 164 | $ | 38,602 | $ | 1,690,536 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 (112,423,893 common shares outstanding) | $ | 1,124 | $ | 2,486,116 | $ | (807,508) | $ | 2,071 | $ | 39,652 | $ | 1,721,455 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2023 | For the Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 (112,513,857 common shares outstanding) | Balance at March 31, 2023 (112,513,857 common shares outstanding) | $ | 1,125 | $ | 2,484,501 | $ | (760,820) | $ | 1,353 | $ | 42,655 | $ | 1,768,814 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of common units | Redemption of common units | — | — | — | — | (373) | (373) | Redemption of common units | — | — | — | — | (81) | (81) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (89,964 shares issued, net of redemptions) | 1 | 1,059 | — | — | 754 | 1,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation (24,698 shares issued, net of redemptions) | Share-based compensation (24,698 shares issued, net of redemptions) | — | 981 | — | — | 1,382 | 2,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | Redemption of vested equity awards | — | (1,113) | — | — | — | (1,113) | Redemption of vested equity awards | — | (38) | — | — | — | (38) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (2,342) | — | — | 2,342 | — | Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | 1,040 | — | — | (1,040) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | — | — | 78,779 | (718) | 832 | 78,893 | Comprehensive income | — | — | 30,287 | 3,871 | 936 | 35,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends | — | — | (32,091) | — | — | (32,091) | Dividends | — | — | (32,084) | — | — | (32,084) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | Distributions to owners of common units in COPLP | — | — | — | — | (544) | (544) | Distributions to owners of common units in COPLP | — | — | — | — | (548) | (548) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (8) | (8) | Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (7) | (7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for changes in fair value of redeemable noncontrolling interests | Adjustments for changes in fair value of redeemable noncontrolling interests | — | 781 | — | — | — | 781 | Adjustments for changes in fair value of redeemable noncontrolling interests | — | 512 | — | — | — | 512 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interests to equity | Reclassification of redeemable noncontrolling interests to equity | — | — | — | — | 2,670 | 2,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 (112,513,857 common shares outstanding) | $ | 1,125 | $ | 2,484,501 | $ | (760,820) | $ | 1,353 | $ | 42,655 | $ | 1,768,814 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 (112,538,555 common shares outstanding) | Balance at June 30, 2023 (112,538,555 common shares outstanding) | $ | 1,125 | $ | 2,486,996 | $ | (762,617) | $ | 5,224 | $ | 45,967 | $ | 1,776,695 |
Common Shares | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 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 | — | — | — | — | (376) | (376) | |||||||||||||||||||||||||||||||||||
Share-based compensation (97,138 shares issued, net of redemptions) | 1 | 2,021 | — | — | 2,656 | 4,678 | |||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | — | (1,120) | — | — | — | (1,120) | |||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (1,378) | — | — | 1,378 | — | |||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 91,629 | 4,865 | 1,921 | 98,415 | |||||||||||||||||||||||||||||||||||
Dividends | — | — | (61,842) | — | — | (61,842) | |||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | — | — | — | — | (941) | (941) | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (15) | (15) | |||||||||||||||||||||||||||||||||||
Adjustments for changes in fair value of redeemable noncontrolling interests | — | 77 | — | — | — | 77 | |||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 (112,423,893 common shares outstanding) | $ | 1,124 | $ | 2,486,116 | $ | (807,508) | $ | 2,071 | $ | 39,652 | $ | 1,721,455 | |||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (454) | (454) | |||||||||||||||||||||||||||||||||||
Share-based compensation (114,662 shares issued, net of redemptions) | 1 | 2,040 | — | — | 2,136 | 4,177 | |||||||||||||||||||||||||||||||||||
Redemption of vested equity awards | — | (1,151) | — | — | — | (1,151) | |||||||||||||||||||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | — | (1,302) | — | — | 1,302 | — | |||||||||||||||||||||||||||||||||||
Comprehensive income | — | — | 109,066 | 3,153 | 1,768 | 113,987 | |||||||||||||||||||||||||||||||||||
Dividends | — | — | (64,175) | — | — | (64,175) | |||||||||||||||||||||||||||||||||||
Distributions to owners of common units in COPLP | — | — | — | — | (1,092) | (1,092) | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests in other consolidated entities | — | — | — | — | (15) | (15) | |||||||||||||||||||||||||||||||||||
Adjustments for changes in fair value of redeemable noncontrolling interests | — | 1,293 | — | — | — | 1,293 | |||||||||||||||||||||||||||||||||||
Reclassification of redeemable noncontrolling interests to equity | — | — | — | — | 2,670 | 2,670 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 (112,538,555 common shares outstanding) | $ | 1,125 | $ | 2,486,996 | $ | (762,617) | $ | 5,224 | $ | 45,967 | $ | 1,776,695 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
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 | $ | 152,273 | $ | 133,550 | Revenues from real estate operations received | $ | 311,501 | $ | 285,858 | ||||||||||||
Construction contract and other service revenues received | Construction contract and other service revenues received | 18,765 | 49,436 | Construction contract and other service revenues received | 31,479 | 90,663 | ||||||||||||||||
Property operating expenses paid | Property operating expenses paid | (55,753) | (56,132) | Property operating expenses paid | (101,842) | (99,512) | ||||||||||||||||
Construction contract and other service expenses paid | Construction contract and other service expenses paid | (21,999) | (47,380) | Construction contract and other service expenses paid | (31,982) | (88,833) | ||||||||||||||||
General, administrative, leasing, business development and land carry costs paid | (11,681) | (13,196) | ||||||||||||||||||||
General, administrative, leasing and other expenses paid | General, administrative, leasing and other expenses paid | (18,516) | (17,782) | |||||||||||||||||||
Interest expense paid | Interest expense paid | (12,031) | (9,949) | Interest expense paid | (29,975) | (26,732) | ||||||||||||||||
Lease incentives paid | Lease incentives paid | (10,350) | (5,677) | Lease incentives paid | (16,457) | (7,739) | ||||||||||||||||
Other | Other | (479) | 2,059 | Other | (3,295) | 2,797 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 58,745 | 52,711 | Net cash provided by operating activities | 140,913 | 138,720 | ||||||||||||||||
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 | (71,282) | (91,783) | Development and redevelopment of properties | (145,395) | (142,862) | ||||||||||||||||
Tenant improvements on operating properties | Tenant improvements on operating properties | (22,568) | (7,989) | Tenant improvements on operating properties | (43,642) | (16,734) | ||||||||||||||||
Other capital improvements on operating properties | Other capital improvements on operating properties | (5,512) | (14,529) | Other capital improvements on operating properties | (8,034) | (21,590) | ||||||||||||||||
Proceeds from sale of properties | Proceeds from sale of properties | 189,325 | 220,814 | Proceeds from sale of properties | 189,506 | 220,780 | ||||||||||||||||
Leasing costs paid | Leasing costs paid | (4,655) | (2,103) | Leasing costs paid | (9,120) | (4,121) | ||||||||||||||||
Other | Other | (125) | (190) | Other | 251 | (565) | ||||||||||||||||
Net cash provided by investing activities | 85,183 | 104,220 | ||||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (16,434) | 34,908 | |||||||||||||||||||
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 | 95,000 | 244,000 | Revolving Credit Facility | 197,000 | 329,000 | ||||||||||||||||
Repayments of debt | Repayments of debt | Repayments of debt | ||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | (188,000) | (160,000) | Revolving Credit Facility | (237,000) | (224,000) | ||||||||||||||||
Term loan facility | Term loan facility | — | (200,000) | Term loan facility | — | (200,000) | ||||||||||||||||
Scheduled principal amortization | Scheduled principal amortization | (790) | (774) | Scheduled principal amortization | (1,536) | (1,618) | ||||||||||||||||
Other debt repayments | Other debt repayments | (15,902) | — | Other debt repayments | (15,902) | — | ||||||||||||||||
Common share dividends paid | Common share dividends paid | (30,941) | (30,904) | Common share dividends paid | (63,016) | (61,814) | ||||||||||||||||
Other | Other | (2,900) | (2,725) | Other | (4,222) | (6,865) | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (143,533) | (150,403) | Net cash used in financing activities | (124,676) | (165,297) | ||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 395 | 6,528 | ||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents and restricted cash | Net (decrease) increase in cash and cash equivalents and restricted cash | (197) | 8,331 | |||||||||||||||||||
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 | 16,509 | 17,316 | Beginning of period | 16,509 | 17,316 | ||||||||||||||||
End of period | End of period | $ | 16,904 | $ | 23,844 | End of period | $ | 16,312 | $ | 25,647 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | ||||||||||||||||||||
Net income | Net income | $ | 80,398 | $ | 60,824 | Net income | $ | 112,040 | $ | 94,419 | ||||||||||||
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 | 37,597 | 34,871 | Depreciation and other amortization | 75,806 | 70,235 | ||||||||||||||||
Amortization of deferred financing costs and net debt discounts | Amortization of deferred financing costs and net debt discounts | 1,250 | 1,202 | Amortization of deferred financing costs and net debt discounts | 2,500 | 2,351 | ||||||||||||||||
Increase in deferred rent receivable | Increase in deferred rent receivable | (6,869) | (5,822) | Increase in deferred rent receivable | (12,771) | (11,603) | ||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (49,378) | (28,579) | Gain on sales of real estate | (49,392) | (28,560) | ||||||||||||||||
Share-based compensation | Share-based compensation | 1,733 | 2,111 | Share-based compensation | 3,946 | 4,301 | ||||||||||||||||
Other | Other | (376) | (1,021) | Other | (1,603) | (2,207) | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Increase in accounts receivable | (2,802) | (1,994) | ||||||||||||||||||||
(Increase) decrease in accounts receivable | (Increase) decrease in accounts receivable | (4,029) | 9,374 | |||||||||||||||||||
Decrease in lease incentives and prepaid expenses and other assets, net | Decrease in lease incentives and prepaid expenses and other assets, net | 9,361 | 1,585 | Decrease in lease incentives and prepaid expenses and other assets, net | 8,389 | 8,407 | ||||||||||||||||
Decrease in accounts payable, accrued expenses and other liabilities | (16,806) | (7,286) | ||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | Increase (decrease) in accounts payable, accrued expenses and other liabilities | 4,022 | (3,480) | |||||||||||||||||||
Increase (decrease) in rents received in advance and security deposits | Increase (decrease) in rents received in advance and security deposits | 4,637 | (3,180) | Increase (decrease) in rents received in advance and security deposits | 2,005 | (4,517) | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 58,745 | $ | 52,711 | Net cash provided by operating activities | $ | 140,913 | $ | 138,720 | ||||||||||||
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 | $ | 12,337 | $ | 13,262 | Cash and cash equivalents at beginning of period | $ | 12,337 | $ | 13,262 | ||||||||||||
Restricted cash at beginning of period | Restricted cash at beginning of period | 4,172 | 4,054 | Restricted cash at beginning of period | 4,172 | 4,054 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | $ | 16,509 | $ | 17,316 | Cash and cash equivalents and restricted cash at beginning of period | $ | 16,509 | $ | 17,316 | ||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 15,199 | $ | 19,347 | Cash and cash equivalents at end of period | $ | 14,273 | $ | 20,735 | ||||||||||||
Restricted cash at end of period | Restricted cash at end of period | 1,705 | 4,497 | Restricted cash at end of period | 2,039 | 4,912 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 16,904 | $ | 23,844 | Cash and cash equivalents and restricted cash at end of period | $ | 16,312 | $ | 25,647 | ||||||||||||
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 | Decrease in accrued capital improvements, leasing and other investing activity costs | $ | (11,043) | $ | (33,733) | Decrease in accrued capital improvements, leasing and other investing activity costs | $ | (17,627) | $ | (6,222) | ||||||||||||
Recognition of operating right-of-use assets and related lease liabilities | Recognition of operating right-of-use assets and related lease liabilities | $ | 6,697 | $ | 683 | Recognition of operating right-of-use assets and related lease liabilities | $ | 6,697 | $ | 683 | ||||||||||||
Recognition of finance right-of-use assets and related lease liabilities | Recognition of finance right-of-use assets and related lease liabilities | $ | 434 | $ | — | Recognition of finance right-of-use assets and related lease liabilities | $ | 434 | $ | — | ||||||||||||
Investment in unconsolidated real estate joint venture retained in property disposition | Investment in unconsolidated real estate joint venture retained in property disposition | $ | 21,121 | $ | — | Investment in unconsolidated real estate joint venture retained in property disposition | $ | 21,121 | $ | — | ||||||||||||
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | $ | (806) | $ | 3,478 | ||||||||||||||||||
Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | Increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | $ | 3,209 | $ | 5,072 | |||||||||||||||||
Dividends/distributions payable | Dividends/distributions payable | $ | 32,630 | $ | 31,402 | Dividends/distributions payable | $ | 32,636 | $ | 31,400 | ||||||||||||
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | 2,342 | $ | 2,414 | Adjustments to noncontrolling interests resulting from changes in COPLP ownership | $ | 1,302 | $ | 1,378 | ||||||||||||
Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests | Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests | $ | (781) | $ | (39) | Decrease in redeemable noncontrolling interests and increase in equity to adjust for changes in fair value of redeemable noncontrolling interests | $ | (1,293) | $ | (77) | ||||||||||||
Reclassification of redeemable noncontrolling interests to equity | Reclassification of redeemable noncontrolling interests to equity | $ | 2,670 | $ | — |
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: (1) | Assets: (1) | Assets: (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities in deferred compensation plan | Marketable securities in deferred compensation plan | Marketable securities in deferred compensation plan | $ | 1,822 | $ | — | $ | — | $ | 1,822 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds | $ | 1,831 | $ | — | $ | — | $ | 1,831 | ||||||||||||||||||||||||||||||||||||||||||||
Other | 44 | — | — | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | — | 2,179 | — | 2,179 | Interest rate derivatives | — | 5,840 | — | 5,840 | ||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 1,875 | $ | 2,179 | $ | — | $ | 4,054 | Total assets | $ | 1,822 | $ | 5,840 | $ | — | $ | 7,662 | ||||||||||||||||||||||||||||||||||
Liabilities: (2) | Liabilities: (2) | Liabilities: (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation plan liability | Deferred compensation plan liability | $ | — | $ | 1,875 | $ | — | $ | 1,875 | Deferred compensation plan liability | $ | — | $ | 1,822 | $ | — | $ | 1,822 | ||||||||||||||||||||||||||||||||||
Interest rate derivatives | — | 355 | — | 355 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | 2,230 | $ | — | $ | 2,230 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Land | Land | $ | 540,037 | $ | 539,809 | Land | $ | 539,870 | $ | 539,809 | ||||||||||||
Buildings and improvements | Buildings and improvements | 4,033,266 | 3,986,524 | Buildings and improvements | 4,066,866 | 3,986,524 | ||||||||||||||||
Less: Accumulated depreciation | Less: Accumulated depreciation | (1,300,430) | (1,267,434) | Less: Accumulated depreciation | (1,334,066) | (1,267,434) | ||||||||||||||||
Operating properties, net | Operating properties, net | $ | 3,272,873 | $ | 3,258,899 | Operating properties, net | $ | 3,272,670 | $ | 3,258,899 |
Properties, net | $ | 156,691 | |||||||||
Deferred rent receivable | 4,595 | ||||||||||
Assets held for sale, net | $ | 161,286 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue (1) | Lease revenue (1) | 2023 | 2022 | Lease revenue (1) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Fixed | Fixed | $ | 116,039 | $ | 111,167 | Fixed | $ | 118,461 | $ | 112,691 | $ | 234,500 | $ | 223,858 | ||||||||||||||||||||||||||||||||||||||
Variable | Variable | 34,521 | 30,222 | Variable | 35,221 | 29,586 | 69,742 | 59,808 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 150,560 | $ | 141,389 | $ | 153,682 | $ | 142,277 | $ | 304,242 | $ | 283,666 |
As of March 31, 2023 | ||||||||||||||
Year Ending December 31, | Operating leases | Sales-type leases | ||||||||||||
2023 (1) | $ | 329,700 | $ | 720 | ||||||||||
2024 | 415,499 | 960 | ||||||||||||
2025 | 332,260 | 960 | ||||||||||||
2026 | 263,741 | 960 | ||||||||||||
2027 | 228,712 | 960 | ||||||||||||
Thereafter | 1,023,570 | 2,596 | ||||||||||||
Total contractual payments | $ | 2,593,482 | 7,156 | |||||||||||
Less: Amount representing interest | (1,628) | |||||||||||||
Net investment in sales-type leases (2) | $ | 5,528 |
Leases | Leases | Balance Sheet Location | March 31, 2023 | December 31, 2022 | Leases | Balance Sheet Location | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Right-of-use assets | Right-of-use assets | Right-of-use assets | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating right-of-use assets | $ | 42,808 | $ | 37,020 | Operating leases - Property | Property - operating right-of-use assets | $ | 41,652 | $ | 37,020 | ||||||||||||||||||||||||||||
Finance leases - Property | Finance leases - Property | Prepaid expenses and other assets, net | 2,621 | 2,207 | Finance leases - Property | Prepaid expenses and other assets, net | 2,603 | 2,207 | ||||||||||||||||||||||||||||||||
Total right-of-use assets | Total right-of-use assets | $ | 45,429 | $ | 39,227 | Total right-of-use assets | $ | 44,255 | $ | 39,227 | ||||||||||||||||||||||||||||||
Lease liabilities | Lease liabilities | Lease liabilities | ||||||||||||||||||||||||||||||||||||||
Operating leases - Property | Operating leases - Property | Property - operating lease liabilities | $ | 34,896 | $ | 28,759 | Operating leases - Property | Property - operating lease liabilities | $ | 33,923 | $ | 28,759 | ||||||||||||||||||||||||||||
Finance leases - Property | Finance leases - Property | Other liabilities | 431 | — | Finance leases - Property | Other liabilities | 426 | — | ||||||||||||||||||||||||||||||||
Total lease liabilities | Total lease liabilities | $ | 35,327 | $ | 28,759 | Total lease liabilities | $ | 34,349 | $ | 28,759 |
Statement of Operations Location | For the Three Months Ended March 31, | Statement of Operations Location | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease cost | Lease cost | 2023 | 2022 | Statement of Operations Location | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | Operating lease cost | Operating lease cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property leases - fixed | Property leases - fixed | Property operating expenses | $ | 1,535 | $ | 1,019 | Property leases - fixed | Property operating expenses | $ | 1,803 | $ | 1,032 | $ | 3,338 | $ | 2,051 | ||||||||||||||||||||||||||||||||||||||||||||||||
Property leases - variable | Property leases - variable | Property operating expenses | 17 | 16 | Property leases - variable | Property operating expenses | 16 | 17 | 33 | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 20 | 8 | Amortization of property right-of-use assets | Property operating expenses | 19 | 8 | 39 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on lease liabilities | Interest on lease liabilities | Interest expense | 13 | — | Interest on lease liabilities | Interest expense | 10 | — | 23 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,585 | $ | 1,043 | $ | 1,848 | $ | 1,057 | $ | 3,433 | $ | 2,100 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information | 2023 | 2022 | Supplemental cash flow information | 2023 | 2022 | ||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||||||||
Operating cash flows for operating leases | Operating cash flows for operating leases | $ | 1,185 | $ | 837 | Operating cash flows for operating leases | $ | 2,806 | $ | 1,676 | ||||||||||||||||||||||||
Operating cash flows for financing leases | Operating cash flows for financing leases | $ | 13 | $ | — | Operating cash flows for financing leases | $ | 23 | $ | — | ||||||||||||||||||||||||
Financing cash flows for financing leases | Financing cash flows for financing leases | $ | 4 | $ | — | Financing cash flows for financing leases | $ | 9 | $ | — |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ending December 31, | Year Ending December 31, | Operating Leases | Finance Leases | Year Ending December 31, | Operating Leases | Finance Leases | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 (1) | 2023 (1) | $ | 4,863 | $ | 45 | 2023 (1) | $ | 3,242 | $ | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 6,623 | 61 | 2024 | 6,623 | 61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2025 | 2,249 | 63 | 2025 | 2,249 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2026 | 2026 | 1,662 | 65 | 2026 | 1,662 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2027 | 2027 | 1,677 | 67 | 2027 | 1,677 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 130,495 | 365 | Thereafter | 130,495 | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total lease payments | Total lease payments | 147,569 | 666 | Total lease payments | 145,948 | 652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Amount representing interest | Less: Amount representing interest | (112,673) | (235) | Less: Amount representing interest | (112,025) | (226) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability | Lease liability | $ | 34,896 | $ | 431 | Lease liability | $ | 33,923 | $ | 426 |
Nominal Ownership % | March 31, 2023 (1) | Nominal Ownership % | June 30, 2023 (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Date Acquired | Total Assets | Encumbered Assets | Total Liabilities | Mortgage Debt | 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 | $ | 633,045 | $ | 94,288 | $ | 114,695 | $ | 51,659 | LW Redstone Company, LLC (2) | 3/23/2010 | 85% | Huntsville, Alabama | $ | 661,917 | $ | 96,088 | $ | 105,280 | $ | 51,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stevens Investors, LLC | Stevens Investors, LLC | 8/11/2015 | 95% | Washington, DC | 168,445 | — | 2,379 | — | Stevens Investors, LLC | 8/11/2015 | 95% | Washington, DC | 167,132 | — | 1,738 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M Square Associates, LLC | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 101,534 | 58,856 | 51,545 | 49,507 | M Square Associates, LLC | 6/26/2007 | 50% | College Park, Maryland | 100,933 | 58,171 | 50,445 | 49,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 903,024 | $ | 153,144 | $ | 168,619 | $ | 101,166 | $ | 929,982 | $ | 154,259 | $ | 157,463 | $ | 100,521 |
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, 2023 | December 31, 2022 | Entity | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redshift JV LLC | Redshift JV LLC | 1/10/2023 | 10% | 3 | $ | 21,181 | $ | — | Redshift JV LLC | 1/10/2023 | 10% | 3 | $ | 21,151 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
BREIT COPT DC JV LLC | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 11,331 | 11,568 | BREIT COPT DC JV LLC | 6/20/2019 | 10% | 9 | 11,096 | 11,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quark JV LLC | Quark JV LLC | 12/14/2022 | 10% | 2 | 6,761 | 6,758 | Quark JV LLC | 12/14/2022 | 10% | 2 | 6,747 | 6,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV III LLC | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 3,006 | 3,134 | B RE COPT DC JV III LLC | 6/2/2021 | 10% | 2 | 2,934 | 3,134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
B RE COPT DC JV II LLC (2) | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | (1,803) | (1,459) | B RE COPT DC JV II LLC (2) | 10/30/2020 | 10% | 8 | (1,999) | (1,459) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | $ | 40,476 | $ | 20,001 | 24 | $ | 39,929 | $ | 20,001 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Notes receivable from the City of Huntsville | Notes receivable from the City of Huntsville | $ | 70,592 | $ | 69,703 | Notes receivable from the City of Huntsville | $ | 72,544 | $ | 69,703 | ||||||||||||
Other investing loans receivable | Other investing loans receivable | 17,844 | 17,712 | Other investing loans receivable | 17,414 | 17,712 | ||||||||||||||||
Amortized cost basis | Amortized cost basis | 88,436 | 87,415 | Amortized cost basis | 89,958 | 87,415 | ||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (2,937) | (2,794) | Allowance for credit losses | (3,250) | (2,794) | ||||||||||||||||
Investing receivables, net | Investing receivables, net | $ | 85,499 | $ | 84,621 | Investing receivables, net | $ | 86,708 | $ | 84,621 |
Carrying Value (1) as of | March 31, 2023 | Carrying Value (1) as of | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stated Interest Rates | Scheduled Maturity | June 30, 2023 | December 31, 2022 | 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 | $ | 67,954 | $ | 84,433 | 3.82% to 4.62% (2) | 2024-2026 | Fixed rate mortgage debt | $ | 67,415 | $ | 84,433 | 3.82% to 4.62% (2) | 2024-2026 | ||||||||||||||||||||||||||||||||||||||||||||
Variable rate secured debt | Variable rate secured debt | 33,212 | 33,318 | SOFR + 0.10% + 1.45% to 1.55% (3) | 2025-2026 | Variable rate secured debt | 33,106 | 33,318 | SOFR + 0.10% + 1.45% to 1.55% (3) | 2025-2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage and other secured debt | Total mortgage and other secured debt | 101,166 | 117,751 | Total mortgage and other secured debt | 100,521 | 117,751 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility | Revolving Credit Facility | 118,000 | 211,000 | SOFR + 0.10% + 0.725% to 1.400% (4) | October 2026 (5) | Revolving Credit Facility | 171,000 | 211,000 | SOFR + 0.10% + 0.725% to 1.400% (4) | October 2026 (5) | ||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan Facility | Term Loan Facility | 124,034 | 123,948 | SOFR + 0.10% + 0.850% to 1.700% (6) | January 2026 (7) | Term Loan Facility | 124,120 | 123,948 | SOFR + 0.10% + 0.850% to 1.700% (6) | January 2026 (7) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.25%, $400,000 aggregate principal | 2.25%, $400,000 aggregate principal | 396,805 | 396,539 | 2.25% (8) | March 2026 | 2.25%, $400,000 aggregate principal | 397,071 | 396,539 | 2.25% (8) | March 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.00%, $400,000 aggregate principal | 2.00%, $400,000 aggregate principal | 397,108 | 396,988 | 2.00% (9) | January 2029 | 2.00%, $400,000 aggregate principal | 397,229 | 396,988 | 2.00% (9) | January 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.75%, $600,000 aggregate principal | 2.75%, $600,000 aggregate principal | 590,392 | 590,123 | 2.75% (10) | April 2031 | 2.75%, $600,000 aggregate principal | 590,664 | 590,123 | 2.75% (10) | April 2031 | ||||||||||||||||||||||||||||||||||||||||||||||||
2.90%, $400,000 aggregate principal | 2.90%, $400,000 aggregate principal | 394,951 | 394,848 | 2.90% (11) | December 2033 | 2.90%, $400,000 aggregate principal | 395,055 | 394,848 | 2.90% (11) | December 2033 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured note payable | Unsecured note payable | 556 | 597 | 0% (12) | May 2026 | Unsecured note payable | 514 | 597 | 0% (12) | May 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total debt, net | Total debt, net | $ | 2,123,012 | $ | 2,231,794 | Total debt, net | $ | 2,176,174 | $ | 2,231,794 |
Year Ending December 31, | Year Ending December 31, | March 31, 2023 | Year Ending December 31, | June 30, 2023 | ||||||||||||||||||
2023 (1) | 2023 (1) | $ | 2,262 | 2023 (1) | $ | 1,516 | ||||||||||||||||
2024 | 2024 | 29,983 | 2024 | 29,983 | ||||||||||||||||||
2025 | 2025 | 23,717 | 2025 | 23,717 | ||||||||||||||||||
2026 | 2026 | 689,300 | 2026 | 742,300 | ||||||||||||||||||
2027 | 2027 | — | 2027 | — | ||||||||||||||||||
Thereafter | Thereafter | 1,400,000 | Thereafter | 1,400,000 | ||||||||||||||||||
Total | Total | $ | 2,145,262 | (2) | Total | $ | 2,197,516 | (2) |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
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 | $ | 1,779,256 | $ | 1,436,838 | $ | 1,778,498 | $ | 1,433,561 | Unsecured Senior Notes | $ | 1,780,019 | $ | 1,401,467 | $ | 1,778,498 | $ | 1,433,561 | ||||||||||||||||||||||||||||
Other fixed-rate debt | Other fixed-rate debt | 68,510 | 64,120 | 85,030 | 80,330 | Other fixed-rate debt | 67,929 | 63,545 | 85,030 | 80,330 | ||||||||||||||||||||||||||||||||||||
Variable-rate debt | Variable-rate debt | 275,246 | 274,551 | 368,266 | 367,896 | Variable-rate debt | 328,226 | 328,340 | 368,266 | 367,896 | ||||||||||||||||||||||||||||||||||||
$ | 2,123,012 | $ | 1,775,509 | $ | 2,231,794 | $ | 1,881,787 | $ | 2,176,174 | $ | 1,793,352 | $ | 2,231,794 | $ | 1,881,787 |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | March 31, 2023 | December 31, 2022 | Notional Amount | Fixed Rate | Floating Rate Index | Effective Date | Expiration Date | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 10,820 | (1) | 1.678% | SOFR + 0.10% | 8/1/2019 | 8/1/2026 | $ | 654 | $ | 806 | 10,760 | (1) | 1.678% | SOFR + 0.10% | 8/1/2019 | 8/1/2026 | $ | 811 | $ | 806 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 22,700 | (2) | 0.573% | SOFR + 0.10% | 4/1/2020 | 3/26/2025 | 1,525 | 1,825 | 22,625 | (2) | 0.573% | SOFR + 0.10% | 4/1/2020 | 3/26/2025 | 1,641 | 1,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 150,000 | 3.742% | One-Month SOFR | 2/1/2023 | 2/2/2026 | (262) | — | 150,000 | 3.742% | One-Month SOFR | 2/1/2023 | 2/2/2026 | 2,545 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 50,000 | 3.747% | One-Month SOFR | 2/1/2023 | 2/2/2026 | (93) | — | 50,000 | 3.747% | One-Month SOFR | 2/1/2023 | 2/2/2026 | 843 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,824 | $ | 2,631 | $ | 5,840 | $ | 2,631 |
Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | Balance Sheet Location | March 31, 2023 | December 31, 2022 | Derivatives | Balance Sheet Location | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 2,179 | $ | 2,631 | Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets, net | $ | 5,840 | $ | 2,631 | ||||||||||||||||||||||||||||
Interest rate swaps designated as cash flow hedges | Other liabilities | $ | (355) | $ | — |
Amount of (Loss) Income Recognized in AOCI on Derivatives | Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations | Amount of Income 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 June 30, | For the Six Months Ended June 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | Derivatives in Hedging Relationships | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | Interest rate derivatives | $ | (215) | $ | 2,537 | $ | 591 | $ | (1,003) | $ | 4,989 | $ | 1,008 | $ | 4,774 | $ | 3,545 | $ | 974 | $ | (754) | $ | 1,565 | $ | (1,757) |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 26,293 | $ | 26,898 | Beginning balance | $ | 26,293 | $ | 26,898 | ||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | (763) | (606) | Distributions to noncontrolling interests | (1,377) | (1,375) | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to noncontrolling interests | 699 | 567 | Net income attributable to noncontrolling interests | 1,262 | 1,306 | ||||||||||||||||||||||
Adjustments for changes in fair value of interests | Adjustments for changes in fair value of interests | (781) | (39) | Adjustments for changes in fair value of interests | (1,293) | (77) | ||||||||||||||||||||||
Reclassification of Stevens Investors, LLC interests to equity | Reclassification of Stevens Investors, LLC interests to equity | (2,670) | — | |||||||||||||||||||||||||
Ending balance | Ending balance | $ | 25,448 | $ | 26,820 | Ending balance | $ | 22,215 | $ | 26,752 |
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, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 69,777 | $ | 19,829 | $ | 15,605 | $ | 7,925 | $ | 13,414 | $ | 6,692 | $ | 133,242 | $ | 16,054 | $ | — | $ | 2,385 | $ | 151,681 | Revenues from real estate operations | $ | 72,176 | $ | 19,841 | $ | 17,595 | $ | 8,118 | $ | 12,978 | $ | 6,287 | $ | 136,995 | $ | 15,197 | $ | — | $ | 2,761 | $ | 154,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (24,520) | (7,572) | (7,945) | (3,543) | (4,636) | (594) | (48,810) | (8,851) | — | (1,759) | (59,420) | Property operating expenses | (24,188) | (7,683) | (9,951) | (3,516) | (4,750) | (743) | (50,831) | (8,584) | — | (2,185) | (61,600) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 1,642 | 1,642 | — | — | — | 1,642 | UJV NOI allocable to COPT | — | — | — | — | — | 1,671 | 1,671 | — | — | — | 1,671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 45,257 | $ | 12,257 | $ | 7,660 | $ | 4,382 | $ | 8,778 | $ | 7,740 | $ | 86,074 | $ | 7,203 | $ | — | $ | 626 | $ | 93,903 | NOI from real estate operations | $ | 47,988 | $ | 12,158 | $ | 7,644 | $ | 4,602 | $ | 8,228 | $ | 7,215 | $ | 87,835 | $ | 6,613 | $ | — | $ | 576 | $ | 95,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 12,135 | $ | 2,398 | $ | 62 | $ | 759 | $ | 6,594 | $ | — | $ | 21,948 | $ | 3,278 | $ | — | $ | 11 | $ | 25,237 | Additions to long-lived assets | $ | 23,646 | $ | 7,957 | $ | — | $ | 309 | $ | 2,179 | $ | — | $ | 34,091 | $ | 4,554 | $ | — | $ | 162 | $ | 38,807 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 5,781 | $ | 238 | $ | 28 | $ | 2,650 | $ | 14,392 | $ | 3,311 | $ | 26,400 | $ | 13 | $ | — | $ | — | $ | 26,413 | Transfers from non-operating properties | $ | 4,628 | $ | 249 | $ | 17 | $ | — | $ | 3,935 | $ | 1,937 | $ | 10,766 | $ | 14 | $ | — | $ | — | $ | 10,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at March 31, 2023 | $ | 1,390,273 | $ | 486,649 | $ | 193,160 | $ | 169,235 | $ | 472,237 | $ | 324,422 | $ | 3,035,976 | $ | 545,817 | $ | — | $ | 3,321 | $ | 3,585,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 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 | $ | 67,589 | $ | 18,103 | $ | 15,129 | $ | 8,085 | $ | 9,308 | $ | 9,140 | $ | 127,354 | $ | 14,121 | $ | — | $ | 1,771 | $ | 143,246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | (23,499) | (6,157) | (7,520) | (3,330) | (3,631) | (1,189) | (45,326) | (7,628) | 50 | (1,212) | (54,116) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 1,080 | 1,080 | — | — | — | 1,080 | UJV NOI allocable to COPT | — | — | — | — | — | 1,080 | 1,080 | — | — | — | 1,080 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 44,090 | $ | 11,946 | $ | 7,609 | $ | 4,755 | $ | 5,677 | $ | 9,031 | $ | 83,108 | $ | 6,493 | $ | 50 | $ | 559 | $ | 90,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 12,341 | $ | 2,541 | $ | — | $ | 650 | $ | 224 | $ | — | $ | 15,756 | $ | 3,561 | $ | 16 | $ | 65 | $ | 19,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 768 | $ | 918 | $ | 521 | $ | (78) | $ | 20,037 | $ | 5,673 | $ | 27,839 | $ | 30 | $ | — | $ | — | $ | 27,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 141,953 | $ | 39,670 | $ | 33,200 | $ | 16,043 | $ | 26,392 | $ | 12,979 | $ | 270,237 | $ | 31,251 | $ | — | $ | 5,146 | $ | 306,634 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (48,708) | (15,255) | (17,896) | (7,059) | (9,386) | (1,337) | (99,641) | (17,435) | — | (3,944) | (121,020) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 3,313 | 3,313 | — | — | — | 3,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 93,245 | $ | 24,415 | $ | 15,304 | $ | 8,984 | $ | 17,006 | $ | 14,955 | $ | 173,909 | $ | 13,816 | $ | — | $ | 1,202 | $ | 188,927 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 35,781 | $ | 10,355 | $ | 62 | $ | 1,068 | $ | 8,773 | $ | — | $ | 56,039 | $ | 7,832 | $ | — | $ | 173 | $ | 64,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 10,409 | $ | 487 | $ | 45 | $ | 2,650 | $ | 18,327 | $ | 5,248 | $ | 37,166 | $ | 27 | $ | — | $ | — | $ | 37,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at June 30, 2023 | Segment assets at June 30, 2023 | $ | 1,403,113 | $ | 489,404 | $ | 191,742 | $ | 166,310 | $ | 477,334 | $ | 325,165 | $ | 3,053,068 | $ | 542,953 | $ | — | $ | 3,765 | $ | 3,599,786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 134,803 | $ | 36,679 | $ | 29,842 | $ | 16,254 | $ | 18,503 | $ | 16,645 | $ | 252,726 | $ | 29,203 | $ | 1,980 | $ | 3,597 | $ | 287,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | (49,283) | (13,026) | (14,592) | (6,801) | (7,366) | (2,199) | (93,267) | (15,558) | (975) | (2,468) | (112,268) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | — | — | — | — | — | 2,160 | 2,160 | — | — | — | 2,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 85,520 | $ | 23,653 | $ | 15,250 | $ | 9,453 | $ | 11,137 | $ | 16,606 | $ | 161,619 | $ | 13,645 | $ | 1,005 | $ | 1,129 | $ | 177,398 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to long-lived assets | Additions to long-lived assets | $ | 24,126 | $ | 4,730 | $ | — | $ | 1,390 | $ | 459 | $ | — | $ | 30,705 | $ | 7,894 | $ | (35) | $ | 66 | $ | 38,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers from non-operating properties | Transfers from non-operating properties | $ | 6,137 | $ | 1,237 | $ | 939 | $ | 6,298 | $ | 20,113 | $ | 86,876 | $ | 121,600 | $ | 301 | $ | — | $ | — | $ | 121,901 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment assets at June 30, 2022 | Segment assets at June 30, 2022 | $ | 1,331,828 | $ | 488,597 | $ | 196,723 | $ | 172,873 | $ | 316,008 | $ | 435,252 | $ | 2,941,281 | $ | 534,257 | $ | — | $ | 3,878 | $ | 3,479,416 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Segment revenues from real estate operations | Segment revenues from real estate operations | $ | 151,681 | $ | 144,260 | Segment revenues from real estate operations | $ | 154,953 | $ | 143,246 | $ | 306,634 | $ | 287,506 | ||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 15,820 | 53,200 | Construction contract and other service revenues | 14,243 | 42,557 | 30,063 | 95,757 | ||||||||||||||||||||||||||||||||||||||
Less: Revenues from discontinued operations | Less: Revenues from discontinued operations | — | (1,980) | Less: Revenues from discontinued operations | — | — | — | (1,980) | ||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 167,501 | $ | 195,480 | Total revenues | $ | 169,196 | $ | 185,803 | $ | 336,697 | $ | 381,283 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Segment property operating expenses | Segment property operating expenses | $ | 59,420 | $ | 58,152 | Segment property operating expenses | $ | 61,600 | $ | 54,116 | $ | 121,020 | $ | 112,268 | ||||||||||||||||||||||||||||||||
Less: Property operating expenses from discontinued operations | Less: Property operating expenses from discontinued operations | — | (971) | Less: Property operating expenses from discontinued operations | — | — | — | (971) | ||||||||||||||||||||||||||||||||||||||
Total property operating expenses | Total property operating expenses | $ | 59,420 | $ | 57,181 | Total property operating expenses | $ | 61,600 | $ | 54,116 | $ | 121,020 | $ | 111,297 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | $ | 1,642 | $ | 1,080 | UJV NOI allocable to COPT | $ | 1,671 | $ | 1,080 | $ | 3,313 | $ | 2,160 | ||||||||||||||||||||||||||||||||
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 | (1,704) | (758) | Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (1,559) | (760) | (3,263) | (1,518) | ||||||||||||||||||||||||||||||||||||||
Add: Equity in (loss) income of unconsolidated non-real estate entities | Add: Equity in (loss) income of unconsolidated non-real estate entities | (2) | 566 | Add: Equity in (loss) income of unconsolidated non-real estate entities | (1) | (2) | (3) | 564 | ||||||||||||||||||||||||||||||||||||||
Equity in (loss) income of unconsolidated entities | $ | (64) | $ | 888 | ||||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | $ | 111 | $ | 318 | $ | 47 | $ | 1,206 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 15,820 | $ | 53,200 | Construction contract and other service revenues | $ | 14,243 | $ | 42,557 | $ | 30,063 | $ | 95,757 | ||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (15,201) | (51,650) | Construction contract and other service expenses | (13,555) | (41,304) | (28,756) | (92,954) | ||||||||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 619 | $ | 1,550 | NOI from service operations | $ | 688 | $ | 1,253 | $ | 1,307 | $ | 2,803 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 93,903 | $ | 87,188 | NOI from real estate operations | $ | 95,024 | $ | 90,210 | $ | 188,927 | $ | 177,398 | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | 619 | 1,550 | NOI from service operations | 688 | 1,253 | 1,307 | 2,803 | ||||||||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | Depreciation and other amortization associated with real estate operations | (36,995) | (34,264) | Depreciation and other amortization associated with real estate operations | (37,600) | (34,812) | (74,595) | (69,076) | ||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | (9,995) | (8,544) | ||||||||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | (495) | (783) | ||||||||||||||||||||||||||||||||||||||||||||
General, administrative, leasing and other expenses | General, administrative, leasing and other expenses | (10,358) | (9,056) | (20,848) | (18,383) | |||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (16,442) | (14,424) | Interest expense | (16,519) | (14,808) | (32,961) | (29,232) | ||||||||||||||||||||||||||||||||||||||
Interest and other income | 2,323 | 1,893 | ||||||||||||||||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | (67) | 316 | ||||||||||||||||||||||||||||||||||||||||||||
Interest and other income, net | Interest and other income, net | 2,143 | 1,593 | 4,399 | 3,802 | |||||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 49,378 | 15 | Gain on sales of real estate | 14 | (19) | 49,392 | (4) | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | (342) | Loss on early extinguishment of debt | — | — | — | (342) | ||||||||||||||||||||||||||||||||||||||
Equity in (loss) income of unconsolidated entities | (64) | 888 | ||||||||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT included in equity in (loss) income of unconsolidated entities | (1,642) | (1,080) | ||||||||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 111 | 318 | 47 | 1,206 | |||||||||||||||||||||||||||||||||||||||||
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 | (1,671) | (1,080) | (3,313) | (2,160) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (125) | (153) | Income tax expense | (190) | (4) | (315) | (157) | ||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations from discontinued operations | Revenues from real estate operations from discontinued operations | — | (1,980) | Revenues from real estate operations from discontinued operations | — | — | — | (1,980) | ||||||||||||||||||||||||||||||||||||||
Property operating expenses from discontinued operations | Property operating expenses from discontinued operations | — | 971 | Property operating expenses from discontinued operations | — | — | — | 971 | ||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 80,398 | $ | 31,251 | Income from continuing operations | $ | 31,642 | $ | 33,595 | $ | 112,040 | $ | 64,846 |
March 31, 2023 | March 31, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||||||||||||||||
Segment assets | Segment assets | $ | 3,585,114 | $ | 3,464,411 | Segment assets | $ | 3,599,786 | $ | 3,479,416 | ||||||||||||||||||
Operating properties lease liabilities included in segment assets | Operating properties lease liabilities included in segment assets | 35,327 | 29,729 | Operating properties lease liabilities included in segment assets | 34,349 | 29,412 | ||||||||||||||||||||||
Non-operating property assets | Non-operating property assets | 345,518 | 419,346 | Non-operating property assets | 403,969 | 469,380 | ||||||||||||||||||||||
Other assets | Other assets | 212,033 | 218,540 | Other assets | 208,242 | 206,985 | ||||||||||||||||||||||
Total consolidated assets | Total consolidated assets | $ | 4,177,992 | $ | 4,132,026 | Total consolidated assets | $ | 4,246,346 | $ | 4,185,193 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Construction contract revenue: | |||||||||||||||||||||||
Guaranteed maximum price | $ | 6,743 | $ | 47,923 | |||||||||||||||||||
Firm fixed price | 5,879 | 3,444 | |||||||||||||||||||||
Cost-plus fee | 2,709 | 1,306 | |||||||||||||||||||||
Other | 489 | 527 | |||||||||||||||||||||
$ | 15,820 | $ | 53,200 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Construction contract revenue: | Construction contract revenue: | Construction contract revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Construction | $ | 14,725 | $ | 52,569 | ||||||||||||||||||||||||||||||||||||||||||
Design | 606 | 104 | ||||||||||||||||||||||||||||||||||||||||||||
Firm fixed price | Firm fixed price | $ | 9,403 | $ | 3,257 | $ | 15,282 | $ | 6,701 | |||||||||||||||||||||||||||||||||||||
Guaranteed maximum price | Guaranteed maximum price | 2,001 | 36,503 | 8,744 | 84,426 | |||||||||||||||||||||||||||||||||||||||||
Cost-plus fee | Cost-plus fee | 2,558 | 2,255 | 5,267 | 3,561 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 489 | 527 | Other | 281 | 542 | 770 | 1,069 | ||||||||||||||||||||||||||||||||||||||
$ | 15,820 | $ | 53,200 | $ | 14,243 | $ | 42,557 | $ | 30,063 | $ | 95,757 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 7,618 | $ | 7,193 | Beginning balance | $ | 7,618 | $ | 7,193 | ||||||||||||
Ending balance | Ending balance | $ | 6,786 | $ | 4,165 | Ending balance | $ | 8,127 | $ | 4,751 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 22,331 | $ | 22,384 | Beginning balance | $ | 22,331 | $ | 22,384 | ||||||||||||
Ending balance | Ending balance | $ | 20,619 | $ | 29,389 | Ending balance | $ | 20,494 | $ | 29,223 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Beginning balance | Beginning balance | $ | 2,867 | $ | 2,499 | Beginning balance | $ | 2,867 | $ | 2,499 | ||||||||||||
Ending balance | Ending balance | $ | 3,399 | $ | 2,534 | Ending balance | $ | 3,028 | $ | 2,363 | ||||||||||||
Portion of beginning balance recognized in revenue during period | $ | 77 | $ | 26 | ||||||||||||||||||
Portion of beginning balance recognized in revenue during: | Portion of beginning balance recognized in revenue during: | |||||||||||||||||||||
Three months ended June 30, | Three months ended June 30, | $ | 23 | $ | 164 | |||||||||||||||||
Six months ended June 30, | Six months ended June 30, | $ | 100 | $ | 190 |
Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | Investing Receivables | Tenant Notes Receivable (1) | Other Assets (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | $ | 2,794 | $ | 778 | $ | 268 | $ | 3,840 | December 31, 2022 | $ | 2,794 | $ | 778 | $ | 268 | $ | 3,840 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit loss expense (recoveries) | Credit loss expense (recoveries) | 143 | (19) | (57) | 67 | Credit loss expense (recoveries) | 456 | (44) | (107) | 305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-offs | Write-offs | — | (33) | — | (33) | Write-offs | — | (33) | — | (33) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 2,937 | $ | 726 | $ | 211 | $ | 3,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | $ | 3,250 | $ | 701 | $ | 161 | $ | 4,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 expense (recoveries) | Credit loss expense (recoveries) | 77 | (34) | (359) | (316) | Credit loss expense (recoveries) | 46 | (76) | (61) | (91) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | 1,676 | $ | 1,023 | $ | 554 | $ | 3,253 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | $ | 1,645 | $ | 981 | $ | 852 | $ | 3,478 |
Origination Year | Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 and Earlier | 2019 | 2020 | 2021 | 2022 | 2023 | Total | 2018 and Earlier | 2019 | 2020 | 2021 | 2022 | 2023 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing receivables: | Investing receivables: | Investing receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 61,092 | $ | — | $ | 1,931 | $ | 7,569 | $ | — | $ | — | $ | 70,592 | Investment grade | $ | 62,619 | $ | — | $ | 1,979 | $ | 7,946 | $ | — | $ | — | $ | 72,544 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | — | — | — | — | 17,844 | — | 17,844 | Non-investment grade | — | — | — | — | 17,414 | — | 17,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 61,092 | $ | — | $ | 1,931 | $ | 7,569 | $ | 17,844 | $ | — | $ | 88,436 | Total | $ | 62,619 | $ | — | $ | 1,979 | $ | 7,946 | $ | 17,414 | $ | — | $ | 89,958 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tenant notes receivable: | Tenant notes receivable: | Tenant notes receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit risk classification: | Credit risk classification: | Credit risk classification: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment grade | Investment grade | $ | 772 | $ | 34 | $ | 176 | $ | — | $ | — | $ | — | $ | 982 | Investment grade | $ | 737 | $ | 28 | $ | 156 | $ | — | $ | — | $ | — | $ | 921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade | Non-investment grade | 193 | 78 | 1,532 | — | — | — | 1,803 | Non-investment grade | 169 | 67 | 1,500 | — | — | — | 1,736 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 965 | $ | 112 | $ | 1,708 | $ | — | $ | — | $ | — | $ | 2,785 | Total | $ | 906 | $ | 95 | $ | 1,656 | $ | — | $ | — | $ | — | $ | 2,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross write-offs during the three months ended March 31, 2023 | $ | 33 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross write-offs during the six months ended June 30, 2023 | Gross write-offs during the six months ended June 30, 2023 | $ | 33 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 5,528 | $ | — | $ | — | $ | — | $ | 5,528 | Investment grade | $ | — | $ | — | $ | 5,387 | $ | — | $ | — | $ | — | $ | 5,387 |
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Unvested as of December 31, 2022 | Unvested as of December 31, 2022 | 325,083 | $ | 26.27 | Unvested as of December 31, 2022 | 325,083 | $ | 26.27 | ||||||||||||||||||||
Granted | Granted | 158,242 | $ | 25.72 | Granted | 188,311 | $ | 25.30 | ||||||||||||||||||||
Forfeited | Forfeited | (24,510) | $ | 25.89 | Forfeited | (28,224) | $ | 25.93 | ||||||||||||||||||||
Vested | Vested | (124,838) | $ | 26.02 | Vested | (141,616) | $ | 26.01 | ||||||||||||||||||||
Unvested as of March 31, 2023 | 333,977 | $ | 26.13 | |||||||||||||||||||||||||
Unvested as of June 30, 2023 | Unvested as of June 30, 2023 | 343,554 | $ | 25.87 |
Number of TB-PIUs | Weighted Average Grant Date Fair Value | Number of TB-PIUs | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Unvested as of December 31, 2022 | Unvested as of December 31, 2022 | 187,330 | $ | 26.19 | Unvested as of December 31, 2022 | 187,330 | $ | 26.19 | ||||||||||||||||||||
Granted | Granted | 82,334 | $ | 25.72 | Granted | 100,426 | $ | 25.37 | ||||||||||||||||||||
Forfeited | Forfeited | (27,182) | $ | 26.46 | Forfeited | (27,182) | $ | 26.46 | ||||||||||||||||||||
Vested | Vested | (73,869) | $ | 26.07 | Vested | (89,633) | $ | 25.95 | ||||||||||||||||||||
Unvested as of March 31, 2023 | 168,613 | $ | 25.97 | |||||||||||||||||||||||||
Unvested as of June 30, 2023 | Unvested as of June 30, 2023 | 170,941 | $ | 25.79 |
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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Numerator: | Numerator: | Numerator: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 80,398 | $ | 31,251 | Income from continuing operations | $ | 31,642 | $ | 33,595 | $ | 112,040 | $ | 64,846 | ||||||||||||||||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | Income from continuing operations attributable to noncontrolling interests | (1,619) | (1,084) | Income from continuing operations attributable to noncontrolling interests | (1,355) | (1,285) | (2,974) | (2,369) | ||||||||||||||||||||||||||||||||||||||
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 | (297) | (116) | Income from continuing operations attributable to share-based compensation awards for basic EPS | (115) | (92) | (413) | (204) | ||||||||||||||||||||||||||||||||||||||
Numerator for basic EPS from continuing operations attributable to common shareholders | Numerator for basic EPS from continuing operations attributable to common shareholders | 78,482 | 30,051 | Numerator for basic EPS from continuing operations attributable to common shareholders | 30,172 | 32,218 | 108,653 | 62,273 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (64) | (39) | Redeemable noncontrolling interests | (51) | (30) | (115) | (69) | ||||||||||||||||||||||||||||||||||||||
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 | 49 | 18 | Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS | 17 | 17 | 64 | 35 | ||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS from continuing operations attributable to common shareholders | Numerator for diluted EPS from continuing operations attributable to common shareholders | 78,467 | 30,030 | Numerator for diluted EPS from continuing operations attributable to common shareholders | 30,138 | 32,205 | 108,602 | 62,239 | ||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 29,573 | Discontinued operations | — | — | — | 29,573 | ||||||||||||||||||||||||||||||||||||||
Discontinued operations attributable to noncontrolling interests | Discontinued operations attributable to noncontrolling interests | — | (421) | Discontinued operations attributable to noncontrolling interests | — | — | — | (421) | ||||||||||||||||||||||||||||||||||||||
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) | Income from discontinued operations attributable to share-based compensation awards for diluted EPS | — | — | — | (90) | ||||||||||||||||||||||||||||||||||||||
Numerator for diluted EPS on net income attributable to common shareholders | Numerator for diluted EPS on net income attributable to common shareholders | $ | 78,467 | $ | 59,099 | Numerator for diluted EPS on net income attributable to common shareholders | $ | 30,138 | $ | 32,205 | $ | 108,602 | $ | 91,301 | ||||||||||||||||||||||||||||||||
Denominator (all weighted averages): | Denominator (all weighted averages): | Denominator (all weighted averages): | ||||||||||||||||||||||||||||||||||||||||||||
Denominator for basic EPS (common shares) | Denominator for basic EPS (common shares) | 112,127 | 112,020 | Denominator for basic EPS (common shares) | 112,188 | 112,082 | 112,157 | 112,052 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of redeemable noncontrolling interests | Dilutive effect of redeemable noncontrolling interests | 91 | 132 | Dilutive effect of redeemable noncontrolling interests | 62 | 126 | 77 | 129 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 410 | 426 | Dilutive effect of share-based compensation awards | 426 | 429 | 418 | 427 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted EPS (common shares) | Denominator for diluted EPS (common shares) | 112,628 | 112,578 | Denominator for diluted EPS (common shares) | 112,676 | 112,637 | 112,652 | 112,608 | ||||||||||||||||||||||||||||||||||||||
Basic EPS attributable to common shareholders: | Basic EPS attributable to common shareholders: | Basic EPS attributable to common shareholders: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.70 | $ | 0.27 | Income from continuing operations | $ | 0.27 | $ | 0.29 | $ | 0.97 | $ | 0.55 | ||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 0.26 | Discontinued operations | — | — | — | 0.26 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 0.70 | $ | 0.53 | Net income | $ | 0.27 | $ | 0.29 | $ | 0.97 | $ | 0.81 | ||||||||||||||||||||||||||||||||
Diluted EPS attributable to common shareholders: | Diluted EPS attributable to common shareholders: | Diluted EPS attributable to common shareholders: | ||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 0.70 | $ | 0.27 | Income from continuing operations | $ | 0.27 | $ | 0.29 | $ | 0.96 | $ | 0.55 | ||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | 0.25 | Discontinued operations | — | — | — | 0.26 | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 0.70 | $ | 0.52 | Net income | $ | 0.27 | $ | 0.29 | $ | 0.96 | $ | 0.81 |
Weighted Average Shares Excluded from Denominator | Weighted Average Shares Excluded from Denominator | |||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
Conversion of common units | Conversion of common units | 1,489 | 1,384 | Conversion of common units | 1,514 | 1,476 | 1,502 | 1,430 | ||||||||||||||||||||||||||||||||||||||
Conversion of redeemable noncontrolling interests | Conversion of redeemable noncontrolling interests | 972 | 806 | Conversion of redeemable noncontrolling interests | 934 | 863 | 953 | 835 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
Occupancy rates at period end | Occupancy rates at period end | Occupancy rates at period end | ||||||||||||||||||||
Total | Total | 92.8 | % | 92.7 | % | Total | 93.4 | % | 92.7 | % | ||||||||||||
Defense/IT Locations: | Defense/IT Locations: | Defense/IT Locations: | ||||||||||||||||||||
Fort Meade/BW Corridor | Fort Meade/BW Corridor | 93.4 | % | 92.7 | % | Fort Meade/BW Corridor | 95.4 | % | 92.7 | % | ||||||||||||
NoVA Defense/IT | NoVA Defense/IT | 90.7 | % | 90.0 | % | NoVA Defense/IT | 89.9 | % | 90.0 | % | ||||||||||||
Lackland Air Force Base | Lackland Air Force Base | 100.0 | % | 100.0 | % | Lackland Air Force Base | 100.0 | % | 100.0 | % | ||||||||||||
Navy Support | Navy Support | 87.8 | % | 89.8 | % | Navy Support | 86.9 | % | 89.8 | % | ||||||||||||
Redstone Arsenal | Redstone Arsenal | 89.8 | % | 89.9 | % | Redstone Arsenal | 92.5 | % | 89.9 | % | ||||||||||||
Data Center Shells | Data Center Shells | 100.0 | % | 100.0 | % | Data Center Shells | 100.0 | % | 100.0 | % | ||||||||||||
Total Defense/IT Locations | Total Defense/IT Locations | 94.4 | % | 94.1 | % | Total Defense/IT Locations | 95.3 | % | 94.1 | % | ||||||||||||
Regional Office | Regional Office | 77.4 | % | 79.0 | % | Regional Office | 74.8 | % | 79.0 | % | ||||||||||||
Other | Other | 80.1 | % | 75.5 | % | Other | 76.5 | % | 75.5 | % | ||||||||||||
Annualized rental revenue per occupied square foot at period end | Annualized rental revenue per occupied square foot at period end | $ | 34.16 | $ | 33.16 | Annualized rental revenue per occupied square foot at period end | $ | 34.31 | $ | 33.16 |
Rentable Square Feet | Occupied Square Feet | Rentable Square Feet | Occupied Square Feet | |||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 23,006 | 21,327 | December 31, 2022 | 23,006 | 21,327 | ||||||||||||||||
Vacated upon lease expiration (1) | Vacated upon lease expiration (1) | — | (142) | Vacated upon lease expiration (1) | — | (310) | ||||||||||||||||
Occupancy for new leases | Occupancy for new leases | — | 187 | Occupancy for new leases | — | 491 | ||||||||||||||||
Development placed in service | Development placed in service | 11 | — | Development placed in service | 26 | 15 | ||||||||||||||||
Other changes | Other changes | 3 | — | Other changes | 3 | 2 | ||||||||||||||||
March 31, 2023 | 23,020 | 21,372 | ||||||||||||||||||||
June 30, 2023 | June 30, 2023 | 23,035 | 21,525 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 80,398 | $ | 60,824 | Net income | $ | 31,642 | $ | 33,595 | $ | 112,040 | $ | 94,419 | ||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | (15,820) | (53,200) | Construction contract and other service revenues | (14,243) | (42,557) | (30,063) | (95,757) | ||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | Depreciation and other amortization associated with real estate operations | 36,995 | 34,264 | Depreciation and other amortization associated with real estate operations | 37,600 | 34,812 | 74,595 | 69,076 | ||||||||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 15,201 | 51,650 | Construction contract and other service expenses | 13,555 | 41,304 | 28,756 | 92,954 | ||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | 9,995 | 8,544 | ||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | 495 | 783 | ||||||||||||||||||||||||||||||||||||||
General, administrative, leasing and other expenses | General, administrative, leasing and other expenses | 10,358 | 9,056 | 20,848 | 18,383 | |||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 16,442 | 14,424 | Interest expense | 16,519 | 14,808 | 32,961 | 29,232 | ||||||||||||||||||||||||||||||||
Interest and other income | (2,323) | (1,893) | ||||||||||||||||||||||||||||||||||||||
Credit loss expense (recoveries) | 67 | (316) | ||||||||||||||||||||||||||||||||||||||
Interest and other income, net | Interest and other income, net | (2,143) | (1,593) | (4,399) | (3,802) | |||||||||||||||||||||||||||||||||||
Gain on sales of real estate from continuing operations | Gain on sales of real estate from continuing operations | (49,378) | (15) | Gain on sales of real estate from continuing operations | (14) | 19 | (49,392) | 4 | ||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | 342 | Loss on early extinguishment of debt | — | — | — | 342 | ||||||||||||||||||||||||||||||||
Equity in loss (income) of unconsolidated entities | 64 | (888) | ||||||||||||||||||||||||||||||||||||||
UJV NOI allocable to COPT included in equity in (loss) income of unconsolidated entities | 1,642 | 1,080 | ||||||||||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | (111) | (318) | (47) | (1,206) | |||||||||||||||||||||||||||||||||||
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 | 1,671 | 1,080 | 3,313 | 2,160 | |||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | 125 | 153 | Income tax expense | 190 | 4 | 315 | 157 | ||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations | — | (29,573) | Discontinued operations | — | — | — | (29,573) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations from discontinued operations | Revenues from real estate operations from discontinued operations | — | 1,980 | Revenues from real estate operations from discontinued operations | — | — | — | 1,980 | ||||||||||||||||||||||||||||||||
Property operating expenses from discontinued operations | Property operating expenses from discontinued operations | — | (971) | Property operating expenses from discontinued operations | — | — | — | (971) | ||||||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | $ | 93,903 | $ | 87,188 | NOI from real estate operations | $ | 95,024 | $ | 90,210 | $ | 188,927 | $ | 177,398 |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | |||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Revenues from real estate operations | Revenues from real estate operations | $ | 151,681 | $ | 142,280 | $ | 9,401 | Revenues from real estate operations | $ | 154,953 | $ | 143,246 | $ | 11,707 | ||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | 15,820 | 53,200 | (37,380) | Construction contract and other service revenues | 14,243 | 42,557 | (28,314) | ||||||||||||||||||||||||||
Total revenues | Total revenues | 167,501 | 195,480 | (27,979) | Total revenues | 169,196 | 185,803 | (16,607) | ||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 59,420 | 57,181 | 2,239 | Property operating expenses | 61,600 | 54,116 | 7,484 | ||||||||||||||||||||||||||
Depreciation and amortization associated with real estate operations | Depreciation and amortization associated with real estate operations | 36,995 | 34,264 | 2,731 | Depreciation and amortization associated with real estate operations | 37,600 | 34,812 | 2,788 | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | 15,201 | 51,650 | (36,449) | Construction contract and other service expenses | 13,555 | 41,304 | (27,749) | ||||||||||||||||||||||||||
General, administrative and leasing expenses | 9,995 | 8,544 | 1,451 | |||||||||||||||||||||||||||||||
Business development expenses and land carry costs | 495 | 783 | (288) | |||||||||||||||||||||||||||||||
General, administrative, leasing and other expenses | General, administrative, leasing and other expenses | 10,358 | 9,056 | 1,302 | ||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 122,106 | 152,422 | (30,316) | Total operating expenses | 123,113 | 139,288 | (16,175) | ||||||||||||||||||||||||||
Interest expense | Interest expense | (16,442) | (14,424) | (2,018) | Interest expense | (16,519) | (14,808) | (1,711) | ||||||||||||||||||||||||||
Interest and other income | 2,323 | 1,893 | 430 | |||||||||||||||||||||||||||||||
Credit loss (expense) recoveries | (67) | 316 | (383) | |||||||||||||||||||||||||||||||
Interest and other income, net | Interest and other income, net | 2,143 | 1,593 | 550 | ||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | 49,378 | 15 | 49,363 | Gain on sales of real estate | 14 | (19) | 33 | ||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | (342) | 342 | |||||||||||||||||||||||||||||||
Equity in (loss) income of unconsolidated entities | (64) | 888 | (952) | |||||||||||||||||||||||||||||||
Equity in income of unconsolidated entities | Equity in income of unconsolidated entities | 111 | 318 | (207) | ||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (125) | (153) | 28 | Income tax expense | (190) | (4) | (186) | ||||||||||||||||||||||||||
Income from continuing operations | 80,398 | 31,251 | 49,147 | |||||||||||||||||||||||||||||||
Discontinued operations | — | 29,573 | (29,573) | |||||||||||||||||||||||||||||||
Net income | Net income | $ | 80,398 | $ | 60,824 | $ | 19,574 | Net income | $ | 31,642 | $ | 33,595 | $ | (1,953) |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | |||||||||||||||||||||||||||||
(Dollars in thousands, except per square foot data) | (Dollars in thousands, except per square foot data) | |||||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | ||||||||||||||||||||||||||||||||
Same Properties revenues | Same Properties revenues | Same Properties revenues | ||||||||||||||||||||||||||||||||
Lease revenue, excluding lease termination revenue and provision for collectability losses | $ | 138,974 | $ | 134,773 | $ | 4,201 | ||||||||||||||||||||||||||||
Lease revenue, excluding lease termination revenue and collectability loss provisions | Lease revenue, excluding lease termination revenue and collectability loss provisions | $ | 140,915 | $ | 134,150 | $ | 6,765 | |||||||||||||||||||||||||||
Lease termination revenue, net | Lease termination revenue, net | 1,221 | 221 | 1,000 | Lease termination revenue, net | 1,059 | 399 | 660 | ||||||||||||||||||||||||||
Provision for collectability losses included in lease revenue | (1,168) | — | (1,168) | |||||||||||||||||||||||||||||||
Collectability recovery (loss) provisions included in lease revenue | Collectability recovery (loss) provisions included in lease revenue | 168 | (727) | 895 | ||||||||||||||||||||||||||||||
Other property revenue | Other property revenue | 1,084 | 859 | 225 | Other property revenue | 1,242 | 935 | 307 | ||||||||||||||||||||||||||
Same Properties total revenues | Same Properties total revenues | 140,111 | 135,853 | 4,258 | Same Properties total revenues | 143,384 | 134,757 | 8,627 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 9,514 | 407 | 9,107 | Developed and redeveloped properties placed in service | 9,574 | 2,353 | 7,221 | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | 399 | 6,833 | (6,434) | Dispositions, net of retained interest in newly-formed UJVs | 2 | 5,007 | (5,005) | ||||||||||||||||||||||||||
Other | Other | 1,657 | 1,167 | 490 | Other | 1,993 | 1,129 | 864 | ||||||||||||||||||||||||||
151,681 | 144,260 | 7,421 | 154,953 | 143,246 | 11,707 | |||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | Property operating expenses | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | (56,735) | (55,507) | (1,228) | Same Properties | (58,203) | (52,230) | (5,973) | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | (1,228) | (74) | (1,154) | Developed and redeveloped properties placed in service | (1,577) | (264) | (1,313) | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | (54) | (1,669) | 1,615 | Dispositions, net of retained interest in newly-formed UJVs | (3) | (718) | 715 | ||||||||||||||||||||||||||
Other | Other | (1,403) | (902) | (501) | Other | (1,817) | (904) | (913) | ||||||||||||||||||||||||||
(59,420) | (58,152) | (1,268) | (61,600) | (54,116) | (7,484) | |||||||||||||||||||||||||||||
UJV NOI allocable to COPT | UJV NOI allocable to COPT | UJV NOI allocable to COPT | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 1,076 | 1,080 | (4) | Same Properties | 1,073 | 1,080 | (7) | ||||||||||||||||||||||||||
Retained interest in newly-formed UJVs | Retained interest in newly-formed UJVs | 566 | — | 566 | Retained interest in newly-formed UJVs | 598 | — | 598 | ||||||||||||||||||||||||||
1,642 | 1,080 | 562 | 1,671 | 1,080 | 591 | |||||||||||||||||||||||||||||
NOI from real estate operations | NOI from real estate operations | NOI from real estate operations | ||||||||||||||||||||||||||||||||
Same Properties | Same Properties | 84,452 | 81,426 | 3,026 | Same Properties | 86,254 | 83,607 | 2,647 | ||||||||||||||||||||||||||
Developed and redeveloped properties placed in service | Developed and redeveloped properties placed in service | 8,286 | 333 | 7,953 | Developed and redeveloped properties placed in service | 7,997 | 2,089 | 5,908 | ||||||||||||||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | Dispositions, net of retained interest in newly-formed UJVs | 911 | 5,164 | (4,253) | Dispositions, net of retained interest in newly-formed UJVs | 597 | 4,289 | (3,692) | ||||||||||||||||||||||||||
Other | Other | 254 | 265 | (11) | Other | 176 | 225 | (49) | ||||||||||||||||||||||||||
$ | 93,903 | $ | 87,188 | $ | 6,715 | $ | 95,024 | $ | 90,210 | $ | 4,814 | |||||||||||||||||||||||
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 | $ | 76,876 | $ | 73,969 | $ | 2,907 | Defense/IT Locations | $ | 79,242 | $ | 76,781 | $ | 2,461 | ||||||||||||||||||||
Regional Office | Regional Office | 7,203 | 7,152 | 51 | Regional Office | 6,613 | 6,493 | 120 | ||||||||||||||||||||||||||
Other | Other | 373 | 305 | 68 | Other | 399 | 333 | 66 | ||||||||||||||||||||||||||
$ | 84,452 | $ | 81,426 | $ | 3,026 | $ | 86,254 | $ | 83,607 | $ | 2,647 | |||||||||||||||||||||||
Same Properties rent statistics | Same Properties rent statistics | Same Properties rent statistics | ||||||||||||||||||||||||||||||||
Average occupancy rate | Average occupancy rate | 92.1 | % | 91.2 | % | 0.9 | % | Average occupancy rate | 92.3 | % | 91.1 | % | 1.2 | % | ||||||||||||||||||||
Average straight-line rent per occupied square foot (1) | Average straight-line rent per occupied square foot (1) | $ | 6.73 | $ | 6.75 | $ | (0.02) | Average straight-line rent per occupied square foot (1) | $ | 6.77 | $ | 6.73 | $ | 0.04 |
For the Three Months Ended June 30, | ||||||||||||||||||||
2023 | 2022 | Variance | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Construction contract and other service revenues | $ | 14,243 | $ | 42,557 | $ | (28,314) | ||||||||||||||
Construction contract and other service expenses | (13,555) | (41,304) | 27,749 | |||||||||||||||||
NOI from service operations | $ | 688 | $ | 1,253 | $ | (565) |
For the Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Variance | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Revenues from real estate operations | $ | 306,634 | $ | 285,526 | $ | 21,108 | |||||||||||
Construction contract and other service revenues | 30,063 | 95,757 | (65,694) | ||||||||||||||
Total revenues | 336,697 | 381,283 | (44,586) | ||||||||||||||
Operating expenses | |||||||||||||||||
Property operating expenses | 121,020 | 111,297 | 9,723 | ||||||||||||||
Depreciation and amortization associated with real estate operations | 74,595 | 69,076 | 5,519 | ||||||||||||||
Construction contract and other service expenses | 28,756 | 92,954 | (64,198) | ||||||||||||||
General, administrative, leasing and other expenses | 20,848 | 18,383 | 2,465 | ||||||||||||||
Total operating expenses | 245,219 | 291,710 | (46,491) | ||||||||||||||
Interest expense | (32,961) | (29,232) | (3,729) | ||||||||||||||
Interest and other income, net | 4,399 | 3,802 | 597 | ||||||||||||||
Gain on sales of real estate | 49,392 | (4) | 49,396 | ||||||||||||||
Loss on early extinguishment of debt | — | (342) | 342 | ||||||||||||||
Equity in income of unconsolidated entities | 47 | 1,206 | (1,159) | ||||||||||||||
Income tax expense | (315) | (157) | (158) | ||||||||||||||
Income from continuing operations | 112,040 | 64,846 | 47,194 | ||||||||||||||
Discontinued operations | — | 29,573 | (29,573) | ||||||||||||||
Net income | $ | 112,040 | $ | 94,419 | $ | 17,621 |
For the Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Variance | |||||||||||||||
(Dollars in thousands, except per square foot data) | |||||||||||||||||
Revenues | |||||||||||||||||
Same Properties revenues | |||||||||||||||||
Lease revenue, excluding lease termination revenue and collectability loss provisions | $ | 279,889 | $ | 268,923 | $ | 10,966 | |||||||||||
Lease termination revenue, net | 2,280 | 620 | 1,660 | ||||||||||||||
Collectability loss provisions included in lease revenue | (1,000) | (727) | (273) | ||||||||||||||
Other property revenue | 2,326 | 1,794 | 532 | ||||||||||||||
Same Properties total revenues | 283,495 | 270,610 | 12,885 | ||||||||||||||
Developed and redeveloped properties placed in service | 19,088 | 2,760 | 16,328 | ||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | 401 | 11,840 | (11,439) | ||||||||||||||
Other | 3,650 | 2,296 | 1,354 | ||||||||||||||
306,634 | 287,506 | 19,128 | |||||||||||||||
Property operating expenses | |||||||||||||||||
Same Properties | (114,938) | (107,737) | (7,201) | ||||||||||||||
Developed and redeveloped properties placed in service | (2,805) | (338) | (2,467) | ||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | (57) | (2,387) | 2,330 | ||||||||||||||
Other | (3,220) | (1,806) | (1,414) | ||||||||||||||
(121,020) | (112,268) | (8,752) | |||||||||||||||
UJV NOI allocable to COPT | |||||||||||||||||
Same Properties | 2,149 | 2,160 | (11) | ||||||||||||||
Retained interest in newly-formed UJVs | 1,164 | — | 1,164 | ||||||||||||||
3,313 | 2,160 | 1,153 | |||||||||||||||
NOI from real estate operations | |||||||||||||||||
Same Properties | 170,706 | 165,033 | 5,673 | ||||||||||||||
Developed and redeveloped properties placed in service | 16,283 | 2,422 | 13,861 | ||||||||||||||
Dispositions, net of retained interest in newly-formed UJVs | 1,508 | 9,453 | (7,945) | ||||||||||||||
Other | 430 | 490 | (60) | ||||||||||||||
$ | 188,927 | $ | 177,398 | $ | 11,529 | ||||||||||||
Same Properties NOI from real estate operations by segment | |||||||||||||||||
Defense/IT Locations | $ | 156,118 | $ | 150,750 | $ | 5,368 | |||||||||||
Regional Office | 13,816 | 13,645 | 171 | ||||||||||||||
Other | 772 | 638 | 134 | ||||||||||||||
$ | 170,706 | $ | 165,033 | $ | 5,673 | ||||||||||||
Same Properties rent statistics | |||||||||||||||||
Average occupancy rate | 92.2 | % | 91.1 | % | 1.1 | % | |||||||||||
Average straight-line rent per occupied square foot (1) | $ | 13.50 | $ | 13.48 | $ | 0.02 |
For the Three Months Ended March 31, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | Construction contract and other service revenues | $ | 15,820 | $ | 53,200 | $ | (37,380) | Construction contract and other service revenues | $ | 30,063 | $ | 95,757 | $ | (65,694) | ||||||||||||||||||||||||||
Construction contract and other service expenses | Construction contract and other service expenses | (15,201) | (51,650) | 36,449 | Construction contract and other service expenses | (28,756) | (92,954) | 64,198 | ||||||||||||||||||||||||||||||||
NOI from service operations | NOI from service operations | $ | 619 | $ | 1,550 | $ | (931) | NOI from service operations | $ | 1,307 | $ | 2,803 | $ | (1,496) |
For the Three Months Ended March 31, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||
(Dollars and shares in thousands, except per share data) | (Dollars and shares in thousands, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 80,398 | $ | 60,824 | Net income | $ | 31,642 | $ | 33,595 | $ | 112,040 | $ | 94,419 | ||||||||||||||||||||||||||||||||
Real estate-related depreciation and amortization | Real estate-related depreciation and amortization | 36,995 | 34,264 | Real estate-related depreciation and amortization | 37,600 | 34,812 | 74,595 | 69,076 | ||||||||||||||||||||||||||||||||||||||
Gain on sales of real estate | Gain on sales of real estate | (49,378) | (28,579) | Gain on sales of real estate | (14) | 19 | (49,392) | (28,560) | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization on UJVs allocable to COPT | Depreciation and amortization on UJVs allocable to COPT | 801 | 526 | Depreciation and amortization on UJVs allocable to COPT | 805 | 525 | 1,606 | 1,051 | ||||||||||||||||||||||||||||||||||||||
FFO | FFO | 68,816 | 67,035 | FFO | 70,033 | 68,951 | 138,849 | 135,986 | ||||||||||||||||||||||||||||||||||||||
FFO allocable to other noncontrolling interests | FFO allocable to other noncontrolling interests | (708) | (1,042) | FFO allocable to other noncontrolling interests | (1,239) | (1,178) | (1,947) | (2,220) | ||||||||||||||||||||||||||||||||||||||
Basic FFO allocable to share-based compensation awards | Basic FFO allocable to share-based compensation awards | (466) | (362) | Basic FFO allocable to share-based compensation awards | (480) | (357) | (946) | (719) | ||||||||||||||||||||||||||||||||||||||
Basic FFO available to common share and common unit holders | Basic FFO available to common share and common unit holders | 67,642 | 65,631 | Basic FFO available to common share and common unit holders | 68,314 | 67,416 | 135,956 | 133,047 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | (30) | (6) | Redeemable noncontrolling interests | (28) | 4 | (58) | (2) | ||||||||||||||||||||||||||||||||||||||
Diluted FFO adjustments allocable to share-based compensation awards | Diluted FFO adjustments allocable to share-based compensation awards | 39 | 27 | Diluted FFO adjustments allocable to share-based compensation awards | 37 | 27 | 76 | 54 | ||||||||||||||||||||||||||||||||||||||
Diluted FFO available to common share and common unit holders | Diluted FFO available to common share and common unit holders | 67,651 | 65,652 | Diluted FFO available to common share and common unit holders | 68,323 | 67,447 | 135,974 | 133,099 | ||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | 342 | Loss on early extinguishment of debt | — | — | — | 342 | ||||||||||||||||||||||||||||||||||||||
Executive transition costs | Executive transition costs | 248 | 137 | 248 | 137 | |||||||||||||||||||||||||||||||||||||||||
Diluted FFO comparability adjustments allocable to share-based compensation awards | Diluted FFO comparability adjustments allocable to share-based compensation awards | — | (2) | Diluted FFO comparability adjustments allocable to share-based compensation awards | (2) | — | (2) | (2) | ||||||||||||||||||||||||||||||||||||||
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 | $ | 67,651 | $ | 65,992 | Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 68,569 | $ | 67,584 | $ | 136,220 | $ | 133,576 | ||||||||||||||||||||||||||||||||
Weighted average common shares | Weighted average common shares | 112,127 | 112,020 | Weighted average common shares | 112,188 | 112,082 | 112,157 | 112,052 | ||||||||||||||||||||||||||||||||||||||
Conversion of weighted average common units | Conversion of weighted average common units | 1,489 | 1,384 | Conversion of weighted average common units | 1,514 | 1,476 | 1,502 | 1,430 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares/units - Basic FFO per share | Weighted average common shares/units - Basic FFO per share | 113,616 | 113,404 | Weighted average common shares/units - Basic FFO per share | 113,702 | 113,558 | 113,659 | 113,482 | ||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based compensation awards | Dilutive effect of share-based compensation awards | 410 | 426 | Dilutive effect of share-based compensation awards | 426 | 429 | 418 | 427 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | Redeemable noncontrolling interests | 91 | 132 | Redeemable noncontrolling interests | 62 | 126 | 77 | 129 | ||||||||||||||||||||||||||||||||||||||
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 | 114,117 | 113,962 | Weighted average common shares/units - Diluted FFO per share and as adjusted for comparability | 114,190 | 114,113 | 114,154 | 114,038 | ||||||||||||||||||||||||||||||||||||||
Diluted EPS | Diluted EPS | $ | 0.27 | $ | 0.29 | $ | 0.96 | $ | 0.81 | |||||||||||||||||||||||||||||||||||||
Diluted FFO per share | Diluted FFO per share | $ | 0.59 | $ | 0.58 | Diluted FFO per share | $ | 0.60 | $ | 0.59 | $ | 1.19 | $ | 1.17 | ||||||||||||||||||||||||||||||||
Diluted FFO per share, as adjusted for comparability | Diluted FFO per share, as adjusted for comparability | $ | 0.59 | $ | 0.58 | Diluted FFO per share, as adjusted for comparability | $ | 0.60 | $ | 0.59 | $ | 1.19 | $ | 1.17 | ||||||||||||||||||||||||||||||||
Denominator for diluted EPS | Denominator for diluted EPS | 112,628 | 112,578 | Denominator for diluted EPS | 112,676 | 112,637 | 112,652 | 112,608 | ||||||||||||||||||||||||||||||||||||||
Weighted average common units | Weighted average common units | 1,489 | 1,384 | Weighted average common units | 1,514 | 1,476 | 1,502 | 1,430 | ||||||||||||||||||||||||||||||||||||||
Denominator for diluted FFO per share and as adjusted for comparability | Denominator for diluted FFO per share and as adjusted for comparability | 114,117 | 113,962 | Denominator for diluted FFO per share and as adjusted for comparability | 114,190 | 114,113 | 114,154 | 114,038 |
Development | $ | ||||
Tenant improvements on operating properties (1) | |||||
Capital improvements on operating properties | |||||
$ |
For the Periods Ending December 31, | For the Periods Ending December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt: | Debt: | Debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt (1) | Fixed rate debt (1) | $ | 1,857 | $ | 29,443 | $ | 1,302 | $ | 436,140 | $ | — | $ | 1,400,000 | $ | 1,868,742 | Fixed rate debt (1) | $ | 1,246 | $ | 29,443 | $ | 1,302 | $ | 436,140 | $ | — | $ | 1,400,000 | $ | 1,868,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate | Weighted average interest rate | 3.83% | 4.42% | 3.23% | 2.38% | —% | 2.58% | 2.56% | Weighted average interest rate | 3.83% | 4.42% | 3.23% | 2.38% | —% | 2.58% | 2.56% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate debt (2) | Variable rate debt (2) | $ | 405 | $ | 540 | $ | 22,415 | $ | 253,160 | $ | — | $ | — | $ | 276,520 | Variable rate debt (2) | $ | 270 | $ | 540 | $ | 22,415 | $ | 306,160 | $ | — | $ | — | $ | 329,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate (3) | Weighted average interest rate (3) | 6.19% | 6.19% | 6.23% | 5.96% | —% | —% | 5.99% | Weighted average interest rate (3) | 6.66% | 6.66% | 6.71% | 6.40% | —% | —% | 6.42% |
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: | By: | /s/ Stephen E. Budorick | |||||||||
Stephen E. Budorick | |||||||||||
President and Chief Executive Officer | |||||||||||
Date: | By: | /s/ Anthony Mifsud | |||||||||
Anthony Mifsud | |||||||||||
Executive Vice President and Chief Financial Officer |