COPT Defense Properties (CDP) 10-K 21 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 05, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14023
Entity Registrant Name	COPT DEFENSE PROPERTIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	23-2947217
Entity Address, Address Line One	6711 Columbia Gateway Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Columbia
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21046
City Area Code	443
Local Phone Number	285-5400
Title of 12(b) Security	Common Shares of beneficial interest, $0.01 par value
Trading Symbol	CDP
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2.4
Entity Common Stock, Shares Outstanding		112,699,445
Documents Incorporated by Reference	Portions of the proxy statement of COPT Defense Properties for its 2025 Annual Meeting of Shareholders to be filed within 120 days after the end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000860546
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Baltimore, Maryland

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Properties, net:
Operating properties, net	$ 3,353,477	$ 3,246,806
Projects in development or held for future development	277,049	256,872
Total properties, net	3,630,526	3,503,678
Property - operating lease right-of-use assets	55,760	41,296
Cash and cash equivalents	38,284	167,820
Investment in unconsolidated real estate joint ventures	39,360	41,052
Accounts receivable, net	42,234	48,946
Deferred rent receivable	161,438	149,237
Lease incentives, net	64,013	61,331
Deferred leasing costs (net of accumulated amortization of $44,060 and $41,448, respectively)	71,268	70,057
Prepaid expenses and other assets, net	81,628	82,037
Total assets	4,254,191	4,246,966
Liabilities:
Debt, net	2,391,755	2,416,287
Accounts payable and accrued expenses	126,031	133,315
Rents received in advance and security deposits	38,560	35,409
Dividends and distributions payable	33,909	32,644
Deferred revenue associated with operating leases	39,752	29,049
Property - operating lease liabilities	49,240	33,931
Other liabilities	14,377	18,996
Total liabilities	2,693,624	2,699,631
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests	23,974	23,580
Shareholders’ equity:
Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,703,460 at December 31, 2024 and 112,555,352 at December 31, 2023)	1,127	1,126
Additional paid-in capital	2,494,369	2,489,989
Cumulative distributions in excess of net income	(1,003,401)	(1,009,318)
Accumulated other comprehensive income	988	2,115
Total shareholders’ equity	1,493,083	1,483,912
Noncontrolling interests in subsidiaries:
Common units in COPT Defense Properties, L.P. (“CDPLP”)	28,935	25,502
Other consolidated entities	14,575	14,341
Noncontrolling interests in subsidiaries	43,510	39,843
Total equity	1,536,593	1,523,755
Total liabilities, redeemable noncontrolling interests and equity	4,254,191	4,246,966
Investing Receivables
Properties, net:
Investing receivables (net of allowance for credit losses of $2,792 and $2,377, respectively)	$ 69,680	$ 81,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accumulated amortization of deferred leasing costs	$ 44,060	$ 41,448
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, shares authorized (in shares)	150,000,000	150,000,000
Common shares of beneficial interest, shares issued (in shares)	112,703,460	112,555,352
Common shares of beneficial interest, shares outstanding (in shares)	112,703,460	112,555,352
Investing Receivables
Investing receivable allowance for credit loss	$ 2,792	$ 2,377

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Lease revenue		$ 671,366	$ 619,847	$ 580,169
Other property revenue		6,351	4,956	4,229
Construction contract and other service revenues		75,550	60,179	154,632
Total revenues		753,267	684,982	739,030
Operating expenses
Property operating expenses		266,001	247,385	227,430
Depreciation and amortization associated with real estate operations		153,640	148,950	141,230
Construction contract and other service expenses		73,265	57,416	149,963
General, administrative, leasing and other expenses		47,038	42,769	38,991
Impairment losses		0	252,797	0
Total operating expenses		539,944	749,317	557,614
Interest expense		(82,151)	(71,142)	(61,174)
Interest and other income, net		12,661	12,587	9,070
Gain on sales of real estate		0	49,392	19,250
Loss on early extinguishment of debt		0	0	(609)
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes		143,833	(73,498)	147,953
Equity in income (loss) of unconsolidated entities		397	(261)	1,743
Income tax expense		(288)	(588)	(447)
Income (loss) from continuing operations		143,942	(74,347)	149,249
Discontinued operations		0	0	29,573
Net income (loss)		143,942	(74,347)	178,822
Net (income) loss attributable to noncontrolling interests:
Common units in CDPLP		(2,694)	1,306	(2,603)
Other consolidated entities		(2,319)	(428)	(3,190)
Net income (loss) attributable to common shareholders		$ 138,929	$ (73,469)	$ 173,029
Basic earnings per common share:
Income (loss) from continuing operations - basic (in dollars per share)	[1]	$ 1.23	$ (0.67)	$ 1.28
Discontinued operations - basic (in dollars per share)	[1]	0	0	0.26
Net income (loss) attributable to common shareholders - basic (in dollars per share)	[1]	1.23	(0.67)	1.54
Diluted earnings per common share:
Income (loss) from continuing operations - diluted (in dollars per share)	[1]	1.23	(0.67)	1.27
Discontinued operations - diluted (in dollars per share)	[1]	0	0	0.26
Net income (loss) attributable to common shareholders - diluted (in dollars per share)	[1]	$ 1.23	$ (0.67)	$ 1.53
[1]Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 143,942	$ (74,347)	$ 178,822
Other comprehensive (loss) income
Unrealized income on interest rate derivatives	3,087	3,827	4,730
Reclassification adjustments on interest rate derivatives recognized in interest expense	(4,330)	(3,900)	996
Total other comprehensive (loss) income	(1,243)	(73)	5,726
Comprehensive income (loss)	142,699	(74,420)	184,548
Comprehensive (income) loss attributable to noncontrolling interests	(4,897)	995	(6,389)
Comprehensive income (loss) attributable to common shareholders	$ 137,802	$ (73,425)	$ 178,159

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Cumulative Distributions in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Balance at Dec. 31, 2021	$ 1,657,075	$ 1,123	$ 2,481,539	$ (856,863)	$ (3,059)	$ 34,335
Increase (Decrease) in Shareholders' Equity
Redemption of common units	(513)					(513)
Share-based compensation issuance, net of redemptions	9,534	1	4,098			5,435
Redemption of vested equity awards	(1,230)		(1,230)
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP	0		1,273			(1,273)
Comprehensive income (loss)	181,741			173,029	5,130	3,582
Dividends	(123,674)			(123,674)
Distributions to owners of common units in CDPLP	(1,883)					(1,883)
Distributions to noncontrolling interests in other consolidated entities	(31)					(31)
Adjustments for changes in fair value of redeemable noncontrolling interests	436		436
Reclassification of redeemable noncontrolling interests to equity	0
Balance at Dec. 31, 2022	1,721,455	1,124	2,486,116	(807,508)	2,071	39,652
Increase (Decrease) in Shareholders' Equity
Redemption of common units	(731)					(731)
Share-based compensation issuance, net of redemptions	9,120	2	4,157			4,961
Redemption of vested equity awards	(1,251)		(1,251)
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP	0		1,039			(1,039)
Comprehensive income (loss)	(76,874)			(73,469)	44	(3,449)
Dividends	(128,341)			(128,341)
Distributions to owners of common units in CDPLP	(2,190)					(2,190)
Distributions to noncontrolling interests in other consolidated entities	(31)					(31)
Adjustments for changes in fair value of redeemable noncontrolling interests	(72)		(72)
Reclassification of redeemable noncontrolling interests to equity	2,670					2,670
Balance at Dec. 31, 2023	1,523,755	1,126	2,489,989	(1,009,318)	2,115	39,843
Increase (Decrease) in Shareholders' Equity
Conversion of common units to common shares	0		538			(538)
Redemption of common units	(1,549)					(1,549)
Share-based compensation issuance, net of redemptions	10,968	1	4,142			6,825
Redemption of vested equity awards	(1,277)		(1,277)
Adjustments to noncontrolling interests resulting from changes in ownership of CDPLP	0		1,371			(1,371)
Comprehensive income (loss)	140,737			138,929	(1,127)	2,935
Dividends	(133,012)			(133,012)
Distributions to owners of common units in CDPLP	(2,604)					(2,604)
Distributions to noncontrolling interests in other consolidated entities	(31)					(31)
Adjustments for changes in fair value of redeemable noncontrolling interests	(394)		(394)
Reclassification of redeemable noncontrolling interests to equity	0
Balance at Dec. 31, 2024	$ 1,536,593	$ 1,127	$ 2,494,369	$ (1,003,401)	$ 988	$ 43,510

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Beginning Balance (in shares)	112,555,352	112,423,893	112,327,533
Conversion of common units to common shares (in shares)	40,000
Share-based compensation issuance, net of redemptions (in shares)	108,108	131,459	96,360
Ending Balance (in shares)	112,703,460	112,555,352	112,423,893

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Revenues from real estate operations received	$ 700,435	$ 638,177	$ 581,139
Construction contract and other service revenues received	72,998	66,027	155,108
Property operating expenses paid	(261,845)	(243,209)	(231,422)
Construction contract and other service expenses paid	(75,204)	(65,335)	(160,497)
General, administrative, leasing and other expenses paid	(34,698)	(33,283)	(32,852)
Interest expense paid	(75,549)	(59,807)	(56,061)
Lease incentives paid	(17,545)	(25,566)	(10,374)
Sales-type lease costs paid	(1,680)	(7,409)	0
Interest and other income received	22,573	5,491	19,327
Income taxes paid	(53)	(37)	0
Other	1,523	1,225	1,457
Net cash provided by operating activities	330,955	276,274	265,825
Cash flows from investing activities
Properties in development or held for future development	(163,648)	(264,834)	(283,147)
Acquisitions of operating properties and related intangible assets	(32,244)	0	0
Tenant improvements on operating properties	(53,691)	(67,113)	(43,606)
Other capital improvements on operating properties	(31,342)	(20,500)	(36,377)
Proceeds from sale of properties	0	189,506	281,071
Non-operating distributions from unconsolidated real estate joint venture	1,198	1,088	26,627
Investing receivables funded	(2,087)	(1,087)	(19,712)
Investing receivables payments received	3,560	11,000	6,000
Leasing costs paid	(12,651)	(16,328)	(13,591)
Other	(105)	(1,355)	(722)
Net cash used in investing activities	(291,010)	(169,623)	(83,457)
Proceeds from debt
Revolving Credit Facility	76,000	291,000	852,000
Unsecured senior notes	0	336,375	0
Term loan facility	0	0	125,000
Repayments of debt
Revolving Credit Facility	(76,000)	(427,000)	(717,000)
Term loan facilities	0	0	(300,000)
Scheduled principal amortization	(2,334)	(3,052)	(3,333)
Other debt repayments	(27,649)	(15,902)	0
Deferred financing costs paid	0	(1,030)	(6,506)
Common share dividends paid	(131,840)	(127,178)	(123,645)
Distributions paid to redeemable noncontrolling interests	(2,266)	(2,686)	(3,396)
Other	(5,583)	(4,263)	(6,295)
Net cash (used in) provided by financing activities	(169,672)	46,264	(183,175)
Net (decrease) increase in cash and cash equivalents and restricted cash	(129,727)	152,915	(807)
Cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of year	169,424	16,509	17,316
Cash and cash equivalents and restricted cash at end of year	39,697	169,424	16,509
Reconciliation of net income (loss) to net cash provided by operating activities:
Net income (loss)	143,942	(74,347)	178,822
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and other amortization	156,015	151,395	143,593
Impairment losses	0	252,797	0
Amortization of deferred financing costs and net debt discounts	6,818	5,574	4,737
Change in net deferred rent receivable and liability	(1,190)	(5,495)	(19,288)
Gain on sales of real estate	0	(49,392)	(47,814)
Share-based compensation	10,443	8,544	8,789
Other	12,052	(4,826)	10,682
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	6,498	(5,618)	(2,436)
(Increase) decrease in lease incentives and prepaid expenses and other assets, net	(2,688)	(4,851)	2,130
Decrease in accounts payable, accrued expenses and other liabilities	(4,086)	(2,900)	(11,144)
Increase (decrease) in rents received in advance and security deposits	3,151	5,393	(2,246)
Net cash provided by operating activities	330,955	276,274	265,825
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents at beginning of year	167,820	12,337	13,262
Restricted cash at beginning of year	1,604	4,172	4,054
Cash and cash equivalents and restricted cash at beginning of year	169,424	16,509	17,316
Cash and cash equivalents at end of year	38,284	167,820	12,337
Restricted cash at end of year	1,413	1,604	4,172
Cash and cash equivalents and restricted cash at end of year	39,697	169,424	16,509
Supplemental schedule of non-cash investing and financing activities:
Decrease in accrued capital improvements, leasing and other investing activity costs	(7,721)	(22,700)	(11,453)
Recognition of operating lease right-of-use assets and related lease liabilities	19,570	8,718	683
Recognition of finance lease right-of-use assets and related lease liabilities	0	434	0
Investment in unconsolidated real estate joint ventures retained in property disposition	0	21,121	6,738
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests	(1,243)	(73)	5,236
Dividends/distributions payable	33,909	32,644	31,400
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares	538	0	0
Adjustments to noncontrolling interests resulting from changes in CDPLP ownership	(1,371)	(1,039)	(1,273)
Increase (decrease) in redeemable noncontrolling interests and decrease (increase) in equity to adjust for changes in fair value of redeemable noncontrolling interests	394	72	(436)
Reclassification of redeemable noncontrolling interests to equity	$ 0	$ 2,670	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization COPT Defense Properties (“COPT Defense”) and subsidiaries (collectively, the “Company”, “we” or “us”) is a fully-integrated and self-managed real estate investment trust (“REIT”) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of December 31, 2024, our Defense/IT Portfolio included (all references to number of properties, square footage and acres are unaudited): > 195 operating properties totaling 22.4 million square feet comprised of 16.5 million square feet in 164 office properties and 5.9 million square feet in 31 single-tenant data center shells. We owned 24 of these data center shells through unconsolidated real estate joint ventures; > four properties under development (two office properties and two data center shells) that will total approximately 606,000 square feet upon completion; and > approximately 1,020 acres of land controlled that we believe could be developed into approximately 11.0 million square feet. We also owned eight other operating properties totaling 2.1 million square feet and approximately 50 acres of other developable land in the Greater Washington, DC/Baltimore region as of December 31, 2024. We conduct almost all of our operations and own almost all of our assets through our operating partnership, COPT Defense Properties, L.P. (“CDPLP”) and subsidiaries (collectively, the “Operating Partnership”), of which COPT Defense is the sole general partner. CDPLP owns real estate directly and through subsidiary partnerships and limited liability companies (“LLCs”). In addition to owning real estate, CDPLP also owns subsidiaries that provide real estate services such as property management, development and construction services primarily for our properties but also for third parties, most of which are tenants. Some of these services are performed by a taxable REIT subsidiary (“TRS”). Equity interests in CDPLP are in the form of common and preferred units. As of December 31, 2024, COPT Defense owned 97.5% of the outstanding CDPLP common units (“common units”) and there were no preferred units outstanding. Common units not owned by COPT Defense carry certain redemption rights. The number of common units owned by COPT Defense is equivalent to the number of outstanding common shares of beneficial interest (“common shares”) of COPT Defense, and the entitlement of common units to quarterly distributions and payments in liquidation is substantially the same as that of COPT Defense common shareholders. COPT Defense’s common shares are publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “CDP”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation. We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. When we own an equity investment in an entity and cannot exert significant influence over its operations, we measure the investment at fair value, with changes recognized through net income. For an investment without a readily determinable fair value, we measure the investment at cost, less any impairments, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. Reclassifications We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity. Use of Estimates in the Preparation of Financial Statements We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: > the reported amounts of assets and liabilities in our consolidated balance sheets as of the dates of the financial statements; > the disclosure of contingent assets and liabilities as of the dates of the financial statements; and > the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. Significant estimates are inherent in the presentation of our financial statements in a number of areas, including the evaluation of the collectability of accounts and deferred rent receivable, the determination of estimated useful lives of assets, the determination of lease terms, the evaluation of long-lived assets for impairment, the amount of impairment losses recognized, the allocation of property acquisition costs, the amount of revenue recognized relating to tenant improvements, the level of expense recognized in connection with share-based compensation and the determination of accounting method for investments. Actual results could differ from these and other estimates. Properties We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. We capitalize direct and indirect project costs (including related compensation and other indirect costs), interest expense and real estate taxes associated with properties, or portions thereof, undergoing development or redevelopment activities. In capitalizing interest expense, if there is a specific debt for a property undergoing development or redevelopment activities, we apply the interest rate of that debt to the average accumulated expenditures that do not exceed such debt; for the portion of expenditures exceeding any such specific debt, we apply our weighted average interest rate on other debt to the expenditures. We continue to capitalize costs while development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-developed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under development. We start depreciating costs associated with newly-developed or redeveloped properties as they become operational. For newly-developed properties, we classify improvements provided under the terms of a lease that are deemed to be landlord assets (as discussed further below) as new building development costs. Most of our leases provide for some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense over the estimated useful lives of the assets as discussed below. We recognize any payments from the tenant for such assets as lease revenue over the term of the lease. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including whether the economic substance of the lease terms is properly reflected and whether the improvements: have value to us as real estate; are unique to the tenant or reusable by other tenants; may be altered or removed by the tenant without our consent or without compensating us for any lost fair value; or are owned, and remain, with us or the tenant at the end of the lease term. We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years We report properties disposed or classified as held for sale as discontinued operations when the disposition represents a strategic shift having a major effect on our operations and financial results (such as a disposition of a reportable segment or sub-segment or major line of business). For discontinued operations, we classify for all periods presented the associated: assets as held for sale on our consolidated balance sheets; and results of operations as discontinued operations on our consolidated statements of operations (including interest expense on debt specifically identifiable to such components). For periods in which a property not reported as discontinued operations is classified as held for sale, we classify the assets of the property’s asset group as held for sale on our consolidated balance sheets. Sales of Properties We recognize gains from sales of consolidated interests in properties when we transfer control of such interests. Impairment of Properties We assess the asset groups associated with each of our properties, including operating properties, properties in development, land held for future development, related intangible assets and liabilities, deferred leasing costs, right-of-use assets, deferred rents receivable and lease liabilities, for indicators of impairment quarterly or when circumstances indicate that an asset group may be impaired. If our analyses indicate that the carrying values of certain properties’ asset groups may be impaired, we perform a recovery analysis for such asset groups. For properties to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over, in most cases, a ten-year holding period. If we believe it is more likely than not that we will dispose of the properties earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over the various possible holding periods. If the analysis indicates that the carrying value of a tested property’s asset group is not recoverable from its estimated future cash flows, the property’s asset group is written down to the property’s estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of such property using holding periods that are consistent with our revised plans; as a result, changes in holding periods may require us to recognize impairment losses. Fair values are estimated based on contract prices, indicative bids, discounted cash flow analyses or comparable sales analyses. Estimated cash flows used in our impairment analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider items such as current and future market rental and occupancy rates, estimated operating and capital expenditures, leasing commissions, absorption and hold periods and recent sales data for comparable properties; most of these items are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets. When we determine that a property is held for sale, we stop depreciating the property and estimate the property’s fair value, net of selling costs; if we then determine that the estimated fair value, net of selling costs, is less than the net carrying value of the property’s asset group, we recognize an impairment loss equal to the difference and reduce the net carrying value of the property’s asset group. Acquisition of Operating Properties Upon completion of operating property acquisitions, we allocate the purchase price and direct transaction-related costs to tangible and intangible assets and liabilities associated with such acquisitions based on their relative fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate operating property acquisitions to the following components: > properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated based on the valuation performed between land and buildings or, in the case of properties under development, development in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancelable terms of the respective leases; > above- and below-market lease intangible assets or liabilities based on the present value (using an estimated interest rate reflective of the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding spaces, measured over a period equal to the remaining non-cancelable terms of the respective leases. The capitalized above- and below-market lease values are amortized as adjustments to lease revenue over the remaining lease terms of the respective leases, and to renewal periods in the case of below-market leases; > in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; > tenant relationship value based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors; and > above- and below-market cost arrangements (such as real estate tax treaties or above- or below-market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition. Leased Assets, as a Lessee We recognize right-of-use assets and lease liabilities for land and other assets leased by us from third parties for terms of at least one year. We recognize lease expense over lease terms on a straight-line basis for operating leases and on an effective interest method basis for finance leases. In determining right-of-use assets and lease liabilities, we estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms under our land leases are usually significantly longer than the terms of borrowings available to us on a fully-collateralized basis, our estimates of rates for such leases require significant judgment, and consider factors such as estimated interest rates available to us on a fully-collateralized basis for shorter-termed debt and U.S. Treasury rates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses on these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. Investments in Marketable Securities We classify marketable securities as trading securities when we intend to sell such securities in the near term, and classify other marketable securities as available-for-sale securities. We determine the appropriate classification of investments in marketable securities at the acquisition date and re-evaluate the classification at each balance sheet date. We report investments in marketable securities classified as trading securities at fair value, with unrealized gains and losses recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from these securities as operating activities. Receivables and Credit Losses We write off receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When cash is received in connection with receivables for which we have previously recognized credit losses, we recognize reductions in our credit losses. Lease Revenue We estimate the collectability of lease revenue and related accounts receivable using judgement based on the credit status and payment history of the related tenants. If we deem that collectability of revenue under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. Financial Assets and Other Instruments We measure credit losses of most financial assets and certain other instruments not measured at fair value through net income using an expected loss model, including for our: > investing receivables, as disclosed in Note 7; > tenant notes receivable; > net investments in sales-type leases; > other assets comprised of non-lease revenue related accounts receivable (primarily from construction contract services) and contract assets from unbilled construction contract revenue; and > off-balance sheet credit exposures. We recognize an estimate of our expected credit losses on these items as an allowance or as a separate liability in the case of off-balance sheet credit exposures. The allowance represents the portion that we do not expect to collect (or loss we expect to incur in the case of off-balance sheet credit exposures) due to credit over the contractual life based on available information relevant to assessing the collectability of cash flows, which includes consideration of past events, current conditions and reasonable and supportable forecasts of future economic conditions (including consideration of asset- or borrower-specific factors). The allowance for expected credit losses reflects the risk of loss, even when that risk is remote. An allowance for credit losses is measured and recorded upon the initial recognition of a financial asset (or off-balance sheet credit exposure), regardless of whether it is originated or purchased. We update our estimate of expected losses quarterly, considering any cash receipts and changes in risks or assumptions, with resulting adjustments recognized as credit loss expense or recoveries on our consolidated statements of operations (included in the line entitled “interest and other income, net”). Expected credit losses are estimated using historical loss rate information developed for varying classifications of credit risk and contractual lives. Due to our limited quantity of items for which we use the expected loss model and the unique risk characteristics of such items, we individually assign each item a credit risk classification. The credit risk classifications assigned by us are determined based on credit ratings assigned by ratings agencies (as available) or are internally-developed based on available financial information, historical payment experience, credit documentation, other publicly available information and current economic trends. In addition, for certain items for which the risk of credit loss is affected by the economic performance of a real estate development project, we develop probability weighted scenario analyses for varying levels of performance in estimating our credit loss allowance (applicable to our notes receivable from the City of Huntsville disclosed in Note 7). When we believe that collection of interest income on an investing or tenant note receivable is not probable, we place the receivable on nonaccrual status, meaning interest income is recognized when payments are received rather than on an accrual basis. Deferred Leasing Costs We defer costs incurred to obtain new tenant leases or extend existing tenant leases. We amortize these costs evenly over the lease terms. We classify leasing costs paid as an investing activity on our statements of cash flows since such costs are necessary in order for us to generate long-term future cash flows from our properties. When tenant leases are terminated early, we expense any unamortized deferred leasing costs associated with those leases over the shortened lease term. Intangible Assets and Deferred Revenue on Property Acquisitions We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations On our consolidated balance sheets, we include intangible assets in the line entitled “prepaid expense and other assets, net” and deferred revenue in the line entitled “deferred revenue associated with operating leases.” Intangible assets on property acquisitions consisted of the following (in thousands): December 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net In-place lease value $ 124,806 $ 121,091 $ 3,715 $ 124,884 $ 121,424 $ 3,460 Tenant relationship value 53,788 48,008 5,780 53,953 50,987 2,966 Above-market leases 14,865 13,914 951 13,718 13,558 160 Other 1,333 1,081 252 1,333 1,067 266 $ 194,792 $ 184,094 $ 10,698 $ 193,888 $ 187,036 $ 6,852 Deferred Financing Costs We defer costs of financing arrangements and recognize such costs as interest expense over the related debt terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early or significantly modified. We include deferred costs of financing arrangements as a direct deduction from the related debt liability, except for costs attributable to line-of-credit arrangements and interest rate derivatives, which we include on our consolidated balance sheets in the line entitled “prepaid expenses and other assets, net”. Interest Rate Derivatives Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We use interest rate swaps to hedge the cash flows associated with interest rates on variable-rate debt borrowings. We have also used forward-starting interest rate swaps to hedge the cash flows associated with interest rates on forecasted fixed-rate borrowings. We recognize all derivatives as assets or liabilities on our consolidated balance sheets at fair value. We defer all changes in the fair value of designated cash flow hedges to accumulated other comprehensive income (“AOCI”) or loss (“AOCL”), reclassifying such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions, and recognize related cash flows as cash flows from operating activities. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting and the hedged transactions are probable not to occur, we recognize changes in the fair value of the hedge previously deferred to AOCI or AOCL, along with any changes in fair value occurring thereafter, through earnings and, if applicable, related cash flows as cash flows from investing activities. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. Noncontrolling Interests Our consolidated noncontrolling interests are comprised of interests in CDPLP not owned by COPT Defense and interests in consolidated real estate joint ventures not owned by us (discussed further in Note 6). We evaluate whether noncontrolling interests are subject to redemption features outside of our control. We classify noncontrolling interests that are currently redeemable for cash at the option of the holders or are probable of becoming redeemable as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheet. We adjust these interests each period to the greater of their fair value or carrying amount (initial amount as adjusted for allocations of income and losses and contributions and distributions), with a corresponding offset to additional paid-in capital on our consolidated balance sheets. Our other noncontrolling interests are reported in the equity section of our consolidated balance sheets. Revenue Recognition Lease and Other Property Revenue We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases usually include options under which the tenant may renew its lease based on market rates at the time of renewal, which are then typically subject to further negotiation. These leases occasionally provide the tenant with an option to terminate its lease early usually for a defined termination fee. Most of our lease revenue is from fixed contractual payments defined under the lease that, in most cases, escalate annually over the term of the lease. Our lease revenue also includes variable lease payments predominantly for tenant reimbursements of property operating expenses and lease termination fees. Property operating expense reimbursement structures vary, with some tenants responsible for all of a property’s expenses, while others are responsible for their share of a property’s expenses only to the extent such expenses exceed amounts defined in the lease (which are derived from the property’s historical expense levels). Lease termination fees in most cases result from a tenant’s exercise of an existing right under a lease. Upon lease commencement, we evaluate leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases; if a lease meets none of these criteria, we classify the lease as an operating lease. Upon commencement of sales-type leases, we derecognize the underlying asset, recognizing in its place a net investment in the lease equal to the sum of the lease receivable and the present value of any unguaranteed residual asset and recognize any selling profit or loss created as a result of the difference between those two amounts. Similarly, for direct financing leases, we would derecognize the underlying asset and recognize a net investment in the lease, but, unlike in a sales-type lease, would defer profit and amortize it as interest income over the lease term. Our leases of properties as lessor are predominantly classified as operating leases, for which the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as described below. We recognize minimum rents on operating leases, net of abatements, on a straight-line basis over the term of tenant leases. A lease term commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of the lease. The term of a lease includes the noncancellable periods of the lease along with periods covered by: (1) a tenant option to extend the lease if the tenant is reasonably certain to exercise that option; (2) a tenant option to terminate the lease if the tenant is reasonably certain not to exercise that option; and (3) an option to extend (or not to terminate) the lease in which exercise of the option is controlled by us as the lessor. When assessing the expected lease end date, we use judgment in contemplating the significance of: any penalties a tenant may incur should it choose not to exercise any existing options to extend the lease or exercise any existing options to terminate the lease; and economic incentives for the tenant based on any existing contract, asset, entity or market-based factors associated with the lease. While a significant portion of our portfolio is leased to the USG, and the majority of those leases consist of a series of one-year renewal options, and/or provide for early termination rights, we have concluded that exercise of existing renewal options, or continuation of such leases without exercising early termination rights, is reasonably certain for most of these leases. We elected a practical expedient available under lease accounting guidance that enables us to combine non-lease components that otherwise would need to be accounted for under revenue accounting guidance (such as tenant reimbursements of property operating expenses) with the associated lease components for our accounting and reporting of operating lease revenue. We report on our consolidated balance sheets amounts by which our minimum rental revenue recognized on a straight-line basis under leases exceed the contractual rent billings associated with such leases as deferred rent receivable and amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases in liabilities as deferred revenue associated with operating leases. In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we generally defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. If collectability under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. We recognize lease revenue associated with tenant expense recoveries in the same periods in which we incur the related expenses, including tenant reimbursements of property taxes, utilities and other property operating expenses. We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into lease revenue associated with such leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant’s lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. Construction Contract and Other Service Revenues We enter into construction contracts to complete various design and construction services primarily for our USG tenants. The revenues and expenses from these services include primarily subcontracted costs that are reimbursed to us by our customers along with a fee. These services are an ancillary component of our overall operations, with small operating margins relative to the revenue. We review each contract to determine the performance obligations and allocate the transaction price based on the standalone selling price, as discussed further below. We recognize revenue under these contracts as services are performed in an amount that reflects the consideration we expect to receive in exchange for those services. Our performance obligations are satisfied over time as work progresses. Revenue recognition is determined using the input method based on costs incurred as of a point in time relative to the total estimated costs at completion to measure progress towards satisfying our performance obligations. We believe incurred costs of work performed best depicts the transfer of control of the services being transferred to the customer. In determining whether the performance obligations associated with a construction contract should be accounted for separately versus together, we consider numerous factors that may require significant judgment, including: whether the components contracted are substantially the same with the same pattern of transfer; whether the customer could contract with another party to perform construction based on our design project; and whether the customer can elect not to move forward after the design phase of the contract. Most of our contracts have a single performance obligation as the promise to transfer the services is not separately identifiable from other obligations in the contracts and, therefore, are not distinct. Some contracts have multiple performance obligations, most commonly due to having distin

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in inactive markets and (3) inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. Recurring Fair Value Measurements The fair values of our interest rate derivatives are determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default. However, as of December 31, 2024 and 2023, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivatives and determined that these adjustments were not significant. As a result, we determined that our interest rate derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding investing receivables) and accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturities of these instruments. The fair values of our investing receivables, as disclosed in Note 7, were based on the discounted estimated future cash flows of the loans (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. For our disclosure of debt fair values in Note 8, we estimated the fair value of our unsecured senior notes based on quoted market rates for our senior notes (categorized within Level 1 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments include scheduled principal and interest payments. Fair value estimates are made as of a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2024 and 2023 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): Description Quoted Prices in Significant Other Significant Total December 31, 2024: Assets: (1) Interest rate derivatives $ — $ 1,315 $ — $ 1,315 December 31, 2023: Assets: (1) Interest rate derivatives $ — $ 2,558 $ — $ 2,558 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets.

Properties, Net

Properties, Net	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Properties, Net	Properties, Net Operating properties, net consisted of the following (in thousands): December 31, 2024 2023 Land $ 495,707 $ 482,964 Buildings and improvements 4,395,063 4,164,004 Less: Accumulated depreciation (1,537,293) (1,400,162) Operating properties, net $ 3,353,477 $ 3,246,806 In 2024, we acquired the following operating office properties: > 6841 Benjamin Franklin Drive, a 202,000 square foot property in Columbia, Maryland (included in the Fort Meade/BW Corridor sub-segment of our Defense/IT Portfolio reportable segment) that was 56% leased, for a purchase price of $15.0 million on March 15, 2024; and > 3900 Rogers Road, an 80,000 square foot property in San Antonio, Texas (included in the Lackland Air Force Base sub-segment of our Defense/IT Portfolio reportable segment) that was vacant on the acquisition date and subsequently leased in full, for a purchase price of $17.0 million on September 26, 2024. The table below sets forth the allocation of the aggregate purchase price and transaction costs associated with these acquisitions (in thousands): Land, operating properties $ 8,361 Building and improvements 16,635 Intangible assets on real estate acquisitions 7,248 Total acquisition cost $ 32,244 Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands): Weighted Average Amortization Period Tenant relationship value $ 3,752 12.4 In-place lease value 2,229 2.4 Above-market leases 1,267 2.4 $ 7,248 7.6 2023 Impairments As part of our closing process for the three months ended September 30, 2023, we conducted our quarterly review of our portfolio of long-lived assets to be held and used for indicators of impairment. As a result of this process, we shortened the expected holding periods for six operating properties in our Other segment and a parcel of land located in Baltimore, Maryland, Northern Virginia and Washington, DC. We determined that the carrying amount of the properties would not likely be recovered from the undiscounted cash flows from the operations and sales of the properties over the shortened holding periods. Accordingly, we recognized impairment losses of $252.8 million on these properties in 2023. 2023 Dispositions On January 10, 2023, we sold a 90% interest in three data center shell properties in Northern Virginia based on an aggregate property value of $211.3 million and retained a 10% interest in the properties through Redshift JV LLC (“Redshift”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $190.2 million. We account for our interest in the joint venture using the equity method of accounting, as described further in Note 6. We recognized a gain on sale 2022 Dispositions and Discontinued Operations On January 25, 2022, we sold 9651 Hornbaker Road in Manassas, Virginia, our sole wholesale data center investment, for $222.5 million, resulting in a gain on sale Revenues from real estate operations $ 1,980 Property operating expenses (971) Gain on sale of real estate 28,564 Discontinued operations $ 29,573 Cash flows from operating activities $ 5,757 Cash flows from investing activities $ 220,565 On December 14, 2022, we sold a 90% interest in two data center shell properties in Northern Virginia based on an aggregate property value of $67.0 million and retained a 10% interest in the properties through Quark JV LLC (“Quark”), a newly-formed joint venture. Our partner in the joint venture acquired the 90% interest from us for $60.3 million. We account for our interest in the joint venture using the equity method of accounting as described further in Note 6. We recognized a gain on sale

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue 2024 2023 2022 (1) Fixed $ 513,461 $ 478,585 $ 453,907 Variable 157,905 141,262 126,262 $ 671,366 $ 619,847 $ 580,169 (1) Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% of our total lease revenue in 2024, 2023 and 2022 and 27% of our fixed-lease revenue in 2024, 2023 and 2022. Our lease revenue from the USG in 2024, 2023 and 2022 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2024, our balance sheet included $58.3 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 24 to 76 years (excluding extension options). As of December 31, 2024, our right-of-use assets included: > $17.4 million for land in a business park in Huntsville, Alabama under 25 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 38 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $17.0 million for data center space in Phoenix, Arizona with a remaining term of three years; > $9.3 million for land underlying operating office properties in Washington, DC under two leases with remaining terms of approximately 75 years; > $6.3 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 24 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 58 to 69 years; and > $2.0 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 43 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2024 2023 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 55,760 $ 41,296 Finance leases - Property Prepaid expenses and other assets, net 2,491 2,565 Total right-of-use assets $ 58,251 $ 43,861 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 49,240 $ 33,931 Finance leases - Property Other liabilities 391 415 Total lease liabilities $ 49,631 $ 34,346 As of December 31, 2024, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2024 2023 2022 Operating lease cost Property leases - fixed Property operating expenses $ 7,845 $ 6,955 $ 4,114 Property leases - variable Property operating expenses 246 66 65 Finance lease cost Amortization of property right-of-use assets Property operating expenses 74 76 31 Interest on lease liabilities Interest expense 37 42 — $ 8,202 $ 7,139 $ 4,210 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,002 $ 6,056 $ 3,355 Operating cash flows for finance leases $ 37 $ 42 $ — Financing cash flows for finance leases $ 24 $ 20 $ — Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391
Leases	Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue 2024 2023 2022 (1) Fixed $ 513,461 $ 478,585 $ 453,907 Variable 157,905 141,262 126,262 $ 671,366 $ 619,847 $ 580,169 (1) Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% of our total lease revenue in 2024, 2023 and 2022 and 27% of our fixed-lease revenue in 2024, 2023 and 2022. Our lease revenue from the USG in 2024, 2023 and 2022 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2024, our balance sheet included $58.3 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 24 to 76 years (excluding extension options). As of December 31, 2024, our right-of-use assets included: > $17.4 million for land in a business park in Huntsville, Alabama under 25 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 38 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $17.0 million for data center space in Phoenix, Arizona with a remaining term of three years; > $9.3 million for land underlying operating office properties in Washington, DC under two leases with remaining terms of approximately 75 years; > $6.3 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 24 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 58 to 69 years; and > $2.0 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 43 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2024 2023 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 55,760 $ 41,296 Finance leases - Property Prepaid expenses and other assets, net 2,491 2,565 Total right-of-use assets $ 58,251 $ 43,861 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 49,240 $ 33,931 Finance leases - Property Other liabilities 391 415 Total lease liabilities $ 49,631 $ 34,346 As of December 31, 2024, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2024 2023 2022 Operating lease cost Property leases - fixed Property operating expenses $ 7,845 $ 6,955 $ 4,114 Property leases - variable Property operating expenses 246 66 65 Finance lease cost Amortization of property right-of-use assets Property operating expenses 74 76 31 Interest on lease liabilities Interest expense 37 42 — $ 8,202 $ 7,139 $ 4,210 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,002 $ 6,056 $ 3,355 Operating cash flows for finance leases $ 37 $ 42 $ — Financing cash flows for finance leases $ 24 $ 20 $ — Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391
Leases	Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue 2024 2023 2022 (1) Fixed $ 513,461 $ 478,585 $ 453,907 Variable 157,905 141,262 126,262 $ 671,366 $ 619,847 $ 580,169 (1) Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% of our total lease revenue in 2024, 2023 and 2022 and 27% of our fixed-lease revenue in 2024, 2023 and 2022. Our lease revenue from the USG in 2024, 2023 and 2022 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2024, our balance sheet included $58.3 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 24 to 76 years (excluding extension options). As of December 31, 2024, our right-of-use assets included: > $17.4 million for land in a business park in Huntsville, Alabama under 25 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 38 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $17.0 million for data center space in Phoenix, Arizona with a remaining term of three years; > $9.3 million for land underlying operating office properties in Washington, DC under two leases with remaining terms of approximately 75 years; > $6.3 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 24 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 58 to 69 years; and > $2.0 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 43 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2024 2023 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 55,760 $ 41,296 Finance leases - Property Prepaid expenses and other assets, net 2,491 2,565 Total right-of-use assets $ 58,251 $ 43,861 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 49,240 $ 33,931 Finance leases - Property Other liabilities 391 415 Total lease liabilities $ 49,631 $ 34,346 As of December 31, 2024, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2024 2023 2022 Operating lease cost Property leases - fixed Property operating expenses $ 7,845 $ 6,955 $ 4,114 Property leases - variable Property operating expenses 246 66 65 Finance lease cost Amortization of property right-of-use assets Property operating expenses 74 76 31 Interest on lease liabilities Interest expense 37 42 — $ 8,202 $ 7,139 $ 4,210 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,002 $ 6,056 $ 3,355 Operating cash flows for finance leases $ 37 $ 42 $ — Financing cash flows for finance leases $ 24 $ 20 $ — Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391
Leases	Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue 2024 2023 2022 (1) Fixed $ 513,461 $ 478,585 $ 453,907 Variable 157,905 141,262 126,262 $ 671,366 $ 619,847 $ 580,169 (1) Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable. A significant concentration of our lease revenue from continuing operations was earned from our largest tenant, the USG, including 37% of our total lease revenue in 2024, 2023 and 2022 and 27% of our fixed-lease revenue in 2024, 2023 and 2022. Our lease revenue from the USG in 2024, 2023 and 2022 was earned primarily from properties in the Fort George G. Meade and the Baltimore/Washington Corridor (“Fort Meade/BW Corridor”), Lackland Air Force Base and Northern Virginia Defense/IT (“NoVA Defense/IT”) reportable sub-segments (see Note 13). Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet. Lessee Arrangements As of December 31, 2024, our balance sheet included $58.3 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating. The land leases have long durations with remaining terms ranging from 24 to 76 years (excluding extension options). As of December 31, 2024, our right-of-use assets included: > $17.4 million for land in a business park in Huntsville, Alabama under 25 leases through our LW Redstone Company, LLC joint venture, with remaining terms ranging from 38 to 50 years and options to renew for an additional 25 years that were not included in the term used in determining the asset balance; > $17.0 million for data center space in Phoenix, Arizona with a remaining term of three years; > $9.3 million for land underlying operating office properties in Washington, DC under two leases with remaining terms of approximately 75 years; > $6.3 million for land underlying a parking garage in Baltimore, Maryland under a lease with a remaining term of 24 years and an option to renew for an additional 49 years that was included in the term used in determining the asset balance; > $5.9 million for land in a research park in College Park, Maryland under four leases through our M Square Associates, LLC joint venture, all of the rent on which was previously paid. These leases had remaining terms ranging from 58 to 69 years; and > $2.0 million for other land underlying operating properties in our Fort Meade/BW Corridor sub-segment under two leases with remaining terms of approximately 43 years, all of the rent on which was previously paid. The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2024 2023 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 55,760 $ 41,296 Finance leases - Property Prepaid expenses and other assets, net 2,491 2,565 Total right-of-use assets $ 58,251 $ 43,861 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 49,240 $ 33,931 Finance leases - Property Other liabilities 391 415 Total lease liabilities $ 49,631 $ 34,346 As of December 31, 2024, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2024 2023 2022 Operating lease cost Property leases - fixed Property operating expenses $ 7,845 $ 6,955 $ 4,114 Property leases - variable Property operating expenses 246 66 65 Finance lease cost Amortization of property right-of-use assets Property operating expenses 74 76 31 Interest on lease liabilities Interest expense 37 42 — $ 8,202 $ 7,139 $ 4,210 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,002 $ 6,056 $ 3,355 Operating cash flows for finance leases $ 37 $ 42 $ — Financing cash flows for finance leases $ 24 $ 20 $ — Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391

Real Estate Joint Ventures

Real Estate Joint Ventures	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Real Estate Joint Ventures	Real Estate Joint Ventures Consolidated Real Estate Joint Ventures The table below sets forth information pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands): Nominal Ownership % December 31, 2024 Date Formed Total Encumbered Assets Total Liabilities Mortgage Debt Entity Location LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, AL $ 732,101 $ 34,879 $ 76,706 $ 22,166 Stevens Investors, LLC 8/11/2015 95% Washington, DC 133,576 — 5,377 — M Square Associates, LLC 6/26/2007 50% College Park, MD 97,941 56,018 50,057 47,435 $ 963,618 $ 90,897 $ 132,140 $ 69,601 (1) As discussed below, we fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows and we receive the remainder. Each of these joint ventures is engaged in the development and/or operation of real estate. We consolidate these joint ventures because of our: (1) power to direct the matters that most significantly impact their activities, including development, leasing and management of their properties; and (2) right to receive returns on our fundings and, in many cases, the obligation to fund the activities of the ventures to the extent that third-party financing is not obtained, both of which could be potentially significant. With regard to these joint ventures: > for LW Redstone Company, LLC, we anticipate funding certain infrastructure costs (up to a maximum of $76.0 million, excluding accrued interest thereon) due to be reimbursed by the City of Huntsville as discussed further in Note 7. We had advanced $74.3 million to the City through December 31, 2024 to fund such costs. We have funded additional development costs through equity contributions to the extent that third party financing was not obtained, and expect to continue to do so in the future. Our partner was credited with $9.0 million in invested capital upon formation and is not required to make, nor has it made, additional equity contributions. Cash flows are generally distributed to the partners as follows: (1) debt service on member loans; (2) cumulative preferred returns of 13.5% on our partner’s invested capital; (3) cumulative preferred returns of 13.5% on our invested capital; (4) return of our invested capital; (5) return of our partner’s invested capital; and (6) any remaining residual 85% to us and 15% to our partner. Our partner has the right to require us to acquire its interest for fair value; accordingly, we classify the fair value of our partner’s interest as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets. We have the right to acquire our partner’s interest at fair value upon the earlier of five years following the project’s achievement of a construction commencement threshold of 4.4 million square feet or March 2040; the project had achieved approximately 2.6 million square feet of construction commencement through December 31, 2024. Our partner has the right to receive some or all of the consideration for the acquisition of its interests in the form of common units in CDPLP; > for Stevens Investors, LLC, net cash flows of this entity are distributed to the partners as follows: (1) member loans and accrued interest; (2) pro rata return of the partners’ capital; (3) pro rata return of the partners’ respective unpaid preferred returns; and (4) varying splits of 85% to 60% to us and the balance to our partners as we reach specified return hurdles. Our partners had the right to require us to acquire some or all of their interests for fair value until June 2023; accordingly, we classified the fair value of our partners’ interests as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets until such rights expired in June 2023. We and our partners each have the right to acquire each other’s interests at fair value beginning in December 2023. Our partners have the right to receive some or all of the consideration for the acquisition of their interests in the form of common units in CDPLP; and > for M Square Associates, LLC, net cash flows of this entity are distributed to the partners as follows: (1) member loans and accrued interest; (2) our capital contributions used to fund infrastructure costs and 10% preferred return thereon; (3) the partners’ capital contributions used to fund all other costs and 10% preferred return thereon in proportion to their respective accrued returns and capital accounts; and (4) residual amounts distributed 50% to each member. We disclose the activity of our redeemable noncontrolling interests in Note 10. Unconsolidated Real Estate Joint Ventures The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands): Date Formed Nominal Ownership % Number of Properties Carrying Value of Investment as of December 31 (1), Entity 2024 2023 Redshift (2) 1/10/2023 10% 3 $ 20,921 $ 21,053 BREIT COPT DC JV LLC 6/20/2019 10% 9 9,584 10,629 Quark (2) 12/14/2022 10% 2 6,706 6,727 B RE COPT DC JV III LLC 6/2/2021 10% 2 2,149 2,643 B RE COPT DC JV II LLC (3) 10/30/2020 10% 8 (3,409) (2,777) 24 $ 35,951 $ 38,275 (1) Included $39.4 million and $41.1 million reported in “investment in unconsolidated real estate joint ventures” and $3.4 million and $2.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of December 31, 2024 and 2023, respectively. (2) Formed in connection with transactions described further in Note 4. (3) Our investment in B RE COPT DC JV II LLC was lower than our share of the joint venture’s equity by $6.7 million as of December 31, 2024 and $6.8 million as of December 31, 2023 due to a difference between our cost basis and our share of the joint venture’s underlying equity in its net assets. We recognize adjustments to our share of the joint venture’s earnings and losses resulting from this basis difference in the underlying assets of the joint venture. These joint ventures operate triple-net leased, single-tenant data center shell properties in Northern Virginia. We concluded that these joint ventures are variable interest entities. Under the terms of the joint venture agreements, we and our partners receive returns in proportion to our investments, and our maximum exposure to losses is limited to our investments, subject to our share

Investing Receivables

Investing Receivables	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Investing Receivables	Investing Receivables Investing receivables consisted of the following (in thousands): December 31, 2024 2023 Notes receivable from the City of Huntsville $ 69,241 $ 77,022 Other investing loans receivable 3,231 6,867 Amortized cost basis 72,472 83,889 Allowance for credit losses (2,792) (2,377) Investing receivables, net $ 69,680 $ 81,512 The balances above include accrued interest receivable Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. These notes and the accrued and unpaid interest thereon, which compounds annually on March 1, will be repaid using the real estate taxes generated by the properties developed by the joint venture. When these tax revenues are sufficient to cover the debt service on a certain increment of municipal bonds, the City of Huntsville is required to issue bonds to repay the notes and the accrued and unpaid interest thereon. Each note has a maturity date of the earlier of 30 years from the date issued or the expiration of the tax increment district comprising the developed properties in 2045. Our other investing loan receivable as of December 31, 2024 carries an effective interest rate of 14.0% and matures in 2025. The fair value of these receivables was approximately $72 million as of December 31, 2024 and $84 million as of December 31, 2023.

Debt, Net

Debt, Net	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt, Net	Debt, Net Debt Summary Our debt consisted of the following (dollars in thousands): Carrying Value (1) as of December 31, December 31, 2024 2024 2023 Stated Interest Rates Scheduled Maturity Mortgage and Other Secured Debt: Fixed-rate mortgage debt $ 37,130 $ 66,314 3.82% June 2026 Variable-rate secured debt 32,471 32,894 SOFR + 0.10% + 1.45% to 1.55% (2) 2025-2026 (3) Total mortgage and other secured debt 69,601 99,208 Revolving Credit Facility (4) 75,000 75,000 SOFR + 0.10% + 0.725% to 1.400% (5) October 2026 (4) Term Loan Facility (4) 124,633 124,291 SOFR + 0.10% + 0.850% to 1.700% (6) January 2026 (4) Unsecured Senior Notes: (4) 2.25%, $400,000 aggregate principal 398,699 397,608 2.25% (7) March 2026 5.25%, $345,000 aggregate principal 337,588 335,802 5.25% (8) September 2028 2.00%, $400,000 aggregate principal 397,961 397,471 2.00% (9) January 2029 2.75%, $600,000 aggregate principal 592,330 591,212 2.75% (10) April 2031 2.90%, $400,000 aggregate principal 395,692 395,265 2.90% (11) December 2033 Unsecured note payable 251 430 0% (12) May 2026 Total debt, net $ 2,391,755 $ 2,416,287 (1) The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $4.0 million as of December 31, 2024 and $5.3 million as of December 31, 2023. (2) Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2024 was 2.44%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2024 was 6.16%. (3) Most of this debt matures in 2025, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default on the debt and we pay an extension fee of 0.10% of the debt balance for each extension period. (4) Refer to the paragraphs below for further disclosure. (5) The weighted average interest rate on the Revolving Credit Facility was 5.70% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (6) The interest rate on this loan was 5.95% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (7) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.1 million as of December 31, 2024 and $1.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.48%. (8) The carrying value of these notes reflects unamortized commissions totaling $6.6 million as of December 31, 2024 and $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. (9) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.5 million as of December 31, 2024 and $1.8 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.09%. (10) The carrying value of these notes reflects unamortized discounts and commissions totaling $6.7 million as of December 31, 2024 and $7.6 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.94%. (11) The carrying value of these notes reflects unamortized discounts and commissions totaling $3.5 million as of December 31, 2024 and $3.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 3.01%. (12) This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $10,000 as of December 31, 2024 and $32,000 as of December 31, 2023. All debt is owed by the Operating Partnership. While COPT Defense is not directly obligated by any debt, it has guaranteed CDPLP’s Revolving Credit Facility, Term Loan Facility and Unsecured Senior Notes. All of our mortgage and other secured debt as of December 31, 2024 was for consolidated real estate joint ventures (see Note 6). Certain of our debt instruments require that we comply with a number of restrictive financial covenants, including maximum leverage ratio, unencumbered leverage ratio, minimum fixed charge coverage ratio, minimum unencumbered interest coverage ratio, minimum debt service and maximum secured indebtedness ratio. In addition, the terms of some of CDPLP’s debt may limit its ability to make certain types of payments and distributions to COPT Defense in the event of default or when such payments or distributions may prompt failure of debt covenants, excluding distributions required to maintain COPT Defense’s qualification as a REIT. As of December 31, 2024, we were compliant with these financial covenants. Our debt matures on the following schedule (in thousands): Year Ending December 31, December 31, 2024 2025 $ 23,717 2026 646,300 2027 — 2028 345,000 2029 400,000 Thereafter 1,000,000 Total $ 2,415,017 (1) (1) Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.3 million. We capitalized interest costs of $2.9 million in 2024, $4.5 million in 2023 and $6.7 million in 2022. The following table sets forth information pertaining to the fair value of our debt (in thousands): December 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Fixed-rate debt Unsecured Senior Notes $ 2,122,270 $ 1,946,905 $ 2,117,358 $ 1,876,611 Other fixed-rate debt 37,381 35,841 66,744 63,692 Variable-rate debt 232,104 232,768 232,185 232,270 $ 2,391,755 $ 2,215,514 $ 2,416,287 $ 2,172,573 Revolving Credit Facility On October 26, 2022, we entered into a credit agreement with a group of lenders for an unsecured revolving credit facility with a lender commitment of $600.0 million that replaced our existing unsecured revolving credit facility (the prior facility and new facility are referred to collectively herein as our “Revolving Credit Facility”). The facility matures on October 26, 2026, with the ability for us to extend such maturity by two six-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.0625% of the total availability under the facility for each extension period. The interest rate on the facility is based on the Secured Overnight Financing Rate (“SOFR”) plus a SOFR index adjustment of 0.10% plus 0.725% to 1.400%, as determined by the credit ratings assigned to CDPLP by S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. (collectively, the “Ratings Agencies”). The facility also carries a quarterly fee that is based on the lenders’ commitment under the facility multiplied by a per annum rate of 0.125% to 0.300%, as determined by the credit ratings assigned to CDPLP by the Ratings Agencies. As of December 31, 2024, the maximum borrowing capacity under this facility totaled $600.0 million, of which $525.0 million was available. Weighted average borrowings under our Revolving Credit Facility totaled $78.3 million in 2024 and $133.3 million in 2023. The weighted average interest rate on our Revolving Credit Facility was 6.29% in 2024 and 6.17% in 2023, excluding the effect of interest rate swaps that hedge the risk of interest rate changes. Term Loan Facilities The credit agreement with a group of lenders entered into on October 26, 2022 discussed above provided for a $125.0 million unsecured term loan with an interest rate based on SOFR plus a SOFR index adjustment of 0.10% plus 0.850% to 1.700%, as determined by the credit ratings assigned to CDPLP by the Ratings Agencies. This term loan facility matures on January 30, 2026, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default under the facility and we pay an extension fee of 0.125% of the outstanding loan balance for each extension period. In addition to the term loan discussed above, we also had a term loan with an outstanding balance of $300.0 million as of December 31, 2021 that we repaid in 2022. Unsecured Senior Notes On September 12, 2023, we issued $345.0 million of 5.25% Exchangeable Senior Notes due 2028 (the “5.25% Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, resulting in proceeds, after deducting the initial purchasers’ commissions, but before other offering expenses, of $336.4 million. The notes mature on September 15, 2028. With regard to the 5.25% Notes: > prior to the close of business on the business day immediately preceding June 15, 2028, the notes will be exchangeable at the option of the noteholders only in the event of certain circumstances and during certain periods defined under the terms of the notes. On or after June 15, 2028, the notes will be exchangeable at the option of the holders at any time prior to the close of business on the business day immediately preceding the maturity date. Upon exchange, the principal amount of notes is payable in cash. The remainder of the exchange obligation, if any, as determined based on the exchange price per common share at the time of settlement, is payable in cash, common shares or a combination thereof at our election. The exchange rate of the notes initially equaled 33.3739 of our common shares per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $29.96 per common share) and is subject to adjustment upon the occurrence of some events, but will not be adjusted for any accrued and unpaid interest. As of December 31, 2024, the exchange rate of the notes equaled 33.4238 of our common shares per $1,000 principal amount of notes (equivalent to an exchange price of approximately $29.92 per common share); > we may redeem the notes at our option, in whole or in part, on any business day on or after September 21, 2026, and prior to the 51st scheduled trading day immediately preceding the maturity date, if the last reported sale price of our common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; > the notes are unconditionally guaranteed by COPT Defense; and > the table below sets forth interest expense recognized on the notes (in thousands): For the Years Ended December 31, 2024 2023 Interest expense at stated interest rate $ 18,113 $ 5,484 Interest expense associated with amortization of debt discount and issuance costs 1,560 500 Total $ 19,673 $ 5,984 We may redeem our 2.25% Senior Notes due 2026 (the “2.25% Notes”), 2.00% Senior Notes due 2029 (the “2.00% Notes”), 2.75% Senior Notes due 2031 (the “2.75% Notes”) and 2.90% Senior Notes due 2033 (the “2.90% Notes”) in whole at any time or in part from time to time, at our option, at a redemption price equal to the greater of (1) the aggregate principal amount of the notes being redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption) discounted, on a semi-annual basis at an adjusted treasury rate plus a spread (35 basis points for the 2.25% Notes, 20 basis points for the 2.00% Notes, 25 basis points for the 2.75% Notes and 25 basis points for the 2.90% Notes), plus, in each case, accrued and unpaid interest thereon to the date of redemption. However, in each case, if this redemption occurs on or after a defined date (February 15, 2026 for the 2.25% Notes, November 15, 2028 for the 2.00% Notes, January 15, 2031 for the 2.75% Notes and September 1, 2033 for the 2.90% Notes), the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. These notes are unconditionally guaranteed by COPT Defense.

Interest Rate Derivatives

Interest Rate Derivatives	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Derivatives	Interest Rate Derivatives The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): Notional Amount Effective Date Expiration Date Fair Value at December 31, Fixed Rate Floating Rate Index 2024 2023 $ 150,000 3.742 % One-Month SOFR 2/1/2023 2/2/2026 $ 550 $ 681 $ 50,000 3.747 % One-Month SOFR 2/1/2023 2/2/2026 181 222 $ 22,175 (1) 0.573 % SOFR + 0.10% 4/1/2020 3/26/2025 197 1,084 $ 10,400 (2) 1.678 % SOFR + 0.10% 8/1/2019 8/1/2026 387 571 $ 1,315 $ 2,558 (1) The notional amount of this instrument is scheduled to amortize to $22.1 million. (2) The notional amount of this instrument is scheduled to amortize to $10.0 million. Each of these swaps was designated as a cash flow hedge of interest rate risk. The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): Fair Value at December 31, Derivatives Balance Sheet Location 2024 2023 Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 1,315 $ 2,558 The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): Amount of Income Recognized in AOCI on Derivatives Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations For the Years Ended December 31, For the Years Ended December 31, Derivatives in Hedging Relationships 2024 2023 2022 2024 2023 2022 Interest rate derivatives $ 3,087 $ 3,827 $ 4,730 $ 4,330 $ 3,900 $ (996) Based on the fair value of our derivatives as of December 31, 2024, we estimate that approximately $1.2 million of gains will be reclassified from AOCI as a decrease to interest expense over the next 12 months.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests As discussed further in Note 6, redeemable noncontrolling interests on our consolidated balance sheets included the ownership interests of our partners in LW Redstone Company, LLC, and until June 2023 also included Stevens Investors, LLC, due to the partners’ rights to require us to acquire their interests. Effective in June 2023, these rights expired for our Stevens Investors, LLC partners, which resulted in our reclassification of their interests from redeemable noncontrolling interests to the noncontrolling interests in subsidiaries section of equity. The table below sets forth the activity for redeemable noncontrolling interests (in thousands): For the Years Ended December 31, 2024 2023 2022 Beginning balance $ 23,580 $ 26,293 $ 26,898 Distributions to noncontrolling interests (1,962) (2,569) (2,976) Net income attributable to noncontrolling interests 1,962 2,454 2,807 Adjustment for changes in fair value of interests 394 72 (436) Reclassification of Stevens Investors, LLC interests to equity — (2,670) — Ending balance $ 23,974 $ 23,580 $ 26,293

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity Preferred Shares As of December 31, 2024, we had 25.0 million preferred shares authorized and unissued at $0.01 par value per share. Common Shares In May 2022, we entered into an at-the-market (“ATM”) stock offering program under which we may offer and sell common shares in at-the-market stock offerings having an aggregate gross sales price of up to $300 million and may also, at our discretion, sell common shares under forward equity sales agreements. As of December 31, 2024, we had not issued any shares under the ATM Program. In 2024, a CDPLP limited partner converted 40,000 common units in CDPLP for an equal number of common shares. We declared dividends per common share of $1.18 in 2024 and $1.14 in 2023 and $1.10 in 2022. We pay dividends at the discretion of our Board of Trustees. Our ability to pay cash dividends will be dependent upon: (1) the cash flow generated from our operations; (2) cash generated or used by our financing and investing activities; and (3) the annual distribution requirements under the REIT provisions of the Internal Revenue Code described in Note 2 and such other factors as the Board of Trustees deems relevant. Our ability to make cash dividends will also be limited by the terms of CDPLP’s Partnership Agreement, as well as by limitations imposed by state law. In addition, we are prohibited from paying cash dividends in excess of the amount necessary for us to qualify for taxation as a REIT if a default or event of default exists pursuant to the terms of the credit agreement underlying our Revolving Credit Facility and unsecured term loan; this restriction does not currently limit our ability to pay dividends, and we do not believe that this restriction is reasonably likely to limit our ability to pay future dividends because we expect to comply with the terms of this agreement. See Note 12 for disclosure of common share activity pertaining to our share-based compensation plans.

Share-Based Compensation and Ot

Share-Based Compensation and Other Compensation Matters	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation and Other Compensation Matters	Share-Based Compensation and Other Compensation Matters Share-Based Compensation Plans In May 2017, we adopted the 2017 Omnibus Equity and Incentive Plan following the approval of such plan by our common shareholders, and we amended the plan in November 2018 and May 2024. We may issue equity-based awards under this plan to officers, employees, non-employee trustees and any other key persons of us and our subsidiaries, as defined in the plan. The plan provides for a maximum of 6.9 million (increased from 3.4 million shares as a result of the amendment in May 2024) of our common shares to be issued in the form of options, share appreciation rights, restricted share unit awards, restricted share awards, unrestricted share awards, PIUs, dividend equivalent rights and other equity-based awards and for the granting of cash-based awards. This plan expires on May 11, 2027. Shares for the plan are issued under a registration statement on Form S-8 that became effective upon filing with the Securities and Exchange Commission. The table below sets forth our reporting for share based compensation cost (in thousands): For the Years Ended December 31, 2024 2023 2022 General, administrative, leasing and other expenses $ 9,031 $ 7,255 $ 7,643 Property operating expenses 1,412 1,289 1,147 Capitalized to development activities 525 576 847 Share-based compensation cost $ 10,968 $ 9,120 $ 9,637 The amounts included in our consolidated statements of operations for share-based compensation reflected an estimate of pre-vesting forfeitures of 0% for awards to our executives and non-employee Trustees and 8% to 9% for awards to all other employees. As of December 31, 2024, unrecognized compensation costs related to unvested awards included: > $5.5 million on restricted shares expected to be recognized over a weighted average period of approximately three years; > $4.7 million on PB-PIUs expected to be recognized over a weighted average performance period of approximately two years; > $3.4 million on TB-PIUs expected to be recognized over a weighted average period of approximately two years; and > $76,000 on deferred share awards expected to be recognized through May 2025. Restricted Shares The following table summarizes restricted shares activity under our share-based compensation plan for 2022, 2023 and 2024: Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 334,573 $ 26.22 Granted 186,515 $ 26.50 Forfeited (43,420) $ 26.47 Vested (152,585) $ 26.39 Unvested as of December 31, 2022 325,083 $ 26.27 Granted 220,336 $ 25.38 Forfeited (39,474) $ 26.03 Vested (152,490) $ 26.09 Unvested as of December 31, 2023 353,455 $ 25.82 Granted 184,477 $ 25.58 Forfeited (25,152) $ 26.20 Vested (159,766) $ 25.85 Unvested as of December 31, 2024 353,014 $ 25.65 Unvested shares as of December 31, 2024 that are expected to vest 315,582 $ 25.61 Restricted shares granted to employees generally vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. Restricted shares granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. The aggregate intrinsic value of restricted shares that vested was $4.0 million in 2024, $3.8 million in 2023 and $4.0 million in 2022. PIUs We granted two forms of PIUs: TB-PIUs; and PB-PIUs. TB-PIUs are subject to forfeiture restrictions until the end of the requisite service period, at which time the TB-PIUs automatically convert into vested PIUs. PB-PIUs are subject to a market condition in that the number of earned awards are determined at the end of the performance period (as described further below) and then settled in vested PIUs. Vested PIUs automatically convert into common units in CDPLP if, or when, a book-up event (as defined under federal income tax regulations) has occurred and carry substantially the same rights to distributions as common units. TB-PIUs TB-PIUs granted to senior management team members vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employee remains employed by us. TB-PIUs granted to non-employee Trustees vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. Prior to vesting, TB-PIUs carry substantially the same rights to distributions as common units but carry no redemption rights. The following table summarizes TB-PIUs activity under our share-based compensation plan for 2022, 2023 and 2024 : Number of TB-PIUs Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 163,073 $ 25.99 Granted 101,966 $ 26.39 Vested (77,709) $ 26.04 Unvested as of December 31, 2022 187,330 $ 26.19 Granted 123,900 $ 25.40 Forfeited (27,182) $ 26.46 Vested (89,633) $ 25.95 Unvested as of December 31, 2023 194,415 $ 25.76 Granted 127,795 $ 24.57 Vested (98,271) $ 25.63 Unvested as of December 31, 2024 223,939 $ 25.14 Unvested TB-PIUs as of December 31, 2024 that are expected to vest 222,554 $ 25.14 The aggregate intrinsic value of TB-PIUs that vested was $2.4 million in 2024, $2.3 million in 2023 and $2.0 million in 2022. PB-PIUs We made the following grants of PB-PIUs to senior management team members from 2020 through 2024 (dollars in thousands, except per share data): Grant Date Number of PB-PIUs Granted Grant Date Fair Value Number of PB-PIUs Outstanding as of December 31, 2024 1/1/2020 176,758 $ 2,891 — 1/1/2021 227,544 $ 3,417 — 1/1/2022 231,838 $ 3,810 192,996 1/1/2023 275,402 $ 4,343 225,590 1/1/2024 299,766 $ 5,405 299,766 The PB-PIUs each have a three-year performance period concluding on the earlier of the respective performance period end dates, or the date of: (1) termination by us without cause, death or disability of the employee or constructive discharge of the employee (collectively, “qualified termination”); or (2) a sale event. The number of earned awards following the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule: Percentile Rank Earned Awards Payout % 75th or greater 100% of PB-PIUs granted 50th (target) 50% of PB-PIUs granted 25th 25% of PB-PIUs granted Below 25th 0% of PB-PIUs granted If the percentile rank exceeds the 25th percentile and is between two of the percentile ranks set forth in the table above, then the percentage of the earned awards will be interpolated between the ranges set forth in the table above to reflect any performance between the listed percentiles. In addition: > for PB-PIUs granted in 2024: > if COPT Defense’s TSR is negative when its TSR’s percentile rank exceeds the 50th percentile, then the earned PB-PIU payout percentage used to arrive at the earned awards would be reduced by 12.5 percentage points, but in no event to a payout percentage of less than 50% of PB-PIUs granted; however, the resulting reduction in earned awards would subsequently be deemed earned awards if COPT Defense’s TSR becomes positive on any date in the calendar year following the end of the performance period; and > regardless of COPT Defense’s TSR relative to the peer group, no less than 50% (target) of the PB-PIUs granted will be earned if COPT Defense’s TSR is at least 10% and no less than 25% of the PB-PIUs granted will be earned if COPT Defense’s TSR is at least 6%, with linear interpolation if COPT Defense’s TSR is between 6% and 10%; and > for PB-PIUs granted prior to 2024, if COPT Defense’s TSR is negative, the maximum number of earned awards will be limited to the target level payout percentage. During the performance period, PB-PIUs carry rights to distributions equal to 10% of the distribution rights of common units but carry no redemption rights. Following the end of the performance period, we settle the award by issuing vested PIUs equal to the number of earned awards and either: > for awards granted in 2024, 2023, 2022 and 2021, issuing additional vested PIUs equal to the excess, if any, of (1) the aggregate distributions that would have been paid with respect to vested PIUs issued in settlement of the earned awards through the date of settlement had such vested PIUs been issued on the grant date over (2) the aggregate distributions made on the PB-PIUs through the date of settlement, divided by the price of our common shares over a defined period of time; or > for awards granted in 2020, paying cash equal to the excess, if any, of: the aggregate distributions that would have been paid with respect to vested PIUs issued in settlement of the earned awards through the date of settlement had such vested PIUs been issued on the grant date; over the aggregate distributions made on the PB-PIUs during the performance period. If a performance period ends due to a sale event or qualified termination, the number of earned awards is prorated based on the portion of the three-year performance period that has elapsed. If employment is terminated by the employee or by us for cause, all PB-PIUs are forfeited. Based on COPT Defense’s TSR relative to its peer group of companies: > for the 2020 PB-PIUs issued to employees that vested on December 31, 2022, we issued 141,152 vested PIUs in settlement of the PB-PIUs on February 1, 2023; > for the 2021 PB-PIUs issued to employees that vested on December 31, 2023, we issued 211,845 vested PIUs in settlement of the PB-PIUs on February 1, 2024; and > for the 2022 PB-PIUs issued to employees that vested on December 31, 2024, we issued 212,831 vested PIUs in settlement of the PB-PIUs on February 1, 2025. We computed grant date fair values for PB-PIUs using Monte Carlo models and recognize these values over the respective performance periods. The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PB-PIUs granted in 2022, 2023 and 2024 are set forth below: Grant Date Grant Date Fair Value Per PB-PIU at Target-Level Award Baseline Common Share Value Expected Volatility of Common Shares Risk-free Interest Rate 1/1/2022 $ 32.87 $ 27.97 31.7 % 0.98 % 1/1/2023 $ 31.54 $ 25.94 35.0 % 4.28 % 1/1/2024 $ 36.06 $ 25.63 25.9 % 4.13 % In 2023, 126,890 PB-PIUs were forfeited due to an award recipient’s resignation. Deferred Share Awards We made the following grants of deferred share awards to non-employee Trustees in 2022, 2023 and 2024 (dollars in thousands, except per share data): Year of Grant Number of Deferred Share Awards Granted Aggregate Grant Date Fair Value Grant Date Fair Value Per Award 2022 6,771 $ 166 $ 24.50 2023 9,046 $ 215 $ 23.75 2024 8,796 $ 217 $ 24.66 Deferred share awards vest on the first anniversary of the grant date, provided that the Trustee remains in his or her position. We settle deferred share awards by issuing an equivalent number of common shares upon vesting of the awards or a later date elected by the Trustee (generally upon cessation of being a Trustee). We did not have any award settlements in 2022, 2023 or 2024.

Information by Business Segment

Information by Business Segment	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Information by Business Segment	Information by Business Segment We organize our portfolio of operating properties into reportable segments based primarily on their location and secondarily on their physical characteristics and use. We have the following reportable segments: Defense/IT Portfolio; and Other. We also report on Defense/IT Portfolio sub-segments, which include the following: Fort Meade/BW Corridor; NoVA Defense/IT; Lackland Air Force Base (in San Antonio, Texas); locations serving the U.S. Navy (“Navy Support”), which included properties proximate to the Washington Navy Yard, the Naval Air Station Patuxent River in Maryland and the Naval Surface Warfare Center Dahlgren Division in Virginia; Redstone Arsenal (in Huntsville, Alabama); and data center shells (properties leased to tenants to be operated as data centers in which the tenants fund the costs for the power, fiber connectivity and data center infrastructure). In the fourth quarter of 2024, we retrospectively reclassified to our Other reportable segment a property that we sold in January 2022 and previously reported as a separate reportable segment referred to as Wholesale Data Center. We measure the performance of our segments through the measure we define as net operating income from real estate operations (“NOI from real estate operations”), which includes real estate revenues and other segment items, which is comprised of: property operating expenses; and the net of revenues and property operating expenses of real estate operations owned through unconsolidated real estate joint ventures (“UJV” or “UJVs”) that is allocable to our ownership interest (“UJV NOI allocable to COPT Defense”). Property operating expenses represent costs associated with operating our properties, including property taxes, ground rents, utilities, property management, insurance, repairs and exterior and interior maintenance, as well as associated labor and indirect costs. FASB guidance on segment reporting uses the term chief operating decision maker to define a function responsible for allocating resources to and assessing the performance of the segments of a public entity. Our President and Chief Executive Officer served as our chief operating decision maker for each of the periods included herein. Our chief operating decision maker uses budget to actual comparisons of: > NOI from real estate operations to assess the performance of our segments; and > operating expense information on a consolidated basis and for our Same Property pool (defined as our properties stably owned and 100% operational throughout both the current and prior year) to manage expenses associated with operating our properties. Amounts reported for segment assets represent long-lived assets associated with consolidated operating properties (including the carrying value of properties, right-of-use assets, net of related lease liabilities, intangible assets, deferred leasing costs, deferred rents receivable and lease incentives) and the carrying value of investments in UJVs owning operating properties, net of deficit investment balances reported in “other liabilities” (which were included in our data center shells sub-segment and totaled $36.0 million, $38.3 million and $20.0 million as of December 31, 2024, 2023 and 2022, respectively). In the third quarter of 2024, we retrospectively changed our segment assets definition to include deficit investment balances in UJVs owning operating properties. The table below reports segment financial information for our reportable segments (in thousands): Defense/IT Portfolio Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Portfolio Other Total Year Ended December 31, 2024 Revenues from real estate operations $ 314,411 $ 86,034 $ 67,837 $ 32,628 $ 69,317 $ 37,190 $ 607,417 $ 70,300 $ 677,717 Other segment items: Property operating expenses (107,128) (36,059) (37,169) (15,146) (24,185) (6,124) (225,811) (40,190) (266,001) UJV NOI allocable to COPT Defense — — — — — 7,217 7,217 — 7,217 Total other segment items (107,128) (36,059) (37,169) (15,146) (24,185) 1,093 (218,594) (40,190) (258,784) NOI from real estate operations $ 207,283 $ 49,975 $ 30,668 $ 17,482 $ 45,132 $ 38,283 $ 388,823 $ 30,110 $ 418,933 Additions to long-lived assets $ 64,023 $ 27,205 $ 17,098 $ 10,128 $ 7,253 $ — $ 125,707 $ 20,078 $ 145,785 Transfers from non-operating properties $ 3,910 $ 1,016 $ 10 $ 352 $ 60,872 $ 65,314 $ 131,474 $ 5,456 $ 136,930 Segment assets at December 31, 2024 $ 1,445,236 $ 494,881 $ 199,166 $ 162,855 $ 601,430 $ 488,429 $ 3,391,997 $ 318,650 $ 3,710,647 Year Ended December 31, 2023 Revenues from real estate operations $ 290,061 $ 80,413 $ 67,254 $ 32,638 $ 55,131 $ 27,444 $ 552,941 $ 71,862 $ 624,803 Other segment items: Property operating expenses (99,788) (31,593) (36,616) (14,614) (19,148) (2,703) (204,462) (42,923) (247,385) UJV NOI allocable to COPT Defense — — — — — 6,659 6,659 — 6,659 Total other segment items (99,788) (31,593) (36,616) (14,614) (19,148) 3,956 (197,803) (42,923) (240,726) NOI from real estate operations $ 190,273 $ 48,820 $ 30,638 $ 18,024 $ 35,983 $ 31,400 $ 355,138 $ 28,939 $ 384,077 Additions to long-lived assets $ 54,564 $ 19,041 $ 62 $ 5,785 $ 20,949 $ — $ 100,401 $ 17,227 $ 117,628 Transfers from non-operating properties $ 64,264 $ 4,136 $ 166 $ 2,651 $ 86,868 $ 115,052 $ 273,137 $ 2,671 $ 275,808 Segment assets at December 31, 2023 $ 1,446,164 $ 490,104 $ 188,847 $ 163,818 $ 554,803 $ 430,075 $ 3,273,811 $ 312,728 $ 3,586,539 Year Ended December 31, 2022 Revenues from real estate operations $ 273,790 $ 73,985 $ 62,911 $ 32,754 $ 38,593 $ 35,722 $ 517,755 $ 68,623 $ 586,378 Other segment items: Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (37,765) (228,401) UJV NOI allocable to COPT Defense — — — — — 4,327 4,327 — 4,327 Total other segment items (97,727) (26,635) (32,301) (14,001) (15,600) (45) (186,309) (37,765) (224,074) NOI from real estate operations $ 176,063 $ 47,350 $ 30,610 $ 18,753 $ 22,993 $ 35,677 $ 331,446 $ 30,858 $ 362,304 Additions to long-lived assets $ 48,443 $ 11,102 $ — $ 3,801 $ 3,405 $ — $ 66,751 $ 37,775 $ 104,526 Transfers from non-operating properties $ 69,771 $ 1,882 $ 1,290 $ 6,420 $ 158,831 $ 179,522 $ 417,716 $ 704 $ 418,420 Segment assets at December 31, 2022 $ 1,387,517 $ 488,277 $ 194,481 $ 169,119 $ 453,543 $ 461,011 $ 3,153,948 $ 553,863 $ 3,707,811 The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Segment revenues from real estate operations $ 677,717 $ 624,803 $ 586,378 Construction contract and other service revenues 75,550 60,179 154,632 Less: Revenues from discontinued operations (Note 4) — — (1,980) Total revenues $ 753,267 $ 684,982 $ 739,030 The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Segment property operating expenses $ 266,001 $ 247,385 $ 228,401 Less: Property operating expenses from discontinued operations (Note 4) — — (971) Total property operating expenses $ 266,001 $ 247,385 $ 227,430 The following table reconciles UJV NOI allocable to COPT Defense to equity in income (loss) of unconsolidated entities as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 UJV NOI allocable to COPT Defense $ 7,217 $ 6,659 $ 4,327 Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,820) (6,917) (3,145) Add: Equity in (loss) income of unconsolidated non-real estate entities — (3) 561 Equity in income (loss) of unconsolidated entities $ 397 $ (261) $ 1,743 As previously discussed, we provide real estate services such as property management, development and construction services primarily for our properties but also for third parties. The primary manner in which we evaluate the operating performance of our service activities is through a measure we define as net operating income from service operations (“NOI from service operations”), which is based on the net of revenues and expenses from these activities. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to us by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. We believe NOI from service operations is a useful measure in assessing both our level of activity and our profitability in conducting such operations. The table below sets forth the computation of our NOI from service operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Construction contract and other service revenues $ 75,550 $ 60,179 $ 154,632 Construction contract and other service expenses (73,265) (57,416) (149,963) NOI from service operations $ 2,285 $ 2,763 $ 4,669 The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income (loss) from continuing operations as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 NOI from real estate operations $ 418,933 $ 384,077 $ 362,304 NOI from service operations 2,285 2,763 4,669 Depreciation and other amortization associated with real estate operations (153,640) (148,950) (141,230) Impairment losses — (252,797) — General, administrative, leasing and other expenses (47,038) (42,769) (38,991) Interest expense (82,151) (71,142) (61,174) Interest and other income, net 12,661 12,587 9,070 Gain on sales of real estate — 49,392 19,250 Loss on early extinguishment of debt — — (609) Equity in income (loss) of unconsolidated entities 397 (261) 1,743 UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (7,217) (6,659) (4,327) Income tax expense (288) (588) (447) Revenues from real estate operations from discontinued operations (Note 4) — — (1,980) Property operating expenses from discontinued operations (Note 4) — — 971 Income (loss) from continuing operations $ 143,942 $ (74,347) $ 149,249 The following table reconciles our segment assets to our consolidated total assets (in thousands): As of December 31, 2024 2023 Segment assets $ 3,710,647 $ 3,586,539 Operating properties lease liabilities included in segment assets 49,631 34,346 Investment in UJV deficit balance included in segment assets 3,409 2,776 Non-operating property assets 277,147 258,299 Other assets 213,357 365,006 Total consolidated assets $ 4,254,191 $ 4,246,966 The accounting policies of the segments are the same as those used to prepare our consolidated financial statements, except that discontinued operations are not presented separately for segment purposes. In the segment reporting presented above, we did not allocate interest expense, depreciation and amortization, impairment losses, gain on sales of real estate, loss on early extinguishment of debt and equity in income (loss) of unconsolidated entities not included in NOI to our real estate segments since they are not included in the measure of segment profit reviewed by management. We also did not allocate general, administrative, leasing and other expenses, interest and other income, net, income taxes and noncontrolling interests because these items represent general corporate or non-operating property items not attributable to segments.

Construction Contract and Other

Construction Contract and Other Service Revenues	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Construction Contract and Other Service Revenues	Construction Contract and Other Service Revenues We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands): For the Years Ended December 31, 2024 2023 2022 Construction contract revenue: FFP $ 36,073 $ 30,846 $ 15,119 GMP 32,002 18,178 129,149 Cost-plus fee 5,875 9,843 8,320 Other 1,600 1,312 2,044 $ 75,550 $ 60,179 $ 154,632 We derived 98% of our construction contract revenue from the USG in 2024, 88% in 2023 and 90% in 2022. We recognized an insignificant amount of revenue in 2024, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods. Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 10,500 $ 7,618 Ending balance $ 8,828 $ 10,500 Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 15,086 $ 22,331 Ending balance $ 17,050 $ 15,086 Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 4,176 $ 2,867 Ending balance $ 2,016 $ 4,176 Portion of beginning balance recognized in revenue during the year $ 2,290 $ 326 Revenue allocated to the remaining performance obligations under existing contracts as of December 31, 2024 that will be recognized as revenue in future periods was $34.5 million, all of which we expect to recognize in 2025. We have no deferred incremental costs incurred to obtain or fulfill our construction contracts or other service revenues as of December 31, 2024 and 2023. We had credit loss recoveries on construction contracts receivable and unbilled construction revenue of $740,000 in 2022 and no significant credit loss expense or recoveries in 2024 or 2023.

Credit Losses on Financial Asse

Credit Losses on Financial Assets and Other Instruments	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Credit Losses on Financial Assets and Other Instruments	Credit Losses on Financial Assets and Other Instruments The table below sets forth the activity for our allowance for credit losses in 2022, 2023 and 2024 (in thousands): Investing Receivables Tenant Notes Other Assets (2) Total December 31, 2021 $ 1,599 $ 1,057 $ 913 $ 3,569 Net credit loss expense (recoveries) (3) 1,195 (279) (645) 271 December 31, 2022 2,794 778 268 3,840 Credit loss recoveries (3) (417) (79) (115) (611) Write-offs — (33) — (33) December 31, 2023 2,377 666 153 3,196 Net credit loss expense (recoveries) (3) 415 46 (78) 383 Write-offs — (97) — (97) December 31, 2024 $ 2,792 $ 615 $ 75 $ 3,482 (1) Included in the line entitled “accounts receivable, net” on our consolidated balance sheets. (2) The balance as of December 31, 2024 and 2023 included $60,000 and $87,000, respectively, in the line entitled “accounts receivable, net” and $15,000 and $66,000, respectively, in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (3) Included in the line entitled “interest and other income, net” on our consolidated statements of operations. The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of December 31, 2024 (in thousands): Origination Year 2019 and Earlier 2020 2021 2022 2023 2024 Total Investing receivables: Credit risk classification: Investment grade $ 54,997 $ 2,719 $ 10,878 $ — $ 647 $ — $ 69,241 Non-investment grade — — — 3,231 — — 3,231 Total $ 54,997 $ 2,719 $ 10,878 $ 3,231 $ 647 $ — $ 72,472 Tenant notes receivable: Credit risk classification: Investment grade $ 573 $ 30 $ — $ — $ — $ — $ 603 Non-investment grade 4 1,316 — — — 425 1,745 Total $ 577 $ 1,346 $ — $ — $ — $ 425 $ 2,348 Gross write-offs during the year ended December 31, 2024 $ 97 $ — $ — $ — $ — $ — $ 97 Sales-type lease receivable: Credit risk classification: Investment grade $ — $ 4,487 $ — $ — $ — $ — $ 4,487 Our investment grade credit risk classification represents entities with investment grade credit ratings from ratings agencies (such as S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc.), meaning that they are considered to have at least an adequate capacity to meet their financial commitments, with credit risk ranging from minimal to moderate. Our non-investment grade credit risk classification represents entities with either no credit agency credit ratings or ratings deemed to be sub-investment grade; we believe that there is significantly more credit risk associated with this classification. The credit risk classifications of our investing receivables and tenant notes receivable were last updated in December 2024. None of the investing and tenant notes receivables set forth above were past due, which we define as being delinquent by more than three months from the due date. Tenant notes receivable on nonaccrual status as of December 31, 2024 and 2023 were not significant. We did not recognize any interest income on tenant notes receivable on nonaccrual status during the years ended December 31, 2024, 2023 and 2022.

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share ("EPS")	Earnings Per Share (“EPS”) We present both basic and diluted EPS. We compute basic EPS by dividing net income (loss) available to common shareholders allocable to unrestricted common shares by the weighted average number of unrestricted common shares outstanding during the period after allocating undistributed earnings between common shareholders and participating securities under the two-class method. Our participating securities include restricted shares and PIUs and deferred share awards not previously settled by common share issuances. Our computation of diluted EPS is similar except that: > the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to redeemable noncontrolling interests and share-based compensation awards using the if-converted or treasury stock methods; and > the numerator is adjusted to add back any changes in income or loss that would result from the assumed conversion into common shares that we add to the denominator. We compute diluted EPS using the treasury stock method for unvested restricted shares, TB-PIUs and deferred share awards and the if-converted method for exchangeable debt (including our 5.25% Notes), common units, redeemable noncontrolling interests, PB-PIUs and vested PIUs and deferred share awards not previously settled by common share issuances. Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): For the Years Ended December 31, 2024 2023 2022 Numerator: Income (loss) from continuing operations $ 143,942 $ (74,347) $ 149,249 (Income) loss from continuing operations attributable to noncontrolling interests (5,013) 878 (5,372) Income from continuing operations attributable to share-based compensation awards for basic EPS (510) (1,199) (451) Numerator for basic EPS from continuing operations attributable to common shareholders $ 138,419 $ (74,668) $ 143,426 Redeemable noncontrolling interests — — (169) Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS 89 — 78 Numerator for diluted EPS from continuing operations attributable to common shareholders $ 138,508 $ (74,668) $ 143,335 Discontinued operations — — 29,573 Discontinued operations attributable to noncontrolling interests — — (421) Income from discontinued operations attributable to share-based compensation awards for diluted EPS — — (90) Numerator for diluted EPS on net income (loss) attributable to common shareholders $ 138,508 $ (74,668) $ 172,397 Denominator (all weighted averages): Denominator for basic EPS (common shares) 112,296 112,178 112,073 Dilutive effect of redeemable noncontrolling interests — — 116 Dilutive effect of share-based compensation awards 603 — 431 Denominator for diluted EPS (common shares) 112,899 112,178 112,620 Basic EPS attributable to common shareholders: Income (loss) from continuing operations $ 1.23 $ (0.67) $ 1.28 Discontinued operations — — 0.26 Net income (loss) $ 1.23 $ (0.67) $ 1.54 Diluted EPS attributable to common shareholders: Income (loss) from continuing operations $ 1.23 $ (0.67) $ 1.27 Discontinued operations — — 0.26 Net income (loss) $ 1.23 $ (0.67) $ 1.53 Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): Weighted Average Shares Excluded from Denominator for the Years Ended December 31, 2024 2023 2022 Conversion of common units 1,672 1,509 1,454 Conversion of redeemable noncontrolling interests 842 969 866 The following securities were also excluded from the computation of diluted EPS because their effect was antidilutive: > weighted average restricted shares and deferred share awards of 434,000 for 2024, 416,000 for 2023 and 399,000 for 2022; > weighted average TB-PIUs of 223,000 for 2024, 175,000 for 2023 and 187,000 for 2022; > weighted average vested PIUs of 215,000 for 2024 and 154,000 for 2023; and > weighted average PB-PIUs of 629,000 for 2023. As discussed in Note 8, our 5.25% Notes issued in 2023 have an exchange settlement feature under which the principal amount of notes exchanged is payable in cash, with the remainder of the exchange obligation, if any, determined based on the exchange price per common share at the time of settlement, payable in cash, common shares or a combination thereof at our election. These notes did not affect our diluted EPS reported above since the weighted average closing price of our common shares for the years ended December 31, 2024 and 2023 was less than the exchange price applicable to those periods.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Claims In the normal course of business, we are subject to legal actions and other claims. We record losses for specific legal proceedings and claims when we determine that a loss is probable and the amount of loss can be reasonably estimated. As of December 31, 2024, management believes that it is reasonably possible that we could recognize a loss of up to $4.9 million for certain municipal tax claims; while we do not believe this loss would materially affect our financial position or liquidity, it could be material to our results of operations. Management believes that it is also reasonably possible that we could incur losses pursuant to other claims but do not believe such losses would materially affect our financial position, liquidity or results of operations. Our assessment of the potential outcomes of these matters involves significant judgment and is subject to change based on future developments. Environmental We are subject to various federal, state and local environmental regulations related to our property ownership and operations. We have performed environmental assessments of our properties, the results of which have not revealed any environmental liability that we believe would have a materially adverse effect on our financial position, operations or liquidity. In connection with a lease and subsequent sale in prior periods of three properties in Dayton, New Jersey, we agreed to provide certain environmental indemnifications limited to $19 million in the aggregate. We have insurance coverage in place to mitigate most of any potential future losses that may result from these indemnification agreements. Tax Incremental Financing Obligation Anne Arundel County, Maryland issued tax incremental financing bonds to third-party investors in order to finance public improvements needed in connection with our project known as the National Business Park. These bonds had a remaining principal balance of approximately $25 million as of December 31, 2024. The real estate taxes on increases in assessed values post-bond issuance of properties in development districts encompassing the National Business Park are transferred to a special fund pledged to the repayment of the bonds. While we are obligated to fund, through a special tax, any future shortfalls between debt service of the bonds and real estate taxes available to repay the bonds, as of December 31, 2024, we do not expect any such future fundings will be required.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 100 Light Street (O) Baltimore, MD $ — $ 6,720 $ 31,215 $ 31,887 $ 6,720 $ 63,102 $ 69,822 $ (39,347) 1973/2011 8/7/2015 100 Secured Gateway (O) Huntsville, AL — — 71,180 108 — 71,288 71,288 (7,700) 2020 3/23/2010 1000 Redstone Gateway (O) Huntsville, AL — — 20,533 241 — 20,774 20,774 (6,092) 2013 3/23/2010 1100 Redstone Gateway (O) Huntsville, AL — — 19,593 4,359 — 23,952 23,952 (5,701) 2014 3/23/2010 114 National Business Parkway (O) Annapolis Junction, MD — 364 3,109 427 364 3,536 3,900 (1,985) 2002 6/30/2000 1200 Redstone Gateway (O) Huntsville, AL — — 22,389 11,794 — 34,183 34,183 (7,987) 2013 3/23/2010 1201 M Street SE (O) Washington, DC — — 49,775 11,615 — 61,390 61,390 (27,471) 2001 9/28/2010 1201 Winterson Road (O) Linthicum, MD — 2,130 17,769 1,197 2,130 18,966 21,096 (7,305) 1985/2017 4/30/1998 1220 12th Street SE (O) Washington, DC — — 42,464 11,996 — 54,460 54,460 (25,127) 2003 9/28/2010 1243 Winterson Road (L) Linthicum, MD — 630 — — 630 — 630 — (6) 12/19/2001 131 National Business Parkway (O) Annapolis Junction, MD — 1,906 7,623 6,876 1,906 14,499 16,405 (10,092) 1990 9/28/1998 132 National Business Parkway (O) Annapolis Junction, MD — 2,917 12,259 4,996 2,917 17,255 20,172 (12,210) 2000 5/28/1999 133 National Business Parkway (O) Annapolis Junction, MD — 2,517 10,068 7,034 2,517 17,102 19,619 (12,476) 1997 9/28/1998 134 National Business Parkway (O) Annapolis Junction, MD — 3,684 7,517 5,924 3,684 13,441 17,125 (10,100) 1999 11/13/1998 1340 Ashton Road (O) Hanover, MD — 905 3,620 2,743 905 6,363 7,268 (4,066) 1989 4/28/1999 13450 Sunrise Valley Drive (O) Herndon, VA — 1,386 5,576 8,433 1,386 14,009 15,395 (7,632) 1998 7/25/2003 13454 Sunrise Valley Drive (O) Herndon, VA — 2,847 11,986 14,962 2,847 26,948 29,795 (15,830) 1998 7/25/2003 135 National Business Parkway (O) Annapolis Junction, MD — 2,484 9,750 7,302 2,484 17,052 19,536 (12,646) 1998 12/30/1998 1362 Mellon Road (O) Hanover, MD — 950 3,864 3,389 950 7,253 8,203 (2,606) 2006 2/10/2006 13857 McLearen Road (O) Herndon, VA — 3,507 30,177 6,413 3,507 36,590 40,097 (17,042) 2007 7/11/2012 140 National Business Parkway (O) Annapolis Junction, MD — 3,407 24,167 2,995 3,407 27,162 30,569 (13,892) 2003 12/31/2003 141 National Business Parkway (O) Annapolis Junction, MD — 2,398 9,538 7,169 2,398 16,707 19,105 (10,822) 1990 9/28/1998 14280 Park Meadow Drive (O) Chantilly, VA — 3,731 15,953 7,395 3,731 23,348 27,079 (13,205) 1999 9/29/2004 1460 Dorsey Road (L) Hanover, MD — 1,577 187 — 1,577 187 1,764 — (6) 2/28/2006 14840 Conference Center Drive (O) Chantilly, VA — 1,572 8,175 5,813 1,572 13,988 15,560 (9,477) 2000 7/25/2003 14850 Conference Center Drive (O) Chantilly, VA — 1,615 8,358 8,355 1,615 16,713 18,328 (9,584) 2000 7/25/2003 14900 Conference Center Drive (O) Chantilly, VA — 3,436 14,402 10,714 3,436 25,116 28,552 (16,346) 1999 7/25/2003 1501 South Clinton Street (O) Baltimore, MD — 13,137 20,753 47,566 13,137 68,319 81,456 (40,781) 2006 10/27/2009 15049 Conference Center Drive (O) Chantilly, VA — 4,415 20,365 18,568 4,415 38,933 43,348 (26,087) 1997 8/14/2002 15059 Conference Center Drive (O) Chantilly, VA — 5,753 13,615 9,591 5,753 23,206 28,959 (13,122) 2000 8/14/2002 1550 West Nursery Road (O) Linthicum, MD — 14,071 16,930 — 14,071 16,930 31,001 (7,783) 2009 10/28/2009 1560 West Nursery Road (O) Linthicum, MD — 1,441 113 — 1,441 113 1,554 (30) 2014 10/28/2009 1610 West Nursery Road (O) Linthicum, MD — 259 246 — 259 246 505 (48) 2016 4/30/1998 1616 West Nursery Road (O) Linthicum, MD — 393 3,323 75 393 3,398 3,791 (629) 2017 4/30/1998 1622 West Nursery Road (O) Linthicum, MD — 393 2,542 — 393 2,542 2,935 (500) 2016 4/30/1998 16442 Commerce Drive (O) Dahlgren, VA — 613 2,582 1,143 613 3,725 4,338 (2,358) 2002 12/21/2004 16480 Commerce Drive (O) Dahlgren, VA — 1,856 7,425 3,736 1,856 11,161 13,017 (6,049) 2000 12/28/2004 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 16501 Commerce Drive (O) Dahlgren, VA — 522 2,090 1,674 522 3,764 4,286 (1,924) 2002 12/21/2004 16539 Commerce Drive (O) Dahlgren, VA — 688 2,860 2,481 688 5,341 6,029 (3,442) 1990 12/21/2004 16541 Commerce Drive (O) Dahlgren, VA — 773 3,094 2,715 773 5,809 6,582 (3,801) 1996 12/21/2004 16543 Commerce Drive (O) Dahlgren, VA — 436 1,742 906 436 2,648 3,084 (1,632) 2002 12/21/2004 1751 Pinnacle Drive (O) McLean, VA — 4,762 26,046 34,717 4,762 60,763 65,525 (50,069) 1989/1995 9/23/2004 1753 Pinnacle Drive (O) McLean, VA — 3,729 21,500 28,740 3,729 50,240 53,969 (35,257) 1976/2004 9/23/2004 206 Research Boulevard (O) Aberdeen, MD — — — — — — — — 2012 9/14/2007 209 Research Boulevard (O) Aberdeen, MD — 134 1,711 895 134 2,606 2,740 (1,016) 2010 9/14/2007 210 Research Boulevard (O) Aberdeen, MD — 113 1,402 593 113 1,995 2,108 (813) 2010 9/14/2007 2100 L Street (O) Washington, DC — 41,935 74,965 — 41,935 74,965 116,900 (8,426) 2020 8/11/2015 2100 Rideout Road (O) Huntsville, AL — — 7,336 3,583 — 10,919 10,919 (3,759) 2016 3/23/2010 22289 Exploration Drive (O) Lexington Park, MD — 1,422 5,719 2,657 1,422 8,376 9,798 (5,120) 2000 3/24/2004 22299 Exploration Drive (O) Lexington Park, MD — 1,278 5,791 3,085 1,278 8,876 10,154 (5,966) 1998 3/24/2004 22300 Exploration Drive (O) Lexington Park, MD — 1,094 5,038 3,061 1,094 8,099 9,193 (5,307) 1997 11/9/2004 22309 Exploration Drive (O) Lexington Park, MD — 2,160 10,419 12,011 2,160 22,430 24,590 (11,076) 1984/1997 3/24/2004 23535 Cottonwood Parkway (O) California, MD — 692 3,051 706 692 3,757 4,449 (2,690) 1984 3/24/2004 250 W Pratt St (O) Baltimore, MD — 4,704 21,487 23,603 4,704 45,090 49,794 (27,845) 1985 3/19/2015 2600 Park Tower Drive (O) Vienna, VA — 20,263 34,443 17,535 20,263 51,978 72,241 (13,133) 1999 4/15/2015 2691 Technology Drive (O) Annapolis Junction, MD — 2,098 17,334 9,191 2,098 26,525 28,623 (14,958) 2005 5/26/2000 2701 Technology Drive (O) Annapolis Junction, MD — 1,737 15,266 8,523 1,737 23,789 25,526 (15,503) 2001 5/26/2000 2711 Technology Drive (O) Annapolis Junction, MD — 2,251 21,611 7,198 2,251 28,809 31,060 (17,607) 2002 11/13/2000 2720 Technology Drive (O) Annapolis Junction, MD — 3,863 29,272 3,257 3,863 32,529 36,392 (17,427) 2004 1/31/2002 2721 Technology Drive (O) Annapolis Junction, MD — 4,611 14,597 5,706 4,611 20,303 24,914 (12,575) 2000 10/21/1999 2730 Hercules Road (O) Annapolis Junction, MD — 8,737 31,612 10,659 8,737 42,271 51,008 (27,592) 1990 9/28/1998 30 Light Street (O) Baltimore, MD — — 2,501 762 — 3,263 3,263 (3,093) 2009 8/7/2015 300 Secured Gateway (O) Huntsville, AL — — 64,356 32 — 64,388 64,388 (1,986) 2023 3/23/2010 300 Sentinel Drive (O) Annapolis Junction, MD — 1,517 59,165 3,702 1,517 62,867 64,384 (24,050) 2009 11/14/2003 302 Sentinel Drive (O) Annapolis Junction, MD — 2,648 29,687 8,015 2,648 37,702 40,350 (15,247) 2007 11/14/2003 304 Sentinel Drive (O) Annapolis Junction, MD — 3,411 24,917 5,353 3,411 30,270 33,681 (15,864) 2005 11/14/2003 306 Sentinel Drive (O) Annapolis Junction, MD — 3,260 22,592 3,901 3,260 26,493 29,753 (12,963) 2006 11/14/2003 308 Sentinel Drive (O) Annapolis Junction, MD — 1,422 26,208 2,365 1,422 28,573 29,995 (10,521) 2010 11/14/2003 310 Sentinel Way (O) Annapolis Junction, MD — 2,372 50,750 706 2,372 51,456 53,828 (9,550) 2016 11/14/2003 310 The Bridge Street (O) Huntsville, AL — 261 26,530 7,230 261 33,760 34,021 (15,607) 2009 8/9/2011 312 Sentinel Way (O) Annapolis Junction, MD — 3,138 27,797 — 3,138 27,797 30,935 (7,169) 2014 11/14/2003 314 Sentinel Way (O) Annapolis Junction, MD — 1,254 7,741 — 1,254 7,741 8,995 (2,180) 2008 11/14/2003 316 Sentinel Way (O) Annapolis Junction, MD — 2,748 38,156 279 2,748 38,435 41,183 (12,332) 2011 11/14/2003 318 Sentinel Way (O) Annapolis Junction, MD — 2,185 28,426 568 2,185 28,994 31,179 (13,784) 2005 11/14/2003 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 320 Sentinel Way (O) Annapolis Junction, MD — 2,067 21,623 156 2,067 21,779 23,846 (9,301) 2007 11/14/2003 322 Sentinel Way (O) Annapolis Junction, MD — 2,605 22,827 1,901 2,605 24,728 27,333 (11,611) 2006 11/14/2003 324 Sentinel Way (O) Annapolis Junction, MD — 1,656 23,018 62 1,656 23,080 24,736 (8,271) 2010 6/29/2006 340th Trail (L) Van Meter, IA — 32,852 419 — 32,852 419 33,271 — (6) 9/27/2024 3900 Rogers Road (O) San Antonio, TX — 2,932 14,101 — 2,932 14,101 17,033 (88) 2005 9/26/2024 400 National Business Parkway (O) Annapolis Junction, MD — — 41,547 — — 41,547 41,547 — (7) 6/29/2006 4000 Market Street (O) Huntsville, AL 5,835 — 9,198 2,162 — 11,360 11,360 (1,666) 2018 3/23/2010 410 National Business Parkway (O) Annapolis Junction, MD — 1,831 23,257 2,997 1,831 26,254 28,085 (9,010) 2012 6/29/2006 4100 Market Street (O) Huntsville, AL 5,080 — 8,046 26 — 8,072 8,072 (1,118) 2019 3/23/2010 420 National Business Parkway (O) Annapolis Junction, MD — 2,370 31,607 4,364 2,370 35,971 38,341 (8,289) 2013 6/29/2006 430 National Business Parkway (O) Annapolis Junction, MD — 1,852 21,563 4,562 1,852 26,125 27,977 (8,672) 2011 6/29/2006 44408 Pecan Court (O) California, MD — 817 1,583 1,861 817 3,444 4,261 (2,577) 1986 3/24/2004 44414 Pecan Court (O) California, MD — 405 1,619 1,229 405 2,848 3,253 (2,161) 1986 3/24/2004 44417 Pecan Court (O) California, MD — 434 3,822 315 434 4,137 4,571 (2,774) 1989/2015 3/24/2004 44420 Pecan Court (O) California, MD — 344 890 418 344 1,308 1,652 (792) 1989 11/9/2004 44425 Pecan Court (O) California, MD — 1,309 3,506 2,697 1,309 6,203 7,512 (4,564) 1997 5/5/2004 45310 Abell House Lane (O) California, MD — 2,272 13,808 2,884 2,272 16,692 18,964 (5,819) 2011 8/30/2010 4600 River Road (O) College Park, MD — — 27,338 123 — 27,461 27,461 (2,376) 2020 1/29/2008 46579 Expedition Drive (O) Lexington Park, MD — 1,406 5,796 3,016 1,406 8,812 10,218 (5,497) 2002 3/24/2004 46591 Expedition Drive (O) Lexington Park, MD — 1,200 7,199 5,164 1,200 12,363 13,563 (6,500) 2005 3/24/2004 4851 Stonecroft Boulevard (O) Chantilly, VA — 1,878 11,558 1,355 1,878 12,913 14,791 (5,991) 2004 8/14/2002 5300 Redstone Gateway (O) Huntsville, AL — — 19,001 — — 19,001 19,001 (392) 2024 3/23/2010 540 National Business Parkway (O) Annapolis Junction, MD — 2,035 35,639 41 2,035 35,680 37,715 (5,925) 2017 6/29/2006 550 National Business Parkway (O) Annapolis Junction, MD — 2,678 44,027 — 2,678 44,027 46,705 (1,298) 2023 6/29/2006 5520 Research Park Drive (O) Catonsville, MD — — 20,072 2,376 — 22,448 22,448 (9,156) 2009 4/4/2006 5522 Research Park Drive (O) Catonsville, MD — — 4,550 985 — 5,535 5,535 (2,425) 2007 3/8/2006 560 National Business Parkway (O) Annapolis Junction, MD — 2,193 55,484 — 2,193 55,484 57,677 (3,047) 2022 6/29/2006 5801 University Research Court (O) College Park, MD 10,400 — 17,431 162 — 17,593 17,593 (3,158) 2018 1/29/2008 5825 University Research Court (O) College Park, MD 18,067 — 22,771 3,675 — 26,446 26,446 (10,782) 2008 1/29/2008 5850 University Research Court (O) College Park, MD 19,114 — 31,906 1,112 — 33,018 33,018 (12,415) 2008 1/29/2008 6000 Redstone Gateway (O) Huntsville, AL — — 8,542 35 — 8,577 8,577 (852) 2020 3/23/2010 610 Guardian Way (O) Annapolis Junction, MD — 7,636 54,053 — 7,636 54,053 61,689 (4,263) 2021 6/29/2006 6200 Redstone Gateway (O) Huntsville, AL — — 51,343 — — 51,343 51,343 (2,849) 2022 3/23/2010 6700 Alexander Bell Drive (O) Columbia, MD — 1,755 7,019 11,262 1,755 18,281 20,036 (11,758) 1988 5/14/2001 6708 Alexander Bell Drive (O) Columbia, MD — 897 12,693 1,624 897 14,317 15,214 (5,801) 1988/2016 5/14/2001 6711 Columbia Gateway Drive (O) Columbia, MD — 2,683 23,239 3,413 2,683 26,652 29,335 (12,411) 2006-2007 9/28/2000 6716 Alexander Bell Drive (O) Columbia, MD — 1,242 4,969 8,321 1,242 13,290 14,532 (7,669) 1990 12/31/1998 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 6721 Columbia Gateway Drive (O) Columbia, MD — 1,753 34,090 14,624 1,753 48,714 50,467 (17,021) 2009 9/28/2000 6724 Alexander Bell Drive (O) Columbia, MD — 449 5,039 2,698 449 7,737 8,186 (4,923) 2001 5/14/2001 6731 Columbia Gateway Drive (O) Columbia, MD — 2,807 19,098 7,035 2,807 26,133 28,940 (16,920) 2002 3/29/2000 6740 Alexander Bell Drive (O) Columbia, MD — 1,424 4,209 10,544 1,424 14,753 16,177 (4,110) 1992 12/31/1998 6741 Columbia Gateway Drive (O) Columbia, MD — 675 1,711 535 675 2,246 2,921 (855) 2008 9/28/2000 6750 Alexander Bell Drive (O) Columbia, MD — 1,263 12,461 6,070 1,263 18,531 19,794 (12,881) 2001 12/31/1998 6760 Alexander Bell Drive (O) Columbia, MD — 890 3,561 4,253 890 7,814 8,704 (5,817) 1991 12/31/1998 6841 Benjamin Franklin Drive (O) Columbia, MD — 5,429 2,534 1,697 5,429 4,231 9,660 (567) 2008 3/15/2024 6940 Columbia Gateway Drive (O) Columbia, MD — 3,545 9,916 13,156 3,545 23,072 26,617 (15,179) 1999 11/13/1998 6950 Columbia Gateway Drive (O) Columbia, MD — 3,596 28,278 3,223 3,596 31,501 35,097 (14,899) 1998/2019 10/22/1998 7000 Columbia Gateway Drive (O) Columbia, MD — 3,131 12,103 10,516 3,131 22,619 25,750 (14,394) 1999 5/31/2002 7000 Redstone Gateway (O) Huntsville, AL — — 10,036 30 — 10,066 10,066 (458) 2022 3/23/2010 7005 Columbia Gateway Drive (L) Columbia, MD — 3,036 747 — 3,036 747 3,783 — (6) 6/26/2014 7015 Albert Einstein Drive (O) Columbia, MD — 2,058 6,093 3,560 2,058 9,653 11,711 (6,068) 1999 12/1/2005 7061 Columbia Gateway Drive (O) Columbia, MD — 729 3,094 2,902 729 5,996 6,725 (4,125) 2000 8/30/2001 7063 Columbia Gateway Drive (O) Columbia, MD — 902 3,684 3,707 902 7,391 8,293 (5,314) 2000 8/30/2001 7065 Columbia Gateway Drive (O) Columbia, MD — 919 3,763 4,017 919 7,780 8,699 (5,221) 2000 8/30/2001 7067 Columbia Gateway Drive (O) Columbia, MD — 1,829 11,823 10,077 1,829 21,900 23,729 (12,159) 2001 8/30/2001 7100 Redstone Gateway (O) Huntsville, AL — — 12,983 17 — 13,000 13,000 (1,164) 2021 3/23/2010 7125 Columbia Gateway Drive (O) Columbia, MD — 20,487 49,926 34,620 20,487 84,546 105,033 (38,340) 1973/1999 6/29/2006 7130 Columbia Gateway Drive (O) Columbia, MD — 1,350 4,359 3,187 1,350 7,546 8,896 (4,927) 1989 9/19/2005 7134 Columbia Gateway Drive (O) Columbia, MD — 704 4,700 837 704 5,537 6,241 (2,503) 1990/2016 9/19/2005 7138 Columbia Gateway Drive (O) Columbia, MD — 1,104 3,518 3,067 1,104 6,585 7,689 (4,841) 1990 9/19/2005 7142 Columbia Gateway Drive (O) Columbia, MD — 1,342 7,148 4,236 1,342 11,384 12,726 (5,690) 1994/2018 9/19/2005 7150 Columbia Gateway Drive (O) Columbia, MD — 1,032 3,429 1,824 1,032 5,253 6,285 (2,620) 1991 9/19/2005 7150 Riverwood Drive (O) Columbia, MD — 1,821 4,388 16,232 1,821 20,620 22,441 (4,463) 2000 1/10/2007 7160 Riverwood Drive (O) Columbia, MD — 2,732 7,006 4,609 2,732 11,615 14,347 (6,810) 2000 1/10/2007 7170 Riverwood Drive (O) Columbia, MD — 1,283 3,096 2,624 1,283 5,720 7,003 (3,387) 2000 1/10/2007 7175 Riverwood Drive (O) Columbia, MD — 1,788 7,269 57 1,788 7,326 9,114 (2,031) 1996/2013 7/27/2005 7200 Redstone Gateway (O) Huntsville, AL — — 8,348 206 — 8,554 8,554 (2,273) 2013 3/23/2010 7200 Riverwood Drive (O) Columbia, MD — 4,089 22,630 5,908 4,089 28,538 32,627 (15,880) 1986 10/13/1998 7205 Riverwood Drive (O) Columbia, MD — 1,367 21,419 345 1,367 21,764 23,131 (6,129) 2013 7/27/2005 7272 Park Circle Drive (O) Hanover, MD — 1,479 6,300 5,263 1,479 11,563 13,042 (7,203) 1991/1996 1/10/2007 7318 Parkway Drive (O) Hanover, MD — 972 3,888 2,313 972 6,201 7,173 (3,808) 1984 4/16/1999 7400 Redstone Gateway (O) Huntsville, AL — — 9,223 93 — 9,316 9,316 (2,231) 2015 3/23/2010 7467 Ridge Road (O) Hanover, MD — 1,565 3,116 7,729 1,565 10,845 12,410 (6,398) 1990 4/28/1999 7500 Advanced Gateway (O) Huntsville, AL — — 18,665 97 — 18,762 18,762 (2,138) 2020 3/23/2010 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) 7600 Advanced Gateway (O) Huntsville, AL — — 13,752 28 — 13,780 13,780 (1,514) 2020 3/23/2010 7740 Milestone Parkway (O) Hanover, MD — 3,825 34,176 2,055 3,825 36,231 40,056 (13,148) 2009 7/2/2007 7770 Backlick Road (O) Springfield, VA — 6,387 78,892 2,185 6,387 81,077 87,464 (24,179) 2012 3/10/2010 7880 Milestone Parkway (O) Hanover, MD — 4,857 27,166 1,675 4,857 28,841 33,698 (7,003) 2015 9/17/2013 8000 Rideout Road (O) Huntsville, AL — — 28,157 203 — 28,360 28,360 (1,964) 2021 3/23/2010 8100 Rideout Road (O) Huntsville, AL — — 35,591 3 — 35,594 35,594 (544) 2024 3/23/2010 8200 Rideout Road (O) Huntsville, AL — — 45,903 3 — 45,906 45,906 (3,138) 2022 3/23/2010 8300 Rideout Road (O) Huntsville, AL — — 52,633 6 — 52,639 52,639 (3,672) 2022 3/23/2010 8600 Advanced Gateway (O) Huntsville, AL — — 27,314 59 — 27,373 27,373 (2,765) 2020 3/23/2010 8621 Robert Fulton Drive (O) Columbia, MD — 2,317 12,642 8,084 2,317 20,726 23,043 (11,072) 2005-2006 6/10/2005 8661 Robert Fulton Drive (O) Columbia, MD — 1,510 3,764 3,443 1,510 7,207 8,717 (4,749) 2002 12/30/2003 8671 Robert Fulton Drive (O) Columbia, MD — 1,718 4,280 4,848 1,718 9,128 10,846 (6,173) 2002 12/30/2003 870 Elkridge Landing Road (O) Linthicum, MD — 2,003 9,442 10,600 2,003 20,042 22,045 (14,579) 1981 8/3/2001 8800 Redstone Gateway (O) Huntsville, AL 11,260 — 18,470 12 — 18,482 18,482 (2,363) 2019 3/23/2010 891 Elkridge Landing Road (O) Linthicum, MD — 1,165 4,772 4,442 1,165 9,214 10,379 (6,534) 1984 7/2/2001 901 Elkridge Landing Road (O) Linthicum, MD — 1,156 4,437 8,106 1,156 12,543 13,699 (7,281) 1984 7/2/2001 911 Elkridge Landing Road (O) Linthicum, MD — 1,215 4,861 3,610 1,215 8,471 9,686 (6,123) 1985 4/30/1998 938 Elkridge Landing Road (O) Linthicum, MD — 922 4,748 1,533 922 6,281 7,203 (3,990) 1984 7/2/2001 939 Elkridge Landing Road (O) Linthicum, MD — 939 3,756 8,846 939 12,602 13,541 (6,868) 1983 4/30/1998 9700 Advanced Gateway (O) Huntsville, AL — — 7,021 — — 7,021 7,021 — (7) 3/23/2010 Arundel Preserve (L) Hanover, MD — 13,352 10,799 — 13,352 10,799 24,151 — (6) 7/2/2007 Canton Crossing Land (L) Baltimore, MD — — 6,000 54 — 6,054 6,054 (54) (6) 10/27/2009 Canton Crossing Util Distr Ctr (O) Baltimore, MD — 2,866 7,271 2,371 2,866 9,642 12,508 (8,142) 2006 10/27/2009 Columbia Gateway - Southridge (L) Columbia, MD — 6,387 3,725 — 6,387 3,725 10,112 — (6) 9/20/2004 Dahlgren Technology Center (L) Dahlgren, VA — 978 178 — 978 178 1,156 — (6) 3/16/2005 Expedition VII (O) Lexington Park, MD — 705 8,677 — 705 8,677 9,382 (542) 2022 3/24/2004 M Square Research Park (L) College Park, MD — — 3,254 — — 3,254 3,254 — (6) 1/29/2008 MP 3 (O) Northern Virginia — 9,038 3,134 — 9,038 3,134 12,172 — (7) 11/8/2018 National Business Park North (L) Annapolis Junction, MD — 15,554 25,740 — 15,554 25,740 41,294 — (6) 6/29/2006 North Gate Business Park (L) Aberdeen, MD — 1,755 134 — 1,755 134 1,889 — (6) 9/14/2007 NoVA Office A (O) Chantilly, VA — 2,096 46,849 — 2,096 46,849 48,945 (11,607) 2015 7/18/2002 NoVA Office B (O) Chantilly, VA — 739 38,376 — 739 38,376 39,115 (7,656) 2016 7/18/2002 NoVA Office C (O) Chantilly, VA — 7,751 85,774 — 7,751 85,774 93,525 (6,647) 2021 7/18/2002 NoVA Office D (O) Chantilly, VA — 6,587 40,559 — 6,587 40,559 47,146 (7,516) 2017 7/2/2013 Oak Grove A (O) Northern Virginia — 12,866 42,090 — 12,866 42,090 54,956 (4,333) 2020 11/1/2018 Oak Grove B (O) Northern Virginia — 12,866 41,621 — 12,866 41,621 54,487 (4,951) 2019 11/1/2018 Oak Grove C (O) Northern Virginia — 11,741 79,004 — 11,741 79,004 90,745 (5,300) 2022 11/1/2018 Initial Cost Gross Amounts Carried Property (Type) (1) Location Encumbrances (2) Land Building Costs Capitalized Subsequent to Acquisition Land Building Total Accumulated Depreciation (4) Year Built or Renovated Date Acquired (5) Oak Grove D (O) Northern Virginia — 11,741 78,391 — 11,741 78,391 90,132 (4,041) 2022 11/1/2018 Old Annapolis Road (O) Columbia, MD — 1,637 5,500 6,985 1,637 12,485 14,122 (6,974) 1974/1985 12/14/2000 Patriot Ridge (L) Springfield, VA — 18,517 14,650 — 18,517 14,650 33,167 — (6) 3/10/2010 Project EL (O) Confidential-USA — 7,190 46,922 — 7,190 46,922 54,112 (4,055) 2021 1/20/2006 Project EX (O) Confidential-USA — 13,010 19,107 — 13,010 19,107 32,117 (2,754) 2018 7/16/2008 PS A (O) Northern Virginia — 4,078 54,767 — 4,078 54,767 58,845 (1,876) 2023 1/27/2005 PS B (O) Northern Virginia — 3,468 47,630 — 3,468 47,630 51,098 (1,238) 2023 1/27/2005 Redstone Gateway (L) Huntsville, AL — — 36,810 66 — 36,876 36,876 (2) (6) 3/23/2010 Sentry Gateway - T (O) San Antonio, TX — 14,020 38,804 13 14,020 38,817 52,837 (17,354) 1982/2008 3/30/2005 Sentry Gateway - V (O) San Antonio, TX — — 1,066 — — 1,066 1,066 (428) 2007 3/30/2005 Sentry Gateway - W (O) San Antonio, TX — — 1,884 71 — 1,955 1,955 (755) 2009 3/30/2005 Sentry Gateway - X (O) San Antonio, TX — 1,964 21,178 53 1,964 21,231 23,195 (7,526) 2010 1/20/2006 Sentry Gateway - Y (O) San Antonio, TX — 1,964 21,298 73 1,964 21,371 23,335 (7,543) 2010 1/20/2006 Sentry Gateway - Z (O) San Antonio, TX — 1,964 30,573 — 1,964 30,573 32,537 (7,498) 2015 6/14/2005 Southpoint Phase 2 Bldg A (O) Northern Virginia — 4,404 56,542 — 4,404 56,542 60,946 (205) 2024 7/24/2019 Southpoint Phase 2 Bldg B (O) Northern Virginia — 3,752 2,850 — 3,752 2,850 6,602 — (7) 7/24/2019 Westfields - Park Center (L) Chantilly, VA — 8,667 3,759 — 8,667 3,759 12,426 — (6) 7/2/2013 Other Developments, including Various — — 1,140 258 — 1,398 1,398 (200) Various Various $ 69,756 $ 611,802 $ 3,744,901 $ 811,116 $ 611,802 $ 4,556,017 $ 5,167,819 $ (1,537,293) (1) A legend for the Property Type follows: (O) = Office or data center shell property; (L) = Land held or pre-development; and (V) = Various. (2) Excludes our Revolving Credit Facility of $75.0 million, term loan facilities of $124.6 million, unsecured senior notes of $2.1 billion, unsecured notes payable of $251,000, and deferred financing costs, net of premiums, on the remaining loans of $155,000. (3) The aggregate cost of these assets for federal income tax purposes was approximately $3.9 billion as of December 31, 2024. (4) The estimated lives over which depreciation is recognized follow: Building and land improvements: 10-40 years; and tenant improvements: related lease terms. (5) The acquisition date of multi-parcel properties reflects the date of the earliest parcel acquisition. The acquisition date of properties owned through real estate joint ventures reflects the date of the formation of the joint venture. (6) Held as of December 31, 2024. (7) Under development as of December 31, 2024. The following table summarizes our changes in cost of properties for the years ended December 31, 2024, 2023 and 2022 (in thousands): 2024 2023 2022 Beginning balance $ 4,903,840 $ 4,986,537 $ 4,959,709 Acquisitions of operating properties (1) 24,996 — — Improvements and other additions 239,096 333,081 350,702 Sales (2) — (162,981) (323,874) Impairments (3) — (252,797) — Other dispositions (113) — — Ending balance $ 5,167,819 $ 4,903,840 $ 4,986,537 The following table summarizes our changes in accumulated depreciation for the same time periods (in thousands): 2024 2023 2022 Beginning balance $ 1,400,162 $ 1,273,448 $ 1,234,908 Depreciation expense 137,224 132,728 124,803 Sales (2) — (6,014) (86,263) Other dispositions (93) — — Ending balance $ 1,537,293 $ 1,400,162 $ 1,273,448 (1) Includes acquisitions of two operating properties, as described in Note 4 to our consolidated financial statements. This amount excludes intangible assets associated with acquisitions. (2) Includes sales of our wholesale data center and ownership interests in data center shells through newly-formed unconsolidated real estate joint ventures, as described in Note 4 to our consolidated financial statements. (3) Includes impairment recognized on six operating properties and a parcel of land, as described in Note 4 to our consolidated financial statements.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	(a) As discussed in Item 1A, Risk Factors, we face risks associated with security breaches and other significant disruptions of our IT networks and related systems that are essential to our business operations. Due to our Defense/IT strategy and the nature of the customers and activities it serves, we may have a heightened likelihood of being targeted for cyber-attacks or -intrusions, including by governments, organizations or persons hostile to the USG. Our cybersecurity risk management efforts are informed by a cyber risk assessment, a continuous evaluation of our risks and vulnerabilities and risk tolerances. Our processes for assessing, identifying and managing cybersecurity risks are led by our Vice President – Information Technology and Chief Information Officer (our “CIO”), a management-level position reporting directly to our Executive Vice President and Chief Financial Officer (our “CFO”). Our CIO, a Certified Information Systems Security Professional (“CISSP”) with over 20 years of information systems and information security leadership experience, leads our information technology team (“IT team”) members, many of whom have USG security clearances (including our CIO) and include one additional CISSP team member, in supporting our cybersecurity risk management efforts. This team’s efforts are further informed through their participation in external cybersecurity-related panels, industry presentations and advisory boards, tabletop exercises and information-sharing collaborations and partnerships. Our IT team executes a series of preventive, detective and responsive measures aimed towards managing our cybersecurity risks, including the following: > administering a series of processes and automated tools to monitor and alert for potentially malicious activities and vulnerabilities on our network, systems, applications and devices, with the ability to terminate processes and isolate potential vulnerabilities; > employing tools and controls to support our efforts in identity and access management, device and user management, and authentication; > ongoing cybersecurity maintenance activities, including scheduled maintenance time windows for comprehensive system updates to occur, with additional ad hoc updates, monitoring of all Company devices for timeliness of security updates and pushing time-sensitive updates to our system infrastructure and devices, as appropriate; > recurring, redundant backups of our applications, servers and data, with replication to remote storage locations; > assessing audit reports issued on controls of certain outsourced, or externally-hosted, systems or applications; and > periodically evaluating our readiness by performing testing of our process and system for responding to cyber events, including our ability to recover following such events.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management efforts are informed by a cyber risk assessment, a continuous evaluation of our risks and vulnerabilities and risk tolerances.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our CIO routinely apprises our CFO regarding cyber risk management activities and provides updates and data, as needed, to our executive team to facilitate decisions regarding our cyber risk posture and related considerations regarding our enterprise risk management assessment. Our CIO and CFO provide to the Audit Committee of our Board of Trustees: quarterly updates on our cybersecurity risk management strategy and related activities; annual reviews of our cyber risk assessment; and other information as needed to facilitate the committee’s oversight of our cybersecurity risk. Two members of this committee possess technology and cybersecurity experience, which we believe brings valuable insight and perspective to our risk management strategy. Our CIO and CFO also provide an annual review of our cyber risk assessment to our full Board of Trustees. While to date, we have not experienced cybersecurity events that were individually, or in the aggregate, material, we have developed a cyber-incident response playbook that sets forth our process for responding in the event of certain defined cyber incidents. Under our response protocols, following identification of such an incident, our CIO or other members of the IT team would notify our executive team, which then would notify the Chairman of our Board of Trustees and assemble an Incident Management Team, comprised of certain defined management team members and external consultants, who collectively would assess and monitor the situation and manage internal and external communications. We also are subject to legal and regulatory requirements that affect our response to cybersecurity-risk management, including the Sarbanes-Oxley Act, state data breach notification requirements and certain requirements under our leases with tenants.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO routinely apprises our CFO regarding cyber risk management activities and provides updates and data, as needed, to our executive team to facilitate decisions regarding our cyber risk posture and related considerations regarding our enterprise risk management assessment. Our CIO and CFO provide to the Audit Committee of our Board of Trustees: quarterly updates on our cybersecurity risk management strategy and related activities; annual reviews of our cyber risk assessment; and other information as needed to facilitate the committee’s oversight of our cybersecurity risk. Two members of this committee possess technology and cybersecurity experience, which we believe brings valuable insight and perspective to our risk management strategy. Our CIO and CFO also provide an annual review of our cyber risk assessment to our full Board of Trustees.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO routinely apprises our CFO regarding cyber risk management activities and provides updates and data, as needed, to our executive team to facilitate decisions regarding our cyber risk posture and related considerations regarding our enterprise risk management assessment. Our CIO and CFO provide to the Audit Committee of our Board of Trustees: quarterly updates on our cybersecurity risk management strategy and related activities; annual reviews of our cyber risk assessment; and other information as needed to facilitate the committee’s oversight of our cybersecurity risk. Two members of this committee possess technology and cybersecurity experience, which we believe brings valuable insight and perspective to our risk management strategy. Our CIO and CFO also provide an annual review of our cyber risk assessment to our full Board of Trustees.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management efforts are informed by a cyber risk assessment, a continuous evaluation of our risks and vulnerabilities and risk tolerances. Our processes for assessing, identifying and managing cybersecurity risks are led by our Vice President – Information Technology and Chief Information Officer (our “CIO”), a management-level position reporting directly to our Executive Vice President and Chief Financial Officer (our “CFO”). Our CIO, a Certified Information Systems Security Professional (“CISSP”) with over 20 years of information systems and information security leadership experience, leads our information technology team (“IT team”) members, many of whom have USG security clearances (including our CIO) and include one additional CISSP team member, in supporting our cybersecurity risk management efforts. This team’s efforts are further informed through their participation in external cybersecurity-related panels, industry presentations and advisory boards, tabletop exercises and information-sharing collaborations and partnerships. Our IT team executes a series of preventive, detective and responsive measures aimed towards managing our cybersecurity risks, including the following: > administering a series of processes and automated tools to monitor and alert for potentially malicious activities and vulnerabilities on our network, systems, applications and devices, with the ability to terminate processes and isolate potential vulnerabilities; > employing tools and controls to support our efforts in identity and access management, device and user management, and authentication; > ongoing cybersecurity maintenance activities, including scheduled maintenance time windows for comprehensive system updates to occur, with additional ad hoc updates, monitoring of all Company devices for timeliness of security updates and pushing time-sensitive updates to our system infrastructure and devices, as appropriate; > recurring, redundant backups of our applications, servers and data, with replication to remote storage locations; > assessing audit reports issued on controls of certain outsourced, or externally-hosted, systems or applications; and > periodically evaluating our readiness by performing testing of our process and system for responding to cyber events, including our ability to recover following such events.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management efforts are informed by a cyber risk assessment, a continuous evaluation of our risks and vulnerabilities and risk tolerances. Our processes for assessing, identifying and managing cybersecurity risks are led by our Vice President – Information Technology and Chief Information Officer (our “CIO”), a management-level position reporting directly to our Executive Vice President and Chief Financial Officer (our “CFO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CIO, a Certified Information Systems Security Professional (“CISSP”) with over 20 years of information systems and information security leadership experience, leads our information technology team (“IT team”) members, many of whom have USG security clearances (including our CIO) and include one additional CISSP team member, in supporting our cybersecurity risk management efforts. This team’s efforts are further informed through their participation in external cybersecurity-related panels, industry presentations and advisory boards, tabletop exercises and information-sharing collaborations and partnerships.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Under our response protocols, following identification of such an incident, our CIO or other members of the IT team would notify our executive team, which then would notify the Chairman of our Board of Trustees and assemble an Incident Management Team, comprised of certain defined management team members and external consultants, who collectively would assess and monitor the situation and manage internal and external communications.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements include the accounts of COPT Defense, the Operating Partnership, their subsidiaries and other entities in which COPT Defense has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all intercompany balances and transactions in consolidation. We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity.
Reclassifications	Reclassifications We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: > the reported amounts of assets and liabilities in our consolidated balance sheets as of the dates of the financial statements; > the disclosure of contingent assets and liabilities as of the dates of the financial statements; and > the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods.
Properties	Properties We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. We capitalize direct and indirect project costs (including related compensation and other indirect costs), interest expense and real estate taxes associated with properties, or portions thereof, undergoing development or redevelopment activities. In capitalizing interest expense, if there is a specific debt for a property undergoing development or redevelopment activities, we apply the interest rate of that debt to the average accumulated expenditures that do not exceed such debt; for the portion of expenditures exceeding any such specific debt, we apply our weighted average interest rate on other debt to the expenditures. We continue to capitalize costs while development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-developed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under development. We start depreciating costs associated with newly-developed or redeveloped properties as they become operational. For newly-developed properties, we classify improvements provided under the terms of a lease that are deemed to be landlord assets (as discussed further below) as new building development costs. Most of our leases provide for some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense over the estimated useful lives of the assets as discussed below. We recognize any payments from the tenant for such assets as lease revenue over the term of the lease. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including whether the economic substance of the lease terms is properly reflected and whether the improvements: have value to us as real estate; are unique to the tenant or reusable by other tenants; may be altered or removed by the tenant without our consent or without compensating us for any lost fair value; or are owned, and remain, with us or the tenant at the end of the lease term. We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years We report properties disposed or classified as held for sale as discontinued operations when the disposition represents a strategic shift having a major effect on our operations and financial results (such as a disposition of a reportable segment or sub-segment or major line of business). For discontinued operations, we classify for all periods presented the associated: assets as held for sale on our consolidated balance sheets; and results of operations as discontinued operations on our consolidated statements of operations (including interest expense on debt specifically identifiable to such components). For periods in which a property not reported as discontinued operations is classified as held for sale, we classify the assets of the property’s asset group as held for sale on our consolidated balance sheets.
Sale of Properties	Sales of Properties
Impairment of Properties	Impairment of Properties We assess the asset groups associated with each of our properties, including operating properties, properties in development, land held for future development, related intangible assets and liabilities, deferred leasing costs, right-of-use assets, deferred rents receivable and lease liabilities, for indicators of impairment quarterly or when circumstances indicate that an asset group may be impaired. If our analyses indicate that the carrying values of certain properties’ asset groups may be impaired, we perform a recovery analysis for such asset groups. For properties to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over, in most cases, a ten-year holding period. If we believe it is more likely than not that we will dispose of the properties earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the properties over the various possible holding periods. If the analysis indicates that the carrying value of a tested property’s asset group is not recoverable from its estimated future cash flows, the property’s asset group is written down to the property’s estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of such property using holding periods that are consistent with our revised plans; as a result, changes in holding periods may require us to recognize impairment losses. Fair values are estimated based on contract prices, indicative bids, discounted cash flow analyses or comparable sales analyses. Estimated cash flows used in our impairment analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider items such as current and future market rental and occupancy rates, estimated operating and capital expenditures, leasing commissions, absorption and hold periods and recent sales data for comparable properties; most of these items are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets.
Acquisition of Operating Properties	Acquisition of Operating Properties Upon completion of operating property acquisitions, we allocate the purchase price and direct transaction-related costs to tangible and intangible assets and liabilities associated with such acquisitions based on their relative fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate operating property acquisitions to the following components: > properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated based on the valuation performed between land and buildings or, in the case of properties under development, development in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancelable terms of the respective leases; > above- and below-market lease intangible assets or liabilities based on the present value (using an estimated interest rate reflective of the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding spaces, measured over a period equal to the remaining non-cancelable terms of the respective leases. The capitalized above- and below-market lease values are amortized as adjustments to lease revenue over the remaining lease terms of the respective leases, and to renewal periods in the case of below-market leases; > in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; > tenant relationship value based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals, among other factors; and > above- and below-market cost arrangements (such as real estate tax treaties or above- or below-market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition.
Leased Assets, as a Lessee	Leased Assets, as a Lessee
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed federally insured limits at times. We have not experienced any losses on these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions.
Investments in Marketable Securities	Investments in Marketable Securities
Receivables and Credit Losses	Receivables and Credit Losses We write off receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When cash is received in connection with receivables for which we have previously recognized credit losses, we recognize reductions in our credit losses. Lease Revenue We estimate the collectability of lease revenue and related accounts receivable using judgement based on the credit status and payment history of the related tenants. If we deem that collectability of revenue under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. Financial Assets and Other Instruments We measure credit losses of most financial assets and certain other instruments not measured at fair value through net income using an expected loss model, including for our: > investing receivables, as disclosed in Note 7; > tenant notes receivable; > net investments in sales-type leases; > other assets comprised of non-lease revenue related accounts receivable (primarily from construction contract services) and contract assets from unbilled construction contract revenue; and > off-balance sheet credit exposures. We recognize an estimate of our expected credit losses on these items as an allowance or as a separate liability in the case of off-balance sheet credit exposures. The allowance represents the portion that we do not expect to collect (or loss we expect to incur in the case of off-balance sheet credit exposures) due to credit over the contractual life based on available information relevant to assessing the collectability of cash flows, which includes consideration of past events, current conditions and reasonable and supportable forecasts of future economic conditions (including consideration of asset- or borrower-specific factors). The allowance for expected credit losses reflects the risk of loss, even when that risk is remote. An allowance for credit losses is measured and recorded upon the initial recognition of a financial asset (or off-balance sheet credit exposure), regardless of whether it is originated or purchased. We update our estimate of expected losses quarterly, considering any cash receipts and changes in risks or assumptions, with resulting adjustments recognized as credit loss expense or recoveries on our consolidated statements of operations (included in the line entitled “interest and other income, net”). Expected credit losses are estimated using historical loss rate information developed for varying classifications of credit risk and contractual lives. Due to our limited quantity of items for which we use the expected loss model and the unique risk characteristics of such items, we individually assign each item a credit risk classification. The credit risk classifications assigned by us are determined based on credit ratings assigned by ratings agencies (as available) or are internally-developed based on available financial information, historical payment experience, credit documentation, other publicly available information and current economic trends. In addition, for certain items for which the risk of credit loss is affected by the economic performance of a real estate development project, we develop probability weighted scenario analyses for varying levels of performance in estimating our credit loss allowance (applicable to our notes receivable from the City of Huntsville disclosed in Note 7).
Deferred Leasing and Deferred Financing Costs	Deferred Leasing Costs Deferred Financing Costs We defer costs of financing arrangements and recognize such costs as interest expense over the related debt terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early or significantly modified. We include deferred costs of financing arrangements as a direct deduction from the related debt liability, except for costs attributable to line-of-credit arrangements and interest rate derivatives, which we include on our consolidated balance sheets in the line entitled “prepaid expenses and other assets, net”.
Intangible Assets and Deferred Revenue on Property Acquisitions	Intangible Assets and Deferred Revenue on Property Acquisitions We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations On our consolidated balance sheets, we include intangible assets in the line entitled “prepaid expense and other assets, net” and deferred revenue in the line entitled “deferred revenue associated with operating leases.”
Interest Rate Derivatives	Interest Rate Derivatives Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We use interest rate swaps to hedge the cash flows associated with interest rates on variable-rate debt borrowings. We have also used forward-starting interest rate swaps to hedge the cash flows associated with interest rates on forecasted fixed-rate borrowings. We recognize all derivatives as assets or liabilities on our consolidated balance sheets at fair value. We defer all changes in the fair value of designated cash flow hedges to accumulated other comprehensive income (“AOCI”) or loss (“AOCL”), reclassifying such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions, and recognize related cash flows as cash flows from operating activities. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting and the hedged transactions are probable not to occur, we recognize changes in the fair value of the hedge previously deferred to AOCI or AOCL, along with any changes in fair value occurring thereafter, through earnings and, if applicable, related cash flows as cash flows from investing activities. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date.
Noncontrolling Interests	Noncontrolling Interests
Revenue Recognition	Revenue Recognition Lease and Other Property Revenue We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases usually include options under which the tenant may renew its lease based on market rates at the time of renewal, which are then typically subject to further negotiation. These leases occasionally provide the tenant with an option to terminate its lease early usually for a defined termination fee. Most of our lease revenue is from fixed contractual payments defined under the lease that, in most cases, escalate annually over the term of the lease. Our lease revenue also includes variable lease payments predominantly for tenant reimbursements of property operating expenses and lease termination fees. Property operating expense reimbursement structures vary, with some tenants responsible for all of a property’s expenses, while others are responsible for their share of a property’s expenses only to the extent such expenses exceed amounts defined in the lease (which are derived from the property’s historical expense levels). Lease termination fees in most cases result from a tenant’s exercise of an existing right under a lease. Upon lease commencement, we evaluate leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases; if a lease meets none of these criteria, we classify the lease as an operating lease. Upon commencement of sales-type leases, we derecognize the underlying asset, recognizing in its place a net investment in the lease equal to the sum of the lease receivable and the present value of any unguaranteed residual asset and recognize any selling profit or loss created as a result of the difference between those two amounts. Similarly, for direct financing leases, we would derecognize the underlying asset and recognize a net investment in the lease, but, unlike in a sales-type lease, would defer profit and amortize it as interest income over the lease term. Our leases of properties as lessor are predominantly classified as operating leases, for which the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as described below. We recognize minimum rents on operating leases, net of abatements, on a straight-line basis over the term of tenant leases. A lease term commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of the lease. The term of a lease includes the noncancellable periods of the lease along with periods covered by: (1) a tenant option to extend the lease if the tenant is reasonably certain to exercise that option; (2) a tenant option to terminate the lease if the tenant is reasonably certain not to exercise that option; and (3) an option to extend (or not to terminate) the lease in which exercise of the option is controlled by us as the lessor. When assessing the expected lease end date, we use judgment in contemplating the significance of: any penalties a tenant may incur should it choose not to exercise any existing options to extend the lease or exercise any existing options to terminate the lease; and economic incentives for the tenant based on any existing contract, asset, entity or market-based factors associated with the lease. While a significant portion of our portfolio is leased to the USG, and the majority of those leases consist of a series of one-year renewal options, and/or provide for early termination rights, we have concluded that exercise of existing renewal options, or continuation of such leases without exercising early termination rights, is reasonably certain for most of these leases. We elected a practical expedient available under lease accounting guidance that enables us to combine non-lease components that otherwise would need to be accounted for under revenue accounting guidance (such as tenant reimbursements of property operating expenses) with the associated lease components for our accounting and reporting of operating lease revenue. We report on our consolidated balance sheets amounts by which our minimum rental revenue recognized on a straight-line basis under leases exceed the contractual rent billings associated with such leases as deferred rent receivable and amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases in liabilities as deferred revenue associated with operating leases. In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we generally defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are tenant assets associated with an operating lease, we defer the costs funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. If collectability under a lease is not probable, revenue recognized is limited to the lesser of revenue that would have been recognized if collectability was probable or lease payments collected. We recognize lease revenue associated with tenant expense recoveries in the same periods in which we incur the related expenses, including tenant reimbursements of property taxes, utilities and other property operating expenses. We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into lease revenue associated with such leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant’s lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. Construction Contract and Other Service Revenues We enter into construction contracts to complete various design and construction services primarily for our USG tenants. The revenues and expenses from these services include primarily subcontracted costs that are reimbursed to us by our customers along with a fee. These services are an ancillary component of our overall operations, with small operating margins relative to the revenue. We review each contract to determine the performance obligations and allocate the transaction price based on the standalone selling price, as discussed further below. We recognize revenue under these contracts as services are performed in an amount that reflects the consideration we expect to receive in exchange for those services. Our performance obligations are satisfied over time as work progresses. Revenue recognition is determined using the input method based on costs incurred as of a point in time relative to the total estimated costs at completion to measure progress towards satisfying our performance obligations. We believe incurred costs of work performed best depicts the transfer of control of the services being transferred to the customer. In determining whether the performance obligations associated with a construction contract should be accounted for separately versus together, we consider numerous factors that may require significant judgment, including: whether the components contracted are substantially the same with the same pattern of transfer; whether the customer could contract with another party to perform construction based on our design project; and whether the customer can elect not to move forward after the design phase of the contract. Most of our contracts have a single performance obligation as the promise to transfer the services is not separately identifiable from other obligations in the contracts and, therefore, are not distinct. Some contracts have multiple performance obligations, most commonly due to having distinct project phases for design and construction that our customer is managing separately. In these cases, we allocate the transaction price between these performance obligations based on the relative standalone selling prices, which we determine by evaluating: the relative costs of each performance obligation; the expected operating margins (which typically do not vary significantly between obligations); and amounts set forth in the contracts for each obligation. Contract modifications, such as change orders, are routine for our construction contracts and are generally determined to be additions to the existing performance obligations because they would have been part of the initial performance obligations if they were identified at the initial contract date. We have three main types of compensation arrangements for our construction contracts: guaranteed maximum price (“GMP”); firm fixed price (“FFP”); and cost-plus fee. > GMP contracts provide for revenue equal to costs incurred plus a fee equal to a percentage of such costs, up to a maximum contract amount. We generally enter into GMP contracts for projects that are significant in nature based on the size of the project and total fees and with an undefined scope as of the contract date. GMP contracts are lower risk to us than FFP contracts since the costs and revenue move proportionately to one another. > FFP contracts provide for revenue equal to a fixed fee. These contracts are typically lower in value and scope relative to GMP contracts, and are generally entered into when the scope of the project is well defined. Typically, we assume more risk with FFP contracts than GMP contracts since the revenue is fixed and we could realize losses or less than expected profits if we incur more costs than originally estimated. However, these types of contracts offer the opportunity for additional profits when we complete the work for less than originally estimated. > Cost-plus fee contracts provide for revenue equal to costs incurred plus a fee equal to a percentage of such costs but, unlike GMP contracts, do not have a maximum contract amount. Similar to GMP contracts, cost-plus fee contracts are low risk to us since the costs and revenue move proportionately to one another. Construction contract cost estimates are based primarily on contracts in place with subcontractors to complete most of the work, but may also include assumptions, such as performance of subcontractors and cost and availability of materials, to project the outcome of future events over the course of the project. We review and update these estimates regularly as a significant change could affect the profitability of our construction contracts. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method as the modification does not create a new performance obligation. Under this method, the impact of an adjustment to profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods are recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on a contract, we recognize the total loss in the quarter it is identified. Our timing of revenue recognition for construction contracts generally differs from the timing of invoicing to customers. We recognize construction contract revenue as we satisfy our performance obligations. Payment terms and conditions vary by contract type. Under most of our contracts, we bill customers monthly, as work progresses, in accordance with the contract terms, with payment due in 30 days, although customers occasionally pay in advance of services being provided. We have determined that our contracts generally do not include a significant financing component. The timing of our customer invoicing is for convenience purposes, rather than to provide or receive financing. Additionally, the timing of transfer of our services is often at the discretion of the customer. Under most of our contracts, we bill customers one month subsequent to revenue recognition, resulting in contract assets representing unbilled construction revenue.
Expense Classification	Expense Classification We classify as property operating expenses costs incurred for property taxes, ground rents, utilities, property management, insurance, repairs and exterior and interior maintenance, as well as associated labor and indirect costs. We classify as general, administrative, leasing and other expenses costs incurred for corporate-level management, public company administration, asset management, leasing, investor relations, marketing, corporate-level insurance, leasing prospects and business development and land carry costs, as well as associated labor and indirect costs.
Share-Based Compensation	Share-Based Compensation We issue four forms of share-based compensation: restricted COPT Defense common shares (“restricted shares”), profit interest units (“PIUs”) (time-based and performance-based), deferred share awards (also known as restricted share units) and performance share units (also known as performance share awards) (“PSUs”). We account for share-based compensation based on the fair value of awards on the grant date; such cost is then recognized over the period during which the employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. We recognize share-based compensation associated with awards that are ultimately expected to vest; as a result, future forfeitures of awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If an award is voluntarily cancelled by an employee, we recognize the previously unrecognized cost associated with the original award on the date of such cancellation. We capitalize costs associated with share-based compensation attributable to employees engaged in development and redevelopment activities. We compute the fair value of restricted shares, time-based PIUs (“TB-PIUs”) and deferred share awards based on the fair value of COPT Defense common shares on the grant date. We compute the fair value of performance-based PIUs (“PB-PIUs”) and PSUs using a Monte Carlo model. Significant assumptions used for that model include the following: the baseline common share value determined based on market value on the grant date; the risk-free interest rate determined based on the U.S. Treasury yield curve in effect at the time of grant; and expected volatility determined based on historical volatility of COPT Defense’s common shares.
Income Taxes	Income Taxes COPT Defense elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, COPT Defense must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its adjusted taxable income to its shareholders. As a REIT, COPT Defense generally will not be subject to federal income tax on taxable income that it distributes to its shareholders. If COPT Defense fails to qualify as a REIT in any tax year, it will be subject to federal income tax on its taxable income at regular corporate rates and may not be able to qualify as a REIT for four subsequent tax years. For federal income tax purposes, dividends to shareholders may be characterized as ordinary income, capital gains or return of capital. The characterization of dividends paid on COPT Defense’s common shares during each of the last three years was as follows: For the Years Ended December 31, 2024 2023 2022 Ordinary income 100.0 % 51.0 % 68.2 % Long-term capital gain — % 49.0 % 31.8 % Return of capital — % — % — % The dividends allocated to each of the above years for federal income tax purposes included dividends paid on COPT Defense’s common shares during each of those years except for the dividends paid on January 15, 2025 and January 18, 2024 (with a record date of December 31, 2024 and December 29, 2023, respectively), which were allocated for federal income tax purposes to 2024 and 2023, respectively. We distributed all of COPT Defense’s REIT taxable income in 2024, 2023 and 2022 and, as a result, did not incur federal income tax in those years. The net basis of our consolidated assets and liabilities for tax reporting purposes was approximately $249 million higher than the amount reported on our consolidated balance sheet as of December 31, 2024, which was primarily related to differences in basis for net properties and deferred rent receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective for this 2024 Annual Report on Form 10-K, we adopted guidance issued by the Financial Accounting Standard Board (“FASB”) aimed at improving reportable segment disclosure requirements by requiring disclosure of incremental segment information on an annual and interim basis. The guidance was applied retrospectively to all periods presented. Our adoption of this guidance resulted in our reporting of certain additional segment disclosures, including information regarding our chief operating decision maker under the guidance and segment expenses, but otherwise did not affect our consolidated financial statements. In December 2023, the FASB issued guidance to improve income tax disclosures. This guidance requires enhanced annual disclosures primarily related to existing rate reconciliation and income taxes paid disclosure requirements and is effective for us for annual periods beginning after December 15, 2024. Early adoption is permitted. We expect to apply this guidance prospectively. We are currently assessing the application of this guidance but do not expect it to materially affect our future related disclosures. In March 2024, the FASB issued guidance to reduce complexity and diversity in practice in determining whether a profits interest award is accounted for as a share-based payment. This guidance is effective for us for annual and interim periods beginning after December 15, 2024. Early adoption is permitted. This guidance can be applied either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest or similar awards granted or modified on or after the effective date for our application of this guidance. We do not expect the adoption of this guidance to affect our consolidated financial statements. In November 2024, the FASB issued guidance requiring disaggregated disclosure of specified information about certain expense categories included in expense line items on the consolidated statements of operations in the notes to the financial statements. This guidance is effective for us for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The guidance will be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any and all prior periods presented in the financial statements. We are currently assessing the application of this guidance on our future consolidated financial statements.
Fair Value Measurements	Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in inactive markets and (3) inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Fixed Assets	We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years Operating properties, net consisted of the following (in thousands): December 31, 2024 2023 Land $ 495,707 $ 482,964 Buildings and improvements 4,395,063 4,164,004 Less: Accumulated depreciation (1,537,293) (1,400,162) Operating properties, net $ 3,353,477 $ 3,246,806
Schedule of Amortization of Intangible Assets and Deferred Revenue	We amortize intangible assets and deferred revenue on property acquisitions as follows: Asset Type Amortization Period Statement of Operations Location Above- and below-market leases Related lease terms Lease revenue In-place lease value Related lease terms Depreciation and amortization associated with real estate operations Tenant relationship value Estimated period of time that tenant will lease space in property Depreciation and amortization associated with real estate operations
Schedule of Intangible Assets	Intangible assets on property acquisitions consisted of the following (in thousands): December 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net In-place lease value $ 124,806 $ 121,091 $ 3,715 $ 124,884 $ 121,424 $ 3,460 Tenant relationship value 53,788 48,008 5,780 53,953 50,987 2,966 Above-market leases 14,865 13,914 951 13,718 13,558 160 Other 1,333 1,081 252 1,333 1,067 266 $ 194,792 $ 184,094 $ 10,698 $ 193,888 $ 187,036 $ 6,852
Schedule of Characterization of Dividends Declared on Common and Preferred shares	The characterization of dividends paid on COPT Defense’s common shares during each of the last three years was as follows: For the Years Ended December 31, 2024 2023 2022 Ordinary income 100.0 % 51.0 % 68.2 % Long-term capital gain — % 49.0 % 31.8 % Return of capital — % — % — %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below sets forth our financial assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2024 and 2023 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): Description Quoted Prices in Significant Other Significant Total December 31, 2024: Assets: (1) Interest rate derivatives $ — $ 1,315 $ — $ 1,315 December 31, 2023: Assets: (1) Interest rate derivatives $ — $ 2,558 $ — $ 2,558 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets.

Properties, Net (Tables)

Properties, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Operating Properties, Net	We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: Estimated Useful Lives Buildings and building improvements 10-40 years Land improvements 10-20 years Tenant improvements on operating properties Shorter of remaining useful lives of assets or related lease term Equipment and personal property 3-10 years Operating properties, net consisted of the following (in thousands): December 31, 2024 2023 Land $ 495,707 $ 482,964 Buildings and improvements 4,395,063 4,164,004 Less: Accumulated depreciation (1,537,293) (1,400,162) Operating properties, net $ 3,353,477 $ 3,246,806
Schedule of Allocation of Acquisition Costs	The table below sets forth the allocation of the aggregate purchase price and transaction costs associated with these acquisitions (in thousands): Land, operating properties $ 8,361 Building and improvements 16,635 Intangible assets on real estate acquisitions 7,248 Total acquisition cost $ 32,244
Schedule of Intangible Assets Acquired	Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands): Weighted Average Amortization Period Tenant relationship value $ 3,752 12.4 In-place lease value 2,229 2.4 Above-market leases 1,267 2.4 $ 7,248 7.6
Schedule of Disposal Groups, Including Discontinued Operations	The table below sets forth the property’s results of operations included in discontinued operations on our consolidated statement of operations and its operating and investing cash flows included on our consolidated statement of cash flows for the year ended December 31, 2022 (in thousands): Revenues from real estate operations $ 1,980 Property operating expenses (971) Gain on sale of real estate 28,564 Discontinued operations $ 29,573 Cash flows from operating activities $ 5,757 Cash flows from investing activities $ 220,565

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue	The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands): For the Years Ended December 31, Lease revenue 2024 2023 2022 (1) Fixed $ 513,461 $ 478,585 $ 453,907 Variable 157,905 141,262 126,262 $ 671,366 $ 619,847 $ 580,169 (1) Excludes lease revenue from discontinued operations of which $1.5 million was fixed and $527,000 was variable.
Schedule of Operating Leases Fixed Contractual Payments Due	Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Sales-Type Leases Fixed Contractual Payments Due	Fixed contractual payments due under our property leases were as follows (in thousands): As of December 31, 2024 Year Ending December 31, Operating leases Sales-type leases 2025 $ 498,617 $ 960 2026 446,927 960 2027 399,742 960 2028 329,686 960 2029 267,860 960 Thereafter 1,073,432 675 Total contractual payments $ 3,016,264 5,475 Less: Amount representing interest (988) Net investment in sales-type leases (1) $ 4,487 (1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Property Right-of-Use Assets and Lease Liabilities	The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands): As of December 31, Leases Balance Sheet Location 2024 2023 Right-of-use assets Operating leases - Property Property - operating right-of-use assets $ 55,760 $ 41,296 Finance leases - Property Prepaid expenses and other assets, net 2,491 2,565 Total right-of-use assets $ 58,251 $ 43,861 Lease liabilities Operating leases - Property Property - operating lease liabilities $ 49,240 $ 33,931 Finance leases - Property Other liabilities 391 415 Total lease liabilities $ 49,631 $ 34,346
Schedule of Property Lease Cost and Effect of Property Lease Payments on Consolidated Statements of Cash Flows	The table below presents our total property lease cost (in thousands): Statement of Operations Location For the Years Ended December 31, Lease cost 2024 2023 2022 Operating lease cost Property leases - fixed Property operating expenses $ 7,845 $ 6,955 $ 4,114 Property leases - variable Property operating expenses 246 66 65 Finance lease cost Amortization of property right-of-use assets Property operating expenses 74 76 31 Interest on lease liabilities Interest expense 37 42 — $ 8,202 $ 7,139 $ 4,210 The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands): For the Years Ended December 31, Supplemental cash flow information 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 7,002 $ 6,056 $ 3,355 Operating cash flows for finance leases $ 37 $ 42 $ — Financing cash flows for finance leases $ 24 $ 20 $ —
Schedule of Property Operating Lease, Liability, Maturity	Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391
Schedule of Property Finance Lease, Liability, Maturity	Payments on property leases were due as follows (in thousands): December 31, 2024 Year Ending December 31, Operating Leases Finance Leases 2025 $ 7,910 $ 63 2026 8,192 65 2027 8,392 67 2028 2,812 69 2029 2,068 71 Thereafter 152,110 226 Total lease payments 181,484 561 Less: Amount representing interest (132,244) (170) Lease liability $ 49,240 $ 391

Real Estate Joint Ventures (Tab

Real Estate Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Information Related to Investments in Consolidated Real Estate Joint Ventures	The table below sets forth information pertaining to our investments in consolidated real estate joint ventures, which are each variable interest entities (dollars in thousands): Nominal Ownership % December 31, 2024 Date Formed Total Encumbered Assets Total Liabilities Mortgage Debt Entity Location LW Redstone Company, LLC (1) 3/23/2010 85% Huntsville, AL $ 732,101 $ 34,879 $ 76,706 $ 22,166 Stevens Investors, LLC 8/11/2015 95% Washington, DC 133,576 — 5,377 — M Square Associates, LLC 6/26/2007 50% College Park, MD 97,941 56,018 50,057 47,435 $ 963,618 $ 90,897 $ 132,140 $ 69,601 (1) As discussed below, we fund all capital requirements. Our partner receives distributions of $1.2 million of annual operating cash flows and we receive the remainder.
Schedule of Information Related to Investments in Unconsolidated Real Estate Joint Ventures	The table below sets forth information pertaining to our investments in unconsolidated real estate joint ventures accounted for using the equity method of accounting (dollars in thousands): Date Formed Nominal Ownership % Number of Properties Carrying Value of Investment as of December 31 (1), Entity 2024 2023 Redshift (2) 1/10/2023 10% 3 $ 20,921 $ 21,053 BREIT COPT DC JV LLC 6/20/2019 10% 9 9,584 10,629 Quark (2) 12/14/2022 10% 2 6,706 6,727 B RE COPT DC JV III LLC 6/2/2021 10% 2 2,149 2,643 B RE COPT DC JV II LLC (3) 10/30/2020 10% 8 (3,409) (2,777) 24 $ 35,951 $ 38,275 (1) Included $39.4 million and $41.1 million reported in “investment in unconsolidated real estate joint ventures” and $3.4 million and $2.8 million for investments with deficit balances reported in “other liabilities” on our consolidated balance sheets as of December 31, 2024 and 2023, respectively. (2) Formed in connection with transactions described further in Note 4. (3)

Investing Receivables (Tables)

Investing Receivables (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Investing Receivables	Investing receivables consisted of the following (in thousands): December 31, 2024 2023 Notes receivable from the City of Huntsville $ 69,241 $ 77,022 Other investing loans receivable 3,231 6,867 Amortized cost basis 72,472 83,889 Allowance for credit losses (2,792) (2,377) Investing receivables, net $ 69,680 $ 81,512

Debt, Net (Tables)

Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Our debt consisted of the following (dollars in thousands): Carrying Value (1) as of December 31, December 31, 2024 2024 2023 Stated Interest Rates Scheduled Maturity Mortgage and Other Secured Debt: Fixed-rate mortgage debt $ 37,130 $ 66,314 3.82% June 2026 Variable-rate secured debt 32,471 32,894 SOFR + 0.10% + 1.45% to 1.55% (2) 2025-2026 (3) Total mortgage and other secured debt 69,601 99,208 Revolving Credit Facility (4) 75,000 75,000 SOFR + 0.10% + 0.725% to 1.400% (5) October 2026 (4) Term Loan Facility (4) 124,633 124,291 SOFR + 0.10% + 0.850% to 1.700% (6) January 2026 (4) Unsecured Senior Notes: (4) 2.25%, $400,000 aggregate principal 398,699 397,608 2.25% (7) March 2026 5.25%, $345,000 aggregate principal 337,588 335,802 5.25% (8) September 2028 2.00%, $400,000 aggregate principal 397,961 397,471 2.00% (9) January 2029 2.75%, $600,000 aggregate principal 592,330 591,212 2.75% (10) April 2031 2.90%, $400,000 aggregate principal 395,692 395,265 2.90% (11) December 2033 Unsecured note payable 251 430 0% (12) May 2026 Total debt, net $ 2,391,755 $ 2,416,287 (1) The carrying values of our debt other than the Revolving Credit Facility reflect net deferred financing costs of $4.0 million as of December 31, 2024 and $5.3 million as of December 31, 2023. (2) Including the effect of interest rate swaps that hedge the risk of interest rate changes, the weighted average interest rate on our variable-rate secured debt as of December 31, 2024 was 2.44%; excluding the effect of these swaps, the weighted average interest rate on this debt as of December 31, 2024 was 6.16%. (3) Most of this debt matures in 2025, with the ability for us to extend such maturity by two 12-month periods at our option, provided that there is no default on the debt and we pay an extension fee of 0.10% of the debt balance for each extension period. (4) Refer to the paragraphs below for further disclosure. (5) The weighted average interest rate on the Revolving Credit Facility was 5.70% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (6) The interest rate on this loan was 5.95% as of December 31, 2024, excluding the effect of interest rate swaps that hedge the risk of interest rate changes (see Note 9). (7) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.1 million as of December 31, 2024 and $1.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.48%. (8) The carrying value of these notes reflects unamortized commissions totaling $6.6 million as of December 31, 2024 and $8.1 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 5.83%. (9) The carrying value of these notes reflects unamortized discounts and commissions totaling $1.5 million as of December 31, 2024 and $1.8 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.09%. (10) The carrying value of these notes reflects unamortized discounts and commissions totaling $6.7 million as of December 31, 2024 and $7.6 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 2.94%. (11) The carrying value of these notes reflects unamortized discounts and commissions totaling $3.5 million as of December 31, 2024 and $3.9 million as of December 31, 2023. The effective interest rate under the notes, including amortization of such costs, was 3.01%. (12) This note carries an interest rate that, upon assumption, was below market rates and it therefore was recorded at its fair value based on applicable effective interest rates. The carrying value of this note reflects an unamortized discount totaling $10,000 as of December 31, 2024 and $32,000 as of December 31, 2023.
Schedule of Debt Maturities	Our debt matures on the following schedule (in thousands): Year Ending December 31, December 31, 2024 2025 $ 23,717 2026 646,300 2027 — 2028 345,000 2029 400,000 Thereafter 1,000,000 Total $ 2,415,017 (1) (1) Represents scheduled principal amortization and maturities only and therefore excludes net discounts and deferred financing costs of $23.3 million.
Schedule of the Fair Value of Debt	The following table sets forth information pertaining to the fair value of our debt (in thousands): December 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Fixed-rate debt Unsecured Senior Notes $ 2,122,270 $ 1,946,905 $ 2,117,358 $ 1,876,611 Other fixed-rate debt 37,381 35,841 66,744 63,692 Variable-rate debt 232,104 232,768 232,185 232,270 $ 2,391,755 $ 2,215,514 $ 2,416,287 $ 2,172,573
Schedule of Interest Expense	the table below sets forth interest expense recognized on the notes (in thousands): For the Years Ended December 31, 2024 2023 Interest expense at stated interest rate $ 18,113 $ 5,484 Interest expense associated with amortization of debt discount and issuance costs 1,560 500 Total $ 19,673 $ 5,984

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Key Terms and Fair Values of Interest Rate Swap Derivatives	The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): Notional Amount Effective Date Expiration Date Fair Value at December 31, Fixed Rate Floating Rate Index 2024 2023 $ 150,000 3.742 % One-Month SOFR 2/1/2023 2/2/2026 $ 550 $ 681 $ 50,000 3.747 % One-Month SOFR 2/1/2023 2/2/2026 181 222 $ 22,175 (1) 0.573 % SOFR + 0.10% 4/1/2020 3/26/2025 197 1,084 $ 10,400 (2) 1.678 % SOFR + 0.10% 8/1/2019 8/1/2026 387 571 $ 1,315 $ 2,558 (1) The notional amount of this instrument is scheduled to amortize to $22.1 million. (2) The notional amount of this instrument is scheduled to amortize to $10.0 million.
Schedule of Fair Value and Balance Sheet Classification of Interest Rate Derivatives	The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): Fair Value at December 31, Derivatives Balance Sheet Location 2024 2023 Interest rate swaps designated as cash flow hedges Prepaid expenses and other assets, net $ 1,315 $ 2,558
Schedule of Effect of Interest Rate Derivatives on Consolidated Statements of Operations and Comprehensive Income	The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): Amount of Income Recognized in AOCI on Derivatives Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations For the Years Ended December 31, For the Years Ended December 31, Derivatives in Hedging Relationships 2024 2023 2022 2024 2023 2022 Interest rate derivatives $ 3,087 $ 3,827 $ 4,730 $ 4,330 $ 3,900 $ (996)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Activity for Redeemable Noncontrolling Interest	The table below sets forth the activity for redeemable noncontrolling interests (in thousands): For the Years Ended December 31, 2024 2023 2022 Beginning balance $ 23,580 $ 26,293 $ 26,898 Distributions to noncontrolling interests (1,962) (2,569) (2,976) Net income attributable to noncontrolling interests 1,962 2,454 2,807 Adjustment for changes in fair value of interests 394 72 (436) Reclassification of Stevens Investors, LLC interests to equity — (2,670) — Ending balance $ 23,974 $ 23,580 $ 26,293

Share-Based Compensation and _2

Share-Based Compensation and Other Compensation Matters (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Reporting for Share-Based Compensation Cost	The table below sets forth our reporting for share based compensation cost (in thousands): For the Years Ended December 31, 2024 2023 2022 General, administrative, leasing and other expenses $ 9,031 $ 7,255 $ 7,643 Property operating expenses 1,412 1,289 1,147 Capitalized to development activities 525 576 847 Share-based compensation cost $ 10,968 $ 9,120 $ 9,637
Schedule of Restricted Share and TB-PIU Activity	The following table summarizes restricted shares activity under our share-based compensation plan for 2022, 2023 and 2024: Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 334,573 $ 26.22 Granted 186,515 $ 26.50 Forfeited (43,420) $ 26.47 Vested (152,585) $ 26.39 Unvested as of December 31, 2022 325,083 $ 26.27 Granted 220,336 $ 25.38 Forfeited (39,474) $ 26.03 Vested (152,490) $ 26.09 Unvested as of December 31, 2023 353,455 $ 25.82 Granted 184,477 $ 25.58 Forfeited (25,152) $ 26.20 Vested (159,766) $ 25.85 Unvested as of December 31, 2024 353,014 $ 25.65 Unvested shares as of December 31, 2024 that are expected to vest 315,582 $ 25.61 2024 : Number of TB-PIUs Weighted Average Grant Date Fair Value Unvested as of December 31, 2021 163,073 $ 25.99 Granted 101,966 $ 26.39 Vested (77,709) $ 26.04 Unvested as of December 31, 2022 187,330 $ 26.19 Granted 123,900 $ 25.40 Forfeited (27,182) $ 26.46 Vested (89,633) $ 25.95 Unvested as of December 31, 2023 194,415 $ 25.76 Granted 127,795 $ 24.57 Vested (98,271) $ 25.63 Unvested as of December 31, 2024 223,939 $ 25.14 Unvested TB-PIUs as of December 31, 2024 that are expected to vest 222,554 $ 25.14
Schedule of PB-PIU's Granted	We made the following grants of PB-PIUs to senior management team members from 2020 through 2024 (dollars in thousands, except per share data): Grant Date Number of PB-PIUs Granted Grant Date Fair Value Number of PB-PIUs Outstanding as of December 31, 2024 1/1/2020 176,758 $ 2,891 — 1/1/2021 227,544 $ 3,417 — 1/1/2022 231,838 $ 3,810 192,996 1/1/2023 275,402 $ 4,343 225,590 1/1/2024 299,766 $ 5,405 299,766
Schedule of Payouts for Defined Performance Under PB-PIU	The number of earned awards following the end of the performance period will be determined based on the percentile rank of COPT Defense’s total shareholder return (“TSR”) relative to a peer group of companies, as set forth in the following schedule: Percentile Rank Earned Awards Payout % 75th or greater 100% of PB-PIUs granted 50th (target) 50% of PB-PIUs granted 25th 25% of PB-PIUs granted Below 25th 0% of PB-PIUs granted
Schedule of Assumptions Used in Monte Carlo Models for PB-PIUs	The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PB-PIUs granted in 2022, 2023 and 2024 are set forth below: Grant Date Grant Date Fair Value Per PB-PIU at Target-Level Award Baseline Common Share Value Expected Volatility of Common Shares Risk-free Interest Rate 1/1/2022 $ 32.87 $ 27.97 31.7 % 0.98 % 1/1/2023 $ 31.54 $ 25.94 35.0 % 4.28 % 1/1/2024 $ 36.06 $ 25.63 25.9 % 4.13 %
Schedule of Deferred Shares Granted	We made the following grants of deferred share awards to non-employee Trustees in 2022, 2023 and 2024 (dollars in thousands, except per share data): Year of Grant Number of Deferred Share Awards Granted Aggregate Grant Date Fair Value Grant Date Fair Value Per Award 2022 6,771 $ 166 $ 24.50 2023 9,046 $ 215 $ 23.75 2024 8,796 $ 217 $ 24.66

Information by Business Segme_2

Information by Business Segment (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Information for Reportable Segments	The table below reports segment financial information for our reportable segments (in thousands): Defense/IT Portfolio Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Portfolio Other Total Year Ended December 31, 2024 Revenues from real estate operations $ 314,411 $ 86,034 $ 67,837 $ 32,628 $ 69,317 $ 37,190 $ 607,417 $ 70,300 $ 677,717 Other segment items: Property operating expenses (107,128) (36,059) (37,169) (15,146) (24,185) (6,124) (225,811) (40,190) (266,001) UJV NOI allocable to COPT Defense — — — — — 7,217 7,217 — 7,217 Total other segment items (107,128) (36,059) (37,169) (15,146) (24,185) 1,093 (218,594) (40,190) (258,784) NOI from real estate operations $ 207,283 $ 49,975 $ 30,668 $ 17,482 $ 45,132 $ 38,283 $ 388,823 $ 30,110 $ 418,933 Additions to long-lived assets $ 64,023 $ 27,205 $ 17,098 $ 10,128 $ 7,253 $ — $ 125,707 $ 20,078 $ 145,785 Transfers from non-operating properties $ 3,910 $ 1,016 $ 10 $ 352 $ 60,872 $ 65,314 $ 131,474 $ 5,456 $ 136,930 Segment assets at December 31, 2024 $ 1,445,236 $ 494,881 $ 199,166 $ 162,855 $ 601,430 $ 488,429 $ 3,391,997 $ 318,650 $ 3,710,647 Year Ended December 31, 2023 Revenues from real estate operations $ 290,061 $ 80,413 $ 67,254 $ 32,638 $ 55,131 $ 27,444 $ 552,941 $ 71,862 $ 624,803 Other segment items: Property operating expenses (99,788) (31,593) (36,616) (14,614) (19,148) (2,703) (204,462) (42,923) (247,385) UJV NOI allocable to COPT Defense — — — — — 6,659 6,659 — 6,659 Total other segment items (99,788) (31,593) (36,616) (14,614) (19,148) 3,956 (197,803) (42,923) (240,726) NOI from real estate operations $ 190,273 $ 48,820 $ 30,638 $ 18,024 $ 35,983 $ 31,400 $ 355,138 $ 28,939 $ 384,077 Additions to long-lived assets $ 54,564 $ 19,041 $ 62 $ 5,785 $ 20,949 $ — $ 100,401 $ 17,227 $ 117,628 Transfers from non-operating properties $ 64,264 $ 4,136 $ 166 $ 2,651 $ 86,868 $ 115,052 $ 273,137 $ 2,671 $ 275,808 Segment assets at December 31, 2023 $ 1,446,164 $ 490,104 $ 188,847 $ 163,818 $ 554,803 $ 430,075 $ 3,273,811 $ 312,728 $ 3,586,539 Year Ended December 31, 2022 Revenues from real estate operations $ 273,790 $ 73,985 $ 62,911 $ 32,754 $ 38,593 $ 35,722 $ 517,755 $ 68,623 $ 586,378 Other segment items: Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (37,765) (228,401) UJV NOI allocable to COPT Defense — — — — — 4,327 4,327 — 4,327 Total other segment items (97,727) (26,635) (32,301) (14,001) (15,600) (45) (186,309) (37,765) (224,074) NOI from real estate operations $ 176,063 $ 47,350 $ 30,610 $ 18,753 $ 22,993 $ 35,677 $ 331,446 $ 30,858 $ 362,304 Additions to long-lived assets $ 48,443 $ 11,102 $ — $ 3,801 $ 3,405 $ — $ 66,751 $ 37,775 $ 104,526 Transfers from non-operating properties $ 69,771 $ 1,882 $ 1,290 $ 6,420 $ 158,831 $ 179,522 $ 417,716 $ 704 $ 418,420 Segment assets at December 31, 2022 $ 1,387,517 $ 488,277 $ 194,481 $ 169,119 $ 453,543 $ 461,011 $ 3,153,948 $ 553,863 $ 3,707,811
Schedule of Reconciliation of Segment Revenues to Total Revenues	The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Segment revenues from real estate operations $ 677,717 $ 624,803 $ 586,378 Construction contract and other service revenues 75,550 60,179 154,632 Less: Revenues from discontinued operations (Note 4) — — (1,980) Total revenues $ 753,267 $ 684,982 $ 739,030
Schedule of Reconciliation of Segment Property Operating Expenses to Property Operating Expenses	The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Segment property operating expenses $ 266,001 $ 247,385 $ 228,401 Less: Property operating expenses from discontinued operations (Note 4) — — (971) Total property operating expenses $ 266,001 $ 247,385 $ 227,430
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income (Loss) of Unconsolidated Entities	The following table reconciles UJV NOI allocable to COPT Defense to equity in income (loss) of unconsolidated entities as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 UJV NOI allocable to COPT Defense $ 7,217 $ 6,659 $ 4,327 Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,820) (6,917) (3,145) Add: Equity in (loss) income of unconsolidated non-real estate entities — (3) 561 Equity in income (loss) of unconsolidated entities $ 397 $ (261) $ 1,743
Schedule of Computation of NOI from Service Operations	The table below sets forth the computation of our NOI from service operations (in thousands): For the Years Ended December 31, 2024 2023 2022 Construction contract and other service revenues $ 75,550 $ 60,179 $ 154,632 Construction contract and other service expenses (73,265) (57,416) (149,963) NOI from service operations $ 2,285 $ 2,763 $ 4,669
Schedule of Reconciliation of NOI from Real Estate Operations and Service Operations to Income (Loss) from Continuing Operations	The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income (loss) from continuing operations as reported on our consolidated statements of operations (in thousands): For the Years Ended December 31, 2024 2023 2022 NOI from real estate operations $ 418,933 $ 384,077 $ 362,304 NOI from service operations 2,285 2,763 4,669 Depreciation and other amortization associated with real estate operations (153,640) (148,950) (141,230) Impairment losses — (252,797) — General, administrative, leasing and other expenses (47,038) (42,769) (38,991) Interest expense (82,151) (71,142) (61,174) Interest and other income, net 12,661 12,587 9,070 Gain on sales of real estate — 49,392 19,250 Loss on early extinguishment of debt — — (609) Equity in income (loss) of unconsolidated entities 397 (261) 1,743 UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (7,217) (6,659) (4,327) Income tax expense (288) (588) (447) Revenues from real estate operations from discontinued operations (Note 4) — — (1,980) Property operating expenses from discontinued operations (Note 4) — — 971 Income (loss) from continuing operations $ 143,942 $ (74,347) $ 149,249
Schedule of Reconciliation of Segment Assets to Total Assets	The following table reconciles our segment assets to our consolidated total assets (in thousands): As of December 31, 2024 2023 Segment assets $ 3,710,647 $ 3,586,539 Operating properties lease liabilities included in segment assets 49,631 34,346 Investment in UJV deficit balance included in segment assets 3,409 2,776 Non-operating property assets 277,147 258,299 Other assets 213,357 365,006 Total consolidated assets $ 4,254,191 $ 4,246,966

Construction Contract and Oth_2

Construction Contract and Other Service Revenues (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Construction Contract and Other Service Revenues by Compensation Arrangement	We disaggregate in the table below our construction contract and other service revenues by compensation arrangement as we believe it best depicts the nature, timing and uncertainty of our revenue (in thousands): For the Years Ended December 31, 2024 2023 2022 Construction contract revenue: FFP $ 36,073 $ 30,846 $ 15,119 GMP 32,002 18,178 129,149 Cost-plus fee 5,875 9,843 8,320 Other 1,600 1,312 2,044 $ 75,550 $ 60,179 $ 154,632
Schedule of Accounts Receivable, Contract Assets and Contract Liabilities	Accounts receivable related to our construction contract services is included in accounts receivable, net on our consolidated balance sheets. The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 10,500 $ 7,618 Ending balance $ 8,828 $ 10,500 Contract assets are included in prepaid expenses and other assets, net on our consolidated balance sheets. The beginning and ending balances of our contract assets were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 15,086 $ 22,331 Ending balance $ 17,050 $ 15,086 Contract liabilities are included in other liabilities on our consolidated balance sheets. Changes in contract liabilities were as follows (in thousands): For the Years Ended December 31, 2024 2023 Beginning balance $ 4,176 $ 2,867 Ending balance $ 2,016 $ 4,176 Portion of beginning balance recognized in revenue during the year $ 2,290 $ 326

Credit Losses on Financial As_2

Credit Losses on Financial Assets and Other Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Schedule of Credit Losses, Financial Assets and Other Instruments, Allowance for Credit Loss	The table below sets forth the activity for our allowance for credit losses in 2022, 2023 and 2024 (in thousands): Investing Receivables Tenant Notes Other Assets (2) Total December 31, 2021 $ 1,599 $ 1,057 $ 913 $ 3,569 Net credit loss expense (recoveries) (3) 1,195 (279) (645) 271 December 31, 2022 2,794 778 268 3,840 Credit loss recoveries (3) (417) (79) (115) (611) Write-offs — (33) — (33) December 31, 2023 2,377 666 153 3,196 Net credit loss expense (recoveries) (3) 415 46 (78) 383 Write-offs — (97) — (97) December 31, 2024 $ 2,792 $ 615 $ 75 $ 3,482 (1) Included in the line entitled “accounts receivable, net” on our consolidated balance sheets. (2) The balance as of December 31, 2024 and 2023 included $60,000 and $87,000, respectively, in the line entitled “accounts receivable, net” and $15,000 and $66,000, respectively, in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheets. (3)
Schedule of Credit Risk Classification	The following table presents the amortized cost basis of our investing receivables, tenant notes receivable and sales-type lease receivables by credit risk classification, by origination year as of December 31, 2024 (in thousands): Origination Year 2019 and Earlier 2020 2021 2022 2023 2024 Total Investing receivables: Credit risk classification: Investment grade $ 54,997 $ 2,719 $ 10,878 $ — $ 647 $ — $ 69,241 Non-investment grade — — — 3,231 — — 3,231 Total $ 54,997 $ 2,719 $ 10,878 $ 3,231 $ 647 $ — $ 72,472 Tenant notes receivable: Credit risk classification: Investment grade $ 573 $ 30 $ — $ — $ — $ — $ 603 Non-investment grade 4 1,316 — — — 425 1,745 Total $ 577 $ 1,346 $ — $ — $ — $ 425 $ 2,348 Gross write-offs during the year ended December 31, 2024 $ 97 $ — $ — $ — $ — $ — $ 97 Sales-type lease receivable: Credit risk classification: Investment grade $ — $ 4,487 $ — $ — $ — $ — $ 4,487

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Summary of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share	Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): For the Years Ended December 31, 2024 2023 2022 Numerator: Income (loss) from continuing operations $ 143,942 $ (74,347) $ 149,249 (Income) loss from continuing operations attributable to noncontrolling interests (5,013) 878 (5,372) Income from continuing operations attributable to share-based compensation awards for basic EPS (510) (1,199) (451) Numerator for basic EPS from continuing operations attributable to common shareholders $ 138,419 $ (74,668) $ 143,426 Redeemable noncontrolling interests — — (169) Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS 89 — 78 Numerator for diluted EPS from continuing operations attributable to common shareholders $ 138,508 $ (74,668) $ 143,335 Discontinued operations — — 29,573 Discontinued operations attributable to noncontrolling interests — — (421) Income from discontinued operations attributable to share-based compensation awards for diluted EPS — — (90) Numerator for diluted EPS on net income (loss) attributable to common shareholders $ 138,508 $ (74,668) $ 172,397 Denominator (all weighted averages): Denominator for basic EPS (common shares) 112,296 112,178 112,073 Dilutive effect of redeemable noncontrolling interests — — 116 Dilutive effect of share-based compensation awards 603 — 431 Denominator for diluted EPS (common shares) 112,899 112,178 112,620 Basic EPS attributable to common shareholders: Income (loss) from continuing operations $ 1.23 $ (0.67) $ 1.28 Discontinued operations — — 0.26 Net income (loss) $ 1.23 $ (0.67) $ 1.54 Diluted EPS attributable to common shareholders: Income (loss) from continuing operations $ 1.23 $ (0.67) $ 1.27 Discontinued operations — — 0.26 Net income (loss) $ 1.23 $ (0.67) $ 1.53
Schedule of Securities Excluded from Computation of Diluted Earnings Per Share	Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): Weighted Average Shares Excluded from Denominator for the Years Ended December 31, 2024 2023 2022 Conversion of common units 1,672 1,509 1,454 Conversion of redeemable noncontrolling interests 842 969 866

Organization (Details)

Organization (Details) - 12 months ended Dec. 31, 2024 ft² in Thousands	property	ft²	a	shares
Preferred units
Investments in real estate
Limited partners' capital account, units outstanding (in shares) | shares				0
COPT Defense Properties, L.P. | Common Units | COPT Defense Properties
Investments in real estate
Percentage ownership in operating partnership	97.50%
Unconsolidated Real Estate Joint Ventures
Investments in real estate
Number of real estate properties	24
Operating Properties | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	195
Area of real estate property (in sqft or acres) | ft²		22,400
Operating Properties | Greater Washington, DC/Baltimore | Other
Investments in real estate
Number of real estate properties	8
Area of real estate property (in sqft or acres) | ft²		2,100
Operating Properties | Office properties | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	164
Area of real estate property (in sqft or acres) | ft²		16,500
Operating Properties | Single-tenant data centers | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	31
Area of real estate property (in sqft or acres) | ft²		5,900
Operating Properties | Single-tenant data centers | Unconsolidated Real Estate Joint Ventures | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	24
Properties Under Development | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	4
Area of real estate property (in sqft or acres) | ft²		606
Properties Under Development | Office properties | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	2
Properties Under Development | Single-tenant data centers | Defense/IT Portfolio
Investments in real estate
Number of real estate properties	2
Land controlled for development | Defense/IT Portfolio
Investments in real estate
Area of real estate property (in sqft or acres)		11,000	1,020
Land controlled for development | Greater Washington, DC/Baltimore | Other
Investments in real estate
Area of real estate property (in sqft or acres) | a			50

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Properties and Impairment (Details)	12 Months Ended
	Dec. 31, 2024
Properties
Period after the cessation of major construction activities for considering property as operational if leases have not commenced earlier (in years)	1 year
Period after the cessation of major construction activities for considering property as partially operational if leases have commenced earlier (in years)	1 year
Property, Plant and Equipment [Line Items]
Period used recovery analysis for long-lived assets to be held and used that may be impaired (in years)	10 years
Minimum | Buildings and building improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Minimum | Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Minimum | Equipment and personal property
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Maximum | Buildings and building improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Maximum | Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Maximum | Equipment and personal property
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangible Assets on Property Acquisitions (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets on real estate acquisitions
Gross Carrying Amount	$ 194,792	$ 193,888
Accumulated Amortization	184,094	187,036
Net Carrying Amount	10,698	6,852
In-place lease value
Intangible assets on real estate acquisitions
Gross Carrying Amount	124,806	124,884
Accumulated Amortization	121,091	121,424
Net Carrying Amount	3,715	3,460
Tenant relationship value
Intangible assets on real estate acquisitions
Gross Carrying Amount	53,788	53,953
Accumulated Amortization	48,008	50,987
Net Carrying Amount	5,780	2,966
Above-market leases
Intangible assets on real estate acquisitions
Gross Carrying Amount	14,865	13,718
Accumulated Amortization	13,914	13,558
Net Carrying Amount	951	160
Other
Intangible assets on real estate acquisitions
Gross Carrying Amount	1,333	1,333
Accumulated Amortization	1,081	1,067
Net Carrying Amount	$ 252	$ 266

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Lease and Other Property Revenue (Details)	Dec. 31, 2024
United States Government
Lessor, Lease, Description [Line Items]
Renewal term	1 year

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Construction Contract and Other Service Revenues (Details)	Dec. 31, 2024 compensation_arrangement
Accounting Policies [Abstract]
Number of compensation arrangements	3

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Share-Based Compensation (Details)	Dec. 31, 2024 form
Accounting Policies [Abstract]
Number of forms of share-based compensation	4

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Approximate amount by which basis of assets and liabilities for tax reporting purposes is higher (lower) than amount reported on consolidated balance sheet	$ 249
Common Shares
Income Tax Disclosure [Line Items]
Ordinary income	100%	51%	68.20%
Long-term capital gain	0%	49%	31.80%
Return of capital	0%	0%	0%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measurement on a recurring basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Interest rate derivatives	$ 1,315	$ 2,558
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Interest rate derivatives	0	0
Significant Other Observable Inputs(Level 2)
Assets:
Interest rate derivatives	1,315	2,558
Significant Unobservable  Inputs (Level 3)
Assets:
Interest rate derivatives	$ 0	$ 0

Properties, Net - Operating Pro

Properties, Net - Operating Properties, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating properties, net
Gross	$ 5,167,819	$ 4,903,840	$ 4,986,537	$ 4,959,709
Operating properties, net	3,353,477	3,246,806
Operating Properties, Net
Operating properties, net
Less: Accumulated depreciation	(1,537,293)	(1,400,162)
Operating properties, net	3,353,477	3,246,806
Operating Properties, Net | Land
Operating properties, net
Gross	495,707	482,964
Operating Properties, Net | Building and improvements
Operating properties, net
Gross	$ 4,395,063	$ 4,164,004

Properties, Net - Narrative (De

Properties, Net - Narrative (Details) ft² in Thousands, $ in Thousands						12 Months Ended
	Sep. 26, 2024 USD ($) ft²	Mar. 15, 2024 USD ($) ft²	Jan. 10, 2023 USD ($) property	Dec. 14, 2022 USD ($) property	Jan. 25, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024	Sep. 30, 2023 property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of impaired parcels of land | property									1
Redshift JV LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest			10%					10%
Quark JV LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest				10%				10%
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of impaired operating properties | property									6
Impairment charges						$ 252,800
Data Center Shells in Northern Virginia | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage sold			90%	90%
Number of properties sold | property			3	2
Transaction value			$ 211,300	$ 67,000
Proceeds from sale			$ 190,200	$ 60,300
Disposal, location of gain/loss			Gain on sales of real estate	Gain on sales of real estate
Gain on disposal			$ 49,400	$ 19,200
Wholesale Data Center | Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction value					$ 222,500
Discontinued operations, location of gain/loss					Discontinued operations
Gain on disposal, discontinued operations					$ 28,600		$ 28,564
6841 Benjamin Franklin Drive
Asset Acquisition [Line Items]
Area of real estate property (in sqft or acres) | ft²		202
Asset acquisition, percentage leased		56%
Purchase price		$ 15,000
3900 Rogers Road
Asset Acquisition [Line Items]
Area of real estate property (in sqft or acres) | ft²	80
Purchase price	$ 17,000

Properties, Net - Allocation of

Properties, Net - Allocation of Acquisition Costs (Details) - All acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Asset Acquisition [Line Items]
Intangible assets on real estate acquisitions	$ 7,248
Total acquisition cost	32,244
Land, operating properties
Asset Acquisition [Line Items]
Real estate	8,361
Building and improvements
Asset Acquisition [Line Items]
Real estate	$ 16,635

Properties, Net - Intangible as

Properties, Net - Intangible assets Acquired (Details) - All acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Intangible assets on real estate acquisitions
Intangible assets on real estate acquisitions	$ 7,248
Weighted Average Amortization Period (in Years)	7 years 7 months 6 days
Tenant relationship value
Intangible assets on real estate acquisitions
Intangible assets on real estate acquisitions	$ 3,752
Weighted Average Amortization Period (in Years)	12 years 4 months 24 days
In-place lease value
Intangible assets on real estate acquisitions
Intangible assets on real estate acquisitions	$ 2,229
Weighted Average Amortization Period (in Years)	2 years 4 months 24 days
Above-market leases
Intangible assets on real estate acquisitions
Intangible assets on real estate acquisitions	$ 1,267
Weighted Average Amortization Period (in Years)	2 years 4 months 24 days

Properties, Net - Schedule of D

Properties, Net - Schedule of Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 25, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations		$ 0	$ 0	$ 29,573
Discontinued operations, disposed of by sale | Wholesale Data Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues from real estate operations				1,980
Property operating expenses				(971)
Gain on sale of real estate	$ 28,600			28,564
Discontinued operations				29,573
Cash flows from operating activities				5,757
Cash flows from investing activities				$ 220,565

Leases - Lease Revenue (Details

Leases - Lease Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Lease revenue	$ 671,366	$ 619,847	$ 580,169
Continuing Operations
Lessor, Lease, Description [Line Items]
Fixed	513,461	478,585	453,907
Variable	157,905	141,262	126,262
Lease revenue	$ 671,366	$ 619,847	580,169
Discontinued operations
Lessor, Lease, Description [Line Items]
Fixed			1,500
Variable			$ 527

Leases - Percentage of Revenue

Leases - Percentage of Revenue (Details) - United States Government - Concentration risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease Revenue From Continuing Operations, Risk Benchmark
Concentration Risk [Line Items]
Percentage of revenue	37%	37%	37%
Fixed Lease Revenue From Continuing Operations Benchmark
Concentration Risk [Line Items]
Percentage of revenue	27%	27%	27%

Leases - Payments to be Receive

Leases - Payments to be Received (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating leases
2025	$ 498,617
2026	446,927
2027	399,742
2028	329,686
2029	267,860
Thereafter	1,073,432
Total contractual payments	3,016,264
Sales-type leases
2025	960
2026	960
2027	960
2028	960
2029	960
Thereafter	675
Total contractual payments	5,475
Less: Amount representing interest	(988)
Net investment in sales-type leases	$ 4,487

Leases - Lessee Arrangements (D

Leases - Lessee Arrangements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 58,251	$ 43,861
Washington DC
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 9,300
Lessee, remaining term of contract	75 years
Lessee, number of lease contracts | lease	2
Baltimore, Maryland
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 6,300
Lessee, remaining term of contract	24 years
Optional renewal term	49 years
Phoenix, Arizona
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 17,000
Lessee, remaining term of contract	3 years
Fort Meade/BW Corridor
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 2,000
Lessee, remaining term of contract	43 years
Lessee, number of lease contracts | lease	2
LW Redstone Company, LLC | Huntsville, Alabama
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 17,400
Lessee, number of lease contracts | lease	25
Optional renewal term	25 years
M Square Associates, LLC | College Park, Maryland
Lessee, Lease, Description [Line Items]
Lessee, right-of-use asset	$ 5,900
Lessee, number of lease contracts | lease	4
Minimum | LW Redstone Company, LLC | Huntsville, Alabama
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	38 years
Minimum | M Square Associates, LLC | College Park, Maryland
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	58 years
Maximum | LW Redstone Company, LLC | Huntsville, Alabama
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	50 years
Maximum | M Square Associates, LLC | College Park, Maryland
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	69 years
Land Leases | Minimum
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	24 years
Land Leases | Maximum
Lessee, Lease, Description [Line Items]
Lessee, remaining term of contract	76 years

Leases - Property Right-of-Use

Leases - Property Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets
Operating leases - Property	$ 55,760	$ 41,296
Finance leases - Property	2,491	2,565
Total right-of-use assets	$ 58,251	$ 43,861
Finance leases - right-of-use assets, location	Prepaid expenses and other assets, net	Prepaid expenses and other assets, net
Lease liabilities
Operating leases - Property	$ 49,240	$ 33,931
Finance leases - Property	391	415
Total lease liabilities	$ 49,631	$ 34,346
Finance leases, lease liability, location	Other liabilities	Other liabilities

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2024
Leases [Abstract]
Operating leases, weighted average remaining lease term	38 years
Operating leases, weighted average discount rate	7.30%
Finance leases, weighted average remaining lease term	8 years
Finance leases, weighted average discount rate	9.10%

Leases - Property Lease Costs (

Leases - Property Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost
Property leases - fixed	$ 7,845	$ 6,955	$ 4,114
Property leases - variable	246	66	65
Finance lease cost
Amortization of property right-of-use assets	74	76	31
Interest on lease liabilities	37	42	0
Lease costs	$ 8,202	$ 7,139	$ 4,210

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 7,002	$ 6,056	$ 3,355
Operating cash flows for finance leases	37	42	0
Financing cash flows for finance leases	$ 24	$ 20	$ 0

Leases - Payment Due on Propert

Leases - Payment Due on Property Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Operating Leases
2025	$ 7,910
2026	8,192
2027	8,392
2028	2,812
2029	2,068
Thereafter	152,110
Total lease payments	181,484
Less: Amount representing interest	(132,244)
Lease liability	49,240	$ 33,931
Property Finance Leases
2025	63
2026	65
2027	67
2028	69
2029	71
Thereafter	226
Total lease payments	561
Less: Amount representing interest	(170)
Lease liability	$ 391	$ 415

Real Estate Joint Ventures - In

Real Estate Joint Ventures - Investments in Consolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments in consolidated real estate joint ventures
Total Assets	$ 4,254,191	$ 4,246,966
Total Liabilities	2,693,624	$ 2,699,631
LW Redstone Company, LLC
Investments in consolidated real estate joint ventures
Preferred distributions of annual operating cash flows to partner	1,200
Variable Interest Entity, Primary Beneficiary
Investments in consolidated real estate joint ventures
Total Assets	963,618
Total Liabilities	132,140
Variable Interest Entity, Primary Beneficiary | Encumbered Assets
Investments in consolidated real estate joint ventures
Total Assets	90,897
Variable Interest Entity, Primary Beneficiary | Mortgage Debt
Investments in consolidated real estate joint ventures
Total Liabilities	$ 69,601
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC
Investments in consolidated real estate joint ventures
Nominal Ownership %	85%
Total Assets	$ 732,101
Total Liabilities	76,706
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC | Encumbered Assets
Investments in consolidated real estate joint ventures
Total Assets	34,879
Variable Interest Entity, Primary Beneficiary | LW Redstone Company, LLC | Mortgage Debt
Investments in consolidated real estate joint ventures
Total Liabilities	$ 22,166
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC
Investments in consolidated real estate joint ventures
Nominal Ownership %	95%
Total Assets	$ 133,576
Total Liabilities	5,377
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC | Encumbered Assets
Investments in consolidated real estate joint ventures
Total Assets	0
Variable Interest Entity, Primary Beneficiary | Stevens Investors, LLC | Mortgage Debt
Investments in consolidated real estate joint ventures
Total Liabilities	$ 0
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC
Investments in consolidated real estate joint ventures
Nominal Ownership %	50%
Total Assets	$ 97,941
Total Liabilities	50,057
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC | Encumbered Assets
Investments in consolidated real estate joint ventures
Total Assets	56,018
Variable Interest Entity, Primary Beneficiary | M Square Associates, LLC | Mortgage Debt
Investments in consolidated real estate joint ventures
Total Liabilities	$ 47,435

Real Estate Joint Ventures - Na

Real Estate Joint Ventures - Narrative (Details) ft² in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) ft²
LW Redstone Company, LLC
Investments in real estate joint ventures
Partner's capital account upon formation	$ 9
Percentage of cumulative preferred returns of cash flows on partners' invested capital	13.50%
Percentage of cumulative preferred returns of cash flows on our invested capital	13.50%
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company	85%
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the entity's partners	15%
Number of years following construction commencement threshold achievement before partner's interest can be purchased at fair value	5 years
Construction commencement threshold (in sqft) | ft²	4.4
Construction commencement completed (in sqft) | ft²	2.6
LW Redstone Company, LLC | Maximum
Investments in real estate joint ventures
Infrastructure costs anticipated to be funded by entity for reimbursement by the City of Huntsville	$ 76
LW Redstone Company, LLC | Notes Receivable from the City of Huntsville
Investments in real estate joint ventures
Infrastructure costs funded to date for reimbursement by the City of Huntsville	$ 74.3
Stevens Investors, LLC | Maximum
Investments in real estate joint ventures
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company	85%
Stevens Investors, LLC | Minimum
Investments in real estate joint ventures
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company	60%
M Square Associates, LLC
Investments in real estate joint ventures
Preferred return on capital contributions used to fund infrastructure costs	10%
Preferred return on capital contributions used to fund all other costs	10%
Percentage of residual amounts distributed to each member	50%

Real Estate Joint Ventures - Un

Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) $ in Thousands	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Jan. 10, 2023	Dec. 14, 2022
Unconsolidated Real Estate Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	24
Carrying Value of Investment	$ 35,951	$ 38,275
Unconsolidated Real Estate Joint Ventures | Investment in unconsolidated real estate joint ventures
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment	39,400	41,100
Unconsolidated Real Estate Joint Ventures | Other liabilities
Schedule of Equity Method Investments [Line Items]
Carrying Value of Investment	$ (3,400)	(2,800)
Redshift
Schedule of Equity Method Investments [Line Items]
Nominal Ownership %	10%		10%
Number of Properties | property	3
Carrying Value of Investment	$ 20,921	21,053
BREIT COPT DC JV LLC
Schedule of Equity Method Investments [Line Items]
Nominal Ownership %	10%
Number of Properties | property	9
Carrying Value of Investment	$ 9,584	10,629
Quark
Schedule of Equity Method Investments [Line Items]
Nominal Ownership %	10%			10%
Number of Properties | property	2
Carrying Value of Investment	$ 6,706	6,727
B RE COPT DC JV III LLC
Schedule of Equity Method Investments [Line Items]
Nominal Ownership %	10%
Number of Properties | property	2
Carrying Value of Investment	$ 2,149	2,643
B RE COPT DC JV II LLC
Schedule of Equity Method Investments [Line Items]
Nominal Ownership %	10%
Number of Properties | property	8
Carrying Value of Investment	$ (3,409)	(2,777)
Difference between the joint venture's lower cost basis and the entity's share of underlying equity in the net assets	$ 6,700	$ 6,800

Investing Receivables - Compone

Investing Receivables - Components of Investing Receivables (Details) - Investing Receivables - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis	$ 72,472	$ 83,889
Allowance for credit losses	(2,792)	(2,377)	$ (2,794)	$ (1,599)
Investing receivables, net	69,680	81,512
Notes receivable from the City of Huntsville
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis	69,241	77,022
Other investing loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost basis	$ 3,231	$ 6,867

Investing Receivables - Narrati

Investing Receivables - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable, location	Investing receivables (net of allowance for credit losses of $2,792 and $2,377, respectively)	Investing receivables (net of allowance for credit losses of $2,792 and $2,377, respectively)
Investing Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable, net of allowance for credit losses	$ 3.2	$ 6
Notes receivable, fair value disclosure	$ 72	$ 84
Investing Receivables | Notes Receivable from the City of Huntsville | LW Redstone Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	9.95%
Notes receivable, maximum initial maturity term	30 years
Investing Receivables | Other investing loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	14%

Debt, Net - Schedule of Debt (D

Debt, Net - Schedule of Debt (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) extension	Dec. 31, 2023 USD ($)	Sep. 12, 2023 USD ($)	Dec. 31, 2021 USD ($)
Debt
Carrying Value	$ 2,391,755,000	$ 2,416,287,000
Revolving Credit Facility
Debt
Carrying Value	$ 75,000,000	75,000,000
Variable rate, additional spread	0.0010
Weighted average interest rate	5.70%
Revolving Credit Facility | Minimum
Debt
Variable rate, spread over SOFR	0.725%
Revolving Credit Facility | Maximum
Debt
Variable rate, spread over SOFR	1.40%
Term Loan Facility
Debt
Interest rate	5.95%
Carrying Value	$ 124,633,000	124,291,000		$ 300,000,000
Variable rate, additional spread	0.0010
Extension option period	12 months
Term Loan Facility | Minimum
Debt
Variable rate, spread over SOFR	0.85%
Term Loan Facility | Maximum
Debt
Variable rate, spread over SOFR	1.70%
Unsecured note payable
Debt
Interest rate	0%
Carrying Value	$ 251,000	430,000
Unamortized discounts and/or commissions included in carrying value	10,000	32,000
Mortgage and other secured debt
Debt
Carrying Value	69,601,000	99,208,000
Mortgage and other secured debt | Fixed-rate mortgage debt
Debt
Carrying Value	$ 37,130,000	66,314,000
Mortgage and other secured debt | Fixed-rate mortgage debt | Minimum
Debt
Interest rate	3.82%
Mortgage and other secured debt | Variable-rate secured debt
Debt
Carrying Value	$ 32,471,000	32,894,000
Variable rate, additional spread	0.0010
Weighted average interest rate	6.16%
Number of extensions | extension	2
Extension option period	12 months
Extension fee percentage	0.10%
Mortgage and other secured debt | Variable-rate secured debt | Interest rate swaps
Debt
Weighted average interest rate	2.44%
Mortgage and other secured debt | Variable-rate secured debt | Minimum
Debt
Variable rate, spread over SOFR	1.45%
Mortgage and other secured debt | Variable-rate secured debt | Maximum
Debt
Variable rate, spread over SOFR	1.55%
Unsecured Senior Notes | 2.25%, $400,000 aggregate principal
Debt
Interest rate	2.25%
Debt instrument, face amount	$ 400,000,000
Carrying Value	398,699,000	397,608,000
Unamortized discounts and/or commissions included in carrying value	$ 1,100,000	1,900,000
Effective interest rate on debt	2.48%
Unsecured Senior Notes | 5.25%, $345,000 aggregate principal
Debt
Interest rate	5.25%		5.25%
Debt instrument, face amount	$ 345,000,000		$ 345,000,000
Carrying Value	337,588,000	335,802,000
Unamortized discounts and/or commissions included in carrying value	$ 6,600,000	8,100,000
Effective interest rate on debt	5.83%
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal
Debt
Interest rate	2%
Debt instrument, face amount	$ 400,000,000
Carrying Value	397,961,000	397,471,000
Unamortized discounts and/or commissions included in carrying value	$ 1,500,000	1,800,000
Effective interest rate on debt	2.09%
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal
Debt
Interest rate	2.75%
Debt instrument, face amount	$ 600,000,000
Carrying Value	592,330,000	591,212,000
Unamortized discounts and/or commissions included in carrying value	$ 6,700,000	7,600,000
Effective interest rate on debt	2.94%
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal
Debt
Interest rate	2.90%
Debt instrument, face amount	$ 400,000,000
Carrying Value	395,692,000	395,265,000
Unamortized discounts and/or commissions included in carrying value	$ 3,500,000	3,900,000
Effective interest rate on debt	3.01%
Loans Payable
Debt
Net deferred financing costs	$ 4,000,000	$ 5,300,000

Debt, Net - Debt Maturities (De

Debt, Net - Debt Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Schedule on basis of which debt matures
2025	$ 23,717
2026	646,300
2027	0
2028	345,000
2029	400,000
Thereafter	1,000,000
Total	2,415,017
Net discounts and deferred financing costs	$ 23,300

Debt, Net - Narrative (Details)

Debt, Net - Narrative (Details)			12 Months Ended
	Dec. 31, 2024 USD ($) extension $ / shares	Sep. 12, 2023 USD ($) day $ / shares	Dec. 31, 2024 USD ($) extension $ / shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 26, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Capitalized interest costs			$ 2,900,000	$ 4,500,000	$ 6,700,000
Debt, net	$ 2,391,755,000		$ 2,391,755,000	2,416,287,000
Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate, additional spread			0.0010
Weighted average interest rate	5.70%		5.70%
Debt, net	$ 75,000,000		$ 75,000,000	75,000,000
Term Loan Facility
Debt Instrument [Line Items]
Number of extensions | extension	2		2
Extension option period			12 months
Line of credit facility, extension fee			0.125%
Variable rate, additional spread			0.0010
Debt, net	$ 124,633,000		$ 124,633,000	124,291,000			$ 300,000,000
Repayments of term loan					$ 300,000,000
Interest rate	5.95%		5.95%
Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, additional spread			0.0010
Minimum | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate, spread			0.725%
Minimum | Term Loan Facility
Debt Instrument [Line Items]
Variable rate, spread			0.85%
Minimum | Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread			0.85%
Maximum | Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate, spread			1.40%
Maximum | Term Loan Facility
Debt Instrument [Line Items]
Variable rate, spread			1.70%
Maximum | Term Loan Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread			1.70%
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average borrowings			$ 78,300,000	$ 133,300,000
Weighted average interest rate	6.29%		6.29%	6.17%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, additional spread			0.0010
Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread			0.725%
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread			1.40%
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 600,000,000		$ 600,000,000			$ 600,000,000
Number of extensions | extension	2		2
Extension option period			6 months
Line of credit facility, extension fee			0.0625%
Remaining borrowing capacity	$ 525,000,000		$ 525,000,000
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage			0.125%
Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage			0.30%
Unsecured Debt | Term Loan Facility
Debt Instrument [Line Items]
Loan amount						$ 125,000,000
Unsecured Senior Notes | 2.25%, 2.75%, 2.00% and 2.90% Senior Notes
Debt Instrument [Line Items]
Redemption price			100%
Unsecured Senior Notes | 2.25% Senior Notes
Debt Instrument [Line Items]
Loan amount	400,000,000		$ 400,000,000
Debt, net	$ 398,699,000		$ 398,699,000	$ 397,608,000
Interest rate	2.25%		2.25%
Basis point used in determining redemption price prior to maturity			0.35%
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal
Debt Instrument [Line Items]
Loan amount	$ 600,000,000		$ 600,000,000
Debt, net	$ 592,330,000		$ 592,330,000	591,212,000
Interest rate	2.75%		2.75%
Unsecured Senior Notes | 2.75%, $600,000 aggregate principal | Adjusted Treasury
Debt Instrument [Line Items]
Basis point used in determining redemption price prior to maturity			0.25%
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal
Debt Instrument [Line Items]
Loan amount	$ 400,000,000		$ 400,000,000
Debt, net	$ 397,961,000		$ 397,961,000	397,471,000
Interest rate	2%		2%
Unsecured Senior Notes | 2.00%, $400,000 aggregate principal | Adjusted Treasury
Debt Instrument [Line Items]
Basis point used in determining redemption price prior to maturity			0.20%
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal
Debt Instrument [Line Items]
Loan amount	$ 400,000,000		$ 400,000,000
Debt, net	$ 395,692,000		$ 395,692,000	395,265,000
Interest rate	2.90%		2.90%
Unsecured Senior Notes | 2.90%, $400,000 aggregate principal | Adjusted Treasury
Debt Instrument [Line Items]
Basis point used in determining redemption price prior to maturity			0.25%
Unsecured Senior Notes | 5.25%, $345,000 aggregate principal
Debt Instrument [Line Items]
Loan amount	$ 345,000,000	$ 345,000,000	$ 345,000,000
Debt, net	$ 337,588,000		$ 337,588,000	$ 335,802,000
Interest rate	5.25%	5.25%	5.25%
Proceeds from issuance of debt		$ 336,400,000
Exchange rate	0.0334238	0.0333739
Exchange price per share (in dollars per share) | $ / shares	$ 29.92	$ 29.96	$ 29.92
Threshold percentage of stock price trigger		130%
Threshold trading days | day		20
Threshold consecutive trading days | day		30
Redemption price		100%

Debt, Net - Fair Value of Debt

Debt, Net - Fair Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount
Carrying amount and estimated fair value of debt
Long-term debt	$ 2,391,755	$ 2,416,287
Carrying Amount | Unsecured Senior Notes
Carrying amount and estimated fair value of debt
Long-term debt	2,122,270	2,117,358
Carrying Amount | Other fixed-rate debt
Carrying amount and estimated fair value of debt
Long-term debt	37,381	66,744
Carrying Amount | Variable-rate debt
Carrying amount and estimated fair value of debt
Long-term debt	232,104	232,185
Estimated Fair Value
Carrying amount and estimated fair value of debt
Long-term debt	2,215,514	2,172,573
Estimated Fair Value | Unsecured Senior Notes
Carrying amount and estimated fair value of debt
Long-term debt	1,946,905	1,876,611
Estimated Fair Value | Other fixed-rate debt
Carrying amount and estimated fair value of debt
Long-term debt	35,841	63,692
Estimated Fair Value | Variable-rate debt
Carrying amount and estimated fair value of debt
Long-term debt	$ 232,768	$ 232,270

Debt, Net - Schedule of Interes

Debt, Net - Schedule of Interest Expense Recognized (Details) - 5.25%, $345,000 aggregate principal - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest expense at stated interest rate	$ 18,113	$ 5,484
Interest expense associated with amortization of debt discount and issuance costs	1,560	500
Total	$ 19,673	$ 5,984

Interest Rate Derivatives - Sch

Interest Rate Derivatives - Schedule of Key Terms and Fair Values of Interest Rate Swap Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair values of interest rate swap derivatives
Fair value of interest rate swaps	$ 1,315	$ 2,558
Interest rate swap, effective February 1, 2023, swap one | Designated
Fair values of interest rate swap derivatives
Notional Amount	$ 150,000
Fixed Rate	3.742%
Fair value of interest rate swaps	$ 550	681
Interest rate swap, effective February 1, 2023, swap two | Designated
Fair values of interest rate swap derivatives
Notional Amount	$ 50,000
Fixed Rate	3.747%
Fair value of interest rate swaps	$ 181	222
Interest rate swap, effective April 1, 2020 | Designated
Fair values of interest rate swap derivatives
Notional Amount	$ 22,175
Fixed Rate	0.573%
Floating Rate Index, over SOFR	0.10%
Fair value of interest rate swaps	$ 197	1,084
Notional amount of interest rate derivatives after scheduled amortization	22,100
Interest rate swap, effective August 1, 2019 | Designated
Fair values of interest rate swap derivatives
Notional Amount	$ 10,400
Fixed Rate	1.678%
Floating Rate Index, over SOFR	0.10%
Fair value of interest rate swaps	$ 387	$ 571
Notional amount of interest rate derivatives after scheduled amortization	$ 10,000

Interest Rate Derivatives - S_2

Interest Rate Derivatives - Schedule of Fair Value and Balance Sheet Classification of Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Prepaid expenses and other assets, net | Interest rate swaps
Fair values of interest rate swap derivatives
Interest rate swaps designated as cash flow hedges	$ 1,315	$ 2,558

Interest Rate Derivatives - S_3

Interest Rate Derivatives - Schedule of Effect of Interest Rate Derivatives on Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair values of interest rate swap derivatives
Amount of Income Recognized in AOCI on Derivatives	$ 3,087	$ 3,827	$ 4,730
Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations	4,330	3,900	(996)
Interest rate swaps
Fair values of interest rate swap derivatives
Amount of Income Recognized in AOCI on Derivatives	3,087	3,827	4,730
Interest rate swaps | Interest Expense
Fair values of interest rate swap derivatives
Amount of Income (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations	$ 4,330	$ 3,900	$ (996)

Interest Rate Derivatives - Nar

Interest Rate Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)
Interest rate swaps | Designated
Fair values of interest rate swap derivatives
Approximate amount to be reclassified from AOCL to interest expense over the next 12 months	$ 1.2

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	$ 23,580	$ 26,293	$ 26,898
Distributions to noncontrolling interests	(1,962)	(2,569)	(2,976)
Net income attributable to noncontrolling interests	1,962	2,454	2,807
Adjustment for changes in fair value of interests	394	72	(436)
Reclassification of Stevens Investors, LLC interests to equity	0	(2,670)	0
Ending balance	$ 23,974	$ 23,580	$ 26,293

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Shares
Number of operating partnerships units converted into common shares (in units)		40,000
Dividends declared per common share (in dollars per share)		$ 1.18	$ 1.14	$ 1.10
2022 ATM Program | Common Shares
Common Shares
At-market-stock, offering program established, aggregate value	$ 300
Shares issued to the public (in shares)		0
Preferred Shares
Preferred Stock
Number of preferred shares authorized (in shares)		25,000,000
Number of preferred shares of beneficial interest authorized (in dollars per share)		$ 0.01

Share-Based Compensation and _3

Share-Based Compensation and Other Compensation Matters - Narrative (Details) $ in Thousands				12 Months Ended
	Feb. 01, 2025 shares	Feb. 01, 2024 shares	Feb. 01, 2023 shares	Dec. 31, 2024 USD ($) percentile_rank form shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	May 31, 2024 shares	May 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of forms of share-based compensation | form				4
Executives and Non-Employee Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated pre-vesting forfeitures				0%	0%	0%
Minimum | All Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated pre-vesting forfeitures				8%	8%	8%
Maximum | All Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated pre-vesting forfeitures				9%	9%	9%
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $				$ 5,500
Expected weighted average period during which unrecognized compensation cost will be recognized				3 years
Aggregate intrinsic value of shares issued | $				$ 4,000	$ 3,800	$ 4,000
Awards forfeited (in shares or units)				25,152	39,474	43,420
PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of forms of share-based compensation | form				2
PB-PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $				$ 4,700
Expected weighted average period during which unrecognized compensation cost will be recognized				2 years
Performance period of the award				3 years
The number of percentile ranks to fall between to earn interpolated PB-PIUs between such percentile ranks, conditioned on the percentile rank exceeding 25% | percentile_rank				2
Payout percentage reduction when TSR percentile rank exceeds target and TSR is negative				12.50%
Minimum payout percentage if TSR percentile rank exceeds the 50th percentile and TSR is negative				50%
Minimum payout percentage if TSR is at least 10%				50%
Minimum payout percentage if TSR is at least 6%				25%
Percent of award distribution rights				10%
Awards forfeited (in shares or units)					126,890
TB- PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $				$ 3,400
Expected weighted average period during which unrecognized compensation cost will be recognized				2 years
Aggregate intrinsic value of shares issued | $				$ 2,400	$ 2,300	$ 2,000
Awards forfeited (in shares or units)					27,182
Deferred Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $				$ 76
Awards settled (in shares)				0	0	0
2017 Omnibus Equity and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares of beneficial interest authorized to be issued							6,900,000	3,400,000
PB PIU Grants 2020 | PB-PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards settled (in shares)			141,152
PB PIU Grants 2021 | PB-PIUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards settled (in shares)		211,845
PB PIU Grants 2022 | PB-PIUs | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards settled (in shares)	212,831

Share-Based Compensation and _4

Share-Based Compensation and Other Compensation Matters - Share-Based Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation
Share-based compensation cost	$ 10,968	$ 9,120	$ 9,637
General, administrative, leasing and other expenses
Share-Based Compensation
Share-based compensation cost	9,031	7,255	7,643
Property operating expenses
Share-Based Compensation
Share-based compensation cost	1,412	1,289	1,147
Capitalized to development activities
Share-Based Compensation
Share-based compensation cost	$ 525	$ 576	$ 847

Share-Based Compensation and _5

Share-Based Compensation and Other Compensation Matters - Restricted Share and TB-PIU Transactions Under the Entity's Share-Based Compensation Plans (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted shares
Shares
Unvested at the beginning of the period (in shares or units)	353,455	325,083	334,573
Granted (in shares or units)	184,477	220,336	186,515
Forfeited (in shares or units)	(25,152)	(39,474)	(43,420)
Vested (in shares or units)	(159,766)	(152,490)	(152,585)
Unvested at the end of the period (in shares or units)	353,014	353,455	325,083
Unvested shares that are expected to vest (in shares or units)	315,582
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share or unit)	$ 25.82	$ 26.27	$ 26.22
Granted (in dollars per share or unit)	25.58	25.38	26.50
Forfeited (in dollars per share or unit)	26.20	26.03	26.47
Vested (in dollars per share or unit)	25.85	26.09	26.39
Unvested at the end of the period (in dollars per share or unit)	25.65	$ 25.82	$ 26.27
Unvested shares that are expected to vest (in dollars per share or unit)	$ 25.61
TB- PIUs
Shares
Unvested at the beginning of the period (in shares or units)	194,415	187,330	163,073
Granted (in shares or units)	127,795	123,900	101,966
Forfeited (in shares or units)		(27,182)
Vested (in shares or units)	(98,271)	(89,633)	(77,709)
Unvested at the end of the period (in shares or units)	223,939	194,415	187,330
Unvested shares that are expected to vest (in shares or units)	222,554
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period (in dollars per share or unit)	$ 25.76	$ 26.19	$ 25.99
Granted (in dollars per share or unit)	24.57	25.40	26.39
Forfeited (in dollars per share or unit)		26.46
Vested (in dollars per share or unit)	25.63	25.95	26.04
Unvested at the end of the period (in dollars per share or unit)	25.14	$ 25.76	$ 26.19
Unvested shares that are expected to vest (in dollars per share or unit)	$ 25.14

Share-Based Compensation and _6

Share-Based Compensation and Other Compensation Matters - Grants to Senior Management (Details) - PB-PIUs - USD ($) $ in Thousands						12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2022	Jan. 01, 2021	Jan. 01, 2020	Dec. 31, 2024
PB PIU Grants 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares or units)					176,758
Grant Date Fair Value					$ 2,891
Unvested at the end of the period (in shares or units)						0
PB PIU Grants 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares or units)				227,544
Grant Date Fair Value				$ 3,417
Unvested at the end of the period (in shares or units)						0
PB PIU Grants 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares or units)			231,838
Grant Date Fair Value			$ 3,810
Unvested at the end of the period (in shares or units)						192,996
PB PIU Grants 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares or units)		275,402
Grant Date Fair Value		$ 4,343
Unvested at the end of the period (in shares or units)						225,590
PB PIU Grants 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted (in shares or units)	299,766
Grant Date Fair Value	$ 5,405
Unvested at the end of the period (in shares or units)						299,766

Share-Based Compensation and _7

Share-Based Compensation and Other Compensation Matters - Percentile Grant and Assumptions (Details) - PB-PIUs - $ / shares				12 Months Ended
	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2022	Dec. 31, 2024
Potential earned payout for defined levels of performance under awards
Earned PB-PIUs payout granted on 75th or greater percentile rank				100%
Earned PB-PIUs payout granted on 50th percentile rank				50%
Earned PB-PIUs payout granted on 25th percentile rank				25%
Earned PB-PIUs payout granted on percentile rank below 25th				0%
PB PIU Grants 2022
Assumptions used to value stock awards
Baseline Common Share Value (in dollars per share)			$ 27.97
Expected Volatility of Common Shares			31.70%
Risk-free Interest Rate			0.98%
PB PIU Grants 2022 | Target Level
Assumptions used to value stock awards
Grant date fair value (in dollars per share or unit)			$ 32.87
PB PIU Grants 2023
Assumptions used to value stock awards
Baseline Common Share Value (in dollars per share)		$ 25.94
Expected Volatility of Common Shares		35%
Risk-free Interest Rate		4.28%
PB PIU Grants 2023 | Target Level
Assumptions used to value stock awards
Grant date fair value (in dollars per share or unit)		$ 31.54
PB PIU Grants 2024
Assumptions used to value stock awards
Baseline Common Share Value (in dollars per share)	$ 25.63
Expected Volatility of Common Shares	25.90%
Risk-free Interest Rate	4.13%
PB PIU Grants 2024 | Target Level
Assumptions used to value stock awards
Grant date fair value (in dollars per share or unit)	$ 36.06

Share-Based Compensation and _8

Share-Based Compensation and Other Compensation Matters - Deferred Share Awards (Details) - Deferred Share Awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Deferred Share Awards Granted (in shares)	8,796	9,046	6,771
Aggregate Grant Date Fair Value	$ 217	$ 215	$ 166
Grant Date Fair Value Per Award (in dollars per share or unit)	$ 24.66	$ 23.75	$ 24.50

Information by Business Segme_3

Information by Business Segment - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unconsolidated Real Estate Joint Ventures Owning Operating Properties | Defense/IT Portfolio | Data Center Shells
Segment financial information for real estate operations
Carrying values of investments in UJVs owning operating properties, net of deficit investment balances	$ 36	$ 38.3	$ 20

Information by Business Segme_4

Information by Business Segment - Segment Financial Information for Our Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment financial information for real estate operations
Revenues from real estate operations	$ 753,267	$ 684,982	$ 739,030
Other segment items:
Property operating expenses	(266,001)	(247,385)	(227,430)
UJV NOI allocable to COPT Defense	7,217	6,659	4,327
Assets	4,254,191	4,246,966
Reportable segments
Segment financial information for real estate operations
Revenues from real estate operations	677,717	624,803	586,378
Other segment items:
Property operating expenses	(266,001)	(247,385)	(228,401)
UJV NOI allocable to COPT Defense	7,217	6,659	4,327
Total other segment items	(258,784)	(240,726)	(224,074)
NOI	418,933	384,077	362,304
Additions to long-lived assets	145,785	117,628	104,526
Transfers from non-operating properties	136,930	275,808	418,420
Assets	3,710,647	3,586,539	3,707,811
Reportable segments | Defense/IT Portfolio
Segment financial information for real estate operations
Revenues from real estate operations	607,417	552,941	517,755
Other segment items:
Property operating expenses	(225,811)	(204,462)	(190,636)
UJV NOI allocable to COPT Defense	7,217	6,659	4,327
Total other segment items	(218,594)	(197,803)	(186,309)
NOI	388,823	355,138	331,446
Additions to long-lived assets	125,707	100,401	66,751
Transfers from non-operating properties	131,474	273,137	417,716
Assets	3,391,997	3,273,811	3,153,948
Reportable segments | Defense/IT Portfolio | Fort Meade/BW Corridor
Segment financial information for real estate operations
Revenues from real estate operations	314,411	290,061	273,790
Other segment items:
Property operating expenses	(107,128)	(99,788)	(97,727)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(107,128)	(99,788)	(97,727)
NOI	207,283	190,273	176,063
Additions to long-lived assets	64,023	54,564	48,443
Transfers from non-operating properties	3,910	64,264	69,771
Assets	1,445,236	1,446,164	1,387,517
Reportable segments | Defense/IT Portfolio | NoVA Defense/IT
Segment financial information for real estate operations
Revenues from real estate operations	86,034	80,413	73,985
Other segment items:
Property operating expenses	(36,059)	(31,593)	(26,635)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(36,059)	(31,593)	(26,635)
NOI	49,975	48,820	47,350
Additions to long-lived assets	27,205	19,041	11,102
Transfers from non-operating properties	1,016	4,136	1,882
Assets	494,881	490,104	488,277
Reportable segments | Defense/IT Portfolio | Lackland Air Force Base
Segment financial information for real estate operations
Revenues from real estate operations	67,837	67,254	62,911
Other segment items:
Property operating expenses	(37,169)	(36,616)	(32,301)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(37,169)	(36,616)	(32,301)
NOI	30,668	30,638	30,610
Additions to long-lived assets	17,098	62	0
Transfers from non-operating properties	10	166	1,290
Assets	199,166	188,847	194,481
Reportable segments | Defense/IT Portfolio | Navy Support
Segment financial information for real estate operations
Revenues from real estate operations	32,628	32,638	32,754
Other segment items:
Property operating expenses	(15,146)	(14,614)	(14,001)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(15,146)	(14,614)	(14,001)
NOI	17,482	18,024	18,753
Additions to long-lived assets	10,128	5,785	3,801
Transfers from non-operating properties	352	2,651	6,420
Assets	162,855	163,818	169,119
Reportable segments | Defense/IT Portfolio | Redstone Arsenal
Segment financial information for real estate operations
Revenues from real estate operations	69,317	55,131	38,593
Other segment items:
Property operating expenses	(24,185)	(19,148)	(15,600)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(24,185)	(19,148)	(15,600)
NOI	45,132	35,983	22,993
Additions to long-lived assets	7,253	20,949	3,405
Transfers from non-operating properties	60,872	86,868	158,831
Assets	601,430	554,803	453,543
Reportable segments | Defense/IT Portfolio | Data Center Shells
Segment financial information for real estate operations
Revenues from real estate operations	37,190	27,444	35,722
Other segment items:
Property operating expenses	(6,124)	(2,703)	(4,372)
UJV NOI allocable to COPT Defense	7,217	6,659	4,327
Total other segment items	1,093	3,956	(45)
NOI	38,283	31,400	35,677
Additions to long-lived assets	0	0	0
Transfers from non-operating properties	65,314	115,052	179,522
Assets	488,429	430,075	461,011
Reportable segments | Other
Segment financial information for real estate operations
Revenues from real estate operations	70,300	71,862	68,623
Other segment items:
Property operating expenses	(40,190)	(42,923)	(37,765)
UJV NOI allocable to COPT Defense	0	0	0
Total other segment items	(40,190)	(42,923)	(37,765)
NOI	30,110	28,939	30,858
Additions to long-lived assets	20,078	17,227	37,775
Transfers from non-operating properties	5,456	2,671	704
Assets	$ 318,650	$ 312,728	$ 553,863

Information by Business Segme_5

Information by Business Segment - Reconciliation of Segment Revenues to Total Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of segment revenues to total revenues
Total revenues	$ 753,267	$ 684,982	$ 739,030
Discontinued operations
Reconciliation of segment revenues to total revenues
Total revenues	0	0	1,980
Reportable segments
Reconciliation of segment revenues to total revenues
Total revenues	677,717	624,803	586,378
Service operations
Reconciliation of segment revenues to total revenues
Total revenues	$ 75,550	$ 60,179	$ 154,632

Information by Business Segme_6

Information by Business Segment - Reconciliation of Segment Property Operating Expenses to Property Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating expenses
Property operating expenses	$ 266,001	$ 247,385	$ 227,430
Discontinued operations
Operating expenses
Property operating expenses	0	0	971
Reportable segments
Operating expenses
Property operating expenses	$ 266,001	$ 247,385	$ 228,401

Information by Business Segme_7

Information by Business Segment - Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income (Loss) of Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment financial information for real estate operations
UJV NOI allocable to COPT Defense	$ 7,217	$ 6,659	$ 4,327
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt	(6,820)	(6,917)	(3,145)
Add: Equity in (loss) income of unconsolidated non-real estate entities	0	(3)	561
Equity in income (loss) of unconsolidated entities	397	(261)	1,743
Reportable segments
Segment financial information for real estate operations
UJV NOI allocable to COPT Defense	$ 7,217	$ 6,659	$ 4,327

Information by Business Segme_8

Information by Business Segment - Computation of NOI from Service Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Computation of net operating income from service operations
Revenues	$ 753,267	$ 684,982	$ 739,030
Construction contract and other service expenses	(73,265)	(57,416)	(149,963)
Service operations
Computation of net operating income from service operations
Revenues	75,550	60,179	154,632
Construction contract and other service expenses	(73,265)	(57,416)	(149,963)
NOI	$ 2,285	$ 2,763	$ 4,669

Information by Business Segme_9

Information by Business Segment - NOI Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment financial information for real estate operations
Depreciation and other amortization associated with real estate operations	$ (153,640)	$ (148,950)	$ (141,230)
Impairment losses	0	(252,797)	0
General, administrative, leasing and other expenses	(47,038)	(42,769)	(38,991)
Interest expense	(82,151)	(71,142)	(61,174)
Interest and other income, net	12,661	12,587	9,070
Gain on sales of real estate	0	49,392	19,250
Loss on early extinguishment of debt	0	0	(609)
Equity in income (loss) of unconsolidated entities	397	(261)	1,743
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities	(7,217)	(6,659)	(4,327)
Income tax expense	(288)	(588)	(447)
Revenues	753,267	684,982	739,030
Property operating expenses	266,001	247,385	227,430
Income (loss) from continuing operations	143,942	(74,347)	149,249
Discontinued operations
Segment financial information for real estate operations
Revenues	0	0	1,980
Property operating expenses	0	0	971
Reportable segments
Segment financial information for real estate operations
NOI	418,933	384,077	362,304
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities	(7,217)	(6,659)	(4,327)
Revenues	677,717	624,803	586,378
Property operating expenses	266,001	247,385	228,401
Service operations
Segment financial information for real estate operations
NOI	2,285	2,763	4,669
Revenues	$ 75,550	$ 60,179	$ 154,632

Information by Business Segm_10

Information by Business Segment - Assets Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of segment assets to total assets
Total consolidated assets	$ 4,254,191	$ 4,246,966
Operating properties lease liabilities included in segment assets	49,631	34,346
Reportable segments
Reconciliation of segment assets to total assets
Total consolidated assets	3,710,647	3,586,539	$ 3,707,811
Operating properties lease liabilities included in segment assets	49,631	34,346
Reportable segments | Unconsolidated Joint Ventures With Deficit Balances
Reconciliation of segment assets to total assets
Investment in UJV deficit balance included in segment assets	3,409	2,776
Non-operating property assets
Reconciliation of segment assets to total assets
Total consolidated assets	277,147	258,299
Other assets
Reconciliation of segment assets to total assets
Total consolidated assets	$ 213,357	$ 365,006

Construction Contract and Oth_3

Construction Contract and Other Service Revenues - Construction Contract and Other Service Revenues by Compensation Arrangement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Construction contract and other service revenues	$ 75,550	$ 60,179	$ 154,632
FFP
Disaggregation of Revenue [Line Items]
Construction contract and other service revenues	36,073	30,846	15,119
GMP
Disaggregation of Revenue [Line Items]
Construction contract and other service revenues	32,002	18,178	129,149
Cost-plus fee
Disaggregation of Revenue [Line Items]
Construction contract and other service revenues	5,875	9,843	8,320
Other
Disaggregation of Revenue [Line Items]
Construction contract and other service revenues	$ 1,600	$ 1,312	$ 2,044

Construction Contract and Oth_4

Construction Contract and Other Service Revenues - Percentage of Revenue (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Construction contract revenue | Revenue from Contract with Customer Benchmark | Concentration risk | United States Government
Concentration Risk [Line Items]
Percentage of revenue	98%	88%	90%

Construction Contract and Oth_5

Construction Contract and Other Service Revenues - Accounts Receivable, Contract Asset and Contract Liability (Details) - Construction contract revenue - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Change in Accounts Receivable
Beginning balance	$ 10,500	$ 7,618
Ending balance	8,828	10,500
Change in Contract with Customer, Asset
Beginning balance	15,086	22,331
Ending balance	17,050	15,086
Change in Contract with Customer, Liability
Beginning balance	4,176	2,867
Ending balance	2,016	4,176
Portion of beginning balance recognized in revenue during the year	$ 2,290	$ 326

Construction Contract and Oth_6

Construction Contract and Other Service Revenues - Narrative (Details) - Construction contract revenue - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligations		$ 34,500,000
Deferred incremental costs		$ 0	$ 0
Credit loss (recoveries) expense	$ (740,000)

Credit Losses on Financial As_3

Credit Losses on Financial Assets and Other Instruments - Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Credit Losses, Financial Assets and Other Instruments [Roll Forward]
Beginning balance	$ 3,196	$ 3,840	$ 3,569
Net credit loss expense (recoveries)	383	(611)	271
Write-offs	(97)	(33)
Ending balance	3,482	3,196	3,840
Other Assets
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	153	268	913
Net credit loss expense (recoveries)	(78)	(115)	(645)
Write-offs	0	0
Ending balance	75	153	268
Credit Losses, Financial Assets and Other Instruments [Roll Forward]
Accounts receivable, allowance for credit loss	75	153	268
Other Assets | Accounts Receivable, Net
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	87
Ending balance	60	87
Credit Losses, Financial Assets and Other Instruments [Roll Forward]
Accounts receivable, allowance for credit loss	60	87
Other Assets | Prepaid Expenses and Other Assets, Net
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	66
Ending balance	15	66
Credit Losses, Financial Assets and Other Instruments [Roll Forward]
Accounts receivable, allowance for credit loss	15	66
Investing Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,377	2,794	1,599
Net credit loss expense (recoveries)	415	(417)	1,195
Write-offs	0	0
Ending balance	2,792	2,377	2,794
Tenant notes receivable:
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	666	778	1,057
Net credit loss expense (recoveries)	46	(79)	(279)
Write-offs	(97)	(33)
Ending balance	$ 615	$ 666	$ 778

Credit Losses on Financial As_4

Credit Losses on Financial Assets and Other Instruments - Credit Risk Classification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investing Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	$ 54,997
2020	2,719
2021	10,878
2022	3,231
2023	647
2024	0
Total	72,472	$ 83,889
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
Total	0	0
Investing Receivables | Investment grade
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	54,997
2020	2,719
2021	10,878
2022	0
2023	647
2024	0
Total	69,241
Investing Receivables | Non-investment grade
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	0
2020	0
2021	0
2022	3,231
2023	0
2024	0
Total	3,231
Tenant notes receivable:
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	577
2020	1,346
2021	0
2022	0
2023	0
2024	425
Total	2,348
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]
2019 and Earlier	97
2020	0
2021	0
2022	0
2023	0
2024	0
Total	97	$ 33
Tenant notes receivable: | Investment grade
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	573
2020	30
2021	0
2022	0
2023	0
2024	0
Total	603
Tenant notes receivable: | Non-investment grade
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	4
2020	1,316
2021	0
2022	0
2023	0
2024	425
Total	1,745
Sales-type lease receivable: | Investment grade
Financing Receivable, Credit Quality Indicator [Line Items]
2019 and Earlier	0
2020	4,487
2021	0
2022	0
2023	0
2024	0
Total	$ 4,487

Earnings Per Share ("EPS") - Sc

Earnings Per Share ("EPS") - Schedule of Calculation Of Numerator and Denominator in Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Income (loss) from continuing operations		$ 143,942	$ (74,347)	$ 149,249
(Income) loss from continuing operations attributable to noncontrolling interests		(5,013)	878	(5,372)
Income from continuing operations attributable to share-based compensation awards for basic EPS		(510)	(1,199)	(451)
Numerator for basic EPS from continuing operations attributable to common shareholders		138,419	(74,668)	143,426
Redeemable noncontrolling interests		0	0	(169)
Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS		89	0	78
Numerator for diluted EPS from continuing operations attributable to common shareholders		138,508	(74,668)	143,335
Discontinued operations		0	0	29,573
Discontinued operations attributable to noncontrolling interests		0	0	(421)
Income from discontinued operations attributable to share-based compensation awards for diluted EPS		0	0	(90)
Numerator for diluted EPS on net income (loss) attributable to common shareholders		$ 138,508	$ (74,668)	$ 172,397
Denominator (all weighted averages):
Denominator for basic EPS (common shares)		112,296	112,178	112,073
Dilutive effect of redeemable noncontrolling interests (in shares)		0	0	116
Dilutive effect of share-based compensation awards (in shares)		603	0	431
Denominator for diluted EPS (common shares)		112,899	112,178	112,620
Basic EPS attributable to common shareholders:
Income (loss) from continuing operations - basic (in dollars per share)	[1]	$ 1.23	$ (0.67)	$ 1.28
Discontinued operations - basic (in dollars per share)	[1]	0	0	0.26
Net income (loss) attributable to common shareholders - basic (in dollars per share)	[1]	1.23	(0.67)	1.54
Diluted EPS attributable to common shareholders:
Income (loss) from continuing operations - diluted (in dollars per share)	[1]	1.23	(0.67)	1.27
Discontinued operations - diluted (in dollars per share)		0	0	0.26
Net income (loss) attributable to common shareholders - diluted (in dollars per share)	[1]	$ 1.23	$ (0.67)	$ 1.53
[1]Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders.

Earnings Per Share ("EPS") - _2

Earnings Per Share ("EPS") - Schedule of Securities Excluded From Computation Of Diluted Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Conversion of common units
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)	1,672	1,509	1,454
Conversion of redeemable noncontrolling interests
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)	842	969	866

Earnings Per Share ("EPS") - Na

Earnings Per Share ("EPS") - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2023
5.25%, $345,000 aggregate principal | Unsecured Senior Notes
Antidilutive securities
Interest rate	5.25%			5.25%
Weighted average restricted shares and deferred shares
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)	434	416	399
Weighted average TB-PIUs
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)	223	175	187
Weighted Average Vested PIUs
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)	215	154
Weighted Average PB-PIUs
Antidilutive securities
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares)		629

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2024 USD ($) property
Commitments and Contingencies
Estimate of possible loss (up to)	$ 4.9
Environmental Indemnity Agreement
Number of lease properties which were provided environmental indemnifications | property	3
Maximum environmental indemnification to the tenant against consequential damages after acquisition of property	$ 19
Anne Arundel County, Maryland | Tax Incremental Financing Bond
Environmental Indemnity Agreement
Maximum exposure	$ 25

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation
Encumbrances	$ 69,756
Initial Cost
Land	611,802
Building and Land Improvements	3,744,901
Costs Capitalized Subsequent to Acquisition	811,116
Gross Amounts Carried At Close of Period
Land	611,802
Building and Land Improvements	4,556,017
Total	5,167,819	$ 4,903,840	$ 4,986,537	$ 4,959,709
Accumulated Depreciation	(1,537,293)	(1,400,162)	$ (1,273,448)	(1,234,908)
Additional information
Debt, net	2,391,755	2,416,287
Net discounts and deferred financing costs	23,300
Aggregate cost of assets for federal income tax purposes	$ 3,900,000
Buildings improvements | Minimum
Additional information
Estimated lives over which depreciation is recognized	10 years
Buildings improvements | Maximum
Additional information
Estimated lives over which depreciation is recognized	40 years
Revolving Credit Facility
Additional information
Debt, net	$ 75,000	75,000
Term Loan Facility
Additional information
Debt, net	124,633	$ 124,291		$ 300,000
Unsecured Senior Notes
Additional information
Debt, net	2,100,000
Unsecured notes payable
Additional information
Debt, net	251
Fixed rate mortgage loans
Additional information
Net discounts and deferred financing costs	155
100 Light Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	6,720
Building and Land Improvements	31,215
Costs Capitalized Subsequent to Acquisition	31,887
Gross Amounts Carried At Close of Period
Land	6,720
Building and Land Improvements	63,102
Total	69,822
Accumulated Depreciation	(39,347)
100 Secured Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	71,180
Costs Capitalized Subsequent to Acquisition	108
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	71,288
Total	71,288
Accumulated Depreciation	(7,700)
1000 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	20,533
Costs Capitalized Subsequent to Acquisition	241
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	20,774
Total	20,774
Accumulated Depreciation	(6,092)
1100 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	19,593
Costs Capitalized Subsequent to Acquisition	4,359
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	23,952
Total	23,952
Accumulated Depreciation	(5,701)
114 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	364
Building and Land Improvements	3,109
Costs Capitalized Subsequent to Acquisition	427
Gross Amounts Carried At Close of Period
Land	364
Building and Land Improvements	3,536
Total	3,900
Accumulated Depreciation	(1,985)
1200 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	22,389
Costs Capitalized Subsequent to Acquisition	11,794
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	34,183
Total	34,183
Accumulated Depreciation	(7,987)
1201 M Street SE
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	49,775
Costs Capitalized Subsequent to Acquisition	11,615
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	61,390
Total	61,390
Accumulated Depreciation	(27,471)
1201 Winterson Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,130
Building and Land Improvements	17,769
Costs Capitalized Subsequent to Acquisition	1,197
Gross Amounts Carried At Close of Period
Land	2,130
Building and Land Improvements	18,966
Total	21,096
Accumulated Depreciation	(7,305)
1220 12th Street, SE
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	42,464
Costs Capitalized Subsequent to Acquisition	11,996
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	54,460
Total	54,460
Accumulated Depreciation	(25,127)
1243 Winterson Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	630
Building and Land Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	630
Building and Land Improvements	0
Total	630
Accumulated Depreciation	0
131 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,906
Building and Land Improvements	7,623
Costs Capitalized Subsequent to Acquisition	6,876
Gross Amounts Carried At Close of Period
Land	1,906
Building and Land Improvements	14,499
Total	16,405
Accumulated Depreciation	(10,092)
132 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,917
Building and Land Improvements	12,259
Costs Capitalized Subsequent to Acquisition	4,996
Gross Amounts Carried At Close of Period
Land	2,917
Building and Land Improvements	17,255
Total	20,172
Accumulated Depreciation	(12,210)
133 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,517
Building and Land Improvements	10,068
Costs Capitalized Subsequent to Acquisition	7,034
Gross Amounts Carried At Close of Period
Land	2,517
Building and Land Improvements	17,102
Total	19,619
Accumulated Depreciation	(12,476)
134 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,684
Building and Land Improvements	7,517
Costs Capitalized Subsequent to Acquisition	5,924
Gross Amounts Carried At Close of Period
Land	3,684
Building and Land Improvements	13,441
Total	17,125
Accumulated Depreciation	(10,100)
1340 Ashton Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	905
Building and Land Improvements	3,620
Costs Capitalized Subsequent to Acquisition	2,743
Gross Amounts Carried At Close of Period
Land	905
Building and Land Improvements	6,363
Total	7,268
Accumulated Depreciation	(4,066)
13450 Sunrise Valley Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,386
Building and Land Improvements	5,576
Costs Capitalized Subsequent to Acquisition	8,433
Gross Amounts Carried At Close of Period
Land	1,386
Building and Land Improvements	14,009
Total	15,395
Accumulated Depreciation	(7,632)
13454 Sunrise Valley Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,847
Building and Land Improvements	11,986
Costs Capitalized Subsequent to Acquisition	14,962
Gross Amounts Carried At Close of Period
Land	2,847
Building and Land Improvements	26,948
Total	29,795
Accumulated Depreciation	(15,830)
135 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,484
Building and Land Improvements	9,750
Costs Capitalized Subsequent to Acquisition	7,302
Gross Amounts Carried At Close of Period
Land	2,484
Building and Land Improvements	17,052
Total	19,536
Accumulated Depreciation	(12,646)
1362 Mellon Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	950
Building and Land Improvements	3,864
Costs Capitalized Subsequent to Acquisition	3,389
Gross Amounts Carried At Close of Period
Land	950
Building and Land Improvements	7,253
Total	8,203
Accumulated Depreciation	(2,606)
13857 McLearen Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,507
Building and Land Improvements	30,177
Costs Capitalized Subsequent to Acquisition	6,413
Gross Amounts Carried At Close of Period
Land	3,507
Building and Land Improvements	36,590
Total	40,097
Accumulated Depreciation	(17,042)
140 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,407
Building and Land Improvements	24,167
Costs Capitalized Subsequent to Acquisition	2,995
Gross Amounts Carried At Close of Period
Land	3,407
Building and Land Improvements	27,162
Total	30,569
Accumulated Depreciation	(13,892)
141 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,398
Building and Land Improvements	9,538
Costs Capitalized Subsequent to Acquisition	7,169
Gross Amounts Carried At Close of Period
Land	2,398
Building and Land Improvements	16,707
Total	19,105
Accumulated Depreciation	(10,822)
14280 Park Meadow Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,731
Building and Land Improvements	15,953
Costs Capitalized Subsequent to Acquisition	7,395
Gross Amounts Carried At Close of Period
Land	3,731
Building and Land Improvements	23,348
Total	27,079
Accumulated Depreciation	(13,205)
1460 Dorsey Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,577
Building and Land Improvements	187
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	1,577
Building and Land Improvements	187
Total	1,764
Accumulated Depreciation	0
14840 Conference Center Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,572
Building and Land Improvements	8,175
Costs Capitalized Subsequent to Acquisition	5,813
Gross Amounts Carried At Close of Period
Land	1,572
Building and Land Improvements	13,988
Total	15,560
Accumulated Depreciation	(9,477)
14850 Conference Center Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,615
Building and Land Improvements	8,358
Costs Capitalized Subsequent to Acquisition	8,355
Gross Amounts Carried At Close of Period
Land	1,615
Building and Land Improvements	16,713
Total	18,328
Accumulated Depreciation	(9,584)
14900 Conference Center Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,436
Building and Land Improvements	14,402
Costs Capitalized Subsequent to Acquisition	10,714
Gross Amounts Carried At Close of Period
Land	3,436
Building and Land Improvements	25,116
Total	28,552
Accumulated Depreciation	(16,346)
1501 South Clinton Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	13,137
Building and Land Improvements	20,753
Costs Capitalized Subsequent to Acquisition	47,566
Gross Amounts Carried At Close of Period
Land	13,137
Building and Land Improvements	68,319
Total	81,456
Accumulated Depreciation	(40,781)
15049 Conference Center Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,415
Building and Land Improvements	20,365
Costs Capitalized Subsequent to Acquisition	18,568
Gross Amounts Carried At Close of Period
Land	4,415
Building and Land Improvements	38,933
Total	43,348
Accumulated Depreciation	(26,087)
15059 Conference Center Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	5,753
Building and Land Improvements	13,615
Costs Capitalized Subsequent to Acquisition	9,591
Gross Amounts Carried At Close of Period
Land	5,753
Building and Land Improvements	23,206
Total	28,959
Accumulated Depreciation	(13,122)
1550 West Nursery Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	14,071
Building and Land Improvements	16,930
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	14,071
Building and Land Improvements	16,930
Total	31,001
Accumulated Depreciation	(7,783)
1560 West Nursery Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,441
Building and Land Improvements	113
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	1,441
Building and Land Improvements	113
Total	1,554
Accumulated Depreciation	(30)
1610 West Nursery Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	259
Building and Land Improvements	246
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	259
Building and Land Improvements	246
Total	505
Accumulated Depreciation	(48)
1616 West Nursery Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	393
Building and Land Improvements	3,323
Costs Capitalized Subsequent to Acquisition	75
Gross Amounts Carried At Close of Period
Land	393
Building and Land Improvements	3,398
Total	3,791
Accumulated Depreciation	(629)
1622 West Nursery Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	393
Building and Land Improvements	2,542
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	393
Building and Land Improvements	2,542
Total	2,935
Accumulated Depreciation	(500)
16442 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	613
Building and Land Improvements	2,582
Costs Capitalized Subsequent to Acquisition	1,143
Gross Amounts Carried At Close of Period
Land	613
Building and Land Improvements	3,725
Total	4,338
Accumulated Depreciation	(2,358)
16480 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,856
Building and Land Improvements	7,425
Costs Capitalized Subsequent to Acquisition	3,736
Gross Amounts Carried At Close of Period
Land	1,856
Building and Land Improvements	11,161
Total	13,017
Accumulated Depreciation	(6,049)
16501 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	522
Building and Land Improvements	2,090
Costs Capitalized Subsequent to Acquisition	1,674
Gross Amounts Carried At Close of Period
Land	522
Building and Land Improvements	3,764
Total	4,286
Accumulated Depreciation	(1,924)
16539 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	688
Building and Land Improvements	2,860
Costs Capitalized Subsequent to Acquisition	2,481
Gross Amounts Carried At Close of Period
Land	688
Building and Land Improvements	5,341
Total	6,029
Accumulated Depreciation	(3,442)
16541 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	773
Building and Land Improvements	3,094
Costs Capitalized Subsequent to Acquisition	2,715
Gross Amounts Carried At Close of Period
Land	773
Building and Land Improvements	5,809
Total	6,582
Accumulated Depreciation	(3,801)
16543 Commerce Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	436
Building and Land Improvements	1,742
Costs Capitalized Subsequent to Acquisition	906
Gross Amounts Carried At Close of Period
Land	436
Building and Land Improvements	2,648
Total	3,084
Accumulated Depreciation	(1,632)
1751 Pinnacle Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,762
Building and Land Improvements	26,046
Costs Capitalized Subsequent to Acquisition	34,717
Gross Amounts Carried At Close of Period
Land	4,762
Building and Land Improvements	60,763
Total	65,525
Accumulated Depreciation	(50,069)
1753 Pinnacle Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,729
Building and Land Improvements	21,500
Costs Capitalized Subsequent to Acquisition	28,740
Gross Amounts Carried At Close of Period
Land	3,729
Building and Land Improvements	50,240
Total	53,969
Accumulated Depreciation	(35,257)
206 Research Boulevard
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	0
Total	0
Accumulated Depreciation	0
209 Research Boulevard
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	134
Building and Land Improvements	1,711
Costs Capitalized Subsequent to Acquisition	895
Gross Amounts Carried At Close of Period
Land	134
Building and Land Improvements	2,606
Total	2,740
Accumulated Depreciation	(1,016)
210 Research Boulevard
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	113
Building and Land Improvements	1,402
Costs Capitalized Subsequent to Acquisition	593
Gross Amounts Carried At Close of Period
Land	113
Building and Land Improvements	1,995
Total	2,108
Accumulated Depreciation	(813)
2100 L Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	41,935
Building and Land Improvements	74,965
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	41,935
Building and Land Improvements	74,965
Total	116,900
Accumulated Depreciation	(8,426)
2100 Rideout Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	7,336
Costs Capitalized Subsequent to Acquisition	3,583
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	10,919
Total	10,919
Accumulated Depreciation	(3,759)
22289 Exploration Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,422
Building and Land Improvements	5,719
Costs Capitalized Subsequent to Acquisition	2,657
Gross Amounts Carried At Close of Period
Land	1,422
Building and Land Improvements	8,376
Total	9,798
Accumulated Depreciation	(5,120)
22299 Exploration Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,278
Building and Land Improvements	5,791
Costs Capitalized Subsequent to Acquisition	3,085
Gross Amounts Carried At Close of Period
Land	1,278
Building and Land Improvements	8,876
Total	10,154
Accumulated Depreciation	(5,966)
22300 Exploration Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,094
Building and Land Improvements	5,038
Costs Capitalized Subsequent to Acquisition	3,061
Gross Amounts Carried At Close of Period
Land	1,094
Building and Land Improvements	8,099
Total	9,193
Accumulated Depreciation	(5,307)
22309 Exploration Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,160
Building and Land Improvements	10,419
Costs Capitalized Subsequent to Acquisition	12,011
Gross Amounts Carried At Close of Period
Land	2,160
Building and Land Improvements	22,430
Total	24,590
Accumulated Depreciation	(11,076)
23535 Cottonwood Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	692
Building and Land Improvements	3,051
Costs Capitalized Subsequent to Acquisition	706
Gross Amounts Carried At Close of Period
Land	692
Building and Land Improvements	3,757
Total	4,449
Accumulated Depreciation	(2,690)
250 W Pratt St
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,704
Building and Land Improvements	21,487
Costs Capitalized Subsequent to Acquisition	23,603
Gross Amounts Carried At Close of Period
Land	4,704
Building and Land Improvements	45,090
Total	49,794
Accumulated Depreciation	(27,845)
2600 Park Tower Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	20,263
Building and Land Improvements	34,443
Costs Capitalized Subsequent to Acquisition	17,535
Gross Amounts Carried At Close of Period
Land	20,263
Building and Land Improvements	51,978
Total	72,241
Accumulated Depreciation	(13,133)
2691 Technology Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,098
Building and Land Improvements	17,334
Costs Capitalized Subsequent to Acquisition	9,191
Gross Amounts Carried At Close of Period
Land	2,098
Building and Land Improvements	26,525
Total	28,623
Accumulated Depreciation	(14,958)
2701 Technology Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,737
Building and Land Improvements	15,266
Costs Capitalized Subsequent to Acquisition	8,523
Gross Amounts Carried At Close of Period
Land	1,737
Building and Land Improvements	23,789
Total	25,526
Accumulated Depreciation	(15,503)
2711 Technology Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,251
Building and Land Improvements	21,611
Costs Capitalized Subsequent to Acquisition	7,198
Gross Amounts Carried At Close of Period
Land	2,251
Building and Land Improvements	28,809
Total	31,060
Accumulated Depreciation	(17,607)
2720 Technology Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,863
Building and Land Improvements	29,272
Costs Capitalized Subsequent to Acquisition	3,257
Gross Amounts Carried At Close of Period
Land	3,863
Building and Land Improvements	32,529
Total	36,392
Accumulated Depreciation	(17,427)
2721 Technology Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,611
Building and Land Improvements	14,597
Costs Capitalized Subsequent to Acquisition	5,706
Gross Amounts Carried At Close of Period
Land	4,611
Building and Land Improvements	20,303
Total	24,914
Accumulated Depreciation	(12,575)
2730 Hercules Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	8,737
Building and Land Improvements	31,612
Costs Capitalized Subsequent to Acquisition	10,659
Gross Amounts Carried At Close of Period
Land	8,737
Building and Land Improvements	42,271
Total	51,008
Accumulated Depreciation	(27,592)
30 Light Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	2,501
Costs Capitalized Subsequent to Acquisition	762
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	3,263
Total	3,263
Accumulated Depreciation	(3,093)
300 Secured Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	64,356
Costs Capitalized Subsequent to Acquisition	32
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	64,388
Total	64,388
Accumulated Depreciation	(1,986)
300 Sentinel Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,517
Building and Land Improvements	59,165
Costs Capitalized Subsequent to Acquisition	3,702
Gross Amounts Carried At Close of Period
Land	1,517
Building and Land Improvements	62,867
Total	64,384
Accumulated Depreciation	(24,050)
302 Sentinel Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,648
Building and Land Improvements	29,687
Costs Capitalized Subsequent to Acquisition	8,015
Gross Amounts Carried At Close of Period
Land	2,648
Building and Land Improvements	37,702
Total	40,350
Accumulated Depreciation	(15,247)
304 Sentinel Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,411
Building and Land Improvements	24,917
Costs Capitalized Subsequent to Acquisition	5,353
Gross Amounts Carried At Close of Period
Land	3,411
Building and Land Improvements	30,270
Total	33,681
Accumulated Depreciation	(15,864)
306 Sentinel Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,260
Building and Land Improvements	22,592
Costs Capitalized Subsequent to Acquisition	3,901
Gross Amounts Carried At Close of Period
Land	3,260
Building and Land Improvements	26,493
Total	29,753
Accumulated Depreciation	(12,963)
308 Sentinel Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,422
Building and Land Improvements	26,208
Costs Capitalized Subsequent to Acquisition	2,365
Gross Amounts Carried At Close of Period
Land	1,422
Building and Land Improvements	28,573
Total	29,995
Accumulated Depreciation	(10,521)
310 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,372
Building and Land Improvements	50,750
Costs Capitalized Subsequent to Acquisition	706
Gross Amounts Carried At Close of Period
Land	2,372
Building and Land Improvements	51,456
Total	53,828
Accumulated Depreciation	(9,550)
310 The Bridge Street
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	261
Building and Land Improvements	26,530
Costs Capitalized Subsequent to Acquisition	7,230
Gross Amounts Carried At Close of Period
Land	261
Building and Land Improvements	33,760
Total	34,021
Accumulated Depreciation	(15,607)
312 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,138
Building and Land Improvements	27,797
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	3,138
Building and Land Improvements	27,797
Total	30,935
Accumulated Depreciation	(7,169)
314 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,254
Building and Land Improvements	7,741
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	1,254
Building and Land Improvements	7,741
Total	8,995
Accumulated Depreciation	(2,180)
316 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,748
Building and Land Improvements	38,156
Costs Capitalized Subsequent to Acquisition	279
Gross Amounts Carried At Close of Period
Land	2,748
Building and Land Improvements	38,435
Total	41,183
Accumulated Depreciation	(12,332)
318 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,185
Building and Land Improvements	28,426
Costs Capitalized Subsequent to Acquisition	568
Gross Amounts Carried At Close of Period
Land	2,185
Building and Land Improvements	28,994
Total	31,179
Accumulated Depreciation	(13,784)
320 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,067
Building and Land Improvements	21,623
Costs Capitalized Subsequent to Acquisition	156
Gross Amounts Carried At Close of Period
Land	2,067
Building and Land Improvements	21,779
Total	23,846
Accumulated Depreciation	(9,301)
322 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,605
Building and Land Improvements	22,827
Costs Capitalized Subsequent to Acquisition	1,901
Gross Amounts Carried At Close of Period
Land	2,605
Building and Land Improvements	24,728
Total	27,333
Accumulated Depreciation	(11,611)
324 Sentinel Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,656
Building and Land Improvements	23,018
Costs Capitalized Subsequent to Acquisition	62
Gross Amounts Carried At Close of Period
Land	1,656
Building and Land Improvements	23,080
Total	24,736
Accumulated Depreciation	(8,271)
340th Trail
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	32,852
Building and Land Improvements	419
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	32,852
Building and Land Improvements	419
Total	33,271
Accumulated Depreciation	0
3900 Rogers Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,932
Building and Land Improvements	14,101
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	2,932
Building and Land Improvements	14,101
Total	17,033
Accumulated Depreciation	(88)
400 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	41,547
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	41,547
Total	41,547
Accumulated Depreciation	0
4000 Market Street
Real Estate and Accumulated Depreciation
Encumbrances	5,835
Initial Cost
Land	0
Building and Land Improvements	9,198
Costs Capitalized Subsequent to Acquisition	2,162
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	11,360
Total	11,360
Accumulated Depreciation	(1,666)
410 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,831
Building and Land Improvements	23,257
Costs Capitalized Subsequent to Acquisition	2,997
Gross Amounts Carried At Close of Period
Land	1,831
Building and Land Improvements	26,254
Total	28,085
Accumulated Depreciation	(9,010)
4100 Market Street
Real Estate and Accumulated Depreciation
Encumbrances	5,080
Initial Cost
Land	0
Building and Land Improvements	8,046
Costs Capitalized Subsequent to Acquisition	26
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	8,072
Total	8,072
Accumulated Depreciation	(1,118)
420 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,370
Building and Land Improvements	31,607
Costs Capitalized Subsequent to Acquisition	4,364
Gross Amounts Carried At Close of Period
Land	2,370
Building and Land Improvements	35,971
Total	38,341
Accumulated Depreciation	(8,289)
430 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,852
Building and Land Improvements	21,563
Costs Capitalized Subsequent to Acquisition	4,562
Gross Amounts Carried At Close of Period
Land	1,852
Building and Land Improvements	26,125
Total	27,977
Accumulated Depreciation	(8,672)
44408 Pecan Court
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	817
Building and Land Improvements	1,583
Costs Capitalized Subsequent to Acquisition	1,861
Gross Amounts Carried At Close of Period
Land	817
Building and Land Improvements	3,444
Total	4,261
Accumulated Depreciation	(2,577)
44414 Pecan Court
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	405
Building and Land Improvements	1,619
Costs Capitalized Subsequent to Acquisition	1,229
Gross Amounts Carried At Close of Period
Land	405
Building and Land Improvements	2,848
Total	3,253
Accumulated Depreciation	(2,161)
44417 Pecan Court
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	434
Building and Land Improvements	3,822
Costs Capitalized Subsequent to Acquisition	315
Gross Amounts Carried At Close of Period
Land	434
Building and Land Improvements	4,137
Total	4,571
Accumulated Depreciation	(2,774)
44420 Pecan Court
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	344
Building and Land Improvements	890
Costs Capitalized Subsequent to Acquisition	418
Gross Amounts Carried At Close of Period
Land	344
Building and Land Improvements	1,308
Total	1,652
Accumulated Depreciation	(792)
44425 Pecan Court
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,309
Building and Land Improvements	3,506
Costs Capitalized Subsequent to Acquisition	2,697
Gross Amounts Carried At Close of Period
Land	1,309
Building and Land Improvements	6,203
Total	7,512
Accumulated Depreciation	(4,564)
45310 Abell House Lane
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,272
Building and Land Improvements	13,808
Costs Capitalized Subsequent to Acquisition	2,884
Gross Amounts Carried At Close of Period
Land	2,272
Building and Land Improvements	16,692
Total	18,964
Accumulated Depreciation	(5,819)
4600 River Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	27,338
Costs Capitalized Subsequent to Acquisition	123
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	27,461
Total	27,461
Accumulated Depreciation	(2,376)
46579 Expedition Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,406
Building and Land Improvements	5,796
Costs Capitalized Subsequent to Acquisition	3,016
Gross Amounts Carried At Close of Period
Land	1,406
Building and Land Improvements	8,812
Total	10,218
Accumulated Depreciation	(5,497)
46591 Expedition Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,200
Building and Land Improvements	7,199
Costs Capitalized Subsequent to Acquisition	5,164
Gross Amounts Carried At Close of Period
Land	1,200
Building and Land Improvements	12,363
Total	13,563
Accumulated Depreciation	(6,500)
4851 Stonecroft Boulevard
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,878
Building and Land Improvements	11,558
Costs Capitalized Subsequent to Acquisition	1,355
Gross Amounts Carried At Close of Period
Land	1,878
Building and Land Improvements	12,913
Total	14,791
Accumulated Depreciation	(5,991)
5300 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	19,001
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	19,001
Total	19,001
Accumulated Depreciation	(392)
540 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,035
Building and Land Improvements	35,639
Costs Capitalized Subsequent to Acquisition	41
Gross Amounts Carried At Close of Period
Land	2,035
Building and Land Improvements	35,680
Total	37,715
Accumulated Depreciation	(5,925)
550 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,678
Building and Land Improvements	44,027
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	2,678
Building and Land Improvements	44,027
Total	46,705
Accumulated Depreciation	(1,298)
5520 Research Park Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	20,072
Costs Capitalized Subsequent to Acquisition	2,376
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	22,448
Total	22,448
Accumulated Depreciation	(9,156)
5522 Research Park Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	4,550
Costs Capitalized Subsequent to Acquisition	985
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	5,535
Total	5,535
Accumulated Depreciation	(2,425)
560 National Business Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,193
Building and Land Improvements	55,484
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	2,193
Building and Land Improvements	55,484
Total	57,677
Accumulated Depreciation	(3,047)
5801 University Research Court
Real Estate and Accumulated Depreciation
Encumbrances	10,400
Initial Cost
Land	0
Building and Land Improvements	17,431
Costs Capitalized Subsequent to Acquisition	162
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	17,593
Total	17,593
Accumulated Depreciation	(3,158)
5825 University Research Court
Real Estate and Accumulated Depreciation
Encumbrances	18,067
Initial Cost
Land	0
Building and Land Improvements	22,771
Costs Capitalized Subsequent to Acquisition	3,675
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	26,446
Total	26,446
Accumulated Depreciation	(10,782)
5850 University Research Court
Real Estate and Accumulated Depreciation
Encumbrances	19,114
Initial Cost
Land	0
Building and Land Improvements	31,906
Costs Capitalized Subsequent to Acquisition	1,112
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	33,018
Total	33,018
Accumulated Depreciation	(12,415)
6000 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	8,542
Costs Capitalized Subsequent to Acquisition	35
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	8,577
Total	8,577
Accumulated Depreciation	(852)
610 Guardian Way
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	7,636
Building and Land Improvements	54,053
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	7,636
Building and Land Improvements	54,053
Total	61,689
Accumulated Depreciation	(4,263)
6200 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	51,343
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	51,343
Total	51,343
Accumulated Depreciation	(2,849)
6700 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,755
Building and Land Improvements	7,019
Costs Capitalized Subsequent to Acquisition	11,262
Gross Amounts Carried At Close of Period
Land	1,755
Building and Land Improvements	18,281
Total	20,036
Accumulated Depreciation	(11,758)
6708 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	897
Building and Land Improvements	12,693
Costs Capitalized Subsequent to Acquisition	1,624
Gross Amounts Carried At Close of Period
Land	897
Building and Land Improvements	14,317
Total	15,214
Accumulated Depreciation	(5,801)
6711 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,683
Building and Land Improvements	23,239
Costs Capitalized Subsequent to Acquisition	3,413
Gross Amounts Carried At Close of Period
Land	2,683
Building and Land Improvements	26,652
Total	29,335
Accumulated Depreciation	(12,411)
6716 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,242
Building and Land Improvements	4,969
Costs Capitalized Subsequent to Acquisition	8,321
Gross Amounts Carried At Close of Period
Land	1,242
Building and Land Improvements	13,290
Total	14,532
Accumulated Depreciation	(7,669)
6721 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,753
Building and Land Improvements	34,090
Costs Capitalized Subsequent to Acquisition	14,624
Gross Amounts Carried At Close of Period
Land	1,753
Building and Land Improvements	48,714
Total	50,467
Accumulated Depreciation	(17,021)
6724 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	449
Building and Land Improvements	5,039
Costs Capitalized Subsequent to Acquisition	2,698
Gross Amounts Carried At Close of Period
Land	449
Building and Land Improvements	7,737
Total	8,186
Accumulated Depreciation	(4,923)
6731 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,807
Building and Land Improvements	19,098
Costs Capitalized Subsequent to Acquisition	7,035
Gross Amounts Carried At Close of Period
Land	2,807
Building and Land Improvements	26,133
Total	28,940
Accumulated Depreciation	(16,920)
6740 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,424
Building and Land Improvements	4,209
Costs Capitalized Subsequent to Acquisition	10,544
Gross Amounts Carried At Close of Period
Land	1,424
Building and Land Improvements	14,753
Total	16,177
Accumulated Depreciation	(4,110)
6741 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	675
Building and Land Improvements	1,711
Costs Capitalized Subsequent to Acquisition	535
Gross Amounts Carried At Close of Period
Land	675
Building and Land Improvements	2,246
Total	2,921
Accumulated Depreciation	(855)
6750 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,263
Building and Land Improvements	12,461
Costs Capitalized Subsequent to Acquisition	6,070
Gross Amounts Carried At Close of Period
Land	1,263
Building and Land Improvements	18,531
Total	19,794
Accumulated Depreciation	(12,881)
6760 Alexander Bell Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	890
Building and Land Improvements	3,561
Costs Capitalized Subsequent to Acquisition	4,253
Gross Amounts Carried At Close of Period
Land	890
Building and Land Improvements	7,814
Total	8,704
Accumulated Depreciation	(5,817)
6841 Benjamin Franklin Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	5,429
Building and Land Improvements	2,534
Costs Capitalized Subsequent to Acquisition	1,697
Gross Amounts Carried At Close of Period
Land	5,429
Building and Land Improvements	4,231
Total	9,660
Accumulated Depreciation	(567)
6940 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,545
Building and Land Improvements	9,916
Costs Capitalized Subsequent to Acquisition	13,156
Gross Amounts Carried At Close of Period
Land	3,545
Building and Land Improvements	23,072
Total	26,617
Accumulated Depreciation	(15,179)
6950 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,596
Building and Land Improvements	28,278
Costs Capitalized Subsequent to Acquisition	3,223
Gross Amounts Carried At Close of Period
Land	3,596
Building and Land Improvements	31,501
Total	35,097
Accumulated Depreciation	(14,899)
7000 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,131
Building and Land Improvements	12,103
Costs Capitalized Subsequent to Acquisition	10,516
Gross Amounts Carried At Close of Period
Land	3,131
Building and Land Improvements	22,619
Total	25,750
Accumulated Depreciation	(14,394)
7000 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	10,036
Costs Capitalized Subsequent to Acquisition	30
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	10,066
Total	10,066
Accumulated Depreciation	(458)
7005 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,036
Building and Land Improvements	747
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	3,036
Building and Land Improvements	747
Total	3,783
Accumulated Depreciation	0
7015 Albert Einstein Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,058
Building and Land Improvements	6,093
Costs Capitalized Subsequent to Acquisition	3,560
Gross Amounts Carried At Close of Period
Land	2,058
Building and Land Improvements	9,653
Total	11,711
Accumulated Depreciation	(6,068)
7061 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	729
Building and Land Improvements	3,094
Costs Capitalized Subsequent to Acquisition	2,902
Gross Amounts Carried At Close of Period
Land	729
Building and Land Improvements	5,996
Total	6,725
Accumulated Depreciation	(4,125)
7063 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	902
Building and Land Improvements	3,684
Costs Capitalized Subsequent to Acquisition	3,707
Gross Amounts Carried At Close of Period
Land	902
Building and Land Improvements	7,391
Total	8,293
Accumulated Depreciation	(5,314)
7065 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	919
Building and Land Improvements	3,763
Costs Capitalized Subsequent to Acquisition	4,017
Gross Amounts Carried At Close of Period
Land	919
Building and Land Improvements	7,780
Total	8,699
Accumulated Depreciation	(5,221)
7067 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,829
Building and Land Improvements	11,823
Costs Capitalized Subsequent to Acquisition	10,077
Gross Amounts Carried At Close of Period
Land	1,829
Building and Land Improvements	21,900
Total	23,729
Accumulated Depreciation	(12,159)
7100 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	12,983
Costs Capitalized Subsequent to Acquisition	17
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	13,000
Total	13,000
Accumulated Depreciation	(1,164)
7125 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	20,487
Building and Land Improvements	49,926
Costs Capitalized Subsequent to Acquisition	34,620
Gross Amounts Carried At Close of Period
Land	20,487
Building and Land Improvements	84,546
Total	105,033
Accumulated Depreciation	(38,340)
7130 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,350
Building and Land Improvements	4,359
Costs Capitalized Subsequent to Acquisition	3,187
Gross Amounts Carried At Close of Period
Land	1,350
Building and Land Improvements	7,546
Total	8,896
Accumulated Depreciation	(4,927)
7134 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	704
Building and Land Improvements	4,700
Costs Capitalized Subsequent to Acquisition	837
Gross Amounts Carried At Close of Period
Land	704
Building and Land Improvements	5,537
Total	6,241
Accumulated Depreciation	(2,503)
7138 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,104
Building and Land Improvements	3,518
Costs Capitalized Subsequent to Acquisition	3,067
Gross Amounts Carried At Close of Period
Land	1,104
Building and Land Improvements	6,585
Total	7,689
Accumulated Depreciation	(4,841)
7142 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,342
Building and Land Improvements	7,148
Costs Capitalized Subsequent to Acquisition	4,236
Gross Amounts Carried At Close of Period
Land	1,342
Building and Land Improvements	11,384
Total	12,726
Accumulated Depreciation	(5,690)
7150 Columbia Gateway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,032
Building and Land Improvements	3,429
Costs Capitalized Subsequent to Acquisition	1,824
Gross Amounts Carried At Close of Period
Land	1,032
Building and Land Improvements	5,253
Total	6,285
Accumulated Depreciation	(2,620)
7150 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,821
Building and Land Improvements	4,388
Costs Capitalized Subsequent to Acquisition	16,232
Gross Amounts Carried At Close of Period
Land	1,821
Building and Land Improvements	20,620
Total	22,441
Accumulated Depreciation	(4,463)
7160 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,732
Building and Land Improvements	7,006
Costs Capitalized Subsequent to Acquisition	4,609
Gross Amounts Carried At Close of Period
Land	2,732
Building and Land Improvements	11,615
Total	14,347
Accumulated Depreciation	(6,810)
7170 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,283
Building and Land Improvements	3,096
Costs Capitalized Subsequent to Acquisition	2,624
Gross Amounts Carried At Close of Period
Land	1,283
Building and Land Improvements	5,720
Total	7,003
Accumulated Depreciation	(3,387)
7175 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,788
Building and Land Improvements	7,269
Costs Capitalized Subsequent to Acquisition	57
Gross Amounts Carried At Close of Period
Land	1,788
Building and Land Improvements	7,326
Total	9,114
Accumulated Depreciation	(2,031)
7200 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	8,348
Costs Capitalized Subsequent to Acquisition	206
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	8,554
Total	8,554
Accumulated Depreciation	(2,273)
7200 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,089
Building and Land Improvements	22,630
Costs Capitalized Subsequent to Acquisition	5,908
Gross Amounts Carried At Close of Period
Land	4,089
Building and Land Improvements	28,538
Total	32,627
Accumulated Depreciation	(15,880)
7205 Riverwood Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,367
Building and Land Improvements	21,419
Costs Capitalized Subsequent to Acquisition	345
Gross Amounts Carried At Close of Period
Land	1,367
Building and Land Improvements	21,764
Total	23,131
Accumulated Depreciation	(6,129)
7272 Park Circle Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,479
Building and Land Improvements	6,300
Costs Capitalized Subsequent to Acquisition	5,263
Gross Amounts Carried At Close of Period
Land	1,479
Building and Land Improvements	11,563
Total	13,042
Accumulated Depreciation	(7,203)
7318 Parkway Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	972
Building and Land Improvements	3,888
Costs Capitalized Subsequent to Acquisition	2,313
Gross Amounts Carried At Close of Period
Land	972
Building and Land Improvements	6,201
Total	7,173
Accumulated Depreciation	(3,808)
7400 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	9,223
Costs Capitalized Subsequent to Acquisition	93
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	9,316
Total	9,316
Accumulated Depreciation	(2,231)
7467 Ridge Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,565
Building and Land Improvements	3,116
Costs Capitalized Subsequent to Acquisition	7,729
Gross Amounts Carried At Close of Period
Land	1,565
Building and Land Improvements	10,845
Total	12,410
Accumulated Depreciation	(6,398)
7500 Advanced Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	18,665
Costs Capitalized Subsequent to Acquisition	97
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	18,762
Total	18,762
Accumulated Depreciation	(2,138)
7600 Advanced Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	13,752
Costs Capitalized Subsequent to Acquisition	28
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	13,780
Total	13,780
Accumulated Depreciation	(1,514)
7740 Milestone Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,825
Building and Land Improvements	34,176
Costs Capitalized Subsequent to Acquisition	2,055
Gross Amounts Carried At Close of Period
Land	3,825
Building and Land Improvements	36,231
Total	40,056
Accumulated Depreciation	(13,148)
7770 Backlick Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	6,387
Building and Land Improvements	78,892
Costs Capitalized Subsequent to Acquisition	2,185
Gross Amounts Carried At Close of Period
Land	6,387
Building and Land Improvements	81,077
Total	87,464
Accumulated Depreciation	(24,179)
7880 Milestone Parkway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,857
Building and Land Improvements	27,166
Costs Capitalized Subsequent to Acquisition	1,675
Gross Amounts Carried At Close of Period
Land	4,857
Building and Land Improvements	28,841
Total	33,698
Accumulated Depreciation	(7,003)
8000 Rideout Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	28,157
Costs Capitalized Subsequent to Acquisition	203
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	28,360
Total	28,360
Accumulated Depreciation	(1,964)
8100 Rideout Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	35,591
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	35,594
Total	35,594
Accumulated Depreciation	(544)
8200 Rideout Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	45,903
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	45,906
Total	45,906
Accumulated Depreciation	(3,138)
8300 Rideout Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	52,633
Costs Capitalized Subsequent to Acquisition	6
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	52,639
Total	52,639
Accumulated Depreciation	(3,672)
8600 Advanced Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	27,314
Costs Capitalized Subsequent to Acquisition	59
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	27,373
Total	27,373
Accumulated Depreciation	(2,765)
8621 Robert Fulton Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,317
Building and Land Improvements	12,642
Costs Capitalized Subsequent to Acquisition	8,084
Gross Amounts Carried At Close of Period
Land	2,317
Building and Land Improvements	20,726
Total	23,043
Accumulated Depreciation	(11,072)
8661 Robert Fulton Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,510
Building and Land Improvements	3,764
Costs Capitalized Subsequent to Acquisition	3,443
Gross Amounts Carried At Close of Period
Land	1,510
Building and Land Improvements	7,207
Total	8,717
Accumulated Depreciation	(4,749)
8671 Robert Fulton Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,718
Building and Land Improvements	4,280
Costs Capitalized Subsequent to Acquisition	4,848
Gross Amounts Carried At Close of Period
Land	1,718
Building and Land Improvements	9,128
Total	10,846
Accumulated Depreciation	(6,173)
870 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,003
Building and Land Improvements	9,442
Costs Capitalized Subsequent to Acquisition	10,600
Gross Amounts Carried At Close of Period
Land	2,003
Building and Land Improvements	20,042
Total	22,045
Accumulated Depreciation	(14,579)
8800 Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	11,260
Initial Cost
Land	0
Building and Land Improvements	18,470
Costs Capitalized Subsequent to Acquisition	12
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	18,482
Total	18,482
Accumulated Depreciation	(2,363)
891 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,165
Building and Land Improvements	4,772
Costs Capitalized Subsequent to Acquisition	4,442
Gross Amounts Carried At Close of Period
Land	1,165
Building and Land Improvements	9,214
Total	10,379
Accumulated Depreciation	(6,534)
901 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,156
Building and Land Improvements	4,437
Costs Capitalized Subsequent to Acquisition	8,106
Gross Amounts Carried At Close of Period
Land	1,156
Building and Land Improvements	12,543
Total	13,699
Accumulated Depreciation	(7,281)
911 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,215
Building and Land Improvements	4,861
Costs Capitalized Subsequent to Acquisition	3,610
Gross Amounts Carried At Close of Period
Land	1,215
Building and Land Improvements	8,471
Total	9,686
Accumulated Depreciation	(6,123)
938 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	922
Building and Land Improvements	4,748
Costs Capitalized Subsequent to Acquisition	1,533
Gross Amounts Carried At Close of Period
Land	922
Building and Land Improvements	6,281
Total	7,203
Accumulated Depreciation	(3,990)
939 Elkridge Landing Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	939
Building and Land Improvements	3,756
Costs Capitalized Subsequent to Acquisition	8,846
Gross Amounts Carried At Close of Period
Land	939
Building and Land Improvements	12,602
Total	13,541
Accumulated Depreciation	(6,868)
9700 Advanced Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	7,021
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	7,021
Total	7,021
Accumulated Depreciation	0
Arundel Preserve
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	13,352
Building and Land Improvements	10,799
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	13,352
Building and Land Improvements	10,799
Total	24,151
Accumulated Depreciation	0
Canton Crossing Land
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	6,000
Costs Capitalized Subsequent to Acquisition	54
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	6,054
Total	6,054
Accumulated Depreciation	(54)
Canton Crossing Util Distr Ctr
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,866
Building and Land Improvements	7,271
Costs Capitalized Subsequent to Acquisition	2,371
Gross Amounts Carried At Close of Period
Land	2,866
Building and Land Improvements	9,642
Total	12,508
Accumulated Depreciation	(8,142)
Columbia Gateway - Southridge
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	6,387
Building and Land Improvements	3,725
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	6,387
Building and Land Improvements	3,725
Total	10,112
Accumulated Depreciation	0
Dahlgren Technology Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	978
Building and Land Improvements	178
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	978
Building and Land Improvements	178
Total	1,156
Accumulated Depreciation	0
Expedition VII
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	705
Building and Land Improvements	8,677
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	705
Building and Land Improvements	8,677
Total	9,382
Accumulated Depreciation	(542)
M Square Research Park
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	3,254
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	3,254
Total	3,254
Accumulated Depreciation	0
MP 3
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	9,038
Building and Land Improvements	3,134
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	9,038
Building and Land Improvements	3,134
Total	12,172
Accumulated Depreciation	0
National Business Park North
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	15,554
Building and Land Improvements	25,740
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	15,554
Building and Land Improvements	25,740
Total	41,294
Accumulated Depreciation	0
North Gate Business Park
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,755
Building and Land Improvements	134
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	1,755
Building and Land Improvements	134
Total	1,889
Accumulated Depreciation	0
NoVA Office A
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	2,096
Building and Land Improvements	46,849
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	2,096
Building and Land Improvements	46,849
Total	48,945
Accumulated Depreciation	(11,607)
NoVA Office B
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	739
Building and Land Improvements	38,376
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	739
Building and Land Improvements	38,376
Total	39,115
Accumulated Depreciation	(7,656)
NoVA Office C
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	7,751
Building and Land Improvements	85,774
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	7,751
Building and Land Improvements	85,774
Total	93,525
Accumulated Depreciation	(6,647)
NoVA Office D
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	6,587
Building and Land Improvements	40,559
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	6,587
Building and Land Improvements	40,559
Total	47,146
Accumulated Depreciation	(7,516)
Oak Grove A
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	12,866
Building and Land Improvements	42,090
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	12,866
Building and Land Improvements	42,090
Total	54,956
Accumulated Depreciation	(4,333)
Oak Grove B
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	12,866
Building and Land Improvements	41,621
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	12,866
Building and Land Improvements	41,621
Total	54,487
Accumulated Depreciation	(4,951)
Oak Grove C
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	11,741
Building and Land Improvements	79,004
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	11,741
Building and Land Improvements	79,004
Total	90,745
Accumulated Depreciation	(5,300)
Oak Grove D
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	11,741
Building and Land Improvements	78,391
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	11,741
Building and Land Improvements	78,391
Total	90,132
Accumulated Depreciation	(4,041)
Old Annapolis Road
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,637
Building and Land Improvements	5,500
Costs Capitalized Subsequent to Acquisition	6,985
Gross Amounts Carried At Close of Period
Land	1,637
Building and Land Improvements	12,485
Total	14,122
Accumulated Depreciation	(6,974)
Patriot Ridge
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	18,517
Building and Land Improvements	14,650
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	18,517
Building and Land Improvements	14,650
Total	33,167
Accumulated Depreciation	0
Project EL
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	7,190
Building and Land Improvements	46,922
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	7,190
Building and Land Improvements	46,922
Total	54,112
Accumulated Depreciation	(4,055)
Project EX
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	13,010
Building and Land Improvements	19,107
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	13,010
Building and Land Improvements	19,107
Total	32,117
Accumulated Depreciation	(2,754)
PS A
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,078
Building and Land Improvements	54,767
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	4,078
Building and Land Improvements	54,767
Total	58,845
Accumulated Depreciation	(1,876)
PS B
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,468
Building and Land Improvements	47,630
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	3,468
Building and Land Improvements	47,630
Total	51,098
Accumulated Depreciation	(1,238)
Redstone Gateway
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	36,810
Costs Capitalized Subsequent to Acquisition	66
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	36,876
Total	36,876
Accumulated Depreciation	(2)
Sentry Gateway - T
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	14,020
Building and Land Improvements	38,804
Costs Capitalized Subsequent to Acquisition	13
Gross Amounts Carried At Close of Period
Land	14,020
Building and Land Improvements	38,817
Total	52,837
Accumulated Depreciation	(17,354)
Sentry Gateway - V
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	1,066
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	1,066
Total	1,066
Accumulated Depreciation	(428)
Sentry Gateway - W
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	1,884
Costs Capitalized Subsequent to Acquisition	71
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	1,955
Total	1,955
Accumulated Depreciation	(755)
Sentry Gateway - X
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,964
Building and Land Improvements	21,178
Costs Capitalized Subsequent to Acquisition	53
Gross Amounts Carried At Close of Period
Land	1,964
Building and Land Improvements	21,231
Total	23,195
Accumulated Depreciation	(7,526)
Sentry Gateway - Y
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,964
Building and Land Improvements	21,298
Costs Capitalized Subsequent to Acquisition	73
Gross Amounts Carried At Close of Period
Land	1,964
Building and Land Improvements	21,371
Total	23,335
Accumulated Depreciation	(7,543)
Sentry Gateway - Z
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	1,964
Building and Land Improvements	30,573
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	1,964
Building and Land Improvements	30,573
Total	32,537
Accumulated Depreciation	(7,498)
Southpoint Phase 2 Bldg A
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	4,404
Building and Land Improvements	56,542
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	4,404
Building and Land Improvements	56,542
Total	60,946
Accumulated Depreciation	(205)
Southpoint Phase 2 Bldg B
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	3,752
Building and Land Improvements	2,850
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	3,752
Building and Land Improvements	2,850
Total	6,602
Accumulated Depreciation	0
Westfields - Park Center
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	8,667
Building and Land Improvements	3,759
Costs Capitalized Subsequent to Acquisition	0
Gross Amounts Carried At Close of Period
Land	8,667
Building and Land Improvements	3,759
Total	12,426
Accumulated Depreciation	0
Other Developments, including intercompany eliminations
Real Estate and Accumulated Depreciation
Encumbrances	0
Initial Cost
Land	0
Building and Land Improvements	1,140
Costs Capitalized Subsequent to Acquisition	258
Gross Amounts Carried At Close of Period
Land	0
Building and Land Improvements	1,398
Total	1,398
Accumulated Depreciation	$ (200)

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Rollforward) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 property
Changes in cost of properties
Beginning balance	$ 4,903,840	$ 4,986,537	$ 4,959,709
Acquisitions of operating properties	24,996	0	0
Improvements and other additions	239,096	333,081	350,702
Sales	0	(162,981)	(323,874)
Impairments	0	(252,797)	0
Other dispositions	(113)	0	0
Ending balance	5,167,819	4,903,840	4,986,537
Changes in accumulated depreciation
Beginning balance	1,400,162	1,273,448	1,234,908
Depreciation expense	137,224	132,728	124,803
Sales	0	(6,014)	(86,263)
Other dispositions	(93)	0	0
Ending balance	$ 1,537,293	$ 1,400,162	$ 1,273,448
Real Estate and Accumulated Depreciation
Number of operating properties acquired | property	2
Number of impaired parcels of land | property				1
Other
Real Estate and Accumulated Depreciation
Number of impaired operating properties | property				6