COPT DEFENSE PROPERTIES (CDP)

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COPT DEFENSE PROPERTIES

CDP • CIK 0000860546

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Operating Lease, Lease Income	$619,847	$671,366	$714,180	$745,051
Revenue from Contract with Customer, Excluding Assessed Tax	$60,179	$75,550	$42,074	$32,164
InterestExpenseNonoperating	—	$82,151	$86,660	$93,658
Revenues	$684,982	$753,267	$763,923	$784,181
Other Nonoperating Income (Expense)	$12,587	$12,661	$10,683	$14,820
Gain (Loss) on Disposition of Assets	$49,392	$0	$3,350	$3,632
Gain (Loss) on Extinguishment of Debt	$0	$0	$-66	$-66
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$-73,498	$143,833	$157,675	$168,845
Income (Loss) from Equity Method Investments	$-261	$397	$2,806	$3,878
Income Tax Expense (Benefit)	$588	$288	$947	$885
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-74,347	$143,942	$159,534	$171,838
Cost of Other Property Operating Expense	—	$266,001	$283,927	$298,993
Depreciation, Depletion and Amortization, Nonproduction	$148,950	$153,640	$161,826	$167,868
Selling, General and Administrative Expense	$42,769	$47,038	$47,840	$49,686
Asset Impairment Charges	$252,797	$0	$0	$0
Costs and Expenses	$749,317	$539,944	$533,555	$546,506
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	$-1,306	$2,694	$3,239	$3,517
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	$1,199	$510	$622	$708
Net Income (Loss) Available to Common Stockholders, Basic	—	—	$151,693	$163,513
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	$0	$89	$187	$159
Net Income (Loss) Available to Common Stockholders, Diluted	$-74,668	$138,508	$151,880	$163,672
Weighted Average Number of Shares Outstanding, Basic	112,178,000	112,296,000	112,516,000	112,934,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	603,000	788,000	1,028,000
Weighted Average Number of Shares Outstanding, Diluted	112,178,000	112,899,000	113,304,000	114,725,000

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Operating Lease, Right-of-Use Asset	$41,296	$55,760	$50,383	$47,405
Cash and Cash Equivalents, at Carrying Value	$167,820	$38,284	$274,986	$24,157
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$41,052	$39,360	$36,368	$35,521
Accounts Receivable, after Allowance for Credit Loss	$48,946	$42,234	$58,185	$53,567
Deferred Rent Receivables, Net	$149,237	$161,438	$177,921	$183,463
Incentive to Lessee	$61,331	$64,013	$72,347	$72,508
Deferred Costs, Leasing, Net	$70,057	$71,268	$75,052	$76,113
Prepaid Expense and Other Assets	$82,037	$81,628	$103,215	$76,998
Assets	$4,246,966	$4,254,191	$4,701,790	$4,515,281
Redeemable Noncontrolling Interest, Equity, Carrying Amount	$23,580	$23,974	$25,506	$24,881
Rental Properties	$3,246,806	$3,353,477	$3,500,087	$3,521,326
Development in Process	$256,872	$277,049	$283,390	$292,142
Real Estate Investment Property, Net	$3,503,678	$3,630,526	$3,783,477	$3,813,468
Long-term Debt	$2,416,287	$2,391,755	$2,767,834	$2,592,436
Accounts Payable and Accrued Liabilities	$133,315	$126,031	$147,200	$115,668
Dividends Payable	$32,644	$33,909	$35,205	$37,111
Deferred Revenue	$29,049	$39,752	$47,714	$50,560
Operating Lease, Liability	$33,931	$49,240	$45,012	$42,485
Other Liabilities	$18,996	$14,377	$33,236	$33,638
Liabilities	$2,699,631	$2,693,624	$3,114,115	$2,909,439
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$1,523,755	$1,536,593	$1,562,169	$1,580,961
Common Stock, Value, Issued	$1,126	$1,127	$1,132	$1,134
Additional Paid in Capital	$2,489,989	$2,494,369	$2,502,661	$2,503,639
Accumulated Distributions in Excess of Net Income	$1,009,318	$1,003,401	$988,957	$976,558
Accumulated Other Comprehensive Income (Loss), Net of Tax	$2,115	$988	$-61	$9
Stockholders' Equity Attributable to Parent	$1,483,912	$1,493,083	$1,514,775	$1,528,224
Noncontrolling Interest in Operating Partnerships	$25,502	$28,935	$29,317	$34,296
Other Noncontrolling Interests	$14,341	$14,575	$18,077	$18,441
Stockholders' Equity Attributable to Noncontrolling Interest	$39,843	$43,510	$47,394	$52,737
Deferred Costs, Leasing, Accumulated Amortization	$41,448	$44,060	$44,127	$45,102
Common Stock, Shares Authorized	150,000,000	150,000,000	150,000,000	150,000,000
Common Stock, Shares, Issued	112,555,352	112,703,460	113,210,642	113,411,882

(in thousands, except per share data)	FY 2023	FY 2024	FY 2025	TTM
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$152,915	$-129,727	$236,734	$774
Interest Paid, Excluding Capitalized Interest, Operating Activities	$59,807	$75,549	$75,405	$85,321
Income Taxes Paid	$37	$53	$40	$40
Other Operating Activities, Cash Flow Statement	$1,225	$1,523	$1,689	$3,614
Net Cash Provided by (Used in) Operating Activities	$276,274	$330,955	$309,933	$337,439
Payments to Develop Real Estate Assets	$264,834	$163,648	$176,159	$190,794
Payments to Acquire Commercial Real Estate	—	$32,244	$32,877	$32,877
Payments for Tenant Improvements	$67,113	$53,691	$60,186	$63,078
Payments for Capital Improvements	$20,500	$31,342	$21,067	$19,065
Proceeds from Sale of Real Estate Held-for-investment	$189,506	$0	$4,998	$13,428
Proceeds from Equity Method Investment, Distribution, Return of Capital	$1,088	$1,198	$21,807	$21,807
Payments to Acquire Notes Receivable	$1,087	$2,087	$9,521	$40
Proceeds from Collection of Notes Receivable	$11,000	$3,560	$3,193	$3,193
Payments for Leasing Costs	$16,328	$12,651	$18,465	$16,460
Payments for (Proceeds from) Other Investing Activities	$1,355	$105	$1,466	$-262
Net Cash Provided by (Used in) Investing Activities	$-169,623	$-291,010	$-289,743	$-326,672
Payments of Financing Costs	$1,030	$0	$10,589	$10,589
Payments of Ordinary Dividends, Common Stock	$127,178	$131,840	$136,598	$139,714
Proceeds from (Payments for) Other Financing Activities	$-4,263	$-5,583	$-5,528	$-6,607
Net Cash Provided by (Used in) Financing Activities	$46,264	$-169,672	$216,544	$-9,993
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$169,424	$39,697	$276,431	$280,759
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-74,347	$143,942	$159,534	$171,838
Cash and Cash Equivalents, at Carrying Value	$167,820	$38,284	$274,986	$279,274
Restricted Cash	$1,604	$1,413	$1,445	$1,485
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$8,718	$19,570	$302	$0
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$434	$0	$0	$724
Dividends Payable	$32,644	$33,909	$35,205	$37,099
Noncontrolling Interest, Change in Redemption Value	$72	$394	$1,532	$1,623
Proceeds from Long-term Lines of Credit	$291,000	$76,000	$370,000	$585,000
Proceeds from Issuance of Secured Debt	—	—	$159,000	$232,000
Proceeds from Issuance of Senior Long-term Debt	$336,375	$0	$395,456	$395,456
Repayments of Long-term Lines of Credit	$427,000	$76,000	$391,000	$433,000
Repayments of Unsecured Debt	$0	$0	$75,000	$75,000
Repayments of Secured Debt	—	—	$63,000	$96,000
Repayments of Other Long-term Debt	$15,902	$27,649	$21,925	$57,528
Depreciation, Depletion and Amortization	$151,395	$156,015	$163,699	$169,613
Asset Impairment Charges	$252,797	$0	$0	$0
Amortization of Debt Issuance Costs and Discounts	$5,574	$6,818	$7,261	$7,745
Straight Line Rent	$5,495	$1,190	$8,510	$1,001
Gain (Loss) on Sale of Properties	$49,392	$0	$3,350	$10,074
Share-based Payment Arrangement, Noncash Expense	$8,544	$10,443	$11,693	$12,477
Gain (Loss) on Extinguishment of Debt	$0	$0	$-66	$-66
Other Noncash Income (Expense)	$4,826	$-12,052	$-5,994	$-2,588
Increase (Decrease) in Accounts Receivable	$5,618	$-6,498	$15,936	$8,732
Increase (Decrease) in Operating Liabilities	$-2,900	$-4,086	$556	$5,670

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Import this data to Google Sheets with:

=jivedata("CDP","financials")

Full statements spill as a table. For one cell: =jivedata("CDP","Revenue") or =jivedata("CDP","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.