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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of the 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,
| 2023 |  | 2022
Land | $ | 482,964 |  |  | $ | 539,809 |
Buildings and improvements | 4,164,004 |  |  | 3,986,524 |
Less: Accumulated depreciation | (1,400,162) |  |  | (1,267,434) |
Operating properties, net | $ | 3,246,806 |  |  | $ | 3,258,899 |
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 on real estate acquisitions | Intangible assets on property acquisitions consisted of the following (in thousands):
|  | December 31, 2023 |  | December 31, 2022
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
In-place lease value |  | $ | 124,884 |  |  | $ | 121,424 |  |  | $ | 3,460 |  |  | $ | 125,207 |  |  | $ | 120,178 |  |  | $ | 5,029 |
Tenant relationship value |  | 53,953 |  |  | 50,987 |  |  | 2,966 |  |  | 57,210 |  |  | 52,803 |  |  | 4,407 |
Above-market leases |  | 13,718 |  |  | 13,558 |  |  | 160 |  |  | 13,718 |  |  | 13,476 |  |  | 242 |
Other |  | 1,333 |  |  | 1,067 |  |  | 266 |  |  | 1,333 |  |  | 1,052 |  |  | 281 |
|  | $ | 193,888 |  |  | $ | 187,036 |  |  | $ | 6,852 |  |  | $ | 197,468 |  |  | $ | 187,509 |  |  | $ | 9,959 |
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,
|  | 2023 |  | 2022 |  | 2021
Ordinary income |  | 51.0 | % |  | 68.2 | % |  | 33.3 | %
Long-term capital gain |  | 49.0 | % |  | 31.8 | % |  | 57.3 | %
Return of capital |  | — | % |  | — | % |  | 9.4 | %

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1 + Details
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