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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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Tabular disclosure of amortization periods of intangible assets and deferred revenue, by major class.

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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.

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