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Share-Based Compensation and Other Compensation Matters (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Reporting for Share-Based Compensation Expense

The table below sets forth our reporting for share based compensation cost (in thousands):

						For the Years Ended December 31,
						2023						2022						2021
General, administrative, leasing and other expenses						$	7,255					$	7,643					$	6,881
Property operating expenses						1,289						1,147						1,098
Capitalized to development activities						576						847						719
Share-based compensation cost						$	9,120					$	9,637					$	8,698

Schedule of Restricted Share and TB-PIU Activity

The following table summarizes restricted shares activity under our share-based compensation plan for 2021, 2022 and 2023:

						Shares						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020						360,817						$	26.16
Granted						177,995						$	26.17
Forfeited						(39,664)						$	26.62
Vested						(164,575)						$	25.95
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
Unvested shares as of December 31, 2023 that are expected to vest						317,075						$	25.83

The following table summarizes TB-PIUs activity under our share-based compensation plan for 2021, 2022 and 2023:

						Number of TB-PIUs						Weighted Average Grant Date Fair Value
Unvested as of December 31, 2020						114,334						$	25.57
Granted						93,983						$	26.16
Vested						(45,244)						$	25.28
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
Unvested TB-PIUs as of December 31, 2023 that are expected to vest						193,131						$	25.76

Schedule of PB-PIU's Granted

We made the following grants of PB-PIUs to senior management team members from 2019 through 2023 (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, 2023
1/1/2019						193,682																		$	2,415					—
1/1/2020						176,758																		$	2,891					—
1/1/2021						227,544																		$	3,417					189,308
1/1/2022						231,838																		$	3,810					192,996
1/1/2023						275,402																		$	4,343					225,590

Schedule of Payouts for Defined Performance Under PB-PIU

The number of earned awards at 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 2021, 2022 and 2023 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
1/1/2021						$	30.03					$	26.08					34.7		%				0.18		%
1/1/2022						$	32.87					$	27.97					31.7		%				0.98		%
1/1/2023						$	31.54					$	25.94					35.0		%				4.28		%

Schedule of Deferred Shares Granted

We made the following grants of deferred share awards to non-employee Trustees in 2021, 2022 and 2023 (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
2021						3,416						$	93					$	27.12
2022						6,771						$	166					$	24.50
2023						9,046						$	215					$	23.75

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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