Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.24.0.1
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  %