Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of 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,
2024 2023
Land $ 495,707  $ 482,964 
Buildings and improvements 4,395,063  4,164,004 
Less: Accumulated depreciation (1,537,293) (1,400,162)
Operating properties, net $ 3,353,477  $ 3,246,806 
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
Intangible assets on property acquisitions consisted of the following (in thousands):
December 31, 2024 December 31, 2023
Gross Carrying Amount Accumulated Amortization Net
 Carrying Amount		 Gross Carrying Amount Accumulated Amortization Net
Carrying Amount
In-place lease value $ 124,806  $ 121,091  $ 3,715  $ 124,884  $ 121,424  $ 3,460 
Tenant relationship value 53,788  48,008  5,780  53,953  50,987  2,966 
Above-market leases 14,865  13,914  951  13,718  13,558  160 
Other 1,333  1,081  252  1,333  1,067  266 
$ 194,792  $ 184,094  $ 10,698  $ 193,888  $ 187,036  $ 6,852 
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,
2024 2023 2022
Ordinary income 100.0  % 51.0  % 68.2  %
Long-term capital gain —  % 49.0  % 31.8  %
Return of capital —  % —  % —  %