_______________________________________________________________
EPS of $0.32 FFO per Share, as
Adjusted for Comparability, of $0.65 1-cent above the Midpoint
of Guidance
Increased Midpoint of 2024 FFO per Share
Guidance by 1-cent to $2.57 Implies 6.2% FFO per Share Growth
for the Year
Defense/IT Portfolio 95.0% Occupied and 96.5%
Leased
Same Property Cash NOI Increased 9.4% in
3Q24 and 8.8% Year-to-Date Raised Midpoint of Same Property
Cash NOI Guidance for the Year by 50 Basis Points to 8.5%
_______________________________________________________________
Strong Leasing Volume and Retention YTD
Total Leasing of 829,000 SF in 3Q24 and 2.5 million SF
Year-to-Date
123,000 SF in 3Q24 and 387,000 SF Year-to-Date
of Vacancy Leasing Exceeded Annual Target of 400,000 SF, with 4Q24
Progress To-Date
Tenant Retention of 88% in 3Q24 and 84%
Year-to-Date Raised Midpoint of Guidance for the Year by 250 Basis
Points to 85%
80,000 SF in 3Q24 and 90,000 SF Year-to-Date of
Investment Leasing
_______________________________________________________________
Active on External Growth
Acquired 365-acres in Des Moines, Iowa and
80,000 SF building in San Antonio, Texas
_______________________________________________________________
COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE:
CDP) announced results for the third quarter ended September 30,
2024.
Management Comments
Stephen E. Budorick, COPT Defense’s President & Chief
Executive Officer, commented, “Our Defense/IT investment strategy,
which concentrates our portfolio near priority U.S. defense
installations, continued to generate strong results during the
third quarter. FFO per share exceeded the midpoint of our guidance
range and based on this outperformance, and our forecast for the
remainder of the year, we increased the midpoint of 2024 FFO per
share guidance by $0.01 to $2.57, which implies over 6%
year-over-year growth. This marks our third increase for the year
and a total of $0.06 of outperformance compared to the midpoint of
our initial guidance. Looking forward, we continue to anticipate
compound annual FFO per share growth of at least 4% between 2023
and 2026.
We are exceeding our plan in several areas and raised 2024
guidance on a group of key metrics. We increased the midpoint of
2024 guidance for same property cash NOI growth by 50 basis points
to 8.5%, and increased tenant retention by 250 basis points to 85%.
Based on our updated guidance, same property cash NOI growth would
be the highest level in over a decade, and tenant retention would
be the highest level in over two decades.
We are especially excited to announce the acquisition of a
365-acre land parcel near Des Moines, Iowa, which is a significant
opportunity for us to expand our data center shell program to a new
market. Des Moines, the 5th largest hyperscale market in the
country, is home to several of the largest hyperscalers, which are
drawn to the market given attractive land values, power
availability with abundant access to renewable energy and long-haul
fiber lines, and tax incentives enacted by supportive state and
local governments. We expect this investment to fuel our
development pipeline in the medium to long-term, and result in
long-term accretion to FFO, AFFO, and NAV per share. As we build
out the parcel in phases, we plan to self-fund development of the
site on a leverage-neutral basis.
Additionally, we acquired a vacant office property in San
Antonio, then subsequently leased the full building to the U.S.
Government. With this transaction, our U.S. Government portfolio,
which now includes 35 fully leased buildings and on a pro forma
basis as of September 30, 2024, accounts for 36.5% of our
annualized rental revenue. This acquisition provides additional
operational scale given our nearby campus in San Antonio, will be
accretive when rent commences in 2Q25, and reinforces our
reputation as a trusted partner in supporting mission critical U.S.
Government and defense contractor tenant requirements.”
Financial Highlights
3rd Quarter Financial Results:
> Diluted earnings per share (“EPS”) was
$0.32 for the quarter ended September 30, 2024, compared to $(1.94)
for the quarter ended September 30, 2023.
> Diluted funds from operations per share
(“FFOPS”), as calculated in accordance with Nareit’s definition and
as adjusted for comparability, was $0.65 for the quarter ended
September 30, 2024, compared to $0.60 for the quarter ended
September 30, 2023.
Operating Performance
Highlights
Operating Portfolio Summary:
> At September 30, 2024, the Company’s
24.3 million square foot Total Portfolio was 93.1% occupied and
94.8% leased, which includes the 22.2 million square foot
Defense/IT Portfolio that was 95.0% occupied and 96.5% leased.
Same Property Performance:
> At September 30, 2024, the Company’s
22.2 million square foot same property portfolio was 93.6% occupied
and 95.1% leased.
> The Company’s same property cash NOI
increased 9.4% for the three months ended September 30, 2024
compared to the same period in 2023.
Leasing:
> Total Square Feet
Leased: For the quarter ended September 30, 2024, the
Company leased 829,000 square feet, including 626,000 square feet
of renewals, 123,000 square feet of vacancy leasing, and 80,000
square feet of investment leasing. For the nine months ended
September 30, 2024, the Company executed 2.5 million square feet of
total leasing, including 2.1 million square feet of renewals,
387,000 square feet of vacancy leasing, and 90,000 square feet of
investment leasing.
> Tenant Retention
Rates: During the quarter ended September 30, 2024, the
Company renewed 87.6% of expiring square feet in its Total
Portfolio and 89.6% in its Defense/IT Portfolio. During the nine
months ended September 30, 2024, the Company renewed 84.3% of
expiring square feet in its Total Portfolio and 86.9% in its
Defense/IT Portfolio.
> Rent Spreads &
Average Escalations on Renewing Leases: For the quarter and
nine months ended September 30, 2024, straight-line rents on
renewals increased 17.2% and 9.3%, respectively, and cash rents on
renewed space increased 4.1% and 0.8%, respectively, while annual
escalations on renewing leases averaged 2.6% and 2.4%,
respectively.
> Lease
Terms: In the quarter ended September 30, 2024, lease terms
averaged 4.1 years on renewing leases, 7.1 years on vacancy
leasing, and 9.5 years on investment leasing. For the nine months
ended September 30, 2024, lease terms averaged 4.0 years on
renewing leases, 7.8 years on vacancy leasing, and 9.0 years on
investment leasing.
Investment Activity
Highlights
> Development
Pipeline: The Company’s development pipeline consists of
five properties totaling 831,000 square feet that were 79% leased
as of September 30, 2024. These projects represent a total
estimated investment of $335.4 million, of which $108.1 million has
been spent.
> Acquisitions: During the quarter, the Company
acquired:
> A 365-acre land parcel near Des Moines,
Iowa for $32 million that we plan to develop into approximately 3.3
million square feet of data center shell space.
> An 80,000 square foot Class A office
building at 3900 Rogers Road in San Antonio, Texas for $17 million.
The building was vacant upon acquisition, and the Company
subsequently executed two leases with the U.S. Government to occupy
the entire building.
> Please see the Company’s acquisition
press release dated October 28, 2024 and pages 8-22 of the
Company’s 3Q24 Results Presentation (refer to the ‘Associated
Supplemental Presentation’ section below).
Balance Sheet and Capital Transaction
Highlights
> For the quarter ended September 30,
2024, the Company’s adjusted EBITDA fixed charge coverage ratio was
4.8x.
> At September 30, 2024, the Company’s net
debt to in-place adjusted EBITDA ratio was 6.1x and its net debt
adjusted for fully-leased investment properties to in-place
adjusted EBITDA ratio was 5.9x.
> At September 30, 2024, and including the
effect of interest rate swaps, the Company’s weighted average
effective interest rate on its consolidated debt portfolio was 3.3%
with a weighted average maturity of 5 years, and 100% of the
Company’s debt was subject to fixed interest rates.
Associated Supplemental
Presentation
Prior to the call, the Company will post a slide presentation to
accompany management’s prepared remarks for its third quarter 2024
conference call; the presentation can be viewed and downloaded from
the ‘Financial Info – Financial Results’ section of COPT Defense’s
Investors website:
https://investors.copt.com/financial-information/financial-results
2024 Guidance
Management is revising its full-year guidance for diluted EPS
and diluted FFOPS, per Nareit and as adjusted for comparability,
from the prior range of $1.22-$1.26, and $2.54-$2.58, respectively,
to new ranges of $1.24-$1.26, and $2.56-$2.58, respectively.
Management is establishing fourth quarter guidance for diluted EPS
and diluted FFOPS per Nareit and as adjusted for comparability at
$0.31-$0.33 and $0.64-$0.66, respectively. Reconciliations of
projected diluted EPS to projected diluted FFOPS, in accordance
with Nareit and as adjusted for comparability are as follows:
Reconciliation of Diluted EPS to FFOPS,
per Nareit,
and As Adjusted for
Comparability
Quarter Ending December 31,
2024
Year Ending December 31,
2024
Low
High
Low
High
Diluted EPS
$
0.31
$
0.33
$
1.24
$
1.26
Real estate-related depreciation and
amortization
0.33
0.33
1.32
1.32
Diluted FFOPS, Nareit definition and as
adjusted for comparability
$
0.64
$
0.66
$
2.56
$
2.58
Conference Call
Information
Management will discuss third quarter 2024 results on its
conference call tomorrow at 12:00 p.m. Eastern Time, details of
which are listed below:
Conference Call Date: Tuesday, October 29, 2024
Time: 12:00 p.m. Eastern Time
Participants must register for the conference call at the link
below to receive the dial-in number and personal pin. Registering
only takes a few moments and provides direct access to the
conference call without waiting for an operator. You may register
at any time, including up to and after the call start time:
https://register.vevent.com/register/BI9796486f46f6424aa012b44d48ca9ae6
The conference call will also be available via live webcast in
the ‘News & Events – IR Calendar’ section of COPT Defense’s
Investors website:
https://investors.copt.com/news-events/ir-calendar
Replay Information
A replay of the conference call will be immediately available
via webcast only on COPT Defense’s Investors website and will be
maintained on the website for approximately 90 days after the
conference call.
Definitions
For definitions of certain terms used in this press release,
please refer to the information furnished in the Company’s
Supplemental Information Package furnished on a Form 8-K which can
be found on its website (www.copt.com). Reconciliations of non-GAAP
measures to the most directly comparable GAAP measures are included
in the attached tables.
About COPT Defense
COPT Defense, an S&P MidCap 400 Company, is a self-managed
REIT focused on owning, operating and developing properties in
locations proximate to, or sometimes containing, key U.S.
Government (“USG”) defense installations and missions (referred to
as its Defense/IT Portfolio). The Company’s tenants include the USG
and their defense contractors, who are primarily engaged in
priority national security activities, and who generally require
mission-critical and high security property enhancements. As of
September 30, 2024, the Company’s Defense/IT Portfolio of 194
properties, including 24 owned through unconsolidated joint
ventures, encompassed 22.2 million square feet and was 96.5%
leased.
Forward-Looking
Information
This press release may contain “forward-looking” statements, as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, that are based on the
Company’s current expectations, estimates and projections about
future events and financial trends affecting the Company.
Forward-looking statements can be identified by the use of words
such as “may,” “will,” “should,” “could,” “believe,” “anticipate,”
“expect,” “estimate,” “plan” or other comparable terminology.
Forward-looking statements are inherently subject to risks and
uncertainties, many of which the Company cannot predict with
accuracy and some of which the Company might not even anticipate.
Although the Company believes that the expectations, estimates and
projections reflected in such forward-looking statements are based
on reasonable assumptions at the time made, the Company can give no
assurance that these expectations, estimates and projections will
be achieved. Future events and actual results may differ materially
from those discussed in the forward-looking statements and the
Company undertakes no obligation to update or supplement any
forward-looking statements.
The areas of risk that may affect these expectations, estimates
and projections include, but are not limited to, those risks
described in Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2023.
Source: COPT Defense Properties
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues
Lease revenue
$
170,549
$
155,268
$
501,601
$
459,510
Other property revenue
2,014
1,339
4,710
3,731
Construction contract and other service
revenues
16,662
11,949
63,523
42,012
Total revenues
189,225
168,556
569,834
505,253
Operating expenses
Property operating expenses
68,881
61,788
199,037
182,808
Depreciation and amortization associated
with real estate operations
38,307
37,620
114,819
112,215
Construction contract and other service
expenses
16,127
11,493
61,746
40,249
Impairment losses
—
252,797
—
252,797
General and administrative expenses
8,157
7,582
25,126
22,865
Leasing expenses
2,341
2,280
6,990
6,624
Business development expenses and land
carry costs
918
714
3,079
1,935
Total operating expenses
134,731
374,274
410,797
619,493
Interest expense
(20,376
)
(17,798
)
(61,760
)
(50,759
)
Interest and other income, net
3,324
2,529
10,330
6,928
Gain on sales of real estate
—
—
—
49,392
Income (loss) before equity in income
(loss) of unconsolidated entities and income taxes
37,442
(220,987
)
107,607
(108,679
)
Equity in income (loss) of unconsolidated
entities
85
(68
)
180
(21
)
Income tax expense
(130
)
(152
)
(312
)
(467
)
Net income (loss)
37,397
(221,207
)
107,475
(109,167
)
Net (income) loss attributable to
noncontrolling interests:
Common units in the Operating Partnership
(“OP”)
(711
)
3,691
(2,013
)
1,882
Other consolidated entities
(601
)
1,329
(1,654
)
164
Net income (loss) attributable to common
shareholders
$
36,085
$
(216,187
)
$
103,808
$
(107,121
)
Earnings per share (“EPS”)
computation:
Numerator for diluted EPS:
Net income (loss) attributable to common
shareholders
$
36,085
$
(216,187
)
$
103,808
$
(107,121
)
Amount allocable to share-based
compensation awards
(104
)
(992
)
(319
)
(1,093
)
Numerator for diluted EPS
$
35,981
$
(217,179
)
$
103,489
$
(108,214
)
Denominator:
Weighted average common shares - basic
112,314
112,196
112,279
112,170
Dilutive effect of share-based
compensation awards
696
—
566
—
Weighted average common shares -
diluted
113,010
112,196
112,845
112,170
Diluted EPS
$
0.32
$
(1.94
)
$
0.92
$
(0.96
)
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands, except per share
data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Net income (loss)
$
37,397
$
(221,207
)
$
107,475
$
(109,167
)
Real estate-related depreciation and
amortization
38,307
37,620
114,819
112,215
Impairment losses on real estate
—
252,797
—
252,797
Gain on sales of real estate
—
—
—
(49,392
)
Depreciation and amortization on
unconsolidated real estate JVs
756
806
2,311
2,412
Funds from operations (“FFO”)
76,460
70,016
224,605
208,865
FFO allocable to other noncontrolling
interests
(985
)
(1,059
)
(2,805
)
(3,006
)
Basic FFO allocable to share-based
compensation awards
(617
)
(481
)
(1,803
)
(1,427
)
Basic FFO available to common share and
common unit holders (“Basic FFO”)
74,858
68,476
219,997
204,432
Redeemable noncontrolling interests
—
—
1,446
(58
)
Diluted FFO adjustments allocable to
share-based compensation awards
47
36
141
112
Diluted FFO available to common share and
common unit holders (“Diluted FFO”)
74,905
68,512
221,584
204,486
Executive transition costs
69
82
227
330
Diluted FFO comparability adjustments
allocable to share-based compensation awards
—
(1
)
(1
)
(3
)
Diluted FFO available to common share and
common unit holders, as adjusted for comparability
74,974
68,593
221,810
204,813
Straight line rent adjustments and lease
incentive amortization
613
12,882
7,874
6,205
Amortization of intangibles and other
assets included in net operating income (“NOI”)
211
26
544
24
Share-based compensation, net of amounts
capitalized
2,617
2,280
7,826
6,226
Amortization of deferred financing
costs
671
639
2,037
1,899
Amortization of net debt discounts, net of
amounts capitalized
1,032
750
3,069
1,990
Replacement capital expenditures
(27,824
)
(21,122
)
(69,850
)
(71,996
)
Other
298
74
493
(420
)
Diluted adjusted funds from operations
available to common share and common unit holders (“Diluted
AFFO”)
$
52,592
$
64,122
$
173,803
$
148,741
Diluted FFO per share
$
0.65
$
0.60
$
1.92
$
1.79
Diluted FFO per share, as adjusted for
comparability
$
0.65
$
0.60
$
1.92
$
1.79
Dividends/distributions per common
share/unit
$
0.295
$
0.285
$
0.885
$
0.855
COPT Defense Properties
Summary Financial Data
(unaudited)
(Dollars and shares in thousands,
except per share data)
September 30,
2024
December 31,
2023
Balance Sheet Data
Properties, net of accumulated
depreciation
$
3,604,688
$
3,503,678
Total assets
$
4,234,302
$
4,246,966
Debt per balance sheet
$
2,390,839
$
2,416,287
Total liabilities
$
2,679,271
$
2,699,631
Redeemable noncontrolling interests
$
22,436
$
23,580
Total equity
$
1,532,595
$
1,523,755
Debt to assets
56.5
%
56.9
%
Net debt to adjusted book
40.8
%
40.6
%
Defense/IT Portfolio Data (as of period
end)
Number of operating properties
194
190
Total operational square feet (in
thousands)
22,174
21,719
% Occupied
95.0
%
96.2
%
% Leased
96.5
%
97.2
%
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
GAAP
Payout ratio:
Net income
90.7
%
N/A
94.6
%
N/A
Debt ratios:
Net income to interest expense ratio
1.8x
N/A
1.7x
N/A
Debt to net income ratio
16.0x
N/A
N/A
N/A
Non-GAAP
Payout ratios:
Diluted FFO
44.9
%
47.3
%
45.6
%
47.6
%
Diluted FFO, as adjusted for
comparability
44.9
%
47.3
%
45.5
%
47.5
%
Diluted AFFO
64.0
%
50.6
%
58.1
%
65.4
%
Debt ratios:
Adjusted EBITDA fixed charge coverage
ratio
4.8x
4.6x
4.7x
4.9x
Net debt to in-place adjusted EBITDA
ratio
6.1x
6.2x
N/A
N/A
Net debt adj. for fully-leased investment
properties to in-place adj. EBITDA ratio
5.9x
5.9x
N/A
N/A
Reconciliation of denominators for per
share measures
Denominator for diluted EPS
113,010
112,196
112,845
112,170
Weighted average common units
1,696
1,520
1,675
1,508
Dilutive effect of additional share-based
compensation awards
—
429
—
422
Redeemable noncontrolling interests
—
—
873
51
Denominator for diluted FFO per share and
as adjusted for comparability
114,706
114,145
115,393
114,151
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Numerators for Payout Ratios
Dividends on unrestricted common and
deferred shares
$
33,165
$
31,996
$
99,461
$
95,980
Distributions on unrestricted common
units
491
432
1,496
1,295
Dividends and distributions on restricted
shares and units
247
200
752
619
Total dividends and distributions for GAAP
payout ratio
33,903
32,628
101,709
97,894
Dividends and distributions on
antidilutive shares and units
(249
)
(202
)
(756
)
(623
)
Dividends and distributions for non-GAAP
payout ratios
$
33,654
$
32,426
$
100,953
$
97,271
Reconciliation of net income (loss) to
earnings before interest, income taxes, depreciation and
amortization for real estate (“EBITDAre”), adjusted EBITDA and
in-place adjusted EBITDA
Net income (loss)
$
37,397
$
(221,207
)
$
107,475
$
(109,167
)
Interest expense
20,376
17,798
61,760
50,759
Income tax expense
130
152
312
467
Real estate-related depreciation and
amortization
38,307
37,620
114,819
112,215
Other depreciation and amortization
614
615
1,786
1,826
Impairment losses on real estate
—
252,797
—
252,797
Gain on sales of real estate
—
—
—
(49,392
)
Adjustments from unconsolidated real
estate JVs
1,759
1,743
5,139
5,006
EBITDAre
98,583
89,518
291,291
264,511
Credit loss expense
38
372
496
677
Business development expenses
557
313
1,790
948
Executive transition costs
69
82
580
636
Net gain on other investments
(11
)
(25
)
(488
)
(25
)
Adjusted EBITDA
99,236
90,260
$
293,669
$
266,747
Pro forma NOI adjustment for property
changes within period
—
1,647
In-place adjusted EBITDA
$
99,236
$
91,907
Reconciliations of tenant improvements
and incentives, building improvements and leasing costs for
operating properties to replacement capital expenditures
Tenant improvements and incentives
$
18,772
$
14,457
$
46,593
$
67,062
Building improvements
6,694
6,307
17,352
11,214
Leasing costs
3,013
1,902
9,713
7,194
Net additions to (exclusions from) tenant
improvements and incentives
728
(813
)
4
(11,981
)
Excluded building improvements and leasing
costs
(1,383
)
(731
)
(3,812
)
(1,493
)
Replacement capital expenditures
$
27,824
$
21,122
$
69,850
$
71,996
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2024
2023
2024
2023
Reconciliation of interest expense to
the denominator for fixed charge coverage-Adjusted EBITDA
Interest expense
$
20,376
$
17,798
$
61,760
$
50,759
Less: Amortization of deferred financing
costs
(671
)
(639
)
(2,037
)
(1,899
)
Less: Amortization of net debt discounts,
net of amounts capitalized
(1,032
)
(750
)
(3,069
)
(1,990
)
COPT Defense’s share of interest expense
of unconsolidated real estate JVs, excluding amortization of
deferred financing costs and net debt premium and gain or loss on
interest rate derivatives
821
805
2,433
2,369
Scheduled principal amortization
448
753
1,879
2,289
Capitalized interest
712
1,487
1,944
3,451
Denominator for fixed charge
coverage-Adjusted EBITDA
$
20,654
$
19,454
$
62,910
$
54,979
Reconciliation of net income (loss) to
NOI from real estate operations, same property NOI from real estate
operations and same property cash NOI from real estate
operations
Net income (loss)
$
37,397
$
(221,207
)
$
107,475
$
(109,167
)
Construction contract and other service
revenues
(16,662
)
(11,949
)
(63,523
)
(42,012
)
Depreciation and other amortization
associated with real estate operations
38,307
37,620
114,819
112,215
Construction contract and other service
expenses
16,127
11,493
61,746
40,249
Impairment losses
—
252,797
—
252,797
General and administrative expenses
8,157
7,582
25,126
22,865
Leasing expenses
2,341
2,280
6,990
6,624
Business development expenses and land
carry costs
918
714
3,079
1,935
Interest expense
20,376
17,798
61,760
50,759
Interest and other income, net
(3,324
)
(2,529
)
(10,330
)
(6,928
)
Gain on sales of real estate
—
—
—
(49,392
)
Equity in (income) loss of unconsolidated
entities
(85
)
68
(180
)
21
Unconsolidated real estate JVs NOI
allocable to COPT Defense included in equity in income (loss) of
unconsolidated entities
1,844
1,675
5,319
4,988
Income tax expense
130
152
312
467
NOI from real estate operations
105,526
96,494
312,593
285,421
Non-Same Property NOI from real estate
operations
(6,875
)
(1,455
)
(19,867
)
(3,436
)
Same Property NOI from real estate
operations
98,651
95,039
292,726
281,985
Straight line rent adjustments and lease
incentive amortization
1,531
10,154
9,399
3,888
Amortization of acquired above- and
below-market rents
(69
)
(120
)
(207
)
(415
)
Lease termination fees, net
(931
)
(748
)
(2,587
)
(3,028
)
Tenant funded landlord assets and lease
incentives
(1,942
)
(15,402
)
(12,630
)
(18,837
)
Cash NOI adjustments in unconsolidated
real estate JVs
(136
)
(130
)
(364
)
(420
)
Same Property Cash NOI from real estate
operations
$
97,104
$
88,793
$
286,337
$
263,173
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
September 30,
2024
December 31,
2023
Reconciliation of total assets to
adjusted book
Total assets
$
4,234,302
$
4,246,966
Accumulated depreciation
1,502,730
1,400,162
Accumulated amortization of intangibles on
property acquisitions and deferred leasing costs
227,281
228,484
COPT Defense’s share of liabilities of
unconsolidated real estate JVs
61,118
60,583
COPT Defense’s share of accumulated
depreciation and amortization of unconsolidated real estate JVs
12,014
9,528
Less: Property - operating lease
liabilities
(33,615
)
(33,931
)
Less: Property - finance lease
liabilities
(397
)
(415
)
Less: Cash and cash equivalents
(34,478
)
(167,820
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(1,575
)
(852
)
Adjusted book
$
5,967,380
$
5,742,705
September 30,
2024
December 31,
2023
September 30,
2023
Reconciliation of debt to net debt and
net debt adjusted for fully-leased investment properties
Debt per balance sheet
$
2,390,839
$
2,416,287
$
2,415,783
Net discounts and deferred financing
costs
24,633
28,713
29,980
COPT Defense’s share of unconsolidated JV
gross debt
53,148
52,613
52,511
Gross debt
2,468,620
2,497,613
2,498,274
Less: Cash and cash equivalents
(34,478
)
(167,820
)
(204,238
)
Less: COPT Defense’s share of cash of
unconsolidated real estate JVs
(1,575
)
(852
)
(1,031
)
Net debt
2,432,567
2,328,941
2,293,005
Costs incurred on fully-leased development
properties
(70,954
)
(53,914
)
(124,038
)
Costs incurred on fully-leased operating
property acquisitions
(17,034
)
—
—
Net debt adjusted for fully-leased
investment properties
$
2,344,579
$
2,275,027
$
2,168,967
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028177751/en/
IR Contacts: Venkat Kommineni, CFA
443.285.5587 venkat.kommineni@copt.com
Michelle Layne 443.285.5452
michelle.layne@copt.com
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