EPS of ($1.94) for 3Q23; FFO per
Share, as Adjusted for Comparability, of $0.60
Maintains Midpoint of 2023 FFO per Share
Guidance at $2.40
Defense/IT Portfolio 95.9% Occupied and 97.0%
Leased
Same Property Cash NOI Increased 4.5% in 3Q23
and 6.2% Year-to-Date Raising Same Property Cash NOI Guidance for
the Year by 100 Basis Points, to 5.75%-6.25%
Placed 443,000 SF of Developments into Service
that are 98% Leased 1.0 million SF of Active Developments are 90%
Leased
Strong Leasing Volume YTD; High Confidence
in Achieving 2023 Goals
Total Leasing of 521,000 SF in 3Q23 and 2.2
million SF Year-to-Date
151,000 SF of Vacancy Leasing in 3Q23 and
337,000 SF Year-to-Date On Track to Achieve Annual Goal of 400,000
SF
Tenant Retention of 82% in 3Q23 and 83%
Year-to-Date On Track to Achieve Annual Goal of 80%-85%
495,000 SF of Development Leasing Year-to-Date
On Track to Achieve Annual Goal of 700,000 SF
COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE:
CDP) announced results for the third quarter ended September 30,
2023.
Management Comments
Stephen E. Budorick, COPT Defense’s President & Chief
Executive Officer, commented, “Our Defense/IT investment strategy,
which has concentrated our portfolio near priority U.S. defense
installations, continues to produce strong results. Our Defense/IT
Portfolio is 97% leased, which is the highest leased rate since we
started reporting the segment in 2015, supported by growth in
defense spending, resulting in continued tenant demand from both
our U.S. Government and Defense Contractor tenants.
Our third quarter results were solid, with FFO per share at the
midpoint of our guidance range, which led us to narrow the
full-year guidance range. We continue to outperform in terms of
same property cash NOI growth, which increased 4.5% for 3Q23 over
3Q22, and 6.2% in 2023 YTD over 2022 YTD, which led us to increase
our full-year change in same property cash NOI guidance by another
100 basis points. We are highly confident that we will achieve our
leasing goals, as we have executed 84% of our vacancy leasing goal
and 70% of our development leasing goal, while tenant retention YTD
is squarely within our full-year guidance range.
From a balance sheet perspective, our Finance and Capital
Markets team once again proved our ability to source low-cost
capital to fund our accretive and highly leased development
pipeline, as evidenced by our September issuance of $345 million of
exchangeable notes due 2028 at 5.25%, which was roughly 200 basis
points below where we could have priced 5-year unsecured debt. With
this capital raise, and our ability to fund the equity investment
in our projects with cash flow from operations after our dividend
payments, we forecast we can now fund our anticipated development
spend through late 2026. Our investment grade balance sheet is well
positioned to navigate the challenging capital markets environment,
as we have no variable rate debt exposure and have no significant
debt maturity until 2026.
We remain confident in our strategy of allocating capital to
investments in our Defense/IT Portfolio that will support continued
growth in FFO per share and shareholder value.”
Financial Highlights
3rd Quarter Financial Results:
- Diluted earnings per share (“EPS”) was ($1.94) for the quarter
ended September 30, 2023, which included a $252.8 million
impairment charge for six operating properties in the Other segment
and a parcel of land, located in Baltimore, Maryland, Northern
Virginia and Washington, D.C., resulting from our quarterly
portfolio review.
- Diluted funds from operations per share (“FFOPS”), as
calculated in accordance with Nareit’s definition, and FFOPS, as
adjusted for comparability, were $0.60 for the quarter ended
September 30, 2023 compared to $0.58 for the quarter ended
September 30, 2022.
Operating Performance
Highlights
Operating Portfolio Summary:
- At September 30, 2023, the Company’s 21.3 million square foot
Defense/IT Portfolio was 95.9% occupied and 97.0% leased.
Same Property Performance:
- At September 30, 2023, the Company’s 20.6 million square foot
same property portfolio was 93.4% occupied and 94.5% leased.
- The Company’s same property cash NOI increased 4.5% for the
three months ended September 30, 2023 compared to the same period
in 2022.
Leasing:
- Total Square Feet Leased: For the
quarter ended September 30, 2023, the Company leased 521,000 square
feet, including 370,000 square feet of renewals and 151,000 square
feet of vacancy leasing. For the nine months ended September 30,
2023, the Company executed 2.2 million square feet of total
leasing, including 1.4 million square feet of renewals, 337,000
square feet of vacancy leasing, and 495,000 square feet in
development projects.
- Tenant Retention Rates: During the
quarter and nine months ended September 30, 2023, the Company
renewed 82.0% and 82.5%, respectively, of expiring square
feet.
- Rent Spreads & Average Escalations on
Renewing Leases: For the quarter and nine months ended
September 30, 2023, straight-line rents on renewals increased 9.3%
and 7.5%, respectively, and cash rents on renewed space increased
1.7% and 1.2%, respectively. For the same time periods, annual
escalations on renewing leases averaged 2.7% and 2.6%,
respectively.
- Lease Terms: In the quarter ended
September 30, 2023, lease terms averaged 4.2 years on renewing
leases and 8.4 years on vacancy leasing. For the nine months ended
September 30, 2023, lease terms averaged 4.4 years on renewing
leases, 7.9 years on vacancy leasing, and 14.3 years on development
leasing.
Investment Activity
Highlights
- Development Pipeline: The
Company’s development pipeline consists of six properties totaling
1.0 million square feet that were 90% leased at September 30, 2023.
These projects represent a total estimated investment of $337.0
million, of which $150.2 million has been spent.
Balance Sheet and Capital Transaction
Highlights
- On September 12, 2023, the Company issued $345 million of 5.25%
Exchangeable Senior Notes due 2028. The Company used net proceeds
from this issuance to pay down a portion of its Revolving Credit
Facility, and to pre-fund future development investments, which
resulted in a portion of the net proceeds being invested in
short-term interest-bearing money market accounts pending such use.
These notes are due in 2028 unless earlier exchanged, redeemed or
repurchased only in the event of certain circumstances and during
certain periods defined under the terms of the notes. Upon exchange
of the notes, the principal amount of notes exchanged is payable in
cash, with the remainder of the exchange obligation, if any,
payable in cash, common shares or a combination thereof at the
Company’s election.
- For the quarter ended September 30, 2023, the Company’s
adjusted EBITDA fixed charge coverage ratio was 4.6x.
- At September 30, 2023, the Company’s net debt to in-place
adjusted EBITDA ratio was 6.2x and its net debt adjusted for
fully-leased development to in-place adjusted EBITDA ratio was
5.9x.
- At September 30, 2023, and including the effect of interest
rate swaps, the Company’s weighted average effective interest rate
on its consolidated debt portfolio was 3.4% with a weighted average
maturity of 5.9 years and, 100.0% 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 2023
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
2023 Guidance
Management is revising its full-year guidance for diluted EPS
and narrowing its full-year guidance for diluted FFOPS, per Nareit
and as adjusted for comparability, from the prior range of
$1.49-$1.53, and $2.38-$2.42, respectively, to new ranges of
($0.71)-($0.69), and $2.39-$2.41, respectively. Management is
establishing fourth quarter guidance for diluted EPS and diluted
FFOPS per Nareit and as adjusted for comparability at $0.27-$0.29
and $0.60-$0.62, 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,
2023
Year Ending December 31,
2023
Low
High
Low
High
Diluted EPS
$
0.27
$
0.29
$
(0.71
)
$
(0.69
)
Real estate-related depreciation and
amortization
0.33
0.33
1.32
1.32
Impairment losses
—
—
2.21
2.21
Gain on sales of real estate
—
—
(0.43
)
(0.43
)
Diluted FFOPS, Nareit definition and as
adjusted for comparability
$
0.60
$
0.62
$
2.39
$
2.41
Conference Call
Information
Management will discuss third quarter 2023 results on its
conference call tomorrow at 12:00 p.m. Eastern Time, details of
which are listed below:
Conference Call Date:
Friday, October 27, 2023
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/BI3aa228e2cc714d1893a176fa18b0ded0
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. In
September 2023, the Company changed its name from Corporate Office
Properties Trust to COPT Defense Properties to better describe its
investment strategy’s focus on locations serving U.S. priority
defense activities. The ticker symbol under which the Company’s
common shares are publicly traded on the New York Stock Exchange
changed from “OFC” to “CDP.” As of September 30, 2023, the
Company’s Defense/IT Portfolio of 188 properties, including 24
owned through unconsolidated joint ventures, encompassed 21.3
million square feet and was 97.0% 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, 2022.
Source: COPT Defense Properties
COPT Defense Properties
Summary Financial Data
(unaudited)
(dollars and shares in thousands,
except per share data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023
2022
2023
2022
Revenues
Lease revenue
$
155,268
$
146,481
$
459,510
$
430,147
Other property revenue
1,339
1,206
3,731
3,066
Construction contract and other service
revenues
11,949
34,813
42,012
130,570
Total revenues
168,556
182,500
505,253
563,783
Operating expenses
Property operating expenses
61,788
57,663
182,808
168,960
Depreciation and amortization associated
with real estate operations
37,620
35,247
112,215
104,323
Construction contract and other service
expenses
11,493
33,555
40,249
126,509
Impairment losses
252,797
—
252,797
—
General and administrative expenses
7,582
6,558
22,865
19,695
Leasing expenses
2,280
2,340
6,624
6,102
Business development expenses and land
carry costs
714
552
1,935
2,036
Total operating expenses
374,274
135,915
619,493
427,625
Interest expense
(17,798
)
(15,123
)
(50,759
)
(44,355
)
Interest and other income, net
2,529
597
6,928
4,399
Gain on sales of real estate
—
16
49,392
12
Loss on early extinguishment of debt
—
—
—
(342
)
(Loss) income from continuing operations
before equity in (loss) income of unconsolidated entities and
income taxes
(220,987
)
32,075
(108,679
)
95,872
Equity in (loss) income of unconsolidated
entities
(68
)
308
(21
)
1,514
Income tax expense
(152
)
(67
)
(467
)
(224
)
(Loss) income from continuing
operations
(221,207
)
32,316
(109,167
)
97,162
Discontinued operations
—
—
—
29,573
Net (loss) income
(221,207
)
32,316
(109,167
)
126,735
Net loss (income) attributable to
noncontrolling interests:
Common units in the Operating Partnership
(“OP”)
3,691
(476
)
1,882
(1,828
)
Other consolidated entities
1,329
(919
)
164
(2,357
)
Net (loss) income attributable to common
shareholders
$
(216,187
)
$
30,921
$
(107,121
)
$
122,550
Earnings per share (“EPS”)
computation:
Numerator for diluted EPS:
Net (loss) income attributable to common
shareholders
$
(216,187
)
$
30,921
$
(107,121
)
$
122,550
Amount allocable to share-based
compensation awards
(992
)
(75
)
(1,093
)
(334
)
Redeemable noncontrolling interests
—
(40
)
—
(109
)
Numerator for diluted EPS
$
(217,179
)
$
30,806
$
(108,214
)
$
122,107
Denominator:
Weighted average common shares - basic
112,196
112,093
112,170
112,066
Dilutive effect of share-based
compensation awards
—
433
—
429
Dilutive effect of redeemable
noncontrolling interests
—
105
—
121
Weighted average common shares -
diluted
112,196
112,631
112,170
112,616
Diluted EPS
$
(1.94
)
$
0.27
$
(0.96
)
$
1.08
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,
2023
2022
2023
2022
Net (loss) income
$
(221,207
)
$
32,316
$
(109,167
)
$
126,735
Real estate-related depreciation and
amortization
37,620
35,247
112,215
104,323
Impairment losses on real estate
252,797
—
252,797
—
Gain on sales of real estate from
continuing and discontinued operations
—
(16
)
(49,392
)
(28,576
)
Depreciation and amortization on
unconsolidated real estate JVs
806
524
2,412
1,575
Funds from operations (“FFO”)
70,016
68,071
208,865
204,057
FFO allocable to other noncontrolling
interests
(1,059
)
(1,348
)
(3,006
)
(3,568
)
Basic FFO allocable to share-based
compensation awards
(481
)
(354
)
(1,427
)
(1,073
)
Basic FFO available to common share and
common unit holders (“Basic FFO”)
68,476
66,369
204,432
199,416
Redeemable noncontrolling interests
—
(5
)
(58
)
(7
)
Diluted FFO adjustments allocable to
share-based compensation awards
36
27
112
81
Diluted FFO available to common share and
common unit holders (“Diluted FFO”)
68,512
66,391
204,486
199,490
Loss on early extinguishment of debt
—
—
—
342
Executive transition costs
82
206
330
343
Diluted FFO comparability adjustments
allocable to share-based compensation awards
(1
)
(2
)
(3
)
(4
)
Diluted FFO available to common share and
common unit holders, as adjusted for comparability
68,593
66,595
204,813
200,171
Straight line rent adjustments and lease
incentive amortization
12,882
605
6,205
(5,782
)
Amortization of intangibles and other
assets included in net operating income (“NOI”)
26
50
24
(273
)
Share-based compensation, net of amounts
capitalized
2,280
2,188
6,226
6,453
Amortization of deferred financing
costs
639
540
1,899
1,678
Amortization of net debt discounts, net of
amounts capitalized
750
612
1,990
1,825
Replacement capital expenditures
(21,122
)
(17,528
)
(71,996
)
(52,603
)
Other
74
377
(420
)
822
Diluted adjusted funds from operations
available to common share and common unit holders (“Diluted
AFFO”)
$
64,122
$
53,439
$
148,741
$
152,291
Diluted FFO per share
$
0.60
$
0.58
$
1.79
$
1.75
Diluted FFO per share, as adjusted for
comparability
$
0.60
$
0.58
$
1.79
$
1.75
Dividends/distributions per common
share/unit
$
0.285
$
0.275
$
0.855
$
0.825
COPT Defense Properties
Summary Financial Data
(unaudited)
(Dollars and shares in thousands,
except per share data)
September 30,
2023
December 31,
2022
Balance Sheet Data
Properties, net of accumulated
depreciation
$
3,468,197
$
3,556,398
Total assets
$
4,239,257
$
4,257,275
Debt per balance sheet
$
2,415,783
$
2,231,794
Total liabilities
$
2,691,562
$
2,509,527
Redeemable noncontrolling interests
$
21,822
$
26,293
Total equity
$
1,525,873
$
1,721,455
Debt to assets
57.0
%
52.4
%
Net debt to adjusted book
40.5
%
39.8
%
Defense/IT Portfolio Data (as of period
end)
Number of operating properties
188
186
Total operational square feet (in
thousands)
21,339
20,869
% Occupied
95.9
%
94.1
%
% Leased
97.0
%
96.7
%
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023
2022
2023
2022
GAAP
Payout ratio:
Net income
N/A
97.1
%
N/A
74.3
%
Debt ratios:
Net income to interest expense ratio
N/A
2.1x
N/A
2.9x
Debt to net income ratio
N/A
17.6x
N/A
N/A
Non-GAAP
Payout ratios:
Diluted FFO
47.3
%
47.1
%
47.6
%
47.0
%
Diluted FFO, as adjusted for
comparability
47.3
%
46.9
%
47.5
%
46.8
%
Diluted AFFO
50.6
%
58.5
%
65.4
%
61.6
%
Debt ratios:
Adjusted EBITDA fixed charge coverage
ratio
4.6x
5.1x
4.9x
5.2x
Net debt to in-place adjusted EBITDA
ratio
6.2x
6.7x
N/A
N/A
Net debt adj. for fully-leased development
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
112,196
112,631
112,170
112,616
Weighted average common units
1,520
1,477
1,508
1,446
Dilutive effect of additional share-based
compensation awards
429
—
422
—
Redeemable noncontrolling interests
—
—
51
—
Denominator for diluted FFO per share and
as adjusted for comparability
114,145
114,108
114,151
114,062
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023
2022
2023
2022
Numerators for Payout Ratios
Dividends on unrestricted common and
deferred shares
$
31,996
$
30,844
$
95,980
$
92,523
Distributions on unrestricted common
units
432
406
1,295
1,217
Dividends and distributions on restricted
shares and units
200
140
619
433
Total dividends and distributions for GAAP
payout ratio
32,628
31,390
97,894
94,173
Dividends and distributions on
antidilutive shares and units
(202
)
(127
)
(623
)
(395
)
Dividends and distributions for non-GAAP
payout ratios
$
32,426
$
31,263
$
97,271
$
93,778
Reconciliation of net (loss) income to
earnings before interest, income taxes, depreciation and
amortization for real estate (“EBITDAre”), adjusted EBITDA and
in-place adjusted EBITDA
Net (loss) income
$
(221,207
)
$
32,316
$
(109,167
)
$
126,735
Interest expense
17,798
15,123
50,759
44,355
Income tax expense
152
67
467
224
Real estate-related depreciation and
amortization
37,620
35,247
112,215
104,323
Other depreciation and amortization
615
602
1,826
1,761
Impairment losses on real estate
252,797
—
252,797
—
Gain on sales of real estate from
continuing and discontinued operations
—
(16
)
(49,392
)
(28,576
)
Adjustments from unconsolidated real
estate JVs
1,743
762
5,006
2,280
EBITDAre
89,518
84,101
264,511
251,102
Credit loss expense
372
1,693
677
1,602
Business development expenses
313
386
948
1,097
Executive transition costs
82
206
636
343
Loss on early extinguishment of debt
—
—
—
342
Net gain on other investments
(25
)
—
(25
)
(564
)
Adjusted EBITDA
90,260
86,386
$
266,747
$
253,922
Pro forma NOI adjustment for property
changes within period
1,647
—
Change in collectability of deferred
rental revenue
—
13
In-place adjusted EBITDA
$
91,907
$
86,399
Reconciliations of tenant improvements
and incentives, building improvements and leasing costs for
operating properties to replacement capital expenditures
Tenant improvements and incentives
$
14,457
$
8,848
$
67,062
$
29,513
Building improvements
6,307
7,477
11,214
21,060
Leasing costs
1,902
3,073
7,194
7,091
Net (exclusions from) additions to tenant
improvements and incentives
(813
)
(57
)
(11,981
)
2,225
Excluded building improvements and leasing
costs
(731
)
(1,813
)
(1,493
)
(7,286
)
Replacement capital expenditures
$
21,122
$
17,528
$
71,996
$
52,603
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2023
2022
2023
2022
Reconciliation of interest expense to
the denominator for fixed charge coverage-Adjusted EBITDA
Interest expense
$
17,798
$
15,123
$
50,759
$
44,355
Less: Amortization of deferred financing
costs
(639
)
(540
)
(1,899
)
(1,678
)
Less: Amortization of net debt discounts,
net of amounts capitalized
(750
)
(612
)
(1,990
)
(1,825
)
CDP’s share of interest expense of
unconsolidated real estate JVs, excluding amortization of deferred
financing costs and net debt premium and loss on interest rate
derivatives
805
236
2,369
700
Scheduled principal amortization
753
851
2,289
2,469
Capitalized interest
1,487
1,969
3,451
4,874
Denominator for fixed charge
coverage-Adjusted EBITDA
$
19,454
$
17,027
$
54,979
$
48,895
Reconciliation of net (loss) income to
NOI from real estate operations, same property NOI from real estate
operations and same property cash NOI from real estate
operations
Net (loss) income
$
(221,207
)
$
32,316
$
(109,167
)
$
126,735
Construction contract and other service
revenues
(11,949
)
(34,813
)
(42,012
)
(130,570
)
Depreciation and other amortization
associated with real estate operations
37,620
35,247
112,215
104,323
Construction contract and other service
expenses
11,493
33,555
40,249
126,509
Impairment losses
252,797
—
252,797
—
General and administrative expenses
7,582
6,558
22,865
19,695
Leasing expenses
2,280
2,340
6,624
6,102
Business development expenses and land
carry costs
714
552
1,935
2,036
Interest expense
17,798
15,123
50,759
44,355
Interest and other income, net
(2,529
)
(597
)
(6,928
)
(4,399
)
Gain on sales of real estate from
continuing operations
—
(16
)
(49,392
)
(12
)
Loss on early extinguishment of debt
—
—
—
342
Equity in loss (income) of unconsolidated
entities
68
(308
)
21
(1,514
)
Unconsolidated real estate JVs NOI
allocable to CDP included in equity in (loss) income of
unconsolidated entities
1,675
1,072
4,988
3,232
Income tax expense
152
67
467
224
Discontinued operations
—
—
—
(29,573
)
Revenues from real estate operations from
discontinued operations
—
—
—
1,980
Property operating expenses from
discontinued operations
—
—
—
(971
)
NOI from real estate operations
96,494
91,096
285,421
268,494
Non-Same Property NOI from real estate
operations
(9,318
)
(6,611
)
(27,539
)
(18,976
)
Same Property NOI from real estate
operations
87,176
84,485
257,882
249,518
Straight line rent adjustments and lease
incentive amortization
15,060
544
17,684
(3,048
)
Amortization of acquired above- and
below-market rents
(120
)
(97
)
(415
)
(713
)
Lease termination fees, net
(748
)
(591
)
(3,028
)
(1,211
)
Tenant funded landlord assets and lease
incentives
(15,364
)
(2,026
)
(17,743
)
(4,847
)
Cash NOI adjustments in unconsolidated
real estate JVs
(64
)
(87
)
(209
)
(277
)
Same Property Cash NOI from real estate
operations
$
85,940
$
82,228
$
254,171
$
239,422
COPT Defense Properties
Summary Financial Data
(unaudited)
(in thousands)
September 30,
2023
December 31,
2022
Reconciliation of total assets to
adjusted book
Total assets
$
4,239,257
$
4,257,275
Accumulated depreciation
1,367,473
1,267,434
Accumulated depreciation included in
assets held for sale
—
6,014
Accumulated amortization of intangibles on
property acquisitions and deferred leasing costs
228,334
222,779
CDP’s share of liabilities of
unconsolidated real estate JVs
60,762
52,404
CDP’s share of accumulated depreciation
and amortization of unconsolidated real estate JVs
8,664
6,078
Less: Property - operating lease
liabilities
(32,940
)
(28,759
)
Less: Property - finance lease
liabilities
(420
)
—
Less: Cash and cash equivalents
(204,238
)
(12,337
)
Less: CDP’s share of cash of
unconsolidated real estate JVs
(1,031
)
(456
)
Adjusted book
$
5,665,861
$
5,770,432
September 30,
2023
December 31,
2022
September 30,
2022
Reconciliation of debt to net debt, net
debt adjusted for fully-leased development and pro forma net debt
adjusted for fully-leased development
Debt per balance sheet
$
2,415,783
$
2,231,794
$
2,269,834
Net discounts and deferred financing
costs
29,980
23,160
22,984
CDP’s share of unconsolidated JV gross
debt
52,511
52,100
26,250
Gross debt
2,498,274
2,307,054
2,319,068
Less: Cash and cash equivalents
(204,238
)
(12,337
)
(12,643
)
Less: CDP’s share of cash of
unconsolidated real estate JVs
(1,031
)
(456
)
(547
)
Net debt
2,293,005
2,294,261
2,305,878
Costs incurred on fully-leased development
properties
(124,038
)
(95,972
)
(275,359
)
Net debt adjusted for fully-leased
development
$
2,168,967
$
2,198,289
$
2,030,519
Net debt
$
2,293,005
$
2,294,261
$
2,305,878
Pro forma debt adjustments from subsequent
event transaction proceeds
N/A
(189,000
)
N/A
Pro forma net debt
2,293,005
2,105,261
2,305,878
Costs incurred on fully-leased development
properties
(124,038
)
(95,972
)
(275,359
)
Pro forma net debt adjusted for
fully-leased development
$
2,168,967
$
2,009,289
$
2,030,519
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026411916/en/
IR Contacts: Venkat Kommineni, CFA
443.285.5587 venkat.kommineni@copt.com
Michelle Layne 443.285.5452
michelle.layne@copt.com
COPT Defense Properties (NYSE:CDP)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
COPT Defense Properties (NYSE:CDP)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
