← COPT DEFENSE PROPERTIES
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income From Continuing Operations | — | — | — | — | — | — | $178.8m | ($74.3m) | $143.9m | $159.5m | |
| Net Income (Loss) Attributable to Parent | $11.4m | $70.1m | $72.3m | $191.7m | $97.4m | $81.6m | $178.8m | ($74.3m) | $143.9m | $159.5m | |
| Net Income (Loss) Available to Common Stockholders, Basic | ($2.9m) | $57.0m | $72.3m | $191.0m | $96.9m | $81.6m | $178.8m | ($74.3m) | $143.9m | $151.7m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $15.7m | $76.3m | $78.6m | $200.0m | $102.9m | $81.6m | $178.8m | ($74.3m) | $143.9m | $159.5m | |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $11.4m | $70.1m | — | — | — | $78.2m | $149.2m | — | — | — | |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | ($25.3m) | $66.4m | $78.6m | $200.0m | — | $78.2m | $149.2m | ($74.3m) | $143.9m | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $0 | — | — | — | $3.4m | $29.6m | $0 | $0 | — | |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $0 | $0 | — | — | — | — | — | — | — | — | |
| Depreciation, Depletion and Amortization | $134.9m | $136.5m | $139.1m | $138.9m | $140.0m | $150.6m | $143.6m | $151.4m | $156.0m | $163.7m | |
| Amortization of Debt Issuance Costs and Discounts | $5.9m | $4.3m | $3.4m | $3.6m | $4.3m | $5.2m | $4.7m | $5.6m | $6.8m | $7.3m | |
| Amortization of Intangible Assets | $20.0m | $19.3m | $15.6m | $8.7m | $8.0m | $4.7m | $4.6m | — | — | — | |
| Depreciation Amortization Depletion | — | — | — | — | — | — | $143.6m | $151.4m | $156.0m | $163.7m | |
| Share-based Payment Arrangement, Noncash Expense | $6.8m | $5.6m | $6.4m | $6.7m | $6.5m | $8.0m | $8.8m | $8.5m | $10.4m | $11.7m | |
| Share-based Payment Arrangement, Expense | $7.5m | $6.1m | $7.0m | $7.5m | $7.1m | $8.7m | $9.6m | $9.1m | $11.0m | $12.4m | |
| Asset Impairment Charge | — | — | — | — | — | — | $0 | $252.8m | $0 | $0 | |
| Income (Loss) from Equity Method Investments | $1.3m | $2.9m | $2.7m | $1.6m | $1.8m | $1.1m | $1.7m | ($261k) | $397k | $2.8m | |
| Gain (Loss) on Extinguishment of Debt | ($1.1m) | ($513k) | ($258k) | $0 | ($7.3m) | ($100.6m) | ($609k) | $0 | $0 | ($66k) | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | — | — | $29.4m | $0 | $0 | — | — | — | |
| Gain (Loss) on Disposition of Assets | — | — | — | — | $30.2m | $65.6m | $19.2m | $49.4m | $0 | $3.4m | |
| Income Tax Expense (Benefit) | $244k | $1.1m | ($363k) | ($217k) | $353k | $145k | $447k | $588k | $288k | $947k | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | $82.2m | $86.7m | |
| Operating Lease, Lease Income | — | — | — | $522.5m | $536.1m | $553.7m | $580.2m | $619.8m | $671.4m | $714.2m | |
| Other Nonoperating Income (Expense) | — | — | — | — | — | — | — | $12.6m | $12.7m | $10.7m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $5.3m | ($2.8m) | ($5.7m) | $7.1m | $6.4m | $662k | $2.4m | $5.6m | ($6.5m) | $15.9m | |
| Payments of Financing Costs | $825k | $500k | $8.3m | $448k | $2.4m | $3.6m | $6.5m | $1.0m | $0 | $10.6m | |
| Gain (Loss) on Sale of Properties | $41.0m | $9.9m | $2.3m | $105.2m | $30.2m | $65.6m | $47.8m | $49.4m | $0 | $3.4m | |
| Beginning Cash Position | — | — | — | — | — | — | $17.3m | $16.5m | $169.4m | $39.7m | |
| Cash Flow From Continuing Financing Activities | — | — | — | — | — | — | ($183.2m) | $46.3m | ($169.7m) | $216.5m | |
| Cash Flow From Continuing Investing Activities | — | — | — | — | — | — | ($83.5m) | ($169.6m) | ($291.0m) | ($289.7m) | |
| Change In Account Payable | — | — | — | — | — | — | ($11.1m) | ($2.9m) | ($4.1m) | $556k | |
| Change In Other Working Capital | — | — | — | — | — | — | ($116k) | $542k | $463k | ($11.1m) | |
| Change In Payable | — | — | — | — | — | — | ($11.1m) | ($2.9m) | ($4.1m) | $556k | |
| Change In Payables And Accrued Expense | — | — | — | — | — | — | ($11.1m) | ($2.9m) | ($4.1m) | $556k | |
| Change In Prepaid Assets | — | — | — | — | — | ($27.4m) | $2.1m | ($4.9m) | — | — | |
| Change In Receivables | — | — | — | — | — | — | ($2.4m) | ($5.6m) | $6.5m | ($15.9m) | |
| Change In Working Capital | — | — | — | — | — | — | ($13.7m) | ($8.0m) | $2.9m | ($26.5m) | |
| Changes In Account Receivables | — | — | — | — | — | — | ($2.4m) | ($5.6m) | $6.5m | ($15.9m) | |
| Changes In Cash | — | — | — | — | — | — | ($807k) | $152.9m | ($129.7m) | $236.7m | |
| End Cash Position | — | — | — | — | — | — | $16.5m | $169.4m | $39.7m | $276.4m | |
| Financing Cash Flow | — | — | — | — | — | — | ($183.2m) | $46.3m | ($169.7m) | $216.5m | |
| Free Cash Flow | — | — | — | — | — | — | $229.4m | $255.8m | $299.6m | $288.9m | |
| Gain Loss On Investment Securities | — | — | — | — | — | ($65.6m) | ($47.8m) | ($49.4m) | — | ($3.4m) | |
| Gain Loss On Sale Of Business | — | — | — | — | — | $0 | $0 | — | — | — | |
| Investing Cash Flow | — | — | — | — | — | — | ($83.5m) | ($169.6m) | ($291.0m) | ($289.7m) | |
| Net Business Purchase And Sale | — | — | — | — | — | $0 | $0 | — | — | — | |
| Net Preferred Stock Issuance | — | — | — | — | — | $0 | $0 | — | — | — | |
| Operating Gains Losses | — | — | — | — | — | $35.0m | ($47.8m) | ($49.4m) | — | ($3.3m) | |
| Other Non Cash Items | — | — | — | — | — | — | ($3.9m) | ($4.7m) | $17.7m | $4.7m | |
| Preferred Stock Payments | — | — | — | — | — | $0 | $0 | — | — | — | |
| Repurchase Of Capital Stock | — | — | — | — | — | $0 | $0 | — | — | — | |
| Sale Of Business | — | — | — | — | — | $0 | $0 | — | — | — | |
| Stock Based Compensation | — | — | — | — | — | — | $8.8m | $8.5m | $10.4m | $11.7m | |
| Derivative, Gain (Loss) on Derivative, Net | — | — | — | — | ($53.2m) | $0 | $0 | — | — | — | |
| Gain (Loss) on Derivative Instruments, Net, Pretax | — | — | — | — | ($53.2m) | $0 | $0 | — | — | — | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | — | ($3.2m) | $407k | — | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Operating Activities | $232.5m | $230.7m | $180.5m | $228.6m | $238.4m | $249.1m | $265.8m | $276.3m | $331.0m | $309.9m | |
| Cash flows from investing activities: | |||||||||||
| Capital Expenditure | — | — | — | — | — | — | ($36.4m) | ($20.5m) | ($31.3m) | ($21.1m) | |
| Capital Expenditure Reported | — | — | — | — | — | — | ($36.4m) | ($20.5m) | ($31.3m) | ($21.1m) | |
| Net Investment Properties Purchase And Sale | — | — | — | — | — | — | ($45.7m) | ($142.4m) | ($249.6m) | ($264.2m) | |
| Net Investment Purchase And Sale | — | — | — | — | — | $0 | ($625k) | — | — | — | |
| Purchase Of Investment Properties | — | — | — | — | — | — | ($326.8m) | ($331.9m) | ($249.6m) | ($269.2m) | |
| Gains (Losses) on Sales of Investment Real Estate | $7.2m | ($9.9m) | ($2.3m) | — | ($30.2m) | ($65.6m) | ($47.8m) | ($49.4m) | $0 | ($3.4m) | |
| Sale Of Investment Properties | — | — | — | — | — | — | $281.1m | $189.5m | $0 | $5.0m | |
| Payments for (Proceeds from) Other Investing Activities | $2.6m | ($827k) | $2.7m | ($849k) | $4.2m | $160k | $97k | $1.4m | $105k | $1.5m | |
| Net Other Investing Changes | — | — | — | — | — | — | ($28.0m) | ($7.8m) | ($11.3m) | ($26.3m) | |
| Net Cash Provided by (Used in) Investing Activities | $71.4m | ($89.7m) | ($232.9m) | ($138.0m) | ($325.8m) | ($203.0m) | ($83.5m) | ($169.6m) | ($291.0m) | ($289.7m) | |
| Cash flows from financing activities: | |||||||||||
| Issuance Of Debt | — | — | — | — | — | — | $977.0m | $627.4m | $76.0m | $924.5m | |
| Long Term Debt Issuance | — | — | — | — | — | — | $977.0m | $627.4m | $76.0m | $924.5m | |
| Net Issuance Payments Of Debt | — | — | — | — | — | — | ($43.3m) | $181.4m | ($30.0m) | $371.7m | |
| Net Long Term Debt Issuance | — | — | — | — | — | — | ($43.3m) | $181.4m | ($30.0m) | $371.7m | |
| Net Short Term Debt Issuance | — | — | — | — | — | ($67.0m) | $135.0m | ($136.0m) | — | — | |
| Short Term Debt Issuance | — | — | — | — | — | $597.0m | $852.0m | $291.0m | — | — | |
| Long Term Debt Payments | — | — | — | — | — | — | ($1.0b) | ($446.0m) | ($106.0m) | ($552.7m) | |
| Repayment Of Debt | — | — | — | — | — | — | ($1.0b) | ($446.0m) | ($106.0m) | ($552.7m) | |
| Short Term Debt Payments | — | — | — | — | — | ($664.0m) | ($717.0m) | ($427.0m) | — | — | |
| Proceeds from Issuance of Common Stock | $109.1m | $69.5m | $202.1m | $46.4m | $0 | $0 | — | — | — | — | |
| Payments for Repurchase of Common Stock | $2.5m | $2.0m | $1.7m | $2.1m | — | — | — | — | — | — | |
| Payments of Ordinary Dividends, Common Stock | $104.1m | $109.2m | $114.3m | $122.7m | $123.4m | $123.5m | $123.6m | $127.2m | $131.8m | $136.6m | |
| Dividends Payable | $31.3m | $28.9m | $30.9m | $31.3m | $31.2m | $31.3m | $31.4m | $32.6m | $33.9m | $35.2m | |
| Cash Dividends Paid | — | — | — | — | — | — | ($123.6m) | ($127.2m) | ($131.8m) | ($136.6m) | |
| Common Stock Dividend Paid | — | — | — | — | — | — | ($123.6m) | ($127.2m) | ($131.8m) | ($136.6m) | |
| Dividends Received CFI | — | — | — | — | — | — | $26.6m | $1.1m | $1.2m | $21.8m | |
| Proceeds from (Payments for) Other Financing Activities | ($5.0m) | $2.7m | ($3.9m) | $1.1m | ($2.1m) | ($4.3m) | ($6.3m) | ($4.3m) | ($5.6m) | ($5.5m) | |
| Net Other Financing Charges | — | — | — | — | — | — | ($16.2m) | ($8.0m) | ($7.8m) | ($18.6m) | |
| Net Cash Provided by (Used in) Financing Activities | ($154.4m) | ($338.5m) | $49.6m | ($84.4m) | $91.3m | ($50.9m) | ($183.2m) | $46.3m | ($169.7m) | $216.5m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $150.4m | ($197.8m) | ($2.9m) | $6.2m | $3.9m | ($4.7m) | ($807k) | $152.9m | ($129.7m) | $236.7m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $150.4m | ($197.8m) | $11.9m | $18.1m | $22.0m | $17.3m | $16.5m | $169.4m | $39.7m | $276.4m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Change In Cash Supplemental As Reported | — | — | — | — | — | — | ($807k) | $152.9m | ($129.7m) | $236.7m | |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $78.2m | $73.1m | $72.5m | $67.5m | $61.5m | $65.2m | $56.1m | $59.8m | $75.5m | $75.4m | |
| Income Taxes Paid, Net | $5k | $31k | $21k | $0 | ($4k) | ($60k) | $0 | ($37k) | ($53k) | ($40k) |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.