v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
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 propertiesShorter 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,
20252024
Land$519,256 $495,707 
Buildings and improvements4,663,198 4,395,063 
Less: Accumulated depreciation(1,682,367)(1,537,293)
Operating properties, net$3,500,087 $3,353,477 
Schedule of Amortization of Intangible Assets and Deferred Revenue
We amortize intangible assets and deferred revenue on property acquisitions as follows:
Asset TypeAmortization PeriodStatement of Operations Location
Above- and below-market leasesRelated lease termsLease revenue
In-place lease valueRelated lease termsDepreciation and amortization associated with real estate operations
Tenant relationship valueEstimated period of time that tenant will lease space in propertyDepreciation and amortization associated with real estate operations
Schedule of Intangible Assets
Intangible assets on property acquisitions consisted of the following (in thousands):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet
 Carrying Amount		Gross Carrying AmountAccumulated AmortizationNet
Carrying Amount
In-place lease value$137,274 $122,897 $14,377 $124,806 $121,091 $3,715 
Tenant relationship value51,462 46,453 5,009 53,788 48,008 5,780 
Above-market leases14,806 14,419 387 14,865 13,914 951 
Other759 759 — 1,333 1,081 252 
$204,301 $184,528 $19,773 $194,792 $184,094 $10,698 
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,
202520242023
Ordinary income97.6%100.0%51.0%
Long-term capital gain2.4%—%49.0%