COPT(US:CDP)2023-05-02 16:00Financial Performance - Total revenues for the three months ended March 31, 2023, were $167.5 million, a decrease of 14.3% compared to $195.5 million for the same period in 2022[10]. - Net income attributable to common shareholders for Q1 2023 was $78.8 million, representing an increase of 32.6% from $59.3 million in Q1 2022[10]. - Basic earnings per common share for Q1 2023 were $0.70, up from $0.53 in Q1 2022, reflecting a 32.1% increase[10]. - Comprehensive income attributable to common shareholders for Q1 2023 was $78,061, compared to $62,542 in Q1 2022, indicating a 25% increase[12]. - Net income for the three months ended March 31, 2023, was $80.4 million, an increase of 32.3% compared to $60.8 million for the same period in 2022[19]. - Income from continuing operations for the three months ended March 31, 2023, was $80,398,000, compared to $31,251,000 in the same period of 2022, representing a significant increase of approximately 157.5%[85]. Assets and Liabilities - Total assets as of March 31, 2023, were $4.18 billion, a decrease from $4.26 billion as of December 31, 2022[6]. - Total liabilities decreased to $2.38 billion as of March 31, 2023, from $2.51 billion at the end of 2022, marking a reduction of 5.0%[7]. - The company’s total shareholders' equity increased to $1.73 billion as of March 31, 2023, from $1.68 billion at the end of 2022, indicating a growth of 2.8%[8]. - Total liabilities as of March 31, 2023, were $2.230 billion, with deferred compensation plan liability at $1.875 billion[33]. - Total debt decreased to $2.123 billion as of March 31, 2023, down from $2.232 billion as of December 31, 2022, representing a reduction of approximately 4.9%[56]. Cash Flow and Investments - Cash and cash equivalents increased to $15.2 million as of March 31, 2023, compared to $12.3 million at the end of 2022, showing a growth of 23.1%[6]. - Net cash provided by operating activities was $58,745,000 for the three months ended March 31, 2023, compared to $52,711,000 for the same period in 2022, indicating an increase of 11%[19]. - The company reported a net cash increase of $395,000 for the period, significantly lower than the $6,528,000 increase in the same period last year[17]. - The company ended Q1 2023 with cash and cash equivalents of $16,904, down from $23,844 at the end of Q1 2022[17]. - Net cash provided by investing activities was $85,183 in Q1 2023, down from $104,220 in Q1 2022[17]. Revenue Streams - Revenues from real estate operations increased to $152,273,000 for the three months ended March 31, 2023, compared to $133,550,000 for the same period in 2022, representing a growth of 14%[17]. - Lease revenue for the three months ended March 31, 2023, was $150.56 million, up 6.5% from $141.39 million in the same period of 2022[39]. - Total revenues from real estate operations for the three months ended March 31, 2023, were $151.681 million, an increase from $144.260 million in the same period of 2022, reflecting a growth of 5.5%[80]. - The company recognized a gain on sales of real estate amounting to $49.4 million in Q1 2023, compared to $15,000 in Q1 2022[10]. - The company reported a gain on sales of real estate amounting to $49.378 million for the three months ended March 31, 2023, compared to $15,000 in the same period of 2022[85]. Operating Expenses - Total property operating expenses were $55,753,000, slightly decreased from $56,132,000 in the prior year, showing a reduction of 1%[17]. - Property operating expenses for the three months ended March 31, 2023, were $59,420,000, compared to $58,152,000 for the same period in 2022, indicating a slight increase of about 2.2%[81]. - Operating expenses decreased to $122,106 in Q1 2023, down 19.9% from $152,422 in Q1 2022[10]. Development and Future Plans - The company plans to continue expanding its portfolio and investing in new development projects to drive future growth[10]. - The company has 194 properties totaling 23.0 million square feet, with 9 properties under development expected to total approximately 1.5 million square feet upon completion[22]. - The company controlled approximately 680 acres of land for future development, which could yield approximately 9.0 million square feet of additional space[22]. Shareholder Returns - Common share dividends paid were $30,941,000, consistent with the $30,904,000 paid in the same period last year, indicating stability in dividend distribution[17]. - The company declared dividends per common share of $0.285 for the three months ended March 31, 2023, compared to $0.275 for the same period in 2022, representing a 3.64% increase[71].