COPT(US:CDP)2024-05-01 21:25Financial Performance - Total revenues for the three months ended March 31, 2024, increased to $193.3 million, up 15.4% from $167.5 million in the same period of 2023[8]. - Net income for Q1 2024 was $33.7 million, down 58.1% from $80.4 million in Q1 2023[10]. - Earnings per common share for Q1 2024 were $0.29, compared to $0.70 in Q1 2023[8]. - The company reported a comprehensive income of $35.5 million for Q1 2024, compared to $79.6 million in Q1 2023[10]. - The company reported a net income of $33.671 million for the three months ended March 31, 2024, down from $80.398 million in the same period of 2023[84]. - Net income attributable to common shareholders for the three months ended March 31, 2024, was $32,609,000, a decrease of 58.6% from $78,779,000 in the same period of 2023[113]. - The company reported a significant increase in interest expense paid, rising to $20,996,000 in the first quarter of 2024 from $12,031,000 in the same period of 2023[15]. - The company reported a decrease in redeemable noncontrolling interests to $22.97 million as of March 31, 2024, down from $25.45 million as of March 31, 2023[69]. Revenue Breakdown - Lease revenue rose to $165.4 million, a 9.8% increase compared to $150.6 million in Q1 2023[8]. - Revenues from real estate operations increased to $173.83 million for the three months ended March 31, 2024, compared to $152.27 million for the same period in 2023, representing a growth of 14.2%[15]. - For the three months ended March 31, 2024, revenues from real estate operations totaled $166.663 million, up from $151.681 million in the same period of 2023, representing a 9.8% increase[81]. - The company recognized construction contract and other service revenues of $26.603 million for the three months ended March 31, 2024, compared to $15.820 million for the same period in 2023, reflecting a 68.5% increase[87]. Assets and Liabilities - Total assets as of March 31, 2024, were $4.23 billion, a slight decrease from $4.25 billion at the end of 2023[5]. - Total liabilities decreased to $2.68 billion from $2.70 billion at the end of 2023[6]. - Cash and cash equivalents decreased to $123.1 million from $167.8 million at the end of 2023[5]. - The company owned 193 operating properties totaling 22.0 million square feet as of March 31, 2024, including 16.3 million square feet in office properties and 5.7 million square feet in data center shells[20]. - The company has approximately 650 acres of land controlled that could be developed into approximately 7.7 million square feet[20]. - Total consolidated assets as of March 31, 2024, were $4,232,895,000, up from $4,177,992,000 as of March 31, 2023[86]. - The company has a potential loss of up to $4.6 million for certain municipal tax claims, which may not materially affect its financial position or liquidity[116]. Cash Flow and Investments - Net cash provided by operating activities was $70.99 million, up from $58.75 million year-over-year, indicating a 20.0% increase[17]. - The company reported a net cash used in investing activities of $78.91 million, compared to a net cash provided of $85.18 million in the prior year[15]. - Cash and cash equivalents and restricted cash at the end of the period totaled $125.08 million, a decrease from $16.90 million at the end of the same period in 2023[17]. - The fair value of investing receivables was approximately $85 million as of March 31, 2024, compared to $84 million as of December 31, 2023[54]. - The company capitalized interest costs of $589,000 in the three months ended March 31, 2024[60]. Operating Expenses - Operating expenses for Q1 2024 totaled $142.9 million, an increase from $122.1 million in Q1 2023[8]. - The company reported a net operating income (NOI) from real estate operations of $94.9 million for the three months ended March 31, 2024, compared to $101.7 million for the same period in 2023, indicating a decrease of about 6.7%[76]. - Depreciation and other amortization associated with real estate operations increased to $38,351,000 in Q1 2024 from $36,995,000 in Q1 2023, an increase of 3.7%[84]. Debt and Interest - Total debt, net as of March 31, 2024, was $2,416,873,000, slightly up from $2,416,287,000 as of December 31, 2023[56]. - The weighted average interest rate on fixed-rate mortgage debt was 4.10% as of March 31, 2024[56]. - Interest expense for the 5.25% Exchangeable Senior Notes was $4,910,000 for the three months ended March 31, 2024[58]. - The total scheduled principal amortization and maturities of debt is $2,444,231,000, excluding net discounts and deferred financing costs[59]. Dividends - Common share dividends paid increased to $32.10 million from $30.94 million year-over-year, reflecting a 3.8% increase[15]. - The company declared dividends per common share of $0.295 for the three months ended March 31, 2024, compared to $0.285 for the same period in 2023, reflecting a 3.5% increase[71].