Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.20.4
Information by Business Segment (Tables)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule of segment financial information for real estate operations
The table below reports segment financial information for our reportable segments (in thousands):
Operating Property Segments
Defense/Information Technology Locations
  Fort Meade/BW Corridor Northern Virginia Defense/IT Lackland Air Force Base Navy Support Locations Redstone Arsenal Data Center Shells Total Defense/IT Locations Regional Office Operating
Wholesale
Data Center		 Other Total
Year Ended December 31, 2020
                  
Revenues from real estate operations $ 254,197  $ 57,817  $ 50,982  $ 32,869  $ 22,515  $ 29,139  $ 447,519  $ 60,627  $ 27,788  $ 2,791  $ 538,725 
Property operating expenses (85,032) (21,321) (29,055) (12,655) (8,119) (3,195) (159,377) (29,144) (14,171) (1,148) (203,840)
UJV NOI allocable to COPT —  —  —  —  —  6,951  6,951  —  —  —  6,951 
NOI from real estate operations $ 169,165  $ 36,496  $ 21,927  $ 20,214  $ 14,396  $ 32,895  $ 295,093  $ 31,483  $ 13,617  $ 1,643  $ 341,836 
Additions to long-lived assets $ 31,295  $ 11,620  $ —  $ 7,104  $ 2,905  $ —  $ 52,924  $ 17,232  $ 11,158  $ 165  $ 81,479 
Transfers from non-operating properties
 $ 21,859  $ 2,557  $ 456  $ —  $ 138,122  $ 230,277  $ 393,271  $ 83,091  $ —  $ —  $ 476,362 
Segment assets at December 31, 2020
 $ 1,277,849  $ 392,714  $ 142,137  $ 178,897  $ 281,386  $ 419,929  $ 2,692,912  $ 490,422  $ 202,089  $ 3,555  $ 3,388,978 
Year Ended December 31, 2019
                    
Revenues from real estate operations $ 252,781  $ 55,742  $ 51,140  $ 32,659  $ 16,593  $ 26,571  $ 435,486  $ 59,611  $ 29,405  $ 2,961  $ 527,463 
Property operating expenses (82,815) (19,779) (29,042) (13,579) (6,626) (1,962) (153,803) (29,682) (13,213) (1,445) (198,143)
UJV NOI allocable to COPT —  —  —  —  —  5,705  5,705  —  —  —  5,705 
NOI from real estate operations $ 169,966  $ 35,963  $ 22,098  $ 19,080  $ 9,967  $ 30,314  $ 287,388  $ 29,929  $ 16,192  $ 1,516  $ 335,025 
Additions to long-lived assets $ 34,618  $ 9,326  $ —  $ 8,912  $ 1,548  $ —  $ 54,404  $ 20,925  $ 893  $ 128  $ 76,350 
Transfers from non-operating properties
 $ 18,606  $ 4,548  $ 10,781  $ —  $ 33,606  $ 159,472  $ 227,013  $ —  $ (1,012) $ —  $ 226,001 
Segment assets at December 31, 2019
 $ 1,280,656  $ 396,914  $ 146,592  $ 184,257  $ 138,501  $ 279,099  $ 2,426,019  $ 392,319  $ 202,935  $ 3,685  $ 3,024,958 
Year Ended December 31, 2018
                    
Revenues from real estate operations $ 248,927  $ 53,518  $ 46,286  $ 31,927  $ 14,745  $ 25,650  $ 421,053  $ 61,181  $ 31,892  $ 3,127  $ 517,253 
Property operating expenses (82,975) (20,330) (26,888) (13,536) (6,050) (3,225) (153,004) (30,253) (16,342) (1,436) (201,035)
UJV NOI allocable to COPT —  —  —  —  —  4,818  4,818  —  —  —  4,818 
NOI from real estate operations $ 165,952  $ 33,188  $ 19,398  $ 18,391  $ 8,695  $ 27,243  $ 272,867  $ 30,928  $ 15,550  $ 1,691  $ 321,036 
Additions to long-lived assets $ 38,612  $ 7,956  $ —  $ 6,535  $ 573  $ —  $ 53,676  $ 19,730  $ 856  $ 480  $ 74,742 
Transfers from non-operating properties
 $ 35,648  $ 10,231  $ 14,718  $ (116) $ 4,167  $ 99,191  $ 163,839  $ —  $ 2,304  $ —  $ 166,143 
Segment assets at December 31, 2018
 $ 1,279,571  $ 399,339  $ 139,731  $ 188,911  $ 108,010  $ 353,165  $ 2,468,727  $ 395,380  $ 216,640  $ 4,115  $ 3,084,862 
Schedule of reconciliation of segment revenues to total revenues
The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2020 2019 2018
Segment revenues from real estate operations $ 538,725  $ 527,463  $ 517,253 
Construction contract and other service revenues 70,640  113,763  60,859 
Total revenues $ 609,365  $ 641,226  $ 578,112 
Reconciliation of UJV NOI allocable to COPT to equity in income of unconsolidated entities
The following table reconciles UJV NOI allocable to COPT to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2020 2019 2018
UJV NOI allocable to COPT
 $ 6,951  $ 5,705  $ 4,818 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
 (5,120) (4,065) (3,314)
Add: Equity in (loss) income of unconsolidated non-real estate entities (6) (7) 1,193 
Equity in income of unconsolidated entities
 $ 1,825  $ 1,633  $ 2,697 
Schedule of computation of net operating income from service operations The table below sets forth the computation of our NOI from service operations (in thousands):
For the Years Ended December 31,
  2020 2019 2018
Construction contract and other service revenues $ 70,640  $ 113,763  $ 60,859 
Construction contract and other service expenses (67,615) (109,962) (58,326)
NOI from service operations $ 3,025  $ 3,801  $ 2,533 
Schedule of reconciliation of net operating income from real estate operations and service operations to net income
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2020 2019 2018
NOI from real estate operations $ 341,836  $ 335,025  $ 321,036 
NOI from service operations 3,025  3,801  2,533 
Interest and other income 8,574  7,894  4,358 
Credit loss recoveries 933  —  — 
Gain on sales of real estate 30,209  105,230  2,340 
Gain on sale of investment in unconsolidated real estate joint venture 29,416  —  — 
Equity in income of unconsolidated entities 1,825  1,633  2,697 
Income tax (expense) benefit (353) 217  363 
Depreciation and other amortization associated with real estate operations (138,193) (137,069) (137,116)
Impairment losses (1,530) (329) (2,367)
General, administrative and leasing expenses (33,001) (35,402) (28,900)
Business development expenses and land carry costs (4,473) (4,239) (5,840)
Interest expense (67,937) (71,052) (75,385)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (6,951) (5,705) (4,818)
Loss on early extinguishment of debt (7,306) —  (258)
Loss on interest rate derivatives (53,196) —  — 
Net income $ 102,878  $ 200,004  $ 78,643 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to the consolidated total assets of COPT and subsidiaries (in thousands):
 
As of December 31,
2020 2019
Segment assets $ 3,388,978  $ 3,024,958 
Operating properties lease liabilities included in segment assets 30,721  17,317 
Non-operating property assets 466,991  621,630 
Other assets 190,333  190,548 
Total COPT consolidated assets $ 4,077,023  $ 3,854,453