Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.21.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2021
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): 
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
Three Months Ended March 31, 2021
                  
Revenues from real estate operations $ 66,446  $ 15,211  $ 12,555  $ 8,398  $ 8,253  $ 8,787  $ 119,650  $ 16,677  $ 8,090  $ 747  $ 145,164 
Property operating expenses (24,671) (5,876) (6,874) (3,433) (2,554) (1,082) (44,490) (7,664) (4,421) (399) (56,974)
UJV NOI allocable to COPT —  —  —  —  —  917  917  —  —  —  917 
NOI from real estate operations $ 41,775  $ 9,335  $ 5,681  $ 4,965  $ 5,699  $ 8,622  $ 76,077  $ 9,013  $ 3,669  $ 348  $ 89,107 
Additions to long-lived assets $ 6,881  $ 285  $ —  $ 552  $ 258  $ —  $ 7,976  $ 4,022  $ 228  $ 4  $ 12,230 
Transfers from non-operating properties $ 356  $ 88  $ 51  $ —  $ 12,917  $ 985  $ 14,397  $ 357  $ —  $ —  $ 14,754 
Segment assets at March 31, 2021
 $ 1,270,467  $ 388,863  $ 141,044  $ 176,506  $ 293,107  $ 419,957  $ 2,689,944  $ 488,117  $ 199,245  $ 3,496  $ 3,380,802 
Three Months Ended March 31, 2020
                  
Revenues from real estate operations $ 64,438  $ 13,678  $ 12,076  $ 8,341  $ 4,676  $ 5,577  $ 108,786  $ 15,460  $ 7,172  $ 698  $ 132,116 
Property operating expenses (21,222) (5,185) (6,795) (3,285) (1,847) (657) (38,991) (7,537) (3,233) (238) (49,999)
UJV NOI allocable to COPT —  —  —  —  —  1,713  1,713  —  —  —  1,713 
NOI from real estate operations $ 43,216  $ 8,493  $ 5,281  $ 5,056  $ 2,829  $ 6,633  $ 71,508  $ 7,923  $ 3,939  $ 460  $ 83,830 
Additions to long-lived assets $ 7,675  $ 2,691  $ —  $ 1,758  $ 170  $ —  $ 12,294  $ 3,357  $ 878  $ 65  $ 16,594 
Transfers from non-operating properties $ 538  $ 256  $ 15  $ —  $ 1,136  $ 56,232  $ 58,177  $ —  $ —  $ —  $ 58,177 
Segment assets at March 31, 2020
 $ 1,275,601  $ 395,108  $ 145,363  $ 183,054  $ 138,797  $ 334,102  $ 2,472,025  $ 390,352  $ 200,891  $ 3,677  $ 3,066,945 
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 Three Months Ended March 31,
  2021 2020
Segment revenues from real estate operations $ 145,164  $ 132,116 
Construction contract and other service revenues 16,558  13,681 
Total revenues $ 161,722  $ 145,797 
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 Three Months Ended March 31,
  2021 2020
UJV NOI allocable to COPT
 $ 917  $ 1,713 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
 (693) (1,270)
Add: Equity in loss of unconsolidated non-real estate entities (2) (2)
Equity in income of unconsolidated entities
 $ 222  $ 441 
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 Three Months Ended March 31,
  2021 2020
Construction contract and other service revenues $ 16,558  $ 13,681 
Construction contract and other service expenses (15,793) (13,121)
NOI from service operations $ 765  $ 560 
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 Three Months Ended March 31,
  2021 2020
NOI from real estate operations $ 89,107  $ 83,830 
NOI from service operations 765  560 
Interest and other income 1,865  1,205 
Credit loss recoveries (expense) 907  (689)
Gain on sales of real estate (490) 5 
Equity in income of unconsolidated entities 222  441 
Income tax expense (32) (49)
Depreciation and other amortization associated with real estate operations (37,321) (32,596)
General, administrative and leasing expenses (8,406) (7,486)
Business development expenses and land carry costs (1,094) (1,118)
Interest expense (17,519) (16,840)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (917) (1,713)
Loss on early extinguishment of debt (33,166) — 
Net (loss) income $ (6,079) $ 25,550 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to our consolidated total assets (in thousands): 
March 31,
2021		 March 31,
2020
Segment assets $ 3,380,802  $ 3,066,945 
Operating properties lease liabilities included in segment assets 30,151  17,365 
Non-operating property assets 492,230  658,978 
Other assets 209,765  311,169 
Total consolidated assets $ 4,112,948  $ 4,054,457