Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.21.2
Information by Business Segment (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2021
                  
Revenues from real estate operations $ 66,029  $ 15,291  $ 14,519  $ 8,558  $ 9,144  $ 6,913  $ 120,454  $ 16,810  $ 8,637  $ 689  $ 146,590 
Property operating expenses (22,956) (5,980) (6,935) (3,454) (3,003) (657) (42,985) (8,395) (5,345) (465) (57,190)
UJV NOI allocable to COPT
 —  —  —  —  —  1,060  1,060  —  —  —  1,060 
NOI from real estate operations $ 43,073  $ 9,311  $ 7,584  $ 5,104  $ 6,141  $ 7,316  $ 78,529  $ 8,415  $ 3,292  $ 224  $ 90,460 
Additions to long-lived assets $ 10,671  $ 1,614  $ —  $ 897  $ 107  $ —  $ 13,289  $ 5,319  $ 1,141  $ 69  $ 19,818 
Transfers from non-operating properties
 $ 53,935  $ 87,986  $ 7,332  $ —  $ 5,519  $ 421  $ 155,193  $ 381  $ —  $ —  $ 155,574 
Three Months Ended September 30, 2020
                    
Revenues from real estate operations $ 63,328  $ 14,699  $ 12,602  $ 8,006  $ 6,079  $ 7,995  $ 112,709  $ 14,913  $ 6,068  $ 753  $ 134,443 
Property operating expenses (21,537) (5,245) (7,116) (3,044) (2,029) (861) (39,832) (7,782) (3,642) (296) (51,552)
UJV NOI allocable to COPT
 —  —  —  —  —  1,752  1,752  —  —  —  1,752 
NOI from real estate operations $ 41,791  $ 9,454  $ 5,486  $ 4,962  $ 4,050  $ 8,886  $ 74,629  $ 7,131  $ 2,426  $ 457  $ 84,643 
Additions to long-lived assets $ 7,511  $ 2,219  $ —  $ 1,650  $ 6,382  $ —  $ 17,762  $ 5,303  $ 1,917  $ (3) $ 24,979 
Transfers from non-operating properties
 $ (209) $ 58  $ 221  $ —  $ 61,520  $ 65,269  $ 126,859  $ —  $ —  $ —  $ 126,859 
Nine Months Ended September 30, 2021
                  
Revenues from real estate operations $ 197,315  $ 45,214  $ 40,762  $ 25,401  $ 26,172  $ 23,770  $ 358,634  $ 50,371  $ 24,902  $ 2,270  $ 436,177 
Property operating expenses (69,341) (17,394) (21,315) (10,114) (8,525) (2,516) (129,205) (23,901) (14,395) (1,279) (168,780)
UJV NOI allocable to COPT —  —  —  —  —  2,950  2,950  —  —  —  2,950 
NOI from real estate operations $ 127,974  $ 27,820  $ 19,447  $ 15,287  $ 17,647  $ 24,204  $ 232,379  $ 26,470  $ 10,507  $ 991  $ 270,347 
Additions to long-lived assets $ 29,063  $ 2,921  $ —  $ 2,654  $ 3,418  $ —  $ 38,056  $ 13,430  $ 1,490  $ 82  $ 53,058 
Transfers from non-operating properties $ 55,075  $ 88,099  $ 56,601  $ —  $ 19,724  $ 2,423  $ 221,922  $ 38,738  $ —  $ —  $ 260,660 
Segment assets at September 30, 2021
 $ 1,315,101  $ 470,077  $ 196,624  $ 172,381  $ 299,184  $ 353,340  $ 2,806,707  $ 538,080  $ 194,576  $ 3,508  $ 3,542,871 
Nine Months Ended September 30, 2020
                  
Revenues from real estate operations $ 190,464  $ 42,824  $ 37,935  $ 24,466  $ 15,402  $ 20,648  $ 331,739  $ 45,535  $ 19,695  $ 2,128  $ 399,097 
Property operating expenses (63,618) (15,765) (21,696) (9,500) (5,488) (2,307) (118,374) (22,207) (10,338) (836) (151,755)
UJV NOI allocable to COPT —  —  —  —  —  5,190  5,190  —  —  —  5,190 
NOI from real estate operations $ 126,846  $ 27,059  $ 16,239  $ 14,966  $ 9,914  $ 23,531  $ 218,555  $ 23,328  $ 9,357  $ 1,292  $ 252,532 
Additions to long-lived assets $ 22,144  $ 8,114  $ —  $ 5,518  $ 6,698  $ —  $ 42,474  $ 13,105  $ 10,699  $ 165  $ 66,443 
Transfers from non-operating properties $ 4,304  $ 838  $ 381  $ —  $ 91,827  $ 171,465  $ 268,815  $ —  $ —  $ —  $ 268,815 
Segment assets at September 30, 2020
 $ 1,264,547  $ 392,226  $ 143,206  $ 180,337  $ 234,355  $ 446,530  $ 2,661,201  $ 387,290  $ 204,834  $ 3,643  $ 3,256,968 
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 September 30, For the Nine Months Ended September 30,
  2021 2020 2021 2020
Segment revenues from real estate operations $ 146,590  $ 134,443  $ 436,177  $ 399,097 
Construction contract and other service revenues 28,046  20,323  64,592  46,240 
Total revenues $ 174,636  $ 154,766  $ 500,769  $ 445,337 
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 September 30, For the Nine Months Ended September 30,
  2021 2020 2021 2020
UJV NOI allocable to COPT
 $ 1,060  $ 1,752  $ 2,950  $ 5,190 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
 (763) (1,274) (2,167) (3,814)
Add: Equity in loss of unconsolidated non-real estate entities —  (1) (4) (4)
Equity in income of unconsolidated entities
 $ 297  $ 477  $ 779  $ 1,372 
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 September 30, For the Nine Months Ended September 30,
  2021 2020 2021 2020
Construction contract and other service revenues $ 28,046  $ 20,323  $ 64,592  $ 46,240 
Construction contract and other service expenses (27,089) (19,220) (61,964) (44,052)
NOI from service operations $ 957  $ 1,103  $ 2,628  $ 2,188 
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 September 30, For the Nine Months Ended September 30,
  2021 2020 2021 2020
NOI from real estate operations $ 90,460  $ 84,643  $ 270,347  $ 252,532 
NOI from service operations 957  1,103  2,628  2,188 
Interest and other income 1,818  1,746  5,911  5,233 
Credit loss recoveries 326  1,465  1,040  161 
Gain on sales of real estate (32) —  39,711  5 
Equity in income of unconsolidated entities 297  477  779  1,372 
Income tax expense (47) (16) (103) (95)
Depreciation and other amortization associated with real estate operations (36,611) (35,332) (111,487) (101,540)
Impairment losses —  (1,530) —  (1,530)
General, administrative and leasing expenses (9,342) (7,467) (26,970) (23,111)
Business development expenses and land carry costs (1,093) (1,094) (3,559) (3,474)
Interest expense (15,720) (17,152) (49,181) (50,789)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (1,060) (1,752) (2,950) (5,190)
Loss on early extinguishment of debt (1,159) (3,237) (59,553) (3,237)
Loss on interest rate derivatives —  (53,196) —  (53,196)
Net income (loss) $ 28,794  $ (31,342) $ 66,613  $ 19,329 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to our consolidated total assets (in thousands): 
September 30,
2021		 September 30,
2020
Segment assets $ 3,542,871  $ 3,256,968 
Operating properties lease liabilities included in segment assets 29,644  26,054 
Non-operating property assets 385,025  642,182 
Other assets 193,598  194,985 
Total consolidated assets $ 4,151,138  $ 4,120,189