Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.22.0.1
Information by Business Segment (Tables)
 12 Months Ended
Dec. 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/IT Locations
  Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Locations Regional Office
Wholesale
Data Center 		Other Total
Year Ended December 31, 2021
                  
Revenues from real estate operations $ 262,120  $ 62,390  $ 57,756  $ 33,757  $ 35,727  $ 31,582  $ 483,332  $ 66,570  $ 30,490  $ 6,668  $ 587,060 
Property operating expenses (92,521) (23,218) (30,535) (13,617) (11,618) (4,086) (175,595) (32,623) (17,424) (4,577) (230,219)
UJV NOI allocable to COPT —  —  —  —  —  4,029  4,029  —  —  —  4,029 
NOI from real estate operations $ 169,599  $ 39,172  $ 27,221  $ 20,140  $ 24,109  $ 31,525  $ 311,766  $ 33,947  $ 13,066  $ 2,091  $ 360,870 
Additions to long-lived assets $ 45,647  $ 5,823  $ —  $ 4,193  $ 3,542  $ —  $ 59,205  $ 35,412  $ 1,680  $ 488  $ 96,785 
Transfers from non-operating properties $ 70,514  $ 90,050  $ 59,323  $ —  $ 22,739  $ 3,004  $ 245,630  $ 39,319  $ —  $ —  $ 284,949 
Segment assets at December 31, 2021
 $ 1,332,399  $ 471,760  $ 198,200  $ 170,985  $ 300,252  $ 350,098  $ 2,823,694  $ 555,090  $ 192,647  $ 4,031  $ 3,575,462 
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  $ 27,011  $ 3,568  $ 538,725 
Property operating expenses (85,032) (21,321) (29,055) (12,655) (8,119) (3,195) (159,377) (29,144) (13,543) (1,776) (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  $ 13,468  $ 1,792  $ 341,836 
Additions to long-lived assets $ 31,295  $ 11,620  $ —  $ 7,104  $ 2,905  $ —  $ 52,924  $ 17,232  $ 10,856  $ 467  $ 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  $ 201,820  $ 3,824  $ 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 
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,
  2021 2020 2019
Segment revenues from real estate operations $ 587,060  $ 538,725  $ 527,463 
Construction contract and other service revenues 107,876  70,640  113,763 
Less: Revenues from discontinued operations (Note 4)
 (30,490) (27,011) (29,405)
Total revenues $ 664,446  $ 582,354  $ 611,821 
Schedule of reconciliation of segment property operating expenses to property operating expenses
The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands):

For the Years Ended December 31,
  2021 2020 2019
Segment property operating expenses $ 230,219  $ 203,840  $ 198,143 
Less: Property operating expenses from discontinued operations (Note 4)
 (16,842) (13,044) (12,694)
Total property operating expenses $ 213,377  $ 190,796  $ 185,449 
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,
  2021 2020 2019
UJV NOI allocable to COPT $ 4,029  $ 6,951  $ 5,705 
Less: Income from UJVs allocable to COPT attributable to depreciation and amortization expense and interest expense (2,930) (5,120) (4,065)
Add: Equity in loss of unconsolidated non-real estate entities (6) (6) (7)
Equity in income of unconsolidated entities $ 1,093  $ 1,825  $ 1,633 
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,
  2021 2020 2019
Construction contract and other service revenues $ 107,876  $ 70,640  $ 113,763 
Construction contract and other service expenses (104,053) (67,615) (109,962)
NOI from service operations $ 3,823  $ 3,025  $ 3,801 
Schedule of reconciliation of net operating income from real estate operations and service operations to income from continuing operations
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income from continuing operations as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2021 2020 2019
NOI from real estate operations $ 360,870  $ 341,836  $ 335,025 
NOI from service operations 3,823  3,025  3,801 
Interest and other income 7,879  8,574  7,894 
Credit loss recoveries 1,128  933  — 
Gain on sales of real estate 65,590  30,209  105,230 
Gain on sale of investment in unconsolidated real estate joint venture —  29,416  — 
Equity in income of unconsolidated entities 1,093  1,825  1,633 
Income tax (expense) benefit (145) (353) 217 
Depreciation and other amortization associated with real estate operations (137,543) (126,503) (125,008)
Impairment losses —  (1,530) (329)
General, administrative and leasing expenses (36,127) (33,001) (35,402)
Business development expenses and land carry costs (4,647) (4,473) (4,239)
Interest expense (65,398) (67,937) (71,052)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (4,029) (6,951) (5,705)
Revenues from real estate operations from discontinued operations (Note 4)
 (30,490) (27,011) (29,405)
Property operating expenses from discontinued operations (Note 4)
 16,842  13,044  12,694 
Loss on early extinguishment of debt (100,626) (7,306) — 
Loss on interest rate derivatives —  (53,196) — 
Income from continuing operations $ 78,220  $ 100,601  $ 195,354 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to our consolidated total assets (in thousands): 
As of December 31,
2021 2020
Segment assets $ 3,575,462  $ 3,388,978 
Operating properties lease liabilities included in segment assets 29,342  30,721 
Non-operating property assets 449,144  466,991 
Other assets 208,504  190,333 
Total consolidated assets $ 4,262,452  $ 4,077,023