Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.22.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2022
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
Three Months Ended March 31, 2022
                  
Revenues from real estate operations $ 67,214  $ 18,576  $ 14,713  $ 8,169  $ 9,195  $ 7,505  $ 125,372  $ 15,082  $ 1,980  $ 1,826  $ 144,260 
Property operating expenses (25,784) (6,869) (7,072) (3,471) (3,735) (1,010) (47,941) (7,930) (1,025) (1,256) (58,152)
UJV NOI allocable to COPT —  —  —  —  —  1,080  1,080  —  —  —  1,080 
NOI from real estate operations $ 41,430  $ 11,707  $ 7,641  $ 4,698  $ 5,460  $ 7,575  $ 78,511  $ 7,152  $ 955  $ 570  $ 87,188 
Additions to long-lived assets $ 11,785  $ 2,189  $ —  $ 740  $ 235  $ —  $ 14,949  $ 4,333  $ (51) $ 1  $ 19,232 
Transfers from non-operating properties $ 5,369  $ 319  $ 418  $ 6,376  $ 76  $ 81,203  $ 93,761  $ 271  $ —  $ —  $ 94,032 
Segment assets at March 31, 2022
 $ 1,334,119  $ 488,479  $ 197,406  $ 175,176  $ 297,974  $ 430,447  $ 2,923,601  $ 536,909  $ —  $ 3,901  $ 3,464,411 
Three Months Ended March 31, 2021
                  
Revenues from real estate operations $ 66,446  $ 16,185  $ 12,555  $ 8,398  $ 8,253  $ 8,787  $ 120,624  $ 15,703  $ 7,334  $ 1,503  $ 145,164 
Property operating expenses (24,671) (6,336) (6,874) (3,433) (2,554) (1,082) (44,950) (7,204) (3,823) (997) (56,974)
UJV NOI allocable to COPT —  —  —  —  —  917  917  —  —  —  917 
NOI from real estate operations $ 41,775  $ 9,849  $ 5,681  $ 4,965  $ 5,699  $ 8,622  $ 76,591  $ 8,499  $ 3,511  $ 506  $ 89,107 
Additions to long-lived assets $ 6,881  $ 298  $ —  $ 552  $ 258  $ —  $ 7,989  $ 4,009  $ 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  $ 407,528  $ 141,044  $ 176,506  $ 293,107  $ 419,957  $ 2,708,609  $ 469,452  $ 199,029  $ 3,712  $ 3,380,802 
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,
  2022 2021
Segment revenues from real estate operations $ 144,260  $ 145,164 
Construction contract and other service revenues 53,200  16,558 
Less: Revenues from discontinued operations (Note 4)
 (1,980) (7,334)
Total revenues $ 195,480  $ 154,388 
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 Three Months Ended March 31,
  2022 2021
Segment property operating expenses $ 58,152  $ 56,974 
Less: Property operating expenses from discontinued operations (Note 4)
 (971) (3,698)
Total property operating expenses $ 57,181  $ 53,276 
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,
  2022 2021
UJV NOI allocable to COPT $ 1,080  $ 917 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense (758) (693)
Add: Equity in income (loss) of unconsolidated non-real estate entities 566  (2)
Equity in income of unconsolidated entities $ 888  $ 222 
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,
  2022 2021
Construction contract and other service revenues $ 53,200  $ 16,558 
Construction contract and other service expenses (51,650) (15,793)
NOI from service operations $ 1,550  $ 765 
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 (loss) from continuing operations as reported on our consolidated statements of operations (in thousands):
For the Three Months Ended March 31,
  2022 2021
NOI from real estate operations $ 87,188  $ 89,107 
NOI from service operations 1,550  765 
Interest and other income 1,893  1,865 
Credit loss recoveries 316  907 
Gain on sales of real estate 15  (490)
Equity in income of unconsolidated entities 888  222 
Income tax expense (153) (32)
Depreciation and other amortization associated with real estate operations (34,264) (34,500)
General, administrative and leasing expenses (8,544) (8,406)
Business development expenses and land carry costs (783) (1,094)
Interest expense (14,424) (17,519)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (1,080) (917)
Revenues from real estate operations from discontinued operations (Note 4)
 (1,980) (7,334)
Property operating expenses from discontinued operations (Note 4)
 971  3,698 
Loss on early extinguishment of debt (342) (33,166)
Income (loss) from continuing operations $ 31,251  $ (6,894)
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,
2022		 March 31,
2021
Segment assets $ 3,464,411  $ 3,380,802 
Operating properties lease liabilities included in segment assets 29,729  30,151 
Non-operating property assets 419,346  492,230 
Other assets 218,540  209,765 
Total consolidated assets $ 4,132,026  $ 4,112,948