COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Construction Contract and Other Service Revenues (Tables)

3 Months Ended

Mar. 31, 2022

The table below reports construction contract and other service revenues by compensation arrangement (in thousands):


	For the Three Months Ended March 31,
		2022		2021
Construction contract revenue:
Guaranteed maximum price		$	47,923	$	2,101
Firm fixed price		3,444		1,471
Cost-plus fee		1,306		12,486
Other		527		500
		$	53,200	$	16,558

The table below reports construction contract and other service revenues by service type (in thousands):


	For the Three Months Ended March 31,
		2022		2021
Construction contract revenue:
Construction		$	52,569	$	15,756
Design		104		302
Other		527		500
		$	53,200	$	16,558

The beginning and ending balances of accounts receivable related to our construction contracts were as follows (in thousands):


	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	7,193	$	13,997
Ending balance	$	4,165	$	7,283

The beginning and ending balances of our contract assets were as follows (in thousands):


	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	22,384	$	10,343
Ending balance	$	29,389	$	13,046

Changes in contract liabilities were as follows (in thousands):


	For the Three Months Ended March 31,
	2022		2021
Beginning balance	$	2,499	$	4,610
Ending balance	$	2,534	$	6,193


Portion of beginning balance recognized in revenue during period	$	26	$	547