Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.22.2
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022
                  
Revenues from real estate operations $ 67,589  $ 18,103  $ 15,129  $ 8,085  $ 9,308  $ 9,140  $ 127,354  $ 14,121  $ —  $ 1,771  $ 143,246 
Property operating expenses (23,499) (6,157) (7,520) (3,330) (3,631) (1,189) (45,326) (7,628) 50  (1,212) (54,116)
UJV NOI allocable to COPT —  —  —  —  —  1,080  1,080  —  —  —  1,080 
NOI from real estate operations $ 44,090  $ 11,946  $ 7,609  $ 4,755  $ 5,677  $ 9,031  $ 83,108  $ 6,493  $ 50  $ 559  $ 90,210 
Additions to long-lived assets $ 12,341  $ 2,541  $ —  $ 650  $ 224  $ —  $ 15,756  $ 3,561  $ 16  $ 65  $ 19,398 
Transfers from non-operating properties $ 768  $ 918  $ 521  $ (78) $ 20,037  $ 5,673  $ 27,839  $ 30  $ —  $ —  $ 27,869 
Three Months Ended June 30, 2021
                    
Revenues from real estate operations $ 64,840  $ 15,626  $ 13,688  $ 8,445  $ 8,775  $ 8,070  $ 119,444  $ 15,970  $ 7,204  $ 1,805  $ 144,423 
Property operating expenses (21,714) (5,917) (7,506) (3,227) (2,968) (777) (42,109) (7,463) (3,828) (1,216) (54,616)
UJV NOI allocable to COPT —  —  —  —  —  973  973  —  —  —  973 
NOI from real estate operations $ 43,126  $ 9,709  $ 6,182  $ 5,218  $ 5,807  $ 8,266  $ 78,308  $ 8,507  $ 3,376  $ 589  $ 90,780 
Additions to long-lived assets $ 11,511  $ 1,172  $ —  $ 1,205  $ 3,053  $ —  $ 16,941  $ 3,939  $ 121  $ 9  $ 21,010 
Transfers from non-operating properties $ 784  $ 25  $ 49,218  $ —  $ 1,288  $ 1,017  $ 52,332  $ 38,000  $ —  $ —  $ 90,332 
Six Months Ended June 30, 2022
                  
Revenues from real estate operations $ 134,803  $ 36,679  $ 29,842  $ 16,254  $ 18,503  $ 16,645  $ 252,726  $ 29,203  $ 1,980  $ 3,597  $ 287,506 
Property operating expenses (49,283) (13,026) (14,592) (6,801) (7,366) (2,199) (93,267) (15,558) (975) (2,468) (112,268)
UJV NOI allocable to COPT —  —  —  —  —  2,160  2,160  —  —  —  2,160 
NOI from real estate operations $ 85,520  $ 23,653  $ 15,250  $ 9,453  $ 11,137  $ 16,606  $ 161,619  $ 13,645  $ 1,005  $ 1,129  $ 177,398 
Additions to long-lived assets $ 24,126  $ 4,730  $ —  $ 1,390  $ 459  $ —  $ 30,705  $ 7,894  $ (35) $ 66  $ 38,630 
Transfers from non-operating properties $ 6,137  $ 1,237  $ 939  $ 6,298  $ 20,113  $ 86,876  $ 121,600  $ 301  $ —  $ —  $ 121,901 
Segment assets at June 30, 2022
 $ 1,331,828  $ 488,597  $ 196,723  $ 172,873  $ 316,008  $ 435,252  $ 2,941,281  $ 534,257  $ —  $ 3,878  $ 3,479,416 
Six Months Ended June 30, 2021
                  
Revenues from real estate operations $ 131,286  $ 31,811  $ 26,243  $ 16,843  $ 17,028  $ 16,857  $ 240,068  $ 31,673  $ 14,538  $ 3,308  $ 289,587 
Property operating expenses (46,385) (12,253) (14,380) (6,660) (5,522) (1,859) (87,059) (14,667) (7,651) (2,213) (111,590)
UJV NOI allocable to COPT —  —  —  —  —  1,890  1,890  —  —  —  1,890 
NOI from real estate operations $ 84,901  $ 19,558  $ 11,863  $ 10,183  $ 11,506  $ 16,888  $ 154,899  $ 17,006  $ 6,887  $ 1,095  $ 179,887 
Additions to long-lived assets $ 18,392  $ 1,470  $ —  $ 1,757  $ 3,311  $ —  $ 24,930  $ 7,948  $ 349  $ 13  $ 33,240 
Transfers from non-operating properties $ 1,140  $ 113  $ 49,269  $ —  $ 14,205  $ 2,002  $ 66,729  $ 38,357  $ —  $ —  $ 105,086 
Segment assets at June 30, 2021
 $ 1,266,622  $ 403,442  $ 189,418  $ 174,633  $ 295,672  $ 353,797  $ 2,683,584  $ 520,126  $ 196,209  $ 3,639  $ 3,403,558 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Segment revenues from real estate operations $ 143,246  $ 144,423  $ 287,506  $ 289,587 
Construction contract and other service revenues 42,557  19,988  95,757  36,546 
Less: Revenues from discontinued operations (Note 4)
 —  (7,204) (1,980) (14,538)
Total revenues $ 185,803  $ 157,207  $ 381,283  $ 311,595 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Segment property operating expenses $ 54,116  $ 54,616  $ 112,268  $ 111,590 
Less: Property operating expenses from discontinued operations (Note 4)
 —  (3,702) (971) (7,400)
Total property operating expenses $ 54,116  $ 50,914  $ 111,297  $ 104,190 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
UJV NOI allocable to COPT $ 1,080  $ 973  $ 2,160  $ 1,890 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense (760) (711) (1,518) (1,404)
Add: Equity in (loss) income of unconsolidated non-real estate entities (2) (2) 564  (4)
Equity in income of unconsolidated entities $ 318  $ 260  $ 1,206  $ 482 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
Construction contract and other service revenues $ 42,557  $ 19,988  $ 95,757  $ 36,546 
Construction contract and other service expenses (41,304) (19,082) (92,954) (34,875)
NOI from service operations $ 1,253  $ 906  $ 2,803  $ 1,671 
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 June 30, For the Six Months Ended June 30,
  2022 2021 2022 2021
NOI from real estate operations $ 90,210  $ 90,780  $ 177,398  $ 179,887 
NOI from service operations 1,253  906  2,803  1,671 
Interest and other income 1,818  2,228  3,711  4,093 
Credit loss (expense) recoveries (225) (193) 91  714 
Gain on sales of real estate (19) 40,233  (4) 39,743 
Equity in income of unconsolidated entities 318  260  1,206  482 
Income tax expense (4) (24) (157) (56)
Depreciation and other amortization associated with real estate operations (34,812) (34,732) (69,076) (69,232)
General, administrative and leasing expenses (8,355) (9,222) (16,899) (17,628)
Business development expenses and land carry costs (701) (1,372) (1,484) (2,466)
Interest expense (14,808) (15,942) (29,232) (33,461)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (1,080) (973) (2,160) (1,890)
Revenues from real estate operations from discontinued operations (Note 4)
 —  (7,204) (1,980) (14,538)
Property operating expenses from discontinued operations (Note 4)
 —  3,702  971  7,400 
Loss on early extinguishment of debt —  (25,228) (342) (58,394)
Income from continuing operations $ 33,595  $ 43,219  $ 64,846  $ 36,325 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to our consolidated total assets (in thousands): 
June 30,
2022		 June 30,
2021
Segment assets $ 3,479,416  $ 3,403,558 
Operating properties lease liabilities included in segment assets 29,412  29,927 
Non-operating property assets 469,380  441,048 
Other assets 206,985  177,499 
Total consolidated assets $ 4,185,193  $ 4,052,032