Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.22.2.2
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 September 30, 2022
                  
Revenues from real estate operations $ 69,209  $ 18,611  $ 15,951  $ 8,253  $ 9,976  $ 9,069  $ 131,069  $ 14,739  $ —  $ 1,879  $ 147,687 
Property operating expenses (24,450) (6,776) (8,281) (3,665) (4,324) (1,116) (48,612) (7,764) —  (1,287) (57,663)
UJV NOI allocable to COPT —  —  —  —  —  1,072  1,072  —  —  —  1,072 
NOI from real estate operations $ 44,759  $ 11,835  $ 7,670  $ 4,588  $ 5,652  $ 9,025  $ 83,529  $ 6,975  $ —  $ 592  $ 91,096 
Additions to long-lived assets $ 9,076  $ 1,454  $ —  $ 734  $ 1,573  $ —  $ 12,837  $ 6,852  $ —  $ 13  $ 19,702 
Transfers from non-operating properties $ 1,039  $ 345  $ 129  $ 27  $ 267  $ 2,986  $ 4,793  $ 348  $ —  $ —  $ 5,141 
Three Months Ended September 30, 2021
                    
Revenues from real estate operations $ 66,029  $ 16,077  $ 14,519  $ 8,558  $ 9,144  $ 6,913  $ 121,240  $ 16,024  $ 7,717  $ 1,609  $ 146,590 
Property operating expenses (22,956) (6,330) (6,935) (3,454) (3,003) (657) (43,335) (8,045) (4,612) (1,198) (57,190)
UJV NOI allocable to COPT —  —  —  —  —  1,060  1,060  —  —  —  1,060 
NOI from real estate operations $ 43,073  $ 9,747  $ 7,584  $ 5,104  $ 6,141  $ 7,316  $ 78,965  $ 7,979  $ 3,105  $ 411  $ 90,460 
Additions to long-lived assets $ 10,671  $ 1,500  $ —  $ 897  $ 107  $ —  $ 13,175  $ 5,433  $ 1,141  $ 69  $ 19,818 
Transfers from non-operating properties $ 53,935  $ 87,986  $ 7,332  $ —  $ 5,519  $ 421  $ 155,193  $ 381  $ —  $ —  $ 155,574 
Nine Months Ended September 30, 2022
                  
Revenues from real estate operations $ 204,012  $ 55,290  $ 45,793  $ 24,507  $ 28,479  $ 25,714  $ 383,795  $ 43,942  $ 1,980  $ 5,476  $ 435,193 
Property operating expenses (73,733) (19,802) (22,873) (10,466) (11,690) (3,315) (141,879) (23,322) (975) (3,755) (169,931)
UJV NOI allocable to COPT —  —  —  —  —  3,232  3,232  —  —  —  3,232 
NOI from real estate operations $ 130,279  $ 35,488  $ 22,920  $ 14,041  $ 16,789  $ 25,631  $ 245,148  $ 20,620  $ 1,005  $ 1,721  $ 268,494 
Additions to long-lived assets $ 33,202  $ 6,184  $ —  $ 2,124  $ 2,032  $ —  $ 43,542  $ 14,746  $ (35) $ 79  $ 58,332 
Transfers from non-operating properties $ 7,176  $ 1,582  $ 1,068  $ 6,325  $ 20,380  $ 89,862  $ 126,393  $ 649  $ —  $ —  $ 127,042 
Segment assets at September 30, 2022
 $ 1,325,703  $ 487,032  $ 195,612  $ 170,574  $ 314,156  $ 436,908  $ 2,929,985  $ 534,838  $ —  $ 3,795  $ 3,468,618 
Nine Months Ended September 30, 2021
                  
Revenues from real estate operations $ 197,315  $ 47,888  $ 40,762  $ 25,401  $ 26,172  $ 23,770  $ 361,308  $ 47,697  $ 22,255  $ 4,917  $ 436,177 
Property operating expenses (69,341) (18,583) (21,315) (10,114) (8,525) (2,516) (130,394) (22,712) (12,263) (3,411) (168,780)
UJV NOI allocable to COPT —  —  —  —  —  2,950  2,950  —  —  —  2,950 
NOI from real estate operations $ 127,974  $ 29,305  $ 19,447  $ 15,287  $ 17,647  $ 24,204  $ 233,864  $ 24,985  $ 9,992  $ 1,506  $ 270,347 
Additions to long-lived assets $ 29,063  $ 2,970  $ —  $ 2,654  $ 3,418  $ —  $ 38,105  $ 13,381  $ 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  $ 487,973  $ 196,624  $ 172,381  $ 299,184  $ 353,340  $ 2,824,603  $ 520,184  $ 194,421  $ 3,663  $ 3,542,871 
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,
  2022 2021 2022 2021
Segment revenues from real estate operations $ 147,687  $ 146,590  $ 435,193  $ 436,177 
Construction contract and other service revenues 34,813  28,046  130,570  64,592 
Less: Revenues from discontinued operations (Note 4)
 —  (7,717) (1,980) (22,255)
Total revenues $ 182,500  $ 166,919  $ 563,783  $ 478,514 
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 September 30, For the Nine Months Ended September 30,
  2022 2021 2022 2021
Segment property operating expenses $ 57,663  $ 57,190  $ 169,931  $ 168,780 
Less: Property operating expenses from discontinued operations (Note 4)
 —  (4,462) (971) (11,862)
Total property operating expenses $ 57,663  $ 52,728  $ 168,960  $ 156,918 
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,
  2022 2021 2022 2021
UJV NOI allocable to COPT $ 1,072  $ 1,060  $ 3,232  $ 2,950 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense (762) (763) (2,280) (2,167)
Add: Equity in (loss) income of unconsolidated non-real estate entities (2) —  562  (4)
Equity in income of unconsolidated entities $ 308  $ 297  $ 1,514  $ 779 
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,
  2022 2021 2022 2021
Construction contract and other service revenues $ 34,813  $ 28,046  $ 130,570  $ 64,592 
Construction contract and other service expenses (33,555) (27,089) (126,509) (61,964)
NOI from service operations $ 1,258  $ 957  $ 4,061  $ 2,628 
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 Three Months Ended September 30, For the Nine Months Ended September 30,
  2022 2021 2022 2021
NOI from real estate operations $ 91,096  $ 90,460  $ 268,494  $ 270,347 
NOI from service operations 1,258  957  4,061  2,628 
Interest and other income 2,290  1,818  6,001  5,911 
Credit loss (expense) recoveries (1,693) 326  (1,602) 1,040 
Gain on sales of real estate 16  (32) 12  39,711 
Equity in income of unconsolidated entities 308  297  1,514  779 
Income tax expense (67) (47) (224) (103)
Depreciation and other amortization associated with real estate operations (35,247) (33,807) (104,323) (103,039)
General, administrative and leasing expenses (8,898) (9,342) (25,797) (26,970)
Business development expenses and land carry costs (552) (1,093) (2,036) (3,559)
Interest expense (15,123) (15,720) (44,355) (49,181)
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (1,072) (1,060) (3,232) (2,950)
Revenues from real estate operations from discontinued operations (Note 4)
 —  (7,717) (1,980) (22,255)
Property operating expenses from discontinued operations (Note 4)
 —  4,462  971  11,862 
Loss on early extinguishment of debt —  (1,159) (342) (59,553)
Income from continuing operations $ 32,316  $ 28,343  $ 97,162  $ 64,668 
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,
2022		 September 30,
2021
Segment assets $ 3,468,618  $ 3,542,871 
Operating properties lease liabilities included in segment assets 29,088  29,644 
Non-operating property assets 531,838  385,025 
Other assets 239,785  193,598 
Total consolidated assets $ 4,269,329  $ 4,151,138