Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.22.4
Information by Business Segment (Tables)
 12 Months Ended
Dec. 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
Year Ended December 31, 2022
                  
Revenues from real estate operations $ 273,790  $ 73,985  $ 62,911  $ 32,754  $ 38,593  $ 35,722  $ 517,755  $ 59,316  $ 1,980  $ 7,327  $ 586,378 
Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (31,712) (979) (5,074) (228,401)
UJV NOI allocable to COPT —  —  —  —  —  4,327  4,327  —  —  —  4,327 
NOI from real estate operations $ 176,063  $ 47,350  $ 30,610  $ 18,753  $ 22,993  $ 35,677  $ 331,446  $ 27,604  $ 1,001  $ 2,253  $ 362,304 
Additions to long-lived assets $ 48,443  $ 11,102  $ —  $ 3,801  $ 3,405  $ —  $ 66,751  $ 37,625  $ (35) $ 185  $ 104,526 
Transfers from non-operating properties $ 69,771  $ 1,882  $ 1,290  $ 6,420  $ 158,831  $ 179,522  $ 417,716  $ 704  $ —  $ —  $ 418,420 
Segment assets at December 31, 2022
 $ 1,387,517  $ 488,277  $ 194,481  $ 169,119  $ 453,543  $ 462,471  $ 3,155,408  $ 550,059  $ —  $ 3,804  $ 3,709,271 
Year Ended December 31, 2021
                    
Revenues from real estate operations $ 262,120  $ 65,853  $ 57,756  $ 33,757  $ 35,727  $ 31,582  $ 486,795  $ 63,107  $ 30,490  $ 6,668  $ 587,060 
Property operating expenses (92,521) (24,785) (30,535) (13,617) (11,618) (4,086) (177,162) (31,056) (17,424) (4,577) (230,219)
UJV NOI allocable to COPT —  —  —  —  —  4,029  4,029  —  —  —  4,029 
NOI from real estate operations $ 169,599  $ 41,068  $ 27,221  $ 20,140  $ 24,109  $ 31,525  $ 313,662  $ 32,051  $ 13,066  $ 2,091  $ 360,870 
Additions to long-lived assets $ 45,647  $ 6,197  $ —  $ 4,193  $ 3,542  $ —  $ 59,579  $ 35,038  $ 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  $ 489,582  $ 198,200  $ 170,985  $ 300,252  $ 350,098  $ 2,841,516  $ 537,268  $ 192,647  $ 4,031  $ 3,575,462 
Year Ended December 31, 2020
                    
Revenues from real estate operations $ 254,197  $ 61,685  $ 50,982  $ 32,869  $ 22,515  $ 29,139  $ 451,387  $ 56,759  $ 27,011  $ 3,568  $ 538,725 
Property operating expenses (85,032) (22,996) (29,055) (12,655) (8,119) (3,195) (161,052) (27,469) (13,543) (1,776) (203,840)
UJV NOI allocable to COPT —  —  —  —  —  6,951  6,951  —  —  —  6,951 
NOI from real estate operations $ 169,165  $ 38,689  $ 21,927  $ 20,214  $ 14,396  $ 32,895  $ 297,286  $ 29,290  $ 13,468  $ 1,792  $ 341,836 
Additions to long-lived assets $ 31,295  $ 12,314  $ —  $ 7,104  $ 2,905  $ —  $ 53,618  $ 16,538  $ 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  $ 411,780  $ 142,137  $ 178,897  $ 281,386  $ 419,929  $ 2,711,978  $ 471,356  $ 201,820  $ 3,824  $ 3,388,978 
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,
  2022 2021 2020
Segment revenues from real estate operations $ 586,378  $ 587,060  $ 538,725 
Construction contract and other service revenues 154,632  107,876  70,640 
Less: Revenues from discontinued operations (Note 4)
 (1,980) (30,490) (27,011)
Total revenues $ 739,030  $ 664,446  $ 582,354 
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,
  2022 2021 2020
Segment property operating expenses $ 228,401  $ 230,219  $ 203,840 
Less: Property operating expenses from discontinued operations (Note 4)
 (971) (16,842) (13,044)
Total property operating expenses $ 227,430  $ 213,377  $ 190,796 
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,
  2022 2021 2020
UJV NOI allocable to COPT $ 4,327  $ 4,029  $ 6,951 
Less: Income from UJVs allocable to COPT attributable to depreciation and amortization expense, interest expense and gain on extinguishment of debt (3,145) (2,930) (5,120)
Add: Equity in income (loss) of unconsolidated non-real estate entities 561  (6) (6)
Equity in income of unconsolidated entities $ 1,743  $ 1,093  $ 1,825 
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,
  2022 2021 2020
Construction contract and other service revenues $ 154,632  $ 107,876  $ 70,640 
Construction contract and other service expenses (149,963) (104,053) (67,615)
NOI from service operations $ 4,669  $ 3,823  $ 3,025 
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,
  2022 2021 2020
NOI from real estate operations $ 362,304  $ 360,870  $ 341,836 
NOI from service operations 4,669  3,823  3,025 
Depreciation and other amortization associated with real estate operations (141,230) (137,543) (126,503)
General, administrative and leasing expenses (35,798) (36,127) (33,001)
Business development expenses and land carry costs (3,193) (4,647) (4,473)
Impairment losses —  —  (1,530)
Interest expense (61,174) (65,398) (67,937)
Interest and other income 9,341  7,879  8,574 
Credit loss (expense) recoveries (271) 1,128  933 
Gain on sales of real estate 19,250  65,590  30,209 
Gain on sale of investment in unconsolidated real estate joint venture —  —  29,416 
Loss on early extinguishment of debt (609) (100,626) (7,306)
Loss on interest rate derivatives —  —  (53,196)
Equity in income of unconsolidated entities 1,743  1,093  1,825 
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (4,327) (4,029) (6,951)
Income tax expense (447) (145) (353)
Revenues from real estate operations from discontinued operations (Note 4)
 (1,980) (30,490) (27,011)
Property operating expenses from discontinued operations (Note 4)
 971  16,842  13,044 
Income from continuing operations $ 149,249  $ 78,220  $ 100,601 
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,
2022 2021
Segment assets $ 3,709,271  $ 3,575,462 
Operating properties lease liabilities included in segment assets 28,759  29,342 
Non-operating property assets 301,002  449,144 
Other assets 218,243  208,504 
Total consolidated assets $ 4,257,275  $ 4,262,452