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

Construction Contract and Other Service Revenues (Tables)

3 Months Ended

Mar. 31, 2023

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


	For the Three Months Ended March 31,
	2023		2022
Construction contract revenue:
Guaranteed maximum price	$	6,743	$	47,923
Firm fixed price	5,879		3,444
Cost-plus fee	2,709		1,306
Other	489		527
	$	15,820	$	53,200

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


	For the Three Months Ended March 31,
	2023		2022
Construction contract revenue:
Construction	$	14,725	$	52,569
Design	606		104
Other	489		527
	$	15,820	$	53,200

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,
	2023		2022
Beginning balance	$	7,618	$	7,193
Ending balance	$	6,786	$	4,165

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


	For the Three Months Ended March 31,
	2023		2022
Beginning balance	$	22,331	$	22,384
Ending balance	$	20,619	$	29,389

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


	For the Three Months Ended March 31,
	2023		2022
Beginning balance	$	2,867	$	2,499
Ending balance	$	3,399	$	2,534

Portion of beginning balance recognized in revenue during period	$	77	$	26