Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.23.2
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023
                  
Revenues from real estate operations $ 72,176  $ 19,841  $ 17,595  $ 8,118  $ 12,978  $ 6,287  $ 136,995  $ 15,197  $ —  $ 2,761  $ 154,953 
Property operating expenses (24,188) (7,683) (9,951) (3,516) (4,750) (743) (50,831) (8,584) —  (2,185) (61,600)
UJV NOI allocable to COPT —  —  —  —  —  1,671  1,671  —  —  —  1,671 
NOI from real estate operations $ 47,988  $ 12,158  $ 7,644  $ 4,602  $ 8,228  $ 7,215  $ 87,835  $ 6,613  $ —  $ 576  $ 95,024 
Additions to long-lived assets $ 23,646  $ 7,957  $ —  $ 309  $ 2,179  $ —  $ 34,091  $ 4,554  $ —  $ 162  $ 38,807 
Transfers from non-operating properties $ 4,628  $ 249  $ 17  $ —  $ 3,935  $ 1,937  $ 10,766  $ 14  $ —  $ —  $ 10,780 
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 
Six Months Ended June 30, 2023
                  
Revenues from real estate operations $ 141,953  $ 39,670  $ 33,200  $ 16,043  $ 26,392  $ 12,979  $ 270,237  $ 31,251  $ —  $ 5,146  $ 306,634 
Property operating expenses (48,708) (15,255) (17,896) (7,059) (9,386) (1,337) (99,641) (17,435) —  (3,944) (121,020)
UJV NOI allocable to COPT —  —  —  —  —  3,313  3,313  —  —  —  3,313 
NOI from real estate operations $ 93,245  $ 24,415  $ 15,304  $ 8,984  $ 17,006  $ 14,955  $ 173,909  $ 13,816  $ —  $ 1,202  $ 188,927 
Additions to long-lived assets $ 35,781  $ 10,355  $ 62  $ 1,068  $ 8,773  $ —  $ 56,039  $ 7,832  $ —  $ 173  $ 64,044 
Transfers from non-operating properties $ 10,409  $ 487  $ 45  $ 2,650  $ 18,327  $ 5,248  $ 37,166  $ 27  $ —  $ —  $ 37,193 
Segment assets at June 30, 2023
 $ 1,403,113  $ 489,404  $ 191,742  $ 166,310  $ 477,334  $ 325,165  $ 3,053,068  $ 542,953  $ —  $ 3,765  $ 3,599,786 
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 
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,
  2023 2022 2023 2022
Segment revenues from real estate operations $ 154,953  $ 143,246  $ 306,634  $ 287,506 
Construction contract and other service revenues 14,243  42,557  30,063  95,757 
Less: Revenues from discontinued operations —  —  —  (1,980)
Total revenues $ 169,196  $ 185,803  $ 336,697  $ 381,283 
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,
  2023 2022 2023 2022
Segment property operating expenses $ 61,600  $ 54,116  $ 121,020  $ 112,268 
Less: Property operating expenses from discontinued operations —  —  —  (971)
Total property operating expenses $ 61,600  $ 54,116  $ 121,020  $ 111,297 
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,
  2023 2022 2023 2022
UJV NOI allocable to COPT $ 1,671  $ 1,080  $ 3,313  $ 2,160 
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense (1,559) (760) (3,263) (1,518)
Add: Equity in (loss) income of unconsolidated non-real estate entities (1) (2) (3) 564 
Equity in income of unconsolidated entities $ 111  $ 318  $ 47  $ 1,206 
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,
  2023 2022 2023 2022
Construction contract and other service revenues $ 14,243  $ 42,557  $ 30,063  $ 95,757 
Construction contract and other service expenses (13,555) (41,304) (28,756) (92,954)
NOI from service operations $ 688  $ 1,253  $ 1,307  $ 2,803 
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 June 30, For the Six Months Ended June 30,
  2023 2022 2023 2022
NOI from real estate operations $ 95,024  $ 90,210  $ 188,927  $ 177,398 
NOI from service operations 688  1,253  1,307  2,803 
Depreciation and other amortization associated with real estate operations (37,600) (34,812) (74,595) (69,076)
General, administrative, leasing and other expenses (10,358) (9,056) (20,848) (18,383)
Interest expense (16,519) (14,808) (32,961) (29,232)
Interest and other income, net 2,143  1,593  4,399  3,802 
Gain on sales of real estate 14  (19) 49,392  (4)
Loss on early extinguishment of debt —  —  —  (342)
Equity in income of unconsolidated entities 111  318  47  1,206 
UJV NOI allocable to COPT included in equity in income of unconsolidated entities (1,671) (1,080) (3,313) (2,160)
Income tax expense (190) (4) (315) (157)
Revenues from real estate operations from discontinued operations —  —  —  (1,980)
Property operating expenses from discontinued operations —  —  —  971 
Income from continuing operations $ 31,642  $ 33,595  $ 112,040  $ 64,846 
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,
2023		 June 30,
2022
Segment assets $ 3,599,786  $ 3,479,416 
Operating properties lease liabilities included in segment assets 34,349  29,412 
Non-operating property assets 403,969  469,380 
Other assets 208,242  206,985 
Total consolidated assets $ 4,246,346  $ 4,185,193