Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.23.3
Information by Business Segment (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of segment financial information for reportable segments
The table below reports segment financial information for our reportable segments (in thousands): 
Defense/IT Portfolio
  Fort Meade/BW Corridor NoVA Defense/IT Lackland Air Force Base Navy Support Redstone Arsenal Data Center Shells Total Defense/IT Portfolio Wholesale
Data Center		 Other Total
Three Months Ended September 30, 2023
                
Revenues from real estate operations $ 73,350  $ 20,333  $ 16,193  $ 8,190  $ 13,768  $ 6,811  $ 138,645  $ —  $ 17,962  $ 156,607 
Property operating expenses (25,216) (7,900) (8,567) (3,933) (4,948) (678) (51,242) —  (10,546) (61,788)
UJV NOI allocable to CDP —  —  —  —  —  1,675  1,675  —  —  1,675 
NOI from real estate operations $ 48,134  $ 12,433  $ 7,626  $ 4,257  $ 8,820  $ 7,808  $ 89,078  $ —  $ 7,416  $ 96,494 
Additions to long-lived assets $ 7,057  $ 4,639  $ —  $ 1,201  $ 8,566  $ —  $ 21,463  $ —  $ 4,567  $ 26,030 
Transfers from non-operating properties $ 983  $ 95  $ 51  $ 1  $ 63,025  $ 58,405  $ 122,560  $ —  $ 102  $ 122,662 
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  $ —  $ 16,618  $ 147,687 
Property operating expenses (24,450) (6,776) (8,281) (3,665) (4,324) (1,116) (48,612) —  (9,051) (57,663)
UJV NOI allocable to CDP —  —  —  —  —  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  $ —  $ 7,567  $ 91,096 
Additions to long-lived assets $ 9,076  $ 1,454  $ —  $ 734  $ 1,573  $ —  $ 12,837  $ —  $ 6,865  $ 19,702 
Transfers from non-operating properties $ 1,039  $ 345  $ 129  $ 27  $ 267  $ 2,986  $ 4,793  $ —  $ 348  $ 5,141 
Nine Months Ended September 30, 2023
                
Revenues from real estate operations $ 215,303  $ 60,003  $ 49,393  $ 24,233  $ 40,160  $ 19,790  $ 408,882  $ —  $ 54,359  $ 463,241 
Property operating expenses (73,924) (23,155) (26,463) (10,992) (14,334) (2,015) (150,883) —  (31,925) (182,808)
UJV NOI allocable to CDP
 —  —  —  —  —  4,988  4,988  —  —  4,988 
NOI from real estate operations $ 141,379  $ 36,848  $ 22,930  $ 13,241  $ 25,826  $ 22,763  $ 262,987  $ —  $ 22,434  $ 285,421 
Additions to long-lived assets $ 42,838  $ 14,994  $ 62  $ 2,269  $ 17,339  $ —  $ 77,502  $ —  $ 12,572  $ 90,074 
Transfers from non-operating properties $ 11,392  $ 582  $ 96  $ 2,651  $ 81,352  $ 63,653  $ 159,726  $ —  $ 129  $ 159,855 
Segment assets at September 30, 2023
 $ 1,397,107  $ 486,561  $ 190,344  $ 163,630  $ 548,201  $ 382,693  $ 3,168,536  $ —  $ 310,828  $ 3,479,364 
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  $ 1,980  $ 49,418  $ 435,193 
Property operating expenses (73,733) (19,802) (22,873) (10,466) (11,690) (3,315) (141,879) (975) (27,077) (169,931)
UJV NOI allocable to CDP —  —  —  —  —  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  $ 1,005  $ 22,341  $ 268,494 
Additions to long-lived assets $ 33,202  $ 6,184  $ —  $ 2,124  $ 2,032  $ —  $ 43,542  $ (35) $ 14,825  $ 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  $ —  $ 538,633  $ 3,468,618 
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,
  2023 2022 2023 2022
Segment revenues from real estate operations $ 156,607  $ 147,687  $ 463,241  $ 435,193 
Construction contract and other service revenues 11,949  34,813  42,012  130,570 
Less: Revenues from discontinued operations —  —  —  (1,980)
Total revenues $ 168,556  $ 182,500  $ 505,253  $ 563,783 
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,
  2023 2022 2023 2022
Segment property operating expenses $ 61,788  $ 57,663  $ 182,808  $ 169,931 
Less: Property operating expenses from discontinued operations —  —  —  (971)
Total property operating expenses $ 61,788  $ 57,663  $ 182,808  $ 168,960 
Schedule of reconciliation of UJV NOI allocable to CDP to equity in income of unconsolidated entities
The following table reconciles UJV NOI allocable to CDP to equity in (loss) 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,
  2023 2022 2023 2022
UJV NOI allocable to CDP $ 1,675  $ 1,072  $ 4,988  $ 3,232 
Less: Income from UJV allocable to CDP attributable to depreciation and amortization expense and interest expense (1,743) (762) (5,006) (2,280)
Add: Equity in (loss) income of unconsolidated non-real estate entities —  (2) (3) 562 
Equity in (loss) income of unconsolidated entities $ (68) $ 308  $ (21) $ 1,514 
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,
  2023 2022 2023 2022
Construction contract and other service revenues $ 11,949  $ 34,813  $ 42,012  $ 130,570 
Construction contract and other service expenses (11,493) (33,555) (40,249) (126,509)
NOI from service operations $ 456  $ 1,258  $ 1,763  $ 4,061 
Schedule of reconciliation of net operating income from real estate operations for reportable segments and service operations to (loss) income from continuing operations
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to (loss) 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,
  2023 2022 2023 2022
NOI from real estate operations $ 96,494  $ 91,096  $ 285,421  $ 268,494 
NOI from service operations 456  1,258  1,763  4,061 
Depreciation and other amortization associated with real estate operations (37,620) (35,247) (112,215) (104,323)
Impairment losses (252,797) —  (252,797) — 
General, administrative, leasing and other expenses (10,576) (9,450) (31,424) (27,833)
Interest expense (17,798) (15,123) (50,759) (44,355)
Interest and other income, net 2,529  597  6,928  4,399 
Gain on sales of real estate —  16  49,392  12 
Loss on early extinguishment of debt —  —  —  (342)
Equity in (loss) income of unconsolidated entities (68) 308  (21) 1,514 
UJV NOI allocable to CDP included in equity in (loss) income of unconsolidated entities (1,675) (1,072) (4,988) (3,232)
Income tax expense (152) (67) (467) (224)
Revenues from real estate operations from discontinued operations —  —  —  (1,980)
Property operating expenses from discontinued operations —  —  —  971 
(Loss) income from continuing operations $ (221,207) $ 32,316  $ (109,167) $ 97,162 
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,
2023		 September 30,
2022
Segment assets $ 3,479,364  $ 3,468,618 
Operating properties lease liabilities included in segment assets 33,360  29,088 
Non-operating property assets 324,168  531,838 
Other assets 402,365  239,785 
Total consolidated assets $ 4,239,257  $ 4,269,329