Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.24.0.1
Information by Business Segment (Tables)
 12 Months Ended
Dec. 31, 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 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
Year Ended December 31, 2023
                
Revenues from real estate operations $ 290,061  $ 80,413  $ 67,254  $ 32,638  $ 55,131  $ 27,444  $ 552,941  $ —  $ 71,862  $ 624,803 
Property operating expenses (99,788) (31,593) (36,616) (14,614) (19,148) (2,703) (204,462) —  (42,923) (247,385)
UJV NOI allocable to COPT Defense —  —  —  —  —  6,659  6,659  —  —  6,659 
NOI from real estate operations $ 190,273  $ 48,820  $ 30,638  $ 18,024  $ 35,983  $ 31,400  $ 355,138  $ —  $ 28,939  $ 384,077 
Additions to long-lived assets $ 54,564  $ 19,041  $ 62  $ 5,785  $ 20,949  $ —  $ 100,401  $ —  $ 17,227  $ 117,628 
Transfers from non-operating properties $ 64,264  $ 4,136  $ 166  $ 2,651  $ 86,868  $ 115,052  $ 273,137  $ —  $ 2,671  $ 275,808 
Segment assets at December 31, 2023
 $ 1,446,164  $ 490,104  $ 188,847  $ 163,818  $ 554,803  $ 432,851  $ 3,276,587  $ —  $ 312,728  $ 3,589,315 
Year Ended December 31, 2022
                  
Revenues from real estate operations $ 273,790  $ 73,985  $ 62,911  $ 32,754  $ 38,593  $ 35,722  $ 517,755  $ 1,980  $ 66,643  $ 586,378 
Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (979) (36,786) (228,401)
UJV NOI allocable to COPT Defense —  —  —  —  —  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  $ 1,001  $ 29,857  $ 362,304 
Additions to long-lived assets $ 48,443  $ 11,102  $ —  $ 3,801  $ 3,405  $ —  $ 66,751  $ (35) $ 37,810  $ 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  $ —  $ 553,863  $ 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  $ 30,490  $ 69,775  $ 587,060 
Property operating expenses (92,521) (24,785) (30,535) (13,617) (11,618) (4,086) (177,162) (17,424) (35,633) (230,219)
UJV NOI allocable to COPT Defense —  —  —  —  —  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  $ 13,066  $ 34,142  $ 360,870 
Additions to long-lived assets $ 45,647  $ 6,197  $ —  $ 4,193  $ 3,542  $ —  $ 59,579  $ 1,680  $ 35,526  $ 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  $ 192,647  $ 541,299  $ 3,575,462 
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,
  2023 2022 2021
Segment revenues from real estate operations $ 624,803  $ 586,378  $ 587,060 
Construction contract and other service revenues 60,179  154,632  107,876 
Less: Revenues from discontinued operations (Note 4)
 —  (1,980) (30,490)
Total revenues $ 684,982  $ 739,030  $ 664,446 
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,
  2023 2022 2021
Segment property operating expenses $ 247,385  $ 228,401  $ 230,219 
Less: Property operating expenses from discontinued operations (Note 4)
 —  (971) (16,842)
Total property operating expenses $ 247,385  $ 227,430  $ 213,377 
Reconciliation of UJV NOI Allocable to COPT to Equity in Income of Unconsolidated Entities The following table reconciles UJV NOI allocable to COPT Defense to equity in (loss) income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2023 2022 2021
UJV NOI allocable to COPT Defense $ 6,659  $ 4,327  $ 4,029 
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,917) (3,145) (2,930)
Add: Equity in (loss) income of unconsolidated non-real estate entities (3) 561  (6)
Equity in (loss) income of unconsolidated entities $ (261) $ 1,743  $ 1,093 
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,
  2023 2022 2021
Construction contract and other service revenues $ 60,179  $ 154,632  $ 107,876 
Construction contract and other service expenses (57,416) (149,963) (104,053)
NOI from service operations $ 2,763  $ 4,669  $ 3,823 
Schedule of Reconciliation of Net Operating Income from Real Estate Operations 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 Years Ended December 31,
  2023 2022 2021
NOI from real estate operations $ 384,077  $ 362,304  $ 360,870 
NOI from service operations 2,763  4,669  3,823 
Depreciation and other amortization associated with real estate operations (148,950) (141,230) (137,543)
Impairment losses (252,797) —  — 
General, administrative, leasing and other expenses (42,769) (38,991) (40,774)
Interest expense (71,142) (61,174) (65,398)
Interest and other income, net 12,587  9,070  9,007 
Gain on sales of real estate 49,392  19,250  65,590 
Loss on early extinguishment of debt —  (609) (100,626)
Equity in (loss) income of unconsolidated entities (261) 1,743  1,093 
UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities (6,659) (4,327) (4,029)
Income tax expense (588) (447) (145)
Revenues from real estate operations from discontinued operations (Note 4)
 —  (1,980) (30,490)
Property operating expenses from discontinued operations (Note 4)
 —  971  16,842 
(Loss) income from continuing operations $ (74,347) $ 149,249  $ 78,220 
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,
2023 2022
Segment assets $ 3,589,315  $ 3,709,271 
Operating properties lease liabilities included in segment assets 34,346  28,759 
Non-operating property assets 258,299  301,002 
Other assets 365,006  218,243 
Total consolidated assets $ 4,246,966  $ 4,257,275