Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.24.1.u1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2024
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 Other Total
Three Months Ended March 31, 2024
            
Revenues from real estate operations $ 78,068  $ 21,426  $ 16,411  $ 8,226  $ 16,808  $ 8,457  $ 149,396  $ 17,267  $ 166,663 
Property operating expenses (27,890) (9,262) (8,688) (3,626) (5,792) (943) (56,201) (10,545) (66,746)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,740  1,740  —  1,740 
NOI from real estate operations $ 50,178  $ 12,164  $ 7,723  $ 4,600  $ 11,016  $ 9,254  $ 94,935  $ 6,722  $ 101,657 
Additions to long-lived assets $ 26,340  $ 4,491  $ —  $ 598  $ 672  $ —  $ 32,101  $ 4,790  $ 36,891 
Transfers from non-operating properties $ 1,575  $ 993  $ 9  $ —  $ 32,884  $ 3,075  $ 38,536  $ 9  $ 38,545 
Segment assets at March 31, 2024
 $ 1,458,458  $ 489,544  $ 187,232  $ 161,210  $ 584,790  $ 434,194  $ 3,315,428  $ 312,784  $ 3,628,212 
Three Months Ended March 31, 2023
            
Revenues from real estate operations $ 69,777  $ 19,829  $ 15,605  $ 7,925  $ 13,414  $ 6,692  $ 133,242  $ 18,439  $ 151,681 
Property operating expenses (24,520) (7,572) (7,945) (3,543) (4,636) (594) (48,810) (10,610) (59,420)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,642  1,642  —  1,642 
NOI from real estate operations $ 45,257  $ 12,257  $ 7,660  $ 4,382  $ 8,778  $ 7,740  $ 86,074  $ 7,829  $ 93,903 
Additions to long-lived assets $ 12,135  $ 2,398  $ 62  $ 759  $ 6,594  $ —  $ 21,948  $ 3,289  $ 25,237 
Transfers from non-operating properties $ 5,781  $ 238  $ 28  $ 2,650  $ 14,392  $ 3,311  $ 26,400  $ 13  $ 26,413 
Segment assets at March 31, 2023
 $ 1,390,273  $ 486,649  $ 193,160  $ 169,235  $ 472,237  $ 324,422  $ 3,035,976  $ 549,138  $ 3,585,114 
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 March 31,
  2024 2023
Segment revenues from real estate operations $ 166,663  $ 151,681 
Construction contract and other service revenues 26,603  15,820 
Total revenues $ 193,266  $ 167,501 
Schedule of reconciliation of UJV NOI allocable to CDP to equity in income of unconsolidated entities
The following table reconciles UJV NOI allocable to COPT Defense to equity in income (loss) of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
For the Three Months Ended March 31,
  2024 2023
UJV NOI allocable to COPT Defense $ 1,740  $ 1,642 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense (1,671) (1,704)
Add: Equity in loss of unconsolidated non-real estate entities —  (2)
Equity in income (loss) of unconsolidated entities $ 69  $ (64)
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 March 31,
  2024 2023
Construction contract and other service revenues $ 26,603  $ 15,820 
Construction contract and other service expenses (26,007) (15,201)
NOI from service operations $ 596  $ 619 
Schedule of reconciliation of net operating income from real estate operations for reportable segments and service operations to net income
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):
For the Three Months Ended March 31,
  2024 2023
NOI from real estate operations $ 101,657  $ 93,903 
NOI from service operations 596  619 
Depreciation and other amortization associated with real estate operations (38,351) (36,995)
General, administrative, leasing and other expenses (11,747) (10,490)
Interest expense (20,767) (16,442)
Interest and other income, net 4,122  2,256 
Gain on sales of real estate —  49,378 
Equity in income (loss) of unconsolidated entities 69  (64)
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (1,740) (1,642)
Income tax expense (168) (125)
Net income $ 33,671  $ 80,398 
Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to our consolidated total assets (in thousands):
March 31,
2024		 March 31,
2023
Segment assets $ 3,628,212  $ 3,585,114 
Operating properties lease liabilities included in segment assets 33,550  35,327 
Non-operating property assets 245,828  345,518 
Other assets 325,305  212,033 
Total consolidated assets $ 4,232,895  $ 4,177,992