Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.24.2.u1
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024
              
Revenues from real estate operations $ 77,715  $ 20,601  $ 16,447  $ 8,240  $ 17,017  $ 9,600  $ 149,620  $ 17,465  $ 167,085 
Property operating expenses (24,637) (8,930) (8,797) (3,633) (5,721) (2,091) (53,809) (9,601) (63,410)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,735  1,735  —  1,735 
NOI from real estate operations $ 53,078  $ 11,671  $ 7,650  $ 4,607  $ 11,296  $ 9,244  $ 97,546  $ 7,864  $ 105,410 
Additions to long-lived assets $ 7,720  $ 9,914  $ —  $ 1,931  $ 352  $ —  $ 19,917  $ 5,666  $ 25,583 
Transfers from non-operating properties $ 665  $ 2  $ —  $ 40  $ 1,389  $ 410  $ 2,506  $ 1,734  $ 4,240 
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  $ 17,958  $ 154,953 
Property operating expenses (24,188) (7,683) (9,951) (3,516) (4,750) (743) (50,831) (10,769) (61,600)
UJV NOI allocable to COPT Defense —  —  —  —  —  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  $ 7,189  $ 95,024 
Additions to long-lived assets $ 23,646  $ 7,957  $ —  $ 309  $ 2,179  $ —  $ 34,091  $ 4,716  $ 38,807 
Transfers from non-operating properties $ 4,628  $ 249  $ 17  $ —  $ 3,935  $ 1,937  $ 10,766  $ 14  $ 10,780 
Six Months Ended June 30, 2024
            
Revenues from real estate operations $ 155,783  $ 42,027  $ 32,858  $ 16,466  $ 33,825  $ 18,057  $ 299,016  $ 34,732  $ 333,748 
Property operating expenses (52,527) (18,192) (17,485) (7,259) (11,513) (3,034) (110,010) (20,146) (130,156)
UJV NOI allocable to COPT Defense —  —  —  —  —  3,475  3,475  —  3,475 
NOI from real estate operations $ 103,256  $ 23,835  $ 15,373  $ 9,207  $ 22,312  $ 18,498  $ 192,481  $ 14,586  $ 207,067 
Additions to long-lived assets $ 34,060  $ 14,405  $ —  $ 2,529  $ 1,024  $ —  $ 52,018  $ 10,456  $ 62,474 
Transfers from non-operating properties $ 2,240  $ 995  $ 9  $ 40  $ 34,273  $ 3,485  $ 41,042  $ 1,743  $ 42,785 
Segment assets at June 30, 2024
 $ 1,449,787  $ 493,281  $ 185,595  $ 160,195  $ 580,886  $ 432,774  $ 3,302,518  $ 315,401  $ 3,617,919 
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  $ 36,397  $ 306,634 
Property operating expenses (48,708) (15,255) (17,896) (7,059) (9,386) (1,337) (99,641) (21,379) (121,020)
UJV NOI allocable to COPT Defense —  —  —  —  —  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  $ 15,018  $ 188,927 
Additions to long-lived assets $ 35,781  $ 10,355  $ 62  $ 1,068  $ 8,773  $ —  $ 56,039  $ 8,005  $ 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  $ 546,718  $ 3,599,786 
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,
  2024 2023 2024 2023
Segment revenues from real estate operations $ 167,085  $ 154,953  $ 333,748  $ 306,634 
Construction contract and other service revenues 20,258  14,243  46,861  30,063 
Total revenues $ 187,343  $ 169,196  $ 380,609  $ 336,697 
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 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,
  2024 2023 2024 2023
UJV NOI allocable to COPT Defense $ 1,735  $ 1,671  $ 3,475  $ 3,313 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense (1,709) (1,559) (3,380) (3,263)
Add: Equity in loss of unconsolidated non-real estate entities —  (1) —  (3)
Equity in income of unconsolidated entities $ 26  $ 111  $ 95  $ 47 
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,
  2024 2023 2024 2023
Construction contract and other service revenues $ 20,258  $ 14,243  $ 46,861  $ 30,063 
Construction contract and other service expenses (19,612) (13,555) (45,619) (28,756)
NOI from service operations $ 646  $ 688  $ 1,242  $ 1,307 
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 June 30, For the Six Months Ended June 30,
  2024 2023 2024 2023
NOI from real estate operations $ 105,410  $ 95,024  $ 207,067  $ 188,927 
NOI from service operations 646  688  1,242  1,307 
Depreciation and other amortization associated with real estate operations (38,161) (37,600) (76,512) (74,595)
General, administrative, leasing and other expenses (12,032) (10,358) (23,779) (20,848)
Interest expense (20,617) (16,519) (41,384) (32,961)
Interest and other income, net 2,884  2,143  7,006  4,399 
Gain on sales of real estate —  14  —  49,392 
Equity in income of unconsolidated entities 26  111  95  47 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1,735) (1,671) (3,475) (3,313)
Income tax expense (14) (190) (182) (315)
Net income $ 36,407  $ 31,642  $ 70,078  $ 112,040 
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,
2024		 June 30,
2023
Segment assets $ 3,617,919  $ 3,599,786 
Operating properties lease liabilities included in segment assets 34,221  34,349 
Non-operating property assets 278,172  403,969 
Other assets 289,026  208,242 
Total consolidated assets $ 4,219,338  $ 4,246,346