Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.24.3
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 September 30, 2024
              
Revenues from real estate operations $ 80,056  $ 22,083  $ 16,879  $ 8,068  $ 18,332  $ 9,029  $ 154,447  $ 18,116  $ 172,563 
Property operating expenses (27,929) (9,252) (9,160) (4,084) (6,463) (1,554) (58,442) (10,439) (68,881)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,844  1,844  —  1,844 
NOI from real estate operations $ 52,127  $ 12,831  $ 7,719  $ 3,984  $ 11,869  $ 9,319  $ 97,849  $ 7,677  $ 105,526 
Additions to long-lived assets $ 14,101  $ 5,357  $ 17,034  $ 3,520  $ 1,521  $ —  $ 41,533  $ 4,040  $ 45,573 
Transfers from non-operating properties $ 418  $ 16  $ —  $ 66  $ 25,846  $ 406  $ 26,752  $ 141  $ 26,893 
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 COPT Defense —  —  —  —  —  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 
Nine Months Ended September 30, 2024
            
Revenues from real estate operations $ 235,839  $ 64,110  $ 49,737  $ 24,534  $ 52,157  $ 27,086  $ 453,463  $ 52,848  $ 506,311 
Property operating expenses (80,456) (27,444) (26,645) (11,343) (17,976) (4,588) (168,452) (30,585) (199,037)
UJV NOI allocable to COPT Defense —  —  —  —  —  5,319  5,319  —  5,319 
NOI from real estate operations $ 155,383  $ 36,666  $ 23,092  $ 13,191  $ 34,181  $ 27,817  $ 290,330  $ 22,263  $ 312,593 
Additions to long-lived assets $ 48,161  $ 19,762  $ 17,034  $ 6,049  $ 2,545  $ —  $ 93,551  $ 14,496  $ 108,047 
Transfers from non-operating properties $ 2,658  $ 1,011  $ 9  $ 106  $ 60,119  $ 3,891  $ 67,794  $ 1,884  $ 69,678 
Segment assets at September 30, 2024
 $ 1,447,217  $ 492,912  $ 200,968  $ 161,007  $ 602,573  $ 427,972  $ 3,332,649  $ 314,806  $ 3,647,455 
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 COPT Defense —  —  —  —  —  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  $ 380,366  $ 3,166,209  $ 310,828  $ 3,477,037 
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,
  2024 2023 2024 2023
Segment revenues from real estate operations $ 172,563  $ 156,607  $ 506,311  $ 463,241 
Construction contract and other service revenues 16,662  11,949  63,523  42,012 
Total revenues $ 189,225  $ 168,556  $ 569,834  $ 505,253 
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 September 30, For the Nine Months Ended September 30,
  2024 2023 2024 2023
UJV NOI allocable to COPT Defense $ 1,844  $ 1,675  $ 5,319  $ 4,988 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense (1,759) (1,743) (5,139) (5,006)
Add: Equity in loss of unconsolidated non-real estate entities —  —  —  (3)
Equity in income (loss) of unconsolidated entities $ 85  $ (68) $ 180  $ (21)
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,
  2024 2023 2024 2023
Construction contract and other service revenues $ 16,662  $ 11,949  $ 63,523  $ 42,012 
Construction contract and other service expenses (16,127) (11,493) (61,746) (40,249)
NOI from service operations $ 535  $ 456  $ 1,777  $ 1,763 
Schedule of Reconciliation of Net Operating Income from Real Estate Operations for Reportable Segments and Service Operations to Net Income (Loss)
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income (loss) as reported on our consolidated statements of operations (in thousands):
For the Three Months Ended September 30, For the Nine Months Ended September 30,
  2024 2023 2024 2023
NOI from real estate operations $ 105,526  $ 96,494  $ 312,593  $ 285,421 
NOI from service operations 535  456  1,777  1,763 
Depreciation and other amortization associated with real estate operations (38,307) (37,620) (114,819) (112,215)
Impairment losses —  (252,797) —  (252,797)
General, administrative, leasing and other expenses (11,416) (10,576) (35,195) (31,424)
Interest expense (20,376) (17,798) (61,760) (50,759)
Interest and other income, net 3,324  2,529  10,330  6,928 
Gain on sales of real estate —  —  —  49,392 
Equity in income (loss) of unconsolidated entities 85  (68) 180  (21)
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (1,844) (1,675) (5,319) (4,988)
Income tax expense (130) (152) (312) (467)
Net income (loss) $ 37,397  $ (221,207) $ 107,475  $ (109,167)
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,
2024		 September 30,
2023
Segment assets $ 3,647,455  $ 3,477,037 
Operating properties lease liabilities included in segment assets 34,012  33,360 
Investment in UJV deficit balance included in segment assets 3,370  2,327 
Non-operating property assets 314,729  324,168 
Other assets 234,736  402,365 
Total consolidated assets $ 4,234,302  $ 4,239,257