Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.25.0.1
Information by Business Segment (Tables)
 12 Months Ended
Dec. 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
Year Ended December 31, 2024
              
Revenues from real estate operations $ 314,411  $ 86,034  $ 67,837  $ 32,628  $ 69,317  $ 37,190  $ 607,417  $ 70,300  $ 677,717 
Other segment items:
Property operating expenses (107,128) (36,059) (37,169) (15,146) (24,185) (6,124) (225,811) (40,190) (266,001)
UJV NOI allocable to COPT Defense —  —  —  —  —  7,217  7,217  —  7,217 
Total other segment items (107,128) (36,059) (37,169) (15,146) (24,185) 1,093  (218,594) (40,190) (258,784)
NOI from real estate operations $ 207,283  $ 49,975  $ 30,668  $ 17,482  $ 45,132  $ 38,283  $ 388,823  $ 30,110  $ 418,933 
Additions to long-lived assets $ 64,023  $ 27,205  $ 17,098  $ 10,128  $ 7,253  $ —  $ 125,707  $ 20,078  $ 145,785 
Transfers from non-operating properties $ 3,910  $ 1,016  $ 10  $ 352  $ 60,872  $ 65,314  $ 131,474  $ 5,456  $ 136,930 
Segment assets at December 31, 2024
 $ 1,445,236  $ 494,881  $ 199,166  $ 162,855  $ 601,430  $ 488,429  $ 3,391,997  $ 318,650  $ 3,710,647 
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 
Other segment items:
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 
Total other segment items (99,788) (31,593) (36,616) (14,614) (19,148) 3,956  (197,803) (42,923) (240,726)
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  $ 430,075  $ 3,273,811  $ 312,728  $ 3,586,539 
Year Ended December 31, 2022
                
Revenues from real estate operations $ 273,790  $ 73,985  $ 62,911  $ 32,754  $ 38,593  $ 35,722  $ 517,755  $ 68,623  $ 586,378 
Other segment items:
Property operating expenses (97,727) (26,635) (32,301) (14,001) (15,600) (4,372) (190,636) (37,765) (228,401)
UJV NOI allocable to COPT Defense —  —  —  —  —  4,327  4,327  —  4,327 
Total other segment items (97,727) (26,635) (32,301) (14,001) (15,600) (45) (186,309) (37,765) (224,074)
NOI from real estate operations $ 176,063  $ 47,350  $ 30,610  $ 18,753  $ 22,993  $ 35,677  $ 331,446  $ 30,858  $ 362,304 
Additions to long-lived assets $ 48,443  $ 11,102  $ —  $ 3,801  $ 3,405  $ —  $ 66,751  $ 37,775  $ 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  $ 461,011  $ 3,153,948  $ 553,863  $ 3,707,811 
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,
  2024 2023 2022
Segment revenues from real estate operations $ 677,717  $ 624,803  $ 586,378 
Construction contract and other service revenues 75,550  60,179  154,632 
Less: Revenues from discontinued operations (Note 4)
 —  —  (1,980)
Total revenues $ 753,267  $ 684,982  $ 739,030 
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,
  2024 2023 2022
Segment property operating expenses $ 266,001  $ 247,385  $ 228,401 
Less: Property operating expenses from discontinued operations (Note 4)
 —  —  (971)
Total property operating expenses $ 266,001  $ 247,385  $ 227,430 
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income (Loss) 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 Years Ended December 31,
  2024 2023 2022
UJV NOI allocable to COPT Defense $ 7,217  $ 6,659  $ 4,327 
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt (6,820) (6,917) (3,145)
Add: Equity in (loss) income of unconsolidated non-real estate entities —  (3) 561 
Equity in income (loss) of unconsolidated entities $ 397  $ (261) $ 1,743 
Schedule of Computation of NOI from Service Operations The table below sets forth the computation of our NOI from service operations (in thousands):
For the Years Ended December 31,
  2024 2023 2022
Construction contract and other service revenues $ 75,550  $ 60,179  $ 154,632 
Construction contract and other service expenses (73,265) (57,416) (149,963)
NOI from service operations $ 2,285  $ 2,763  $ 4,669 
Schedule of Reconciliation of NOI from Real Estate Operations and Service Operations to Income (Loss) from Continuing Operations
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income (loss) from continuing operations as reported on our consolidated statements of operations (in thousands):
For the Years Ended December 31,
  2024 2023 2022
NOI from real estate operations $ 418,933  $ 384,077  $ 362,304 
NOI from service operations 2,285  2,763  4,669 
Depreciation and other amortization associated with real estate operations (153,640) (148,950) (141,230)
Impairment losses —  (252,797) — 
General, administrative, leasing and other expenses (47,038) (42,769) (38,991)
Interest expense (82,151) (71,142) (61,174)
Interest and other income, net 12,661  12,587  9,070 
Gain on sales of real estate —  49,392  19,250 
Loss on early extinguishment of debt —  —  (609)
Equity in income (loss) of unconsolidated entities 397  (261) 1,743 
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (7,217) (6,659) (4,327)
Income tax expense (288) (588) (447)
Revenues from real estate operations from discontinued operations (Note 4)
 —  —  (1,980)
Property operating expenses from discontinued operations (Note 4)
 —  —  971 
Income (loss) from continuing operations $ 143,942  $ (74,347) $ 149,249 
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,
2024 2023
Segment assets $ 3,710,647  $ 3,586,539 
Operating properties lease liabilities included in segment assets 49,631  34,346 
Investment in UJV deficit balance included in segment assets 3,409  2,776 
Non-operating property assets 277,147  258,299 
Other assets 213,357  365,006 
Total consolidated assets $ 4,254,191  $ 4,246,966