Quarterly report [Sections 13 or 15(d)]

Information by Business Segment (Tables)

v3.25.1
Information by Business Segment (Tables)
3 Months Ended
Mar. 31, 2025
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, 2025
           
Revenues from real estate operations $ 84,608  $ 23,162  $ 16,410  $ 7,960  $ 16,422  $ 10,865  $ 159,427  $ 18,170  $ 177,597 
Other segment items:
Property operating expenses (31,930) (10,089) (8,999) (4,166) (6,294) (1,853) (63,331) (8,709) (72,040)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,889  1,889  —  1,889 
Total other segment items (31,930) (10,089) (8,999) (4,166) (6,294) 36  (61,442) (8,709) (70,151)
NOI from real estate operations $ 52,678  $ 13,073  $ 7,411  $ 3,794  $ 10,128  $ 10,901  $ 97,985  $ 9,461  $ 107,446 
Additions to long-lived assets $ 8,093  $ 2,556  $ 119  $ 3,666  $ 3,248  $ —  $ 17,682  $ 1,733  $ 19,415 
Transfers from non-operating properties $ 1,337  $ 18  $ —  $ —  $ 4,266  $ 3,941  $ 9,562  $ 2,774  $ 12,336 
Segment assets at March 31, 2025
$ 1,441,470  $ 492,384  $ 197,349  $ 163,951  $ 601,935  $ 490,998  $ 3,388,087  $ 314,871  $ 3,702,958 
Three Months Ended March 31, 2024
           
Revenues from real estate operations $ 78,836  $ 21,426  $ 16,411  $ 8,226  $ 16,808  $ 8,457  $ 150,164  $ 16,499  $ 166,663 
Other segment items:
Property operating expenses (28,377) (9,262) (8,688) (3,626) (5,792) (943) (56,688) (10,058) (66,746)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,740  1,740  —  1,740 
Total other segment items (28,377) (9,262) (8,688) (3,626) (5,792) 797  (54,948) (10,058) (65,006)
NOI from real estate operations $ 50,459  $ 12,164  $ 7,723  $ 4,600  $ 11,016  $ 9,254  $ 95,216  $ 6,441  $ 101,657 
Additions to long-lived assets $ 26,553  $ 4,491  $ —  $ 598  $ 672  $ —  $ 32,314  $ 4,577  $ 36,891 
Transfers from non-operating properties $ 1,575  $ 993  $ $ —  $ 32,884  $ 3,075  $ 38,536  $ $ 38,545 
Segment assets at March 31, 2024
$ 1,462,065  $ 489,544  $ 187,232  $ 161,210  $ 584,790  $ 431,212  $ 3,316,053  $ 309,177  $ 3,625,230 
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,
  2025 2024
Segment revenues from real estate operations $ 177,597  $ 166,663 
Construction contract and other service revenues 10,259  26,603 
Total revenues $ 187,856  $ 193,266 
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense 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 March 31,
  2025 2024
UJV NOI allocable to COPT Defense $ 1,889  $ 1,740 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense (1,518) (1,671)
Equity in income of unconsolidated entities $ 371  $ 69 
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 Three Months Ended March 31,
  2025 2024
Construction contract and other service revenues $ 10,259  $ 26,603 
Construction contract and other service expenses (9,705) (26,007)
NOI from service operations $ 554  $ 596 
Schedule of Reconciliation of NOI from Real Estate Operations for Reportable Segments and NOI from 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,
  2025 2024
NOI from real estate operations $ 107,446  $ 101,657 
NOI from service operations 554  596 
Depreciation and other amortization associated with real estate operations (39,359) (38,351)
General, administrative, leasing and other expenses (12,156) (11,747)
Interest expense (20,504) (20,767)
Interest and other income, net 1,568  4,122 
Gain on sales of real estate 300  — 
Equity in income of unconsolidated entities 371  69 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1,889) (1,740)
Income tax expense (103) (168)
Net income $ 36,228  $ 33,671 
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,
2025
March 31,
2024
Segment assets $ 3,702,958  $ 3,625,230 
Operating properties lease liabilities included in segment assets 48,600  33,550 
Investment in UJV deficit balance included in segment assets 3,895  2,982 
Non-operating property assets 300,241  245,828 
Other assets 194,617  325,305 
Total consolidated assets $ 4,250,311  $ 4,232,895