Quarterly report [Sections 13 or 15(d)]

Information by Business Segment (Tables)

v3.25.2
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025
              
Revenues from real estate operations $ 81,337  $ 22,018  $ 17,475  $ 8,258  $ 18,977  $ 10,644  $ 158,709  $ 18,748  $ 177,457 
Other segment items:
Property operating expenses (26,897) (8,858) (9,241) (3,856) (6,160) (1,783) (56,795) (10,120) (66,915)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,870  1,870  —  1,870 
Total other segment items (26,897) (8,858) (9,241) (3,856) (6,160) 87  (54,925) (10,120) (65,045)
NOI from real estate operations $ 54,440  $ 13,160  $ 8,234  $ 4,402  $ 12,817  $ 10,731  $ 103,784  $ 8,628  $ 112,412 
Additions to long-lived assets $ 9,971  $ 3,263  $ 98  $ 2,746  $ 6,938  $ —  $ 23,016  $ 3,629  $ 26,645 
Transfers from non-operating properties $ 13,896  $ (2) $ —  $ 2  $ 14,356  $ 5,325  $ 33,577  $ 2,225  $ 35,802 
Three Months Ended June 30, 2024
              
Revenues from real estate operations $ 78,419  $ 20,601  $ 16,447  $ 8,240  $ 17,017  $ 9,600  $ 150,324  $ 16,761  $ 167,085 
Other segment items:
Property operating expenses (24,999) (8,930) (8,797) (3,633) (5,721) (2,091) (54,171) (9,239) (63,410)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,735  1,735  —  1,735 
Total other segment items (24,999) (8,930) (8,797) (3,633) (5,721) (356) (52,436) (9,239) (61,675)
NOI from real estate operations $ 53,420  $ 11,671  $ 7,650  $ 4,607  $ 11,296  $ 9,244  $ 97,888  $ 7,522  $ 105,410 
Additions to long-lived assets $ 7,716  $ 9,914  $ —  $ 1,931  $ 352  $ —  $ 19,913  $ 5,670  $ 25,583 
Transfers from non-operating properties $ 665  $ 2  $ —  $ 40  $ 1,389  $ 410  $ 2,506  $ 1,734  $ 4,240 
Six Months Ended June 30, 2025
            
Revenues from real estate operations $ 165,945  $ 45,180  $ 33,885  $ 16,218  $ 35,399  $ 21,509  $ 318,136  $ 36,918  $ 355,054 
Other segment items:
Property operating expenses (58,827) (18,947) (18,240) (8,022) (12,454) (3,636) (120,126) (18,829) (138,955)
UJV NOI allocable to COPT Defense —  —  —  —  —  3,759  3,759  —  3,759 
Total other segment items (58,827) (18,947) (18,240) (8,022) (12,454) 123  (116,367) (18,829) (135,196)
NOI from real estate operations $ 107,118  $ 26,233  $ 15,645  $ 8,196  $ 22,945  $ 21,632  $ 201,769  $ 18,089  $ 219,858 
Additions to long-lived assets $ 18,064  $ 5,819  $ 217  $ 6,412  $ 10,186  $ —  $ 40,698  $ 5,362  $ 46,060 
Transfers from non-operating properties $ 15,233  $ 16  $ —  $ 2  $ 18,622  $ 9,266  $ 43,139  $ 4,999  $ 48,138 
Segment assets at June 30, 2025
 $ 1,447,969  $ 490,419  $ 195,567  $ 164,254  $ 617,563  $ 494,805  $ 3,410,577  $ 316,482  $ 3,727,059 
Six Months Ended June 30, 2024
            
Revenues from real estate operations $ 157,255  $ 42,027  $ 32,858  $ 16,466  $ 33,825  $ 18,057  $ 300,488  $ 33,260  $ 333,748 
Other segment items:
Property operating expenses (53,376) (18,192) (17,485) (7,259) (11,513) (3,034) (110,859) (19,297) (130,156)
UJV NOI allocable to COPT Defense —  —  —  —  —  3,475  3,475  —  3,475 
Total other segment items (53,376) (18,192) (17,485) (7,259) (11,513) 441  (107,384) (19,297) (126,681)
NOI from real estate operations $ 103,879  $ 23,835  $ 15,373  $ 9,207  $ 22,312  $ 18,498  $ 193,104  $ 13,963  $ 207,067 
Additions to long-lived assets $ 34,269  $ 14,405  $ —  $ 2,529  $ 1,024  $ —  $ 52,227  $ 10,247  $ 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
 $ 1,453,287  $ 493,281  $ 185,595  $ 160,195  $ 580,886  $ 429,558  $ 3,302,802  $ 311,901  $ 3,614,703 
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,
  2025 2024 2025 2024
Segment revenues from real estate operations $ 177,457  $ 167,085  $ 355,054  $ 333,748 
Construction contract and other service revenues 12,458  20,258  22,717  46,861 
Total revenues $ 189,915  $ 187,343  $ 377,771  $ 380,609 
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 June 30, For the Six Months Ended June 30,
  2025 2024 2025 2024
UJV NOI allocable to COPT Defense $ 1,870  $ 1,735  $ 3,759  $ 3,475 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense (1,515) (1,709) (3,033) (3,380)
Equity in income of unconsolidated entities $ 355  $ 26  $ 726  $ 95 
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 June 30, For the Six Months Ended June 30,
  2025 2024 2025 2024
Construction contract and other service revenues $ 12,458  $ 20,258  $ 22,717  $ 46,861 
Construction contract and other service expenses (11,873) (19,612) (21,578) (45,619)
NOI from service operations $ 585  $ 646  $ 1,139  $ 1,242 
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 June 30, For the Six Months Ended June 30,
  2025 2024 2025 2024
NOI from real estate operations $ 112,412  $ 105,410  $ 219,858  $ 207,067 
NOI from service operations 585  646  1,139  1,242 
Depreciation and other amortization associated with real estate operations (39,573) (38,161) (78,932) (76,512)
General, administrative, leasing and other expenses (11,911) (12,032) (24,067) (23,779)
Interest expense (20,938) (20,617) (41,442) (41,384)
Interest and other income, net 1,223  2,884  2,791  7,006 
Gain on sales of real estate —  —  300  — 
Equity in income of unconsolidated entities 355  26  726  95 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1,870) (1,735) (3,759) (3,475)
Income tax expense (117) (14) (220) (182)
Net income $ 40,166  $ 36,407  $ 76,394  $ 70,078 
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,
2025		 June 30,
2024
Segment assets $ 3,727,059  $ 3,614,703 
Operating properties lease liabilities included in segment assets 47,749  34,221 
Investment in UJV deficit balance included in segment assets 3,823  3,216 
Non-operating property assets 322,935  278,172 
Other assets 185,384  289,026 
Total consolidated assets $ 4,286,950  $ 4,219,338