Quarterly report [Sections 13 or 15(d)]

Information by Business Segment (Tables)

v3.25.3
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Data Center Shells Total Defense/IT Portfolio Other Total
Three Months Ended September 30, 2025
            
Revenues from real estate operations $ 81,756  $ 19,477  $ 22,343  $ 18,555  $ 8,727  $ 10,715  $ 161,573  $ 18,737  $ 180,310 
Other segment items:
Property operating expenses (28,477) (7,250) (8,891) (10,245) (4,016) (1,701) (60,580) (9,776) (70,356)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,864  1,864  —  1,864 
Total other segment items (28,477) (7,250) (8,891) (10,245) (4,016) 163  (58,716) (9,776) (68,492)
NOI from real estate operations 53,279  12,227  13,452  8,310  4,711  10,878  102,857  8,961  111,818 
Additions to long-lived assets $ 12,812  $ 2,209  $ 7,061  $ 7  $ 5,962  $ —  $ 28,051  $ 2,866  $ 30,917 
Transfers from non-operating properties $ 19,751  $ 4,806  $ 26  $ —  $ —  $ 1,215  $ 25,798  $ 142  $ 25,940 
Three Months Ended September 30, 2024
            
Revenues from real estate operations $ 80,757  $ 18,332  $ 22,083  $ 16,879  $ 8,068  $ 9,029  $ 155,148  $ 17,415  $ 172,563 
Other segment items:
Property operating expenses (28,342) (6,463) (9,252) (9,160) (4,084) (1,554) (58,855) (10,026) (68,881)
UJV NOI allocable to COPT Defense —  —  —  —  —  1,844  1,844  —  1,844 
Total other segment items (28,342) (6,463) (9,252) (9,160) (4,084) 290  (57,011) (10,026) (67,037)
NOI from real estate operations $ 52,415  $ 11,869  $ 12,831  $ 7,719  $ 3,984  $ 9,319  $ 98,137  $ 7,389  $ 105,526 
Additions to long-lived assets $ 14,101  $ 1,521  $ 5,357  $ 17,034  $ 3,520  $ —  $ 41,533  $ 4,040  $ 45,573 
Transfers from non-operating properties $ 418  $ 25,846  $ 16  $ —  $ 66  $ 406  $ 26,752  $ 141  $ 26,893 
Nine Months Ended September 30, 2025
          
Revenues from real estate operations $ 247,701  $ 54,876  $ 67,523  $ 52,440  $ 24,945  $ 32,224  $ 479,709  $ 55,655  $ 535,364 
Other segment items:
Property operating expenses (87,304) (19,704) (27,838) (28,485) (12,038) (5,337) (180,706) (28,605) (209,311)
UJV NOI allocable to COPT Defense —  —  —  —  —  5,623  5,623  —  5,623 
Total other segment items (87,304) (19,704) (27,838) (28,485) (12,038) 286  (175,083) (28,605) (203,688)
NOI from real estate operations $ 160,397  $ 35,172  $ 39,685  $ 23,955  $ 12,907  $ 32,510  $ 304,626  $ 27,050  $ 331,676 
Additions to long-lived assets $ 30,876  $ 12,395  $ 12,880  $ 224  $ 12,374  $ —  $ 68,749  $ 8,228  $ 76,977 
Transfers from non-operating properties $ 34,984  $ 23,428  $ 42  $ —  $ 2  $ 10,481  $ 68,937  $ 5,141  $ 74,078 
Segment assets at September 30, 2025
 $ 1,460,768  $ 618,618  $ 491,051  $ 193,734  $ 167,810  $ 473,277  $ 3,405,258  $ 315,621  $ 3,720,879 
Nine Months Ended September 30, 2024
          
Revenues from real estate operations $ 238,012  $ 52,157  $ 64,110  $ 49,737  $ 24,534  $ 27,086  $ 455,636  $ 50,675  $ 506,311 
Other segment items:
Property operating expenses (81,718) (17,976) (27,444) (26,645) (11,343) (4,588) (169,714) (29,323) (199,037)
UJV NOI allocable to COPT Defense —  —  —  —  —  5,319  5,319  —  5,319 
Total other segment items (81,718) (17,976) (27,444) (26,645) (11,343) 731  (164,395) (29,323) (193,718)
NOI from real estate operations $ 156,294  $ 34,181  $ 36,666  $ 23,092  $ 13,191  $ 27,817  $ 291,241  $ 21,352  $ 312,593 
Additions to long-lived assets $ 48,370  $ 2,545  $ 19,762  $ 17,034  $ 6,049  $ —  $ 93,760  $ 14,287  $ 108,047 
Transfers from non-operating properties $ 2,658  $ 60,119  $ 1,011  $ 9  $ 106  $ 3,891  $ 67,794  $ 1,884  $ 69,678 
Segment assets at September 30, 2024
 $ 1,450,602  $ 602,573  $ 492,912  $ 200,968  $ 161,007  $ 427,972  $ 3,336,034  $ 311,421  $ 3,647,455 
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,
  2025 2024 2025 2024
Segment revenues from real estate operations $ 180,310  $ 172,563  $ 535,364  $ 506,311 
Construction contract and other service revenues 8,485  16,662  31,202  63,523 
Total revenues $ 188,795  $ 189,225  $ 566,566  $ 569,834 
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 September 30, For the Nine Months Ended September 30,
  2025 2024 2025 2024
UJV NOI allocable to COPT Defense $ 1,864  $ 1,844  $ 5,623  $ 5,319 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and loss on early extinguishment of debt (1,786) (1,759) (4,819) (5,139)
Add: Equity in loss of unconsolidated non-real estate entities 1,737  —  1,737  — 
Equity in income of unconsolidated entities $ 1,815  $ 85  $ 2,541  $ 180 
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 September 30, For the Nine Months Ended September 30,
  2025 2024 2025 2024
Construction contract and other service revenues $ 8,485  $ 16,662  $ 31,202  $ 63,523 
Construction contract and other service expenses (7,952) (16,127) (29,530) (61,746)
NOI from service operations $ 533  $ 535  $ 1,672  $ 1,777 
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 September 30, For the Nine Months Ended September 30,
  2025 2024 2025 2024
NOI from real estate operations $ 111,818  $ 105,526  $ 331,676  $ 312,593 
NOI from service operations 533  535  1,672  1,777 
Depreciation and other amortization associated with real estate operations (40,631) (38,307) (119,563) (114,819)
General, administrative, leasing and other expenses (12,030) (11,416) (36,097) (35,195)
Interest expense (20,894) (20,376) (62,336) (61,760)
Interest and other income, net 2,591  3,324  5,382  10,330 
Gain on sales of real estate 3,018  —  3,318  — 
Equity in income of unconsolidated entities 1,815  85  2,541  180 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (1,864) (1,844) (5,623) (5,319)
Income tax expense (612) (130) (832) (312)
Net income $ 43,744  $ 37,397  $ 120,138  $ 107,475 
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,
2025		 September 30,
2024
Segment assets $ 3,720,879  $ 3,647,455 
Operating properties lease liabilities included in segment assets 46,573  34,012 
Investment in UJV deficit balance included in segment assets 22,550  3,370 
Non-operating property assets 353,184  314,729 
Other assets 208,246  234,736 
Total consolidated assets 4,351,432  4,234,302