Annual report [Section 13 and 15(d), not S-K Item 405]

Information by Business Segment (Tables)

v3.25.4
Information by Business Segment (Tables)
 12 Months Ended
Dec. 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 Redstone Arsenal NoVA Defense/IT Lackland Air Force Base Navy Support Data Center Shells Total Defense/IT Portfolio Other Total
Year Ended December 31, 2025
            
Revenues from real estate operations $ 329,916  $ 74,659  $ 90,830  $ 73,079  $ 33,566  $ 44,866  $ 646,916  $ 74,933  $ 721,849 
Other segment items
Property operating expenses (117,491) (26,630) (37,041) (40,065) (15,852) (7,493) (244,572) (39,355) (283,927)
UJV NOI allocable to COPT Defense —  —  —  —  —  7,706  7,706  —  7,706 
Total other segment items (117,491) (26,630) (37,041) (40,065) (15,852) 213  (236,866) (39,355) (276,221)
NOI from real estate operations $ 212,425  $ 48,029  $ 53,789  $ 33,014  $ 17,714  $ 45,079  $ 410,050  $ 35,578  $ 445,628 
Additions to long-lived assets $ 45,226  $ 13,118  $ 51,038  $ 1,509  $ 19,288  $ —  $ 130,179  $ 20,009  $ 150,188 
Transfers from non-operating properties $ 46,728  $ 25,383  $ 46  $ —  $ —  $ 114,726  $ 186,883  $ 5,854  $ 192,737 
Segment assets at December 31, 2025
 $ 1,467,935  $ 615,352  $ 522,301  $ 193,861  $ 172,101  $ 576,812  $ 3,548,362  $ 324,310  $ 3,872,672 
Year Ended December 31, 2024
              
Revenues from real estate operations $ 317,319  $ 69,317  $ 86,034  $ 67,837  $ 32,628  $ 37,190  $ 610,325  $ 67,392  $ 677,717 
Other segment items
Property operating expenses (108,789) (24,185) (36,059) (37,169) (15,146) (6,124) (227,472) (38,529) (266,001)
UJV NOI allocable to COPT Defense —  —  —  —  —  7,217  7,217  —  7,217 
Total other segment items (108,789) (24,185) (36,059) (37,169) (15,146) 1,093  (220,255) (38,529) (258,784)
NOI from real estate operations $ 208,530  $ 45,132  $ 49,975  $ 30,668  $ 17,482  $ 38,283  $ 390,070  $ 28,863  $ 418,933 
Additions to long-lived assets $ 64,237  $ 7,253  $ 27,205  $ 17,098  $ 10,128  $ —  $ 125,921  $ 19,864  $ 145,785 
Transfers from non-operating properties $ 4,041  $ 60,872  $ 1,016  $ 10  $ 352  $ 65,314  $ 131,605  $ 5,325  $ 136,930 
Segment assets at December 31, 2024
 $ 1,448,641  $ 601,430  $ 494,881  $ 199,166  $ 162,855  $ 488,429  $ 3,395,402  $ 315,245  $ 3,710,647 
Year Ended December 31, 2023
              
Revenues from real estate operations $ 292,699  $ 55,131  $ 80,413  $ 67,254  $ 32,638  $ 27,444  $ 555,579  $ 69,224  $ 624,803 
Other segment items
Property operating expenses (101,243) (19,148) (31,593) (36,616) (14,614) (2,703) (205,917) (41,468) (247,385)
UJV NOI allocable to COPT Defense —  —  —  —  —  6,659  6,659  —  6,659 
Total other segment items (101,243) (19,148) (31,593) (36,616) (14,614) 3,956  (199,258) (41,468) (240,726)
NOI from real estate operations $ 191,456  $ 35,983  $ 48,820  $ 30,638  $ 18,024  $ 31,400  $ 356,321  $ 27,756  $ 384,077 
Additions to long-lived assets $ 54,872  $ 20,949  $ 19,041  $ 62  $ 5,785  $ —  $ 100,709  $ 16,919  $ 117,628 
Transfers from non-operating properties $ 64,264  $ 86,868  $ 4,136  $ 166  $ 2,651  $ 115,052  $ 273,137  $ 2,671  $ 275,808 
Segment assets at December 31, 2023
 $ 1,449,638  $ 554,803  $ 490,104  $ 188,847  $ 163,818  $ 430,075  $ 3,277,285  $ 309,254  $ 3,586,539 
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,
  2025 2024 2023
Segment revenues from real estate operations $ 721,849  $ 677,717  $ 624,803 
Construction contract and other service revenues 42,074  75,550  60,179 
Total revenues $ 763,923  $ 753,267  $ 684,982 
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,
  2025 2024 2023
UJV NOI allocable to COPT Defense $ 7,706  $ 7,217  $ 6,659 
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and loss on early extinguishment of debt (6,637) (6,820) (6,917)
Add: Equity in income (loss) of unconsolidated non-real estate entities 1,737  —  (3)
Equity in income (loss) of unconsolidated entities $ 2,806  $ 397  $ (261)
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,
  2025 2024 2023
Construction contract and other service revenues $ 42,074  $ 75,550  $ 60,179 
Construction contract and other service expenses (39,962) (73,265) (57,416)
NOI from service operations $ 2,112  $ 2,285  $ 2,763 
Schedule of Reconciliation of NOI from Real Estate Operations and 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 Years Ended December 31,
  2025 2024 2023
NOI from real estate operations $ 445,628  $ 418,933  $ 384,077 
NOI from service operations 2,112  2,285  2,763 
Depreciation and other amortization associated with real estate operations (161,826) (153,640) (148,950)
Impairment losses —  —  (252,797)
General, administrative, leasing and other expenses (47,840) (47,038) (42,769)
Interest expense (86,660) (82,151) (71,142)
Interest and other income, net 10,683  12,661  12,587 
Gain on sales of real estate 3,350  —  49,392 
Loss on early extinguishment of debt (66) —  — 
Equity in income (loss) of unconsolidated entities 2,806  397  (261)
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities (7,706) (7,217) (6,659)
Income tax expense (947) (288) (588)
Net income (loss) $ 159,534  $ 143,942  $ (74,347)
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,
2025 2024
Segment assets $ 3,872,672  $ 3,710,647 
Operating properties lease liabilities included in segment assets 45,375  49,631 
Investment in UJV deficit balance included in segment assets 22,843  3,409 
Non-operating property assets 284,428  277,147 
Other assets 476,472  213,357 
Total consolidated assets $ 4,701,790  $ 4,254,191