Quarterly report [Sections 13 or 15(d)]

Information by Business Segment (Tables)

v3.26.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Financial Information for Reportable Segments
The table below presents 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 March 31, 2026
          
Revenues from real estate operations $ 87,533  $ 20,645  $ 24,816  $ 18,354  $ 8,992  $ 14,665  $ 175,005  $ 19,591  $ 194,596 
Other segment items
Property operating expenses (36,480) (7,249) (10,356) (8,998) (4,359) (2,549) (69,991) (11,444) (81,435)
UJV NOI allocable to COPT Defense —  —  —  —  —  2,056  2,056  —  2,056 
Total other segment items (36,480) (7,249) (10,356) (8,998) (4,359) (493) (67,935) (11,444) (79,379)
NOI from real estate operations $ 51,053  $ 13,396  $ 14,460  $ 9,356  $ 4,633  $ 14,172  $ 107,070  $ 8,147  $ 115,217 
Additions to long-lived assets $ 7,646  $ 882  $ 2,003  $ (56) $ 1,679  $ —  $ 12,154  $ 6,601  $ 18,755 
Transfers from non-operating properties $ 116  $ 2,909  $ 5  $ —  $ —  $ 15,556  $ 18,586  $ 388  $ 18,974 
Segment assets at March 31, 2026
 $ 1,454,179  $ 613,080  $ 517,239  $ 193,465  $ 172,205  $ 590,649  $ 3,540,817  $ 327,328  $ 3,868,145 
Three Months Ended March 31, 2025
          
Revenues from real estate operations $ 84,608  $ 16,422  $ 23,162  $ 16,410  $ 7,960  $ 10,865  $ 159,427  $ 18,170  $ 177,597 
Other segment items
Property operating expenses (31,930) (6,294) (10,089) (8,999) (4,166) (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) (6,294) (10,089) (8,999) (4,166) 36  (61,442) (8,709) (70,151)
NOI from real estate operations $ 52,678  $ 10,128  $ 13,073  $ 7,411  $ 3,794  $ 10,901  $ 97,985  $ 9,461  $ 107,446 
Additions to long-lived assets $ 8,093  $ 3,248  $ 2,556  $ 119  $ 3,666  $ —  $ 17,682  $ 1,733  $ 19,415 
Transfers from non-operating properties $ 1,337  $ 4,266  $ 18  $ —  $ —  $ 3,941  $ 9,562  $ 2,774  $ 12,336 
Segment assets at March 31, 2025
 $ 1,441,470  $ 601,935  $ 492,384  $ 197,349  $ 163,951  $ 490,998  $ 3,388,087  $ 314,871  $ 3,702,958 
Schedule of Reconciliation of Segment Revenues to Total Revenues
The table below reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):
For the Three Months Ended March 31,
  2026 2025
Segment revenues from real estate operations $ 194,596  $ 177,597 
Construction contract and other service revenues 6,041  10,259 
Total revenues $ 200,637  $ 187,856 
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income of Unconsolidated Entities
The table below 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,
  2026 2025
UJV NOI allocable to COPT Defense $ 2,056  $ 1,889 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense, gain on sale of real estate, and loss on early extinguishment of debt (650) (1,518)
Equity in income of unconsolidated entities $ 1,406  $ 371 
Schedule of Computation of NOI from Service Operations The table below presents the computation of our NOI from service operations (in thousands):
For the Three Months Ended March 31,
  2026 2025
Construction contract and other service revenues $ 6,041  $ 10,259 
Construction contract and other service expenses (5,552) (9,705)
NOI from service operations $ 489  $ 554 
Schedule of Reconciliation of NOI from Real Estate Operations for Reportable Segments and NOI from Service Operations to Net Income
The table below 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,
  2026 2025
NOI from real estate operations $ 115,217  $ 107,446 
NOI from service operations 489  554 
Depreciation and other amortization associated with real estate operations (42,685) (39,359)
General, administrative, leasing, and other expenses (12,649) (12,156)
Interest expense (23,996) (20,504)
Interest and other income, net 3,955  1,568 
Gain on sales of real estate 582  300 
Equity in income of unconsolidated entities 1,406  371 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (2,056) (1,889)
Income tax expense (124) (103)
Net income $ 40,139  $ 36,228 
Schedule of Reconciliation of Segment Assets to Total Assets
The table below reconciles our segment assets to our consolidated total assets (in thousands):
March 31,
2026		 March 31,
2025
Segment assets $ 3,868,145  $ 3,702,958 
Operating properties lease liabilities included in segment assets 44,520  48,600 
Investment in UJV deficit balance included in segment assets 24,013  3,895 
Non-operating property assets 312,587  300,241 
Other assets 209,644  194,617 
Total consolidated assets 4,458,909  4,250,311