Quarterly report [Sections 13 or 15(d)]

Information by Business Segment (Tables)

v3.26.3
Information by Business Segment (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2026
Revenues from real estate operations $ 84,693  $ 21,197  $ 25,066  $ 20,661  $ 9,756  $ 15,245  $ 176,618  $ 18,717  $ 195,335 
Other segment items
Property operating expenses (30,925) (7,388) (9,613) (11,050) (4,588) (3,165) (66,729) (10,488) (77,217)
UJV NOI allocable to COPT Defense —  —  —  —  —  2,212  2,212  —  2,212 
Total other segment items (30,925) (7,388) (9,613) (11,050) (4,588) (953) (64,517) (10,488) (75,005)
NOI from real estate operations $ 53,768  $ 13,809  $ 15,453  $ 9,611  $ 5,168  $ 14,292  $ 112,101  $ 8,229  $ 120,330 
Additions to long-lived assets $ 11,616  $ 1,898  $ 7,392  $ (72) $ 1,934  $ —  $ 22,768  $ 5,249  $ 28,017 
Transfers from non-operating properties $ 25  $ 239  $ 59  $ 249  $ —  $ 1,770  $ 2,342  $ 3  $ 2,345 
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 
Nine Months Ended September 30, 2026
Revenues from real estate operations $ 254,158  $ 61,979  $ 74,706  $ 58,567  $ 28,271  $ 45,867  $ 523,548  $ 57,009  $ 580,557 
Other segment items
Property operating expenses (95,943) (21,352) (29,305) (29,897) (13,051) (9,753) (199,301) (31,937) (231,238)
UJV NOI allocable to COPT Defense —  —  —  —  —  6,318  6,318  —  6,318 
Total other segment items (95,943) (21,352) (29,305) (29,897) (13,051) (3,435) (192,983) (31,937) (224,920)
NOI from real estate operations $ 158,215  $ 40,627  $ 45,401  $ 28,670  $ 15,220  $ 42,432  $ 330,565  $ 25,072  $ 355,637 
Additions to long-lived assets $ 31,772  $ 5,404  $ 10,970  $ 263  $ 5,482  $ —  $ 53,891  $ 17,106  $ 70,997 
Transfers from non-operating properties $ 41,161  $ 5,149  $ 890  $ 249  $ —  $ 24,000  $ 71,449  $ 688  $ 72,137 
Segment assets at September 30, 2026
 $ 1,476,279  $ 607,332  $ 555,757  $ 192,003  $ 168,948  $ 594,165  $ 3,594,484  $ 331,248  $ 3,925,732 
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 
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 September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025
Segment revenues from real estate operations $ 195,335  $ 180,310  $ 580,557  $ 535,364 
Construction contract and other service revenues 13,424  8,485  26,231  31,202 
Total revenues $ 208,759  $ 188,795  $ 606,788  $ 566,566 
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 September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025
UJV NOI allocable to COPT Defense $ 2,212  $ 1,864  $ 6,318  $ 5,623 
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 (1,797) (1,786) (4,105) (4,819)
Add: Equity in loss of unconsolidated non-real estate entities —  1,737  —  1,737 
Equity in income of unconsolidated entities $ 415  $ 1,815  $ 2,213  $ 2,541 
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 September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025
Construction contract and other service revenues $ 13,424  $ 8,485  $ 26,231  $ 31,202 
Construction contract and other service expenses (12,763) (7,952) (24,338) (29,530)
NOI from service operations $ 661  $ 533  $ 1,893  $ 1,672 
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 September 30, For the Nine Months Ended September 30,
2026 2025 2026 2025
NOI from real estate operations $ 120,330  $ 111,818  $ 355,637  $ 331,676 
NOI from service operations 661  533  1,893  1,672 
Depreciation and other amortization associated with real estate operations (42,966) (40,631) (127,940) (119,563)
General, administrative, leasing, and other expenses (12,556) (12,030) (38,469) (36,097)
Interest expense (24,439) (20,894) (72,879) (62,336)
Interest and other income, net 2,984  2,591  9,912  5,382 
Gain on sales of real estate 7,673  3,018  14,697  3,318 
Equity in income of unconsolidated entities 415  1,815  2,213  2,541 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities (2,212) (1,864) (6,318) (5,623)
Income tax expense (96) (612) (254) (832)
Net income $ 49,794  $ 43,744  $ 138,492  $ 120,138 
Schedule of Reconciliation of Segment Assets to Total Assets
The table below reconciles our segment assets to our consolidated total assets (in thousands):
September 30,
2026		 September 30,
2025
Segment assets $ 3,925,732  $ 3,720,879 
Operating properties lease liabilities included in segment assets 42,268  46,573 
Investments in UJVs deficit balances included in segment assets 24,603  22,550 
Non-operating property assets 362,697  353,184 
Other assets 217,942  208,246 
Total consolidated assets $ 4,573,242  $ 4,351,432