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Information by Business Segment (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Schedule of segment financial information for real estate operations | The table below reports segment financial information for our reportable segments (in thousands):
| Operating Property Segments |  |  |  |  |  |  |  |
| Defense/Information Technology Locations |  |  |  |  |  |  |  |  |  |
| Fort Meade/BW Corridor |  | Northern Virginia Defense/IT |  | Lackland Air Force Base |  | Navy Support Locations |  | Redstone Arsenal |  | Data Center Shells |  | Total Defense/IT Locations |  | Regional Office |  |  |  | Operating Wholesale Data Center |  | Other |  | Total
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 254,197 |  |  | $ | 57,817 |  |  | $ | 50,982 |  |  | $ | 32,869 |  |  | $ | 22,515 |  |  | $ | 29,139 |  |  | $ | 447,519 |  |  | $ | 60,627 |  |  |  |  | $ | 27,788 |  |  | $ | 2,791 |  |  | $ | 538,725 |
Property operating expenses | (85,032) |  |  | (21,321) |  |  | (29,055) |  |  | (12,655) |  |  | (8,119) |  |  | (3,195) |  |  | (159,377) |  |  | (29,144) |  |  |  |  | (14,171) |  |  | (1,148) |  |  | (203,840) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,951 |  |  | 6,951 |  |  | — |  |  |  |  | — |  |  | — |  |  | 6,951 |
NOI from real estate operations | $ | 169,165 |  |  | $ | 36,496 |  |  | $ | 21,927 |  |  | $ | 20,214 |  |  | $ | 14,396 |  |  | $ | 32,895 |  |  | $ | 295,093 |  |  | $ | 31,483 |  |  |  |  | $ | 13,617 |  |  | $ | 1,643 |  |  | $ | 341,836 |
Additions to long-lived assets | $ | 31,295 |  |  | $ | 11,620 |  |  | $ | — |  |  | $ | 7,104 |  |  | $ | 2,905 |  |  | $ | — |  |  | $ | 52,924 |  |  | $ | 17,232 |  |  |  |  | $ | 11,158 |  |  | $ | 165 |  |  | $ | 81,479 |
Transfers from non-operating properties | $ | 21,859 |  |  | $ | 2,557 |  |  | $ | 456 |  |  | $ | — |  |  | $ | 138,122 |  |  | $ | 230,277 |  |  | $ | 393,271 |  |  | $ | 83,091 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 476,362 |
Segment assets at December 31, 2020 | $ | 1,277,849 |  |  | $ | 392,714 |  |  | $ | 142,137 |  |  | $ | 178,897 |  |  | $ | 281,386 |  |  | $ | 419,929 |  |  | $ | 2,692,912 |  |  | $ | 490,422 |  |  |  |  | $ | 202,089 |  |  | $ | 3,555 |  |  | $ | 3,388,978 |
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 252,781 |  |  | $ | 55,742 |  |  | $ | 51,140 |  |  | $ | 32,659 |  |  | $ | 16,593 |  |  | $ | 26,571 |  |  | $ | 435,486 |  |  | $ | 59,611 |  |  |  |  | $ | 29,405 |  |  | $ | 2,961 |  |  | $ | 527,463 |
Property operating expenses | (82,815) |  |  | (19,779) |  |  | (29,042) |  |  | (13,579) |  |  | (6,626) |  |  | (1,962) |  |  | (153,803) |  |  | (29,682) |  |  |  |  | (13,213) |  |  | (1,445) |  |  | (198,143) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,705 |  |  | 5,705 |  |  | — |  |  |  |  | — |  |  | — |  |  | 5,705 |
NOI from real estate operations | $ | 169,966 |  |  | $ | 35,963 |  |  | $ | 22,098 |  |  | $ | 19,080 |  |  | $ | 9,967 |  |  | $ | 30,314 |  |  | $ | 287,388 |  |  | $ | 29,929 |  |  |  |  | $ | 16,192 |  |  | $ | 1,516 |  |  | $ | 335,025 |
Additions to long-lived assets | $ | 34,618 |  |  | $ | 9,326 |  |  | $ | — |  |  | $ | 8,912 |  |  | $ | 1,548 |  |  | $ | — |  |  | $ | 54,404 |  |  | $ | 20,925 |  |  |  |  | $ | 893 |  |  | $ | 128 |  |  | $ | 76,350 |
Transfers from non-operating properties | $ | 18,606 |  |  | $ | 4,548 |  |  | $ | 10,781 |  |  | $ | — |  |  | $ | 33,606 |  |  | $ | 159,472 |  |  | $ | 227,013 |  |  | $ | — |  |  |  |  | $ | (1,012) |  |  | $ | — |  |  | $ | 226,001 |
Segment assets at December 31, 2019 | $ | 1,280,656 |  |  | $ | 396,914 |  |  | $ | 146,592 |  |  | $ | 184,257 |  |  | $ | 138,501 |  |  | $ | 279,099 |  |  | $ | 2,426,019 |  |  | $ | 392,319 |  |  |  |  | $ | 202,935 |  |  | $ | 3,685 |  |  | $ | 3,024,958 |
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 248,927 |  |  | $ | 53,518 |  |  | $ | 46,286 |  |  | $ | 31,927 |  |  | $ | 14,745 |  |  | $ | 25,650 |  |  | $ | 421,053 |  |  | $ | 61,181 |  |  |  |  | $ | 31,892 |  |  | $ | 3,127 |  |  | $ | 517,253 |
Property operating expenses | (82,975) |  |  | (20,330) |  |  | (26,888) |  |  | (13,536) |  |  | (6,050) |  |  | (3,225) |  |  | (153,004) |  |  | (30,253) |  |  |  |  | (16,342) |  |  | (1,436) |  |  | (201,035) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,818 |  |  | 4,818 |  |  | — |  |  |  |  | — |  |  | — |  |  | 4,818 |
NOI from real estate operations | $ | 165,952 |  |  | $ | 33,188 |  |  | $ | 19,398 |  |  | $ | 18,391 |  |  | $ | 8,695 |  |  | $ | 27,243 |  |  | $ | 272,867 |  |  | $ | 30,928 |  |  |  |  | $ | 15,550 |  |  | $ | 1,691 |  |  | $ | 321,036 |
Additions to long-lived assets | $ | 38,612 |  |  | $ | 7,956 |  |  | $ | — |  |  | $ | 6,535 |  |  | $ | 573 |  |  | $ | — |  |  | $ | 53,676 |  |  | $ | 19,730 |  |  |  |  | $ | 856 |  |  | $ | 480 |  |  | $ | 74,742 |
Transfers from non-operating properties | $ | 35,648 |  |  | $ | 10,231 |  |  | $ | 14,718 |  |  | $ | (116) |  |  | $ | 4,167 |  |  | $ | 99,191 |  |  | $ | 163,839 |  |  | $ | — |  |  |  |  | $ | 2,304 |  |  | $ | — |  |  | $ | 166,143 |
Segment assets at December 31, 2018 | $ | 1,279,571 |  |  | $ | 399,339 |  |  | $ | 139,731 |  |  | $ | 188,911 |  |  | $ | 108,010 |  |  | $ | 353,165 |  |  | $ | 2,468,727 |  |  | $ | 395,380 |  |  |  |  | $ | 216,640 |  |  | $ | 4,115 |  |  | $ | 3,084,862 |
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,
|  | 2020 |  | 2019 |  | 2018
Segment revenues from real estate operations |  | $ | 538,725 |  |  | $ | 527,463 |  |  | $ | 517,253 |
Construction contract and other service revenues |  | 70,640 |  |  | 113,763 |  |  | 60,859 |
Total revenues |  | $ | 609,365 |  |  | $ | 641,226 |  |  | $ | 578,112 |
Reconciliation of UJV NOI allocable to COPT to equity in income of unconsolidated entities | The following table reconciles UJV NOI allocable to COPT to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
UJV NOI allocable to COPT |  | $ | 6,951 |  |  | $ | 5,705 |  |  | $ | 4,818 |
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense |  | (5,120) |  |  | (4,065) |  |  | (3,314) |
Add: Equity in (loss) income of unconsolidated non-real estate entities |  | (6) |  |  | (7) |  |  | 1,193 |
Equity in income of unconsolidated entities |  | $ | 1,825 |  |  | $ | 1,633 |  |  | $ | 2,697 |
Schedule of computation of net operating income from service operations | The table below sets forth the computation of our NOI from service operations (in thousands):
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Construction contract and other service revenues |  | $ | 70,640 |  |  | $ | 113,763 |  |  | $ | 60,859 |
Construction contract and other service expenses |  | (67,615) |  |  | (109,962) |  |  | (58,326) |
NOI from service operations |  | $ | 3,025 |  |  | $ | 3,801 |  |  | $ | 2,533 |
Schedule of reconciliation of net operating income 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,
|  | 2020 |  | 2019 |  | 2018
NOI from real estate operations |  | $ | 341,836 |  |  | $ | 335,025 |  |  | $ | 321,036 |
NOI from service operations |  | 3,025 |  |  | 3,801 |  |  | 2,533 |
Interest and other income |  | 8,574 |  |  | 7,894 |  |  | 4,358 |
Credit loss recoveries |  | 933 |  |  | — |  |  | — |
Gain on sales of real estate |  | 30,209 |  |  | 105,230 |  |  | 2,340 |
Gain on sale of investment in unconsolidated real estate joint venture |  | 29,416 |  |  | — |  |  | — |
Equity in income of unconsolidated entities |  | 1,825 |  |  | 1,633 |  |  | 2,697 |
Income tax (expense) benefit |  | (353) |  |  | 217 |  |  | 363 |
Depreciation and other amortization associated with real estate operations |  | (138,193) |  |  | (137,069) |  |  | (137,116) |
Impairment losses |  | (1,530) |  |  | (329) |  |  | (2,367) |
General, administrative and leasing expenses |  | (33,001) |  |  | (35,402) |  |  | (28,900) |
Business development expenses and land carry costs |  | (4,473) |  |  | (4,239) |  |  | (5,840) |
Interest expense |  | (67,937) |  |  | (71,052) |  |  | (75,385) |
UJV NOI allocable to COPT included in equity in income of unconsolidated entities |  | (6,951) |  |  | (5,705) |  |  | (4,818) |
Loss on early extinguishment of debt |  | (7,306) |  |  | — |  |  | (258) |
Loss on interest rate derivatives |  | (53,196) |  |  | — |  |  | — |
Net income |  | $ | 102,878 |  |  | $ | 200,004 |  |  | $ | 78,643 |
Schedule of reconciliation of segment assets to total assets | The following table reconciles our segment assets to the consolidated total assets of COPT and subsidiaries (in thousands):
| As of December 31,
| 2020 |  | 2019
Segment assets | $ | 3,388,978 |  |  | $ | 3,024,958 |
Operating properties lease liabilities included in segment assets | 30,721 |  |  | 17,317 |
Non-operating property assets | 466,991 |  |  | 621,630 |
Other assets | 190,333 |  |  | 190,548 |
Total COPT consolidated assets | $ | 4,077,023 |  |  | $ | 3,854,453 |

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