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v3.23.2

Information by Business Segment (Tables) | 6 Months Ended
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Jun. 30, 2023
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):
| Defense/IT Locations |  |  |  |  |  |  |  |
| Fort Meade/BW Corridor |  | NoVA Defense/IT |  | Lackland Air Force Base |  | Navy Support |  | Redstone Arsenal |  | Data Center Shells |  | Total Defense/IT Locations |  | Regional Office |  | Wholesale Data Center |  | Other |  | Total
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 72,176 |  |  | $ | 19,841 |  |  | $ | 17,595 |  |  | $ | 8,118 |  |  | $ | 12,978 |  |  | $ | 6,287 |  |  | $ | 136,995 |  |  | $ | 15,197 |  |  | $ | — |  |  | $ | 2,761 |  |  | $ | 154,953 |
Property operating expenses | (24,188) |  |  | (7,683) |  |  | (9,951) |  |  | (3,516) |  |  | (4,750) |  |  | (743) |  |  | (50,831) |  |  | (8,584) |  |  | — |  |  | (2,185) |  |  | (61,600) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,671 |  |  | 1,671 |  |  | — |  |  | — |  |  | — |  |  | 1,671 |
NOI from real estate operations | $ | 47,988 |  |  | $ | 12,158 |  |  | $ | 7,644 |  |  | $ | 4,602 |  |  | $ | 8,228 |  |  | $ | 7,215 |  |  | $ | 87,835 |  |  | $ | 6,613 |  |  | $ | — |  |  | $ | 576 |  |  | $ | 95,024 |
Additions to long-lived assets | $ | 23,646 |  |  | $ | 7,957 |  |  | $ | — |  |  | $ | 309 |  |  | $ | 2,179 |  |  | $ | — |  |  | $ | 34,091 |  |  | $ | 4,554 |  |  | $ | — |  |  | $ | 162 |  |  | $ | 38,807 |
Transfers from non-operating properties | $ | 4,628 |  |  | $ | 249 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3,935 |  |  | $ | 1,937 |  |  | $ | 10,766 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,780 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 67,589 |  |  | $ | 18,103 |  |  | $ | 15,129 |  |  | $ | 8,085 |  |  | $ | 9,308 |  |  | $ | 9,140 |  |  | $ | 127,354 |  |  | $ | 14,121 |  |  | $ | — |  |  | $ | 1,771 |  |  | $ | 143,246 |
Property operating expenses | (23,499) |  |  | (6,157) |  |  | (7,520) |  |  | (3,330) |  |  | (3,631) |  |  | (1,189) |  |  | (45,326) |  |  | (7,628) |  |  | 50 |  |  | (1,212) |  |  | (54,116) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,080 |  |  | 1,080 |  |  | — |  |  | — |  |  | — |  |  | 1,080 |
NOI from real estate operations | $ | 44,090 |  |  | $ | 11,946 |  |  | $ | 7,609 |  |  | $ | 4,755 |  |  | $ | 5,677 |  |  | $ | 9,031 |  |  | $ | 83,108 |  |  | $ | 6,493 |  |  | $ | 50 |  |  | $ | 559 |  |  | $ | 90,210 |
Additions to long-lived assets | $ | 12,341 |  |  | $ | 2,541 |  |  | $ | — |  |  | $ | 650 |  |  | $ | 224 |  |  | $ | — |  |  | $ | 15,756 |  |  | $ | 3,561 |  |  | $ | 16 |  |  | $ | 65 |  |  | $ | 19,398 |
Transfers from non-operating properties | $ | 768 |  |  | $ | 918 |  |  | $ | 521 |  |  | $ | (78) |  |  | $ | 20,037 |  |  | $ | 5,673 |  |  | $ | 27,839 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,869 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 141,953 |  |  | $ | 39,670 |  |  | $ | 33,200 |  |  | $ | 16,043 |  |  | $ | 26,392 |  |  | $ | 12,979 |  |  | $ | 270,237 |  |  | $ | 31,251 |  |  | $ | — |  |  | $ | 5,146 |  |  | $ | 306,634 |
Property operating expenses | (48,708) |  |  | (15,255) |  |  | (17,896) |  |  | (7,059) |  |  | (9,386) |  |  | (1,337) |  |  | (99,641) |  |  | (17,435) |  |  | — |  |  | (3,944) |  |  | (121,020) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,313 |  |  | 3,313 |  |  | — |  |  | — |  |  | — |  |  | 3,313 |
NOI from real estate operations | $ | 93,245 |  |  | $ | 24,415 |  |  | $ | 15,304 |  |  | $ | 8,984 |  |  | $ | 17,006 |  |  | $ | 14,955 |  |  | $ | 173,909 |  |  | $ | 13,816 |  |  | $ | — |  |  | $ | 1,202 |  |  | $ | 188,927 |
Additions to long-lived assets | $ | 35,781 |  |  | $ | 10,355 |  |  | $ | 62 |  |  | $ | 1,068 |  |  | $ | 8,773 |  |  | $ | — |  |  | $ | 56,039 |  |  | $ | 7,832 |  |  | $ | — |  |  | $ | 173 |  |  | $ | 64,044 |
Transfers from non-operating properties | $ | 10,409 |  |  | $ | 487 |  |  | $ | 45 |  |  | $ | 2,650 |  |  | $ | 18,327 |  |  | $ | 5,248 |  |  | $ | 37,166 |  |  | $ | 27 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,193 |
Segment assets at June 30, 2023 | $ | 1,403,113 |  |  | $ | 489,404 |  |  | $ | 191,742 |  |  | $ | 166,310 |  |  | $ | 477,334 |  |  | $ | 325,165 |  |  | $ | 3,053,068 |  |  | $ | 542,953 |  |  | $ | — |  |  | $ | 3,765 |  |  | $ | 3,599,786 |
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 134,803 |  |  | $ | 36,679 |  |  | $ | 29,842 |  |  | $ | 16,254 |  |  | $ | 18,503 |  |  | $ | 16,645 |  |  | $ | 252,726 |  |  | $ | 29,203 |  |  | $ | 1,980 |  |  | $ | 3,597 |  |  | $ | 287,506 |
Property operating expenses | (49,283) |  |  | (13,026) |  |  | (14,592) |  |  | (6,801) |  |  | (7,366) |  |  | (2,199) |  |  | (93,267) |  |  | (15,558) |  |  | (975) |  |  | (2,468) |  |  | (112,268) |
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,160 |  |  | 2,160 |  |  | — |  |  | — |  |  | — |  |  | 2,160 |
NOI from real estate operations | $ | 85,520 |  |  | $ | 23,653 |  |  | $ | 15,250 |  |  | $ | 9,453 |  |  | $ | 11,137 |  |  | $ | 16,606 |  |  | $ | 161,619 |  |  | $ | 13,645 |  |  | $ | 1,005 |  |  | $ | 1,129 |  |  | $ | 177,398 |
Additions to long-lived assets | $ | 24,126 |  |  | $ | 4,730 |  |  | $ | — |  |  | $ | 1,390 |  |  | $ | 459 |  |  | $ | — |  |  | $ | 30,705 |  |  | $ | 7,894 |  |  | $ | (35) |  |  | $ | 66 |  |  | $ | 38,630 |
Transfers from non-operating properties | $ | 6,137 |  |  | $ | 1,237 |  |  | $ | 939 |  |  | $ | 6,298 |  |  | $ | 20,113 |  |  | $ | 86,876 |  |  | $ | 121,600 |  |  | $ | 301 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,901 |
Segment assets at June 30, 2022 | $ | 1,331,828 |  |  | $ | 488,597 |  |  | $ | 196,723 |  |  | $ | 172,873 |  |  | $ | 316,008 |  |  | $ | 435,252 |  |  | $ | 2,941,281 |  |  | $ | 534,257 |  |  | $ | — |  |  | $ | 3,878 |  |  | $ | 3,479,416 |
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 June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Segment revenues from real estate operations | $ | 154,953 |  |  | $ | 143,246 |  |  | $ | 306,634 |  |  | $ | 287,506 |
Construction contract and other service revenues | 14,243 |  |  | 42,557 |  |  | 30,063 |  |  | 95,757 |
Less: Revenues from discontinued operations | — |  |  | — |  |  | — |  |  | (1,980) |
Total revenues | $ | 169,196 |  |  | $ | 185,803 |  |  | $ | 336,697 |  |  | $ | 381,283 |
Schedule of reconciliation of segment property operating expenses to property operating expenses | The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Segment property operating expenses | $ | 61,600 |  |  | $ | 54,116 |  |  | $ | 121,020 |  |  | $ | 112,268 |
Less: Property operating expenses from discontinued operations | — |  |  | — |  |  | — |  |  | (971) |
Total property operating expenses | $ | 61,600 |  |  | $ | 54,116 |  |  | $ | 121,020 |  |  | $ | 111,297 |
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 Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
UJV NOI allocable to COPT | $ | 1,671 |  |  | $ | 1,080 |  |  | $ | 3,313 |  |  | $ | 2,160 |
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (1,559) |  |  | (760) |  |  | (3,263) |  |  | (1,518) |
Add: Equity in (loss) income of unconsolidated non-real estate entities | (1) |  |  | (2) |  |  | (3) |  |  | 564 |
Equity in income of unconsolidated entities | $ | 111 |  |  | $ | 318 |  |  | $ | 47 |  |  | $ | 1,206 |
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 Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Construction contract and other service revenues | $ | 14,243 |  |  | $ | 42,557 |  |  | $ | 30,063 |  |  | $ | 95,757 |
Construction contract and other service expenses | (13,555) |  |  | (41,304) |  |  | (28,756) |  |  | (92,954) |
NOI from service operations | $ | 688 |  |  | $ | 1,253 |  |  | $ | 1,307 |  |  | $ | 2,803 |
Schedule of reconciliation of net operating income from real estate operations and service operations to income from continuing operations | The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income from continuing operations as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
NOI from real estate operations | $ | 95,024 |  |  | $ | 90,210 |  |  | $ | 188,927 |  |  | $ | 177,398 |
NOI from service operations | 688 |  |  | 1,253 |  |  | 1,307 |  |  | 2,803 |
Depreciation and other amortization associated with real estate operations | (37,600) |  |  | (34,812) |  |  | (74,595) |  |  | (69,076) |
General, administrative, leasing and other expenses | (10,358) |  |  | (9,056) |  |  | (20,848) |  |  | (18,383) |
Interest expense | (16,519) |  |  | (14,808) |  |  | (32,961) |  |  | (29,232) |
Interest and other income, net | 2,143 |  |  | 1,593 |  |  | 4,399 |  |  | 3,802 |
Gain on sales of real estate | 14 |  |  | (19) |  |  | 49,392 |  |  | (4) |
Loss on early extinguishment of debt | — |  |  | — |  |  | — |  |  | (342) |
Equity in income of unconsolidated entities | 111 |  |  | 318 |  |  | 47 |  |  | 1,206 |
UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (1,671) |  |  | (1,080) |  |  | (3,313) |  |  | (2,160) |
Income tax expense | (190) |  |  | (4) |  |  | (315) |  |  | (157) |
Revenues from real estate operations from discontinued operations | — |  |  | — |  |  | — |  |  | (1,980) |
Property operating expenses from discontinued operations | — |  |  | — |  |  | — |  |  | 971 |
Income from continuing operations | $ | 31,642 |  |  | $ | 33,595 |  |  | $ | 112,040 |  |  | $ | 64,846 |
Schedule of reconciliation of segment assets to total assets | The following table reconciles our segment assets to our consolidated total assets (in thousands):
|  | June 30, 2023 |  | June 30, 2022
Segment assets |  | $ | 3,599,786 |  |  | $ | 3,479,416 |
Operating properties lease liabilities included in segment assets |  | 34,349 |  |  | 29,412 |
Non-operating property assets |  | 403,969 |  |  | 469,380 |
Other assets |  | 208,242 |  |  | 206,985 |
Total consolidated assets |  | $ | 4,246,346 |  |  | $ | 4,185,193 |

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