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Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 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 Portfolio
			Fort Meade/BW Corridor						NoVA Defense/IT						Lackland Air Force Base						Navy Support						Redstone Arsenal						Data Center Shells						Total Defense/IT Portfolio						Wholesale Data Center						Other						Total
Year Ended December 31, 2023
Revenues from real estate operations			$	290,061					$	80,413					$	67,254					$	32,638					$	55,131					$	27,444					$	552,941					$	—					$	71,862					$	624,803
Property operating expenses			(99,788)						(31,593)						(36,616)						(14,614)						(19,148)						(2,703)						(204,462)						—						(42,923)						(247,385)
UJV NOI allocable to COPT Defense			—						—						—						—						—						6,659						6,659						—						—						6,659
NOI from real estate operations			$	190,273					$	48,820					$	30,638					$	18,024					$	35,983					$	31,400					$	355,138					$	—					$	28,939					$	384,077
Additions to long-lived assets			$	54,564					$	19,041					$	62					$	5,785					$	20,949					$	—					$	100,401					$	—					$	17,227					$	117,628
Transfers from non-operating properties			$	64,264					$	4,136					$	166					$	2,651					$	86,868					$	115,052					$	273,137					$	—					$	2,671					$	275,808
Segment assets at December 31, 2023			$	1,446,164					$	490,104					$	188,847					$	163,818					$	554,803					$	432,851					$	3,276,587					$	—					$	312,728					$	3,589,315
Year Ended December 31, 2022
Revenues from real estate operations			$	273,790					$	73,985					$	62,911					$	32,754					$	38,593					$	35,722					$	517,755					$	1,980					$	66,643					$	586,378
Property operating expenses			(97,727)						(26,635)						(32,301)						(14,001)						(15,600)						(4,372)						(190,636)						(979)						(36,786)						(228,401)
UJV NOI allocable to COPT Defense			—						—						—						—						—						4,327						4,327						—						—						4,327
NOI from real estate operations			$	176,063					$	47,350					$	30,610					$	18,753					$	22,993					$	35,677					$	331,446					$	1,001					$	29,857					$	362,304
Additions to long-lived assets			$	48,443					$	11,102					$	—					$	3,801					$	3,405					$	—					$	66,751					$	(35)					$	37,810					$	104,526
Transfers from non-operating properties			$	69,771					$	1,882					$	1,290					$	6,420					$	158,831					$	179,522					$	417,716					$	—					$	704					$	418,420
Segment assets at December 31, 2022			$	1,387,517					$	488,277					$	194,481					$	169,119					$	453,543					$	462,471					$	3,155,408					$	—					$	553,863					$	3,709,271
Year Ended December 31, 2021
Revenues from real estate operations			$	262,120					$	65,853					$	57,756					$	33,757					$	35,727					$	31,582					$	486,795					$	30,490					$	69,775					$	587,060
Property operating expenses			(92,521)						(24,785)						(30,535)						(13,617)						(11,618)						(4,086)						(177,162)						(17,424)						(35,633)						(230,219)
UJV NOI allocable to COPT Defense			—						—						—						—						—						4,029						4,029						—						—						4,029
NOI from real estate operations			$	169,599					$	41,068					$	27,221					$	20,140					$	24,109					$	31,525					$	313,662					$	13,066					$	34,142					$	360,870
Additions to long-lived assets			$	45,647					$	6,197					$	—					$	4,193					$	3,542					$	—					$	59,579					$	1,680					$	35,526					$	96,785
Transfers from non-operating properties			$	70,514					$	90,050					$	59,323					$	—					$	22,739					$	3,004					$	245,630					$	—					$	39,319					$	284,949
Segment assets at December 31, 2021			$	1,332,399					$	489,582					$	198,200					$	170,985					$	300,252					$	350,098					$	2,841,516					$	192,647					$	541,299					$	3,575,462

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,
						2023						2022						2021
Segment revenues from real estate operations						$	624,803					$	586,378					$	587,060
Construction contract and other service revenues						60,179						154,632						107,876
Less: Revenues from discontinued operations (Note 4)						—						(1,980)						(30,490)
Total revenues						$	684,982					$	739,030					$	664,446

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 Years Ended December 31,
						2023						2022						2021
Segment property operating expenses						$	247,385					$	228,401					$	230,219
Less: Property operating expenses from discontinued operations (Note 4)						—						(971)						(16,842)
Total property operating expenses						$	247,385					$	227,430					$	213,377

Reconciliation of UJV NOI Allocable to COPT to Equity in Income of Unconsolidated Entities

The following table reconciles UJV NOI allocable to COPT Defense to equity in (loss) income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):

						For the Years Ended December 31,
						2023						2022						2021
UJV NOI allocable to COPT Defense						$	6,659					$	4,327					$	4,029
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt						(6,917)						(3,145)						(2,930)
Add: Equity in (loss) income of unconsolidated non-real estate entities						(3)						561						(6)
Equity in (loss) income of unconsolidated entities						$	(261)					$	1,743					$	1,093

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,
						2023						2022						2021
Construction contract and other service revenues						$	60,179					$	154,632					$	107,876
Construction contract and other service expenses						(57,416)						(149,963)						(104,053)
NOI from service operations						$	2,763					$	4,669					$	3,823

Schedule of Reconciliation of Net Operating Income from Real Estate Operations and Service Operations to (Loss) Income from Continuing Operations

The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to (loss) income from continuing operations as reported on our consolidated statements of operations (in thousands):

						For the Years Ended December 31,
						2023						2022						2021
NOI from real estate operations						$	384,077					$	362,304					$	360,870
NOI from service operations						2,763						4,669						3,823
Depreciation and other amortization associated with real estate operations						(148,950)						(141,230)						(137,543)
Impairment losses						(252,797)						—						—
General, administrative, leasing and other expenses						(42,769)						(38,991)						(40,774)
Interest expense						(71,142)						(61,174)						(65,398)
Interest and other income, net						12,587						9,070						9,007
Gain on sales of real estate						49,392						19,250						65,590
Loss on early extinguishment of debt						—						(609)						(100,626)
Equity in (loss) income of unconsolidated entities						(261)						1,743						1,093
UJV NOI allocable to COPT Defense included in equity in (loss) income of unconsolidated entities						(6,659)						(4,327)						(4,029)
Income tax expense						(588)						(447)						(145)
Revenues from real estate operations from discontinued operations (Note 4)						—						(1,980)						(30,490)
Property operating expenses from discontinued operations (Note 4)						—						971						16,842
(Loss) income from continuing operations						$	(74,347)					$	149,249					$	78,220

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,
			2023						2022
Segment assets			$	3,589,315					$	3,709,271
Operating properties lease liabilities included in segment assets			34,346						28,759
Non-operating property assets			258,299						301,002
Other assets			365,006						218,243
Total consolidated assets			$	4,246,966					$	4,257,275

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