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Information by Business Segment (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Financial Information for Reportable Segments | 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 |  |  |  | Other |  | Total
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 80,056 |  |  | $ | 22,083 |  |  | $ | 16,879 |  |  | $ | 8,068 |  |  | $ | 18,332 |  |  | $ | 9,029 |  |  | $ | 154,447 |  |  |  |  | $ | 18,116 |  |  | $ | 172,563 |
Property operating expenses | (27,929) |  |  | (9,252) |  |  | (9,160) |  |  | (4,084) |  |  | (6,463) |  |  | (1,554) |  |  | (58,442) |  |  |  |  | (10,439) |  |  | (68,881) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,844 |  |  | 1,844 |  |  |  |  | — |  |  | 1,844 |
NOI from real estate operations | $ | 52,127 |  |  | $ | 12,831 |  |  | $ | 7,719 |  |  | $ | 3,984 |  |  | $ | 11,869 |  |  | $ | 9,319 |  |  | $ | 97,849 |  |  |  |  | $ | 7,677 |  |  | $ | 105,526 |
Additions to long-lived assets | $ | 14,101 |  |  | $ | 5,357 |  |  | $ | 17,034 |  |  | $ | 3,520 |  |  | $ | 1,521 |  |  | $ | — |  |  | $ | 41,533 |  |  |  |  | $ | 4,040 |  |  | $ | 45,573 |
Transfers from non-operating properties | $ | 418 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 66 |  |  | $ | 25,846 |  |  | $ | 406 |  |  | $ | 26,752 |  |  |  |  | $ | 141 |  |  | $ | 26,893 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 73,350 |  |  | $ | 20,333 |  |  | $ | 16,193 |  |  | $ | 8,190 |  |  | $ | 13,768 |  |  | $ | 6,811 |  |  | $ | 138,645 |  |  |  |  | $ | 17,962 |  |  | $ | 156,607 |
Property operating expenses | (25,216) |  |  | (7,900) |  |  | (8,567) |  |  | (3,933) |  |  | (4,948) |  |  | (678) |  |  | (51,242) |  |  |  |  | (10,546) |  |  | (61,788) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,675 |  |  | 1,675 |  |  |  |  | — |  |  | 1,675 |
NOI from real estate operations | $ | 48,134 |  |  | $ | 12,433 |  |  | $ | 7,626 |  |  | $ | 4,257 |  |  | $ | 8,820 |  |  | $ | 7,808 |  |  | $ | 89,078 |  |  |  |  | $ | 7,416 |  |  | $ | 96,494 |
Additions to long-lived assets | $ | 7,057 |  |  | $ | 4,639 |  |  | $ | — |  |  | $ | 1,201 |  |  | $ | 8,566 |  |  | $ | — |  |  | $ | 21,463 |  |  |  |  | $ | 4,567 |  |  | $ | 26,030 |
Transfers from non-operating properties | $ | 983 |  |  | $ | 95 |  |  | $ | 51 |  |  | $ | 1 |  |  | $ | 63,025 |  |  | $ | 58,405 |  |  | $ | 122,560 |  |  |  |  | $ | 102 |  |  | $ | 122,662 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 235,839 |  |  | $ | 64,110 |  |  | $ | 49,737 |  |  | $ | 24,534 |  |  | $ | 52,157 |  |  | $ | 27,086 |  |  | $ | 453,463 |  |  |  |  | $ | 52,848 |  |  | $ | 506,311 |
Property operating expenses | (80,456) |  |  | (27,444) |  |  | (26,645) |  |  | (11,343) |  |  | (17,976) |  |  | (4,588) |  |  | (168,452) |  |  |  |  | (30,585) |  |  | (199,037) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,319 |  |  | 5,319 |  |  |  |  | — |  |  | 5,319 |
NOI from real estate operations | $ | 155,383 |  |  | $ | 36,666 |  |  | $ | 23,092 |  |  | $ | 13,191 |  |  | $ | 34,181 |  |  | $ | 27,817 |  |  | $ | 290,330 |  |  |  |  | $ | 22,263 |  |  | $ | 312,593 |
Additions to long-lived assets | $ | 48,161 |  |  | $ | 19,762 |  |  | $ | 17,034 |  |  | $ | 6,049 |  |  | $ | 2,545 |  |  | $ | — |  |  | $ | 93,551 |  |  |  |  | $ | 14,496 |  |  | $ | 108,047 |
Transfers from non-operating properties | $ | 2,658 |  |  | $ | 1,011 |  |  | $ | 9 |  |  | $ | 106 |  |  | $ | 60,119 |  |  | $ | 3,891 |  |  | $ | 67,794 |  |  |  |  | $ | 1,884 |  |  | $ | 69,678 |
Segment assets at September 30, 2024 | $ | 1,447,217 |  |  | $ | 492,912 |  |  | $ | 200,968 |  |  | $ | 161,007 |  |  | $ | 602,573 |  |  | $ | 427,972 |  |  | $ | 3,332,649 |  |  |  |  | $ | 314,806 |  |  | $ | 3,647,455 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 215,303 |  |  | $ | 60,003 |  |  | $ | 49,393 |  |  | $ | 24,233 |  |  | $ | 40,160 |  |  | $ | 19,790 |  |  | $ | 408,882 |  |  |  |  | $ | 54,359 |  |  | $ | 463,241 |
Property operating expenses | (73,924) |  |  | (23,155) |  |  | (26,463) |  |  | (10,992) |  |  | (14,334) |  |  | (2,015) |  |  | (150,883) |  |  |  |  | (31,925) |  |  | (182,808) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,988 |  |  | 4,988 |  |  |  |  | — |  |  | 4,988 |
NOI from real estate operations | $ | 141,379 |  |  | $ | 36,848 |  |  | $ | 22,930 |  |  | $ | 13,241 |  |  | $ | 25,826 |  |  | $ | 22,763 |  |  | $ | 262,987 |  |  |  |  | $ | 22,434 |  |  | $ | 285,421 |
Additions to long-lived assets | $ | 42,838 |  |  | $ | 14,994 |  |  | $ | 62 |  |  | $ | 2,269 |  |  | $ | 17,339 |  |  | $ | — |  |  | $ | 77,502 |  |  |  |  | $ | 12,572 |  |  | $ | 90,074 |
Transfers from non-operating properties | $ | 11,392 |  |  | $ | 582 |  |  | $ | 96 |  |  | $ | 2,651 |  |  | $ | 81,352 |  |  | $ | 63,653 |  |  | $ | 159,726 |  |  |  |  | $ | 129 |  |  | $ | 159,855 |
Segment assets at September 30, 2023 | $ | 1,397,107 |  |  | $ | 486,561 |  |  | $ | 190,344 |  |  | $ | 163,630 |  |  | $ | 548,201 |  |  | $ | 380,366 |  |  | $ | 3,166,209 |  |  |  |  | $ | 310,828 |  |  | $ | 3,477,037 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Segment revenues from real estate operations | $ | 172,563 |  |  | $ | 156,607 |  |  | $ | 506,311 |  |  | $ | 463,241 |
Construction contract and other service revenues | 16,662 |  |  | 11,949 |  |  | 63,523 |  |  | 42,012 |
Total revenues | $ | 189,225 |  |  | $ | 168,556 |  |  | $ | 569,834 |  |  | $ | 505,253 |
Schedule of Reconciliation of UJV NOI Allocable to CDP to Equity in Income of Unconsolidated Entities | The following table reconciles UJV NOI allocable to COPT Defense to equity in income (loss) 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
UJV NOI allocable to COPT Defense | $ | 1,844 |  |  | $ | 1,675 |  |  | $ | 5,319 |  |  | $ | 4,988 |
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense | (1,759) |  |  | (1,743) |  |  | (5,139) |  |  | (5,006) |
Add: Equity in loss of unconsolidated non-real estate entities | — |  |  | — |  |  | — |  |  | (3) |
Equity in income (loss) of unconsolidated entities | $ | 85 |  |  | $ | (68) |  |  | $ | 180 |  |  | $ | (21) |
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 September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Construction contract and other service revenues | $ | 16,662 |  |  | $ | 11,949 |  |  | $ | 63,523 |  |  | $ | 42,012 |
Construction contract and other service expenses | (16,127) |  |  | (11,493) |  |  | (61,746) |  |  | (40,249) |
NOI from service operations | $ | 535 |  |  | $ | 456 |  |  | $ | 1,777 |  |  | $ | 1,763 |
Schedule of Reconciliation of Net Operating Income from Real Estate Operations for Reportable Segments and Service Operations to Net Income (Loss) | The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income (loss) as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
NOI from real estate operations | $ | 105,526 |  |  | $ | 96,494 |  |  | $ | 312,593 |  |  | $ | 285,421 |
NOI from service operations | 535 |  |  | 456 |  |  | 1,777 |  |  | 1,763 |
Depreciation and other amortization associated with real estate operations | (38,307) |  |  | (37,620) |  |  | (114,819) |  |  | (112,215) |
Impairment losses | — |  |  | (252,797) |  |  | — |  |  | (252,797) |
General, administrative, leasing and other expenses | (11,416) |  |  | (10,576) |  |  | (35,195) |  |  | (31,424) |
Interest expense | (20,376) |  |  | (17,798) |  |  | (61,760) |  |  | (50,759) |
Interest and other income, net | 3,324 |  |  | 2,529 |  |  | 10,330 |  |  | 6,928 |
Gain on sales of real estate | — |  |  | — |  |  | — |  |  | 49,392 |
Equity in income (loss) of unconsolidated entities | 85 |  |  | (68) |  |  | 180 |  |  | (21) |
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities | (1,844) |  |  | (1,675) |  |  | (5,319) |  |  | (4,988) |
Income tax expense | (130) |  |  | (152) |  |  | (312) |  |  | (467) |
Net income (loss) | $ | 37,397 |  |  | $ | (221,207) |  |  | $ | 107,475 |  |  | $ | (109,167) |
Schedule of Reconciliation of Segment Assets to Total Assets | The following table reconciles our segment assets to our consolidated total assets (in thousands):
|  | September 30, 2024 |  | September 30, 2023
Segment assets |  | $ | 3,647,455 |  |  | $ | 3,477,037 |
Operating properties lease liabilities included in segment assets |  | 34,012 |  |  | 33,360 |
Investment in UJV deficit balance included in segment assets |  | 3,370 |  |  | 2,327 |
Non-operating property assets |  | 314,729 |  |  | 324,168 |
Other assets |  | 234,736 |  |  | 402,365 |
Total consolidated assets |  | $ | 4,234,302 |  |  | $ | 4,239,257 |

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