XML 48 R36.htm IDEA: XBRL DOCUMENT v3.24.3

Information by Business Segment (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of the computation of net operating income from service operations.

+ References

No definition available.

+ Details

Name:	ofc_ScheduleOfNetOperatingIncomeFromSegmentsFromServiceOperationsTableTextBlock
Namespace Prefix:	ofc_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Schedule of Reconciliation of Unconsolidated Joint Venture Net Operating Income to Equity in Income of Unconsolidated Entities [Table Text Block]

+ References

No definition available.

+ Details

Name:	ofc_ScheduleofReconciliationofUnconsolidatedJointVentureNetOperatingIncometoEquityinIncomeofUnconsolidatedEntitiesTableTextBlock
Namespace Prefix:	ofc_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration