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Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 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
Year Ended December 31, 2024
Revenues from real estate operations			$	314,411					$	86,034					$	67,837					$	32,628					$	69,317					$	37,190					$	607,417											$	70,300					$	677,717
Other segment items:
Property operating expenses			(107,128)						(36,059)						(37,169)						(15,146)						(24,185)						(6,124)						(225,811)												(40,190)						(266,001)
UJV NOI allocable to COPT Defense			—						—						—						—						—						7,217						7,217												—						7,217
Total other segment items			(107,128)						(36,059)						(37,169)						(15,146)						(24,185)						1,093						(218,594)												(40,190)						(258,784)
NOI from real estate operations			$	207,283					$	49,975					$	30,668					$	17,482					$	45,132					$	38,283					$	388,823											$	30,110					$	418,933
Additions to long-lived assets			$	64,023					$	27,205					$	17,098					$	10,128					$	7,253					$	—					$	125,707											$	20,078					$	145,785
Transfers from non-operating properties			$	3,910					$	1,016					$	10					$	352					$	60,872					$	65,314					$	131,474											$	5,456					$	136,930
Segment assets at December 31, 2024			$	1,445,236					$	494,881					$	199,166					$	162,855					$	601,430					$	488,429					$	3,391,997											$	318,650					$	3,710,647
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
Other segment items:
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
Total other segment items			(99,788)						(31,593)						(36,616)						(14,614)						(19,148)						3,956						(197,803)												(42,923)						(240,726)
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					$	430,075					$	3,273,811											$	312,728					$	3,586,539
Year Ended December 31, 2022
Revenues from real estate operations			$	273,790					$	73,985					$	62,911					$	32,754					$	38,593					$	35,722					$	517,755											$	68,623					$	586,378
Other segment items:
Property operating expenses			(97,727)						(26,635)						(32,301)						(14,001)						(15,600)						(4,372)						(190,636)												(37,765)						(228,401)
UJV NOI allocable to COPT Defense			—						—						—						—						—						4,327						4,327												—						4,327
Total other segment items			(97,727)						(26,635)						(32,301)						(14,001)						(15,600)						(45)						(186,309)												(37,765)						(224,074)
NOI from real estate operations			$	176,063					$	47,350					$	30,610					$	18,753					$	22,993					$	35,677					$	331,446											$	30,858					$	362,304
Additions to long-lived assets			$	48,443					$	11,102					$	—					$	3,801					$	3,405					$	—					$	66,751											$	37,775					$	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					$	461,011					$	3,153,948											$	553,863					$	3,707,811

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,
						2024						2023						2022
Segment revenues from real estate operations						$	677,717					$	624,803					$	586,378
Construction contract and other service revenues						75,550						60,179						154,632
Less: Revenues from discontinued operations (Note 4)						—						—						(1,980)
Total revenues						$	753,267					$	684,982					$	739,030

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,
						2024						2023						2022
Segment property operating expenses						$	266,001					$	247,385					$	228,401
Less: Property operating expenses from discontinued operations (Note 4)						—						—						(971)
Total property operating expenses						$	266,001					$	247,385					$	227,430

Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income (Loss) 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 Years Ended December 31,
						2024						2023						2022
UJV NOI allocable to COPT Defense						$	7,217					$	6,659					$	4,327
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and gain on early extinguishment of debt						(6,820)						(6,917)						(3,145)
Add: Equity in (loss) income of unconsolidated non-real estate entities						—						(3)						561
Equity in income (loss) of unconsolidated entities						$	397					$	(261)					$	1,743

Schedule of Computation of NOI from Service Operations

The table below sets forth the computation of our NOI from service operations (in thousands):

						For the Years Ended December 31,
						2024						2023						2022
Construction contract and other service revenues						$	75,550					$	60,179					$	154,632
Construction contract and other service expenses						(73,265)						(57,416)						(149,963)
NOI from service operations						$	2,285					$	2,763					$	4,669

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

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

						For the Years Ended December 31,
						2024						2023						2022
NOI from real estate operations						$	418,933					$	384,077					$	362,304
NOI from service operations						2,285						2,763						4,669
Depreciation and other amortization associated with real estate operations						(153,640)						(148,950)						(141,230)
Impairment losses						—						(252,797)						—
General, administrative, leasing and other expenses						(47,038)						(42,769)						(38,991)
Interest expense						(82,151)						(71,142)						(61,174)
Interest and other income, net						12,661						12,587						9,070
Gain on sales of real estate						—						49,392						19,250
Loss on early extinguishment of debt						—						—						(609)
Equity in income (loss) of unconsolidated entities						397						(261)						1,743
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities						(7,217)						(6,659)						(4,327)
Income tax expense						(288)						(588)						(447)
Revenues from real estate operations from discontinued operations (Note 4)						—						—						(1,980)
Property operating expenses from discontinued operations (Note 4)						—						—						971
Income (loss) from continuing operations						$	143,942					$	(74,347)					$	149,249

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,
			2024						2023
Segment assets			$	3,710,647					$	3,586,539
Operating properties lease liabilities included in segment assets			49,631						34,346
Investment in UJV deficit balance included in segment assets			3,409						2,776
Non-operating property assets			277,147						258,299
Other assets			213,357						365,006
Total consolidated assets			$	4,254,191					$	4,246,966

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