XML 51 R37.htm IDEA: XBRL DOCUMENT
v3.26.1

Information by Business Segment (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Financial Information for Reportable Segments | The table below presents segment financial information for our reportable segments (in thousands):
| Defense/IT Portfolio |  |  |  |  |  |
| Fort Meade/BW Corridor |  | Redstone Arsenal |  | NoVA Defense/IT |  | Lackland Air Force Base |  | Navy Support |  | Data Center Shells |  | Total Defense/IT Portfolio |  |  |  | Other |  | Total
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 87,533 |  |  | $ | 20,645 |  |  | $ | 24,816 |  |  | $ | 18,354 |  |  | $ | 8,992 |  |  | $ | 14,665 |  |  | $ | 175,005 |  |  |  |  | $ | 19,591 |  |  | $ | 194,596 |
Other segment items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses | (36,480) |  |  | (7,249) |  |  | (10,356) |  |  | (8,998) |  |  | (4,359) |  |  | (2,549) |  |  | (69,991) |  |  |  |  | (11,444) |  |  | (81,435) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,056 |  |  | 2,056 |  |  |  |  | — |  |  | 2,056 |
Total other segment items | (36,480) |  |  | (7,249) |  |  | (10,356) |  |  | (8,998) |  |  | (4,359) |  |  | (493) |  |  | (67,935) |  |  |  |  | (11,444) |  |  | (79,379) |
NOI from real estate operations | $ | 51,053 |  |  | $ | 13,396 |  |  | $ | 14,460 |  |  | $ | 9,356 |  |  | $ | 4,633 |  |  | $ | 14,172 |  |  | $ | 107,070 |  |  |  |  | $ | 8,147 |  |  | $ | 115,217 |
Additions to long-lived assets | $ | 7,646 |  |  | $ | 882 |  |  | $ | 2,003 |  |  | $ | (56) |  |  | $ | 1,679 |  |  | $ | — |  |  | $ | 12,154 |  |  |  |  | $ | 6,601 |  |  | $ | 18,755 |
Transfers from non-operating properties | $ | 116 |  |  | $ | 2,909 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,556 |  |  | $ | 18,586 |  |  |  |  | $ | 388 |  |  | $ | 18,974 |
Segment assets at March 31, 2026 | $ | 1,454,179 |  |  | $ | 613,080 |  |  | $ | 517,239 |  |  | $ | 193,465 |  |  | $ | 172,205 |  |  | $ | 590,649 |  |  | $ | 3,540,817 |  |  |  |  | $ | 327,328 |  |  | $ | 3,868,145 |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 84,608 |  |  | $ | 16,422 |  |  | $ | 23,162 |  |  | $ | 16,410 |  |  | $ | 7,960 |  |  | $ | 10,865 |  |  | $ | 159,427 |  |  |  |  | $ | 18,170 |  |  | $ | 177,597 |
Other segment items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses | (31,930) |  |  | (6,294) |  |  | (10,089) |  |  | (8,999) |  |  | (4,166) |  |  | (1,853) |  |  | (63,331) |  |  |  |  | (8,709) |  |  | (72,040) |
UJV NOI allocable to COPT Defense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,889 |  |  | 1,889 |  |  |  |  | — |  |  | 1,889 |
Total other segment items | (31,930) |  |  | (6,294) |  |  | (10,089) |  |  | (8,999) |  |  | (4,166) |  |  | 36 |  |  | (61,442) |  |  |  |  | (8,709) |  |  | (70,151) |
NOI from real estate operations | $ | 52,678 |  |  | $ | 10,128 |  |  | $ | 13,073 |  |  | $ | 7,411 |  |  | $ | 3,794 |  |  | $ | 10,901 |  |  | $ | 97,985 |  |  |  |  | $ | 9,461 |  |  | $ | 107,446 |
Additions to long-lived assets | $ | 8,093 |  |  | $ | 3,248 |  |  | $ | 2,556 |  |  | $ | 119 |  |  | $ | 3,666 |  |  | $ | — |  |  | $ | 17,682 |  |  |  |  | $ | 1,733 |  |  | $ | 19,415 |
Transfers from non-operating properties | $ | 1,337 |  |  | $ | 4,266 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,941 |  |  | $ | 9,562 |  |  |  |  | $ | 2,774 |  |  | $ | 12,336 |
Segment assets at March 31, 2025 | $ | 1,441,470 |  |  | $ | 601,935 |  |  | $ | 492,384 |  |  | $ | 197,349 |  |  | $ | 163,951 |  |  | $ | 490,998 |  |  | $ | 3,388,087 |  |  |  |  | $ | 314,871 |  |  | $ | 3,702,958 |
Schedule of Reconciliation of Segment Revenues to Total Revenues | The table below reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Segment revenues from real estate operations | $ | 194,596 |  |  | $ | 177,597 |  |  |  |  |
Construction contract and other service revenues | 6,041 |  |  | 10,259 |  |  |  |  |
Total revenues | $ | 200,637 |  |  | $ | 187,856 |  |  |  |  |
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income of Unconsolidated Entities | The table below reconciles UJV NOI allocable to COPT Defense to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
UJV NOI allocable to COPT Defense | $ | 2,056 |  |  | $ | 1,889 |  |  |  |  |
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense, gain on sale of real estate, and loss on early extinguishment of debt | (650) |  |  | (1,518) |  |  |  |  |
Equity in income of unconsolidated entities | $ | 1,406 |  |  | $ | 371 |  |  |  |  |
Schedule of Computation of NOI from Service Operations | The table below presents the computation of our NOI from service operations (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
Construction contract and other service revenues | $ | 6,041 |  |  | $ | 10,259 |  |  |  |  |
Construction contract and other service expenses | (5,552) |  |  | (9,705) |  |  |  |  |
NOI from service operations | $ | 489 |  |  | $ | 554 |  |  |  |  |
Schedule of Reconciliation of NOI from Real Estate Operations for Reportable Segments and NOI from Service Operations to Net Income | The table below reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended March 31, |  |
| 2026 |  | 2025 |  |  |  |
NOI from real estate operations | $ | 115,217 |  |  | $ | 107,446 |  |  |  |  |
NOI from service operations | 489 |  |  | 554 |  |  |  |  |
Depreciation and other amortization associated with real estate operations | (42,685) |  |  | (39,359) |  |  |  |  |
General, administrative, leasing, and other expenses | (12,649) |  |  | (12,156) |  |  |  |  |
Interest expense | (23,996) |  |  | (20,504) |  |  |  |  |
Interest and other income, net | 3,955 |  |  | 1,568 |  |  |  |  |
Gain on sales of real estate | 582 |  |  | 300 |  |  |  |  |
Equity in income of unconsolidated entities | 1,406 |  |  | 371 |  |  |  |  |
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities | (2,056) |  |  | (1,889) |  |  |  |  |
Income tax expense | (124) |  |  | (103) |  |  |  |  |
Net income | $ | 40,139 |  |  | $ | 36,228 |  |  |  |  |
Schedule of Reconciliation of Segment Assets to Total Assets | The table below reconciles our segment assets to our consolidated total assets (in thousands):
|  | March 31, 2026 |  | March 31, 2025
Segment assets |  | $ | 3,868,145 |  |  | $ | 3,702,958 |
Operating properties lease liabilities included in segment assets |  | 44,520 |  |  | 48,600 |
Investment in UJV deficit balance included in segment assets |  | 24,013 |  |  | 3,895 |
Non-operating property assets |  | 312,587 |  |  | 300,241 |
Other assets |  | 209,644 |  |  | 194,617 |
Total consolidated assets |  | 4,458,909 |  |  | 4,250,311 |

X
- Definition Tabular disclosure of the computation of net operating income from service operations. + References No definition available. + Details
Name: | cdp_ScheduleOfNetOperatingIncomeFromSegmentsFromServiceOperationsTableTextBlock
Namespace Prefix: | cdp_
Data Type: | dtr-types: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: | cdp_ScheduleofReconciliationofUnconsolidatedJointVentureNetOperatingIncometoEquityinIncomeofUnconsolidatedEntitiesTableTextBlock
Namespace Prefix: | cdp_
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 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