v3.25.2
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 2025
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 CorridorNoVA Defense/ITLackland Air Force BaseNavy SupportRedstone ArsenalData Center ShellsTotal Defense/IT PortfolioOtherTotal
Three Months Ended June 30, 2025
       
Revenues from real estate operations$81,337 $22,018 $17,475 $8,258 $18,977 $10,644 $158,709 $18,748 $177,457 
Other segment items:
Property operating expenses(26,897)(8,858)(9,241)(3,856)(6,160)(1,783)(56,795)(10,120)(66,915)
UJV NOI allocable to COPT Defense— — — — — 1,870 1,870 — 1,870 
Total other segment items(26,897)(8,858)(9,241)(3,856)(6,160)87 (54,925)(10,120)(65,045)
NOI from real estate operations$54,440 $13,160 $8,234 $4,402 $12,817 $10,731 $103,784 $8,628 $112,412 
Additions to long-lived assets$9,971 $3,263 $98 $2,746 $6,938 $— $23,016 $3,629 $26,645 
Transfers from non-operating properties$13,896 $(2)$— $2 $14,356 $5,325 $33,577 $2,225 $35,802 
Three Months Ended June 30, 2024
       
Revenues from real estate operations$78,419 $20,601 $16,447 $8,240 $17,017 $9,600 $150,324 $16,761 $167,085 
Other segment items:
Property operating expenses(24,999)(8,930)(8,797)(3,633)(5,721)(2,091)(54,171)(9,239)(63,410)
UJV NOI allocable to COPT Defense— — — — — 1,735 1,735 — 1,735 
Total other segment items(24,999)(8,930)(8,797)(3,633)(5,721)(356)(52,436)(9,239)(61,675)
NOI from real estate operations$53,420 $11,671 $7,650 $4,607 $11,296 $9,244 $97,888 $7,522 $105,410 
Additions to long-lived assets$7,716 $9,914 $— $1,931 $352 $— $19,913 $5,670 $25,583 
Transfers from non-operating properties$665 $2 $— $40 $1,389 $410 $2,506 $1,734 $4,240 
Six Months Ended June 30, 2025
      
Revenues from real estate operations$165,945 $45,180 $33,885 $16,218 $35,399 $21,509 $318,136 $36,918 $355,054 
Other segment items:
Property operating expenses(58,827)(18,947)(18,240)(8,022)(12,454)(3,636)(120,126)(18,829)(138,955)
UJV NOI allocable to COPT Defense— — — — — 3,759 3,759 — 3,759 
Total other segment items(58,827)(18,947)(18,240)(8,022)(12,454)123 (116,367)(18,829)(135,196)
NOI from real estate operations$107,118 $26,233 $15,645 $8,196 $22,945 $21,632 $201,769 $18,089 $219,858 
Additions to long-lived assets$18,064 $5,819 $217 $6,412 $10,186 $— $40,698 $5,362 $46,060 
Transfers from non-operating properties$15,233 $16 $— $2 $18,622 $9,266 $43,139 $4,999 $48,138 
Segment assets at June 30, 2025
$1,447,969 $490,419 $195,567 $164,254 $617,563 $494,805 $3,410,577 $316,482 $3,727,059 
Six Months Ended June 30, 2024
      
Revenues from real estate operations$157,255 $42,027 $32,858 $16,466 $33,825 $18,057 $300,488 $33,260 $333,748 
Other segment items:
Property operating expenses(53,376)(18,192)(17,485)(7,259)(11,513)(3,034)(110,859)(19,297)(130,156)
UJV NOI allocable to COPT Defense— — — — — 3,475 3,475 — 3,475 
Total other segment items(53,376)(18,192)(17,485)(7,259)(11,513)441 (107,384)(19,297)(126,681)
NOI from real estate operations$103,879 $23,835 $15,373 $9,207 $22,312 $18,498 $193,104 $13,963 $207,067 
Additions to long-lived assets$34,269 $14,405 $— $2,529 $1,024 $— $52,227 $10,247 $62,474 
Transfers from non-operating properties$2,240 $995 $9 $40 $34,273 $3,485 $41,042 $1,743 $42,785 
Segment assets at June 30, 2024
$1,453,287 $493,281 $185,595 $160,195 $580,886 $429,558 $3,302,802 $311,901 $3,614,703 
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 June 30,For the Six Months Ended June 30,
 2025202420252024
Segment revenues from real estate operations$177,457 $167,085 $355,054 $333,748 
Construction contract and other service revenues12,458 20,258 22,717 46,861 
Total revenues$189,915 $187,343 $377,771 $380,609 
Schedule of Reconciliation of UJV NOI Allocable to COPT Defense to Equity in Income of Unconsolidated Entities
The following table 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 June 30,For the Six Months Ended June 30,
 2025202420252024
UJV NOI allocable to COPT Defense$1,870 $1,735 $3,759 $3,475 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense and interest expense(1,515)(1,709)(3,033)(3,380)
Equity in income of unconsolidated entities$355 $26 $726 $95 
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 Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Construction contract and other service revenues$12,458 $20,258 $22,717 $46,861 
Construction contract and other service expenses(11,873)(19,612)(21,578)(45,619)
NOI from service operations$585 $646 $1,139 $1,242 
Schedule of Reconciliation of NOI from Real Estate Operations for Reportable Segments and NOI from Service Operations to Net Income
The following table 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 June 30,For the Six Months Ended June 30,
 2025202420252024
NOI from real estate operations$112,412 $105,410 $219,858 $207,067 
NOI from service operations585 646 1,139 1,242 
Depreciation and other amortization associated with real estate operations(39,573)(38,161)(78,932)(76,512)
General, administrative, leasing and other expenses(11,911)(12,032)(24,067)(23,779)
Interest expense(20,938)(20,617)(41,442)(41,384)
Interest and other income, net1,223 2,884 2,791 7,006 
Gain on sales of real estate— — 300 — 
Equity in income of unconsolidated entities355 26 726 95 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities(1,870)(1,735)(3,759)(3,475)
Income tax expense(117)(14)(220)(182)
Net income $40,166 $36,407 $76,394 $70,078 
Schedule of Reconciliation of Segment Assets to Total Assets
The following table reconciles our segment assets to our consolidated total assets (in thousands):
June 30,
2025		June 30,
2024
Segment assets$3,727,059 $3,614,703 
Operating properties lease liabilities included in segment assets47,749 34,221 
Investment in UJV deficit balance included in segment assets3,823 3,216 
Non-operating property assets322,935 278,172 
Other assets185,384 289,026 
Total consolidated assets$4,286,950 $4,219,338