v3.26.1
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 CorridorRedstone ArsenalNoVA Defense/ITLackland Air Force BaseNavy SupportData Center ShellsTotal Defense/IT PortfolioOtherTotal
Three Months Ended June 30, 2026
Revenues from real estate operations$81,932 $20,137 $24,824 $19,552 $9,523 $15,957 $171,925 $18,701 $190,626 
Other segment items
Property operating expenses(28,538)(6,715)(9,336)(9,849)(4,104)(4,039)(62,581)(10,005)(72,586)
UJV NOI allocable to COPT Defense— — — — — 2,050 2,050 — 2,050 
Total other segment items(28,538)(6,715)(9,336)(9,849)(4,104)(1,989)(60,531)(10,005)(70,536)
NOI from real estate operations$53,394 $13,422 $15,488 $9,703 $5,419 $13,968 $111,394 $8,696 $120,090 
Additions to long-lived assets$12,510 $2,624 $1,575 $391 $1,869 $— $18,969 $5,256 $24,225 
Transfers from non-operating properties$41,020 $2,001 $826 $— $— $6,674 $50,521 $297 $50,818 
Three Months Ended June 30, 2025
Revenues from real estate operations$81,337 $18,977 $22,018 $17,475 $8,258 $10,644 $158,709 $18,748 $177,457 
Other segment items
Property operating expenses(26,897)(6,160)(8,858)(9,241)(3,856)(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)(6,160)(8,858)(9,241)(3,856)87 (54,925)(10,120)(65,045)
NOI from real estate operations$54,440 $12,817 $13,160 $8,234 $4,402 $10,731 $103,784 $8,628 $112,412 
Additions to long-lived assets$9,971 $6,938 $3,263 $98 $2,746 $— $23,016 $3,629 $26,645 
Transfers from non-operating properties$13,896 $14,356 $(2)$— $2 $5,325 $33,577 $2,225 $35,802 
Six Months Ended June 30, 2026
Revenues from real estate operations$169,465 $40,782 $49,640 $37,906 $18,515 $30,622 $346,930 $38,292 $385,222 
Other segment items
Property operating expenses(65,018)(13,964)(19,692)(18,847)(8,463)(6,588)(132,572)(21,449)(154,021)
UJV NOI allocable to COPT Defense— — — — — 4,106 4,106 — 4,106 
Total other segment items(65,018)(13,964)(19,692)(18,847)(8,463)(2,482)(128,466)(21,449)(149,915)
NOI from real estate operations$104,447 $26,818 $29,948 $19,059 $10,052 $28,140 $218,464 $16,843 $235,307 
Additions to long-lived assets$20,156 $3,506 $3,578 $335 $3,548 $— $31,123 $11,857 $42,980 
Transfers from non-operating properties$41,136 $4,910 $831 $— $— $22,230 $69,107 $685 $69,792 
Segment assets at June 30, 2026
$1,485,856 $611,419 $555,611 $192,906 $170,497 $594,644 $3,610,933 $329,204 $3,940,137 
Six Months Ended June 30, 2025
Revenues from real estate operations$165,945 $35,399 $45,180 $33,885 $16,218 $21,509 $318,136 $36,918 $355,054 
Other segment items
Property operating expenses(58,827)(12,454)(18,947)(18,240)(8,022)(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)(12,454)(18,947)(18,240)(8,022)123 (116,367)(18,829)(135,196)
NOI from real estate operations$107,118 $22,945 $26,233 $15,645 $8,196 $21,632 $201,769 $18,089 $219,858 
Additions to long-lived assets$18,064 $10,186 $5,819 $217 $6,412 $— $40,698 $5,362 $46,060 
Transfers from non-operating properties$15,233 $18,622 $16 $— $2 $9,266 $43,139 $4,999 $48,138 
Segment assets at June 30, 2025
$1,447,969 $617,563 $490,419 $195,567 $164,254 $494,805 $3,410,577 $316,482 $3,727,059 
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 June 30,For the Six Months Ended June 30,
2026202520262025
Segment revenues from real estate operations$190,626 $177,457 $385,222 $355,054 
Construction contract and other service revenues6,766 12,458 12,807 22,717 
Total revenues$197,392 $189,915 $398,029 $377,771 
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 June 30,For the Six Months Ended June 30,
2026202520262025
UJV NOI allocable to COPT Defense$2,050 $1,870 $4,106 $3,759 
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(1,658)(1,515)(2,308)(3,033)
Equity in income of unconsolidated entities$392 $355 $1,798 $726 
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 June 30,For the Six Months Ended June 30,
2026202520262025
Construction contract and other service revenues$6,766 $12,458 $12,807 $22,717 
Construction contract and other service expenses(6,023)(11,873)(11,575)(21,578)
NOI from service operations$743 $585 $1,232 $1,139 
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 June 30,For the Six Months Ended June 30,
2026202520262025
NOI from real estate operations$120,090 $112,412 $235,307 $219,858 
NOI from service operations743 585 1,232 1,139 
Depreciation and other amortization associated with real estate operations(42,289)(39,573)(84,974)(78,932)
General, administrative, leasing, and other expenses(13,264)(11,911)(25,913)(24,067)
Interest expense(24,444)(20,938)(48,440)(41,442)
Interest and other income, net2,973 1,223 6,928 2,791 
Gain on sales of real estate6,442 — 7,024 300 
Equity in income of unconsolidated entities392 355 1,798 726 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities(2,050)(1,870)(4,106)(3,759)
Income tax expense(34)(117)(158)(220)
Net income $48,559 $40,166 $88,698 $76,394 
Schedule of Reconciliation of Segment Assets to Total Assets
The table below reconciles our segment assets to our consolidated total assets (in thousands):
June 30,
2026		June 30,
2025
Segment assets$3,940,137 $3,727,059 
Operating properties lease liabilities included in segment assets43,555 47,749 
Investments in UJVs deficit balances included in segment assets24,297 3,823 
Non-operating property assets304,891 322,935 
Other assets202,401 185,384 
Total consolidated assets$4,515,281 $4,286,950