v3.25.3
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 CorridorRedstone ArsenalNoVA Defense/ITLackland Air Force BaseNavy SupportData Center ShellsTotal Defense/IT PortfolioOtherTotal
Three Months Ended September 30, 2025
      
Revenues from real estate operations$81,756 $19,477 $22,343 $18,555 $8,727 $10,715 $161,573 $18,737 $180,310 
Other segment items:
Property operating expenses(28,477)(7,250)(8,891)(10,245)(4,016)(1,701)(60,580)(9,776)(70,356)
UJV NOI allocable to COPT Defense— — — — — 1,864 1,864 — 1,864 
Total other segment items(28,477)(7,250)(8,891)(10,245)(4,016)163 (58,716)(9,776)(68,492)
NOI from real estate operations53,279 12,227 13,452 8,310 4,711 10,878 102,857 8,961 111,818 
Additions to long-lived assets$12,812 $2,209 $7,061 $7 $5,962 $— $28,051 $2,866 $30,917 
Transfers from non-operating properties$19,751 $4,806 $26 $— $— $1,215 $25,798 $142 $25,940 
Three Months Ended September 30, 2024
      
Revenues from real estate operations$80,757 $18,332 $22,083 $16,879 $8,068 $9,029 $155,148 $17,415 $172,563 
Other segment items:
Property operating expenses(28,342)(6,463)(9,252)(9,160)(4,084)(1,554)(58,855)(10,026)(68,881)
UJV NOI allocable to COPT Defense— — — — — 1,844 1,844 — 1,844 
Total other segment items(28,342)(6,463)(9,252)(9,160)(4,084)290 (57,011)(10,026)(67,037)
NOI from real estate operations$52,415 $11,869 $12,831 $7,719 $3,984 $9,319 $98,137 $7,389 $105,526 
Additions to long-lived assets$14,101 $1,521 $5,357 $17,034 $3,520 $— $41,533 $4,040 $45,573 
Transfers from non-operating properties$418 $25,846 $16 $— $66 $406 $26,752 $141 $26,893 
Nine Months Ended September 30, 2025
     
Revenues from real estate operations$247,701 $54,876 $67,523 $52,440 $24,945 $32,224 $479,709 $55,655 $535,364 
Other segment items:
Property operating expenses(87,304)(19,704)(27,838)(28,485)(12,038)(5,337)(180,706)(28,605)(209,311)
UJV NOI allocable to COPT Defense— — — — — 5,623 5,623 — 5,623 
Total other segment items(87,304)(19,704)(27,838)(28,485)(12,038)286 (175,083)(28,605)(203,688)
NOI from real estate operations$160,397 $35,172 $39,685 $23,955 $12,907 $32,510 $304,626 $27,050 $331,676 
Additions to long-lived assets$30,876 $12,395 $12,880 $224 $12,374 $— $68,749 $8,228 $76,977 
Transfers from non-operating properties$34,984 $23,428 $42 $— $2 $10,481 $68,937 $5,141 $74,078 
Segment assets at September 30, 2025
$1,460,768 $618,618 $491,051 $193,734 $167,810 $473,277 $3,405,258 $315,621 $3,720,879 
Nine Months Ended September 30, 2024
     
Revenues from real estate operations$238,012 $52,157 $64,110 $49,737 $24,534 $27,086 $455,636 $50,675 $506,311 
Other segment items:
Property operating expenses(81,718)(17,976)(27,444)(26,645)(11,343)(4,588)(169,714)(29,323)(199,037)
UJV NOI allocable to COPT Defense— — — — — 5,319 5,319 — 5,319 
Total other segment items(81,718)(17,976)(27,444)(26,645)(11,343)731 (164,395)(29,323)(193,718)
NOI from real estate operations$156,294 $34,181 $36,666 $23,092 $13,191 $27,817 $291,241 $21,352 $312,593 
Additions to long-lived assets$48,370 $2,545 $19,762 $17,034 $6,049 $— $93,760 $14,287 $108,047 
Transfers from non-operating properties$2,658 $60,119 $1,011 $9 $106 $3,891 $67,794 $1,884 $69,678 
Segment assets at September 30, 2024
$1,450,602 $602,573 $492,912 $200,968 $161,007 $427,972 $3,336,034 $311,421 $3,647,455 
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,
 2025202420252024
Segment revenues from real estate operations$180,310 $172,563 $535,364 $506,311 
Construction contract and other service revenues8,485 16,662 31,202 63,523 
Total revenues$188,795 $189,225 $566,566 $569,834 
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 September 30,For the Nine Months Ended September 30,
 2025202420252024
UJV NOI allocable to COPT Defense$1,864 $1,844 $5,623 $5,319 
Less: Income from UJV allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and loss on early extinguishment of debt(1,786)(1,759)(4,819)(5,139)
Add: Equity in loss of unconsolidated non-real estate entities1,737 — 1,737 — 
Equity in income of unconsolidated entities$1,815 $85 $2,541 $180 
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 September 30,For the Nine Months Ended September 30,
 2025202420252024
Construction contract and other service revenues$8,485 $16,662 $31,202 $63,523 
Construction contract and other service expenses(7,952)(16,127)(29,530)(61,746)
NOI from service operations$533 $535 $1,672 $1,777 
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 September 30,For the Nine Months Ended September 30,
 2025202420252024
NOI from real estate operations$111,818 $105,526 $331,676 $312,593 
NOI from service operations533 535 1,672 1,777 
Depreciation and other amortization associated with real estate operations(40,631)(38,307)(119,563)(114,819)
General, administrative, leasing and other expenses(12,030)(11,416)(36,097)(35,195)
Interest expense(20,894)(20,376)(62,336)(61,760)
Interest and other income, net2,591 3,324 5,382 10,330 
Gain on sales of real estate3,018 — 3,318 — 
Equity in income of unconsolidated entities1,815 85 2,541 180 
UJV NOI allocable to COPT Defense included in equity in income of unconsolidated entities(1,864)(1,844)(5,623)(5,319)
Income tax expense(612)(130)(832)(312)
Net income $43,744 $37,397 $120,138 $107,475 
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,
2025		September 30,
2024
Segment assets$3,720,879 $3,647,455 
Operating properties lease liabilities included in segment assets46,573 34,012 
Investment in UJV deficit balance included in segment assets22,550 3,370 
Non-operating property assets353,184 314,729 
Other assets208,246 234,736 
Total consolidated assets4,351,432 4,234,302