v3.25.4
Information by Business Segment (Tables)
 12 Months Ended
Dec. 31, 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/IT Lackland Air Force BaseNavy SupportData Center ShellsTotal Defense/IT PortfolioOtherTotal
Year Ended December 31, 2025
      
Revenues from real estate operations$329,916 $74,659 $90,830 $73,079 $33,566 $44,866 $646,916 $74,933 $721,849 
Other segment items
Property operating expenses(117,491)(26,630)(37,041)(40,065)(15,852)(7,493)(244,572)(39,355)(283,927)
UJV NOI allocable to COPT Defense— — — — — 7,706 7,706 — 7,706 
Total other segment items(117,491)(26,630)(37,041)(40,065)(15,852)213 (236,866)(39,355)(276,221)
NOI from real estate operations$212,425 $48,029 $53,789 $33,014 $17,714 $45,079 $410,050 $35,578 $445,628 
Additions to long-lived assets$45,226 $13,118 $51,038 $1,509 $19,288 $— $130,179 $20,009 $150,188 
Transfers from non-operating properties$46,728 $25,383 $46 $— $— $114,726 $186,883 $5,854 $192,737 
Segment assets at December 31, 2025
$1,467,935 $615,352 $522,301 $193,861 $172,101 $576,812 $3,548,362 $324,310 $3,872,672 
Year Ended December 31, 2024
       
Revenues from real estate operations$317,319 $69,317 $86,034 $67,837 $32,628 $37,190 $610,325 $67,392 $677,717 
Other segment items
Property operating expenses(108,789)(24,185)(36,059)(37,169)(15,146)(6,124)(227,472)(38,529)(266,001)
UJV NOI allocable to COPT Defense— — — — — 7,217 7,217 — 7,217 
Total other segment items(108,789)(24,185)(36,059)(37,169)(15,146)1,093 (220,255)(38,529)(258,784)
NOI from real estate operations$208,530 $45,132 $49,975 $30,668 $17,482 $38,283 $390,070 $28,863 $418,933 
Additions to long-lived assets$64,237 $7,253 $27,205 $17,098 $10,128 $— $125,921 $19,864 $145,785 
Transfers from non-operating properties$4,041 $60,872 $1,016 $10 $352 $65,314 $131,605 $5,325 $136,930 
Segment assets at December 31, 2024
$1,448,641 $601,430 $494,881 $199,166 $162,855 $488,429 $3,395,402 $315,245 $3,710,647 
Year Ended December 31, 2023
       
Revenues from real estate operations$292,699 $55,131 $80,413 $67,254 $32,638 $27,444 $555,579 $69,224 $624,803 
Other segment items
Property operating expenses(101,243)(19,148)(31,593)(36,616)(14,614)(2,703)(205,917)(41,468)(247,385)
UJV NOI allocable to COPT Defense— — — — — 6,659 6,659 — 6,659 
Total other segment items(101,243)(19,148)(31,593)(36,616)(14,614)3,956 (199,258)(41,468)(240,726)
NOI from real estate operations$191,456 $35,983 $48,820 $30,638 $18,024 $31,400 $356,321 $27,756 $384,077 
Additions to long-lived assets$54,872 $20,949 $19,041 $62 $5,785 $— $100,709 $16,919 $117,628 
Transfers from non-operating properties$64,264 $86,868 $4,136 $166 $2,651 $115,052 $273,137 $2,671 $275,808 
Segment assets at December 31, 2023
$1,449,638 $554,803 $490,104 $188,847 $163,818 $430,075 $3,277,285 $309,254 $3,586,539 
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,
 202520242023
Segment revenues from real estate operations$721,849 $677,717 $624,803 
Construction contract and other service revenues42,074 75,550 60,179 
Total revenues$763,923 $753,267 $684,982 
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,
 202520242023
UJV NOI allocable to COPT Defense$7,706 $7,217 $6,659 
Less: Income from UJVs allocable to COPT Defense attributable to depreciation and amortization expense, interest expense and loss on early extinguishment of debt(6,637)(6,820)(6,917)
Add: Equity in income (loss) of unconsolidated non-real estate entities1,737 — (3)
Equity in income (loss) of unconsolidated entities$2,806 $397 $(261)
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,
 202520242023
Construction contract and other service revenues$42,074 $75,550 $60,179 
Construction contract and other service expenses(39,962)(73,265)(57,416)
NOI from service operations$2,112 $2,285 $2,763 
Schedule of Reconciliation of NOI from Real Estate Operations and 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 Years Ended December 31,
 202520242023
NOI from real estate operations$445,628 $418,933 $384,077 
NOI from service operations2,112 2,285 2,763 
Depreciation and other amortization associated with real estate operations(161,826)(153,640)(148,950)
Impairment losses— — (252,797)
General, administrative, leasing and other expenses(47,840)(47,038)(42,769)
Interest expense(86,660)(82,151)(71,142)
Interest and other income, net10,683 12,661 12,587 
Gain on sales of real estate3,350 — 49,392 
Loss on early extinguishment of debt(66)— — 
Equity in income (loss) of unconsolidated entities2,806 397 (261)
UJV NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities(7,706)(7,217)(6,659)
Income tax expense(947)(288)(588)
Net income (loss)$159,534 $143,942 $(74,347)
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,
20252024
Segment assets$3,872,672 $3,710,647 
Operating properties lease liabilities included in segment assets45,375 49,631 
Investment in UJV deficit balance included in segment assets22,843 3,409 
Non-operating property assets284,428 277,147 
Other assets476,472 213,357 
Total consolidated assets$4,701,790 $4,254,191