Properties, net (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Real Estate [Abstract] |
|
| Schedule of operating properties, net |
Operating properties, net consisted of the following (in thousands):
|
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|
December 31, |
|
2015 |
|
2014 |
Land |
$ |
463,305 |
|
|
$ |
439,355 |
|
Buildings and improvements |
3,157,587 |
|
|
3,015,216 |
|
Less: accumulated depreciation |
(700,363 |
) |
|
(703,083 |
) |
Operating properties, net |
$ |
2,920,529 |
|
|
$ |
2,751,488 |
|
|
| Schedule of projects in development or held for future development |
Projects we had in development or held for future development consisted of the following (in thousands):
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|
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|
|
|
|
December 31, |
|
2015 |
|
2014 |
Land |
$ |
207,774 |
|
|
$ |
214,977 |
|
Development in progress, excluding land |
221,445 |
|
|
330,449 |
|
Projects in development or held for future development |
$ |
429,219 |
|
|
$ |
545,426 |
|
|
| Components of assets held for sale |
The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
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|
|
|
|
December 31, 2015 |
Properties, net |
$ |
90,188 |
|
Deferred rent receivable |
2,891 |
|
Intangible assets on real estate acquisitions, net |
1,591 |
|
Deferred leasing costs, net |
1,391 |
|
Lease incentives, net |
721 |
|
Assets held for sale, net |
$ |
96,782 |
|
|
| Schedule of allocation of acquisition costs |
The table below sets forth the allocation of the aggregate purchase price of these properties to the value of the acquired assets and liabilities (in thousands):
|
|
|
|
|
|
Land, operating properties |
|
$ |
55,076 |
|
Building and improvements |
|
139,540 |
|
Intangible assets on real estate acquisitions |
|
75,729 |
|
Total assets |
|
270,345 |
|
Below-market leases |
|
(6,808 |
) |
Total acquisition cost |
|
$ |
263,537 |
|
|
| Schedule of intangible assets recorded in connection with acquisition |
Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
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|
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|
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|
|
|
Weighted Average Amortization Period (in Years) |
Tenant relationship value |
$ |
31,183 |
|
|
12 |
In-place lease value |
35,139 |
|
|
7 |
Above-market leases |
6,720 |
|
|
4 |
Below-market cost arrangements |
2,687 |
|
|
40 |
|
$ |
75,729 |
|
|
10 |
|
| Pro Forma information |
The pro forma financial information was prepared for comparative purposes only and is not necessarily indicative of what would have occurred had these acquisitions been made at that time or of results which may occur in the future (in thousands, except per shares amounts).
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For the Year Ended December 31, |
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|
|
|
2015 |
|
2014 |
|
|
(Unaudited) |
Pro forma total revenues |
|
$ |
641,982 |
|
|
$ |
623,013 |
|
Pro forma net income attributable to COPT common shareholders |
|
$ |
167,079 |
|
|
$ |
20,796 |
|
Pro forma EPS: |
|
|
|
|
Basic |
|
$ |
1.77 |
|
|
$ |
0.23 |
|
Diluted |
|
$ |
1.77 |
|
|
$ |
0.23 |
|
|
| Schedule of operating property dispositions |
In 2014, we completed dispositions of the following operating properties (dollars in thousands):
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Project Name |
|
City, State |
|
Segment |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value |
|
Gain on Disposition |
4969 and 4979 Mercantile Road |
|
White Marsh, MD |
|
Regional Office |
|
7/14/2014 |
|
2 |
|
|
96,721 |
|
|
$ |
5,960 |
|
|
$ |
2,124 |
|
9930 and 9940 Franklin Square |
|
White Marsh, MD |
|
Regional Office |
|
7/30/2014 |
|
2 |
|
|
71,992 |
|
|
10,475 |
|
|
2,303 |
|
5020, 5022, 5024 and 5026 Campbell Boulevard |
|
White Marsh, MD |
|
Regional Office |
|
8/4/2014 |
|
4 |
|
|
134,245 |
|
|
12,400 |
|
|
666 |
|
|
|
|
|
|
|
|
|
8 |
|
|
302,958 |
|
|
$ |
28,835 |
|
|
$ |
5,093 |
|
In 2013, we completed dispositions of the following operating properties (dollars in thousands):
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Project Name |
|
City, State |
|
Segment |
|
Date of Sale |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value (1) |
|
Gain on Disposition |
920 Elkridge Landing Road |
|
Linthicum, MD |
|
Fort Meade/BW Corridor |
|
6/25/2013 |
|
1 |
|
|
103,000 |
|
|
$ |
6,900 |
|
|
$ |
— |
|
4230 Forbes Boulevard |
|
Lanham, MD |
|
Regional Office |
|
12/11/2013 |
|
1 |
|
|
56,000 |
|
|
5,600 |
|
|
1,507 |
|
December 2013 Colorado Springs Portfolio Disposition |
|
Colorado Springs, CO |
|
Colorado Defense/IT and Regional Office |
|
12/12/2013 |
|
15 |
|
|
1,165,000 |
|
|
133,925 |
|
|
1,164 |
|
December 2013 Portfolio Conveyance |
|
Colorado Springs, CO and Linthicum, MD |
|
Various (2) |
|
12/23/2013 |
|
14 |
|
|
1,021,000 |
|
|
146,876 |
|
|
— |
|
|
|
|
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|
|
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|
31 |
|
|
2,345,000 |
|
|
$ |
293,301 |
|
|
$ |
2,671 |
|
|
|
(1) |
Each of these properties were sold except for the December 2013 Portfolio Conveyance, the disposition of which was completed in connection with a debt extinguishment, as described further below. |
In 2015, we completed dispositions of the following operating properties (dollars in thousands):
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Project Name |
|
City, State |
|
Segment |
|
Date of Disposition |
|
Number of Buildings |
|
Total Rentable Square Feet |
|
Transaction Value (1) |
|
Gain on Disposition |
1550 Westbranch Drive |
|
McLean, VA |
|
Regional Office |
|
7/27/2015 |
|
1 |
|
|
160,000 |
|
|
$ |
27,800 |
|
|
$ |
— |
|
15000 and 15010 Conference Center Drive |
|
Chantilly, VA |
|
Northern VA Defense/IT |
|
8/28/2015 |
|
2 |
|
|
665,000 |
|
|
167,335 |
|
|
— |
|
13200 Woodland Park Road |
|
Herndon, VA |
|
Regional Office |
|
10/27/2015 |
|
1 |
|
|
397,000 |
|
|
84,000 |
|
|
42,515 |
|
9900, 9910 and 9920 Franklin Square Drive |
|
White Marsh, MD |
|
Regional Office |
|
11/9/2015 |
|
3 |
|
|
135,000 |
|
|
24,150 |
|
|
6,468 |
|
9690 Deereco Road and 375 W. Padonia Road |
|
Timonium, MD |
|
Regional Office |
|
12/17/2015 |
|
2 |
|
|
240,000 |
|
|
44,500 |
|
|
15,050 |
|
|
|
|
|
|
|
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|
9 |
|
|
1,597,000 |
|
|
$ |
347,785 |
|
|
$ |
64,033 |
|
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|
(1) |
Each of these properties were sold except for 15000 and 15010 Conference Center Drive, the disposition of which was completed in connection with a debt extinguishment, as discussed further below. |
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