Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.4.0.3
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Schedule of segment financial information for real estate operations
 
Operating Office Property Segments
 
 
 
 
 
 
 
Defense/Information Technology Locations
 
 
 
 
 
 
 
 
 
Fort Meade/BW Corridor
 
Northern Virginia Defense/IT
 
Lackland Air Force Base
 
Navy Support Locations
 
Redstone Arsenal
 
Data Center Shells
 
Total Defense/IT Locations
 
Regional Office
 
Operating
Wholesale
Data Center
 
Other
 
Total
Three Months Ended March 31, 2016
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
62,509

 
$
12,116

 
$
10,225

 
$
6,934

 
$
3,116

 
$
6,330

 
$
101,230

 
$
23,502

 
$
6,493

 
$
1,862

 
$
133,087

Property operating expenses
23,246

 
4,541

 
5,420

 
3,524

 
978

 
810

 
38,519

 
9,831

 
2,661

 
864

 
51,875

NOI from real estate operations
$
39,263

 
$
7,575

 
$
4,805

 
$
3,410

 
$
2,138

 
$
5,520

 
$
62,711

 
$
13,671

 
$
3,832

 
$
998

 
$
81,212

Additions to long-lived assets
$
6,519

 
$
3,078

 
$
—

 
$
1,270

 
$
618

 
$
—

 
$
11,485

 
$
2,759

 
$
—

 
$
157

 
$
14,401

Transfers from non-operating properties
$
35,751

 
$
(94
)
 
$
6

 
$
—

 
$
211

 
$
26,097

 
$
61,971

 
$
82

 
$
51

 
$
(11
)
 
$
62,093

Segment assets at March 31, 2016
$
1,319,444

 
$
407,199

 
$
133,757

 
$
195,306

 
$
107,693

 
$
227,808

 
$
2,391,207

 
$
603,662

 
$
240,484

 
$
70,039

 
$
3,305,392

Three Months Ended March 31, 2015
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,184

 
$
11,046

 
$
8,665

 
$
7,265

 
$
2,446

 
$
5,114

 
$
95,720

 
$
21,960

 
$
3,035

 
$
1,995

 
$
122,710

Property operating expenses
23,516

 
5,616

 
4,763

 
3,398

 
829

 
695

 
38,817

 
8,748

 
2,212

 
909

 
50,686

NOI from real estate operations
$
37,668

 
$
5,430

 
$
3,902

 
$
3,867

 
$
1,617

 
$
4,419

 
$
56,903

 
$
13,212

 
$
823

 
$
1,086

 
$
72,024

Additions to long-lived assets
$
3,445

 
$
787

 
$
—

 
$
1,593

 
$
83

 
$
—

 
$
5,908

 
$
65,934

 
$
30

 
$
99

 
$
71,971

Transfers from non-operating properties
$
12,930

 
$
43,473

 
$
31,091

 
$
—

 
$
2,997

 
$
15,097

 
$
105,588

 
$
11,507

 
$
177

 
$
—

 
$
117,272

Segment assets at March 31, 2015
$
1,267,663

 
$
412,410

 
$
133,197

 
$
195,249

 
$
99,335

 
$
170,209

 
$
2,278,063

 
$
597,389

 
$
162,170

 
$
72,758

 
$
3,110,380

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 March 31,
 
2016
 
2015
Segment revenues from real estate operations
$
133,087

 
$
122,710

Construction contract and other service revenues
11,220

 
38,324

Total revenues
$
144,307

 
$
161,034

Schedule of reconciliation of segment property operating expenses to total property operating expenses
The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended March 31,
 
2016
 
2015
Segment property operating expenses
$
51,875

 
$
50,686

Less: Property operating expenses from discontinued operations
—

 
(5
)
Total property operating expenses
$
51,875

 
$
50,681

Schedule of computation of net operating income from service operations
The table below sets forth the computation of our NOI from service operations (in thousands):
 
For the Three Months Ended March 31,
 
2016
 
2015
Construction contract and other service revenues
$
11,220

 
$
38,324

Construction contract and other service expenses
(10,694
)
 
(37,498
)
NOI from service operations
$
526

 
$
826

Schedule of reconciliation of net operating income from real estate operations and service operations to (loss) income from continuing operations
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income from continuing operations as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended March 31,
 
2016
 
2015
NOI from real estate operations
$
81,212

 
$
72,024

NOI from service operations
526

 
826

Interest and other income
1,156

 
1,283

Equity in income of unconsolidated entities
10

 
25

Income tax benefit (expense)
8

 
(55
)
Other adjustments:
—

 
 

Depreciation and other amortization associated with real estate operations
(34,527
)
 
(31,599
)
Impairment losses
(2,446
)
 
—

General, administrative and leasing expenses
(11,883
)
 
(7,891
)
Business development expenses and land carry costs
(2,418
)
 
(2,790
)
Interest expense
(23,559
)
 
(20,838
)
NOI from discontinued operations
—

 
5

Gain (loss) on early extinguishment of debt
17

 
(3
)
Income from continuing operations
$
8,096

 
$
10,987

Schedule of reconciliation of segment assets to total assets
The following table reconciles our segment assets to the consolidated total assets of COPT and subsidiaries (in thousands):
 
 
March 31,
2016
 
March 31,
2015
Segment assets
$
3,305,392

 
$
3,110,380

Non-operating property assets
444,334

 
496,930

Other assets
188,182

 
164,341

Total COPT consolidated assets
$
3,937,908

 
$
3,771,651