Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.5.0.2
Information by Business Segment (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2016
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,460

 
$
12,231

 
$
12,532

 
$
7,232

 
$
3,189

 
$
5,175

 
$
101,819

 
$
20,499

 
$
6,809

 
$
1,827

 
$
130,954

Property operating expenses
20,598

 
4,462

 
7,599

 
3,374

 
1,112

 
528

 
37,673

 
8,155

 
3,317

 
807

 
49,952

UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,008

 
1,008

 
—

 
—

 
—

 
1,008

NOI from real estate operations
$
40,862

 
$
7,769

 
$
4,933

 
$
3,858

 
$
2,077

 
$
5,655

 
$
65,154

 
$
12,344

 
$
3,492

 
$
1,020

 
$
82,010

Additions to long-lived assets
$
5,901

 
$
7,153

 
$
—

 
$
2,207

 
$
2,642

 
$
—

 
$
17,903

 
$
4,168

 
$
108

 
$
53

 
$
22,232

Transfers from non-operating properties
$
5,331

 
$
308

 
$
3

 
$
—

 
$
3,100

 
$
25,513

 
$
34,255

 
$
(4
)
 
$
40

 
$
—

 
$
34,291

Three Months Ended September 30, 2015
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,400

 
$
12,875

 
$
9,018

 
$
6,886

 
$
3,061

 
$
5,665

 
$
98,905

 
$
26,782

 
$
6,078

 
$
1,921

 
$
133,686

Property operating expenses
20,106

 
5,150

 
4,553

 
3,287

 
888

 
532

 
34,516

 
9,596

 
4,008

 
777

 
48,897

UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

NOI from real estate operations
$
41,294

 
$
7,725

 
$
4,465

 
$
3,599

 
$
2,173

 
$
5,133

 
$
64,389

 
$
17,186

 
$
2,070

 
$
1,144

 
$
84,789

Additions to long-lived assets
$
7,943

 
$
1,603

 
$
—

 
$
2,084

 
$
175

 
$
—

 
$
11,805

 
$
129,259

 
$
—

 
$
(27
)
 
$
141,037

Transfers from non-operating properties
$
25,184

 
$
(91
)
 
$
591

 
$
1,408

 
$
1,207

 
$
34,287

 
$
62,586

 
$
5,505

 
$
73,804

 
$
315

 
$
142,210

Nine Months Ended September 30, 2016
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
184,881

 
$
36,404

 
$
34,408

 
$
21,164

 
$
9,496

 
$
18,793

 
$
305,146

 
$
67,284

 
$
20,106

 
$
5,429

 
$
397,965

Property operating expenses
64,222

 
13,310

 
19,863

 
9,573

 
3,050

 
2,164

 
112,182

 
26,707

 
8,629

 
2,450

 
149,968

UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,008

 
1,008

 
—

 
—

 
—

 
1,008

NOI from real estate operations
$
120,659

 
$
23,094

 
$
14,545

 
$
11,591

 
$
6,446

 
$
17,637

 
$
193,972

 
$
40,577

 
$
11,477

 
$
2,979

 
$
249,005

Additions to long-lived assets
$
19,516

 
$
13,290

 
$
—

 
$
5,710

 
$
3,561

 
$
—

 
$
42,077

 
$
9,107

 
$
108

 
$
363

 
$
51,655

Transfers from non-operating properties
$
41,850

 
$
28,158

 
$
240

 
$
—

 
$
3,315

 
$
81,467

 
$
155,030

 
$
104

 
$
(391
)
 
$
(11
)
 
$
154,732

Segment assets at September 30, 2016
$
1,261,337

 
$
416,886

 
$
132,722

 
$
195,244

 
$
111,310

 
$
189,746

 
$
2,307,245

 
$
453,766

 
$
234,551

 
$
31,563

 
$
3,027,125

Nine Months Ended September 30, 2015
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
182,591

 
$
37,383

 
$
27,426

 
$
21,337

 
$
8,165

 
$
15,816

 
$
292,718

 
$
73,142

 
$
12,933

 
$
5,798

 
$
384,591

Property operating expenses
63,102

 
16,120

 
14,665

 
10,075

 
2,605

 
1,726

 
108,293

 
26,750

 
8,441

 
2,506

 
145,990

UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

NOI from real estate operations
$
119,489

 
$
21,263

 
$
12,761

 
$
11,262

 
$
5,560

 
$
14,090

 
$
184,425

 
$
46,392

 
$
4,492

 
$
3,292

 
$
238,601

Additions to long-lived assets
$
16,529

 
$
86,303

 
$
—

 
$
5,446

 
$
466

 
$
—

 
$
108,744

 
$
198,589

 
$
108

 
$
282

 
$
307,723

Transfers from non-operating properties
$
44,212

 
$
51,117

 
$
32,150

 
$
1,408

 
$
13,184

 
$
50,295

 
$
192,366

 
$
22,230

 
$
89,183

 
$
327

 
$
304,106

Segment assets at September 30, 2015
$
1,284,712

 
$
413,321

 
$
134,790

 
$
196,105

 
$
108,541

 
$
203,090

 
$
2,340,559

 
$
695,490

 
$
246,806

 
$
71,907

 
$
3,354,762

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,
 
2016
 
2015
 
2016
 
2015
Segment revenues from real estate operations
$
130,954

 
$
133,686

 
$
397,965

 
$
384,591

Construction contract and other service revenues
11,149

 
17,058

 
34,372

 
97,554

Less: Revenues from discontinued operations
—

 
—

 
—

 
(4
)
Total revenues
$
142,103

 
$
150,744

 
$
432,337

 
$
482,141

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 September 30,
 
For the Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Segment property operating expenses
$
49,952

 
$
48,897

 
$
149,968

 
$
145,990

Less: Property operating expenses from discontinued operations
—

 
—

 
—

 
6

Total property operating expenses
$
49,952

 
$
48,897

 
$
149,968

 
$
145,996

Schedule of reconciliation of unconsolidated joint venture net operating income to equity in income of unconsolidated entities
The following table reconciles UJV NOI allocable to COPT 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,
 
2016
 
2015
 
2016
 
2015
UJV NOI allocable to COPT
$
1,008

 
$
—

 
$
1,008

 
$
—

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(415
)
 
—

 
(415
)
 
—

Add: Equity in income of unconsolidated non-real estate entities
1

 
18

 
21

 
52

Equity in income of unconsolidated entities
$
594

 
$
18

 
$
614

 
$
52

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 September 30,
 
For the Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Construction contract and other service revenues
$
11,149

 
$
17,058

 
$
34,372

 
$
97,554

Construction contract and other service expenses
(10,341
)
 
(16,132
)
 
(32,513
)
 
(94,923
)
NOI from service operations
$
808

 
$
926

 
$
1,859

 
$
2,631

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 September 30,
 
For the Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
NOI from real estate operations
$
82,010

 
$
84,789

 
$
249,005

 
$
238,601

NOI from service operations
808

 
926

 
1,859

 
2,631

Interest and other income
1,391

 
692

 
3,877

 
3,217

Equity in income of unconsolidated entities
594

 
18

 
614

 
52

Income tax (expense) benefit
21

 
(48
)
 
28

 
(153
)
Depreciation and other amortization associated with real estate operations
(32,015
)
 
(38,403
)
 
(99,790
)
 
(103,788
)
Impairment losses
(27,699
)
 
(2,307
)
 
(99,837
)
 
(3,545
)
General, administrative and leasing expenses
(8,855
)
 
(7,439
)
 
(28,764
)
 
(22,864
)
Business development expenses and land carry costs
(1,716
)
 
(5,573
)
 
(6,497
)
 
(10,986
)
Interest expense
(18,301
)
 
(24,121
)
 
(64,499
)
 
(66,727
)
NOI from discontinued operations
—

 
—

 
—

 
(10
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,008
)
 
—

 
(1,008
)
 
—

(Loss) gain on early extinguishment of debt
(59
)
 
85,745

 
(37
)
 
85,677

(Loss) income from continuing operations
$
(4,829
)
 
$
94,279

 
$
(45,049
)
 
$
122,105

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):
 
 
September 30,
2016
 
September 30,
2015
Segment assets
$
3,027,125

 
$
3,354,762

Non-operating property assets
421,364

 
416,540

Other assets
185,705

 
140,790

Total COPT consolidated assets
$
3,634,194

 
$
3,912,092