Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.7.0.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Schedule of segment financial information for real estate operations
The table below reports segment financial information for our reportable segments (in thousands): 
 
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, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
60,855

 
$
11,707

 
$
11,634

 
$
7,010

 
$
3,460

 
$
5,522

 
$
100,188

 
$
18,276

 
$
6,770

 
$
1,533

 
$
126,767

Property operating expenses
(20,520
)
 
(4,452
)
 
(6,802
)
 
(3,209
)
 
(1,371
)
 
(659
)
 
(37,013
)
 
(7,486
)
 
(3,365
)
 
(655
)
 
(48,519
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,298

 
1,298

 
—

 
—

 
—

 
1,298

NOI from real estate operations
$
40,335

 
$
7,255

 
$
4,832

 
$
3,801

 
$
2,089

 
$
6,161

 
$
64,473

 
$
10,790

 
$
3,405

 
$
878

 
$
79,546

Additions to long-lived assets
$
3,422

 
$
2,468

 
$
—

 
$
2,168

 
$
132

 
$
—

 
$
8,190

 
$
7,120

 
$
1,574

 
$
156

 
$
17,040

Transfers from non-operating properties
$
13,416

 
$
222

 
$
—

 
$
—

 
$
(4
)
 
$
(1,015
)
 
$
12,619

 
$
—

 
$
8

 
$
18

 
$
12,645

Segment assets at March 31, 2017
$
1,258,437

 
$
361,449

 
$
131,194

 
$
195,892

 
$
109,171

 
$
206,489

 
$
2,262,632

 
$
439,079

 
$
229,630

 
$
21,011

 
$
2,952,352

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

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,
 
2017
 
2016
Segment revenues from real estate operations
$
126,767

 
$
133,087

Construction contract and other service revenues
13,034

 
11,220

Total revenues
$
139,801

 
$
144,307

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 March 31,
 
2017
 
2016
UJV NOI allocable to COPT
$
1,298

 
$
—

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(572
)
 
—

Add: Equity in (loss) income of unconsolidated non-real estate entities
(1
)
 
10

Equity in income of unconsolidated entities
$
725

 
$
10

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,
 
2017
 
2016
Construction contract and other service revenues
$
13,034

 
$
11,220

Construction contract and other service expenses
(12,486
)
 
(10,694
)
NOI from service operations
$
548

 
$
526

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 before gain on sales of real estate as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended March 31,
 
2017
 
2016
NOI from real estate operations
$
79,546

 
$
81,212

NOI from service operations
548

 
526

Interest and other income
1,726

 
1,156

Equity in income of unconsolidated entities
725

 
10

Income tax (expense) benefit
(40
)
 
8

Depreciation and other amortization associated with real estate operations
(33,059
)
 
(34,527
)
Impairment losses
—

 
(2,446
)
General, administrative and leasing expenses
(8,611
)
 
(11,883
)
Business development expenses and land carry costs
(1,693
)
 
(2,418
)
Interest expense
(18,994
)
 
(23,559
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,298
)
 
—

Gain on early extinguishment of debt
—

 
17

Income before gain on sales of real estate
$
18,850

 
$
8,096

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,
2017
 
March 31,
2016
Segment assets
$
2,952,352

 
$
3,305,392

Non-operating property assets
429,690

 
444,334

Other assets
357,324

 
188,182

Total COPT consolidated assets
$
3,739,366

 
$
3,937,908