Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.7.0.1
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,284

 
$
11,095

 
$
13,029

 
$
7,449

 
$
3,624

 
$
5,800

 
$
102,281

 
$
17,462

 
$
7,033

 
$
1,521

 
$
128,297

Property operating expenses
(20,129
)
 
(4,219
)
 
(8,130
)
 
(3,025
)
 
(1,491
)
 
(577
)
 
(37,571
)
 
(7,082
)
 
(3,501
)
 
(474
)
 
(48,628
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,294

 
1,294

 
—

 
—

 
—

 
1,294

NOI from real estate operations
$
41,155

 
$
6,876

 
$
4,899

 
$
4,424

 
$
2,133

 
$
6,517

 
$
66,004

 
$
10,380

 
$
3,532

 
$
1,047

 
$
80,963

Additions to long-lived assets
$
5,853

 
$
977

 
$
16

 
$
2,231

 
$
84

 
$
—

 
$
9,161

 
$
4,018

 
$
2,005

 
$
(29
)
 
$
15,155

Transfers from non-operating properties
$
18,159

 
$
218

 
$
—

 
$
466

 
$
1,709

 
$
26,215

 
$
46,767

 
$
(25
)
 
$
—

 
$
—

 
$
46,742

Three Months Ended June 30, 2016
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
60,912

 
$
12,057

 
$
11,651

 
$
6,998

 
$
3,191

 
$
7,288

 
$
102,097

 
$
23,283

 
$
6,804

 
$
1,740

 
$
133,924

Property operating expenses
(20,378
)
 
(4,307
)
 
(6,844
)
 
(2,675
)
 
(960
)
 
(826
)
 
(35,990
)
 
(8,721
)
 
(2,651
)
 
(779
)
 
(48,141
)
NOI from real estate operations
$
40,534

 
$
7,750

 
$
4,807

 
$
4,323

 
$
2,231

 
$
6,462

 
$
66,107

 
$
14,562

 
$
4,153

 
$
961

 
$
85,783

Additions to long-lived assets
$
7,096

 
$
3,059

 
$
—

 
$
2,233

 
$
301

 
$
—

 
$
12,689

 
$
2,180

 
$
—

 
$
153

 
$
15,022

Transfers from non-operating properties
$
768

 
$
27,944

 
$
231

 
$
—

 
$
4

 
$
29,857

 
$
58,804

 
$
26

 
$
(482
)
 
$
—

 
$
58,348

Six Months Ended June 30, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
122,139

 
$
22,802

 
$
24,663

 
$
14,459

 
$
7,084

 
$
11,322

 
$
202,469

 
$
35,738

 
$
13,803

 
$
3,054

 
$
255,064

Property operating expenses
(40,649
)
 
(8,671
)
 
(14,932
)
 
(6,234
)
 
(2,862
)
 
(1,236
)
 
(74,584
)
 
(14,568
)
 
(6,866
)
 
(1,129
)
 
(97,147
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
2,592

 
2,592

 
—

 
—

 
—

 
2,592

NOI from real estate operations
$
81,490

 
$
14,131

 
$
9,731

 
$
8,225

 
$
4,222

 
$
12,678

 
$
130,477

 
$
21,170

 
$
6,937

 
$
1,925

 
$
160,509

Additions to long-lived assets
$
9,275

 
$
3,445

 
$
16

 
$
4,399

 
$
216

 
$
—

 
$
17,351

 
$
11,138

 
$
3,579

 
$
127

 
$
32,195

Transfers from non-operating properties
$
31,575

 
$
440

 
$
—

 
$
466

 
$
1,705

 
$
25,200

 
$
59,386

 
$
(25
)
 
$
8

 
$
18

 
$
59,387

Segment assets at June 30, 2017
$
1,267,635

 
$
357,747

 
$
130,431

 
$
195,732

 
$
109,586

 
$
230,557

 
$
2,291,688

 
$
435,399

 
$
229,224

 
$
19,350

 
$
2,975,661

Six Months Ended June 30, 2016
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
123,421

 
$
24,173

 
$
21,876

 
$
13,932

 
$
6,307

 
$
13,618

 
$
203,327

 
$
46,785

 
$
13,297

 
$
3,602

 
$
267,011

Property operating expenses
(43,624
)
 
(8,848
)
 
(12,264
)
 
(6,199
)
 
(1,938
)
 
(1,636
)
 
(74,509
)
 
(18,552
)
 
(5,312
)
 
(1,643
)
 
(100,016
)
NOI from real estate operations
$
79,797

 
$
15,325

 
$
9,612

 
$
7,733

 
$
4,369

 
$
11,982

 
$
128,818

 
$
28,233

 
$
7,985

 
$
1,959

 
$
166,995

Additions to long-lived assets
$
13,615

 
$
6,137

 
$
—

 
$
3,503

 
$
919

 
$
—

 
$
24,174

 
$
4,939

 
$
—

 
$
310

 
$
29,423

Transfers from non-operating properties
$
36,519

 
$
27,850

 
$
237

 
$
—

 
$
215

 
$
55,954

 
$
120,775

 
$
108

 
$
(431
)
 
$
(11
)
 
$
120,441

Segment assets at June 30, 2016
$
1,305,769

 
$
424,441

 
$
133,359

 
$
195,195

 
$
106,810

 
$
256,276

 
$
2,421,850

 
$
594,750

 
$
237,226

 
$
35,291

 
$
3,289,117

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 June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Segment revenues from real estate operations
$
128,297

 
$
133,924

 
$
255,064

 
$
267,011

Construction contract and other service revenues
23,138

 
12,003

 
36,172

 
23,223

Total revenues
$
151,435

 
$
145,927

 
$
291,236

 
$
290,234

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 June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
UJV NOI allocable to COPT
$
1,294

 
$
—

 
$
2,592

 
$
—

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(575
)
 
—

 
(1,147
)
 
—

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

 
(2
)
 
20

Equity in income of unconsolidated entities
$
718

 
$
10

 
$
1,443

 
$
20

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 June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Construction contract and other service revenues
$
23,138

 
$
12,003

 
$
36,172

 
$
23,223

Construction contract and other service expenses
(22,315
)
 
(11,478
)
 
(34,801
)
 
(22,172
)
NOI from service operations
$
823

 
$
525

 
$
1,371

 
$
1,051

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 June 30,
 
For the Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
NOI from real estate operations
$
80,963

 
$
85,783

 
$
160,509

 
$
166,995

NOI from service operations
823

 
525

 
1,371

 
1,051

Interest and other income
1,583

 
1,330

 
3,309

 
2,486

Equity in income of unconsolidated entities
718

 
10

 
1,443

 
20

Income tax (expense) benefit
(48
)
 
(1
)
 
(88
)
 
7

Depreciation and other amortization associated with real estate operations
(32,793
)
 
(33,248
)
 
(65,852
)
 
(67,775
)
Impairment losses
(1,625
)
 
(69,692
)
 
(1,625
)
 
(72,138
)
General, administrative and leasing expenses
(7,859
)
 
(8,026
)
 
(16,470
)
 
(19,909
)
Business development expenses and land carry costs
(1,597
)
 
(2,363
)
 
(3,290
)
 
(4,781
)
Interest expense
(19,163
)
 
(22,639
)
 
(38,157
)
 
(46,198
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,294
)
 
—

 
(2,592
)
 
—

(Loss) gain on early extinguishment of debt
(513
)
 
5

 
(513
)
 
22

Income (loss) before gain on sales of real estate
$
19,195

 
$
(48,316
)
 
$
38,045

 
$
(40,220
)
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):
 
 
June 30,
2017
 
June 30,
2016
Segment assets
$
2,975,661

 
$
3,289,117

Non-operating property assets
452,824

 
413,597

Other assets
146,402

 
138,978

Total COPT consolidated assets
$
3,574,887

 
$
3,841,692