Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.8.0.1
Information by Business Segment (Tables)
 9 Months Ended
Sep. 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 September 30, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,254

 
$
12,190

 
$
11,024

 
$
7,494

 
$
3,532

 
$
6,676

 
$
102,170

 
$
16,656

 
$
7,398

 
$
1,007

 
$
127,231

Property operating expenses
(19,708
)
 
(4,343
)
 
(6,193
)
 
(3,157
)
 
(1,432
)
 
(637
)
 
(35,470
)
 
(7,406
)
 
(3,175
)
 
(317
)
 
(46,368
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,297

 
1,297

 
—

 
—

 
—

 
1,297

NOI from real estate operations
$
41,546

 
$
7,847

 
$
4,831

 
$
4,337

 
$
2,100

 
$
7,336

 
$
67,997

 
$
9,250

 
$
4,223

 
$
690

 
$
82,160

Additions to long-lived assets
$
5,810

 
$
2,587

 
$
55

 
$
1,910

 
$
843

 
$
—

 
$
11,205

 
$
5,338

 
$
9

 
$
76

 
$
16,628

Transfers from non-operating properties
$
5,519

 
$
45,554

 
$
—

 
$
8

 
$
(62
)
 
$
29,803

 
$
80,822

 
$
25

 
$
—

 
$
—

 
$
80,847

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

Nine Months Ended September 30, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
183,393

 
$
34,992

 
$
35,687

 
$
21,953

 
$
10,616

 
$
17,998

 
$
304,639

 
$
52,394

 
$
21,201

 
$
4,061

 
$
382,295

Property operating expenses
(60,357
)
 
(13,014
)
 
(21,125
)
 
(9,391
)
 
(4,294
)
 
(1,873
)
 
(110,054
)
 
(21,974
)
 
(10,041
)
 
(1,446
)
 
(143,515
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
3,889

 
3,889

 
—

 
—

 
—

 
3,889

NOI from real estate operations
$
123,036

 
$
21,978

 
$
14,562

 
$
12,562

 
$
6,322

 
$
20,014

 
$
198,474

 
$
30,420

 
$
11,160

 
$
2,615

 
$
242,669

Additions to long-lived assets
$
15,085

 
$
6,032

 
$
71

 
$
6,309

 
$
1,059

 
$
—

 
$
28,556

 
$
16,476

 
$
3,588

 
$
203

 
$
48,823

Transfers from non-operating properties
$
37,094

 
$
45,994

 
$
—

 
$
474

 
$
1,643

 
$
55,003

 
$
140,208

 
$
—

 
$
8

 
$
18

 
$
140,234

Segment assets at September 30, 2017
$
1,265,569

 
$
400,855

 
$
129,657

 
$
194,801

 
$
108,884

 
$
258,611

 
$
2,358,377

 
$
398,579

 
$
226,909

 
$
13,347

 
$
2,997,212

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

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,
 
2017
 
2016
 
2017
 
2016
Segment revenues from real estate operations
$
127,231

 
$
130,954

 
$
382,295

 
$
397,965

Construction contract and other service revenues
29,786

 
11,149

 
65,958

 
34,372

Total revenues
$
157,017

 
$
142,103

 
$
448,253

 
$
432,337

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,
 
2017
 
2016
 
2017
 
2016
UJV NOI allocable to COPT
$
1,297

 
$
1,008

 
$
3,889

 
$
1,008

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(577
)
 
(415
)
 
(1,724
)
 
(415
)
Add: Equity in (loss) income of unconsolidated non-real estate entities
(1
)
 
1

 
(3
)
 
21

Equity in income of unconsolidated entities
$
719

 
$
594

 
$
2,162

 
$
614

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,
 
2017
 
2016
 
2017
 
2016
Construction contract and other service revenues
$
29,786

 
$
11,149

 
$
65,958

 
$
34,372

Construction contract and other service expenses
(28,788
)
 
(10,341
)
 
(63,589
)
 
(32,513
)
NOI from service operations
$
998

 
$
808

 
$
2,369

 
$
1,859

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 September 30,
 
For the Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
NOI from real estate operations
$
82,160

 
$
82,010

 
$
242,669

 
$
249,005

NOI from service operations
998

 
808

 
2,369

 
1,859

Interest and other income
1,508

 
1,391

 
4,817

 
3,877

Equity in income of unconsolidated entities
719

 
594

 
2,162

 
614

Income tax (expense) benefit
(57
)
 
21

 
(145
)
 
28

Depreciation and other amortization associated with real estate operations
(34,438
)
 
(32,015
)
 
(100,290
)
 
(99,790
)
Impairment recoveries (losses)
161

 
(27,699
)
 
(1,464
)
 
(99,837
)
General, administrative and leasing expenses
(7,368
)
 
(8,855
)
 
(23,838
)
 
(28,764
)
Business development expenses and land carry costs
(1,277
)
 
(1,716
)
 
(4,567
)
 
(6,497
)
Interest expense
(19,615
)
 
(18,301
)
 
(57,772
)
 
(64,499
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,297
)
 
(1,008
)
 
(3,889
)
 
(1,008
)
Loss on early extinguishment of debt
—

 
(59
)
 
(513
)
 
(37
)
Income (loss) before gain on sales of real estate
$
21,494

 
$
(4,829
)
 
$
59,539

 
$
(45,049
)
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,
2017
 
September 30,
2016
Segment assets
$
2,997,212

 
$
3,027,125

Non-operating property assets
413,255

 
421,364

Other assets
149,305

 
185,705

Total COPT consolidated assets
$
3,559,772

 
$
3,634,194