Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

v3.8.0.1
Information by Business Segment (Tables)
 12 Months Ended
Dec. 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 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
Year Ended December 31, 2017
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
245,613

 
$
47,118

 
$
47,209

 
$
29,540

 
$
14,322

 
$
24,320

 
$
408,122

 
$
68,262

 
$
28,875

 
$
4,721

 
$
509,980

Property operating expenses
(80,697
)
 
(16,938
)
 
(27,812
)
 
(12,619
)
 
(5,783
)
 
(2,709
)
 
(146,558
)
 
(28,982
)
 
(13,551
)
 
(1,873
)
 
(190,964
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
5,188

 
5,188

 
—

 
—

 
—

 
5,188

NOI from real estate operations
$
164,916

 
$
30,180

 
$
19,397

 
$
16,921

 
$
8,539

 
$
26,799

 
$
266,752

 
$
39,280

 
$
15,324

 
$
2,848

 
$
324,204

Additions to long-lived assets
$
26,659

 
$
8,115

 
$
71

 
$
8,451

 
$
1,056

 
$
—

 
$
44,352

 
$
25,299

 
$
3,580

 
$
110

 
$
73,341

Transfers from non-operating properties
$
43,370

 
$
48,328

 
$
—

 
$
474

 
$
2,159

 
$
107,854

 
$
202,185

 
$
—

 
$
8

 
$
18

 
$
202,211

Segment assets at December 31, 2017
$
1,263,567

 
$
402,076

 
$
128,755

 
$
194,476

 
$
108,119

 
$
285,275

 
$
2,382,268

 
$
400,512

 
$
224,422

 
$
4,082

 
$
3,011,284

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
245,354

 
$
48,964

 
$
46,803

 
$
28,197

 
$
13,056

 
$
23,836

 
$
406,210

 
$
85,805

 
$
26,869

 
$
7,080

 
$
525,964

Property operating expenses
(83,684
)
 
(17,824
)
 
(27,357
)
 
(12,690
)
 
(4,476
)
 
(2,674
)
 
(148,705
)
 
(34,095
)
 
(11,512
)
 
(3,218
)
 
(197,530
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
2,305

 
2,305

 
—

 
—

 
—

 
2,305

NOI from real estate operations
$
161,670

 
$
31,140

 
$
19,446

 
$
15,507

 
$
8,580

 
$
23,467

 
$
259,810

 
$
51,710

 
$
15,357

 
$
3,862

 
$
330,739

Additions to long-lived assets
$
26,267

 
$
17,344

 
$
—

 
$
9,168

 
$
4,352

 
$
—

 
$
57,131

 
$
12,559

 
$
299

 
$
335

 
$
70,324

Transfers from non-operating properties
$
49,937

 
$
28,230

 
$
240

 
$
—

 
$
3,169

 
$
103,367

 
$
184,943

 
$
82

 
$
(377
)
 
$
(8
)
 
$
184,640

Segment assets at December 31, 2016
$
1,255,230

 
$
404,438

 
$
131,957

 
$
196,486

 
$
110,395

 
$
209,683

 
$
2,308,189

 
$
442,811

 
$
231,954

 
$
21,293

 
$
3,004,247

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2015
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
244,274

 
$
49,199

 
$
39,659

 
$
28,177

 
$
11,228

 
$
21,746

 
$
394,283

 
$
98,165

 
$
19,032

 
$
7,588

 
$
519,068

Property operating expenses
(83,309
)
 
(20,107
)
 
(22,004
)
 
(13,229
)
 
(3,497
)
 
(2,298
)
 
(144,444
)
 
(36,165
)
 
(10,402
)
 
(3,477
)
 
(194,488
)
NOI from real estate operations
$
160,965

 
$
29,092

 
$
17,655

 
$
14,948

 
$
7,731

 
$
19,448

 
$
249,839

 
$
62,000

 
$
8,630

 
$
4,111

 
$
324,580

Additions to long-lived assets
$
31,883

 
$
90,248

 
$
—

 
$
7,656

 
$
883

 
$
—

 
$
130,670

 
$
204,139

 
$
132

 
$
328

 
$
335,269

Transfers from non-operating properties
$
45,560

 
$
50,690

 
$
32,307

 
$
1,408

 
$
13,190

 
$
51,492

 
$
194,647

 
$
22,313

 
$
89,745

 
$
415

 
$
307,120

Segment assets at December 31, 2015
$
1,290,028

 
$
411,196

 
$
134,381

 
$
196,090

 
$
108,038

 
$
203,013

 
$
2,342,746

 
$
608,471

 
$
243,338

 
$
70,914

 
$
3,265,469

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 Years Ended December 31,
 
 
2017
 
2016
 
2015
Segment revenues from real estate operations
 
$
509,980

 
$
525,964

 
$
519,068

Construction contract and other service revenues
 
102,840

 
48,364

 
106,402

Less: Revenues from discontinued operations
 
—

 
—

 
(4
)
Total revenues
 
$
612,820

 
$
574,328

 
$
625,466

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 Years Ended December 31,
 
 
2017
 
2016
 
2015
Segment property operating expenses
 
$
190,964

 
$
197,530

 
$
194,488

Less: Property operating expenses from discontinued operations
 
—

 
—

 
6

Total property operating expenses
 
$
190,964

 
$
197,530

 
$
194,494

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 Years Ended December 31,
 
 
2017
 
2016
 
2015
UJV NOI allocable to COPT
 
$
5,188

 
$
2,305

 
$
—

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
 
(2,301
)
 
(993
)
 
—

Add: Equity in (loss) income of unconsolidated non-real estate entities
 
(5
)
 
20

 
62

Equity in income of unconsolidated entities
 
$
2,882

 
$
1,332

 
$
62

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 Years Ended December 31,
 
 
2017
 
2016
 
2015
Construction contract and other service revenues
 
$
102,840

 
$
48,364

 
$
106,402

Construction contract and other service expenses
 
(99,618
)
 
(45,481
)
 
(102,696
)
NOI from service operations
 
$
3,222

 
$
2,883

 
$
3,706

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 Years Ended December 31,
 
 
2017
 
2016
 
2015
NOI from real estate operations
 
$
324,204

 
$
330,739

 
$
324,580

NOI from service operations
 
3,222

 
2,883

 
3,706

Interest and other income
 
6,318

 
5,444

 
4,517

Equity in income of unconsolidated entities
 
2,882

 
1,332

 
62

Income tax expense
 
(1,098
)
 
(244
)
 
(199
)
Depreciation and other amortization associated with real estate operations
 
(134,228
)
 
(132,719
)
 
(140,025
)
Impairment losses
 
(15,123
)
 
(101,391
)
 
(23,289
)
General, administrative and leasing expenses
 
(30,837
)
 
(36,553
)
 
(31,361
)
Business development expenses and land carry costs
 
(6,213
)
 
(8,244
)
 
(13,507
)
Interest expense
 
(76,983
)
 
(83,163
)
 
(89,074
)
NOI from discontinued operations
 
—

 
—

 
(10
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
 
(5,188
)
 
(2,305
)
 
—

(Loss) gain on early extinguishment of debt
 
(513
)
 
(1,110
)
 
85,275

COPT consolidated income (loss) from continuing operations
 
$
66,443

 
$
(25,331
)
 
$
120,675

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):
 
 
As of December 31,
 
2017
 
2016
Segment assets
$
3,011,284

 
$
3,004,247

Non-operating property assets
411,041

 
418,171

Other assets
156,159

 
358,467

Total COPT consolidated assets
$
3,578,484

 
$
3,780,885