Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.8.0.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2018
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
 
Wholesale
Data Center
 
Other
 
Total
Three Months Ended March 31, 2018
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
62,782

 
$
12,561

 
$
11,443

 
$
7,870

 
$
3,633

 
$
5,831

 
$
104,120

 
$
15,284

 
$
8,077

 
$
797

 
$
128,278

Property operating expenses
(21,604
)
 
(4,723
)
 
(6,598
)
 
(3,304
)
 
(1,440
)
 
(794
)
 
(38,463
)
 
(7,878
)
 
(4,258
)
 
(352
)
 
(50,951
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,199

 
1,199

 
—

 
—

 
—

 
1,199

NOI from real estate operations
$
41,178

 
$
7,838

 
$
4,845

 
$
4,566

 
$
2,193

 
$
6,236

 
$
66,856

 
$
7,406

 
$
3,819

 
$
445

 
$
78,526

Additions to long-lived assets
$
7,121

 
$
1,940

 
$
—

 
$
1,108

 
$
79

 
$
—

 
$
10,248

 
$
3,884

 
$
36

 
$
127

 
$
14,295

Transfers from non-operating properties
$
17,186

 
$
341

 
$
—

 
$
(3
)
 
$
444

 
$
1,114

 
$
19,082

 
$
—

 
$
1,012

 
$
—

 
$
20,094

Segment assets at March 31, 2018
$
1,273,359

 
$
399,202

 
$
127,855

 
$
192,116

 
$
107,096

 
$
302,120

 
$
2,401,748

 
$
397,355

 
$
222,738

 
$
4,125

 
$
3,025,966

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
—

 
—

 
—

 
—

 
—

 
1,202

 
1,202

 
—

 
—

 
—

 
1,202

NOI from real estate operations
$
40,335

 
$
7,255

 
$
4,832

 
$
3,801

 
$
2,089

 
$
6,065

 
$
64,377

 
$
10,790

 
$
3,405

 
$
878

 
$
79,450

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

 
$
224,254

 
$
2,280,397

 
$
439,079

 
$
229,630

 
$
21,011

 
$
2,970,117

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 March 31,
 
2018
 
2017
Segment revenues from real estate operations
$
128,278

 
$
126,767

Construction contract and other service revenues
27,198

 
13,034

Total revenues
$
155,476

 
$
139,801

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,
 
2018
 
2017
UJV NOI allocable to COPT
$
1,199

 
$
1,202

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(824
)
 
(824
)
Add: Equity in loss of unconsolidated non-real estate entities
(2
)
 
(1
)
Equity in income of unconsolidated entities
$
373

 
$
377

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,
 
2018
 
2017
Construction contract and other service revenues
$
27,198

 
$
13,034

Construction contract and other service expenses
(26,216
)
 
(12,486
)
NOI from service operations
$
982

 
$
548

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 before gain on sales of real estate as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended March 31,
 
2018
 
2017
NOI from real estate operations
$
78,526

 
$
79,450

NOI from service operations
982

 
548

Interest and other income
1,359

 
1,726

Equity in income of unconsolidated entities
373

 
377

Income tax expense
(55
)
 
(40
)
Depreciation and other amortization associated with real estate operations
(33,512
)
 
(33,059
)
General, administrative and leasing expenses
(7,292
)
 
(8,611
)
Business development expenses and land carry costs
(1,614
)
 
(1,693
)
Interest expense
(18,784
)
 
(18,994
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,199
)
 
(1,202
)
Income before gain on sales of real estate
$
18,784

 
$
18,502

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,
2018
 
March 31,
2017
Segment assets
$
3,025,966

 
$
2,970,117

Non-operating property assets
425,951

 
429,690

Other assets
144,321

 
357,324

Total COPT consolidated assets
$
3,596,238

 
$
3,757,131