Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.10.0.1
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2018
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
61,993

 
$
13,118

 
$
12,382

 
$
8,127

 
$
3,652

 
$
5,955

 
$
105,227

 
$
15,296

 
$
8,105

 
$
534

 
$
129,162

Property operating expenses
(20,099
)
 
(4,909
)
 
(7,494
)
 
(3,431
)
 
(1,509
)
 
(799
)
 
(38,241
)
 
(7,169
)
 
(4,150
)
 
114

 
(49,446
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,202

 
1,202

 
—

 
—

 
—

 
1,202

NOI from real estate operations
$
41,894

 
$
8,209

 
$
4,888

 
$
4,696

 
$
2,143

 
$
6,358

 
$
68,188

 
$
8,127

 
$
3,955

 
$
648

 
$
80,918

Additions to long-lived assets
$
8,151

 
$
1,186

 
$
—

 
$
1,450

 
$
351

 
$
—

 
$
11,138

 
$
5,361

 
$
81

 
$
188

 
$
16,768

Transfers from non-operating properties
$
3,035

 
$
352

 
$
—

 
$
3

 
$
26

 
$
29,675

 
$
33,091

 
$
—

 
$
1,133

 
$
—

 
$
34,224

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
—

 
—

 
—

 
—

 
—

 
1,198

 
1,198

 
—

 
—

 
—

 
1,198

NOI from real estate operations
$
41,155

 
$
6,876

 
$
4,899

 
$
4,424

 
$
2,133

 
$
6,421

 
$
65,908

 
$
10,380

 
$
3,532

 
$
1,047

 
$
80,867

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

Six Months Ended June 30, 2018
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
124,775

 
$
25,679

 
$
23,825

 
$
15,997

 
$
7,285

 
$
11,786

 
$
209,347

 
$
30,580

 
$
16,182

 
$
1,331

 
$
257,440

Property operating expenses
(41,703
)
 
(9,632
)
 
(14,092
)
 
(6,735
)
 
(2,949
)
 
(1,593
)
 
(76,704
)
 
(15,047
)
 
(8,408
)
 
(238
)
 
(100,397
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
2,401

 
2,401

 
—

 
—

 
—

 
2,401

NOI from real estate operations
$
83,072

 
$
16,047

 
$
9,733

 
$
9,262

 
$
4,336

 
$
12,594

 
$
135,044

 
$
15,533

 
$
7,774

 
$
1,093

 
$
159,444

Additions to long-lived assets
$
15,272

 
$
3,126

 
$
—

 
$
2,558

 
$
430

 
$
—

 
$
21,386

 
$
9,245

 
$
117

 
$
315

 
$
31,063

Transfers from non-operating properties
$
20,221

 
$
693

 
$
—

 
$
—

 
$
470

 
$
30,789

 
$
52,173

 
$
—

 
$
2,145

 
$
—

 
$
54,318

Segment assets at June 30, 2018
$
1,269,525

 
$
396,139

 
$
126,956

 
$
190,537

 
$
106,374

 
$
330,622

 
$
2,420,153

 
$
396,847

 
$
221,239

 
$
4,213

 
$
3,042,452

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
—

 
—

 
—

 
—

 
—

 
2,400

 
2,400

 
—

 
—

 
—

 
2,400

NOI from real estate operations
$
81,490

 
$
14,131

 
$
9,731

 
$
8,225

 
$
4,222

 
$
12,486

 
$
130,285

 
$
21,170

 
$
6,937

 
$
1,925

 
$
160,317

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

 
$
247,974

 
$
2,309,105

 
$
435,399

 
$
229,224

 
$
19,350

 
$
2,993,078

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,
 
2018
 
2017
 
2018
 
2017
Segment revenues from real estate operations
$
129,162

 
$
128,297

 
$
257,440

 
$
255,064

Construction contract and other service revenues
17,581

 
23,138

 
44,779

 
36,172

Total revenues
$
146,743

 
$
151,435

 
$
302,219

 
$
291,236

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,
 
2018
 
2017
 
2018
 
2017
UJV NOI allocable to COPT
$
1,202

 
$
1,198

 
$
2,401

 
$
2,400

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(828
)
 
(827
)
 
(1,652
)
 
(1,651
)
Add: Equity in loss of unconsolidated non-real estate entities
(1
)
 
(1
)
 
(3
)
 
(2
)
Equity in income of unconsolidated entities
$
373

 
$
370

 
$
746

 
$
747

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,
 
2018
 
2017
 
2018
 
2017
Construction contract and other service revenues
$
17,581

 
$
23,138

 
$
44,779

 
$
36,172

Construction contract and other service expenses
(16,941
)
 
(22,315
)
 
(43,157
)
 
(34,801
)
NOI from service operations
$
640

 
$
823

 
$
1,622

 
$
1,371

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 June 30,
 
For the Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
NOI from real estate operations
$
80,918

 
$
80,867

 
$
159,444

 
$
160,317

NOI from service operations
640

 
823

 
1,622

 
1,371

Interest and other income
1,439

 
1,583

 
2,798

 
3,309

Equity in income of unconsolidated entities
373

 
370

 
746

 
747

Income tax expense
(63
)
 
(48
)
 
(118
)
 
(88
)
Depreciation and other amortization associated with real estate operations
(33,190
)
 
(32,793
)
 
(66,702
)
 
(65,852
)
Impairment losses
—

 
(1,625
)
 
—

 
(1,625
)
General, administrative and leasing expenses
(7,628
)
 
(7,859
)
 
(14,920
)
 
(16,470
)
Business development expenses and land carry costs
(1,234
)
 
(1,597
)
 
(2,848
)
 
(3,290
)
Interest expense
(18,945
)
 
(19,163
)
 
(37,729
)
 
(38,157
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,202
)
 
(1,198
)
 
(2,401
)
 
(2,400
)
Loss on early extinguishment of debt
—

 
(513
)
 
—

 
(513
)
Income before gain on sales of real estate
$
21,108

 
$
18,847

 
$
39,892

 
$
37,349

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,
2018
 
June 30,
2017
Segment assets
$
3,042,452

 
$
2,993,078

Non-operating property assets
431,661

 
452,824

Other assets
138,249

 
146,402

Total COPT consolidated assets
$
3,612,362

 
$
3,592,304