Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.19.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
62,683

 
$
14,831

 
$
11,561

 
$
8,155

 
$
3,939

 
$
7,354

 
$
108,523

 
$
14,833

 
$
7,871

 
$
763

 
$
131,990

Property operating expenses
(22,335
)
 
(5,292
)
 
(5,959
)
 
(3,404
)
 
(1,539
)
 
(353
)
 
(38,882
)
 
(7,416
)
 
(2,838
)
 
(309
)
 
(49,445
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,219

 
1,219

 
—

 
—

 
—

 
1,219

NOI from real estate operations
$
40,348

 
$
9,539

 
$
5,602

 
$
4,751

 
$
2,400

 
$
8,220

 
$
70,860

 
$
7,417

 
$
5,033

 
$
454

 
$
83,764

Additions to long-lived assets
$
3,935

 
$
1,447

 
$
—

 
$
5,017

 
$
300

 
$
—

 
$
10,699

 
$
3,989

 
$
156

 
$
10

 
$
14,854

Transfers from non-operating properties
$
5,040

 
$
4,509

 
$
6,503

 
$
—

 
$
3,635

 
$
19,788

 
$
39,475

 
$
—

 
$
—

 
$
—

 
$
39,475

Segment assets at March 31, 2019
$
1,279,983

 
$
400,741

 
$
145,697

 
$
189,192

 
$
110,195

 
$
370,447

 
$
2,496,255

 
$
394,001

 
$
213,993

 
$
3,904

 
$
3,108,153

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

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,
 
2019
 
2018
Segment revenues from real estate operations
$
131,990

 
$
128,278

Construction contract and other service revenues
16,950

 
27,198

Total revenues
$
148,940

 
$
155,476

Reconciliation of UJV NOI allocable to COPT 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,
 
2019
 
2018
UJV NOI allocable to COPT
$
1,219

 
$
1,199

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(827
)
 
(824
)
Add: Equity in loss of unconsolidated non-real estate entities
(1
)
 
(2
)
Equity in income of unconsolidated entities
$
391

 
$
373

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,
 
2019
 
2018
Construction contract and other service revenues
$
16,950

 
$
27,198

Construction contract and other service expenses
(16,326
)
 
(26,216
)
NOI from service operations
$
624

 
$
982

Schedule of reconciliation of net operating income from real estate operations and service operations to net income
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):
 
For the Three Months Ended March 31,
 
2019
 
2018
NOI from real estate operations
$
83,764

 
$
78,526

NOI from service operations
624

 
982

Interest and other income
2,286

 
1,359

Gain on sales of real estate
—

 
(4
)
Equity in income of unconsolidated entities
391

 
373

Income tax expense
(194
)
 
(55
)
Depreciation and other amortization associated with real estate operations
(34,796
)
 
(33,512
)
General, administrative and leasing expenses
(8,751
)
 
(7,292
)
Business development expenses and land carry costs
(1,113
)
 
(1,614
)
Interest expense
(18,674
)
 
(18,784
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,219
)
 
(1,199
)
Net income
$
22,318

 
$
18,780

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,
2019
 
March 31,
2018
Segment assets
$
3,108,153

 
$
3,025,966

Operating properties lease liabilities included in segment assets
16,342

 
—

Non-operating property assets
485,911

 
425,951

Other assets
165,453

 
144,321

Total COPT consolidated assets
$
3,775,859

 
$
3,596,238