COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

Information by Business Segment (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of segment financial information for real estate operations

The table below reports segment financial information for our reportable segments (in thousands). We measure the performance of our segments through the measure we define as NOI from real estate operations, which is derived by subtracting property operating expenses from revenues from real estate operations.



	Operating Office Property Segments
	Baltimore/ Washington Corridor		Northern Virginia		San Antonio		Washington, DC - Capitol Riverfront			St. Mary’s & King George Counties		Greater Baltimore		Suburban Maryland		Colorado Springs		Greater Philadelphia		Other		Operating Wholesale Data Center		Total
Three Months Ended March 31, 2013
Revenues from real estate operations	$	56,436	$	22,942	$	7,757	$	4,244		$	3,992	$	10,719	$	2,224	$	6,733	$	2,487	$	3,190	$	1,353	$	122,077
Property operating expenses	19,266		7,817		3,888		1,949			1,193		4,168		787		2,448		838		396		1,316		44,066
NOI from real estate operations	$	37,170	$	15,125	$	3,869	$	2,295		$	2,799	$	6,551	$	1,437	$	4,285	$	1,649	$	2,794	$	37	$	78,011
Additions to long-lived assets	$	2,731	$	1,544	$	10	$	157		$	275	$	702	$	29	$	315	$	—	$	91	$	—	$	5,854
Transfers from non-operating properties	$	22,665	$	9,839	$	—	$	—		$	6	$	113	$	332	$	1,784	$	7,050	$	24,239	$	65,568	$	131,596
Segment assets at March 31, 2013	$	1,226,544	$	574,970	$	119,145	$	102,928		$	97,346	$	317,953	$	53,250	$	178,622	$	85,017	$	133,181	$	166,920	$	3,055,876
Three Months Ended March 31, 2012
Revenues from real estate operations	$	56,250	$	18,560	$	7,608	$	3,894		$	4,212	$	15,372	$	5,749	$	6,453	$	2,172	$	3,618	$	1,416	$	125,304
Property operating expenses	19,674		7,230		3,762		1,885			1,212		5,761		2,459		2,307		513		688		1,055		46,546
NOI from real estate operations	$	36,576	$	11,330	$	3,846	$	2,009		$	3,000	$	9,611	$	3,290	$	4,146	$	1,659	$	2,930	$	361	$	78,758
Additions to long-lived assets	$	1,864	$	1,661	$	—	$	(729	)	$	167	$	719	$	771	$	99	$	—	$	26	$	—	$	4,578
Transfers from non-operating properties	$	25,594	$	—	$	362	$	—		$	556	$	365	$	335	$	316	$	7,303	$	—	$	—	$	34,831
Segment assets at March 31, 2012	$	1,231,949	$	480,457	$	120,024	$	108,649		$	99,946	$	370,754	$	147,197	$	181,241	$	109,432	$	114,108	$	43,390	$	3,007,147

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,
	2013			2012
Segment revenues from real estate operations	$	122,077		$	125,304
Construction contract and other service revenues	14,262			21,534
Less: Revenues from discontinued operations (Note 14)	(5,342		)	(14,643		)
Total revenues	$	130,997		$	132,195

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 Three Months Ended March 31,
	2013			2012
Segment property operating expenses	$	44,066		$	46,546
Less: Property operating expenses from discontinued operations (Note 14)	(1,491		)	(5,293		)
Total property operating expenses	$	42,575		$	41,253

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,
	2013			2012
Construction contract and other service revenues	$	14,262		$	21,534
Construction contract and other service expenses	(13,477		)	(20,607		)
NOI from service operations	$	785		$	927

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 Three Months Ended March 31,
	2013			2012
NOI from real estate operations	$	78,011		$	78,758
NOI from service operations	785			927
Interest and other income	946			1,217
Equity in income (loss) of unconsolidated entities	41			(89		)
Income tax expense	(16		)	(204		)
Other adjustments:	—
Depreciation and other amortization associated with real estate operations	(28,252		)	(27,834		)
Impairment (losses) recoveries	(1,857		)	4,836
General, administrative and leasing expenses	(7,820		)	(9,569		)
Business development expenses and land carry costs	(1,359		)	(1,576		)
Interest expense on continuing operations	(22,307		)	(24,431		)
NOI from discontinued operations	(3,851		)	(9,350		)
Loss on early extinguishment of debt	(5,184		)	—
Income from continuing operations	$	9,137		$	12,685

Schedule of reconciliation of segment assets to total assets

The following table reconciles our segment assets to total assets (in thousands):



	March 31, 2013		March 31, 2012
Segment assets	$	3,055,876	$	3,007,147
Non-operating property assets	490,083		638,856
Other assets	139,140		151,365
Total assets	$	3,685,099	$	3,797,368

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details