Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.20.1
Information by Business Segment (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020
 

 
 

 
 

 
 
 
 

 
 

 
 
 
 

 
 

 
 

 
 

Revenues from real estate operations
$
64,438

 
$
13,678

 
$
12,076

 
$
8,341

 
$
4,676

 
$
5,577

 
$
108,786

 
$
15,460

 
$
7,172

 
$
698

 
$
132,116

Property operating expenses
(21,222
)
 
(5,185
)
 
(6,795
)
 
(3,285
)
 
(1,847
)
 
(657
)
 
(38,991
)
 
(7,537
)
 
(3,233
)
 
(238
)
 
(49,999
)
UJV NOI allocable to COPT
—

 
—

 
—

 
—

 
—

 
1,713

 
1,713

 
—

 
—

 
—

 
1,713

NOI from real estate operations
$
43,216

 
$
8,493

 
$
5,281

 
$
5,056

 
$
2,829

 
$
6,633

 
$
71,508

 
$
7,923

 
$
3,939

 
$
460

 
$
83,830

Additions to long-lived assets
$
7,675

 
$
2,691

 
$
—

 
$
1,758

 
$
170

 
$
—

 
$
12,294

 
$
3,357

 
$
878

 
$
65

 
$
16,594

Transfers from non-operating properties
$
538

 
$
256

 
$
15

 
$
—

 
$
1,136

 
$
56,232

 
$
58,177

 
$
—

 
$
—

 
$
—

 
$
58,177

Segment assets at March 31, 2020
$
1,275,601

 
$
395,108

 
$
145,363

 
$
183,054

 
$
138,797

 
$
334,102

 
$
2,472,025

 
$
390,352

 
$
200,891

 
$
3,677

 
$
3,066,945

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


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,
 
2020
 
2019
Segment revenues from real estate operations
$
132,116

 
$
131,990

Construction contract and other service revenues
13,681

 
16,950

Total revenues
$
145,797

 
$
148,940


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,
 
2020
 
2019
UJV NOI allocable to COPT
$
1,713

 
$
1,219

Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
(1,270
)
 
(827
)
Add: Equity in loss of unconsolidated non-real estate entities
(2
)
 
(1
)
Equity in income of unconsolidated entities
$
441

 
$
391


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,
 
2020
 
2019
Construction contract and other service revenues
$
13,681

 
$
16,950

Construction contract and other service expenses
(13,121
)
 
(16,326
)
NOI from service operations
$
560

 
$
624



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,
 
2020
 
2019
NOI from real estate operations
$
83,830

 
$
83,764

NOI from service operations
560

 
624

Interest and other income
1,205

 
2,286

Credit loss expense
(689
)
 
—

Gain on sales of real estate
5

 
—

Equity in income of unconsolidated entities
441

 
391

Income tax expense
(49
)
 
(194
)
Depreciation and other amortization associated with real estate operations
(32,596
)
 
(34,796
)
General, administrative and leasing expenses
(7,486
)
 
(8,751
)
Business development expenses and land carry costs
(1,118
)
 
(1,113
)
Interest expense
(16,840
)
 
(18,674
)
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities
(1,713
)
 
(1,219
)
Net income
$
25,550

 
$
22,318


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,
2020
 
March 31,
2019
Segment assets
$
3,066,945

 
$
3,108,153

Operating properties lease liabilities included in segment assets
17,365

 
16,342

Non-operating property assets
658,978

 
485,911

Other assets
311,169

 
165,453

Total COPT consolidated assets
$
4,054,457

 
$
3,775,859