COPT Defense Properties Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Information by Business Segment (Tables)

Information by Business Segment (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of segment financial information for real estate operations

	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		Wholesale Data Center			Other		Total

Year Ended December 31, 2011
Revenues from real estate operations	$	218,051	$	74,214	$	30,066	$	17,878	$	14,366	$	70,668	$	21,982	$	23,860	$	7,458	$	5,054		$	12,235	$	495,832
Property operating expenses		81,859		29,644		14,864		6,888		4,320		30,597		9,517		9,822		1,814		3,489			3,202		196,016

NOI from real estate operations	$	136,192	$	44,570	$	15,202	$	10,990	$	10,046	$	40,071	$	12,465	$	14,038	$	5,644	$	1,565		$	9,033	$	299,816

Additions to properties, net	$	79,580	$	54,565	$	6,040	$	2,156	$	12,293	$	28,703	$	12,365	$	4,108	$	17,250	$	67,909		$	45,997	$	330,966

Segment assets at December 31, 2011	$	1,401,082	$	583,695	$	161,419	$	108,366	$	105,599	$	506,415	$	173,749	$	208,316	$	138,623	$	196,881		$	283,379	$	3,867,524

Year Ended December 31, 2010
Revenues from real estate operations	$	207,456	$	75,063	$	21,673	$	4,678	$	13,967	$	71,850	$	21,759	$	24,897	$	6,299	$	1,062		$	13,024	$	461,728
Property operating expenses		77,340		28,115		10,447		1,758		4,340		31,491		9,657		9,137		2,274		1,202			4,002		179,763

NOI from real estate operations	$	130,116	$	46,948	$	11,226	$	2,920	$	9,627	$	40,359	$	12,102	$	15,760	$	4,025	$	(140	)	$	9,022	$	281,965

Additions to properties, net	$	90,054	$	108,438	$	19,064	$	92,811	$	7,090	$	38,586	$	4,434	$	3,499	$	20,714	$	125,636		$	15,084	$	525,410

Segment assets at December 31, 2010	$	1,392,524	$	545,560	$	154,787	$	120,492	$	99,412	$	585,001	$	176,776	$	265,119	$	122,734	$	129,815		$	252,297	$	3,844,517

Year Ended December 31, 2009
Revenues from real estate operations	$	197,610	$	79,132	$	13,566	$	—	$	13,960	$	58,275	$	19,620	$	23,125	$	7,983	$	—		$	13,584	$	426,855
Property operating expenses		72,902		30,111		4,479		—		3,491		25,560		8,393		7,391		1,271		—			3,808		157,406

NOI from real estate operations	$	124,708	$	49,021	$	9,087	$	—	$	10,469	$	32,715	$	11,227	$	15,734	$	6,712	$	—		$	9,776	$	269,449

Additions to properties, net	$	98,437	$	7,673	$	38,353	$	—	$	2,200	$	124,637	$	24,022	$	22,593	$	9,126	$	—		$	3,960	$	331,001

Segment assets at December 31, 2009	$	1,332,579	$	451,965	$	134,986	$	—	$	94,732	$	569,590	$	179,453	$	270,358	$	105,372	$	—		$	240,987	$	3,380,022

Schedule of reconciliation of segment revenues to total revenues

	For the Years Ended December 31,

	2011			2010			2009
Segment revenues from real estate operations	$	495,832		$	461,728		$	426,855
Construction contract and other service revenues		84,345			104,675			343,087
Less: Revenues from discontinued operations (Note 18)		(23,336	)		(28,805	)		(32,314	)

Total revenues	$	556,841		$	537,598		$	737,628

Schedule of reconciliation of segment property operating expenses to total property operating expenses

	For the Years Ended December 31,

	2011			2010			2009
Segment property operating expenses	$	196,016		$	179,763		$	157,406
Less: Property operating expenses from discontinued operations (Note 18)		(9,183	)		(10,438	)		(11,433	)

Total property operating expenses	$	186,833		$	169,325		$	145,973

Schedule of computation of net operating income from service operations

	For the Years Ended December 31,

	2011			2010			2009
Construction contract and other service revenues	$	84,345		$	104,675		$	343,087
Construction contract and other service expenses		(81,639	)		(102,302	)		(336,519	)

NOI from service operations	$	2,706		$	2,373		$	6,568

Schedule of reconciliation of net operating income from real estate operations and service operations to (loss) income from continuing operations

	For the Years Ended December 31,

	2011			2010			2009
NOI from real estate operations	$	299,816		$	281,965		$	269,449
NOI from service operations		2,706			2,373			6,568
Interest and other income		5,603			9,568			5,164
Equity in (loss) income of unconsolidated entities		(331	)		1,376			(941	)
Income tax benefit (expense)		10,679			(108	)		(196	)
Other adjustments:
Depreciation and amortization associated with real estate operations		(127,444	)		(113,234	)		(97,869	)
Impairment losses		(127,765	)		—			—
General and administrative expenses		(25,843	)		(24,008	)		(23,240	)
Business development expenses		(3,195	)		(4,197	)		(3,699	)
Interest expense on continuing operations		(101,281	)		(98,748	)		(79,789	)
NOI from discontinued operations		(14,153	)		(18,367	)		(20,881	)
Loss on interest rate derivatives		(29,805	)		—			—
Loss on early extinguishment of debt		(1,683	)		—			—

(Loss) income from continuing operations	$	(112,696	)	$	36,620		$	54,566

- 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