Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v2.4.0.8
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 2014
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).  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
 
Huntsville
 
Washington,
DC - Capitol
Riverfront
 
St. Mary’s & 
King George
Counties
 
Greater
Baltimore
 
Greater
Philadelphia
 
Colorado
Springs
 
Other
 
Operating
Wholesale
Data Center
 
Total
Three Months Ended June 30, 2014
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
57,456

 
$
20,898

 
$
8,758

 
$
2,404

 
$
3,831

 
$
4,202

 
$
11,024

 
$
2,366

 
$
(12
)
 
$
2,545

 
$
2,492

 
$
115,964

Property operating expenses
19,348

 
7,651

 
4,817

 
859

 
1,754

 
1,289

 
4,500

 
1,144

 
11

 
602

 
1,881

 
43,856

NOI from real estate operations
$
38,108

 
$
13,247

 
$
3,941

 
$
1,545

 
$
2,077

 
$
2,913

 
$
6,524

 
$
1,222

 
$
(23
)
 
$
1,943

 
$
611

 
$
72,108

Additions to long-lived assets
$
6,289

 
$
4,805

 
$
—

 
$
334

 
$
478

 
$
943

 
$
1,242

 
$
88

 
$
—

 
$
(93
)
 
$
10

 
$
14,096

Transfers from non-operating properties
$
20,712

 
$
683

 
$
—

 
$
223

 
$
—

 
$
—

 
$
2,953

 
$
10,198

 
$
19

 
$
—

 
$
597

 
$
35,385

Three Months Ended June 30, 2013
 

 
 

 
 

 
—

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
59,640

 
$
22,988

 
$
8,364

 
$
1,359

 
$
4,177

 
$
4,093

 
$
10,824

 
$
2,784

 
$
6,469

 
$
2,560

 
$
2,017

 
$
125,275

Property operating expenses
19,728

 
8,204

 
4,478

 
310

 
1,874

 
1,223

 
4,097

 
720

 
2,185

 
317

 
1,518

 
44,654

NOI from real estate operations
$
39,912

 
$
14,784

 
$
3,886

 
$
1,049

 
$
2,303

 
$
2,870

 
$
6,727

 
$
2,064

 
$
4,284

 
$
2,243

 
$
499

 
$
80,621

Additions to long-lived assets
$
4,120

 
$
2,696

 
$
7

 
$
3,497

 
$
241

 
$
729

 
$
(648
)
 
$
285

 
$
595

 
$
84

 
$
176

 
$
11,782

Transfers from non-operating properties
$
6,087

 
$
1,015

 
$
—

 
$
(3,283
)
 
$
—

 
$
6

 
$
(9
)
 
$
17,567

 
$
896

 
$
2

 
$
881

 
$
23,162

Six Months Ended June 30, 2014
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
118,569

 
$
45,866

 
$
17,237

 
$
4,959

 
$
7,465

 
$
8,518

 
$
22,520

 
$
5,706

 
$
6

 
$
5,121

 
$
4,893

 
$
240,860

Property operating expenses
42,945

 
16,624

 
9,291

 
1,512

 
3,519

 
2,793

 
9,976

 
2,444

 
2

 
933

 
3,569

 
93,608

NOI from real estate operations
$
75,624

 
$
29,242

 
$
7,946

 
$
3,447

 
$
3,946

 
$
5,725

 
$
12,544

 
$
3,262

 
$
4

 
$
4,188

 
$
1,324

 
$
147,252

Additions to long-lived assets
$
12,030

 
$
8,300

 
$
(6
)
 
$
2,841

 
$
541

 
$
1,782

 
$
2,254

 
$
99

 
$
—

 
$
(38
)
 
$
22

 
$
27,825

Transfers from non-operating properties
$
27,623

 
$
27,271

 
$
—

 
$
20,325

 
$
—

 
$
—

 
$
3,027

 
$
13,374

 
$
30

 
$
—

 
$
675

 
$
92,325

Segment assets at June 30, 2014
$
1,259,974

 
$
634,834

 
$
117,328

 
$
97,838

 
$
97,136

 
$
95,553

 
$
300,139

 
$
104,436

 
$
—

 
$
78,918

 
$
165,143

 
$
2,951,299

Six Months Ended June 30, 2013
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
118,300

 
$
45,930

 
$
16,121

 
$
2,099

 
$
8,421

 
$
8,085

 
$
21,543

 
$
5,271

 
$
13,151

 
$
5,061

 
$
3,370

 
$
247,352

Property operating expenses
39,781

 
16,021

 
8,366

 
492

 
3,823

 
2,416

 
8,265

 
1,558

 
4,622

 
542

 
2,834

 
88,720

NOI from real estate operations
$
78,519

 
$
29,909

 
$
7,755

 
$
1,607

 
$
4,598

 
$
5,669

 
$
13,278

 
$
3,713

 
$
8,529

 
$
4,519

 
$
536

 
$
158,632

Additions to long-lived assets
$
6,880

 
$
4,240

 
$
17

 
$
3,497

 
$
398

 
$
1,004

 
$
54

 
$
285

 
$
910

 
$
175

 
$
176

 
$
17,636

Transfers from non-operating properties
$
29,084

 
$
10,854

 
$
—

 
$
20,957

 
$
—

 
$
12

 
$
104

 
$
24,617

 
$
2,679

 
$
2

 
$
66,449

 
$
154,758

Segment assets at June 30, 2013
$
1,271,384

 
$
571,851

 
$
118,827

 
$
51,663

 
$
101,476

 
$
97,084

 
$
313,788

 
$
102,098

 
$
171,745

 
$
81,334

 
$
167,312

 
$
3,048,562

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,
 
2014
 
2013
 
2014
 
2013
Segment revenues from real estate operations
$
115,964

 
$
125,275

 
$
240,860

 
$
247,352

Construction contract and other service revenues
23,861

 
20,795

 
45,651

 
35,057

Less: Revenues from discontinued operations (Note 15)
(5
)
 
(9,543
)
 
(24
)
 
(19,663
)
Total revenues
$
139,820

 
$
136,527

 
$
286,487

 
$
262,746

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 June 30,
 
For the Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
Segment property operating expenses
$
43,856

 
$
44,654

 
$
93,608

 
$
88,720

Less: Property operating expenses from discontinued operations (Note 15)
(84
)
 
(3,321
)
 
(64
)
 
(6,999
)
Total property operating expenses
$
43,772

 
$
41,333

 
$
93,544

 
$
81,721

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,
 
2014
 
2013
 
2014
 
2013
Construction contract and other service revenues
$
23,861

 
$
20,795

 
$
45,651

 
$
35,057

Construction contract and other service expenses
(23,136
)
 
(19,382
)
 
(41,760
)
 
(32,859
)
NOI from service operations
$
725

 
$
1,413

 
$
3,891

 
$
2,198

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 June 30,
 
For the Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
NOI from real estate operations
$
72,108

 
$
80,621

 
$
147,252

 
$
158,632

NOI from service operations
725

 
1,413

 
3,891

 
2,198

Interest and other income
1,299

 
2,006

 
2,584

 
2,952

Equity in (loss) income of unconsolidated entities
(47
)
 
126

 
13

 
167

Income tax expense
(92
)
 
(21
)
 
(156
)
 
(37
)
Other adjustments:
—

 
 

 
—

 
 

Depreciation and other amortization associated with real estate operations
(30,895
)
 
(27,673
)
 
(74,491
)
 
(54,683
)
Impairment losses
(1,302
)
 
—

 
(1,302
)
 
—

General, administrative and leasing expenses
(7,528
)
 
(6,583
)
 
(15,671
)
 
(14,403
)
Business development expenses and land carry costs
(1,351
)
 
(1,327
)
 
(2,677
)
 
(2,686
)
Interest expense on continuing operations
(23,478
)
 
(21,102
)
 
(44,305
)
 
(41,392
)
NOI from discontinued operations
79

 
(6,222
)
 
40

 
(12,664
)
Loss on early extinguishment of debt
(270
)
 
(21,470
)
 
(270
)
 
(26,654
)
Income (loss) from continuing operations
$
9,248

 
$
(232
)
 
$
14,908

 
$
11,430

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,
2014
 
June 30,
2013
Segment assets
$
2,951,299

 
$
3,048,562

Non-operating property assets
535,462

 
513,752

Other assets
222,739

 
137,321

Total COPT consolidated assets
$
3,709,500

 
$
3,699,635