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, 2015

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		Other		Operating Wholesale Data Center		Total
Three Months Ended March 31, 2015
Revenues from real estate operations	$	61,792	$	21,749	$	9,171		$	2,446	$	3,364	$	3,901	$	11,485	$	3,224	$	2,543	$	3,035	$	122,710
Property operating expenses	23,583		9,121		4,975			829		1,814		1,584		4,997		1,375		196		2,212		50,686
NOI from real estate operations	$	38,209	$	12,628	$	4,196		$	1,617	$	1,550	$	2,317	$	6,488	$	1,849	$	2,347	$	823	$	72,024
Additions to long-lived assets	$	3,445	$	2,821	$	21		$	83	$	393	$	1,200	$	63,604	$	294	$	80	$	30	$	71,971
Transfers from non-operating properties	$	12,930	$	58,571	$	31,091		$	2,997	$	—	$	—	$	—	$	11,498	$	8	$	177	$	117,272
Segment assets at March 31, 2015	$	1,280,742	$	696,276	$	147,078		$	99,335	$	94,400	$	100,849	$	334,271	$	117,919	$	77,340	$	162,170	$	3,110,380
Three Months Ended March 31, 2014
Revenues from real estate operations	$	61,113	$	24,968	$	8,479		$	2,555	$	3,634	$	4,316	$	11,496	$	3,340	$	2,594	$	2,401	$	124,896
Property operating expenses	23,597		8,973		4,474			653		1,765		1,504		5,476		1,300		322		1,688		49,752
NOI from real estate operations	$	37,516	$	15,995	$	4,005		$	1,902	$	1,869	$	2,812	$	6,020	$	2,040	$	2,272	$	713	$	75,144
Additions to long-lived assets	$	5,741	$	3,495	$	(6	)	$	2,507	$	63	$	839	$	1,012	$	11	$	55	$	12	$	13,729
Transfers from non-operating properties	$	6,911	$	26,588	$	—		$	20,102	$	—	$	—	$	74	$	3,176	$	11	$	78	$	56,940
Segment assets at March 31, 2014	$	1,244,876	$	636,895	$	117,812		$	99,378	$	97,843	$	95,645	$	300,619	$	94,428	$	79,542	$	165,711	$	2,932,749

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,
	2015		2014
Segment revenues from real estate operations	$	122,710	$	124,896
Construction contract and other service revenues	38,324		21,790
Less: Revenues from discontinued operations	—		(19		)
Total revenues	$	161,034	$	146,667

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,
	2015			2014
Segment property operating expenses	$	50,686		$	49,752
Less: Property operating expenses from discontinued operations	(5		)	20
Total property operating expenses	$	50,681		$	49,772

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,
	2015			2014
Construction contract and other service revenues	$	38,324		$	21,790
Construction contract and other service expenses	(37,498		)	(18,624		)
NOI from service operations	$	826		$	3,166

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,
	2015			2014
NOI from real estate operations	$	72,024		$	75,144
NOI from service operations	826			3,166
Interest and other income	1,283			1,285
Equity in income of unconsolidated entities	25			60
Income tax expense	(55		)	(64		)
Other adjustments:	—
Depreciation and other amortization associated with real estate operations	(31,599		)	(43,596		)
General, administrative and leasing expenses	(7,891		)	(8,143		)
Business development expenses and land carry costs	(2,790		)	(1,326		)
Interest expense on continuing operations	(20,838		)	(20,827		)
NOI from discontinued operations	5			(39		)
Loss on early extinguishment of debt	(3		)	—
Income from continuing operations	$	10,987		$	5,660

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, 2015		March 31, 2014
Segment assets	$	3,110,380	$	2,932,749
Non-operating property assets	496,930		503,030
Other assets	169,845		170,118
Total COPT consolidated assets	$	3,777,155	$	3,605,897

- 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