Quarterly report pursuant to Section 13 or 15(d)

Information by Business Segment (Tables)

v3.2.0.727
Information by Business Segment (Tables)
 6 Months Ended
Jun. 30, 2015
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
 
Other
 
Operating
Wholesale
Data Center
 
Total
Three Months June 30, 2015
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
60,611

 
$
24,393

 
$
10,204

 
$
2,658

 
$
3,391

 
$
3,795

 
$
12,889

 
$
3,886

 
$
2,548

 
$
3,820

 
$
128,195

Property operating expenses
19,539

 
8,687

 
5,615

 
888

 
2,061

 
1,329

 
4,909

 
941

 
217

 
2,221

 
46,407

NOI from real estate operations
$
41,072

 
$
15,706

 
$
4,589

 
$
1,770

 
$
1,330

 
$
2,466

 
$
7,980

 
$
2,945

 
$
2,331

 
$
1,599

 
$
81,788

Additions to long-lived assets
$
5,141

 
$
84,582

 
$
—

 
$
208

 
$
806

 
$
963

 
$
2,476

 
$
284

 
$
177

 
$
78

 
$
94,715

Transfers from non-operating properties
$
6,098

 
$
8,646

 
$
468

 
$
8,980

 
$
—

 
$
—

 
$
12

 
$
5,218

 
$
—

 
$
15,202

 
$
44,624

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

 
$
2,533

 
$
2,492

 
$
115,964

Property operating expenses
19,348

 
7,651

 
4,817

 
859

 
1,754

 
1,289

 
4,500

 
1,144

 
613

 
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

 
$
1,920

 
$
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

Six Months Ended June 30, 2015
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Revenues from real estate operations
$
122,403

 
$
46,142

 
$
19,375

 
$
5,104

 
$
6,755

 
$
7,696

 
$
24,374

 
$
7,110

 
$
5,091

 
$
6,855

 
$
250,905

Property operating expenses
43,122

 
17,808

 
10,590

 
1,717

 
3,875

 
2,913

 
9,906

 
2,316

 
413

 
4,433

 
97,093

NOI from real estate operations
$
79,281

 
$
28,334

 
$
8,785

 
$
3,387

 
$
2,880

 
$
4,783

 
$
14,468

 
$
4,794

 
$
4,678

 
$
2,422

 
$
153,812

Additions to long-lived assets
$
8,586

 
$
87,403

 
$
21

 
$
291

 
$
1,199

 
$
2,163

 
$
66,080

 
$
578

 
$
257

 
$
108

 
$
166,686

Transfers from non-operating properties
$
19,028

 
$
67,217

 
$
31,559

 
$
11,977

 
$
—

 
$
—

 
$
12

 
$
16,716

 
$
8

 
$
15,379

 
$
161,896

Segment assets at June 30, 2015
$
1,279,531

 
$
780,250

 
$
147,844

 
$
107,677

 
$
94,099

 
$
100,665

 
$
332,973

 
$
123,112

 
$
76,943

 
$
175,563

 
$
3,218,657

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

 
$
5,127

 
$
4,893

 
$
240,860

Property operating expenses
42,945

 
16,624

 
9,291

 
1,512

 
3,519

 
2,793

 
9,976

 
2,444

 
935

 
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

 
$
4,192

 
$
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

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,
 
2015
 
2014
 
2015
 
2014
Segment revenues from real estate operations
$
128,195

 
$
115,964

 
$
250,905

 
$
240,860

Construction contract and other service revenues
42,172

 
23,861

 
80,496

 
45,651

Less: Revenues from discontinued operations
(4
)
 
(5
)
 
(4
)
 
(24
)
Total revenues
$
170,363

 
$
139,820

 
$
331,397

 
$
286,487

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,
 
2015
 
2014
 
2015
 
2014
Segment property operating expenses
$
46,407

 
$
43,856

 
$
97,093

 
$
93,608

Less: Property operating expenses from discontinued operations
11

 
(84
)
 
6

 
(64
)
Total property operating expenses
$
46,418

 
$
43,772

 
$
97,099

 
$
93,544

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,
 
2015
 
2014
 
2015
 
2014
Construction contract and other service revenues
$
42,172

 
$
23,861

 
$
80,496

 
$
45,651

Construction contract and other service expenses
(41,293
)
 
(23,136
)
 
(78,791
)
 
(41,760
)
NOI from service operations
$
879

 
$
725

 
$
1,705

 
$
3,891

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,
 
2015
 
2014
 
2015
 
2014
NOI from real estate operations
$
81,788

 
$
72,108

 
$
153,812

 
$
147,252

NOI from service operations
879

 
725

 
1,705

 
3,891

Interest and other income
1,242

 
1,299

 
2,525

 
2,584

Equity in income (loss) of unconsolidated entities
9

 
(47
)
 
34

 
13

Income tax expense
(50
)
 
(92
)
 
(105
)
 
(156
)
Other adjustments:
—

 
 

 
—

 
 

Depreciation and other amortization associated with real estate operations
(33,786
)
 
(30,895
)
 
(65,385
)
 
(74,491
)
Impairment losses
(1,238
)
 
(1,302
)
 
(1,238
)
 
(1,302
)
General, administrative and leasing expenses
(7,534
)
 
(7,528
)
 
(15,425
)
 
(15,671
)
Business development expenses and land carry costs
(2,623
)
 
(1,351
)
 
(5,413
)
 
(2,677
)
Interest expense
(21,768
)
 
(23,478
)
 
(42,606
)
 
(44,305
)
Less: NOI from discontinued operations
(15
)
 
79

 
(10
)
 
40

Loss on early extinguishment of debt
(65
)
 
(270
)
 
(68
)
 
(270
)
Income from continuing operations
$
16,839

 
$
9,248

 
$
27,826

 
$
14,908

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,
2015
 
June 30,
2014
Segment assets
$
3,218,657

 
$
2,951,299

Non-operating property assets
527,742

 
535,462

Other assets
164,522

 
222,739

Total COPT consolidated assets
$
3,910,921

 
$
3,709,500