Quarterly report pursuant to Section 13 or 15(d)

Properties, Net (Tables)

v3.3.0.814
Properties, Net (Tables)
9 Months Ended
Sep. 30, 2015
Real Estate [Abstract]  
Schedule of operating properties, net
Operating properties, net consisted of the following (in thousands): 
 
September 30,
2015
 
December 31,
2014
Land
$
466,701

 
$
439,355

Buildings and improvements
3,141,889

 
3,015,216

Less: Accumulated depreciation
(675,747
)
 
(703,083
)
Operating properties, net
$
2,932,843

 
$
2,751,488

Schedule of projects in development or held for future development
Projects in development or held for future development consisted of the following (in thousands):
 
September 30,
2015
 
December 31,
2014
Land
$
207,748

 
$
214,977

Development in progress, excluding land
207,009

 
330,449

Projects in development or held for future development
$
414,757

 
$
545,426

Components of assets held for sale
The table below sets forth the components of assets held for sale on our consolidated balance sheet for these properties (in thousands):
 
 
September 30, 2015
Properties, net
$
142,817

Deferred rent receivable
3,998

Intangible assets on real estate acquisitions, net
799

Deferred leasing costs, net
2,053

Lease incentives, net
905

Assets held for sale, net
$
150,572

Schedule of allocation of acquisition costs
The table below sets forth the allocation of the aggregate acquisition costs of these properties (in thousands):
Land, operating properties
 
$
55,076

Building and improvements
 
139,520

Intangible assets on real estate acquisitions
 
75,846

Total assets
 
270,442

Below-market leases
 
(6,820
)
Total acquisition cost
 
$
263,622

Schedule of intangible assets recorded in connection with acquisition
Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
 
 
 
 Weighted Average Amortization Period (in Years)
Tenant relationship value
$
31,208

 
12
In-place lease value
35,231

 
7
Above-market leases
6,720

 
4
Below-market cost arrangements
2,687

 
40
 
$
75,846

 
10
Pro Forma Results
The pro forma financial information was prepared for comparative purposes only and is not necessarily indicative of what would have occurred had these acquisitions been made at that time or of results which may occur in the future (in thousands, except per shares amounts).
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
 
2015
 
2014
 
2015
 
2014
 
(Unaudited)
 
(Unaudited)
Pro forma total revenues
$
152,736

 
$
162,085

 
$
498,657

 
$
467,224

Pro forma net income attributable to COPT common shareholders
$
88,836

 
$
19,683

 
$
112,941

 
$
19,266

Pro forma EPS:
 
 
 
 
 
 
 
Basic
$
0.94

 
$
0.22

 
$
1.20

 
$
0.22

Diluted
$
0.94

 
$
0.22

 
$
1.20

 
$
0.22