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).
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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 |
|
|