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Information by Business Segment (Tables) | 9 Months Ended
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Sep. 30, 2013
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 |  | Washington, DC - Capitol Riverfront |  | St. Mary’s & King George Counties |  | Greater Baltimore |  | Suburban Maryland |  | Colorado Springs |  | Greater Philadelphia |  | Other |  | Operating Wholesale Data Center |  | Total
Three Months Ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 57,226 |  |  | $ | 23,062 |  |  | $ | 7,898 |  |  | $ | 4,295 |  |  | $ | 4,270 |  |  | $ | 10,703 |  |  | $ | 2,332 |  |  | $ | 6,622 |  |  | $ | 3,258 |  |  | $ | 3,819 |  |  | $ | 1,076 |  |  | $ | 124,561 |
Property operating expenses | 18,780 |  |  | 7,999 |  |  | 4,061 |  |  | 1,946 |  |  | 1,299 |  |  | 4,143 |  |  | 862 |  |  | 2,371 |  |  | 924 |  |  | 654 |  |  | 1,846 |  |  | 44,885 |
NOI from real estate operations | $ | 38,446 |  |  | $ | 15,063 |  |  | $ | 3,837 |  |  | $ | 2,349 |  |  | $ | 2,971 |  |  | $ | 6,560 |  |  | $ | 1,470 |  |  | $ | 4,251 |  |  | $ | 2,334 |  |  | $ | 3,165 |  |  | $ | (770 | ) |  | $ | 79,676 |
Additions to long-lived assets | $ | 7,204 |  |  | $ | 2,459 |  |  | $ | 251 |  |  | $ | 86 |  |  | $ | 630 |  |  | $ | 1,707 |  |  | $ | 88 |  |  | $ | 1,413 |  |  | $ | 102 |  |  | $ | (84 | ) |  | $ | 86 |  |  | $ | 13,942 |
Transfers from non-operating properties | $ | 8,706 |  |  | $ | 26,355 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | (183 | ) |  | $ | 1,860 |  |  | $ | 3,414 |  |  | $ | (33 | ) |  | $ | 2,714 |  |  | $ | 42,842 |
Three Months Ended September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 55,799 |  |  | $ | 20,363 |  |  | $ | 8,125 |  |  | $ | 4,389 |  |  | $ | 4,085 |  |  | $ | 11,918 |  |  | $ | 2,371 |  |  | $ | 6,278 |  |  | $ | 2,541 |  |  | $ | 3,589 |  |  | $ | 1,806 |  |  | $ | 121,264 |
Property operating expenses | 18,534 |  |  | 7,115 |  |  | 4,272 |  |  | 1,924 |  |  | 1,241 |  |  | 4,539 |  |  | 1,041 |  |  | 2,432 |  |  | 663 |  |  | 686 |  |  | 1,252 |  |  | 43,699 |
NOI from real estate operations | $ | 37,265 |  |  | $ | 13,248 |  |  | $ | 3,853 |  |  | $ | 2,465 |  |  | $ | 2,844 |  |  | $ | 7,379 |  |  | $ | 1,330 |  |  | $ | 3,846 |  |  | $ | 1,878 |  |  | $ | 2,903 |  |  | $ | 554 |  |  | $ | 77,565 |
Additions to long-lived assets | $ | 4,454 |  |  | $ | 54,781 |  |  | $ | — |  |  | $ | 414 |  |  | $ | 355 |  |  | $ | 1,055 |  |  | $ | 36 |  |  | $ | 548 |  |  | $ | 195 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | 61,803 |
Transfers from non-operating properties | $ | 12,431 |  |  | $ | 12,979 |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | 99 |  |  | $ | (88 | ) |  | $ | 315 |  |  | $ | 1,843 |  |  | $ | 548 |  |  | $ | (5 | ) |  | $ | 28,146 |
Nine Months Ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 171,049 |  |  | $ | 68,992 |  |  | $ | 24,019 |  |  | $ | 12,716 |  |  | $ | 12,355 |  |  | $ | 32,246 |  |  | $ | 6,809 |  |  | $ | 19,874 |  |  | $ | 8,529 |  |  | $ | 10,878 |  |  | $ | 4,446 |  |  | $ | 371,913 |
Property operating expenses | 57,030 |  |  | 24,020 |  |  | 12,427 |  |  | 5,769 |  |  | 3,715 |  |  | 12,408 |  |  | 2,393 |  |  | 7,014 |  |  | 2,482 |  |  | 1,667 |  |  | 4,680 |  |  | 133,605 |
NOI from real estate operations | $ | 114,019 |  |  | $ | 44,972 |  |  | $ | 11,592 |  |  | $ | 6,947 |  |  | $ | 8,640 |  |  | $ | 19,838 |  |  | $ | 4,416 |  |  | $ | 12,860 |  |  | $ | 6,047 |  |  | $ | 9,211 |  |  | $ | (234 | ) |  | $ | 238,308 |
Additions to long-lived assets | $ | 14,029 |  |  | $ | 6,699 |  |  | $ | 268 |  |  | $ | 484 |  |  | $ | 1,634 |  |  | $ | 1,761 |  |  | $ | 143 |  |  | $ | 2,323 |  |  | $ | 387 |  |  | $ | 3,588 |  |  | $ | 262 |  |  | $ | 31,578 |
Transfers from non-operating properties | $ | 37,270 |  |  | $ | 37,209 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |  |  | $ | 113 |  |  | $ | 337 |  |  | $ | 4,540 |  |  | $ | 28,031 |  |  | $ | 20,925 |  |  | $ | 69,163 |  |  | $ | 197,600 |
Segment assets at September 30, 2013 | $ | 1,223,246 |  |  | $ | 593,335 |  |  | $ | 118,701 |  |  | $ | 99,852 |  |  | $ | 96,679 |  |  | $ | 305,947 |  |  | $ | 52,726 |  |  | $ | 159,578 |  |  | $ | 105,112 |  |  | $ | 130,598 |  |  | $ | 168,039 |  |  | $ | 3,053,813 |
Nine Months Ended September 30, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 167,726 |  |  | $ | 57,974 |  |  | $ | 23,563 |  |  | $ | 12,515 |  |  | $ | 12,436 |  |  | $ | 41,954 |  |  | $ | 12,680 |  |  | $ | 18,880 |  |  | $ | 7,171 |  |  | $ | 10,977 |  |  | $ | 4,660 |  |  | $ | 370,536 |
Property operating expenses | 56,677 |  |  | 21,270 |  |  | 11,998 |  |  | 5,485 |  |  | 3,524 |  |  | 15,911 |  |  | 5,357 |  |  | 6,754 |  |  | 1,851 |  |  | 2,088 |  |  | 3,378 |  |  | 134,293 |
NOI from real estate operations | $ | 111,049 |  |  | $ | 36,704 |  |  | $ | 11,565 |  |  | $ | 7,030 |  |  | $ | 8,912 |  |  | $ | 26,043 |  |  | $ | 7,323 |  |  | $ | 12,126 |  |  | $ | 5,320 |  |  | $ | 8,889 |  |  | $ | 1,282 |  |  | $ | 236,243 |
Additions to long-lived assets | $ | 9,393 |  |  | $ | 57,161 |  |  | $ | 259 |  |  | $ | 116 |  |  | $ | 815 |  |  | $ | 5,390 |  |  | $ | 1,219 |  |  | $ | 1,334 |  |  | $ | 285 |  |  | $ | 124 |  |  | $ | 11 |  |  | $ | 76,107 |
Transfers from non-operating properties | $ | 42,488 |  |  | $ | 12,979 |  |  | $ | 464 |  |  | $ | — |  |  | $ | 218 |  |  | $ | 493 |  |  | $ | 793 |  |  | $ | 2,611 |  |  | $ | 11,233 |  |  | $ | 394 |  |  | $ | 57,675 |  |  | $ | 129,348 |
Segment assets at September 30, 2012 | $ | 1,187,700 |  |  | $ | 535,521 |  |  | $ | 119,752 |  |  | $ | 106,090 |  |  | $ | 97,977 |  |  | $ | 283,996 |  |  | $ | 53,395 |  |  | $ | 173,918 |  |  | $ | 66,301 |  |  | $ | 111,426 |  |  | $ | 100,471 |  |  | $ | 2,836,547 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Segment revenues from real estate operations | $ | 124,561 |  |  | $ | 121,264 |  |  | $ | 371,913 |  |  | $ | 370,536 |
Construction contract and other service revenues | 16,991 |  |  | 15,283 |  |  | 52,048 |  |  | 53,812 |
Less: Revenues from discontinued operations (Note 15) | (5,521 | ) |  | (6,902 | ) |  | (16,786 | ) |  | (35,305 | )
Total revenues | $ | 136,031 |  |  | $ | 129,645 |  |  | $ | 407,175 |  |  | $ | 389,043 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Segment property operating expenses | $ | 44,885 |  |  | $ | 43,699 |  |  | $ | 133,605 |  |  | $ | 134,293 |
Less: Property operating expenses from discontinued operations (Note 15) | (1,403 | ) |  | (2,225 | ) |  | (4,196 | ) |  | (12,191 | )
Total property operating expenses | $ | 43,482 |  |  | $ | 41,474 |  |  | $ | 129,409 |  |  | $ | 122,102 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Construction contract and other service revenues | $ | 16,991 |  |  | $ | 15,283 |  |  | $ | 52,048 |  |  | $ | 53,812 |
Construction contract and other service expenses | (16,306 | ) |  | (14,410 | ) |  | (49,165 | ) |  | (51,302 | )
NOI from service operations | $ | 685 |  |  | $ | 873 |  |  | $ | 2,883 |  |  | $ | 2,510 |
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 (loss) income from continuing operations as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
NOI from real estate operations | $ | 79,676 |  |  | $ | 77,565 |  |  | $ | 238,308 |  |  | $ | 236,243 |
NOI from service operations | 685 |  |  | 873 |  |  | 2,883 |  |  | 2,510 |
Interest and other (loss) income | (3 | ) |  | 1,095 |  |  | 2,949 |  |  | 3,152 |
Equity in income (loss) of unconsolidated entities | 44 |  |  | (246 | ) |  | 211 |  |  | (522 | )
Income tax expense | (24 | ) |  | (106 | ) |  | (61 | ) |  | (327 | )
Other adjustments: | — |  |  |  |  |  | — |  |  |  |
Depreciation and other amortization associated with real estate operations | (29,210 | ) |  | (28,604 | ) |  | (86,239 | ) |  | (84,633 | )
Impairment losses | (16,300 | ) |  | (46,096 | ) |  | (16,300 | ) |  | (41,260 | )
General, administrative and leasing expenses | (8,027 | ) |  | (6,377 | ) |  | (22,430 | ) |  | (24,797 | )
Business development expenses and land carry costs | (1,383 | ) |  | (1,632 | ) |  | (4,069 | ) |  | (4,506 | )
Interest expense on continuing operations | (21,242 | ) |  | (23,239 | ) |  | (66,851 | ) |  | (71,909 | )
NOI from discontinued operations | (4,118 | ) |  | (4,677 | ) |  | (12,590 | ) |  | (23,114 | )
Loss on early extinguishment of debt | (374 | ) |  | (768 | ) |  | (27,028 | ) |  | (937 | )
(Loss) income from continuing operations | $ | (276 | ) |  | $ | (32,212 | ) |  | $ | 8,783 |  |  | $ | (10,100 | )
Schedule of reconciliation of segment assets to total assets | The following table reconciles our segment assets to COPT’s consolidated total assets (in thousands):
| September 30, 2013 |  | September 30, 2012
Segment assets | $ | 3,053,813 |  |  | $ | 2,836,547 |
Non-operating property assets | 530,389 |  |  | 616,526 |
Other assets | 171,386 |  |  | 144,583 |
Total COPT consolidated assets | $ | 3,755,588 |  |  | $ | 3,597,656 |

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