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Information by Business Segment (Tables) | 6 Months Ended
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Jun. 30, 2014
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 |  | Colorado Springs |  | Other |  | Operating Wholesale Data Center |  | Total
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 |  |  | $ | (12 | ) |  | $ | 2,545 |  |  | $ | 2,492 |  |  | $ | 115,964 |
Property operating expenses | 19,348 |  |  | 7,651 |  |  | 4,817 |  |  | 859 |  |  | 1,754 |  |  | 1,289 |  |  | 4,500 |  |  | 1,144 |  |  | 11 |  |  | 602 |  |  | 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 |  |  | $ | (23 | ) |  | $ | 1,943 |  |  | $ | 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 |
Three Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 59,640 |  |  | $ | 22,988 |  |  | $ | 8,364 |  |  | $ | 1,359 |  |  | $ | 4,177 |  |  | $ | 4,093 |  |  | $ | 10,824 |  |  | $ | 2,784 |  |  | $ | 6,469 |  |  | $ | 2,560 |  |  | $ | 2,017 |  |  | $ | 125,275 |
Property operating expenses | 19,728 |  |  | 8,204 |  |  | 4,478 |  |  | 310 |  |  | 1,874 |  |  | 1,223 |  |  | 4,097 |  |  | 720 |  |  | 2,185 |  |  | 317 |  |  | 1,518 |  |  | 44,654 |
NOI from real estate operations | $ | 39,912 |  |  | $ | 14,784 |  |  | $ | 3,886 |  |  | $ | 1,049 |  |  | $ | 2,303 |  |  | $ | 2,870 |  |  | $ | 6,727 |  |  | $ | 2,064 |  |  | $ | 4,284 |  |  | $ | 2,243 |  |  | $ | 499 |  |  | $ | 80,621 |
Additions to long-lived assets | $ | 4,120 |  |  | $ | 2,696 |  |  | $ | 7 |  |  | $ | 3,497 |  |  | $ | 241 |  |  | $ | 729 |  |  | $ | (648 | ) |  | $ | 285 |  |  | $ | 595 |  |  | $ | 84 |  |  | $ | 176 |  |  | $ | 11,782 |
Transfers from non-operating properties | $ | 6,087 |  |  | $ | 1,015 |  |  | $ | — |  |  | $ | (3,283 | ) |  | $ | — |  |  | $ | 6 |  |  | $ | (9 | ) |  | $ | 17,567 |  |  | $ | 896 |  |  | $ | 2 |  |  | $ | 881 |  |  | $ | 23,162 |
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 |  |  | $ | 6 |  |  | $ | 5,121 |  |  | $ | 4,893 |  |  | $ | 240,860 |
Property operating expenses | 42,945 |  |  | 16,624 |  |  | 9,291 |  |  | 1,512 |  |  | 3,519 |  |  | 2,793 |  |  | 9,976 |  |  | 2,444 |  |  | 2 |  |  | 933 |  |  | 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 |  |  | $ | 4,188 |  |  | $ | 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 |
Six Months Ended June 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 118,300 |  |  | $ | 45,930 |  |  | $ | 16,121 |  |  | $ | 2,099 |  |  | $ | 8,421 |  |  | $ | 8,085 |  |  | $ | 21,543 |  |  | $ | 5,271 |  |  | $ | 13,151 |  |  | $ | 5,061 |  |  | $ | 3,370 |  |  | $ | 247,352 |
Property operating expenses | 39,781 |  |  | 16,021 |  |  | 8,366 |  |  | 492 |  |  | 3,823 |  |  | 2,416 |  |  | 8,265 |  |  | 1,558 |  |  | 4,622 |  |  | 542 |  |  | 2,834 |  |  | 88,720 |
NOI from real estate operations | $ | 78,519 |  |  | $ | 29,909 |  |  | $ | 7,755 |  |  | $ | 1,607 |  |  | $ | 4,598 |  |  | $ | 5,669 |  |  | $ | 13,278 |  |  | $ | 3,713 |  |  | $ | 8,529 |  |  | $ | 4,519 |  |  | $ | 536 |  |  | $ | 158,632 |
Additions to long-lived assets | $ | 6,880 |  |  | $ | 4,240 |  |  | $ | 17 |  |  | $ | 3,497 |  |  | $ | 398 |  |  | $ | 1,004 |  |  | $ | 54 |  |  | $ | 285 |  |  | $ | 910 |  |  | $ | 175 |  |  | $ | 176 |  |  | $ | 17,636 |
Transfers from non-operating properties | $ | 29,084 |  |  | $ | 10,854 |  |  | $ | — |  |  | $ | 20,957 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 104 |  |  | $ | 24,617 |  |  | $ | 2,679 |  |  | $ | 2 |  |  | $ | 66,449 |  |  | $ | 154,758 |
Segment assets at June 30, 2013 | $ | 1,271,384 |  |  | $ | 571,851 |  |  | $ | 118,827 |  |  | $ | 51,663 |  |  | $ | 101,476 |  |  | $ | 97,084 |  |  | $ | 313,788 |  |  | $ | 102,098 |  |  | $ | 171,745 |  |  | $ | 81,334 |  |  | $ | 167,312 |  |  | $ | 3,048,562 |
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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Segment revenues from real estate operations | $ | 115,964 |  |  | $ | 125,275 |  |  | $ | 240,860 |  |  | $ | 247,352 |
Construction contract and other service revenues | 23,861 |  |  | 20,795 |  |  | 45,651 |  |  | 35,057 |
Less: Revenues from discontinued operations (Note 15) | (5 | ) |  | (9,543 | ) |  | (24 | ) |  | (19,663 | )
Total revenues | $ | 139,820 |  |  | $ | 136,527 |  |  | $ | 286,487 |  |  | $ | 262,746 |
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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Segment property operating expenses | $ | 43,856 |  |  | $ | 44,654 |  |  | $ | 93,608 |  |  | $ | 88,720 |
Less: Property operating expenses from discontinued operations (Note 15) | (84 | ) |  | (3,321 | ) |  | (64 | ) |  | (6,999 | )
Total property operating expenses | $ | 43,772 |  |  | $ | 41,333 |  |  | $ | 93,544 |  |  | $ | 81,721 |
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,
| 2014 |  | 2013 |  | 2014 |  | 2013
Construction contract and other service revenues | $ | 23,861 |  |  | $ | 20,795 |  |  | $ | 45,651 |  |  | $ | 35,057 |
Construction contract and other service expenses | (23,136 | ) |  | (19,382 | ) |  | (41,760 | ) |  | (32,859 | )
NOI from service operations | $ | 725 |  |  | $ | 1,413 |  |  | $ | 3,891 |  |  | $ | 2,198 |
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,
| 2014 |  | 2013 |  | 2014 |  | 2013
NOI from real estate operations | $ | 72,108 |  |  | $ | 80,621 |  |  | $ | 147,252 |  |  | $ | 158,632 |
NOI from service operations | 725 |  |  | 1,413 |  |  | 3,891 |  |  | 2,198 |
Interest and other income | 1,299 |  |  | 2,006 |  |  | 2,584 |  |  | 2,952 |
Equity in (loss) income of unconsolidated entities | (47 | ) |  | 126 |  |  | 13 |  |  | 167 |
Income tax expense | (92 | ) |  | (21 | ) |  | (156 | ) |  | (37 | )
Other adjustments: | — |  |  |  |  |  | — |  |  |  |
Depreciation and other amortization associated with real estate operations | (30,895 | ) |  | (27,673 | ) |  | (74,491 | ) |  | (54,683 | )
Impairment losses | (1,302 | ) |  | — |  |  | (1,302 | ) |  | — |
General, administrative and leasing expenses | (7,528 | ) |  | (6,583 | ) |  | (15,671 | ) |  | (14,403 | )
Business development expenses and land carry costs | (1,351 | ) |  | (1,327 | ) |  | (2,677 | ) |  | (2,686 | )
Interest expense on continuing operations | (23,478 | ) |  | (21,102 | ) |  | (44,305 | ) |  | (41,392 | )
NOI from discontinued operations | 79 |  |  | (6,222 | ) |  | 40 |  |  | (12,664 | )
Loss on early extinguishment of debt | (270 | ) |  | (21,470 | ) |  | (270 | ) |  | (26,654 | )
Income (loss) from continuing operations | $ | 9,248 |  |  | $ | (232 | ) |  | $ | 14,908 |  |  | $ | 11,430 |
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, 2014 |  | June 30, 2013
Segment assets | $ | 2,951,299 |  |  | $ | 3,048,562 |
Non-operating property assets | 535,462 |  |  | 513,752 |
Other assets | 222,739 |  |  | 137,321 |
Total COPT consolidated assets | $ | 3,709,500 |  |  | $ | 3,699,635 |

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