XML 27 R36.htm IDEA: XBRL DOCUMENT
v3.19.3

Information by Business Segment (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
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):
| Operating Property Segments |  |  |  |  |  |
| Defense/Information Technology Locations |  |  |  |  |  |  |  |
| Fort Meade/BW Corridor |  | Northern Virginia Defense/IT |  | Lackland Air Force Base |  | Navy Support Locations |  | Redstone Arsenal |  | Data Center Shells |  | Total Defense/IT Locations |  | Regional Office |  | Wholesale Data Center |  | Other |  | Total
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 63,436 |  |  | $ | 13,551 |  |  | $ | 12,703 |  |  | $ | 8,183 |  |  | $ | 4,171 |  |  | $ | 5,913 |  |  | $ | 107,957 |  |  | $ | 15,508 |  |  | $ | 6,565 |  |  | $ | 704 |  |  | $ | 130,734 |
Property operating expenses | (20,743 | ) |  | (4,965 | ) |  | (7,149 | ) |  | (3,581 | ) |  | (1,717 | ) |  | (518 | ) |  | (38,673 | ) |  | (7,343 | ) |  | (3,374 | ) |  | (324 | ) |  | (49,714 | )
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,601 |  |  | 1,601 |  |  | — |  |  | — |  |  | — |  |  | 1,601 |
NOI from real estate operations | $ | 42,693 |  |  | $ | 8,586 |  |  | $ | 5,554 |  |  | $ | 4,602 |  |  | $ | 2,454 |  |  | $ | 6,996 |  |  | $ | 70,885 |  |  | $ | 8,165 |  |  | $ | 3,191 |  |  | $ | 380 |  |  | $ | 82,621 |
Additions to long-lived assets | $ | 10,770 |  |  | $ | 2,922 |  |  | $ | — |  |  | $ | 2,003 |  |  | $ | 446 |  |  | $ | — |  |  | $ | 16,141 |  |  | $ | 6,339 |  |  | $ | 61 |  |  | $ | 19 |  |  | $ | 22,560 |
Transfers from non-operating properties | $ | 1,381 |  |  | $ | 118 |  |  | $ | 2,120 |  |  | $ | — |  |  | $ | 4,152 |  |  | $ | 9,483 |  |  | $ | 17,254 |  |  | $ | — |  |  | $ | (1,012 | ) |  | $ | — |  |  | $ | 16,242 |
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 61,396 |  |  | $ | 13,960 |  |  | $ | 11,254 |  |  | $ | 7,899 |  |  | $ | 3,734 |  |  | $ | 6,689 |  |  | $ | 104,932 |  |  | $ | 15,272 |  |  | $ | 7,781 |  |  | $ | 1,003 |  |  | $ | 128,988 |
Property operating expenses | (19,847 | ) |  | (5,518 | ) |  | (6,432 | ) |  | (3,208 | ) |  | (1,569 | ) |  | (574 | ) |  | (37,148 | ) |  | (7,425 | ) |  | (3,965 | ) |  | (802 | ) |  | (49,340 | )
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,206 |  |  | 1,206 |  |  | — |  |  | — |  |  | — |  |  | 1,206 |
NOI from real estate operations | $ | 41,549 |  |  | $ | 8,442 |  |  | $ | 4,822 |  |  | $ | 4,691 |  |  | $ | 2,165 |  |  | $ | 7,321 |  |  | $ | 68,990 |  |  | $ | 7,847 |  |  | $ | 3,816 |  |  | $ | 201 |  |  | $ | 80,854 |
Additions to long-lived assets | $ | 11,211 |  |  | $ | 2,305 |  |  | $ | — |  |  | $ | 1,758 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 15,307 |  |  | $ | 5,670 |  |  | $ | 370 |  |  | $ | (88 | ) |  | $ | 21,259 |
Transfers from non-operating properties | $ | 14,698 |  |  | $ | 1,550 |  |  | $ | — |  |  | $ | (17 | ) |  | $ | 13 |  |  | $ | 30,286 |  |  | $ | 46,530 |  |  | $ | — |  |  | $ | 155 |  |  | $ | — |  |  | $ | 46,685 |
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 187,778 |  |  | $ | 42,294 |  |  | $ | 36,368 |  |  | $ | 24,523 |  |  | $ | 12,078 |  |  | $ | 21,891 |  |  | $ | 324,932 |  |  | $ | 45,359 |  |  | $ | 22,996 |  |  | $ | 2,208 |  |  | $ | 395,495 |
Property operating expenses | (62,422 | ) |  | (14,951 | ) |  | (19,756 | ) |  | (10,271 | ) |  | (4,855 | ) |  | (1,630 | ) |  | (113,885 | ) |  | (22,349 | ) |  | (9,830 | ) |  | (981 | ) |  | (147,045 | )
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,071 |  |  | 4,071 |  |  | — |  |  | — |  |  | — |  |  | 4,071 |
NOI from real estate operations | $ | 125,356 |  |  | $ | 27,343 |  |  | $ | 16,612 |  |  | $ | 14,252 |  |  | $ | 7,223 |  |  | $ | 24,332 |  |  | $ | 215,118 |  |  | $ | 23,010 |  |  | $ | 13,166 |  |  | $ | 1,227 |  |  | $ | 252,521 |
Additions to long-lived assets | $ | 22,204 |  |  | $ | 6,072 |  |  | $ | — |  |  | $ | 7,948 |  |  | $ | 1,282 |  |  | $ | — |  |  | $ | 37,506 |  |  | $ | 15,198 |  |  | $ | 312 |  |  | $ | 63 |  |  | $ | 53,079 |
Transfers from non-operating properties | $ | 7,759 |  |  | $ | 4,647 |  |  | $ | 10,456 |  |  | $ | — |  |  | $ | 13,363 |  |  | $ | 122,115 |  |  | $ | 158,340 |  |  | $ | — |  |  | $ | (1,012 | ) |  | $ | — |  |  | $ | 157,328 |
Segment assets at September 30, 2019 | $ | 1,271,668 |  |  | $ | 398,137 |  |  | $ | 147,505 |  |  | $ | 186,243 |  |  | $ | 118,839 |  |  | $ | 298,675 |  |  | $ | 2,421,067 |  |  | $ | 393,747 |  |  | $ | 205,550 |  |  | $ | 3,708 |  |  | $ | 3,024,072 |
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from real estate operations | $ | 186,171 |  |  | $ | 39,639 |  |  | $ | 35,079 |  |  | $ | 23,896 |  |  | $ | 11,019 |  |  | $ | 18,475 |  |  | $ | 314,279 |  |  | $ | 45,852 |  |  | $ | 23,963 |  |  | $ | 2,334 |  |  | $ | 386,428 |
Property operating expenses | (61,550 | ) |  | (15,150 | ) |  | (20,524 | ) |  | (9,943 | ) |  | (4,518 | ) |  | (2,167 | ) |  | (113,852 | ) |  | (22,472 | ) |  | (12,373 | ) |  | (1,040 | ) |  | (149,737 | )
UJV NOI allocable to COPT | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,607 |  |  | 3,607 |  |  | — |  |  | — |  |  | — |  |  | 3,607 |
NOI from real estate operations | $ | 124,621 |  |  | $ | 24,489 |  |  | $ | 14,555 |  |  | $ | 13,953 |  |  | $ | 6,501 |  |  | $ | 19,915 |  |  | $ | 204,034 |  |  | $ | 23,380 |  |  | $ | 11,590 |  |  | $ | 1,294 |  |  | $ | 240,298 |
Additions to long-lived assets | $ | 26,483 |  |  | $ | 5,431 |  |  | $ | — |  |  | $ | 4,316 |  |  | $ | 463 |  |  | $ | — |  |  | $ | 36,693 |  |  | $ | 14,915 |  |  | $ | 487 |  |  | $ | 227 |  |  | $ | 52,322 |
Transfers from non-operating properties | $ | 34,919 |  |  | $ | 2,243 |  |  | $ | — |  |  | $ | (17 | ) |  | $ | 483 |  |  | $ | 61,075 |  |  | $ | 98,703 |  |  | $ | — |  |  | $ | 2,300 |  |  | $ | — |  |  | $ | 101,003 |
Segment assets at September 30, 2018 | $ | 1,280,837 |  |  | $ | 394,066 |  |  | $ | 126,047 |  |  | $ | 189,406 |  |  | $ | 105,315 |  |  | $ | 359,653 |  |  | $ | 2,455,324 |  |  | $ | 396,624 |  |  | $ | 219,041 |  |  | $ | 3,997 |  |  | $ | 3,074,986 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Segment revenues from real estate operations | $ | 130,734 |  |  | $ | 128,988 |  |  | $ | 395,495 |  |  | $ | 386,428 |
Construction contract and other service revenues | 28,697 |  |  | 8,423 |  |  | 87,946 |  |  | 53,202 |
Total revenues | $ | 159,431 |  |  | $ | 137,411 |  |  | $ | 483,441 |  |  | $ | 439,630 |
Reconciliation of UJV NOI allocable to COPT to equity in income of unconsolidated entities | The following table reconciles UJV NOI allocable to COPT to equity in income of unconsolidated entities as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
UJV NOI allocable to COPT | $ | 1,601 |  |  | $ | 1,206 |  |  | $ | 4,071 |  |  | $ | 3,607 |
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense | (1,202 | ) |  | (830 | ) |  | (2,859 | ) |  | (2,482 | )
Add: Equity in loss of unconsolidated non-real estate entities | (3 | ) |  | (2 | ) |  | (5 | ) |  | (5 | )
Equity in income of unconsolidated entities | $ | 396 |  |  | $ | 374 |  |  | $ | 1,207 |  |  | $ | 1,120 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Construction contract and other service revenues | $ | 28,697 |  |  | $ | 8,423 |  |  | $ | 87,946 |  |  | $ | 53,202 |
Construction contract and other service expenses | (27,802 | ) |  | (8,058 | ) |  | (85,130 | ) |  | (51,215 | )
NOI from service operations | $ | 895 |  |  | $ | 365 |  |  | $ | 2,816 |  |  | $ | 1,987 |
Schedule of reconciliation of net operating income from real estate operations and service operations to net income | The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to net income as reported on our consolidated statements of operations (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
NOI from real estate operations | $ | 82,621 |  |  | $ | 80,854 |  |  | $ | 252,521 |  |  | $ | 240,298 |
NOI from service operations | 895 |  |  | 365 |  |  | 2,816 |  |  | 1,987 |
Interest and other income | 1,842 |  |  | 1,486 |  |  | 5,977 |  |  | 4,284 |
Gain on sales of real estate | — |  |  | — |  |  | 84,469 |  |  | (27 | )
Equity in income of unconsolidated entities | 396 |  |  | 374 |  |  | 1,207 |  |  | 1,120 |
Income tax benefit | 131 |  |  | 291 |  |  | 113 |  |  | 173 |
Depreciation and other amortization associated with real estate operations | (34,692 | ) |  | (34,195 | ) |  | (104,290 | ) |  | (100,897 | )
Impairment losses | (327 | ) |  | — |  |  | (327 | ) |  | — |
General, administrative and leasing expenses | (7,929 | ) |  | (6,899 | ) |  | (26,066 | ) |  | (21,819 | )
Business development expenses and land carry costs | (964 | ) |  | (1,567 | ) |  | (2,947 | ) |  | (4,415 | )
Interest expense | (17,126 | ) |  | (19,181 | ) |  | (54,275 | ) |  | (56,910 | )
Less: UJV NOI allocable to COPT included in equity in income of unconsolidated entities | (1,601 | ) |  | (1,206 | ) |  | (4,071 | ) |  | (3,607 | )
Net income | $ | 23,246 |  |  | $ | 20,322 |  |  | $ | 155,127 |  |  | $ | 60,187 |
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):
| September 30, 2019 |  | September 30, 2018
Segment assets | $ | 3,024,072 |  |  | $ | 3,074,986 |
Operating properties lease liabilities included in segment assets | 16,645 |  |  | — |
Non-operating property assets | 597,301 |  |  | 420,109 |
Other assets | 217,351 |  |  | 155,271 |
Total COPT consolidated assets | $ | 3,855,369 |  |  | $ | 3,650,366 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments to the entity's consolidated income from continuing operations. + References No definition available. + Details
Name: | ofc_ReconciliationofNOIfromRealEstateOperationsandNOIfromServiceOperationstoNetIncomeTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the computation of net operating income from service operations. + References No definition available. + Details
Name: | ofc_ScheduleOfNetOperatingIncomeFromSegmentsFromServiceOperationsTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Reconciliation of Unconsolidated Joint Venture Net Operating Income to Equity in Income of Unconsolidated Entities [Table Text Block] + References No definition available. + Details
Name: | ofc_ScheduleofReconciliationofUnconsolidatedJointVentureNetOperatingIncometoEquityinIncomeofUnconsolidatedEntitiesTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration