| Schedule of adjustments made to revise previously filed financial statements |
The following are selected line items from our financial statements as of, and for the year ended, December 31, 2011 illustrating the affect of adjustments to revise the financial statements (the “As Previously Reported” columns include the effects of other reclassifications and retrospective changes in presentation discussed below)(in thousands):
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Consolidated Balance Sheet as of December 31, 2011 |
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As Previously Reported |
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Adjustment |
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As Revised |
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Prepaid expenses and other assets |
$ |
87,619 |
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|
$ |
(3,969 |
) |
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$ |
83,650 |
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Accounts payable and accrued expenses |
96,425 |
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|
(711 |
) |
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95,714 |
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Redeemable noncontrolling interest |
— |
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|
8,908 |
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|
8,908 |
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Additional paid-in capital |
1,452,393 |
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(1,315 |
) |
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1,451,078 |
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Cumulative distributions in excess of net income |
(532,288 |
) |
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(1,753 |
) |
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(534,041 |
) |
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Noncontrolling interests in common units in the Operating Partnership |
55,281 |
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(98 |
) |
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55,183 |
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Noncontrolling interests in other consolidated entities |
18,559 |
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(9,000 |
) |
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9,559 |
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Consolidated Statements of Operations for the |
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Year Ended December 31, 2011 |
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As Previously Reported |
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Adjustment |
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As Revised |
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General, administrative and leasing expenses |
$ |
31,025 |
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$ |
(711 |
) |
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$ |
30,314 |
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Income tax benefit |
$ |
10,679 |
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$ |
(3,969 |
) |
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$ |
6,710 |
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Net loss |
$ |
(124,318 |
) |
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$ |
(3,258 |
) |
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$ |
(127,576 |
) |
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Net loss attributable to noncontrolling interests in common units in the Operating Partnership |
$ |
8,341 |
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|
$ |
98 |
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$ |
8,439 |
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Net (income) loss attributable to noncontrolling interests in other consolidated entities |
$ |
(1,038 |
) |
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$ |
1,407 |
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$ |
369 |
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Net loss attributable to Corporate Office Properties Trust |
$ |
(117,675 |
) |
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$ |
(1,753 |
) |
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$ |
(119,428 |
) |
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Net loss attributable to Corporate Office Properties Trust common shareholders |
$ |
(133,777 |
) |
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$ |
(1,753 |
) |
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$ |
(135,530 |
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Basic and diluted earnings per common share: |
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Loss from continuing operations |
$ |
(1.29 |
) |
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$ |
(0.02 |
) |
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$ |
(1.31 |
) |
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Net loss attributable to COPT common shareholders |
$ |
(1.94 |
) |
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$ |
(0.03 |
) |
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$ |
(1.97 |
) |
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The amounts reported above were revised for the error corrections described in Note 2. The tables below set forth the revisions to the selected quarterly information (the “Previously Reported” columns include the effects of other reclassifications and retrospective changes in presentation discussed in Note 2)(in thousands):
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Three Months Ended |
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3/31/2012 |
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6/30/2012 |
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9/30/2012 |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
Income (loss) from continuing operations |
$ |
9,427 |
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$ |
12,685 |
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$ |
10,065 |
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$ |
10,065 |
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$ |
(31,850 |
) |
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$ |
(31,850 |
) |
Net income (loss) |
$ |
6,977 |
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|
$ |
10,235 |
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$ |
11,861 |
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$ |
11,861 |
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$ |
(20,765 |
) |
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$ |
(20,765 |
) |
Net (income) loss attributable to noncontrolling interests |
(300 |
) |
|
60 |
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(1,107 |
) |
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(556 |
) |
|
993 |
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|
1,603 |
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Net income (loss) attributable to COPT |
$ |
6,677 |
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$ |
10,295 |
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$ |
10,754 |
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$ |
11,305 |
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$ |
(19,772 |
) |
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$ |
(19,162 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
2,652 |
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$ |
6,270 |
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$ |
6,587 |
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$ |
7,138 |
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$ |
(28,145 |
) |
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$ |
(27,535 |
) |
Basic and diluted earnings per common share |
$ |
0.04 |
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$ |
0.09 |
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$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
(0.39 |
) |
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Three Months Ended |
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3/31/2011 |
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6/30/2011 |
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9/30/2011 |
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12/31/2011 |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
(Loss) income from continuing operations |
$ |
(22,851 |
) |
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$ |
(22,851 |
) |
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$ |
(1,026 |
) |
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$ |
(397 |
) |
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$ |
1,669 |
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$ |
1,669 |
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$ |
(56,438 |
) |
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$ |
(60,325 |
) |
Net (loss) income |
$ |
(18,566 |
) |
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$ |
(18,566 |
) |
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$ |
(26,007 |
) |
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$ |
(25,378 |
) |
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$ |
7,470 |
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$ |
7,470 |
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$ |
(87,215 |
) |
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$ |
(91,102 |
) |
Net loss (income) attributable to noncontrolling interests |
776 |
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1,204 |
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1,783 |
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1,964 |
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(904 |
) |
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(626 |
) |
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4,988 |
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5,606 |
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Net (loss) income attributable to COPT |
$ |
(17,790 |
) |
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$ |
(17,362 |
) |
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$ |
(24,224 |
) |
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$ |
(23,414 |
) |
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$ |
6,566 |
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$ |
6,844 |
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$ |
(82,227 |
) |
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$ |
(85,496 |
) |
Net (loss) income attributable to COPT common shareholders |
$ |
(21,815 |
) |
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$ |
(21,387 |
) |
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$ |
(28,250 |
) |
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$ |
(27,440 |
) |
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$ |
2,541 |
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$ |
2,819 |
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$ |
(86,253 |
) |
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$ |
(89,522 |
) |
Basic earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.33 |
) |
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$ |
(0.42 |
) |
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$ |
(0.40 |
) |
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$ |
0.03 |
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$ |
0.04 |
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$ |
(1.21 |
) |
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$ |
(1.26 |
) |
Diluted earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.33 |
) |
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$ |
(0.42 |
) |
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$ |
(0.41 |
) |
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$ |
0.03 |
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$ |
0.04 |
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$ |
(1.21 |
) |
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$ |
(1.26 |
) |
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