Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.4.0.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues    
Rental revenue $ 105,382 $ 98,238
Tenant recoveries and other real estate operations revenue 27,705 24,472
Construction contract and other service revenues 11,220 38,324
Total revenues 144,307 161,034
Expenses    
Property operating expenses 51,875 50,681
Depreciation and amortization associated with real estate operations 34,527 31,599
Construction contract and other service expenses 10,694 37,498
Impairment losses 2,446 0
General, administrative and leasing expenses 11,883 7,891
Business development expenses and land carry costs 2,418 2,790
Total operating expenses 113,843 130,459
Operating income 30,464 30,575
Interest expense (23,559) (20,838)
Interest and other income 1,156 1,283
Gain (loss) on early extinguishment of debt 17 (3)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 8,078 11,017
Equity in income of unconsolidated entities 10 25
Income tax benefit (expense) 8 (55)
Income from continuing operations 8,096 10,987
Discontinued operations 0 (238)
Income before gain on sales of real estate 8,096 10,749
Gain on sales of real estate 0 3,986
Net income 8,096 14,735
Net income attributable to noncontrolling interests:    
Common units in COPLP (127) (398)
Preferred units in COPLP (165) (165)
Other consolidated entities (978) (817)
Net income attributable to COPT 6,826 13,355
Preferred share/unit dividends/distributions (3,552) (3,552)
Net income attributable to COPT common shareholders 3,274 9,803
Net income attributable to COPT:    
Income from continuing operations 6,826 13,581
Discontinued operations, net 0 (226)
Net income attributable to COPT $ 6,826 $ 13,355
Basic earnings per common share    
Income from continuing operations (in dollars per share/unit) [1] $ 0.03 $ 0.10
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] 0.03 0.10
Diluted earnings per common share    
Income from continuing operations (in dollars per share/unit) [1] 0.03 0.10
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] 0.03 0.10
Dividends declared per common share/unit $ 0.275 $ 0.275
Corporate Office Properties, L.P.    
Revenues    
Rental revenue $ 105,382 $ 98,238
Tenant recoveries and other real estate operations revenue 27,705 24,472
Construction contract and other service revenues 11,220 38,324
Total revenues 144,307 161,034
Expenses    
Property operating expenses 51,875 50,681
Depreciation and amortization associated with real estate operations 34,527 31,599
Construction contract and other service expenses 10,694 37,498
Impairment losses 2,446 0
General, administrative and leasing expenses 11,883 7,891
Business development expenses and land carry costs 2,418 2,790
Total operating expenses 113,843 130,459
Operating income 30,464 30,575
Interest expense (23,559) (20,838)
Interest and other income 1,156 1,283
Gain (loss) on early extinguishment of debt 17 (3)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 8,078 11,017
Equity in income of unconsolidated entities 10 25
Income tax benefit (expense) 8 (55)
Income from continuing operations 8,096 10,987
Discontinued operations 0 (238)
Income before gain on sales of real estate 8,096 10,749
Gain on sales of real estate 0 3,986
Net income 8,096 14,735
Net income attributable to noncontrolling interests:    
Net income attributable to noncontrolling interests in consolidated entities (979) (818)
Net income attributable to COPT 7,117 13,917
Preferred share/unit dividends/distributions (3,717) (3,717)
Net income attributable to COPT common shareholders 3,400 10,200
Net income attributable to COPT:    
Income from continuing operations 7,117 14,152
Discontinued operations, net 0 (235)
Net income attributable to COPT $ 7,117 $ 13,917
Basic earnings per common share    
Income from continuing operations (in dollars per share/unit) [2] $ 0.03 $ 0.10
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] 0.03 0.10
Diluted earnings per common share    
Income from continuing operations (in dollars per share/unit) [2] 0.03 0.10
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] 0.03 0.10
Dividends declared per common share/unit $ 0.275 $ 0.275
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.
[2] Basic and diluted earnings per common unit are calculated based on amounts attributable to common unitholders of Corporate Office Properties, L.P.