Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.5.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Rental revenue $ 107,524 $ 105,508 $ 212,906 $ 203,746
Tenant recoveries and other real estate operations revenue 26,400 22,683 54,105 47,155
Construction contract and other service revenues 12,003 42,172 23,223 80,496
Total revenues 145,927 170,363 290,234 331,397
Expenses        
Property operating expenses 48,141 46,418 100,016 97,099
Depreciation and amortization associated with real estate operations 33,248 33,786 67,775 65,385
Construction contract and other service expenses 11,478 41,293 22,172 78,791
Impairment losses 69,692 1,238 72,138 1,238
General, administrative and leasing expenses 8,026 7,534 19,909 15,425
Business development expenses and land carry costs 2,363 2,623 4,781 5,413
Total operating expenses 172,948 132,892 286,791 263,351
Operating (loss) income (27,021) 37,471 3,443 68,046
Interest expense (22,639) (21,768) (46,198) (42,606)
Interest and other income 1,330 1,242 2,486 2,525
Gain (loss) on early extinguishment of debt 5 (65) 22 (68)
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (48,325) 16,880 (40,247) 27,897
Equity in income of unconsolidated entities 10 9 20 34
Income tax (expense) benefit (1) (50) 7 (105)
(Loss) income from continuing operations (48,316) 16,839 (40,220) 27,826
Discontinued operations 0 394 0 156
(Loss) income before gain on sales of real estate (48,316) 17,233 (40,220) 27,982
Gain on sales of real estate 0 (1) 0 3,985
Net (loss) income (48,316) 17,232 (40,220) 31,967
Net loss (income) attributable to noncontrolling interests:        
Common units in COPLP 1,976 (476) 1,849 (874)
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (914) (810) (1,892) (1,627)
Net (loss) income attributable to COPT (47,419) 15,781 (40,593) 29,136
Preferred share/unit dividends/distributions (3,553) (3,553) (7,105) (7,105)
Net (loss) income attributable to COPT common shareholders (50,972) 12,228 (47,698) 22,031
Net (loss) income attributable to COPT:        
(Loss) income from continuing operations (47,419) 15,402 (40,593) 28,983
Discontinued operations, net 0 379 0 153
Net (loss) income attributable to COPT $ (47,419) $ 15,781 $ (40,593) $ 29,136
Basic earnings per common share        
(Loss) income from continuing operations (in dollars per share/unit) $ (0.54) [1] $ 0.13 $ (0.51) [1] $ 0.23 [1]
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net (loss) income attributable to COPT common shareholders (in dollars per share/unit) [1] (0.54) 0.13 (0.51) 0.23
Diluted earnings per common share        
(Loss) income from continuing operations (in dollars per share/unit) (0.54) [1] 0.13 (0.51) [1] 0.23 [1]
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net (loss) income attributable to COPT common shareholders (in dollars per share/unit) [1] (0.54) 0.13 (0.51) 0.23
Dividends declared per common share/unit (in dollars per share $ 0.2750 $ 0.275 $ 0.55 $ 0.55
Corporate Office Properties, L.P.        
Revenues        
Rental revenue $ 107,524 $ 105,508 $ 212,906 $ 203,746
Tenant recoveries and other real estate operations revenue 26,400 22,683 54,105 47,155
Construction contract and other service revenues 12,003 42,172 23,223 80,496
Total revenues 145,927 170,363 290,234 331,397
Expenses        
Property operating expenses 48,141 46,418 100,016 97,099
Depreciation and amortization associated with real estate operations 33,248 33,786 67,775 65,385
Construction contract and other service expenses 11,478 41,293 22,172 78,791
Impairment losses 69,692 1,238 72,138 1,238
General, administrative and leasing expenses 8,026 7,534 19,909 15,425
Business development expenses and land carry costs 2,363 2,623 4,781 5,413
Total operating expenses 172,948 132,892 286,791 263,351
Operating (loss) income (27,021) 37,471 3,443 68,046
Interest expense (22,639) (21,768) (46,198) (42,606)
Interest and other income 1,330 1,242 2,486 2,525
Gain (loss) on early extinguishment of debt 5 (65) 22 (68)
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (48,325) 16,880 (40,247) 27,897
Equity in income of unconsolidated entities 10 9 20 34
Income tax (expense) benefit (1) (50) 7 (105)
(Loss) income from continuing operations (48,316) 16,839 (40,220) 27,826
Discontinued operations 0 394 0 156
(Loss) income before gain on sales of real estate (48,316) 17,233 (40,220) 27,982
Gain on sales of real estate 0 (1) 0 3,985
Net (loss) income (48,316) 17,232 (40,220) 31,967
Net loss (income) attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (911) (812) (1,890) (1,630)
Net (loss) income attributable to COPT (49,227) 16,420 (42,110) 30,337
Preferred share/unit dividends/distributions (3,718) (3,718) (7,435) (7,435)
Net (loss) income attributable to COPT common shareholders (52,945) 12,702 (49,545) 22,902
Net (loss) income attributable to COPT:        
(Loss) income from continuing operations (49,227) 16,026 (42,110) 30,178
Discontinued operations, net 0 394 0 159
Net (loss) income attributable to COPT $ (49,227) $ 16,420 $ (42,110) $ 30,337
Basic earnings per common share        
(Loss) income from continuing operations (in dollars per share/unit) [2] $ (0.54) $ 0.13 $ (0.51) $ 0.23
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net (loss) income attributable to COPT common shareholders (in dollars per share/unit) [2] (0.54) 0.13 (0.51) 0.23
Diluted earnings per common share        
(Loss) income from continuing operations (in dollars per share/unit) [2] (0.54) 0.13 (0.51) 0.23
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net (loss) income attributable to COPT common shareholders (in dollars per share/unit) [2] (0.54) 0.13 (0.51) 0.23
Dividends declared per common share/unit (in dollars per share $ 0.275 $ 0.275 $ 0.55 $ 0.55
[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.