Annual report pursuant to Section 13 and 15(d)

Quarterly Data (Unaudited) (Tables)

v2.4.0.6
Quarterly Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Schedule of selected quarterly information
Certain of the amounts below have been reclassified to conform to the current period presentation of our consolidated financial statements.
 
For the Year Ended December 31, 2012
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
$
132,195

 
$
128,163

 
$
130,144

 
$
137,505

Operating income (loss)
$
36,192

 
$
33,837

 
$
(8,586
)
 
$
34,522

Income (loss) from continuing operations
$
12,685

 
$
10,065

 
$
(31,850
)
 
$
15,743

Discontinued operations
$
(2,450
)
 
$
1,775

 
$
11,085

 
$
3,267

Net income (loss)
$
10,235

 
$
11,861

 
$
(20,765
)
 
$
19,010

Net loss (income) attributable to noncontrolling interests
60

 
(556
)
 
1,603

 
(471
)
Net income (loss) attributable to COPT
10,295

 
11,305

 
(19,162
)
 
18,539

Preferred share dividends
(4,025
)
 
(4,167
)
 
(6,546
)
 
(6,106
)
Issuance costs associated with redeemed preferred shares

 

 
(1,827
)
 

Net income (loss) attributable to COPT common shareholders
$
6,270

 
$
7,138

 
$
(27,535
)
 
$
12,433

Basic earnings per common share
$
0.09

 
$
0.10

 
$
(0.39
)
 
$
0.16

Diluted earnings per common share
$
0.09

 
$
0.10

 
$
(0.39
)
 
$
0.16

 
For the Year Ended December 31, 2011
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
$
126,320

 
$
131,840

 
$
126,707

 
$
127,974

Operating income (loss)
$
787

 
$
16,600

 
$
27,400

 
$
(9,007
)
(Loss) income from continuing operations
$
(22,851
)
 
$
(397
)
 
$
1,669

 
$
(60,325
)
Discontinued operations
$
1,584

 
$
(25,008
)
 
$
5,801

 
$
(30,781
)
Net (loss) income
$
(18,566
)
 
$
(25,378
)
 
$
7,470

 
$
(91,102
)
Net loss (income) attributable to noncontrolling interests
1,204

 
1,964

 
(626
)
 
5,606

Net (loss) income attributable to COPT
(17,362
)
 
(23,414
)
 
6,844

 
(85,496
)
Preferred share dividends
(4,025
)
 
(4,026
)
 
(4,025
)
 
(4,026
)
Net (loss) income attributable to COPT common shareholders
$
(21,387
)
 
$
(27,440
)
 
$
2,819

 
$
(89,522
)
Basic earnings per common share
$
(0.33
)
 
$
(0.40
)
 
$
0.04

 
$
(1.26
)
Diluted earnings per common share
$
(0.33
)
 
$
(0.41
)
 
$
0.04

 
$
(1.26
)
Schedule of revisions to selected quarterly information
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):
 
Consolidated Balance Sheet as of December 31, 2011
 

As Previously Reported
 
Adjustment
 
As Revised
 
Prepaid expenses and other assets
$
87,619

 
$
(3,969
)
 
$
83,650

 
Accounts payable and accrued expenses
96,425

 
(711
)
 
95,714

 
Redeemable noncontrolling interest

 
8,908

 
8,908

 
Additional paid-in capital
1,452,393

 
(1,315
)
 
1,451,078

 
Cumulative distributions in excess of net income
(532,288
)
 
(1,753
)
 
(534,041
)
 
Noncontrolling interests in common units in the Operating Partnership
55,281

 
(98
)
 
55,183

 
Noncontrolling interests in other consolidated entities
18,559

 
(9,000
)
 
9,559

 

 
Consolidated Statements of Operations for the
 
 
Year Ended December 31, 2011
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
General, administrative and leasing expenses
$
31,025

 
$
(711
)
 
$
30,314

 
Income tax benefit
$
10,679

 
$
(3,969
)
 
$
6,710

 
Net loss
$
(124,318
)
 
$
(3,258
)
 
$
(127,576
)
 
Net loss attributable to noncontrolling interests in common units in the Operating Partnership
$
8,341

 
$
98

 
$
8,439

 
Net (income) loss attributable to noncontrolling interests in other consolidated entities
$
(1,038
)
 
$
1,407

 
$
369

 
Net loss attributable to Corporate Office Properties Trust
$
(117,675
)
 
$
(1,753
)
 
$
(119,428
)
 
Net loss attributable to Corporate Office Properties Trust common shareholders
$
(133,777
)
 
$
(1,753
)
 
$
(135,530
)
 
Basic and diluted earnings per common share:
 
 
 
 
 
 
Loss from continuing operations
$
(1.29
)
 
$
(0.02
)
 
$
(1.31
)
 
Net loss attributable to COPT common shareholders
$
(1.94
)
 
$
(0.03
)
 
$
(1.97
)
 
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):
 
Three Months Ended
 
3/31/2012
 
6/30/2012
 
9/30/2012
 
Previously Reported
 
As Revised
 
Previously Reported
 
As Revised
 
Previously Reported
 
As Revised
Income (loss) from continuing operations
$
9,427

 
$
12,685

 
$
10,065

 
$
10,065

 
$
(31,850
)
 
$
(31,850
)
Net income (loss)
$
6,977

 
$
10,235

 
$
11,861

 
$
11,861

 
$
(20,765
)
 
$
(20,765
)
Net (income) loss attributable to noncontrolling interests
(300
)
 
60

 
(1,107
)
 
(556
)
 
993

 
1,603

Net income (loss) attributable to COPT
$
6,677

 
$
10,295

 
$
10,754

 
$
11,305

 
$
(19,772
)
 
$
(19,162
)
Net income (loss) attributable to COPT common shareholders
$
2,652

 
$
6,270

 
$
6,587

 
$
7,138

 
$
(28,145
)
 
$
(27,535
)
Basic and diluted earnings per common share
$
0.04

 
$
0.09

 
$
0.09

 
$
0.10

 
$
(0.39
)
 
$
(0.39
)

 
Three Months Ended
 
3/31/2011
 
6/30/2011
 
9/30/2011
 
12/31/2011
 
Previously Reported
 
As Revised
 
Previously Reported
 
As Revised
 
Previously Reported
 
As Revised
 
Previously Reported
 
As Revised
(Loss) income from continuing operations
$
(22,851
)
 
$
(22,851
)
 
$
(1,026
)
 
$
(397
)
 
$
1,669

 
$
1,669

 
$
(56,438
)
 
$
(60,325
)
Net (loss) income
$
(18,566
)
 
$
(18,566
)
 
$
(26,007
)
 
$
(25,378
)
 
$
7,470

 
$
7,470

 
$
(87,215
)
 
$
(91,102
)
Net loss (income) attributable to noncontrolling interests
776

 
1,204

 
1,783

 
1,964

 
(904
)
 
(626
)
 
4,988

 
5,606

Net (loss) income attributable to COPT
$
(17,790
)
 
$
(17,362
)
 
$
(24,224
)
 
$
(23,414
)
 
$
6,566

 
$
6,844

 
$
(82,227
)
 
$
(85,496
)
Net (loss) income attributable to COPT common shareholders
$
(21,815
)
 
$
(21,387
)
 
$
(28,250
)
 
$
(27,440
)
 
$
2,541

 
$
2,819

 
$
(86,253
)
 
$
(89,522
)
Basic earnings per common share
$
(0.33
)
 
$
(0.33
)
 
$
(0.42
)
 
$
(0.40
)
 
$
0.03

 
$
0.04

 
$
(1.21
)
 
$
(1.26
)
Diluted earnings per common share
$
(0.33
)
 
$
(0.33
)
 
$
(0.42
)
 
$
(0.41
)
 
$
0.03

 
$
0.04

 
$
(1.21
)
 
$
(1.26
)