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 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues        
Rental revenue $ 103,956 $ 109,080 $ 316,862 $ 312,826
Tenant recoveries and other real estate operations revenue 26,998 24,606 81,103 71,761
Construction contract and other service revenues 11,149 17,058 34,372 97,554
Total revenues 142,103 150,744 432,337 482,141
Expenses        
Property operating expenses 49,952 48,897 149,968 145,996
Depreciation and amortization associated with real estate operations 32,015 38,403 99,790 103,788
Construction contract and other service expenses 10,341 16,132 32,513 94,923
Impairment losses 27,699 2,307 99,837 3,545
General, administrative and leasing expenses 8,855 7,439 28,764 22,864
Business development expenses and land carry costs 1,716 5,573 6,497 10,986
Total operating expenses 130,578 118,751 417,369 382,102
Operating income 11,525 31,993 14,968 100,039
Interest expense (18,301) (24,121) (64,499) (66,727)
Interest and other income 1,391 692 3,877 3,217
(Loss) gain on early extinguishment of debt (59) 85,745 (37) 85,677
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (5,444) 94,309 (45,691) 122,206
Equity in income of unconsolidated entities 594 18 614 52
Income tax benefit (expense) 21 (48) 28 (153)
(Loss) income from continuing operations (4,829) 94,279 (45,049) 122,105
Discontinued operations 0 0 0 156
(Loss) income before gain on sales of real estate (4,829) 94,279 (45,049) 122,261
Gain on sales of real estate 34,101 15 34,101 4,000
Net income (loss) 29,272 94,294 (10,948) 126,261
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (901) (3,357) 948 (4,231)
Preferred units in COPLP (165) (165) (495) (495)
Other consolidated entities (907) (972) (2,799) (2,599)
Net income (loss) attributable to COPT 27,299 89,800 (13,294) 118,936
Preferred share/unit dividends/distributions (3,552) (3,552) (10,657) (10,657)
Net income (loss) attributable to COPT common shareholders 23,747 86,248 (23,951) 108,279
Net income (loss) attributable to COPT:        
Income (loss) from continuing operations 27,299 89,800 (13,294) 118,783
Discontinued operations, net 0 0 0 153
Net income (loss) attributable to COPT $ 27,299 $ 89,800 $ (13,294) $ 118,936
Basic earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) $ 0.25 [1] $ 0.91 $ (0.26) [1] $ 1.15 [1]
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [1] 0.25 0.91 (0.26) 1.15
Diluted earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) 0.25 [1] 0.91 (0.26) [1] 1.15 [1]
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [1] 0.25 0.91 (0.26) 1.15
Dividends declared per common share/unit (in dollars per share $ 0.2750 $ 0.275 $ 0.825 $ 0.825
Corporate Office Properties, L.P.        
Revenues        
Rental revenue $ 103,956 $ 109,080 $ 316,862 $ 312,826
Tenant recoveries and other real estate operations revenue 26,998 24,606 81,103 71,761
Construction contract and other service revenues 11,149 17,058 34,372 97,554
Total revenues 142,103 150,744 432,337 482,141
Expenses        
Property operating expenses 49,952 48,897 149,968 145,996
Depreciation and amortization associated with real estate operations 32,015 38,403 99,790 103,788
Construction contract and other service expenses 10,341 16,132 32,513 94,923
Impairment losses 27,699 2,307 99,837 3,545
General, administrative and leasing expenses 8,855 7,439 28,764 22,864
Business development expenses and land carry costs 1,716 5,573 6,497 10,986
Total operating expenses 130,578 118,751 417,369 382,102
Operating income 11,525 31,993 14,968 100,039
Interest expense (18,301) (24,121) (64,499) (66,727)
Interest and other income 1,391 692 3,877 3,217
(Loss) gain on early extinguishment of debt (59) 85,745 (37) 85,677
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (5,444) 94,309 (45,691) 122,206
Equity in income of unconsolidated entities 594 18 614 52
Income tax benefit (expense) 21 (48) 28 (153)
(Loss) income from continuing operations (4,829) 94,279 (45,049) 122,105
Discontinued operations 0 0 0 156
(Loss) income before gain on sales of real estate (4,829) 94,279 (45,049) 122,261
Gain on sales of real estate 34,101 15 34,101 4,000
Net income (loss) 29,272 94,294 (10,948) 126,261
Net (income) loss attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (913) (972) (2,803) (2,602)
Net income (loss) attributable to COPT 28,359 93,322 (13,751) 123,659
Preferred share/unit dividends/distributions (3,717) (3,717) (11,152) (11,152)
Net income (loss) attributable to COPT common shareholders 24,642 89,605 (24,903) 112,507
Net income (loss) attributable to COPT:        
Income (loss) from continuing operations 28,359 93,322 (13,751) 123,500
Discontinued operations, net 0 0 0 159
Net income (loss) attributable to COPT $ 28,359 $ 93,322 $ (13,751) $ 123,659
Basic earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) [2] $ 0.25 $ 0.91 $ (0.26) $ 1.15
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [2] 0.25 0.91 (0.26) 1.15
Diluted earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) [2] 0.25 0.91 (0.26) 1.15
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [2] 0.25 0.91 (0.26) 1.15
Dividends declared per common share/unit (in dollars per share $ 0.275 $ 0.275 $ 0.825 $ 0.825
[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.