Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.6.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues      
Rental revenue $ 417,711 $ 420,340 $ 386,396
Tenant recoveries and other real estate operations revenue 108,253 98,724 93,329
Construction contract and other service revenues 48,364 106,402 106,748
Total revenues 574,328 625,466 586,473
Expenses      
Property operating expenses 197,530 194,494 179,934
Depreciation and amortization associated with real estate operations 132,719 140,025 136,086
Construction contract and other service expenses 45,481 102,696 100,058
Impairment losses 101,391 23,289 1,416
General, administrative and leasing expenses 36,553 31,361 31,794
Business development expenses and land carry costs 8,244 13,507 5,573
Total operating expenses 521,918 505,372 454,861
Operating income 52,410 120,094 131,612
Interest expense (83,163) (89,074) (92,393)
Interest and other income 5,444 4,517 4,923
(Loss) gain on early extinguishment of debt (1,110) 85,275 (9,552)
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (26,419) 120,812 34,590
Equity in income of unconsolidated entities 1,332 62 229
Income tax expense (244) (199) (310)
(Loss) income from continuing operations (25,331) 120,675 34,509
Discontinued operations 0 156 26
(Loss) income before gain on sales of real estate (25,331) 120,831 34,535
Gain on sales of real estate 40,986 68,047 10,671
Net income 15,655 188,878 45,206
Net income attributable to noncontrolling interests:      
Common units in COPLP 155 (6,403) (1,006)
Preferred units in COPLP (660) (660) (660)
Other consolidated entities (3,711) (3,515) (3,285)
Net income attributable to COPT 11,439 178,300 40,255
Preferred share/ unit dividends/ distributions (14,297) (14,210) (15,939)
Issuance costs associated with redeemed preferred shares (17) 0 (1,769)
Net (loss) income attributable to COPT common shareholders (2,875) 164,090 22,547
Net income attributable to COPT:      
Income from continuing operations 11,439 178,147 40,225
Discontinued operations, net 0 153 30
Net income attributable to COPT $ 11,439 $ 178,300 $ 40,255
Basic earnings per common share      
Income from continuing operations (in dollars per share/unit) [1] $ (0.03) $ 1.74 $ 0.25
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] (0.03) 1.74 0.25
Diluted earnings per common share      
Income from continuing operations (in dollars per share/unit) [1] (0.03) 1.74 0.25
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] $ (0.03) $ 1.74 $ 0.25
Corporate Office Properties, L.P. [Member]      
Revenues      
Rental revenue $ 417,711 $ 420,340 $ 386,396
Tenant recoveries and other real estate operations revenue 108,253 98,724 93,329
Construction contract and other service revenues 48,364 106,402 106,748
Total revenues 574,328 625,466 586,473
Expenses      
Property operating expenses 197,530 194,494 179,934
Depreciation and amortization associated with real estate operations 132,719 140,025 136,086
Construction contract and other service expenses 45,481 102,696 100,058
Impairment losses 101,391 23,289 1,416
General, administrative and leasing expenses 36,553 31,361 31,794
Business development expenses and land carry costs 8,244 13,507 5,573
Total operating expenses 521,918 505,372 454,861
Operating income 52,410 120,094 131,612
Interest expense (83,163) (89,074) (92,393)
Interest and other income 5,444 4,517 4,923
(Loss) gain on early extinguishment of debt (1,110) 85,275 (9,552)
(Loss) income from continuing operations before equity in income of unconsolidated entities and income taxes (26,419) 120,812 34,590
Equity in income of unconsolidated entities 1,332 62 229
Income tax expense (244) (199) (310)
(Loss) income from continuing operations (25,331) 120,675 34,509
Discontinued operations 0 156 26
(Loss) income before gain on sales of real estate (25,331) 120,831 34,535
Gain on sales of real estate 40,986 68,047 10,671
Net income 15,655 188,878 45,206
Net income attributable to noncontrolling interests in consolidated entities (3,715) (3,520) (3,276)
Net income attributable to noncontrolling interests:      
Net income attributable to COPT 11,940 185,358 41,930
Preferred share/ unit dividends/ distributions (14,957) (14,870) (16,599)
Issuance costs associated with redeemed preferred shares (17) 0 (1,769)
Net (loss) income attributable to COPT common shareholders (3,034) 170,488 23,562
Net income attributable to COPT:      
Income from continuing operations 11,940 185,199 41,899
Discontinued operations, net 0 159 31
Net income attributable to COPT $ 11,940 $ 185,358 $ 41,930
Basic earnings per common share      
Income from continuing operations (in dollars per share/unit) [2] $ (0.04) $ 1.74 $ 0.25
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] (0.04) 1.74 0.25
Diluted earnings per common share      
Income from continuing operations (in dollars per share/unit) [2] (0.04) 1.74 0.25
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] $ (0.04) $ 1.74 $ 0.25
[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.