Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.7.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues    
Rental revenue $ 100,615 $ 105,382
Tenant recoveries and other real estate operations revenue 26,152 27,705
Construction contract and other service revenues 13,034 11,220
Total revenues 139,801 144,307
Expenses    
Property operating expenses 48,519 51,875
Depreciation and amortization associated with real estate operations 33,059 34,527
Construction contract and other service expenses 12,486 10,694
Impairment losses 0 2,446
General, administrative and leasing expenses 8,611 11,883
Business development expenses and land carry costs 1,693 2,418
Total operating expenses 104,368 113,843
Operating income 35,433 30,464
Interest expense (18,994) (23,559)
Interest and other income 1,726 1,156
Gain on early extinguishment of debt 0 17
Income before equity in income of unconsolidated entities and income taxes 18,165 8,078
Equity in income of unconsolidated entities 725 10
Income tax (expense) benefit (40) 8
Income before gain on sales of real estate 18,850 8,096
Gain on sales of real estate 4,238 0
Net income 23,088 8,096
Net income attributable to noncontrolling interests:    
Common units in COPLP (634) (127)
Preferred units in COPLP (165) (165)
Other consolidated entities (934) (978)
Net income attributable to COPT 21,355 6,826
Preferred share/unit dividends/distributions (3,180) (3,552)
Net income attributable to COPT common shareholders $ 18,175 $ 3,274
Earnings per common share:    
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.18 $ 0.03
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.18 0.03
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275
Corporate Office Properties, L.P.    
Revenues    
Rental revenue $ 100,615 $ 105,382
Tenant recoveries and other real estate operations revenue 26,152 27,705
Construction contract and other service revenues 13,034 11,220
Total revenues 139,801 144,307
Expenses    
Property operating expenses 48,519 51,875
Depreciation and amortization associated with real estate operations 33,059 34,527
Construction contract and other service expenses 12,486 10,694
Impairment losses 0 2,446
General, administrative and leasing expenses 8,611 11,883
Business development expenses and land carry costs 1,693 2,418
Total operating expenses 104,368 113,843
Operating income 35,433 30,464
Interest expense (18,994) (23,559)
Interest and other income 1,726 1,156
Gain on early extinguishment of debt 0 17
Income before equity in income of unconsolidated entities and income taxes 18,165 8,078
Equity in income of unconsolidated entities 725 10
Income tax (expense) benefit (40) 8
Income before gain on sales of real estate 18,850 8,096
Gain on sales of real estate 4,238 0
Net income 23,088 8,096
Net income attributable to noncontrolling interests:    
Net income attributable to noncontrolling interests in consolidated entities (934) (979)
Net income attributable to COPT 22,154 7,117
Preferred share/unit dividends/distributions (3,345) (3,717)
Net income attributable to COPT common shareholders $ 18,809 $ 3,400
Earnings per common share:    
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.18 $ 0.03
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.18 0.03
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275