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 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues        
Rental revenue $ 101,347 $ 107,524 $ 201,962 $ 212,906
Tenant recoveries and other real estate operations revenue 26,950 26,400 53,102 54,105
Construction contract and other service revenues 23,138 12,003 36,172 23,223
Total revenues 151,435 145,927 291,236 290,234
Expenses        
Property operating expenses 48,628 48,141 97,147 100,016
Depreciation and amortization associated with real estate operations 32,793 33,248 65,852 67,775
Construction contract and other service expenses 22,315 11,478 34,801 22,172
Impairment losses 1,625 69,692 1,625 72,138
General, administrative and leasing expenses 7,859 8,026 16,470 19,909
Business development expenses and land carry costs 1,597 2,363 3,290 4,781
Total operating expenses 114,817 172,948 219,185 286,791
Operating income (loss) 36,618 (27,021) 72,051 3,443
Interest expense (19,163) (22,639) (38,157) (46,198)
Interest and other income 1,583 1,330 3,309 2,486
(Loss) gain on early extinguishment of debt (513) 5 (513) 22
Income (loss) before equity in income of unconsolidated entities and income taxes 18,525 (48,325) 36,690 (40,247)
Equity in income of unconsolidated entities 718 10 1,443 20
Income tax (expense) benefit (48) (1) (88) 7
Income (loss) before gain on sales of real estate 19,195 (48,316) 38,045 (40,220)
Gain on sales of real estate 12 0 4,250 0
Net income (loss) 19,207 (48,316) 42,295 (40,220)
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (273) 1,976 (907) 1,849
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (907) (914) (1,841) (1,892)
Net income (loss) attributable to COPT 17,862 (47,419) 39,217 (40,593)
Preferred share/unit dividends/distributions (3,039) (3,553) (6,219) (7,105)
Issuance costs associated with redeemed preferred shares (6,847) 0 (6,847) 0
Net income (loss) attributable to COPT common shareholders $ 7,976 $ (50,972) $ 26,151 $ (47,698)
Earnings per common share:        
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.08 $ (0.54) $ 0.26 $ (0.51)
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.08 (0.54) 0.26 (0.51)
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 $ 101,347 $ 107,524 $ 201,962 $ 212,906
Tenant recoveries and other real estate operations revenue 26,950 26,400 53,102 54,105
Construction contract and other service revenues 23,138 12,003 36,172 23,223
Total revenues 151,435 145,927 291,236 290,234
Expenses        
Property operating expenses 48,628 48,141 97,147 100,016
Depreciation and amortization associated with real estate operations 32,793 33,248 65,852 67,775
Construction contract and other service expenses 22,315 11,478 34,801 22,172
Impairment losses 1,625 69,692 1,625 72,138
General, administrative and leasing expenses 7,859 8,026 16,470 19,909
Business development expenses and land carry costs 1,597 2,363 3,290 4,781
Total operating expenses 114,817 172,948 219,185 286,791
Operating income (loss) 36,618 (27,021) 72,051 3,443
Interest expense (19,163) (22,639) (38,157) (46,198)
Interest and other income 1,583 1,330 3,309 2,486
(Loss) gain on early extinguishment of debt (513) 5 (513) 22
Income (loss) before equity in income of unconsolidated entities and income taxes 18,525 (48,325) 36,690 (40,247)
Equity in income of unconsolidated entities 718 10 1,443 20
Income tax (expense) benefit (48) (1) (88) 7
Income (loss) before gain on sales of real estate 19,195 (48,316) 38,045 (40,220)
Gain on sales of real estate 12 0 4,250 0
Net income (loss) 19,207 (48,316) 42,295 (40,220)
Net (income) loss attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (907) (911) (1,841) (1,890)
Net income (loss) attributable to COPT 18,300 (49,227) 40,454 (42,110)
Preferred share/unit dividends/distributions (3,204) (3,718) (6,549) (7,435)
Issuance costs associated with redeemed preferred shares (6,847) 0 (6,847) 0
Net income (loss) attributable to COPT common shareholders $ 8,249 $ (52,945) $ 27,058 $ (49,545)
Earnings per common share:        
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.08 $ (0.54) $ 0.26 $ (0.51)
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.08 (0.54) 0.26 (0.51)
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275 $ 0.55 $ 0.55