Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Rental revenue $ 102,275 $ 103,956 $ 304,237 $ 316,862
Tenant recoveries and other real estate operations revenue 24,956 26,998 78,058 81,103
Construction contract and other service revenues 29,786 11,149 65,958 34,372
Total revenues 157,017 142,103 448,253 432,337
Expenses        
Property operating expenses 46,368 49,952 143,515 149,968
Depreciation and amortization associated with real estate operations 34,438 32,015 100,290 99,790
Construction contract and other service expenses 28,788 10,341 63,589 32,513
Impairment (recoveries) losses (161) 27,699 1,464 99,837
General, administrative and leasing expenses 7,368 8,855 23,838 28,764
Business development expenses and land carry costs 1,277 1,716 4,567 6,497
Total operating expenses 118,078 130,578 337,263 417,369
Operating income 38,939 11,525 110,990 14,968
Interest expense (19,615) (18,301) (57,772) (64,499)
Interest and other income 1,508 1,391 4,817 3,877
Loss on early extinguishment of debt 0 (59) (513) (37)
Income (loss) before equity in income of unconsolidated entities and income taxes 20,832 (5,444) 57,522 (45,691)
Equity in income of unconsolidated entities 719 594 2,162 614
Income tax (expense) benefit (57) 21 (145) 28
Income (loss) before gain on sales of real estate 21,494 (4,829) 59,539 (45,049)
Gain on sales of real estate 1,188 34,101 5,438 34,101
Net income (loss) 22,682 29,272 64,977 (10,948)
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (704) (901) (1,611) 948
Preferred units in COPLP (165) (165) (495) (495)
Other consolidated entities (897) (907) (2,738) (2,799)
Net income (loss) attributable to COPT 20,916 27,299 60,133 (13,294)
Preferred share/unit dividends/distributions 0 (3,552) (6,219) (10,657)
Issuance costs associated with redeemed preferred shares 0 0 (6,847) 0
Net income (loss) attributable to COPT common shareholders $ 20,916 $ 23,747 $ 47,067 $ (23,951)
Earnings per common share:        
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.21 $ 0.25 $ 0.47 $ (0.26)
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.21 0.25 0.47 (0.26)
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 $ 102,275 $ 103,956 $ 304,237 $ 316,862
Tenant recoveries and other real estate operations revenue 24,956 26,998 78,058 81,103
Construction contract and other service revenues 29,786 11,149 65,958 34,372
Total revenues 157,017 142,103 448,253 432,337
Expenses        
Property operating expenses 46,368 49,952 143,515 149,968
Depreciation and amortization associated with real estate operations 34,438 32,015 100,290 99,790
Construction contract and other service expenses 28,788 10,341 63,589 32,513
Impairment (recoveries) losses (161) 27,699 1,464 99,837
General, administrative and leasing expenses 7,368 8,855 23,838 28,764
Business development expenses and land carry costs 1,277 1,716 4,567 6,497
Total operating expenses 118,078 130,578 337,263 417,369
Operating income 38,939 11,525 110,990 14,968
Interest expense (19,615) (18,301) (57,772) (64,499)
Interest and other income 1,508 1,391 4,817 3,877
Loss on early extinguishment of debt 0 (59) (513) (37)
Income (loss) before equity in income of unconsolidated entities and income taxes 20,832 (5,444) 57,522 (45,691)
Equity in income of unconsolidated entities 719 594 2,162 614
Income tax (expense) benefit (57) 21 (145) 28
Income (loss) before gain on sales of real estate 21,494 (4,829) 59,539 (45,049)
Gain on sales of real estate 1,188 34,101 5,438 34,101
Net income (loss) 22,682 29,272 64,977 (10,948)
Net (income) loss attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (897) (913) (2,738) (2,803)
Net income (loss) attributable to COPT 21,785 28,359 62,239 (13,751)
Preferred share/unit dividends/distributions (165) (3,717) (6,714) (11,152)
Issuance costs associated with redeemed preferred shares 0 0 (6,847) 0
Net income (loss) attributable to COPT common shareholders $ 21,620 $ 24,642 $ 48,678 $ (24,903)
Earnings per common share:        
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.21 $ 0.25 $ 0.47 $ (0.26)
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.21 0.25 0.47 (0.26)
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275 $ 0.825 $ 0.825