Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Rental revenue $ 405,722 $ 417,711 $ 420,340
Tenant recoveries and other real estate operations revenue 104,258 108,253 98,724
Construction contract and other service revenues 102,840 48,364 106,402
Total revenues 612,820 574,328 625,466
Expenses      
Property operating expenses 190,964 197,530 194,494
Depreciation and amortization associated with real estate operations 134,228 132,719 140,025
Construction contract and other service expenses 99,618 45,481 102,696
Impairment losses 15,123 101,391 23,289
General, administrative and leasing expenses 30,837 36,553 31,361
Business development expenses and land carry costs 6,213 8,244 13,507
Total operating expenses 476,983 521,918 505,372
Operating income 135,837 52,410 120,094
Interest expense (76,983) (83,163) (89,074)
Interest and other income 6,318 5,444 4,517
(Loss) gain on early extinguishment of debt (513) (1,110) 85,275
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes 64,659 (26,419) 120,812
Equity in income of unconsolidated entities 2,882 1,332 62
Income tax expense (1,098) (244) (199)
Income (loss) from continuing operations 66,443 (25,331) 120,675
Discontinued operations 0 0 156
Income (loss) before gain on sales of real estate 66,443 (25,331) 120,831
Gain on sales of real estate 9,890 40,986 68,047
Net income 76,333 15,655 188,878
Net (income) loss attributable to noncontrolling interests:      
Common units in COPLP (1,936) 155 (6,403)
Preferred units in COPLP (660) (660) (660)
Other consolidated entities (3,646) (3,711) (3,515)
Net income attributable to COPT 70,091 11,439 178,300
Preferred share/ unit dividends/ distributions (6,219) (14,297) (14,210)
Issuance costs associated with redeemed preferred shares (6,847) (17) 0
Net income (loss) attributable to COPT common shareholders 57,025 (2,875) 164,090
Net income attributable to COPT:      
Income from continuing operations 70,091 11,439 178,147
Discontinued operations, net 0 0 153
Net income attributable to COPT $ 70,091 $ 11,439 $ 178,300
Basic earnings per common share      
Income (loss) from continuing operations (in dollars per share/unit) [1] $ 0.57 $ (0.03) $ 1.74
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [1] 0.57 (0.03) 1.74
Diluted earnings per common share      
Income (loss) from continuing operations (in dollars per share/unit) [1] 0.57 (0.03) 1.74
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [1] $ 0.57 $ (0.03) $ 1.74
Corporate Office Properties, L.P. [Member]      
Revenues      
Rental revenue $ 405,722 $ 417,711 $ 420,340
Tenant recoveries and other real estate operations revenue 104,258 108,253 98,724
Construction contract and other service revenues 102,840 48,364 106,402
Total revenues 612,820 574,328 625,466
Expenses      
Property operating expenses 190,964 197,530 194,494
Depreciation and amortization associated with real estate operations 134,228 132,719 140,025
Construction contract and other service expenses 99,618 45,481 102,696
Impairment losses 15,123 101,391 23,289
General, administrative and leasing expenses 30,837 36,553 31,361
Business development expenses and land carry costs 6,213 8,244 13,507
Total operating expenses 476,983 521,918 505,372
Operating income 135,837 52,410 120,094
Interest expense (76,983) (83,163) (89,074)
Interest and other income 6,318 5,444 4,517
(Loss) gain on early extinguishment of debt (513) (1,110) 85,275
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes 64,659 (26,419) 120,812
Equity in income of unconsolidated entities 2,882 1,332 62
Income tax expense (1,098) (244) (199)
Income (loss) from continuing operations 66,443 (25,331) 120,675
Discontinued operations 0 0 156
Income (loss) before gain on sales of real estate 66,443 (25,331) 120,831
Gain on sales of real estate 9,890 40,986 68,047
Net income 76,333 15,655 188,878
Net income attributable to noncontrolling interests in consolidated entities (3,646) (3,715) (3,520)
Net (income) loss attributable to noncontrolling interests:      
Net income attributable to COPT 72,687 11,940 185,358
Preferred share/ unit dividends/ distributions (6,879) (14,957) (14,870)
Issuance costs associated with redeemed preferred shares (6,847) (17) 0
Net income (loss) attributable to COPT common shareholders 58,961 (3,034) 170,488
Net income attributable to COPT:      
Income from continuing operations 72,687 11,940 185,199
Discontinued operations, net 0 0 159
Net income attributable to COPT $ 72,687 $ 11,940 $ 185,358
Basic earnings per common share      
Income (loss) from continuing operations (in dollars per share/unit) [2] $ 0.57 $ (0.04) $ 1.74
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [2] 0.57 (0.04) 1.74
Diluted earnings per common share      
Income (loss) from continuing operations (in dollars per share/unit) [2] 0.57 (0.04) 1.74
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) [2] $ 0.57 $ (0.04) $ 1.74
[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.