| Quarterly Data (Unaudited) |
Quarterly Data (Unaudited)
The tables below set forth selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share/unit data).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2017 |
|
For the Year Ended December 31, 2016 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
COPT and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
139,801 |
|
|
$ |
151,435 |
|
|
$ |
157,017 |
|
|
$ |
164,567 |
|
|
$ |
144,307 |
|
|
$ |
145,927 |
|
|
$ |
142,103 |
|
|
$ |
141,991 |
|
Operating income |
$ |
35,433 |
|
|
$ |
36,618 |
|
|
$ |
38,939 |
|
|
$ |
24,847 |
|
|
$ |
30,464 |
|
|
$ |
(27,021 |
) |
|
$ |
11,525 |
|
|
$ |
37,442 |
|
Income (loss) from continuing operations |
$ |
18,850 |
|
|
$ |
19,195 |
|
|
$ |
21,494 |
|
|
$ |
6,904 |
|
|
$ |
8,096 |
|
|
$ |
(48,316 |
) |
|
$ |
(4,829 |
) |
|
$ |
19,718 |
|
Net income (loss) |
$ |
23,088 |
|
|
$ |
19,207 |
|
|
$ |
22,682 |
|
|
$ |
11,356 |
|
|
$ |
8,096 |
|
|
$ |
(48,316 |
) |
|
$ |
29,272 |
|
|
$ |
26,603 |
|
Net (income) loss attributable to noncontrolling interests |
(1,733 |
) |
|
(1,345 |
) |
|
(1,766 |
) |
|
(1,398 |
) |
|
(1,270 |
) |
|
897 |
|
|
(1,973 |
) |
|
(1,870 |
) |
Net income (loss) attributable to COPT |
21,355 |
|
|
17,862 |
|
|
20,916 |
|
|
9,958 |
|
|
6,826 |
|
|
(47,419 |
) |
|
27,299 |
|
|
24,733 |
|
Preferred share dividends |
(3,180 |
) |
|
(3,039 |
) |
|
— |
|
|
— |
|
|
(3,552 |
) |
|
(3,553 |
) |
|
(3,552 |
) |
|
(3,640 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
(6,847 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
18,175 |
|
|
$ |
7,976 |
|
|
$ |
20,916 |
|
|
$ |
9,958 |
|
|
$ |
3,274 |
|
|
$ |
(50,972 |
) |
|
$ |
23,747 |
|
|
$ |
21,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
(0.54 |
) |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
Diluted EPS |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
(0.54 |
) |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COPLP and Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
139,801 |
|
|
$ |
151,435 |
|
|
$ |
157,017 |
|
|
$ |
164,567 |
|
|
$ |
144,307 |
|
|
$ |
145,927 |
|
|
$ |
142,103 |
|
|
$ |
141,991 |
|
Operating income |
$ |
35,433 |
|
|
$ |
36,618 |
|
|
$ |
38,939 |
|
|
$ |
24,847 |
|
|
$ |
30,464 |
|
|
$ |
(27,021 |
) |
|
$ |
11,525 |
|
|
$ |
37,442 |
|
Income (loss) from continuing operations |
$ |
18,850 |
|
|
$ |
19,195 |
|
|
$ |
21,494 |
|
|
$ |
6,904 |
|
|
$ |
8,096 |
|
|
$ |
(48,316 |
) |
|
$ |
(4,829 |
) |
|
$ |
19,718 |
|
Net income (loss) |
$ |
23,088 |
|
|
$ |
19,207 |
|
|
$ |
22,682 |
|
|
$ |
11,356 |
|
|
$ |
8,096 |
|
|
$ |
(48,316 |
) |
|
$ |
29,272 |
|
|
$ |
26,603 |
|
Net income attributable to noncontrolling interests |
(934 |
) |
|
(907 |
) |
|
(897 |
) |
|
(908 |
) |
|
(979 |
) |
|
(911 |
) |
|
(913 |
) |
|
(912 |
) |
Net income (loss) attributable to COPLP |
22,154 |
|
|
18,300 |
|
|
21,785 |
|
|
10,448 |
|
|
7,117 |
|
|
(49,227 |
) |
|
28,359 |
|
|
25,691 |
|
Preferred unit distributions |
(3,345 |
) |
|
(3,204 |
) |
|
(165 |
) |
|
(165 |
) |
|
(3,717 |
) |
|
(3,718 |
) |
|
(3,717 |
) |
|
(3,805 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
(6,847 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Net income (loss) attributable to COPLP common unitholders |
$ |
18,809 |
|
|
$ |
8,249 |
|
|
$ |
21,620 |
|
|
$ |
10,283 |
|
|
$ |
3,400 |
|
|
$ |
(52,945 |
) |
|
$ |
24,642 |
|
|
$ |
21,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
(0.54 |
) |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
Diluted EPU |
$ |
0.18 |
|
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
$ |
0.10 |
|
|
$ |
0.03 |
|
|
$ |
(0.54 |
) |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|