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
Mar. 31, 2018
Mar. 31, 2017
Revenues    
Rental revenue $ 100,834 $ 100,615
Tenant recoveries and other real estate operations revenue 27,444 26,152
Construction contract and other service revenues 27,198 13,034
Total revenues 155,476 139,801
Expenses    
Property operating expenses 50,951 48,519
Depreciation and amortization associated with real estate operations 33,512 33,059
Construction contract and other service expenses 26,216 12,486
General, administrative and leasing expenses 7,292 8,611
Business development expenses and land carry costs 1,614 1,693
Total operating expenses 119,585 104,368
Operating income 35,891 35,433
Interest expense (18,784) (18,994)
Interest and other income 1,359 1,726
Income before equity in income of unconsolidated entities and income taxes 18,466 18,165
Equity in income of unconsolidated entities 373 377
Income tax expense (55) (40)
Income before gain on sales of real estate 18,784 18,502
Gain on sales of real estate (4) 4,238
Net income 18,780 22,740
Net income attributable to noncontrolling interests:    
Common units in COPLP (544) (622)
Preferred units in COPLP (165) (165)
Other consolidated entities (921) (934)
Net income attributable to COPT 17,150 21,019
Preferred share/unit dividends/distributions 0 (3,180)
Net income attributable to COPT common shareholders $ 17,150 $ 17,839
Earnings per common share:    
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.17 $ 0.18
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.17 0.18
Dividends declared per common share/unit (in dollars per share) $ 0.2750 $ 0.275
Corporate Office Properties, L.P.    
Revenues    
Rental revenue $ 100,834 $ 100,615
Tenant recoveries and other real estate operations revenue 27,444 26,152
Construction contract and other service revenues 27,198 13,034
Total revenues 155,476 139,801
Expenses    
Property operating expenses 50,951 48,519
Depreciation and amortization associated with real estate operations 33,512 33,059
Construction contract and other service expenses 26,216 12,486
General, administrative and leasing expenses 7,292 8,611
Business development expenses and land carry costs 1,614 1,693
Total operating expenses 119,585 104,368
Operating income 35,891 35,433
Interest expense (18,784) (18,994)
Interest and other income 1,359 1,726
Income before equity in income of unconsolidated entities and income taxes 18,466 18,165
Equity in income of unconsolidated entities 373 377
Income tax expense (55) (40)
Income before gain on sales of real estate 18,784 18,502
Gain on sales of real estate (4) 4,238
Net income 18,780 22,740
Net income attributable to noncontrolling interests:    
Net income attributable to noncontrolling interests in consolidated entities (921) (934)
Net income attributable to COPT 17,859 21,806
Preferred share/unit dividends/distributions (165) (3,345)
Net income attributable to COPT common shareholders $ 17,694 $ 18,461
Earnings per common share:    
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.17 $ 0.18
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.17 0.18
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275