Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.10.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Rental revenue $ 101,121 $ 101,347 $ 201,955 $ 201,962
Tenant recoveries and other real estate operations revenue 28,041 26,950 55,485 53,102
Construction contract and other service revenues 17,581 23,138 44,779 36,172
Total revenues 146,743 151,435 302,219 291,236
Expenses        
Property operating expenses 49,446 48,628 100,397 97,147
Depreciation and amortization associated with real estate operations 33,190 32,793 66,702 65,852
Construction contract and other service expenses 16,941 22,315 43,157 34,801
Impairment losses 0 1,625 0 1,625
General, administrative and leasing expenses 7,628 7,859 14,920 16,470
Business development expenses and land carry costs 1,234 1,597 2,848 3,290
Total operating expenses 108,439 114,817 228,024 219,185
Operating income 38,304 36,618 74,195 72,051
Interest expense (18,945) (19,163) (37,729) (38,157)
Interest and other income 1,439 1,583 2,798 3,309
Loss on early extinguishment of debt 0 (513) 0 (513)
Income before equity in income of unconsolidated entities and income taxes 20,798 18,525 39,264 36,690
Equity in income of unconsolidated entities 373 370 746 747
Income tax expense (63) (48) (118) (88)
Income before gain on sales of real estate 21,108 18,847 39,892 37,349
Gain on sales of real estate (23) 12 (27) 4,250
Net income 21,085 18,859 39,865 41,599
Net income attributable to noncontrolling interests:        
Common units in COPLP (608) (261) (1,152) (883)
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (878) (907) (1,799) (1,841)
Net income attributable to COPT 19,434 17,526 36,584 38,545
'Preferred share/unit dividends/distributions 0 (3,039) 0 (6,219)
Issuance costs associated with redeemed preferred shares/units 0 (6,847) 0 (6,847)
Net income attributable to COPT common shareholders $ 19,434 $ 7,640 $ 36,584 $ 25,479
Earnings per common share:        
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.19 $ 0.08 $ 0.36 $ 0.26
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.19 0.08 0.36 0.26
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 $ 101,121 $ 101,347 $ 201,955 $ 201,962
Tenant recoveries and other real estate operations revenue 28,041 26,950 55,485 53,102
Construction contract and other service revenues 17,581 23,138 44,779 36,172
Total revenues 146,743 151,435 302,219 291,236
Expenses        
Property operating expenses 49,446 48,628 100,397 97,147
Depreciation and amortization associated with real estate operations 33,190 32,793 66,702 65,852
Construction contract and other service expenses 16,941 22,315 43,157 34,801
Impairment losses 0 1,625 0 1,625
General, administrative and leasing expenses 7,628 7,859 14,920 16,470
Business development expenses and land carry costs 1,234 1,597 2,848 3,290
Total operating expenses 108,439 114,817 228,024 219,185
Operating income 38,304 36,618 74,195 72,051
Interest expense (18,945) (19,163) (37,729) (38,157)
Interest and other income 1,439 1,583 2,798 3,309
Loss on early extinguishment of debt 0 (513) 0 (513)
Income before equity in income of unconsolidated entities and income taxes 20,798 18,525 39,264 36,690
Equity in income of unconsolidated entities 373 370 746 747
Income tax expense (63) (48) (118) (88)
Income before gain on sales of real estate 21,108 18,847 39,892 37,349
Gain on sales of real estate (23) 12 (27) 4,250
Net income 21,085 18,859 39,865 41,599
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (878) (907) (1,799) (1,841)
Net income attributable to COPT 20,207 17,952 38,066 39,758
'Preferred share/unit dividends/distributions (165) (3,204) (330) (6,549)
Issuance costs associated with redeemed preferred shares/units 0 (6,847) 0 (6,847)
Net income attributable to COPT common shareholders $ 20,042 $ 7,901 $ 37,736 $ 26,362
Earnings per common share:        
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) $ 0.19 $ 0.08 $ 0.36 $ 0.26
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) 0.19 0.08 0.36 0.26
Dividends declared per common share/unit (in dollars per share) $ 0.275 $ 0.275 $ 0.55 $ 0.55