| Schedule of adjustments to prior period financial statements |
The following are selected line items from our financial statements as of, and for the three months ended, March 31, 2012 illustrating the affect of adjustments to revise the financial statements (the “As Previously Reported” columns include the effects of other reclassifications and retrospective changes in presentation discussed in our 2012 Annual Report on Form 10 (in thousands):
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Consolidated Balance Sheet as of March 31, 2012 |
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Per March 31, 2012 10-Q |
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As Revised |
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Change |
|
Reclassifications |
|
Revisions |
Redeemable noncontrolling interest |
$ |
— |
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|
$ |
9,237 |
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|
$ |
9,237 |
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|
$ |
— |
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|
$ |
9,237 |
|
Preferred Shares, reported at par value |
$ |
81 |
|
|
$ |
— |
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|
$ |
(81 |
) |
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$ |
(81 |
) |
|
$ |
— |
|
Preferred Shares, reported at liquidation value |
$ |
— |
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|
$ |
216,333 |
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|
$ |
216,333 |
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|
$ |
216,333 |
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|
$ |
— |
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Additional paid-in capital |
$ |
1,670,451 |
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|
$ |
1,451,981 |
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|
$ |
(218,470 |
) |
|
$ |
(216,252 |
) |
|
$ |
(2,218 |
) |
Cumulative distributions in excess of net income |
$ |
(549,456 |
) |
|
$ |
(547,591 |
) |
|
$ |
1,865 |
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|
$ |
— |
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$ |
1,865 |
|
Noncontrolling interests in common units in the Operating Partnership |
$ |
53,883 |
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|
$ |
53,999 |
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$ |
116 |
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|
$ |
— |
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|
$ |
116 |
|
Noncontrolling interests in other consolidated entities |
$ |
18,518 |
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|
$ |
9,518 |
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|
$ |
(9,000 |
) |
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$ |
— |
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|
$ |
(9,000 |
) |
Total equity |
$ |
1,200,796 |
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|
$ |
1,191,559 |
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|
$ |
(9,237 |
) |
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$ |
— |
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|
$ |
(9,237 |
) |
Total liabilities, redeemable noncontrolling interest and equity |
$ |
3,797,368 |
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$ |
3,797,368 |
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$ |
— |
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$ |
— |
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$ |
— |
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Consolidated Statements of Operations for the |
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Three Months Ended March 31, 2012 |
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Per March 31, 2012 10-Q |
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Per March 31, 2013 10-Q |
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Change |
|
Discontinued Operations |
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Other Reclassifications |
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Revisions |
Total revenues |
$ |
143,473 |
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|
$ |
132,195 |
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|
$ |
(11,278 |
) |
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$ |
(11,278 |
) |
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$ |
— |
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$ |
— |
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Expenses |
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Property operating expenses |
$ |
47,202 |
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$ |
41,253 |
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$ |
(5,949 |
) |
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$ |
(4,108 |
) |
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$ |
(1,841 |
) |
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$ |
— |
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Depreciation and amortization associated with real estate operations |
31,066 |
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|
27,834 |
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(3,232 |
) |
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(3,232 |
) |
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— |
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— |
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Construction contract and other service expenses |
20,607 |
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|
20,607 |
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— |
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— |
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— |
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— |
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Impairment losses (recoveries) |
5,126 |
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(4,836 |
) |
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(9,962 |
) |
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(9,962 |
) |
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— |
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— |
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General, administrative and leasing expenses |
7,017 |
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|
9,569 |
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|
2,552 |
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— |
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|
1,841 |
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|
711 |
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Business development expenses and land carry costs |
1,594 |
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|
1,576 |
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(18 |
) |
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(18 |
) |
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— |
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— |
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Total operating expenses |
$ |
112,612 |
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|
$ |
96,003 |
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$ |
(16,609 |
) |
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$ |
(17,320 |
) |
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$ |
— |
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$ |
711 |
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Operating income |
$ |
30,861 |
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|
$ |
36,192 |
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$ |
5,331 |
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$ |
6,042 |
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$ |
— |
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$ |
(711 |
) |
Interest expense |
$ |
(25,224 |
) |
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$ |
(24,431 |
) |
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$ |
793 |
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$ |
793 |
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$ |
— |
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$ |
— |
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Income tax (expense) benefit |
$ |
(4,173 |
) |
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$ |
(204 |
) |
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$ |
3,969 |
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$ |
— |
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$ |
— |
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$ |
3,969 |
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Income from continuing operations |
$ |
2,592 |
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$ |
12,685 |
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$ |
10,093 |
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$ |
6,835 |
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$ |
— |
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$ |
3,258 |
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Discontinued operations |
$ |
4,385 |
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$ |
(2,450 |
) |
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$ |
(6,835 |
) |
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$ |
(6,835 |
) |
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$ |
— |
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$ |
— |
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Net income |
$ |
6,977 |
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$ |
10,235 |
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$ |
3,258 |
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$ |
— |
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$ |
— |
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$ |
3,258 |
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Net income attributable to noncontrolling interests in common units in the Operating Partnership |
$ |
(159 |
) |
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$ |
(373 |
) |
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$ |
(214 |
) |
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$ |
— |
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$ |
— |
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$ |
(214 |
) |
Net income attributable to noncontrolling interests in other consolidated entities |
$ |
24 |
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$ |
598 |
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$ |
574 |
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$ |
— |
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$ |
— |
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$ |
574 |
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Net income attributable to Corporate Office Properties Trust |
$ |
6,677 |
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$ |
10,295 |
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$ |
3,618 |
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$ |
— |
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$ |
— |
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$ |
3,618 |
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Basic and diluted earnings per common share: |
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Income from continuing operations |
$ |
(0.02 |
) |
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$ |
0.12 |
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$ |
0.14 |
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$ |
0.09 |
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$ |
— |
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$ |
0.05 |
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Discontinued operations |
0.06 |
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(0.03 |
) |
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(0.09 |
) |
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(0.09 |
) |
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— |
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— |
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Net income attributable to COPT common shareholders |
$ |
0.04 |
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$ |
0.09 |
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$ |
0.05 |
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$ |
— |
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$ |
— |
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$ |
0.05 |
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