Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.19.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Lease revenue $ 129,461 $ 127,691 $ 391,779 $ 382,731
Construction contract and other service revenues 28,697 8,423 87,946 53,202
Total revenues 159,431 137,411 483,441 439,630
Operating expenses        
Property operating expenses 49,714 49,340 147,045 149,737
Depreciation and amortization associated with real estate operations 34,692 34,195 104,290 100,897
Construction contract and other service expenses 27,802 8,058 85,130 51,215
Impairment losses 327 0 327 0
General, administrative and leasing expenses 7,929 6,899 26,066 21,819
Business development expenses and land carry costs 964 1,567 2,947 4,415
Total operating expenses 121,428 100,059 365,805 328,083
Interest expense (17,126) (19,181) (54,275) (56,910)
Interest and other income 1,842 1,486 5,977 4,284
Gain on sales of real estate 0 0 84,469 (27)
Income before equity in income of unconsolidated entities and income taxes 22,719 19,657 153,807 58,894
Equity in income of unconsolidated entities 396 374 1,207 1,120
Income tax benefit 131 291 113 173
Net income 23,246 20,322 155,127 60,187
Net income attributable to noncontrolling interests:        
Common units in COPLP (267) (380) (1,863) (1,532)
Preferred units in COPLP (157) (165) (487) (495)
Other consolidated entities (1,565) (1,080) (3,870) (2,879)
Net income attributable to COPLP 21,257 18,697 148,907 55,281
Net income attributable to COPT common shareholders $ 21,257 $ 18,697 $ 148,907 $ 55,281
Earnings per common share:        
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) [1] $ 0.19 $ 0.18 $ 1.34 $ 0.54
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) [1] $ 0.19 $ 0.18 $ 1.33 $ 0.54
Other Property Revenue        
Revenues        
Total revenues $ 1,273 $ 1,297 $ 3,716 $ 3,697
Corporate Office Properties, L.P.        
Revenues        
Lease revenue 129,461 127,691 391,779 382,731
Construction contract and other service revenues 28,697 8,423 87,946 53,202
Total revenues 159,431 137,411 483,441 439,630
Operating expenses        
Property operating expenses 49,714 49,340 147,045 149,737
Depreciation and amortization associated with real estate operations 34,692 34,195 104,290 100,897
Construction contract and other service expenses 27,802 8,058 85,130 51,215
Impairment losses 327 0 327 0
General, administrative and leasing expenses 7,929 6,899 26,066 21,819
Business development expenses and land carry costs 964 1,567 2,947 4,415
Total operating expenses 121,428 100,059 365,805 328,083
Interest expense (17,126) (19,181) (54,275) (56,910)
Interest and other income 1,842 1,486 5,977 4,284
Gain on sales of real estate 0 0 84,469 (27)
Income before equity in income of unconsolidated entities and income taxes 22,719 19,657 153,807 58,894
Equity in income of unconsolidated entities 396 374 1,207 1,120
Income tax benefit 131 291 113 173
Net income 23,246 20,322 155,127 60,187
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (1,565) (1,080) (3,870) (2,879)
Net income attributable to COPLP 21,681 19,242 151,257 57,308
Preferred unit distributions (157) (165) (487) (495)
Net income attributable to COPT common shareholders $ 21,524 $ 19,077 $ 150,770 $ 56,813
Earnings per common share:        
Net income attributable to COPT common shareholders - basic (in dollars per share/unit) [2] $ 0.19 $ 0.18 $ 1.34 $ 0.54
Net income attributable to COPT common shareholders - diluted (in dollars per share/unit) [2] $ 0.19 $ 0.18 $ 1.33 $ 0.54
Corporate Office Properties, L.P. | Other Property Revenue        
Revenues        
Total revenues $ 1,273 $ 1,297 $ 3,716 $ 3,697
[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.