Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues      
Lease revenue $ 522,472 $ 512,327 $ 504,889
Construction contract and other service revenues 113,763 60,859 102,840
Total revenues 641,226 578,112 612,820
Operating expenses      
Property operating expenses 198,143 201,035 190,964
Depreciation and amortization associated with real estate operations 137,069 137,116 134,228
Construction contract and other service expenses 109,962 58,326 99,618
Impairment losses 329 2,367 15,123
General, administrative and leasing expenses 35,402 28,900 30,837
Business development expenses and land carry costs 4,239 5,840 6,213
Total operating expenses 485,144 433,584 476,983
Interest expense (71,052) (75,385) (76,983)
Interest and other income 7,894 4,358 6,318
Gain on sales of real estate 105,230 2,340 9,890
Loss on early extinguishment of debt 0 (258) (513)
Income before equity in income of unconsolidated entities and income taxes 198,154 75,583 74,549
Equity in income of unconsolidated entities 1,633 2,697 1,490
Income tax benefit (expense) 217 363 (1,098)
Net income 200,004 78,643 74,941
Net income attributable to noncontrolling interests:      
Common units in COPLP (2,363) (1,742) (1,890)
Preferred units in COPLP (564) (660) (660)
Other consolidated entities (5,385) (3,940) (3,646)
Net income attributable to COPT/COPLP 191,692 72,301 68,745
Preferred share/ unit dividends/ distributions 0 0 (6,219)
Issuance costs associated with redeemed preferred shares 0 0 (6,847)
Net income attributable to COPT/COPLP common shareholders $ 191,692 $ 72,301 $ 55,679
Earnings per common share:      
Net income attributable to COPT/COPLP common shareholders - basic (in dollars per share/unit) [1] $ 1.72 $ 0.69 $ 0.56
Net income attributable to COPT/COPLP common shareholders - diluted (in dollars per share/unit) [1] $ 1.71 $ 0.69 $ 0.56
Corporate Office Properties, L.P      
Revenues      
Lease revenue $ 522,472 $ 512,327 $ 504,889
Construction contract and other service revenues 113,763 60,859 102,840
Total revenues 641,226 578,112 612,820
Operating expenses      
Property operating expenses 198,143 201,035 190,964
Depreciation and amortization associated with real estate operations 137,069 137,116 134,228
Construction contract and other service expenses 109,962 58,326 99,618
Impairment losses 329 2,367 15,123
General, administrative and leasing expenses 35,402 28,900 30,837
Business development expenses and land carry costs 4,239 5,840 6,213
Total operating expenses 485,144 433,584 476,983
Interest expense (71,052) (75,385) (76,983)
Interest and other income 7,894 4,358 6,318
Gain on sales of real estate 105,230 2,340 9,890
Loss on early extinguishment of debt 0 (258) (513)
Income before equity in income of unconsolidated entities and income taxes 198,154 75,583 74,549
Equity in income of unconsolidated entities 1,633 2,697 1,490
Income tax benefit (expense) 217 363 (1,098)
Net income 200,004 78,643 74,941
Net income attributable to noncontrolling interests in consolidated entities (5,385) (3,940) (3,646)
Net income attributable to noncontrolling interests:      
Net income attributable to COPT/COPLP 194,619 74,703 71,295
Preferred share/ unit dividends/ distributions (564) (660) (6,879)
Issuance costs associated with redeemed preferred shares 0 0 (6,847)
Net income attributable to COPT/COPLP common shareholders $ 194,055 $ 74,043 $ 57,569
Earnings per common share:      
Net income attributable to COPT/COPLP common shareholders - basic (in dollars per share/unit) [2] $ 1.72 $ 0.69 $ 0.56
Net income attributable to COPT/COPLP common shareholders - diluted (in dollars per share/unit) [2] $ 1.71 $ 0.69 $ 0.56
Other property revenue      
Revenues      
Total revenues $ 4,991 $ 4,926 $ 5,091
Other property revenue | Corporate Office Properties, L.P      
Revenues      
Total revenues $ 4,991 $ 4,926 $ 5,091
[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.