Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Rental revenue $ 97,266 $ 89,954 $ 192,186 $ 179,347
Tenant recoveries and other real estate operations revenue 22,463 20,715 43,901 41,522
Construction contract and other service revenues 20,795 16,995 35,057 38,529
Total revenues 140,524 127,664 271,144 259,398
Expenses        
Property operating expenses 43,408 39,441 85,927 80,628
Depreciation and amortization associated with real estate operations 28,866 28,295 57,029 56,029
Construction contract and other service expenses 19,382 16,285 32,859 36,892
Impairment recoveries 0 0 0 (4,836)
General, administrative and leasing expenses 6,583 8,851 14,403 18,420
Business development expenses and land carry costs 1,327 1,298 2,686 2,874
Total operating expenses 99,566 94,170 192,904 190,007
Operating income 40,958 33,494 78,240 69,391
Interest expense (23,302) (24,239) (45,609) (48,670)
Interest and other income 2,006 840 2,952 2,057
Loss on early extinguishment of debt (21,470) (169) (26,654) (169)
(Loss) income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes (1,808) 9,926 8,929 22,609
Equity in income (loss) of unconsolidated entities 126 (187) 167 (276)
Income tax expense (21) (17) (37) (221)
(Loss) income from continuing operations (1,703) 9,722 9,059 22,112
Discontinued operations (3,031) 2,118 (870) (37)
(Loss) income before gain on sales of real estate (4,734) 11,840 8,189 22,075
Gain on sales of real estate 329 21 2,683 21
Net (loss) income (4,405) 11,861 10,872 22,096
Net loss (income) attributable to noncontrolling interests:        
Common units in COPLP 671 (422) 242 (795)
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (1,466) 31 (1,129) 629
Net (loss) income attributable to Corporate Office Properties Trust (5,365) 11,305 9,655 21,600
Preferred share dividends (4,885) (4,167) (10,991) (8,192)
Issuance costs associated with redeemed preferred shares/units (2,904) 0 (2,904) 0
Net (loss) income attributable to Corporate Office Properties Trust common shareholders (13,154) 7,138 (4,240) 13,408
Net (loss) income attributable to Corporate Office Properties Trust:        
(Loss) income from continuing operations (2,398) 9,284 10,593 21,594
Discontinued operations, net (2,967) 2,021 (938) 6
Net (loss) income attributable to Corporate Office Properties Trust (5,365) 11,305 9,655 21,600
Basic earnings per common share        
(Loss) income from continuing operations (in dollars per share) $ (0.12) [1] $ 0.07 [1] $ (0.04) [1] $ 0.18 [1]
Discontinued operations (in dollars per share) $ (0.04) [1] $ 0.03 [1] $ (0.01) [1] $ 0.00 [1]
Net income attributable to COPT common shareholders (in dollars per share) $ (0.16) [1] $ 0.10 [1] $ (0.05) [1] $ 0.18 [1]
Diluted earnings per common share        
(Loss) income from continuing operations (in dollars per share) $ (0.12) [1] $ 0.07 [1] $ (0.04) [1] $ 0.18 [1]
Discontinued operations (in dollars per share) $ (0.04) [1] $ 0.03 [1] $ (0.01) [1] $ 0.00 [1]
Net income attributable to COPT common shareholders (in dollars per share) $ (0.16) [1] $ 0.10 [1] $ (0.05) [1] $ 0.18 [1]
Dividends/distributions declared per common share/unit (in dollars per share/units) $ 0.2750 $ 0.2750 $ 0.55 $ 0.55
Corporate Office Properties, L.P.
        
Revenues        
Rental revenue 97,266 89,954 192,186 179,347
Tenant recoveries and other real estate operations revenue 22,463 20,715 43,901 41,522
Construction contract and other service revenues 20,795 16,995 35,057 38,529
Total revenues 140,524 127,664 271,144 259,398
Expenses        
Property operating expenses 43,408 39,441 85,927 80,628
Depreciation and amortization associated with real estate operations 28,866 28,295 57,029 56,029
Construction contract and other service expenses 19,382 16,285 32,859 36,892
Impairment recoveries 0 0 0 (4,836)
General, administrative and leasing expenses 6,583 8,851 14,403 18,420
Business development expenses and land carry costs 1,327 1,298 2,686 2,874
Total operating expenses 99,566 94,170 192,904 190,007
Operating income 40,958 33,494 78,240 69,391
Interest expense (23,302) (24,239) (45,609) (48,670)
Interest and other income 2,006 840 2,952 2,057
Loss on early extinguishment of debt (21,470) (169) (26,654) (169)
(Loss) income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes (1,808) 9,926 8,929 22,609
Equity in income (loss) of unconsolidated entities 126 (187) 167 (276)
Income tax expense (21) (17) (37) (221)
(Loss) income from continuing operations (1,703) 9,722 9,059 22,112
Discontinued operations (3,031) 2,118 (870) (37)
(Loss) income before gain on sales of real estate (4,734) 11,840 8,189 22,075
Gain on sales of real estate 329 21 2,683 21
Net (loss) income (4,405) 11,861 10,872 22,096
Net loss (income) attributable to noncontrolling interests:        
Net (loss) income attributable to noncontrolling interests in consolidated entities (1,473) 1 (1,137) 571
Net (loss) income attributable to Corporate Office Properties Trust (5,878) 11,862 9,735 22,667
Preferred share dividends (5,050) (4,332) (11,321) (8,522)
Issuance costs associated with redeemed preferred shares/units (2,904) 0 (2,904) 0
Net (loss) income attributable to Corporate Office Properties Trust common shareholders (13,832) 7,530 (4,490) 14,145
Net (loss) income attributable to Corporate Office Properties Trust:        
(Loss) income from continuing operations (2,782) 9,753 10,703 22,719
Discontinued operations, net (3,096) 2,109 (968) (52)
Net (loss) income attributable to Corporate Office Properties Trust $ (5,878) $ 11,862 $ 9,735 $ 22,667
Basic earnings per common share        
(Loss) income from continuing operations (in dollars per share) $ (0.12) [2] $ 0.07 [2] $ (0.04) [2] $ 0.18 [2]
Discontinued operations (in dollars per share) $ (0.04) [2] $ 0.03 [2] $ (0.01) [2] $ 0.00 [2]
Net income attributable to COPT common shareholders (in dollars per share) $ (0.16) [2] $ 0.10 [2] $ (0.05) [2] $ 0.18 [2]
Diluted earnings per common share        
(Loss) income from continuing operations (in dollars per share) $ (0.12) [2] $ 0.07 [2] $ (0.04) [2] $ 0.18 [2]
Discontinued operations (in dollars per share) $ (0.04) [2] $ 0.03 [2] $ (0.01) [2] $ 0.00 [2]
Net income attributable to COPT common shareholders (in dollars per share) $ (0.16) [2] $ 0.10 [2] $ (0.05) [2] $ 0.18 [2]
Dividends/distributions declared per common share/unit (in dollars per share/units) $ 0.2750 $ 0.2750 $ 0.55 $ 0.55
[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.