Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.20.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Lease revenue $ 132,147 $ 131,415 $ 263,159 $ 262,318
Construction contract and other service revenues 12,236 42,299 25,917 59,249
Total revenues 144,774 175,070 290,571 324,010
Operating expenses        
Property operating expenses 50,204 47,886 100,203 97,331
Depreciation and amortization associated with real estate operations 33,612 34,802 66,208 69,598
Construction contract and other service expenses 11,711 41,002 24,832 57,328
General, administrative and leasing expenses 8,158 9,386 15,644 18,137
Business development expenses and land carry costs 1,262 870 2,380 1,983
Total operating expenses 104,947 133,946 209,267 244,377
Interest expense (16,797) (18,475) (33,637) (37,149)
Interest and other income 2,282 1,849 3,487 4,135
Credit loss expense (615) 0 (1,304) 0
Gain on sales of real estate 0 84,469 5 84,469
Income before equity in income of unconsolidated entities and income taxes 24,697 108,967 49,855 131,088
Equity in income of unconsolidated entities 454 420 895 811
Income tax (expense) benefit (30) 176 (79) (18)
Net income 25,121 109,563 50,671 131,881
Net income attributable to noncontrolling interests:        
Common units in COPLP (284) (1,339) (571) (1,596)
Preferred units in COPLP (77) (165) (154) (330)
Other consolidated entities (1,263) (1,268) (2,395) (2,305)
Net income attributable to COPLP 23,497 106,791 47,551 127,650
Net income attributable to COPT/COPLP common share/unitholders $ 23,497 $ 106,791 $ 47,551 $ 127,650
Earnings per common share/unit:        
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [1] $ 0.21 $ 0.95 $ 0.42 $ 1.15
Net income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit) [1] $ 0.21 $ 0.95 $ 0.42 $ 1.15
Other Property Revenue        
Revenues        
Total revenues $ 391 $ 1,356 $ 1,495 $ 2,443
Corporate Office Properties, L.P.        
Revenues        
Lease revenue 132,147 131,415 263,159 262,318
Construction contract and other service revenues 12,236 42,299 25,917 59,249
Total revenues 144,774 175,070 290,571 324,010
Operating expenses        
Property operating expenses 50,204 47,886 100,203 97,331
Depreciation and amortization associated with real estate operations 33,612 34,802 66,208 69,598
Construction contract and other service expenses 11,711 41,002 24,832 57,328
General, administrative and leasing expenses 8,158 9,386 15,644 18,137
Business development expenses and land carry costs 1,262 870 2,380 1,983
Total operating expenses 104,947 133,946 209,267 244,377
Interest expense (16,797) (18,475) (33,637) (37,149)
Interest and other income 2,282 1,849 3,487 4,135
Credit loss expense (615) 0 (1,304) 0
Gain on sales of real estate 0 84,469 5 84,469
Income before equity in income of unconsolidated entities and income taxes 24,697 108,967 49,855 131,088
Equity in income of unconsolidated entities 454 420 895 811
Income tax (expense) benefit (30) 176 (79) (18)
Net income 25,121 109,563 50,671 131,881
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (1,263) (1,268) (2,395) (2,305)
Net income attributable to COPLP 23,858 108,295 48,276 129,576
Preferred unit distributions (77) (165) (154) (330)
Net income attributable to COPT/COPLP common share/unitholders $ 23,781 $ 108,130 $ 48,122 $ 129,246
Earnings per common share/unit:        
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [2] $ 0.21 $ 0.95 $ 0.42 $ 1.15
Net income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit) [2] $ 0.21 $ 0.95 $ 0.42 $ 1.15
Corporate Office Properties, L.P. | Other Property Revenue        
Revenues        
Total revenues $ 391 $ 1,356 $ 1,495 $ 2,443
[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.