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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Lease revenue $ 133,875 $ 129,461 $ 397,034 $ 391,779
Construction contract and other service revenues 20,323 28,697 46,240 87,946
Total revenues 154,766 159,431 445,337 483,441
Operating expenses        
Property operating expenses 51,552 49,714 151,755 147,045
Depreciation and amortization associated with real estate operations 35,332 34,692 101,540 104,290
Construction contract and other service expenses 19,220 27,802 44,052 85,130
Impairment losses 1,530 327 1,530 327
General, administrative and leasing expenses 7,467 7,929 23,111 26,066
Business development expenses and land carry costs 1,094 964 3,474 2,947
Total operating expenses 116,195 121,428 325,462 365,805
Interest expense (17,152) (17,126) (50,789) (54,275)
Interest and other income 1,746 1,842 5,233 5,977
Credit loss recoveries 1,465 0 161 0
Gain on sales of real estate 0 0 5 84,469
Loss on early extinguishment of debt (3,237) 0 (3,237) 0
Loss on interest rate derivatives (53,196) 0 (53,196) 0
(Loss) income before equity in income of unconsolidated entities and income taxes (31,803) 22,719 18,052 153,807
Equity in income of unconsolidated entities 477 396 1,372 1,207
Income tax (expense) benefit (16) 131 (95) 113
Net (loss) income (31,342) 23,246 19,329 155,127
Net loss (income) attributable to noncontrolling interests:        
Common units in COPLP 386 (267) (185) (1,863)
Preferred units in COPLP (77) (157) (231) (487)
Other consolidated entities (812) (1,565) (3,207) (3,870)
Net (loss) income attributable to COPLP (31,845) 21,257 15,706 148,907
Net (loss) income attributable to COPT/COPLP common share/unitholders $ (31,845) $ 21,257 $ 15,706 $ 148,907
Earnings per common share/unit:        
Net (loss) income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [1] $ (0.29) $ 0.19 $ 0.14 $ 1.34
Net (loss) income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit) [1] $ (0.29) $ 0.19 $ 0.14 $ 1.33
Other Property Revenue        
Revenues        
Total revenues $ 568 $ 1,273 $ 2,063 $ 3,716
Corporate Office Properties, L.P.        
Revenues        
Lease revenue 133,875 129,461 397,034 391,779
Construction contract and other service revenues 20,323 28,697 46,240 87,946
Total revenues 154,766 159,431 445,337 483,441
Operating expenses        
Property operating expenses 51,552 49,714 151,755 147,045
Depreciation and amortization associated with real estate operations 35,332 34,692 101,540 104,290
Construction contract and other service expenses 19,220 27,802 44,052 85,130
Impairment losses 1,530 327 1,530 327
General, administrative and leasing expenses 7,467 7,929 23,111 26,066
Business development expenses and land carry costs 1,094 964 3,474 2,947
Total operating expenses 116,195 121,428 325,462 365,805
Interest expense (17,152) (17,126) (50,789) (54,275)
Interest and other income 1,746 1,842 5,233 5,977
Credit loss recoveries 1,465 0 161 0
Gain on sales of real estate 0 0 5 84,469
Loss on early extinguishment of debt (3,237) 0 (3,237) 0
Loss on interest rate derivatives (53,196) 0 (53,196) 0
(Loss) income before equity in income of unconsolidated entities and income taxes (31,803) 22,719 18,052 153,807
Equity in income of unconsolidated entities 477 396 1,372 1,207
Income tax (expense) benefit (16) 131 (95) 113
Net (loss) income (31,342) 23,246 19,329 155,127
Net loss (income) attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (812) (1,565) (3,207) (3,870)
Net (loss) income attributable to COPLP (32,154) 21,681 16,122 151,257
Preferred unit distributions (77) (157) (231) (487)
Net (loss) income attributable to COPT/COPLP common share/unitholders $ (32,231) $ 21,524 $ 15,891 $ 150,770
Earnings per common share/unit:        
Net (loss) income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [2] $ (0.29) $ 0.19 $ 0.14 $ 1.34
Net (loss) income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit) [2] $ (0.29) $ 0.19 $ 0.14 $ 1.33
Corporate Office Properties, L.P. | Other Property Revenue        
Revenues        
Total revenues $ 568 $ 1,273 $ 2,063 $ 3,716
[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.