Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.20.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues      
Lease revenue $ 536,127 $ 522,472 $ 512,327
Construction contract and other service revenues 70,640 113,763 60,859
Total revenues 609,365 641,226 578,112
Operating expenses      
Property operating expenses 203,840 198,143 201,035
Depreciation and amortization associated with real estate operations 138,193 137,069 137,116
Construction contract and other service expenses 67,615 109,962 58,326
Impairment losses 1,530 329 2,367
General, administrative and leasing expenses 33,001 35,402 28,900
Business development expenses and land carry costs 4,473 4,239 5,840
Total operating expenses 448,652 485,144 433,584
Interest expense (67,937) (71,052) (75,385)
Interest and other income 8,574 7,894 4,358
Credit loss recoveries 933 0 0
Gain on sales of real estate 30,209 105,230 2,340
Gain on sale of investment in unconsolidated real estate joint venture 29,416 0 0
Loss on early extinguishment of debt (7,306) 0 (258)
Loss on interest rate derivatives (53,196) 0 0
Income before equity in income of unconsolidated entities and income taxes 101,406 198,154 75,583
Equity in income of unconsolidated entities 1,825 1,633 2,697
Income tax (expense) benefit (353) 217 363
Net income 102,878 200,004 78,643
Net income attributable to noncontrolling interests:      
Common units in COPLP (1,180) (2,363) (1,742)
Preferred units in COPLP (300) (564) (660)
Other consolidated entities (4,024) (5,385) (3,940)
Net income attributable to COPT/COPLP 97,374 191,692 72,301
Net income attributable to COPT/COPLP common shareholders/unitholders $ 97,374 $ 191,692 $ 72,301
Earnings per common share/unit:      
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [1] $ 0.87 $ 1.72 $ 0.69
Net income attributable to COPT/COPLP common share/unitholders - diluted (in dollars per share/unit) [1] $ 0.87 $ 1.71 $ 0.69
Revenue from Contract with Customer, Product and Service [Extensible List] ofc:ConstructionContractAndOtherServiceRevenuesMember ofc:ConstructionContractAndOtherServiceRevenuesMember ofc:ConstructionContractAndOtherServiceRevenuesMember
Corporate Office Properties, L.P      
Revenues      
Lease revenue $ 536,127 $ 522,472 $ 512,327
Construction contract and other service revenues 70,640 113,763 60,859
Total revenues 609,365 641,226 578,112
Operating expenses      
Property operating expenses 203,840 198,143 201,035
Depreciation and amortization associated with real estate operations 138,193 137,069 137,116
Construction contract and other service expenses 67,615 109,962 58,326
Impairment losses 1,530 329 2,367
General, administrative and leasing expenses 33,001 35,402 28,900
Business development expenses and land carry costs 4,473 4,239 5,840
Total operating expenses 448,652 485,144 433,584
Interest expense (67,937) (71,052) (75,385)
Interest and other income 8,574 7,894 4,358
Credit loss recoveries 933 0 0
Gain on sales of real estate 30,209 105,230 2,340
Gain on sale of investment in unconsolidated real estate joint venture 29,416 0 0
Loss on early extinguishment of debt (7,306) 0 (258)
Loss on interest rate derivatives (53,196) 0 0
Income before equity in income of unconsolidated entities and income taxes 101,406 198,154 75,583
Equity in income of unconsolidated entities 1,825 1,633 2,697
Income tax (expense) benefit (353) 217 363
Net income 102,878 200,004 78,643
Net income attributable to noncontrolling interests in consolidated entities (4,024) (5,385) (3,940)
Net income attributable to noncontrolling interests:      
Net income attributable to COPT/COPLP 98,854 194,619 74,703
Preferred share/ unit dividends/ distributions (300) (564) (660)
Net income attributable to COPT/COPLP common shareholders/unitholders $ 98,554 $ 194,055 $ 74,043
Earnings per common share/unit:      
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit) [2] $ 0.87 $ 1.72 $ 0.69
Net income attributable to COPT/COPLP common share/unitholders - diluted (in dollars per share/unit) [2] $ 0.87 $ 1.71 $ 0.69
Other property revenue      
Revenues      
Total revenues $ 2,598 $ 4,991 $ 4,926
Other property revenue | Corporate Office Properties, L.P      
Revenues      
Total revenues $ 2,598 $ 4,991 $ 4,926
[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.