Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.21.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Lease revenue $ 145,749 $ 133,875 $ 434,031 $ 397,034
Other property revenue 841 568 2,146 2,063
Construction contract and other service revenues 28,046 20,323 64,592 46,240
Total revenues 174,636 154,766 500,769 445,337
Operating expenses        
Property operating expenses 57,190 51,552 168,780 151,755
Depreciation and amortization associated with real estate operations 36,611 35,332 111,487 101,540
Construction contract and other service expenses 27,089 19,220 61,964 44,052
Impairment losses 0 1,530 0 1,530
General, administrative and leasing expenses 9,342 7,467 26,970 23,111
Business development expenses and land carry costs 1,093 1,094 3,559 3,474
Total operating expenses 131,325 116,195 372,760 325,462
Interest expense (15,720) (17,152) (49,181) (50,789)
Interest and other income 1,818 1,746 5,911 5,233
Credit loss recoveries 326 1,465 1,040 161
Gain on sales of real estate (32) 0 39,711 5
Loss on early extinguishment of debt (1,159) (3,237) (59,553) (3,237)
Loss on interest rate derivatives 0 (53,196) 0 (53,196)
Income (loss) before equity in income of unconsolidated entities and income taxes 28,544 (31,803) 65,937 18,052
Equity in income of unconsolidated entities 297 477 779 1,372
Income tax expense (47) (16) (103) (95)
Net income (loss) 28,794 (31,342) 66,613 19,329
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (357) 386 (831) (185)
Preferred units in COPLP 0 (77) 0 (231)
Other consolidated entities (1,336) (812) (2,949) (3,207)
Net income (loss) attributable to COPT common shareholders $ 27,101 $ (31,845) $ 62,833 $ 15,706
Earnings per common share:        
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share) [1] $ 0.24 $ (0.29) $ 0.56 $ 0.14
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 0.24 $ (0.29) $ 0.56 $ 0.14
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.