Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues      
Rental revenue $ 384,774 $ 353,229 $ 328,409
Tenant recoveries and other real estate operations revenue 87,722 79,694 66,132
Construction contract and other service revenues 84,345 104,675 343,087
Total revenues 556,841 537,598 737,628
Expenses      
Property operating expenses 186,833 169,325 145,973
Depreciation and amortization associated with real estate operations 127,444 113,234 97,869
Construction contract and other service expenses 81,639 102,302 336,519
Impairment losses 127,765    
General and administrative expenses 25,843 24,008 23,240
Business development expenses 3,195 4,197 3,699
Total operating expenses 552,719 413,066 607,300
Operating income 4,122 124,532 130,328
Interest expense (101,281) (98,748) (79,789)
Interest and other income 5,603 9,568 5,164
Loss on interest rate derivatives (29,805)    
Loss on early extinguishment of debt (1,683)    
(Loss) income from continuing operations before equity in (loss) income of unconsolidated entities and income taxes (123,044) 35,352 55,703
Equity in (loss) income of unconsolidated entities (331) 1,376 (941)
Income tax benefit (expense) 10,679 (108) (196)
(Loss) income from continuing operations (112,696) 36,620 54,566
Discontinued operations (14,343) 6,055 6,733
(Loss) income before gain on sales of real estate (127,039) 42,675 61,299
Gain on sales of real estate, net of income taxes 2,721 2,829  
Net (loss) income (124,318) 45,504 61,299
Less net loss (income) attributable to noncontrolling interests:      
Common units in the Operating Partnership 8,341 (2,116) (4,495)
Preferred units in the Operating Partnership (660) (660) (660)
Other consolidated entities (1,038) 32 185
Net (loss) income attributable to Corporate Office Properties Trust (117,675) 42,760 56,329
Preferred share dividends (16,102) (16,102) (16,102)
Net (loss) income attributable to Corporate Office Properties Trust common shareholders (133,777) 26,658 40,227
Net (loss) income attributable to Corporate Office Properties Trust:      
(Loss) income from continuing operations (104,272) 37,149 50,244
Discontinued operations, net (13,403) 5,611 6,085
Net (loss) income attributable to Corporate Office Properties Trust $ (117,675) $ 42,760 $ 56,329
Basic earnings per common share      
(Loss) income from continuing operations (in dollars per share) $ (1.75) [1] $ 0.34 [1] $ 0.59 [1]
Discontinued operations (in dollars per share) $ (0.19) [1] $ 0.09 [1] $ 0.11 [1]
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (1.94) [1] $ 0.43 [1] $ 0.70 [1]
Diluted earnings per common share      
(Loss) income from continuing operations (in dollars per share) $ (1.75) [1] $ 0.34 [1] $ 0.59 [1]
Discontinued operations (in dollars per share) $ (0.19) [1] $ 0.09 [1] $ 0.11 [1]
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (1.94) [1] $ 0.43 [1] $ 0.70 [1]
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.