Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.3.0.15
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
 3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues        
Rental revenue $ 99,068 $ 90,264 $ 293,547 $ 266,334
Tenant recoveries and other real estate operations revenue 22,825 20,810 65,395 59,337
Construction contract and other service revenues 18,729 13,608 67,854 77,038
Total revenues 140,622 124,682 426,796 402,709
Expenses        
Property operating expenses 47,655 43,013 141,287 128,331
Depreciation and amortization associated with real estate operations 35,719 29,503 97,720 84,368
Construction contract and other service expenses 18,171 13,347 65,698 75,148
Impairment losses     57,824  
General and administrative expenses 6,154 6,079 19,251 17,905
Business development expenses 1,050 2,886 2,126 3,506
Total operating expenses 108,749 94,828 383,906 309,258
Operating income 31,873 29,854 42,890 93,451
Interest expense (25,381) (26,174) (78,412) (74,042)
Interest and other (loss) income (242) 395 3,682 1,942
Loss on early extinguishment of debt (1,655)   (1,680)  
Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes 4,595 4,075 (33,520) 21,351
Equity in (loss) income of unconsolidated entities (159) 648 (223) 371
Income tax benefit (expense) 457 (27) 6,043 (75)
Income (loss) from continuing operations 4,893 4,696 (27,700) 21,647
Discontinued operations 2,577 1,753 (12,120) 4,276
Income (loss) before gain on sales of real estate 7,470 6,449 (39,820) 25,923
Gain on sales of real estate, net of income taxes   2,477 2,717 2,829
Net income (loss) 7,470 8,926 (37,103) 28,752
Net (income) loss attributable to noncontrolling interests:        
Common units in the Operating Partnership (178) (363) 3,188 (1,254)
Preferred units in the Operating Partnership (165) (165) (495) (495)
Other consolidated entities (561) 434 (1,038) 233
Net income (loss) attributable to Corporate Office Properties Trust 6,566 8,832 (35,448) 27,236
Preferred share dividends (4,025) (4,025) (12,076) (12,076)
Net income (loss) attributable to Corporate Office Properties Trust common shareholders 2,541 4,807 (47,524) 15,160
Net income (loss) attributable to Corporate Office Properties Trust:        
Income (loss) from continuing operations 4,138 7,206 (24,106) 23,284
Discontinued operations, net 2,428 1,626 (11,342) 3,952
Net income (loss) attributable to Corporate Office Properties Trust $ 6,566 $ 8,832 $ (35,448) $ 27,236
Basic earnings per common share        
Income (loss) from continuing operations (in dollars per share)   $ 0.05 [1] $ (0.54) [1] $ 0.18 [1]
Discontinued operations (in dollars per share) $ 0.03 [1] $ 0.03 [1] $ (0.16) [1] $ 0.07 [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.03 [1] $ 0.08 [1] $ (0.70) [1] $ 0.25 [1]
Diluted earnings per common share        
Income (loss) from continuing operations (in dollars per share)   $ 0.05 [1] $ (0.54) [1] $ 0.17 [1]
Discontinued operations (in dollars per share) $ 0.03 [1] $ 0.03 [1] $ (0.16) [1] $ 0.07 [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.03 [1] $ 0.08 [1] $ (0.70) [1] $ 0.24 [1]
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.