Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues        
Rental revenue $ 97,442 $ 92,287 $ 289,628 $ 271,634
Tenant recoveries and other real estate operations revenue 21,598 22,075 65,499 63,597
Construction contract and other service revenues 16,991 15,283 52,048 53,812
Total revenues 136,031 129,645 407,175 389,043
Expenses        
Property operating expenses 43,482 41,474 129,409 122,102
Depreciation and amortization associated with real estate operations 29,210 28,604 86,239 84,633
Construction contract and other service expenses 16,306 14,410 49,165 51,302
Impairment losses 16,300 46,096 16,300 41,260
General, administrative and leasing expenses 8,027 6,377 22,430 24,797
Business development expenses and land carry costs 1,383 1,632 4,069 4,506
Total operating expenses 114,708 138,593 307,612 328,600
Operating income (loss) 21,323 (8,948) 99,563 60,443
Interest expense (21,242) (23,239) (66,851) (71,909)
Interest and other (loss) income (3) 1,095 2,949 3,152
Loss on early extinguishment of debt (374) (768) (27,028) (937)
(Loss) income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes (296) (31,860) 8,633 (9,251)
Equity in income (loss) of unconsolidated entities 44 (246) 211 (522)
Income tax expense (24) (106) (61) (327)
(Loss) income from continuing operations (276) (32,212) 8,783 (10,100)
Discontinued operations (1,724) 11,447 (2,594) 11,410
(Loss) income before gain on sales of real estate (2,000) (20,765) 6,189 1,310
Gain on sales of real estate 0 0 2,683 21
Net (loss) income (2,000) (20,765) 8,872 1,331
Net loss (income) attributable to noncontrolling interests:        
Common units in COPLP 232 1,533 474 738
Preferred units in COPLP (165) (165) (495) (495)
Other consolidated entities (1,031) 235 (2,160) 864
Net (loss) income attributable to COPT (2,964) (19,162) 6,691 2,438
Preferred share/unit dividends/distributions (4,490) (6,546) (15,481) (14,738)
Issuance costs associated with redeemed preferred shares/units 0 (1,827) (2,904) (1,827)
Net loss attributable to COPT common shareholders (7,454) (27,535) (11,694) (14,127)
Net (loss) income attributable to COPT:        
(Loss) income from continuing operations (1,266) (29,963) 9,327 (8,369)
Discontinued operations, net (1,698) 10,801 (2,636) 10,807
Net (loss) income attributable to COPT (2,964) (19,162) 6,691 2,438
Basic earnings per common share        
Loss from continuing operations $ (0.07) [1] $ (0.54) [1] $ (0.11) [1] $ (0.35) [1]
Discontinued operations $ (0.02) [1] $ 0.15 [1] $ (0.03) [1] $ 0.15 [1]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ (0.09) [1] $ (0.39) [1] $ (0.14) [1] $ (0.20) [1]
Diluted earnings per common share        
Loss from continuing operations $ (0.07) [1] $ (0.54) [1] $ (0.11) [1] $ (0.35) [1]
Discontinued operations $ (0.02) [1] $ 0.15 [1] $ (0.03) [1] $ 0.15 [1]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ (0.09) [1] $ (0.39) [1] $ (0.14) [1] $ (0.20) [1]
Dividends/distributions declared per common share/unit $ 0.2750 $ 0.2750 $ 0.825 $ 0.825
Corporate Office Properties, L.P.
        
Revenues        
Rental revenue 97,442 92,287 289,628 271,634
Tenant recoveries and other real estate operations revenue 21,598 22,075 65,499 63,597
Construction contract and other service revenues 16,991 15,283 52,048 53,812
Total revenues 136,031 129,645 407,175 389,043
Expenses        
Property operating expenses 43,482 41,474 129,409 122,102
Depreciation and amortization associated with real estate operations 29,210 28,604 86,239 84,633
Construction contract and other service expenses 16,306 14,410 49,165 51,302
Impairment losses 16,300 46,096 16,300 41,260
General, administrative and leasing expenses 8,027 6,377 22,430 24,797
Business development expenses and land carry costs 1,383 1,632 4,069 4,506
Total operating expenses 114,708 138,593 307,612 328,600
Operating income (loss) 21,323 (8,948) 99,563 60,443
Interest expense (21,242) (23,239) (66,851) (71,909)
Interest and other (loss) income (3) 1,095 2,949 3,152
Loss on early extinguishment of debt (374) (768) (27,028) (937)
(Loss) income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes (296) (31,860) 8,633 (9,251)
Equity in income (loss) of unconsolidated entities 44 (246) 211 (522)
Income tax expense (24) (106) (61) (327)
(Loss) income from continuing operations (276) (32,212) 8,783 (10,100)
Discontinued operations (1,724) 11,447 (2,594) 11,410
(Loss) income before gain on sales of real estate (2,000) (20,765) 6,189 1,310
Gain on sales of real estate 0 0 2,683 21
Net (loss) income (2,000) (20,765) 8,872 1,331
Net loss (income) attributable to noncontrolling interests:        
Net (income) loss attributable to noncontrolling interests in consolidated entities (1,035) (404) (2,172) 167
Net (loss) income attributable to COPT (3,035) (21,169) 6,700 1,498
Preferred share/unit dividends/distributions (4,655) (6,711) (15,976) (15,233)
Issuance costs associated with redeemed preferred shares/units 0 (1,827) (2,904) (1,827)
Net loss attributable to COPT common shareholders (7,690) (29,707) (12,180) (15,562)
Net (loss) income attributable to COPT:        
(Loss) income from continuing operations (1,262) (31,969) 9,441 (9,250)
Discontinued operations, net (1,773) 10,800 (2,741) 10,748
Net (loss) income attributable to COPT $ (3,035) $ (21,169) $ 6,700 $ 1,498
Basic earnings per common share        
Loss from continuing operations $ (0.07) [2] $ (0.54) [2] $ (0.11) [2] $ (0.35) [2]
Discontinued operations $ (0.02) [2] $ 0.15 [2] $ (0.03) [2] $ 0.14 [2]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ (0.09) [2] $ (0.39) [2] $ (0.14) [2] $ (0.21) [2]
Diluted earnings per common share        
Loss from continuing operations $ (0.07) [2] $ (0.54) [2] $ (0.11) [2] $ (0.35) [2]
Discontinued operations $ (0.02) [2] $ 0.15 [2] $ (0.03) [2] $ 0.14 [2]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ (0.09) [2] $ (0.39) [2] $ (0.14) [2] $ (0.21) [2]
Dividends/distributions declared per common share/unit $ 0.2750 $ 0.2750 $ 0.825 $ 0.825
[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.