Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues        
Rental revenue $ 94,502 $ 90,337 $ 188,394 $ 179,436
Tenant recoveries and other real estate operations revenue 21,889 18,682 44,073 40,101
Construction contract and other service revenues 16,995 28,097 38,529 49,125
Total revenues 133,386 137,116 270,996 268,662
Expenses        
Property operating expenses 42,384 40,450 87,301 84,985
Depreciation and amortization associated with real estate operations 29,853 28,171 59,172 56,244
Construction contract and other service expenses 16,285 26,909 36,892 47,527
Impairment losses (recoveries) 0 20,183 (2,303) 47,925
General and administrative expenses 7,742 6,320 14,759 13,097
Business development expenses and land carry costs 1,298 1,349 2,874 2,571
Total operating expenses 97,562 123,382 198,695 252,349
Operating income 35,824 13,734 72,301 16,313
Interest expense (24,747) (25,595) (49,667) (51,263)
Interest and other income 840 2,756 2,057 3,924
Loss on early extinguishment of debt (169) (25) (169) (25)
Income (loss) from continuing operations before equity in loss of unconsolidated entities and income taxes 11,748 (9,130) 24,522 (31,051)
Equity in loss of unconsolidated entities (187) (94) (276) (64)
Income tax (expense) benefit (17) 5,042 (4,190) 5,586
Income (loss) from continuing operations 11,544 (4,182) 20,056 (25,529)
Discontinued operations 296 (21,852) (1,239) (21,772)
Income (loss) before gain on sales of real estate 11,840 (26,034) 18,817 (47,301)
Gain on sales of real estate, net of income taxes 21 27 21 2,728
Net income (loss) 11,861 (26,007) 18,838 (44,573)
Net (income) loss attributable to noncontrolling interests:        
Common units in the Operating Partnership (390) 1,887 (549) 3,366
Preferred units in the Operating Partnership (165) (165) (330) (330)
Other consolidated entities (552) 61 (528) (477)
Net income (loss) attributable to Corporate Office Properties Trust 10,754 (24,224) 17,431 (42,014)
Preferred share dividends (4,167) (4,026) (8,192) (8,051)
Net income (loss) attributable to Corporate Office Properties Trust common shareholders 6,587 (28,250) 9,239 (50,065)
Net income (loss) attributable to Corporate Office Properties Trust:        
Income (loss) from continuing operations 10,475 (3,744) 18,603 (21,609)
Discontinued operations, net 279 (20,480) (1,172) (20,405)
Net income (loss) attributable to Corporate Office Properties Trust $ 10,754 $ (24,224) $ 17,431 $ (42,014)
Basic earnings per common share        
Income (loss) from continuing operations $ 0.09 [1] $ (0.12) [1] $ 0.14 [1] $ (0.45) [1]
Discontinued operations $ 0.00 $ (0.30) $ (0.01) $ (0.30)
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.09 [1] $ (0.42) [1] $ 0.13 [1] $ (0.75) [1]
Diluted earnings per common share        
Income (loss) from continuing operations $ 0.09 [1] $ (0.12) [1] $ 0.14 [1] $ (0.45) [1]
Discontinued operations $ 0.00 $ (0.30) $ (0.01) $ (0.30)
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.09 [1] $ (0.42) [1] $ 0.13 [1] $ (0.75) [1]
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.