Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues      
Lease revenue $ 553,668 $ 509,114 $ 493,165
Other property revenue 2,902 2,600 4,893
Construction contract and other service revenues 107,876 70,640 113,763
Total revenues 664,446 582,354 611,821
Operating expenses      
Property operating expenses 213,377 190,796 185,449
Depreciation and amortization associated with real estate operations 137,543 126,503 125,008
Construction contract and other service expenses 104,053 67,615 109,962
Impairment losses 0 1,530 329
General, administrative and leasing expenses 36,127 33,001 35,402
Business development expenses and land carry costs 4,647 4,473 4,239
Total operating expenses 495,747 423,918 460,389
Interest expense (65,398) (67,937) (71,052)
Interest and other income 7,879 8,574 7,894
Credit loss recoveries 1,128 933 0
Gain on sales of real estate 65,590 30,209 105,230
Gain on sale of investment in unconsolidated real estate joint venture 0 29,416 0
Loss on early extinguishment of debt (100,626) (7,306) 0
Loss on interest rate derivatives 0 (53,196) 0
Income from continuing operations before equity in income of unconsolidated entities and income taxes 77,272 99,129 193,504
Equity in income of unconsolidated entities 1,093 1,825 1,633
Income tax (expense) benefit (145) (353) 217
Income from continuing operations 78,220 100,601 195,354
Discontinued operations 3,358 2,277 4,650
Net income 81,578 102,878 200,004
Net income attributable to noncontrolling interests:      
Common units in COPLP (1,012) (1,180) (2,363)
Preferred units in COPLP 0 (300) (564)
Other consolidated entities (4,025) (4,024) (5,385)
Net income attributable to COPT common shareholders $ 76,541 $ 97,374 $ 191,692
Basic Earnings per common share:      
Income from continuing operations - basic (in dollars per share) [1] $ 0.65 $ 0.85 $ 1.68
Discontinued operations - basic (in dollars per share) [1] 0.03 0.02 0.04
Net income attributable to COPT common shareholders - basic (in dollars per share) [1] 0.68 0.87 1.72
Diluted Earnings per common share:      
Income from continuing operations - diluted (in dollars per share) [1] 0.65 0.85 1.67
Discontinued operations - diluted (in dollar per share) [1] 0.03 0.02 0.04
Net income attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 0.68 $ 0.87 $ 1.71
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.