Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.22.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Lease revenue $ 141,389 $ 137,290
Other property revenue 891 540
Construction contract and other service revenues 53,200 16,558
Total revenues 195,480 154,388
Operating expenses    
Property operating expenses 57,181 53,276
Depreciation and amortization associated with real estate operations 34,264 34,500
Construction contract and other service expenses 51,650 15,793
General, administrative and leasing expenses 8,544 8,406
Business development expenses and land carry costs 783 1,094
Total operating expenses 152,422 113,069
Interest expense (14,424) (17,519)
Interest and other income 1,893 1,865
Credit loss recoveries 316 907
Gain on sales of real estate 15 (490)
Loss on early extinguishment of debt (342) (33,166)
Income (loss) from continuing operations before equity in income of unconsolidated entities and income taxes 30,516 (7,084)
Equity in income of unconsolidated entities 888 222
Income tax expense (153) (32)
Income (loss) from continuing operations 31,251 (6,894)
Discontinued operations 29,573 815
Net income (loss) 60,824 (6,079)
Net (income) loss attributable to noncontrolling interests:    
Common units in COPLP (856) 85
Other consolidated entities (649) (675)
Net income (loss) attributable to COPT common shareholders $ 59,319 $ (6,669)
Basic earnings per common share:    
Income (loss) from continuing operations - basic (in dollars per share) [1] $ 0.27 $ (0.07)
Discontinued operations - basic (in dollars per share) [1] 0.26 0.01
Net income (loss) attributable to COPT common shareholders - basic (in dollars per share) [1] 0.53 (0.06)
Diluted earnings per common share:    
Income (loss) from continuing operations - diluted (in dollars per share) [1] 0.27 (0.07)
Discontinued operations - diluted (in dollars per share) [1] 0.25 0.01
Net income (loss) attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 0.52 $ (0.06)
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.