Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Lease revenue $ 142,277 $ 136,454 $ 283,666 $ 273,744
Other property revenue 969 765 1,860 1,305
Construction contract and other service revenues 42,557 19,988 95,757 36,546
Total revenues 185,803 157,207 381,283 311,595
Operating expenses        
Property operating expenses 54,116 50,914 111,297 104,190
Depreciation and amortization associated with real estate operations 34,812 34,732 69,076 69,232
Construction contract and other service expenses 41,304 19,082 92,954 34,875
General, administrative and leasing expenses 8,355 9,222 16,899 17,628
Business development expenses and land carry costs 701 1,372 1,484 2,466
Total operating expenses 139,288 115,322 291,710 228,391
Interest expense (14,808) (15,942) (29,232) (33,461)
Interest and other income 1,818 2,228 3,711 4,093
Credit loss (expense) recoveries (225) (193) 91 714
Gain on sales of real estate (19) 40,233 (4) 39,743
Loss on early extinguishment of debt 0 (25,228) (342) (58,394)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 33,281 42,983 63,797 35,899
Equity in income of unconsolidated entities 318 260 1,206 482
Income tax expense (4) (24) (157) (56)
Income from continuing operations 33,595 43,219 64,846 36,325
Discontinued operations 0 679 29,573 1,494
Net income 33,595 43,898 94,419 37,819
Net income attributable to noncontrolling interests:        
Common units in COPLP (496) (559) (1,352) (474)
Other consolidated entities (789) (938) (1,438) (1,613)
Net income attributable to COPT common shareholders $ 32,310 $ 42,401 $ 91,629 $ 35,732
Basic earnings per common share:        
Income from continuing operations - basic (in dollars per share) [1] $ 0.29 $ 0.37 $ 0.55 $ 0.30
Discontinued operations - basic (in dollars per share) [1] 0 0.01 0.26 0.02
Net income attributable to COPT common shareholders - basic (in dollars per share) [1] 0.29 0.38 0.81 0.32
Diluted earnings per common share:        
Income from continuing operations - diluted (in dollars per share) [1] 0.29 0.37 0.55 0.30
Discontinued operations - diluted (in dollars per share) [1] 0 0.01 0.26 0.02
Net income attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 0.29 $ 0.38 $ 0.81 $ 0.32
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.