Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Lease revenue $ 580,169 $ 553,668 $ 509,114
Other property revenue 4,229 2,902 2,600
Construction contract and other service revenues 154,632 107,876 70,640
Total revenues 739,030 664,446 582,354
Operating expenses      
Property operating expenses 227,430 213,377 190,796
Depreciation and amortization associated with real estate operations 141,230 137,543 126,503
Construction contract and other service expenses 149,963 104,053 67,615
General, administrative and leasing expenses 35,798 36,127 33,001
Business development expenses and land carry costs 3,193 4,647 4,473
Impairment losses 0 0 1,530
Total operating expenses 557,614 495,747 423,918
Interest expense (61,174) (65,398) (67,937)
Interest and other income 9,341 7,879 8,574
Credit loss (expense) recoveries (271) 1,128 933
Gain on sales of real estate 19,250 65,590 30,209
Gain on sale of investment in unconsolidated real estate joint venture 0 0 29,416
Loss on early extinguishment of debt (609) (100,626) (7,306)
Loss on interest rate derivatives 0 0 (53,196)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 147,953 77,272 99,129
Equity in income of unconsolidated entities 1,743 1,093 1,825
Income tax expense (447) (145) (353)
Income from continuing operations 149,249 78,220 100,601
Discontinued operations 29,573 3,358 2,277
Net income 178,822 81,578 102,878
Net income attributable to noncontrolling interests:      
Common units in COPLP (2,603) (1,012) (1,180)
Preferred units in COPLP 0 0 (300)
Other consolidated entities (3,190) (4,025) (4,024)
Net income attributable to COPT common shareholders $ 173,029 $ 76,541 $ 97,374
Basic EPS:      
Income from continuing operations - basic (in dollars per share) [1] $ 1.28 $ 0.65 $ 0.85
Discontinued operations - basic (in dollars per share) [1] 0.26 0.03 0.02
Net income attributable to COPT common shareholders - basic (in dollars per share) [1] 1.54 0.68 0.87
Diluted EPS:      
Income from continuing operations - diluted (in dollars per share) [1] 1.27 0.65 0.85
Discontinued operations - diluted (in dollar per share) [1] 0.26 0.03 0.02
Net income attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 1.53 $ 0.68 $ 0.87
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.