Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues      
Rental revenue $ 377,611 $ 353,080 $ 332,856
Tenant recoveries and other real estate operations revenue 83,386 81,219 75,755
Construction contract and other service revenues 62,363 73,836 84,345
Total revenues 523,360 508,135 492,956
Expenses      
Property operating expenses 167,199 159,206 154,375
Depreciation and amortization associated with real estate operations 113,214 107,998 107,003
Construction contract and other service expenses 58,875 70,576 81,639
Impairment losses 5,857 43,678 83,213
General, administrative and leasing expenses 30,869 31,900 30,306
Business development expenses and land carry costs 5,436 5,711 6,122
Total operating expenses 381,450 419,069 462,658
Operating income 141,910 89,066 30,298
Interest expense (82,010) (86,401) (90,037)
Interest and other income 3,834 7,172 5,603
Loss on early extinguishment of debt (27,030) (943) (1,639)
Loss on interest rate derivatives 0 0 (29,805)
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes 36,704 8,894 (85,580)
Equity in income (loss) of unconsolidated entities 2,110 (546) (331)
Income tax (expense) benefit (1,978) (381) 6,710
Income (loss) from continuing operations 36,836 7,967 (79,201)
Discontinued operations 55,692 12,353 (51,107)
Income (loss) before gain on sales of real estate 92,528 20,320 (130,308)
Gain on sales of real estate, net of income taxes 9,016 21 2,732
Net income (loss) 101,544 20,341 (127,576)
Net (income) loss attributable to noncontrolling interests:      
Common units in COPLP (3,283) 87 8,439
Preferred units in COPLP (660) (660) (660)
Other consolidated entities (3,894) 1,209 369
Net income (loss) attributable to COPT 93,707 20,977 (119,428)
Preferred share dividends (19,971) (20,844) (16,102)
Issuance costs associated with redeemed preferred shares (2,904) (1,827) 0
Net income (loss) attributable to COPT common shareholders 70,832 (1,694) (135,530)
Net income (loss) attributable to COPT:      
Income (loss) from continuing operations 41,366 9,297 (71,341)
Discontinued operations, net 52,341 11,680 (48,087)
Net income (loss) attributable to COPT 93,707 20,977 (119,428)
Basic earnings per common share      
Income (loss) from continuing operations (in dollars per share) $ 0.21 [1] $ (0.19) [1] $ (1.28) [1]
Discontinued operations (in dollars per share) $ 0.62 [1] $ 0.16 [1] $ (0.69) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.83 [1] $ (0.03) [1] $ (1.97) [1]
Diluted earnings per common share      
Income (loss) from continuing operations (in dollars per share) $ 0.21 [1] $ (0.19) [1] $ (1.28) [1]
Discontinued operations (in dollars per share) $ 0.62 [1] $ 0.16 [1] $ (0.69) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.83 [1] $ (0.03) [1] $ (1.97) [1]
Corporate Office Properties, L.P.
      
Revenues      
Rental revenue 377,611 353,080 332,856
Tenant recoveries and other real estate operations revenue 83,386 81,219 75,755
Construction contract and other service revenues 62,363 73,836 84,345
Total revenues 523,360 508,135 492,956
Expenses      
Property operating expenses 167,199 159,206 154,375
Depreciation and amortization associated with real estate operations 113,214 107,998 107,003
Construction contract and other service expenses 58,875 70,576 81,639
Impairment losses 5,857 43,678 83,213
General, administrative and leasing expenses 30,869 31,900 30,300
Business development expenses and land carry costs 5,436 5,711 6,122
Total operating expenses 381,450 419,069 462,652
Operating income 141,910 89,066 30,304
Interest expense (82,010) (86,401) (90,037)
Interest and other income 3,834 7,172 5,603
Loss on early extinguishment of debt (27,030) (943) (1,639)
Loss on interest rate derivatives 0 0 (29,805)
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes 36,704 8,894 (85,574)
Equity in income (loss) of unconsolidated entities 2,110 (546) (331)
Income tax (expense) benefit (1,978) (381) 6,710
Income (loss) from continuing operations 36,836 7,967 (79,195)
Discontinued operations 55,692 12,353 (51,107)
Income (loss) before gain on sales of real estate 92,528 20,320 (130,302)
Gain on sales of real estate, net of income taxes 9,016 21 2,732
Net income (loss) 101,544 20,341 (127,570)
Net (income) loss attributable to noncontrolling interests in consolidated entities (3,907) 507 244
Net (income) loss attributable to noncontrolling interests:      
Net income (loss) attributable to COPT 97,637 20,848 (127,326)
Preferred share dividends (20,631) (21,504) (16,762)
Issuance costs associated with redeemed preferred shares (2,904) (1,827) 0
Net income (loss) attributable to COPT common shareholders 74,102 (2,483) (144,088)
Net income (loss) attributable to COPT:      
Income (loss) from continuing operations 42,875 9,194 (76,082)
Discontinued operations, net 54,762 11,654 (51,244)
Net income (loss) attributable to COPT $ 97,637 $ 20,848 $ (127,326)
Basic earnings per common share      
Income (loss) from continuing operations (in dollars per share) $ 0.21 [1] $ (0.19) [1] $ (1.29) [1]
Discontinued operations (in dollars per share) $ 0.62 [1] $ 0.15 [1] $ (0.71) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.83 [1] $ (0.04) [1] $ (2.00) [1]
Diluted earnings per common share      
Income (loss) from continuing operations (in dollars per share) $ 0.21 [1] $ (0.19) [1] $ (1.29) [1]
Discontinued operations (in dollars per share) $ 0.62 [1] $ 0.15 [1] $ (0.71) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share) $ 0.83 [1] $ (0.04) [1] $ (2.00) [1]
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.