Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues        
Rental revenue $ 92,783 $ 87,692 $ 273,089 $ 258,896
Tenant recoveries and other real estate operations revenue 22,078 20,286 63,598 58,117
Construction contract and other service revenues 15,283 18,729 53,812 67,854
Total revenues 130,144 126,707 390,499 384,867
Expenses        
Property operating expenses 42,799 41,669 126,339 123,135
Depreciation and amortization associated with real estate operations 28,698 31,269 84,920 84,205
Construction contract and other service expenses 14,410 18,171 51,302 65,698
Impairment losses 46,096 0 41,260 42,983
General and administrative expenses 5,061 6,154 19,820 19,251
Business development expenses and land carry costs 1,632 1,751 4,506 4,322
Total operating expenses 138,696 99,014 328,147 339,594
Operating (loss) income (8,552) 27,693 62,352 45,273
Interest expense (23,239) (24,176) (71,909) (74,861)
Interest and other income (loss) 1,095 (242) 3,152 3,682
Loss on early extinguishment of debt (768) (1,611) (937) (1,636)
(Loss) income from continuing operations before equity in loss of unconsolidated entities and income taxes (31,464) 1,664 (7,342) (27,542)
Equity in loss of unconsolidated entities (246) (159) (522) (223)
Income tax (expense) benefit (106) 457 (4,296) 6,043
(Loss) income from continuing operations (31,816) 1,962 (12,160) (21,722)
Discontinued operations 11,051 5,508 10,212 (18,109)
(Loss) income before gain on sales of real estate (20,765) 7,470 (1,948) (39,831)
Gain on sales of real estate, net of income taxes 0 0 21 2,728
Net (loss) income (20,765) 7,470 (1,927) (37,103)
Net loss (income) attributable to noncontrolling interests:        
Common units in the Operating Partnership 1,569 (178) 1,020 3,188
Preferred units in the Operating Partnership (165) (165) (495) (495)
Other consolidated entities (411) (561) (939) (1,038)
Net (loss) income attributable to Corporate Office Properties Trust (19,772) 6,566 (2,341) (35,448)
Preferred share dividends (6,546) (4,025) (14,738) (12,076)
Issuance costs associated with redeemed preferred shares (1,827) 0 (1,827) 0
Net (loss) incomee attributable to Corporate Office Properties Trust common shareholders (28,145) 2,541 (18,906) (47,524)
Net (loss) income attributable to Corporate Office Properties Trust:        
(Loss) income from continuing operations (30,200) 1,381 (12,015) (18,454)
Discontinued operations, net 10,428 5,185 9,674 (16,994)
Net (loss) income attributable to Corporate Office Properties Trust $ (19,772) $ 6,566 $ (2,341) $ (35,448)
Basic earnings per common share        
Loss from continuing operations $ (0.54) [1] $ (0.04) [1] $ (0.40) [1] $ (0.46) [1]
Discontinued operations $ 0.15 $ 0.07 $ 0.13 $ (0.24)
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (0.39) [1] $ 0.03 [1] $ (0.27) [1] $ (0.70) [1]
Diluted earnings per common share        
Loss from continuing operations $ (0.54) [1] $ (0.04) [1] $ (0.40) [1] $ (0.46) [1]
Discontinued operations $ 0.15 $ 0.07 $ 0.13 $ (0.24)
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (0.39) [1] $ 0.03 [1] $ (0.27) [1] $ (0.70) [1]
Dividends declared per common share $ 0.2750 $ 0.4125 $ 0.8250 $ 1.2375
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.