| Quarterly Data (Unaudited) |
Quarterly Data (Unaudited)
COPT and Subsidiaries
The tables below set forth selected quarterly information for the years ended December 31, 2013 and 2012 (in thousands, except per share data). Certain of the amounts below have been reclassified to conform to the current period presentation of our consolidated financial statements.
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For the Year Ended December 31, 2013 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
Revenues |
$ |
126,219 |
|
|
$ |
136,527 |
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|
$ |
131,812 |
|
|
$ |
128,802 |
|
Operating income |
$ |
36,165 |
|
|
$ |
40,229 |
|
|
$ |
30,673 |
|
|
$ |
34,843 |
|
Income (loss) from continuing operations |
$ |
11,662 |
|
|
$ |
(232 |
) |
|
$ |
10,974 |
|
|
$ |
14,432 |
|
Discontinued operations |
$ |
1,261 |
|
|
$ |
(4,502 |
) |
|
$ |
(12,974 |
) |
|
$ |
71,907 |
|
Net income (loss) |
$ |
15,277 |
|
|
$ |
(4,405 |
) |
|
$ |
(2,000 |
) |
|
$ |
92,672 |
|
Net (income) loss attributable to noncontrolling interests |
(257 |
) |
|
(960 |
) |
|
(964 |
) |
|
(5,656 |
) |
Net income (loss) attributable to COPT |
15,020 |
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|
(5,365 |
) |
|
(2,964 |
) |
|
87,016 |
|
Preferred share dividends |
(6,106 |
) |
|
(4,885 |
) |
|
(4,490 |
) |
|
(4,490 |
) |
Issuance costs associated with redeemed preferred shares |
— |
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|
(2,904 |
) |
|
— |
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|
— |
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Net income (loss) attributable to COPT common shareholders |
$ |
8,914 |
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|
$ |
(13,154 |
) |
|
$ |
(7,454 |
) |
|
$ |
82,526 |
|
Basic earnings per common share |
$ |
0.11 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.09 |
) |
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$ |
0.94 |
|
Diluted earnings per common share |
$ |
0.11 |
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|
$ |
(0.16 |
) |
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$ |
(0.09 |
) |
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$ |
0.94 |
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For the Year Ended December 31, 2012 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
Revenues |
$ |
127,359 |
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|
$ |
123,074 |
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|
$ |
125,067 |
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|
$ |
132,635 |
|
Operating income (loss) |
$ |
34,651 |
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|
$ |
32,069 |
|
|
$ |
(10,844 |
) |
|
$ |
33,190 |
|
Income (loss) from continuing operations |
$ |
13,184 |
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|
$ |
10,336 |
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|
$ |
(32,048 |
) |
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$ |
16,495 |
|
Discontinued operations |
$ |
(2,949 |
) |
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$ |
1,504 |
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$ |
11,283 |
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$ |
2,515 |
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Net income (loss) |
$ |
10,235 |
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$ |
11,861 |
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$ |
(20,765 |
) |
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$ |
19,010 |
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Net loss (income) attributable to noncontrolling interests |
60 |
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(556 |
) |
|
1,603 |
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|
(471 |
) |
Net income (loss) attributable to COPT |
10,295 |
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|
11,305 |
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|
(19,162 |
) |
|
18,539 |
|
Preferred share dividends |
(4,025 |
) |
|
(4,167 |
) |
|
(6,546 |
) |
|
(6,106 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
— |
|
|
(1,827 |
) |
|
— |
|
Net income (loss) attributable to COPT common shareholders |
$ |
6,270 |
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|
$ |
7,138 |
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|
$ |
(27,535 |
) |
|
$ |
12,433 |
|
Basic earnings per common share |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
|
Diluted earnings per common share |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
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COPLP and Subsidiaries
The tables below set forth selected quarterly information for the years ended December 31, 2013 and 2012 (in thousands, except per share data).
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For the Year Ended December 31, 2013 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
Revenues |
$ |
126,219 |
|
|
$ |
136,527 |
|
|
$ |
131,812 |
|
|
$ |
128,802 |
|
Operating income |
$ |
36,165 |
|
|
$ |
40,229 |
|
|
$ |
30,673 |
|
|
$ |
34,843 |
|
Income (loss) from continuing operations |
$ |
11,662 |
|
|
$ |
(232 |
) |
|
$ |
10,974 |
|
|
$ |
14,432 |
|
Discontinued operations |
$ |
1,261 |
|
|
$ |
(4,502 |
) |
|
$ |
(12,974 |
) |
|
$ |
71,907 |
|
Net income (loss) |
$ |
15,277 |
|
|
$ |
(4,405 |
) |
|
$ |
(2,000 |
) |
|
$ |
92,672 |
|
Net loss (income) attributable to noncontrolling interests |
336 |
|
|
(1,473 |
) |
|
(1,035 |
) |
|
(1,735 |
) |
Net income (loss) attributable to COPLP |
15,613 |
|
|
(5,878 |
) |
|
(3,035 |
) |
|
90,937 |
|
Preferred unit distributions |
(6,271 |
) |
|
(5,050 |
) |
|
(4,655 |
) |
|
(4,655 |
) |
Issuance costs associated with redeemed preferred units |
— |
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|
(2,904 |
) |
|
— |
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|
— |
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Net income (loss) attributable to COPLP common unitholders |
$ |
9,342 |
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|
$ |
(13,832 |
) |
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$ |
(7,690 |
) |
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$ |
86,282 |
|
Basic earnings per common unit |
$ |
0.11 |
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|
$ |
(0.16 |
) |
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$ |
(0.09 |
) |
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$ |
0.94 |
|
Diluted earnings per common unit |
$ |
0.11 |
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$ |
(0.16 |
) |
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$ |
(0.09 |
) |
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$ |
0.94 |
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For the Year Ended December 31, 2012 |
|
First Quarter |
|
Second Quarter |
|
Third Quarter |
|
Fourth Quarter |
Revenues |
$ |
127,359 |
|
|
$ |
123,074 |
|
|
$ |
125,067 |
|
|
$ |
132,635 |
|
Operating income (loss) |
$ |
34,651 |
|
|
$ |
32,069 |
|
|
$ |
(10,844 |
) |
|
$ |
33,190 |
|
Income (loss) from continuing operations |
$ |
13,184 |
|
|
$ |
10,336 |
|
|
$ |
(32,048 |
) |
|
$ |
16,495 |
|
Discontinued operations |
$ |
(2,949 |
) |
|
$ |
1,504 |
|
|
$ |
11,283 |
|
|
$ |
2,515 |
|
Net income (loss) |
$ |
10,235 |
|
|
$ |
11,861 |
|
|
$ |
(20,765 |
) |
|
$ |
19,010 |
|
Net loss (income) attributable to noncontrolling interests |
570 |
|
|
1 |
|
|
(404 |
) |
|
340 |
|
Net income (loss) attributable to COPLP |
10,805 |
|
|
11,862 |
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|
(21,169 |
) |
|
19,350 |
|
Preferred unit distributions |
(4,190 |
) |
|
(4,332 |
) |
|
(6,711 |
) |
|
(6,271 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
— |
|
|
(1,827 |
) |
|
— |
|
Net income (loss) attributable to COPLP common unitholders |
$ |
6,615 |
|
|
$ |
7,530 |
|
|
$ |
(29,707 |
) |
|
$ |
13,079 |
|
Basic earnings per common unit |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
|
Diluted earnings per common unit |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
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