Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Revenues    
Rental revenue $ 98,035 $ 91,849
Tenant recoveries and other real estate operations revenue 26,842 20,108
Construction contract and other service revenues 21,790 14,262
Total revenues 146,667 126,219
Expenses    
Property operating expenses 49,772 40,388
Depreciation and amortization associated with real estate operations 43,596 27,010
Construction contract and other service expenses 18,624 13,477
General, administrative and leasing expenses 8,143 7,820
Business development expenses and land carry costs 1,326 1,359
Total operating expenses 121,461 90,054
Operating income 25,206 36,165
Interest expense (20,827) (20,290)
Interest and other income 1,285 946
Loss on early extinguishment of debt 0 (5,184)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 5,664 11,637
Equity in income of unconsolidated entities 60 41
Income tax expense (64) (16)
Income from continuing operations 5,660 11,662
Discontinued operations 11 1,261
Income before gain on sales of real estate 5,671 12,923
Gain on sales of real estate 0 2,354
Net income 5,671 15,277
Net (income) loss attributable to noncontrolling interests:    
Common units in COPLP (16) (429)
Preferred units in COPLP (165) (165)
Other consolidated entities (749) 337
Net income attributable to COPT 4,741 15,020
Preferred share/unit dividends/distributions (4,490) (6,106)
Net income attributable to COPT common shareholders 251 8,914
Net income attributable to COPT:    
Income from continuing operations 4,728 13,849
Discontinued operations, net 13 1,171
Net income attributable to COPT 4,741 15,020
Basic earnings per common share (1)    
Income from continuing operations (in dollars per share/unit) $ 0.00 [1] $ 0.09 [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ 0.02 [1]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ 0.00 [1] $ 0.11 [1]
Diluted earnings per common share (1)    
Income from continuing operations (in dollars per share/unit) $ 0.00 [1] $ 0.09 [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ 0.02 [1]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ 0.00 [1] $ 0.11 [1]
Dividends/distributions declared per common share/unit $ 0.2750 $ 0.2750
Corporate Office Properties, L.P.
    
Revenues    
Rental revenue 98,035 91,849
Tenant recoveries and other real estate operations revenue 26,842 20,108
Construction contract and other service revenues 21,790 14,262
Total revenues 146,667 126,219
Expenses    
Property operating expenses 49,772 40,388
Depreciation and amortization associated with real estate operations 43,596 27,010
Construction contract and other service expenses 18,624 13,477
General, administrative and leasing expenses 8,143 7,820
Business development expenses and land carry costs 1,326 1,359
Total operating expenses 121,461 90,054
Operating income 25,206 36,165
Interest expense (20,827) (20,290)
Interest and other income 1,285 946
Loss on early extinguishment of debt 0 (5,184)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 5,664 11,637
Equity in income of unconsolidated entities 60 41
Income tax expense (64) (16)
Income from continuing operations 5,660 11,662
Discontinued operations 11 1,261
Income before gain on sales of real estate 5,671 12,923
Gain on sales of real estate 0 2,354
Net income 5,671 15,277
Net (income) loss attributable to noncontrolling interests:    
Net (income) loss attributable to noncontrolling interests in consolidated entities (737) 336
Net income attributable to COPT 4,934 15,613
Preferred share/unit dividends/distributions (4,655) (6,271)
Net income attributable to COPT common shareholders 279 9,342
Net income attributable to COPT:    
Income from continuing operations 4,921 14,385
Discontinued operations, net 13 1,228
Net income attributable to COPT $ 4,934 $ 15,613
Basic earnings per common share (1)    
Income from continuing operations (in dollars per share/unit) $ 0.00 [2] $ 0.09 [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ 0.02 [2]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ 0.00 [2] $ 0.11 [2]
Diluted earnings per common share (1)    
Income from continuing operations (in dollars per share/unit) $ 0.00 [2] $ 0.09 [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ 0.02 [2]
Net income attributable to COPT common shareholders (in dollars per share/unit) $ 0.00 [2] $ 0.11 [2]
Dividends/distributions declared per common share/unit $ 0.275 $ 0.275
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.
[2] Basic and diluted earnings per common unit are calculated based on amounts attributable to common unitholders of Corporate Office Properties, L.P.