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 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Rental revenue $ 94,332 $ 94,421 $ 192,367 $ 186,270
Tenant recoveries and other real estate operations revenue 21,627 21,311 48,469 41,419
Construction contract and other service revenues 23,861 20,795 45,651 35,057
Total revenues 139,820 136,527 286,487 262,746
Expenses        
Property operating expenses 43,772 41,333 93,544 81,721
Depreciation and amortization associated with real estate operations 30,895 27,673 74,491 54,683
Construction contract and other service expenses 23,136 19,382 41,760 32,859
Impairment losses 1,302 0 1,302 0
General, administrative and leasing expenses 7,528 6,583 15,671 14,403
Business development expenses and land carry costs 1,351 1,327 2,677 2,686
Total operating expenses 107,984 96,298 229,445 186,352
Operating income 31,836 40,229 57,042 76,394
Interest expense (23,478) (21,102) (44,305) (41,392)
Interest and other income 1,299 2,006 2,584 2,952
Loss on early extinguishment of debt (270) (21,470) (270) (26,654)
Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes 9,387 (337) 15,051 11,300
Equity in (loss) income of unconsolidated entities (47) 126 13 167
Income tax expense (92) (21) (156) (37)
Income (loss) from continuing operations 9,248 (232) 14,908 11,430
Discontinued operations (198) (4,502) (187) (3,241)
Income (loss) before gain on sales of real estate 9,050 (4,734) 14,721 8,189
Gain on sales of real estate 0 329 0 2,683
Net income (loss) 9,050 (4,405) 14,721 10,872
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (158) 671 (174) 242
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (837) (1,466) (1,586) (1,129)
Net income (loss) attributable to COPT 7,890 (5,365) 12,631 9,655
Preferred share/unit dividends/distributions (4,344) (4,885) (8,834) (10,991)
Issuance costs associated with redeemed preferred shares (1,769) (2,904) (1,769) (2,904)
Net income (loss) attributable to COPT common shareholders 1,777 (13,154) 2,028 (4,240)
Net income (loss) attributable to COPT:        
Income (loss) from continuing operations 8,077 (990) 12,805 12,859
Discontinued operations, net (187) (4,375) (174) (3,204)
Net income (loss) attributable to COPT 7,890 (5,365) 12,631 9,655
Basic earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) $ 0.02 [1] $ (0.10) [1] $ 0.02 [1] $ (0.02) [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ (0.06) [1] $ 0.00 [1] $ (0.03) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.02 [1] $ (0.16) [1] $ 0.02 [1] $ (0.05) [1]
Diluted earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) $ 0.02 [1] $ (0.10) [1] $ 0.02 [1] $ (0.02) [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ (0.06) [1] $ 0.00 [1] $ (0.03) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.02 [1] $ (0.16) [1] $ 0.02 [1] $ (0.05) [1]
Dividends/distributions declared per common share/unit $ 0.2750 $ 0.2750 $ 0.55 $ 0.55
Corporate Office Properties, L.P.
        
Revenues        
Rental revenue 94,332 94,421 192,367 186,270
Tenant recoveries and other real estate operations revenue 21,627 21,311 48,469 41,419
Construction contract and other service revenues 23,861 20,795 45,651 35,057
Total revenues 139,820 136,527 286,487 262,746
Expenses        
Property operating expenses 43,772 41,333 93,544 81,721
Depreciation and amortization associated with real estate operations 30,895 27,673 74,491 54,683
Construction contract and other service expenses 23,136 19,382 41,760 32,859
Impairment losses 1,302 0 1,302 0
General, administrative and leasing expenses 7,528 6,583 15,671 14,403
Business development expenses and land carry costs 1,351 1,327 2,677 2,686
Total operating expenses 107,984 96,298 229,445 186,352
Operating income 31,836 40,229 57,042 76,394
Interest expense (23,478) (21,102) (44,305) (41,392)
Interest and other income 1,299 2,006 2,584 2,952
Loss on early extinguishment of debt (270) (21,470) (270) (26,654)
Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes 9,387 (337) 15,051 11,300
Equity in (loss) income of unconsolidated entities (47) 126 13 167
Income tax expense (92) (21) (156) (37)
Income (loss) from continuing operations 9,248 (232) 14,908 11,430
Discontinued operations (198) (4,502) (187) (3,241)
Income (loss) before gain on sales of real estate 9,050 (4,734) 14,721 8,189
Gain on sales of real estate 0 329 0 2,683
Net income (loss) 9,050 (4,405) 14,721 10,872
Net (income) loss attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (837) (1,473) (1,574) (1,137)
Net income (loss) attributable to COPT 8,213 (5,878) 13,147 9,735
Preferred share/unit dividends/distributions (4,509) (5,050) (9,164) (11,321)
Issuance costs associated with redeemed preferred shares (1,769) (2,904) (1,769) (2,904)
Net income (loss) attributable to COPT common shareholders 1,935 (13,832) 2,214 (4,490)
Net income (loss) attributable to COPT:        
Income (loss) from continuing operations 8,408 (1,311) 13,329 13,074
Discontinued operations, net (195) (4,567) (182) (3,339)
Net income (loss) attributable to COPT $ 8,213 $ (5,878) $ 13,147 $ 9,735
Basic earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) $ 0.02 [2] $ (0.10) [2] $ 0.02 [2] $ (0.02) [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ (0.06) [2] $ 0.00 [2] $ (0.03) [2]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.02 [2] $ (0.16) [2] $ 0.02 [2] $ (0.05) [2]
Diluted earnings per common share        
Income (loss) from continuing operations (in dollars per share/unit) $ 0.02 [2] $ (0.10) [2] $ 0.02 [2] $ (0.02) [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ (0.06) [2] $ 0.00 [2] $ (0.03) [2]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.02 [2] $ (0.16) [2] $ 0.02 [2] $ (0.05) [2]
Dividends/distributions declared per common share/unit $ 0.275 $ 0.275 $ 0.55 $ 0.55
[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.