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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues        
Rental revenue $ 96,207 $ 94,641 $ 288,574 $ 280,911
Tenant recoveries and other real estate operations revenue 22,069 20,180 70,538 61,599
Construction contract and other service revenues 34,739 16,991 80,390 52,048
Total revenues 153,015 131,812 439,502 394,558
Expenses        
Property operating expenses 43,056 41,361 136,600 123,082
Depreciation and amortization associated with real estate operations 30,237 28,205 104,728 82,888
Construction contract and other service expenses 33,593 16,306 75,353 49,165
Impairment losses 66 5,857 1,368 5,857
General, administrative and leasing expenses 7,211 8,027 22,882 22,430
Business development expenses and land carry costs 1,430 1,383 4,107 4,069
Total operating expenses 115,593 101,139 345,038 287,491
Operating income 37,422 30,673 94,464 107,067
Interest expense (24,802) (19,342) (69,107) (60,734)
Interest and other income (loss) 1,191 (3) 3,775 2,949
Loss on early extinguishment of debt (176) (374) (446) (27,028)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 13,635 10,954 28,686 22,254
Equity in income of unconsolidated entities 193 44 206 211
Income tax expense (101) (24) (257) (61)
Income from continuing operations 13,727 10,974 28,635 22,404
Discontinued operations 191 (12,974) 4 (16,215)
Income (loss) before gain on sales of real estate 13,918 (2,000) 28,639 6,189
Gain on sales of real estate 10,630 0 10,630 2,683
Net income (loss) 24,548 (2,000) 39,269 8,872
Net (income) loss attributable to noncontrolling interests:        
Common units in COPLP (768) 232 (942) 474
Preferred units in COPLP (165) (165) (495) (495)
Other consolidated entities (895) (1,031) (2,481) (2,160)
Net income (loss) attributable to COPT 22,720 (2,964) 35,351 6,691
Preferred share/unit dividends/distributions (3,553) (4,490) (12,387) (15,481)
Issuance costs associated with redeemed preferred shares 0 0 (1,769) (2,904)
Net income (loss) attributable to COPT common shareholders 19,167 (7,454) 21,195 (11,694)
Net income (loss) attributable to COPT:        
Income from continuing operations 22,537 9,518 35,342 22,377
Discontinued operations, net 183 (12,482) 9 (15,686)
Net income (loss) attributable to COPT 22,720 (2,964) 35,351 6,691
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) $ 0.22 [1] $ 0.06 [1] $ 0.24 [1] $ 0.04 [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ (0.15) [1] $ 0.00 [1] $ (0.18) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.22 [1] $ (0.09) [1] $ 0.24 [1] $ (0.14) [1]
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) $ 0.22 [1] $ 0.06 [1] $ 0.24 [1] $ 0.04 [1]
Discontinued operations (in dollars per share/unit) $ 0.00 [1] $ (0.15) [1] $ 0.00 [1] $ (0.18) [1]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.22 [1] $ (0.09) [1] $ 0.24 [1] $ (0.14) [1]
Dividends declared per common share/unit $ 0.2750 $ 0.2750 $ 0.825 $ 0.825
Corporate Office Properties, L.P.
        
Revenues        
Rental revenue 96,207 94,641 288,574 280,911
Tenant recoveries and other real estate operations revenue 22,069 20,180 70,538 61,599
Construction contract and other service revenues 34,739 16,991 80,390 52,048
Total revenues 153,015 131,812 439,502 394,558
Expenses        
Property operating expenses 43,056 41,361 136,600 123,082
Depreciation and amortization associated with real estate operations 30,237 28,205 104,728 82,888
Construction contract and other service expenses 33,593 16,306 75,353 49,165
Impairment losses 66 5,857 1,368 5,857
General, administrative and leasing expenses 7,211 8,027 22,882 22,430
Business development expenses and land carry costs 1,430 1,383 4,107 4,069
Total operating expenses 115,593 101,139 345,038 287,491
Operating income 37,422 30,673 94,464 107,067
Interest expense (24,802) (19,342) (69,107) (60,734)
Interest and other income (loss) 1,191 (3) 3,775 2,949
Loss on early extinguishment of debt (176) (374) (446) (27,028)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 13,635 10,954 28,686 22,254
Equity in income of unconsolidated entities 193 44 206 211
Income tax expense (101) (24) (257) (61)
Income from continuing operations 13,727 10,974 28,635 22,404
Discontinued operations 191 (12,974) 4 (16,215)
Income (loss) before gain on sales of real estate 13,918 (2,000) 28,639 6,189
Gain on sales of real estate 10,630 0 10,630 2,683
Net income (loss) 24,548 (2,000) 39,269 8,872
Net (income) loss attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (897) (1,035) (2,471) (2,172)
Net income (loss) attributable to COPT 23,651 (3,035) 36,798 6,700
Preferred share/unit dividends/distributions (3,718) (4,655) (12,882) (15,976)
Issuance costs associated with redeemed preferred shares 0 0 (1,769) (2,904)
Net income (loss) attributable to COPT common shareholders 19,933 (7,690) 22,147 (12,180)
Net income (loss) attributable to COPT:        
Income from continuing operations 23,460 9,988 36,789 23,062
Discontinued operations, net 191 (13,023) 9 (16,362)
Net income (loss) attributable to COPT $ 23,651 $ (3,035) $ 36,798 $ 6,700
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) $ 0.22 [2] $ 0.06 [2] $ 0.24 [2] $ 0.04 [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ (0.15) [2] $ 0.00 [2] $ (0.18) [2]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.22 [2] $ (0.09) [2] $ 0.24 [2] $ (0.14) [2]
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) $ 0.22 [2] $ 0.06 [2] $ 0.24 [2] $ 0.04 [2]
Discontinued operations (in dollars per share/unit) $ 0.00 [2] $ (0.15) [2] $ 0.00 [2] $ (0.18) [2]
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) $ 0.22 [2] $ (0.09) [2] $ 0.24 [2] $ (0.14) [2]
Dividends declared per common share/unit $ 0.275 $ 0.275 $ 0.825 $ 0.825
[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.