Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues      
Rental revenue $ 367,654 $ 348,006 $ 316,038
Tenant recoveries and other real estate operations revenue 86,517 80,490 71,521
Construction contract and other service revenues 73,836 84,345 104,675
Total revenues 528,007 512,841 492,234
Expenses      
Property operating expenses 167,161 162,397 146,617
Depreciation and amortization associated with real estate operations 113,480 113,111 97,897
Construction contract and other service expenses 70,576 81,639 102,302
Impairment losses 43,214 83,478 0
General, administrative and leasing expenses 31,900 30,314 28,501
Business development expenses and land carry costs 5,711 6,122 6,403
Total operating expenses 432,042 477,061 381,720
Operating income 95,965 35,780 110,514
Interest expense (94,624) (98,222) (95,729)
Interest and other income 7,172 5,603 9,568
Loss on early extinguishment of debt (943) (1,639) 0
Loss on interest rate derivatives 0 (29,805) 0
Income (loss) from continuing operations before equity in (loss) income of unconsolidated entities and income taxes 7,570 (88,283) 24,353
Equity in (loss) income of unconsolidated entities (546) (331) 1,376
Income tax (expense) benefit (381) 6,710 (108)
Income (loss) from continuing operations 6,643 (81,904) 25,621
Discontinued operations 13,677 (48,404) 17,054
Income (loss) before gain on sales of real estate 20,320 (130,308) 42,675
Gain on sales of real estate, net of income taxes 21 2,732 2,829
Net income (loss) 20,341 (127,576) 45,504
Net loss (income) attributable to noncontrolling interests:      
Common units in the Operating Partnership 87 8,439 (2,116)
Preferred units in the Operating Partnership (660) (660) (660)
Other consolidated entities 1,209 369 32
Net income (loss) attributable to Corporate Office Properties Trust 20,977 (119,428) 42,760
Preferred share dividends (20,844) (16,102) (16,102)
Issuance costs associated with redeemed preferred shares (1,827) 0 0
Net (loss) income attributable to Corporate Office Properties Trust common shareholders (1,694) (135,530) 26,658
Net income (loss) attributable to Corporate Office Properties Trust:      
Income (loss) from continuing operations 8,051 (73,884) 27,029
Discontinued operations, net 12,926 (45,544) 15,731
Net income (loss) attributable to Corporate Office Properties Trust $ 20,977 $ (119,428) $ 42,760
Basic earnings per common share      
(Loss) income from continuing operations (in dollars per share) $ (0.21) [1] $ (1.31) [1] $ 0.17 [1]
Discontinued operations (in dollars per share) $ 0.18 [1] $ (0.66) [1] $ 0.26 [1]
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (0.03) [1] $ (1.97) [1] $ 0.43 [1]
Diluted earnings per common share      
(Loss) income from continuing operations (in dollars per share) $ (0.21) [1] $ (1.31) [1] $ 0.17 [1]
Discontinued operations (in dollars per share) $ 0.18 [1] $ (0.66) [1] $ 0.26 [1]
Net (loss) income attributable to COPT common shareholders (in dollars per share) $ (0.03) [1] $ (1.97) [1] $ 0.43 [1]
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.