Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.2.0.727
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Rental revenue $ 105,508 $ 94,332 $ 203,746 $ 192,367
Tenant recoveries and other real estate operations revenue 22,683 21,627 47,155 48,469
Construction contract and other service revenues 42,172 23,861 80,496 45,651
Total revenues 170,363 139,820 331,397 286,487
Expenses        
Property operating expenses 46,418 43,772 97,099 93,544
Depreciation and amortization associated with real estate operations 33,786 30,895 65,385 74,491
Construction contract and other service expenses 41,293 23,136 78,791 41,760
Impairment losses 1,238 1,302 1,238 1,302
General, administrative and leasing expenses 7,534 7,528 15,425 15,671
Business development expenses and land carry costs 2,623 1,351 5,413 2,677
Total operating expenses 132,892 107,984 263,351 229,445
Operating income 37,471 31,836 68,046 57,042
Interest expense (21,768) (23,478) (42,606) (44,305)
Interest and other income 1,242 1,299 2,525 2,584
Loss on early extinguishment of debt (65) (270) (68) (270)
Income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes 16,880 9,387 27,897 15,051
Equity in income (loss) of unconsolidated entities 9 (47) 34 13
Income tax expense (50) (92) (105) (156)
Income from continuing operations 16,839 9,248 27,826 14,908
Discontinued operations 394 (198) 156 (187)
Income before gain on sales of real estate 17,233 9,050 27,982 14,721
Gain on sales of real estate (1) 0 3,985 0
Net income 17,232 9,050 31,967 14,721
Net income attributable to noncontrolling interests:        
Common units in COPLP (476) (158) (874) (174)
Preferred units in COPLP (165) (165) (330) (330)
Other consolidated entities (810) (837) (1,627) (1,586)
Net income attributable to COPT 15,781 7,890 29,136 12,631
Preferred share/unit dividends/distributions (3,553) (4,344) (7,105) (8,834)
Issuance costs associated with redeemed preferred shares/unit 0 (1,769) 0 (1,769)
Net income attributable to COPT common shareholders 12,228 1,777 22,031 2,028
Net income attributable to COPT:        
Income from continuing operations 15,402 8,077 28,983 12,805
Discontinued operations, net 379 (187) 153 (174)
Net income attributable to COPT $ 15,781 $ 7,890 $ 29,136 $ 12,631
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) [1] $ 0.13 $ 0.02 $ 0.23 $ 0.02
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] 0.13 0.02 0.23 0.02
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) [1] 0.13 0.02 0.23 0.02
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] 0.13 0.02 0.23 0.02
Dividends declared per common share/unit $ 0.2750 $ 0.2750 $ 0.55 $ 0.55
Corporate Office Properties, L.P.        
Revenues        
Rental revenue $ 105,508 $ 94,332 $ 203,746 $ 192,367
Tenant recoveries and other real estate operations revenue 22,683 21,627 47,155 48,469
Construction contract and other service revenues 42,172 23,861 80,496 45,651
Total revenues 170,363 139,820 331,397 286,487
Expenses        
Property operating expenses 46,418 43,772 97,099 93,544
Depreciation and amortization associated with real estate operations 33,786 30,895 65,385 74,491
Construction contract and other service expenses 41,293 23,136 78,791 41,760
Impairment losses 1,238 1,302 1,238 1,302
General, administrative and leasing expenses 7,534 7,528 15,425 15,671
Business development expenses and land carry costs 2,623 1,351 5,413 2,677
Total operating expenses 132,892 107,984 263,351 229,445
Operating income 37,471 31,836 68,046 57,042
Interest expense (21,768) (23,478) (42,606) (44,305)
Interest and other income 1,242 1,299 2,525 2,584
Loss on early extinguishment of debt (65) (270) (68) (270)
Income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes 16,880 9,387 27,897 15,051
Equity in income (loss) of unconsolidated entities 9 (47) 34 13
Income tax expense (50) (92) (105) (156)
Income from continuing operations 16,839 9,248 27,826 14,908
Discontinued operations 394 (198) 156 (187)
Income before gain on sales of real estate 17,233 9,050 27,982 14,721
Gain on sales of real estate (1) 0 3,985 0
Net income 17,232 9,050 31,967 14,721
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (812) (837) (1,630) (1,574)
Net income attributable to COPT 16,420 8,213 30,337 13,147
Preferred share/unit dividends/distributions (3,718) (4,509) (7,435) (9,164)
Issuance costs associated with redeemed preferred shares/unit 0 (1,769) 0 (1,769)
Net income attributable to COPT common shareholders 12,702 1,935 22,902 2,214
Net income attributable to COPT:        
Income from continuing operations 16,026 8,408 30,178 13,329
Discontinued operations, net 394 (195) 159 (182)
Net income attributable to COPT $ 16,420 $ 8,213 $ 30,337 $ 13,147
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) [2] $ 0.13 $ 0.02 $ 0.23 $ 0.02
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] 0.13 0.02 0.23 0.02
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) [2] 0.13 0.02 0.23 0.02
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.00 0.00
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] 0.13 0.02 0.23 0.02
Dividends 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.