Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.3.0.814
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Rental revenue $ 109,080 $ 96,207 $ 312,826 $ 288,574
Tenant recoveries and other real estate operations revenue 24,606 22,069 71,761 70,538
Construction contract and other service revenues 17,058 34,739 97,554 80,390
Total revenues 150,744 153,015 482,141 439,502
Expenses        
Property operating expenses 48,897 43,056 145,996 136,600
Depreciation and amortization associated with real estate operations 38,403 30,237 103,788 104,728
Construction contract and other service expenses 16,132 33,593 94,923 75,353
Impairment losses 2,307 66 3,545 1,368
General, administrative and leasing expenses 7,439 7,211 22,864 22,882
Business development expenses and land carry costs 5,573 1,430 10,986 4,107
Total operating expenses 118,751 115,593 382,102 345,038
Operating income 31,993 37,422 100,039 94,464
Interest expense (24,121) (24,802) (66,727) (69,107)
Interest and other income 692 1,191 3,217 3,775
Gain (loss) on early extinguishment of debt 85,745 (176) 85,677 (446)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 94,309 13,635 122,206 28,686
Equity in income of unconsolidated entities 18 193 52 206
Income tax expense (48) (101) (153) (257)
Income from continuing operations 94,279 13,727 122,105 28,635
Discontinued operations 0 191 156 4
Income before gain on sales of real estate 94,279 13,918 122,261 28,639
Gain on sales of real estate 15 10,630 4,000 10,630
Net income 94,294 24,548 126,261 39,269
Net income attributable to noncontrolling interests:        
Common units in COPLP (3,357) (768) (4,231) (942)
Preferred units in COPLP (165) (165) (495) (495)
Other consolidated entities (972) (895) (2,599) (2,481)
Net income attributable to COPT 89,800 22,720 118,936 35,351
Preferred share/unit dividends/distributions (3,552) (3,553) (10,657) (12,387)
Issuance costs associated with redeemed preferred shares/unit 0 0 0 (1,769)
Net income attributable to COPT common shareholders 86,248 19,167 108,279 21,195
Net income attributable to COPT:        
Income from continuing operations 89,800 22,537 118,783 35,342
Discontinued operations, net 0 183 153 9
Net income attributable to COPT $ 89,800 $ 22,720 $ 118,936 $ 35,351
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) [1] $ 0.91 $ 0.22 $ 1.15 $ 0.24
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] 0.91 0.22 1.15 0.24
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) [1] 0.91 0.22 1.15 0.24
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] 0.91 0.22 1.15 0.24
Dividends declared per common share/unit $ 0.2750 $ 0.2750 $ 0.825 $ 0.825
Corporate Office Properties, L.P.        
Revenues        
Rental revenue $ 109,080 $ 96,207 $ 312,826 $ 288,574
Tenant recoveries and other real estate operations revenue 24,606 22,069 71,761 70,538
Construction contract and other service revenues 17,058 34,739 97,554 80,390
Total revenues 150,744 153,015 482,141 439,502
Expenses        
Property operating expenses 48,897 43,056 145,996 136,600
Depreciation and amortization associated with real estate operations 38,403 30,237 103,788 104,728
Construction contract and other service expenses 16,132 33,593 94,923 75,353
Impairment losses 2,307 66 3,545 1,368
General, administrative and leasing expenses 7,439 7,211 22,864 22,882
Business development expenses and land carry costs 5,573 1,430 10,986 4,107
Total operating expenses 118,751 115,593 382,102 345,038
Operating income 31,993 37,422 100,039 94,464
Interest expense (24,121) (24,802) (66,727) (69,107)
Interest and other income 692 1,191 3,217 3,775
Gain (loss) on early extinguishment of debt 85,745 (176) 85,677 (446)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 94,309 13,635 122,206 28,686
Equity in income of unconsolidated entities 18 193 52 206
Income tax expense (48) (101) (153) (257)
Income from continuing operations 94,279 13,727 122,105 28,635
Discontinued operations 0 191 156 4
Income before gain on sales of real estate 94,279 13,918 122,261 28,639
Gain on sales of real estate 15 10,630 4,000 10,630
Net income 94,294 24,548 126,261 39,269
Net income attributable to noncontrolling interests:        
Net income attributable to noncontrolling interests in consolidated entities (972) (897) (2,602) (2,471)
Net income attributable to COPT 93,322 23,651 123,659 36,798
Preferred share/unit dividends/distributions (3,717) (3,718) (11,152) (12,882)
Issuance costs associated with redeemed preferred shares/unit 0 0 0 (1,769)
Net income attributable to COPT common shareholders 89,605 19,933 112,507 22,147
Net income attributable to COPT:        
Income from continuing operations 93,322 23,460 123,500 36,789
Discontinued operations, net 0 191 159 9
Net income attributable to COPT $ 93,322 $ 23,651 $ 123,659 $ 36,798
Basic earnings per common share        
Income from continuing operations (in dollars per share/unit) [2] $ 0.91 $ 0.22 $ 1.15 $ 0.24
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] 0.91 0.22 1.15 0.24
Diluted earnings per common share        
Income from continuing operations (in dollars per share/unit) [2] 0.91 0.22 1.15 0.24
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] 0.91 0.22 1.15 0.24
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.