Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.3.1.900
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues      
Rental revenue $ 420,340 $ 386,396 $ 377,611
Tenant recoveries and other real estate operations revenue 98,724 93,329 83,386
Construction contract and other service revenues 106,402 106,748 62,363
Total revenues 625,466 586,473 523,360
Expenses      
Property operating expenses 194,494 179,934 167,199
Depreciation and amortization associated with real estate operations 140,025 136,086 113,214
Construction contract and other service expenses 102,696 100,058 58,875
Impairment losses 23,289 1,416 5,857
General, administrative and leasing expenses 31,361 31,794 30,869
Business development expenses and land carry costs 13,507 5,573 5,436
Total operating expenses 505,372 454,861 381,450
Operating income 120,094 131,612 141,910
Interest expense (89,074) (92,393) (82,010)
Interest and other income 4,517 4,923 3,834
Gain (loss) on early extinguishment of debt 85,275 (9,552) (27,030)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 120,812 34,590 36,704
Equity in income of unconsolidated entities 62 229 2,110
Income tax expense (199) (310) (1,978)
Income from continuing operations 120,675 34,509 36,836
Discontinued operations 156 26 55,692
Income before gain on sales of real estate 120,831 34,535 92,528
Gain on sales of real estate, net of income taxes 68,047 10,671 9,016
Net income 188,878 45,206 101,544
Net income attributable to noncontrolling interests:      
Common units in COPLP (6,403) (1,006) (3,283)
Preferred units in COPLP (660) (660) (660)
Other consolidated entities (3,515) (3,285) (3,894)
Net income 178,300 40,255 93,707
Preferred share/ unit dividends/ distributions (14,210) (15,939) (19,971)
Issuance costs associated with redeemed preferred shares 0 (1,769) (2,904)
Net income attributable to COPT common shareholders 164,090 22,547 70,832
Net income attributable to COPT:      
Income from continuing operations 178,147 40,225 41,366
Discontinued operations, net 153 30 52,341
Net income $ 178,300 $ 40,255 $ 93,707
Basic earnings per common share      
Income from continuing operations (in dollars per share/unit) [1] $ 1.74 $ 0.25 $ 0.21
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.62
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] 1.74 0.25 0.83
Diluted earnings per common share      
Income from continuing operations (in dollars per share/unit) [1] 1.74 0.25 0.21
Discontinued operations (in dollars per share/unit) [1] 0.00 0.00 0.62
Net income attributable to COPT common shareholders (in dollars per share/unit) [1] $ 1.74 $ 0.25 $ 0.83
Corporate Office Properties, L.P. [Member]      
Revenues      
Rental revenue $ 420,340 $ 386,396 $ 377,611
Tenant recoveries and other real estate operations revenue 98,724 93,329 83,386
Construction contract and other service revenues 106,402 106,748 62,363
Total revenues 625,466 586,473 523,360
Expenses      
Property operating expenses 194,494 179,934 167,199
Depreciation and amortization associated with real estate operations 140,025 136,086 113,214
Construction contract and other service expenses 102,696 100,058 58,875
Impairment losses 23,289 1,416 5,857
General, administrative and leasing expenses 31,361 31,794 30,869
Business development expenses and land carry costs 13,507 5,573 5,436
Total operating expenses 505,372 454,861 381,450
Operating income 120,094 131,612 141,910
Interest expense (89,074) (92,393) (82,010)
Interest and other income 4,517 4,923 3,834
Gain (loss) on early extinguishment of debt 85,275 (9,552) (27,030)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 120,812 34,590 36,704
Equity in income of unconsolidated entities 62 229 2,110
Income tax expense (199) (310) (1,978)
Income from continuing operations 120,675 34,509 36,836
Discontinued operations 156 26 55,692
Income before gain on sales of real estate 120,831 34,535 92,528
Gain on sales of real estate, net of income taxes 68,047 10,671 9,016
Net income 188,878 45,206 101,544
Net income attributable to noncontrolling interests in consolidated entities (3,520) (3,276) (3,907)
Net income attributable to noncontrolling interests:      
Net income 185,358 41,930 97,637
Preferred share/ unit dividends/ distributions (14,870) (16,599) (20,631)
Issuance costs associated with redeemed preferred shares 0 (1,769) (2,904)
Net income attributable to COPT common shareholders 170,488 23,562 74,102
Net income attributable to COPT:      
Income from continuing operations 185,199 41,899 42,875
Discontinued operations, net 159 31 54,762
Net income $ 185,358 $ 41,930 $ 97,637
Basic earnings per common share      
Income from continuing operations (in dollars per share/unit) [2] $ 1.74 $ 0.25 $ 0.21
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.62
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] 1.74 0.25 0.83
Diluted earnings per common share      
Income from continuing operations (in dollars per share/unit) [2] 1.74 0.25 0.21
Discontinued operations (in dollars per share/unit) [2] 0.00 0.00 0.62
Net income attributable to COPT common shareholders (in dollars per share/unit) [2] $ 1.74 $ 0.25 $ 0.83
[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.