Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.22.2.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Lease revenue $ 146,481 $ 138,032 $ 430,147 $ 411,776
Other property revenue 1,206 841 3,066 2,146
Construction contract and other service revenues 34,813 28,046 130,570 64,592
Total revenues 182,500 166,919 563,783 478,514
Operating expenses        
Property operating expenses 57,663 52,728 168,960 156,918
Depreciation and amortization associated with real estate operations 35,247 33,807 104,323 103,039
Construction contract and other service expenses 33,555 27,089 126,509 61,964
General, administrative and leasing expenses 8,898 9,342 25,797 26,970
Business development expenses and land carry costs 552 1,093 2,036 3,559
Total operating expenses 135,915 124,059 427,625 352,450
Interest expense (15,123) (15,720) (44,355) (49,181)
Interest and other income 2,290 1,818 6,001 5,911
Credit loss (expense) recoveries (1,693) 326 (1,602) 1,040
Gain on sales of real estate 16 (32) 12 39,711
Loss on early extinguishment of debt 0 (1,159) (342) (59,553)
Income from continuing operations before equity in income of unconsolidated entities and income taxes 32,075 28,093 95,872 63,992
Equity in income of unconsolidated entities 308 297 1,514 779
Income tax expense (67) (47) (224) (103)
Income from continuing operations 32,316 28,343 97,162 64,668
Discontinued operations 0 451 29,573 1,945
Net income 32,316 28,794 126,735 66,613
Net income attributable to noncontrolling interests:        
Common units in COPLP (476) (357) (1,828) (831)
Other consolidated entities (919) (1,336) (2,357) (2,949)
Net income attributable to COPT common shareholders $ 30,921 $ 27,101 $ 122,550 $ 62,833
Basic earnings per common share:        
Income from continuing operations - basic (in dollars per share) [1] $ 0.28 $ 0.24 $ 0.83 $ 0.54
Discontinued operations - basic (in dollars per share) [1] 0 0 0.26 0.02
Net income attributable to COPT common shareholders - basic (in dollars per share) [1] 0.28 0.24 1.09 0.56
Diluted earnings per common share:        
Income from continuing operations - diluted (in dollars per share) [1] 0.27 0.24 0.83 0.54
Discontinued operations - diluted (in dollars per share) [1] 0 0 0.25 0.02
Net income attributable to COPT common shareholders - diluted (in dollars per share) [1] $ 0.27 $ 0.24 $ 1.08 $ 0.56
[1] Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.