|
Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Revenues |
|
|
|
|
| Rental revenue |
$ 98,238 |
|
$ 98,035 |
|
| Tenant recoveries and other real estate operations revenue |
24,472 |
|
26,842 |
|
| Construction contract and other service revenues |
38,324 |
|
21,790 |
|
| Total revenues |
161,034 |
|
146,667 |
|
| Expenses |
|
|
|
|
| Property operating expenses |
50,681 |
|
49,772 |
|
| Depreciation and amortization associated with real estate operations |
31,599 |
|
43,596 |
|
| Construction contract and other service expenses |
37,498 |
|
18,624 |
|
| General, administrative and leasing expenses |
7,891 |
|
8,143 |
|
| Business development expenses and land carry costs |
2,790 |
|
1,326 |
|
| Total operating expenses |
130,459 |
|
121,461 |
|
| Operating income |
30,575 |
|
25,206 |
|
| Interest expense |
(20,838) |
|
(20,827) |
|
| Interest and other income |
1,283 |
|
1,285 |
|
| Loss on early extinguishment of debt |
(3) |
|
0 |
|
| Income from continuing operations before equity in income of unconsolidated entities and income taxes |
11,017 |
|
5,664 |
|
| Equity in income of unconsolidated entities |
25 |
|
60 |
|
| Income tax expense |
(55) |
|
(64) |
|
| Income from continuing operations |
10,987 |
|
5,660 |
|
| Discontinued operations |
(238) |
|
11 |
|
| Income before gain on sales of real estate |
10,749 |
|
5,671 |
|
| Gain on sales of real estate |
3,986 |
|
0 |
|
| Net income |
14,735 |
|
5,671 |
|
| Net income attributable to noncontrolling interests: |
|
|
|
|
| Common units in COPLP |
(398) |
|
(16) |
|
| Preferred units in COPLP |
(165) |
|
(165) |
|
| Other consolidated entities |
(817) |
|
(749) |
|
| Net income attributable to COPT |
13,355 |
|
4,741 |
|
| Preferred share/unit dividends/distributions |
(3,552) |
|
(4,490) |
|
| Net income attributable to COPT common shareholders |
9,803 |
|
251 |
|
| Net income attributable to COPT: |
|
|
|
|
| Income from continuing operations |
13,581 |
|
4,728 |
|
| Discontinued operations, net |
(226) |
|
13 |
|
| Net income attributable to COPT |
13,355 |
|
4,741 |
|
| Basic earnings per common share |
|
|
|
|
| Income from continuing operations (in dollars per share/unit) |
$ 0.10 |
[1] |
$ 0.00 |
[1] |
| Discontinued operations (in dollars per share/unit) |
$ 0.00 |
[1] |
$ 0.00 |
[1] |
| Net income attributable to COPT common shareholders (in dollars per share/unit) |
$ 0.10 |
[1] |
$ 0.00 |
[1] |
| Diluted earnings per common share |
|
|
|
|
| Income from continuing operations (in dollars per share/unit) |
$ 0.10 |
[1] |
$ 0.00 |
[1] |
| Discontinued operations (in dollars per share/unit) |
$ 0.00 |
[1] |
$ 0.00 |
[1] |
| Net income attributable to COPT common shareholders (in dollars per share/unit) |
$ 0.10 |
[1] |
$ 0.00 |
[1] |
| Dividends declared per common share/unit |
$ 0.275 |
|
$ 0.275 |
|
| Corporate Office Properties, L.P. |
|
|
|
|
| Revenues |
|
|
|
|
| Rental revenue |
98,238 |
|
98,035 |
|
| Tenant recoveries and other real estate operations revenue |
24,472 |
|
26,842 |
|
| Construction contract and other service revenues |
38,324 |
|
21,790 |
|
| Total revenues |
161,034 |
|
146,667 |
|
| Expenses |
|
|
|
|
| Property operating expenses |
50,681 |
|
49,772 |
|
| Depreciation and amortization associated with real estate operations |
31,599 |
|
43,596 |
|
| Construction contract and other service expenses |
37,498 |
|
18,624 |
|
| General, administrative and leasing expenses |
7,891 |
|
8,143 |
|
| Business development expenses and land carry costs |
2,790 |
|
1,326 |
|
| Total operating expenses |
130,459 |
|
121,461 |
|
| Operating income |
30,575 |
|
25,206 |
|
| Interest expense |
(20,838) |
|
(20,827) |
|
| Interest and other income |
1,283 |
|
1,285 |
|
| Loss on early extinguishment of debt |
(3) |
|
0 |
|
| Income from continuing operations before equity in income of unconsolidated entities and income taxes |
11,017 |
|
5,664 |
|
| Equity in income of unconsolidated entities |
25 |
|
60 |
|
| Income tax expense |
(55) |
|
(64) |
|
| Income from continuing operations |
10,987 |
|
5,660 |
|
| Discontinued operations |
(238) |
|
11 |
|
| Income before gain on sales of real estate |
10,749 |
|
5,671 |
|
| Gain on sales of real estate |
3,986 |
|
0 |
|
| Net income |
14,735 |
|
5,671 |
|
| Net income attributable to noncontrolling interests: |
|
|
|
|
| Net income attributable to noncontrolling interests in consolidated entities |
(818) |
|
(737) |
|
| Net income attributable to COPT |
13,917 |
|
4,934 |
|
| Preferred share/unit dividends/distributions |
(3,717) |
|
(4,655) |
|
| Net income attributable to COPT common shareholders |
10,200 |
|
279 |
|
| Net income attributable to COPT: |
|
|
|
|
| Income from continuing operations |
14,152 |
|
4,921 |
|
| Discontinued operations, net |
(235) |
|
13 |
|
| Net income attributable to COPT |
$ 13,917 |
|
$ 4,934 |
|
| Basic earnings per common share |
|
|
|
|
| Income from continuing operations (in dollars per share/unit) |
$ 0.10 |
[2] |
$ 0.00 |
[2] |
| Discontinued operations (in dollars per share/unit) |
$ 0.00 |
[2] |
$ 0.00 |
[2] |
| Net income attributable to COPT common shareholders (in dollars per share/unit) |
$ 0.10 |
[2] |
$ 0.00 |
[2] |
| Diluted earnings per common share |
|
|
|
|
| Income from continuing operations (in dollars per share/unit) |
$ 0.10 |
[2] |
$ 0.00 |
[2] |
| Discontinued operations (in dollars per share/unit) |
$ 0.00 |
[2] |
$ 0.00 |
[2] |
| Net income attributable to COPT common shareholders (in dollars per share/unit) |
$ 0.10 |
[2] |
$ 0.00 |
[2] |
| Dividends declared per common share/unit |
$ 0.275 |
|
$ 0.275 |
|
|
|
|