Corporate Office Properties Trust OFC Income Statement

Corporate office properties trust (OFC)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenues
Lease revenue
131,012	130,693	129,461	131,415	130,903	129,596	127,691	127,907	127,133	200,652	102,275	101,347	100,615	100,849	103,956	107,524	105,382	107,514	109,080	105,508	98,238	97,822	96,207	94,332	98,035	96,700	94,641	94,421	91,849	80,980	92,287	89,954	89,859	60,578	87,692	90,337	94,249	45,985	90,264	88,779	91,010	86,973	87,649
Construction contract and other service revenues
13,681	25,817	28,697	42,299	16,950	7,657	8,423	17,581	27,198	36,882	29,786	23,138	13,034	13,992	11,149	12,003	11,220	8,848	17,058	42,172	38,324	26,358	34,739	23,861	21,790	10,315	16,991	20,795	14,262	20,024	15,283	16,995	21,534	16,491	18,729	28,097	21,028	27,637	13,608	26,065	37,365	95,321	103,324
Tenant recoveries and other real estate operations revenue
-	-	-	-	-	-	-	-	-	-	-	26,950	26,152	-	26,998	26,400	27,705	26,963	24,606	22,683	24,472	22,791	22,069	21,627	26,842	21,787	20,180	21,311	20,108	17,627	22,075	20,715	20,802	14,575	20,286	18,682	22,212	11,543	20,810	17,950	21,218	17,159	17,358
Total revenues
145,797	157,785	159,431	175,070	148,940	138,482	137,411	146,743	155,476	164,567	157,017	151,435	139,801	141,991	142,103	145,927	144,307	143,325	150,744	170,363	161,034	146,971	153,015	139,820	146,667	128,802	131,812	136,527	126,219	118,631	129,645	127,664	132,195	91,644	126,707	137,116	137,489	85,165	124,682	132,794	149,593	199,453	208,331
Operating expenses
Property operating expenses
49,999	51,098	49,714	47,886	49,445	51,298	49,340	49,446	50,951	47,449	46,368	48,628	48,519	47,562	49,952	48,141	51,875	48,498	48,897	46,418	50,681	43,334	43,056	43,772	49,772	44,117	41,361	41,333	40,388	37,038	41,474	39,441	41,253	25,195	41,669	40,450	47,061	16,209	43,013	39,260	48,135	38,523	37,100
Depreciation and amortization associated with real estate operations
32,596	32,779	34,692	34,802	34,796	36,219	34,195	33,190	33,512	33,938	34,438	32,793	33,059	32,929	32,015	33,248	34,527	36,237	38,403	33,786	31,599	31,358	30,237	30,895	43,596	30,326	28,205	27,673	27,010	23,265	28,604	28,295	27,834	17,520	31,269	28,171	30,043	12,078	29,503	28,720	27,596	26,498	28,493
Construction contract and other service expenses
13,121	24,832	27,802	41,002	16,326	7,111	8,058	16,941	26,216	36,029	28,788	22,315	12,486	12,968	10,341	11,478	10,694	7,773	16,132	41,293	37,498	24,705	33,593	23,136	18,624	9,710	16,306	19,382	13,477	19,274	14,410	16,285	20,607	15,941	18,171	26,909	20,618	27,154	13,347	25,402	36,399	93,805	101,161
Impairment losses
-	-	327	-	-	-	0	-	-	-	-161	1,625	-	1,554	27,699	69,692	2,446	19,744	2,307	1,238	0	-	66	1,302	-	-	5,857	0	-	2,418	46,096	0	-4,836	35,288	0	20,183	27,742	-	-	-	-	-	-
General, administrative and leasing expenses
7,486	9,336	7,929	9,386	8,751	7,081	6,899	7,628	7,292	6,999	7,368	7,859	8,611	7,789	8,855	8,026	11,883	8,497	7,439	7,534	7,891	8,912	7,211	7,528	8,143	8,439	8,027	6,583	7,820	7,103	6,377	8,851	9,569	11,055	6,154	6,320	6,777	10,596	6,079	5,926	5,900	5,898	5,834
Business development expenses and land carry costs
1,118	1,292	964	870	1,113	1,425	1,567	1,234	1,614	1,646	1,277	1,597	1,693	1,747	1,716	2,363	2,418	2,521	5,573	2,623	2,790	1,466	1,430	1,351	1,326	1,367	1,383	1,327	1,359	1,205	1,632	1,298	1,576	1,781	1,751	1,349	1,241	2,897	2,886	465	155	458	446
Total operating expenses
104,320	119,339	121,428	133,946	110,431	105,501	100,059	108,439	119,585	139,720	118,078	114,817	104,368	104,549	130,578	172,948	113,843	123,270	118,751	132,892	130,459	109,823	115,593	107,984	121,461	93,959	101,139	96,298	90,054	90,303	138,593	94,170	96,003	106,780	99,014	123,382	133,482	68,934	94,828	99,773	118,185	165,182	173,034
Operating income
-	-	-	-	-	-	-	-	-	-	38,939	36,618	35,433	-	11,525	-27,021	30,464	20,055	31,993	37,471	30,575	37,148	37,422	31,836	25,206	34,843	30,673	40,229	36,165	28,328	-8,948	33,494	36,192	-15,136	27,693	13,734	4,007	16,231	29,854	33,021	31,408	34,271	35,297
Interest expense
16,840	16,777	17,126	18,475	18,674	18,475	19,181	18,945	18,784	19,211	19,615	19,163	18,994	18,664	18,301	22,639	23,559	22,347	24,121	21,768	20,838	23,286	24,802	23,478	20,827	21,276	19,342	21,102	20,290	14,492	23,239	24,239	24,431	14,151	24,176	25,595	26,115	21,341	26,174	25,576	22,638	20,931	18,620
Interest and other income
1,205	1,917	1,842	1,849	2,286	74	1,486	1,439	1,359	1,501	1,508	1,583	1,726	1,567	1,391	1,330	1,156	1,300	692	1,242	1,283	1,148	1,191	1,299	1,285	885	-3	2,006	946	4,020	1,095	840	1,217	1,921	-242	2,756	1,168	7,626	395	245	1,302	2,619	1,252
Credit loss expense
689	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of real estate
5	20,761	0	84,469	0	2,367	0	-23	-4	4,452	1,188	12	4,238	25,578	34,101	0	0	64,047	15	-1	3,986	41	10,630	0	0	6,333	0	329	2,354	0	0	21	0	4	0	27	2,701	0	2,477	335	17	-	-
Income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,430	94,279	16,839	10,987	5,874	13,727	9,248	5,660	14,432	10,974	-232	11,662	17,772	-32,212	9,722	12,685	-56,615	1,962	-4,182	-20,366	3,488	4,696	7,611	9,826	15,154	17,675
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	394	-238	22	191	-198	11	71,907	-12,974	-4,502	1,261	1,238	11,447	2,118	-2,450	-33,862	5,508	-21,852	-901	13,264	1,753	1,205	832	382	376
Income before gain on sales of real estate
-	-	-	-	-	-	-	-	-	-	-	18,847	18,502	-	-4,829	-48,316	8,096	-1,430	94,279	17,233	10,749	5,896	13,918	9,050	5,671	86,339	-2,000	-4,734	12,923	19,010	-20,765	11,840	10,235	-90,477	7,470	-26,034	-21,267	16,752	6,449	8,816	10,658	15,536	18,051
Loss on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	0	-513	-	-1,073	-59	5	17	-402	85,745	-65	-3	-9,106	-176	-270	0	-2	-374	-21,470	-5,184	-6	-768	-169	0	-	-1,611	-25	-	-	-	-	-	-	-
Income before equity in income of unconsolidated entities and income taxes
25,158	44,347	22,719	108,967	22,121	16,689	19,657	20,775	18,462	15,839	22,020	18,525	18,165	78,951	-5,444	-48,325	8,078	-1,394	94,309	16,880	11,017	5,904	13,635	9,387	5,664	14,450	10,954	-337	11,637	17,850	-31,860	9,926	12,978	-57,174	1,664	-9,130	-20,940	2,516	4,075	7,690	10,072	15,959	17,929
Equity in income of unconsolidated entities
441	426	396	420	391	1,577	374	373	373	372	371	370	377	138	594	10	10	10	18	9	25	23	193	-47	60	1,899	44	126	41	-24	-246	-187	-89	-108	-159	-94	30	1,005	648	-72	-205	-758	-202
Income tax expense
49	-104	-131	-176	194	-190	-291	63	55	953	57	48	40	272	-21	1	-8	46	48	50	55	53	101	92	64	1,917	24	21	16	54	106	17	204	-667	-457	-5,042	-544	33	27	7	41	47	52
Net income
25,550	44,877	23,246	109,563	22,318	18,456	20,322	21,085	18,780	11,008	22,334	18,859	22,740	44,716	29,272	-48,316	8,096	62,617	94,294	17,232	14,735	5,937	24,548	9,050	5,671	92,672	-2,000	-4,405	15,277	19,010	-20,765	11,861	10,235	-90,473	7,470	-26,007	-18,566	16,752	8,926	9,151	10,675	15,536	18,051
Net income attributable to noncontrolling interests:
Common units in COPLP
287	500	267	1,339	257	210	380	608	544	314	693	261	622	1,455	901	-1,976	127	2,172	3,357	476	398	64	768	158	16	3,757	-232	-671	429	651	-1,533	422	373	-5,251	178	-1,887	-1,479	862	363	364	527	956	1,272
Preferred units in COPLP
77	77	157	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165	165
Other consolidated entities
1,132	1,515	1,565	1,268	1,037	1,061	1,080	878	921	908	897	907	934	912	907	914	978	916	972	810	817	804	895	837	749	1,734	1,031	1,466	-337	-345	-235	-31	-598	-1,407	561	-61	538	201	-434	156	45	-40	-25
Net income attributable to COPLP
24,054	42,785	21,257	106,791	20,859	17,020	18,697	19,434	17,150	9,621	20,579	17,526	21,019	42,184	27,299	-47,419	6,826	59,364	89,800	15,781	13,355	4,904	22,720	7,890	4,741	87,016	-2,964	-5,365	15,020	18,539	-19,162	11,305	10,295	-83,980	6,566	-24,224	-17,790	15,524	8,832	8,466	9,938	14,455	16,639
Preferred unit distributions
-	-	-	-	-	-	-	-	-	0	0	3,039	3,180	3,640	3,552	3,553	3,552	3,553	3,552	3,553	3,552	3,552	3,553	4,344	4,490	4,490	4,490	4,885	6,106	6,106	6,546	4,167	4,025	4,026	4,025	4,026	4,025	4,026	4,025	4,026	4,025	4,025	4,026
Issuance costs associated with redeemed preferred shares
-	-	-	-	-	-	-	-	-	-	0	6,847	-	-	0	0	-	-	-	-	-	-	0	1,769	-	-	0	2,904	-	-	1,827	0	-	-	0	-	-	-	-	-	-	-	-
Net income attributable to COPT/COPLP common share/unitholders
24,054	42,785	21,257	106,791	20,859	17,020	18,697	19,434	17,150	9,621	20,579	7,640	17,839	38,527	23,747	-50,972	3,274	55,811	86,248	12,228	9,803	1,352	19,167	1,777	251	82,526	-7,454	-13,154	8,914	12,433	-27,535	7,138	6,270	-88,006	2,541	-28,250	-21,815	11,498	4,807	4,440	5,913	10,430	12,613
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59,364	89,800	15,402	13,581	4,883	22,537	8,077	4,728	18,989	9,518	-990	13,849	17,388	-29,963	9,284	12,588	-52,032	1,381	-3,744	-16,946	3,298	7,206	7,351	9,174	14,106	16,297
Discontinued operations, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	379	-226	21	183	-187	13	68,027	-12,482	-4,375	1,171	1,151	10,801	2,021	-2,293	-31,948	5,185	-20,480	-844	12,226	1,626	1,115	764	349	342
Net income attributable to COPT
24,054	42,785	21,257	106,791	20,859	17,020	18,697	19,434	17,150	9,621	20,579	17,526	21,019	42,184	27,299	-47,419	6,826	59,364	89,800	15,781	13,355	4,904	22,720	7,890	4,741	87,016	-2,964	-5,365	15,020	18,539	-19,162	11,305	10,295	-83,980	6,566	-24,224	-17,790	15,524	8,832	8,466	9,938	14,455	16,639
Earnings per common share/unit:
Income (loss) from continuing operations (in dollars per share/unit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.60	0.91	0.13	0.10	0.01	0.22	0.02	0.00	0.16	0.06	-0.10	0.09	0.16	-0.54	0.07	0.12	-0.80	-0.04	-0.12	-0.32	-0.01	0.05	0.05	0.08	0.17	0.21
Discontinued operations (in dollars per share/unit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.81	-0.15	-0.06	0.02	0.01	0.15	0.03	-0.03	-0.45	0.07	-0.30	-0.01	0.19	0.03	0.02	0.02	0.01	0.01
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit)
0.21	0.39	0.19	0.95	0.19	0.15	0.18	0.19	0.17	0.09	0.21	0.08	0.18	0.41	0.25	-0.54	0.03	0.60	0.91	0.13	0.10	0.01	0.22	0.02	0.00	0.97	-0.09	-0.16	0.11	0.17	-0.39	0.10	0.09	-1.25	0.03	-0.42	-0.33	0.18	0.08	0.07	0.10	0.18	0.22
Income (loss) from continuing operations (in dollars per share/unit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.60	0.91	0.13	0.10	0.01	0.22	0.02	0.00	0.16	0.06	-0.10	0.09	0.16	-0.54	0.07	0.12	-0.80	-0.04	-0.12	-0.32	-0.01	0.05	0.05	0.08	0.17	0.21
Discontinued operations (in dollars per share/unit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.81	-0.15	-0.06	0.02	0.01	0.15	0.03	-0.03	-0.45	0.07	-0.30	-0.01	0.19	0.03	0.02	0.02	0.01	0.01
Net income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit)
0.21	0.38	0.19	0.95	0.19	0.15	0.18	0.19	0.17	0.09	0.21	0.08	0.18	0.41	0.25	-0.54	0.03	0.60	0.91	0.13	0.10	0.01	0.22	0.02	0.00	0.97	-0.09	-0.16	0.11	0.17	-0.39	0.10	0.09	-1.25	0.03	-0.42	-0.33	0.18	0.08	0.07	0.10	0.18	0.22
Dividends declared per common share/unit (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	0.27	0.27	-	0.27	0.27	0.27	-	0.27	0.27	0.27	-	0.27	0.27	0.27	-	0.27	0.27	0.27	-	0.27	0.27	0.27	-	0.41	-	-	-	-	-	-	-	-
Corporate Office Properties, L.P.
Lease revenue
131,012	130,693	129,461	131,415	130,903	129,596	127,691	127,907	127,133	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction contract and other service revenues
13,681	25,817	28,697	42,299	16,950	7,657	8,423	17,581	27,198	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
145,797	157,785	159,431	175,070	148,940	138,482	137,411	146,743	155,476	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property operating expenses
49,999	51,098	49,714	47,886	49,445	51,298	49,340	49,446	50,951	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization associated with real estate operations
32,596	32,779	34,692	34,802	34,796	36,219	34,195	33,190	33,512	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Construction contract and other service expenses
13,121	-	-	-	16,326	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
General, administrative and leasing expenses
7,486	9,336	7,929	9,386	8,751	7,081	6,899	7,628	7,292	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business development expenses and land carry costs
1,118	1,292	964	870	1,113	1,425	1,567	1,234	1,614	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
104,320	119,339	121,428	133,946	110,431	105,501	100,059	108,439	119,585	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense
16,840	16,777	17,126	18,475	18,674	18,475	19,181	18,945	18,784	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and other income
1,205	1,917	1,842	1,849	2,286	74	1,486	1,439	1,359	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit loss expense
689	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sales of real estate
5	20,761	0	84,469	0	2,367	0	-23	-4	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income before equity in income of unconsolidated entities and income taxes
25,158	44,347	22,719	108,967	22,121	16,689	19,657	20,775	18,462	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in income of unconsolidated entities
441	426	396	420	391	1,577	374	373	373	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax expense
49	-104	-131	-176	194	-190	-291	63	55	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income
25,550	44,877	23,246	109,563	22,318	18,456	20,322	21,085	18,780	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to noncontrolling interests in consolidated entities
1,132	1,515	1,565	1,268	1,037	1,061	1,080	878	921	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to COPLP
24,418	43,362	21,681	108,295	21,281	17,395	19,242	20,207	17,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred unit distributions
77	77	157	165	165	165	165	165	165	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to COPT/COPLP common share/unitholders
24,341	43,285	21,524	108,130	21,116	17,230	19,077	20,042	17,694	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to COPT/COPLP common share/unitholders - basic (in dollars per share/unit)
0.21	0.39	0.19	0.95	0.19	0.15	0.18	0.19	0.17	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income attributable to COPT/COPLP common share/unit holders - diluted (in dollars per share/unit)
0.21	0.38	0.19	0.95	0.19	0.15	0.18	0.19	0.17	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Property Revenue
Total revenues
1,104	1,275	1,273	1,356	1,087	1,229	1,297	1,255	1,145	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Corporate Office Properties, L.P
Construction contract and other service expenses
-	-	27,802	41,002	-	7,111	8,058	16,941	26,216	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment losses
-	-	327	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-