CORPORATE OFFICE PROPERTIES TRUST (OFC) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Defense/Information Technology Locations				842.1	816.2
Regional Office	66.6	60.6	59.6	61.2	68.3	85.8	98.2	85.0
Other							7.6	7.5
Other	597.9	521.7	552.2			488.5	413.3	387.2
Total revenues [+]	664.4	582.4	611.8	578.1	612.8	574.3	519.1	479.7
Contracts							106.4	106.7
Lease / rental						417.7	420.3	386.4
Other real estate							98.7	93.3
Revenue growth [+]	14.1%	-4.8%	5.8%	-5.7%	6.7%	10.6%	8.2%	-3.8%
Defense/Information Technology Locations				3.2%
Regional Office	9.8%	1.7%	-2.6%	-10.4%	-20.4%	-12.6%	15.5%
Other							1.0%
Operating wholesale data centers						2804.8%	82.5%
Cost of goods sold [+]	317.4	258.4	295.4	259.4	290.6	243.0	297.2	280.0
Cost of services							102.7	100.1
Real estate or leased property costs	213.4	190.8	185.4	201.0	191.0	197.5	194.5	179.9
Gross profit	347.0	323.9	316.4	318.8	322.2	331.3	221.9	199.7
Gross margin	52.2%	55.6%	51.7%	55.1%	52.6%	57.7%	42.7%	41.6%
Selling, general and administrative	36.1	33.0	35.4	28.9	30.8	36.6	44.9	31.8
Equity in earnings	1.1	1.8	1.6	2.7	1.5	0.8	0.1	0.2
Other operating expenses	124.5	49.6	-115.1	-2.0	-13.8	-59.4	-106.4	-101.2
EBITDA [+]	200.6	256.7	411.7	296.5	309.0	357.0	285.7	271.7
EBITDA growth	-21.9%	-37.6%	38.8%	-4.0%	-13.5%	25.0%	5.1%	0.8%
EBITDA margin	30.2%	44.1%	67.3%	51.3%	50.4%	62.2%	55.0%	56.6%
Depreciation	145.9	132.0	130.2	123.5	117.2	114.9	123.7	123.3
EBITA	54.6	124.7	281.5	173.0	191.8	242.1	161.9	148.5
EBITA margin	8.2%	21.4%	46.0%	29.9%	31.3%	42.2%	31.2%	30.9%
Amortization of intangibles	4.7	8.0	8.7	15.6	19.3	20.0	18.5	15.2
EBIT [+]	49.9	116.7	272.8	157.4	172.5	222.1	143.4	133.3
EBIT growth	-57.2%	-57.2%	73.3%	-8.7%	-22.4%	54.9%	7.6%	-11.1%
EBIT margin	7.5%	20.0%	44.6%	27.2%	28.1%	38.7%	27.6%	27.8%
Non-recurring items [+]		1.5	0.3	2.4	15.1	101.4	23.3	1.4
Asset impairment		1.5	0.3	2.4	15.1	101.4	23.3	1.4
Interest expense	65.4	67.9	71.1	75.4	77.0	83.2	89.1	92.4
Interest expense	65.4	67.9	71.1	75.4	77.0	83.2	89.1	92.4
Other income (expense), net [+]	92.7	51.9	-7.9	-4.1	-5.8	-4.3	89.7	-4.9
Gain (loss) on debt retirement	-100.6	-7.3		-0.3	-0.5	-1.1	85.3	-9.6
Other non-operating income	7.9	8.6	7.9	4.4	6.3	5.4	4.5	4.9
Other	-7.9	-8.6	-7.9	-4.4	-6.3	-5.4	-4.5	-4.9
Pre-tax income	77.3	99.1	193.5	75.6	74.5	33.3	120.8	34.6
Income taxes	0.1	0.4	-0.2	-0.4	1.1	0.2	0.2	0.3
Tax rate	0.2%	0.4%			1.5%	0.7%	0.2%	0.9%
Earnings from continuing ops	78.2	100.6	195.4	78.6	74.9	14.6	163.9	22.5
Earnings from discontinued ops	3.4	2.3	4.7				0.2	0.0
Net income	81.6	102.9	200.0	78.6	74.9	14.6	164.1	22.5
Net margin	12.3%	17.7%	32.7%	13.6%	12.2%	2.5%	31.6%	4.7%

Basic EPS [+]	$0.70	$0.90	$1.76	$0.76	$0.76	$0.15	$1.75	$0.26
Growth	-22.4%	-48.8%	132.2%	-0.1%	390.9%	-91.2%	582.8%	43.8%
Diluted EPS [+]	$0.70	$0.90	$1.75	$0.76	$0.76	$0.15	$1.68	$0.26
Growth	-22.5%	-48.7%	131.7%	-0.1%	390.5%	-90.8%	557.8%	43.6%

Dividends per share	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10	$1.10
Growth	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Shares outstanding (basic) [+]	112.0	111.8	111.2	103.9	99.0	94.5	93.9	88.1
Growth	0.2%	0.5%	7.0%	5.0%	4.7%	0.6%	6.6%	3.4%
Shares outstanding (diluted) [+]	112.4	112.1	111.6	104.1	99.2	94.6	97.7	88.3
Growth	0.3%	0.4%	7.2%	5.0%	4.8%	-3.1%	10.7%	3.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.