Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | CORPORATE OFFICE PROPERTIES TRUST | ||
Entity Central Index Key | 860546 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,600 | ||
Entity Common Stock, Shares Outstanding | 93,414,408 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Corporate Office Properties, L.P. | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CORPORATE OFFICE PROPERTIES, L.P. | ||
Entity Central Index Key | 1577966 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $99.50 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Properties, net: | ||
Operating properties, net | $2,751,488 | $2,702,693 |
Projects in development or held for future development | 545,426 | 511,608 |
Total properties, net | 3,296,914 | 3,214,301 |
Assets held for sale, net | 14,339 | 0 |
Cash and cash equivalents | 6,077 | 54,373 |
Restricted cash and marketable securities | 9,069 | 11,448 |
Accounts receivable (net of allowance for doubtful accounts of $717 and $2,976, respectively) | 26,901 | 27,000 |
Deferred rent receivable (net of allowance of $1,418 and $2,126, respectively) | 95,910 | 89,456 |
Intangible assets on real estate acquisitions, net | 43,854 | 59,258 |
Deferred leasing and financing costs, net | 64,797 | 66,267 |
Investing receivables | 52,147 | 53,663 |
Prepaid expenses and other assets | 60,249 | 54,186 |
Total assets | 3,670,257 | 3,629,952 |
Liabilities: | ||
Debt, net | 1,920,057 | 1,927,703 |
Accounts payable and accrued expenses | 123,035 | 98,785 |
Rents received in advance and security deposits | 31,011 | 31,492 |
Dividends and distributions payable | 29,862 | 29,080 |
Deferred revenue associated with operating leases | 13,031 | 10,369 |
Interest rate derivatives | 1,855 | 3,309 |
Other liabilities | 12,105 | 14,207 |
Total liabilities | 2,130,956 | 2,114,945 |
Commitments and contingencies (Note 23) | ||
Redeemable noncontrolling interest | 18,417 | 17,758 |
Corporate Office Properties Trust’s shareholders’ equity: | ||
Preferred Shares of beneficial interest at liquidation preference | 199,083 | 249,083 |
Common Shares of beneficial interest ($0.01 par value; 125,000,000 shares authorized, shares issued and outstanding of 93,255,284 at December 31, 2014 and 87,394,512 at December 31, 2013) | 933 | 874 |
Additional paid-in capital | 1,969,968 | 1,814,015 |
Cumulative distributions in excess of net income | -717,264 | -641,868 |
Accumulated other comprehensive (loss) income | -1,297 | 3,480 |
Total Corporate Office Properties Trust’s shareholders’ equity | 1,451,423 | 1,425,584 |
Noncontrolling interests in subsidiaries: | ||
Common units in COPLP | 51,534 | 53,468 |
Preferred units in COPLP | 8,800 | 8,800 |
Other consolidated entities | 9,127 | 9,397 |
Noncontrolling interests in subsidiaries | 69,461 | 71,665 |
Total equity | 1,520,884 | 1,497,249 |
Total liabilities, redeemable noncontrolling interest and equity | 3,670,257 | 3,629,952 |
Corporate Office Properties, L.P. | ||
Properties, net: | ||
Operating properties, net | 2,751,488 | 2,702,693 |
Projects in development or held for future development | 545,426 | 511,608 |
Total properties, net | 3,296,914 | 3,214,301 |
Assets held for sale, net | 14,339 | 0 |
Cash and cash equivalents | 6,077 | 54,373 |
Restricted cash and marketable securities | 3,187 | 3,981 |
Accounts receivable (net of allowance for doubtful accounts of $717 and $2,976, respectively) | 26,901 | 27,000 |
Deferred rent receivable (net of allowance of $1,418 and $2,126, respectively) | 95,910 | 89,456 |
Intangible assets on real estate acquisitions, net | 43,854 | 59,258 |
Deferred leasing and financing costs, net | 64,797 | 66,267 |
Investing receivables | 52,147 | 53,663 |
Prepaid expenses and other assets | 60,249 | 54,186 |
Total assets | 3,664,375 | 3,622,485 |
Liabilities: | ||
Debt, net | 1,920,057 | 1,927,703 |
Accounts payable and accrued expenses | 123,035 | 98,785 |
Rents received in advance and security deposits | 31,011 | 31,492 |
Dividends and distributions payable | 29,862 | 29,080 |
Deferred revenue associated with operating leases | 13,031 | 10,369 |
Interest rate derivatives | 1,855 | 3,309 |
Other liabilities | 6,223 | 6,740 |
Total liabilities | 2,125,074 | 2,107,478 |
Commitments and contingencies (Note 23) | ||
Redeemable noncontrolling interest | 18,417 | 17,758 |
Corporate Office Properties Trust’s shareholders’ equity: | ||
Preferred Shares of beneficial interest at liquidation preference | 199,083 | |
Common Shares of beneficial interest ($0.01 par value; 125,000,000 shares authorized, shares issued and outstanding of 93,255,284 at December 31, 2014 and 87,394,512 at December 31, 2013) | 1,305,219 | 1,226,318 |
Accumulated other comprehensive (loss) income | -1,381 | 3,605 |
Total Corporate Office Properties Trust’s shareholders’ equity | 1,511,721 | 1,487,806 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in subsidiaries | 9,163 | 9,443 |
Total equity | 1,520,884 | 1,497,249 |
Total liabilities, redeemable noncontrolling interest and equity | 3,664,375 | 3,622,485 |
Corporate Office Properties, L.P. | General Partner | ||
Corporate Office Properties Trust’s shareholders’ equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | 199,083 | 249,083 |
Corporate Office Properties, L.P. | Limited Partner | ||
Corporate Office Properties Trust’s shareholders’ equity: | ||
Preferred Units, Preferred Partners' Capital Accounts | $8,800 | $8,800 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts- AR | $717 | $2,976 |
Allowance for deferred rent receivable | 1,418 | 2,126 |
Common Shares of beneficial interest, par value (in dollars per share) | $0.01 | $0.01 |
Common Shares of beneficial interest, shares authorized | 125,000,000 | 125,000,000 |
Common Shares of beneficial interest, shares issued | 93,255,284 | 87,394,512 |
Common Shares of beneficial interest, shares outstanding | 93,255,284 | 87,394,512 |
Corporate Office Properties, L.P. | ||
Allowance for doubtful accounts- AR | 717 | 2,976 |
Allowance for deferred rent receivable | $1,418 | $2,126 |
General Partner | Corporate Office Properties, L.P. | ||
Preferred Units, Outstanding | 7,431,667 | 9,431,667 |
Common Shares of beneficial interest, shares outstanding | 93,255,284 | 87,394,512 |
Limited Partner | Corporate Office Properties, L.P. | ||
Preferred Units, Outstanding | 352,000 | 352,000 |
Common Shares of beneficial interest, shares outstanding | 3,837,551 | 3,977,700 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | ||||||
Rental revenue | $386,396 | $377,611 | $353,080 | |||
Tenant recoveries and other real estate operations revenue | 93,329 | 83,386 | 81,219 | |||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | |||
Total revenues | 586,473 | 523,360 | 508,135 | |||
Expenses | ||||||
Property operating expenses | 179,934 | 167,199 | 159,206 | |||
Depreciation and amortization associated with real estate operations | 136,086 | 113,214 | 107,998 | |||
Construction contract and other service expenses | 100,058 | 58,875 | 70,576 | |||
Impairment losses | 1,416 | 5,857 | 43,678 | |||
General, administrative and leasing expenses | 31,794 | 30,869 | 31,900 | |||
Business development expenses and land carry costs | 5,573 | 5,436 | 5,711 | |||
Total operating expenses | 454,861 | 381,450 | 419,069 | |||
Operating income | 131,612 | 141,910 | 89,066 | |||
Interest expense | -92,393 | -82,010 | -86,401 | |||
Interest and other income | 4,923 | 3,834 | 7,172 | |||
Loss on early extinguishment of debt | -9,552 | -27,030 | -943 | |||
Income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes | 34,590 | 36,704 | 8,894 | |||
Equity in income (loss) of unconsolidated entities | 229 | 2,110 | -546 | |||
Income tax expense | -310 | -1,978 | -381 | |||
Income from continuing operations | 34,509 | 36,836 | 7,967 | |||
Discontinued operations | 26 | 55,692 | 12,353 | |||
Income before gain on sales of real estate | 34,535 | 92,528 | 20,320 | |||
Gain on sales of real estate, net of income taxes | 10,671 | 9,016 | 21 | |||
Net income | 45,206 | 101,544 | 20,341 | |||
Net (income) loss attributable to noncontrolling interests: | ||||||
Common units in COPLP | -1,006 | -3,283 | 87 | |||
Preferred units in COPLP | -660 | -660 | -660 | |||
Other consolidated entities | -3,285 | -3,894 | 1,209 | |||
Net income | 40,255 | 93,707 | 20,977 | |||
Preferred share/ unit dividends/ distributions | -15,939 | -19,971 | -20,844 | |||
Issuance costs associated with redeemed preferred shares | -1,769 | -2,904 | -1,827 | |||
Net income (loss) attributable to COPT common shareholders | 22,547 | 70,832 | -1,694 | |||
Net income attributable to COPT: | ||||||
Income from continuing operations | 40,225 | 41,366 | 9,297 | |||
Discontinued operations, net | 30 | 52,341 | 11,680 | |||
Net income | 40,255 | 93,707 | 20,977 | |||
Basic earnings per common share | ||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [1] | $0.21 | [1] | ($0.19) | [1] |
Discontinued operations (in dollars per share/unit) | $0 | [1] | $0.62 | [1] | $0.16 | [1] |
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Diluted earnings per common share | ||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [1] | $0.21 | [1] | ($0.19) | [1] |
Discontinued operations (in dollars per share/unit) | $0 | [1] | $0.62 | [1] | $0.16 | [1] |
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Corporate Office Properties, L.P. | ||||||
Revenues | ||||||
Rental revenue | 386,396 | 377,611 | 353,080 | |||
Tenant recoveries and other real estate operations revenue | 93,329 | 83,386 | 81,219 | |||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | |||
Total revenues | 586,473 | 523,360 | 508,135 | |||
Expenses | ||||||
Property operating expenses | 179,934 | 167,199 | 159,206 | |||
Depreciation and amortization associated with real estate operations | 136,086 | 113,214 | 107,998 | |||
Construction contract and other service expenses | 100,058 | 58,875 | 70,576 | |||
Impairment losses | 1,416 | 5,857 | 43,678 | |||
General, administrative and leasing expenses | 31,794 | 30,869 | 31,900 | |||
Business development expenses and land carry costs | 5,573 | 5,436 | 5,711 | |||
Total operating expenses | 454,861 | 381,450 | 419,069 | |||
Operating income | 131,612 | 141,910 | 89,066 | |||
Interest expense | -92,393 | -82,010 | -86,401 | |||
Interest and other income | 4,923 | 3,834 | 7,172 | |||
Loss on early extinguishment of debt | -9,552 | -27,030 | -943 | |||
Income from continuing operations before equity in income (loss) of unconsolidated entities and income taxes | 34,590 | 36,704 | 8,894 | |||
Equity in income (loss) of unconsolidated entities | 229 | 2,110 | -546 | |||
Income tax expense | -310 | -1,978 | -381 | |||
Income from continuing operations | 34,509 | 36,836 | 7,967 | |||
Discontinued operations | 26 | 55,692 | 12,353 | |||
Income before gain on sales of real estate | 34,535 | 92,528 | 20,320 | |||
Gain on sales of real estate, net of income taxes | 10,671 | 9,016 | 21 | |||
Net income | 45,206 | 101,544 | 20,341 | |||
Net (income) loss attributable to noncontrolling interests in consolidated entities | -3,276 | -3,907 | 507 | |||
Net (income) loss attributable to noncontrolling interests: | ||||||
Net income | 41,930 | 97,637 | 20,848 | |||
Preferred share/ unit dividends/ distributions | -16,599 | -20,631 | -21,504 | |||
Issuance costs associated with redeemed preferred shares | -1,769 | -2,904 | -1,827 | |||
Net income (loss) attributable to COPT common shareholders | 23,562 | 74,102 | -2,483 | |||
Net income attributable to COPT: | ||||||
Income from continuing operations | 41,899 | 42,875 | 9,194 | |||
Discontinued operations, net | 31 | 54,762 | 11,654 | |||
Net income | $41,930 | $97,637 | $20,848 | |||
Basic earnings per common share | ||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [2] | $0.21 | [2] | ($0.19) | [2] |
Discontinued operations (in dollars per share/unit) | $0 | [2] | $0.62 | [2] | $0.15 | [2] |
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
Diluted earnings per common share | ||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [2] | $0.21 | [2] | ($0.19) | [2] |
Discontinued operations (in dollars per share/unit) | $0 | [2] | $0.62 | [2] | $0.15 | [2] |
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
[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. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $45,206 | $101,544 | $20,341 |
Other comprehensive (loss) income | |||
Unrealized (losses) gains on interest rate derivatives | -7,799 | 6,791 | -7,676 |
Unrealized equity in other comprehensive income of equity method investee | 0 | 1,070 | 0 |
Realized equity in other comprehensive income of equity method investee | 0 | -1,070 | 0 |
Other comprehensive (loss) income | -4,771 | 9,531 | -3,979 |
Comprehensive income | 40,435 | 111,075 | 16,362 |
Comprehensive (income) loss attributable to noncontrolling interests | -4,957 | -8,453 | 961 |
Comprehensive income attributable to COPT | 35,478 | 102,622 | 17,323 |
Interest expense | |||
Other comprehensive (loss) income | |||
Losses on interest rate derivatives | 2,990 | 2,740 | 3,697 |
Loss on early extinguishment of debt | |||
Other comprehensive (loss) income | |||
Losses on interest rate derivatives | 38 | 0 | 0 |
Corporate Office Properties, L.P. | |||
Net income | 45,206 | 101,544 | 20,341 |
Other comprehensive (loss) income | |||
Unrealized (losses) gains on interest rate derivatives | -7,799 | 6,791 | -7,676 |
Unrealized equity in other comprehensive income of equity method investee | 0 | 1,070 | 0 |
Realized equity in other comprehensive income of equity method investee | 0 | -1,070 | 0 |
Other comprehensive (loss) income | -4,771 | 9,531 | -3,979 |
Comprehensive income | 40,435 | 111,075 | 16,362 |
Comprehensive (income) loss attributable to noncontrolling interests | -3,492 | -4,125 | 615 |
Comprehensive income attributable to COPT | 36,943 | 106,950 | 16,977 |
Corporate Office Properties, L.P. | Interest expense | |||
Other comprehensive (loss) income | |||
Losses on interest rate derivatives | 2,990 | 2,740 | 3,697 |
Corporate Office Properties, L.P. | Loss on early extinguishment of debt | |||
Other comprehensive (loss) income | |||
Losses on interest rate derivatives | $38 | $0 | $0 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Shares | Common Shares | Preferred Shares | Common Shares | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Cumulative Distributions in Excess of Net Income | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. | Corporate Office Properties, L.P. |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Preferred Shares | Common Shares | USD ($) | USD ($) | USD ($) | USD ($) | Preferred Shares | Common Shares | Common Shares | Common Shares | Common Shares | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Limited Partner | Limited Partner | General Partner | General Partner |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Preferred Shares | USD ($) | USD ($) | USD ($) | Preferred Shares | Preferred Shares | |||||||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||||
Balance at Dec. 31, 2011 | $1,205,899 | $216,333 | $720 | $1,451,078 | ($534,041) | ($1,733) | $73,542 | $1,205,899 | $972,107 | ($1,837) | $10,496 | $8,800 | $216,333 | ||||||||||
Balance (preferred units) at Dec. 31, 2011 | 352,000 | 8,121,667 | |||||||||||||||||||||
Balance (in units/ shares) at Dec. 31, 2011 | 72,011,324 | 76,313,112 | |||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||
Conversion of common units to common shares (234,246, 311,343 and 140,149 shares in 2012, 2013 and 2014, respectively) | 0 | 2 | 2,812 | -2,814 | |||||||||||||||||||
Shares issued to the public (6,900,000 preferred shares in 2012, 8,625,000, 4,485,000 and 5,520,000 common shares in 2012, 2013 and 2014, respectively)(in dollars) | 165,652 | 204,696 | 172,500 | 86 | -6,848 | 204,610 | 165,652 | 204,696 | -6,848 | 204,696 | 172,500 | ||||||||||||
Shares issued to the public (in units/shares) | 6,900,000 | 8,625,000 | 8,625,000 | 6,900,000 | |||||||||||||||||||
Stock redeemed or called during period (in units/ shares) | -2,200,000 | -2,200,000 | |||||||||||||||||||||
Redemption of preferred shares/units (2,200,000, 3,390,000 and 2,000,000 shares in 2012, 2013 and 2014, respectively) | -55,000 | -55,000 | 1,827 | -1,827 | -55,000 | -55,000 | |||||||||||||||||
Exercise of share options (in units/shares) | 61,624 | 61,624 | |||||||||||||||||||||
Exercise of share options ( 61,624, 39,331 and 62,888 shares in 2012, 2013 and 2014, respectively)(in dollars) | 928 | 0 | 928 | 928 | 928 | ||||||||||||||||||
Share-based compensation | 11,184 | 1 | 11,183 | 11,184 | 11,184 | ||||||||||||||||||
Share-based compensation (in shares/units) | 160,643 | ||||||||||||||||||||||
Restricted common units/shares redemptions | -139,851 | -139,851 | |||||||||||||||||||||
Restricted common units/shares redemptions (139,851, 78,440 and 57,537 shares in 2012, 2013 and 2014, respectively) (in dollars) | -3,379 | -3,379 | -3,379 | -3,379 | |||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | 0 | -4,627 | 4,627 | ||||||||||||||||||||
Comprehensive income (loss) | 18,927 | 20,977 | -3,702 | 1,652 | 18,927 | -656 | -3,871 | 1,950 | 660 | 20,844 | |||||||||||||
Dividends/Distributions | -102,564 | -102,564 | -107,841 | -86,337 | -660 | -20,844 | |||||||||||||||||
Distributions to owners of common and preferred units in COPLP | -5,277 | -5,277 | |||||||||||||||||||||
Distributions to noncontrolling interests | -655 | -655 | -655 | -655 | |||||||||||||||||||
COPT contribution to COPLP of distribution from subsidiary | 0 | 1,608 | -1,608 | ||||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interest | -3,955 | -3,955 | -3,955 | -3,955 | |||||||||||||||||||
Tax benefit (loss) from share-based compensation | 43 | 43 | 43 | 43 | |||||||||||||||||||
Balance at Dec. 31, 2012 | 1,436,499 | 333,833 | 809 | 1,653,672 | -617,455 | -5,435 | 71,075 | 1,436,499 | 1,089,391 | -5,708 | 10,183 | 8,800 | 333,833 | ||||||||||
Balance (preferred units) at Dec. 31, 2012 | 352,000 | 12,821,667 | |||||||||||||||||||||
Balance (in units/ shares) at Dec. 31, 2012 | 80,952,986 | 85,020,528 | |||||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||
Conversion of common units to common shares (234,246, 311,343 and 140,149 shares in 2012, 2013 and 2014, respectively) | 0 | 3 | 3,994 | -3,997 | |||||||||||||||||||
Shares issued to the public (6,900,000 preferred shares in 2012, 8,625,000, 4,485,000 and 5,520,000 common shares in 2012, 2013 and 2014, respectively)(in dollars) | 117,961 | 45 | 117,916 | 117,961 | 117,961 | ||||||||||||||||||
Shares issued to the public (in units/shares) | 4,485,000 | 4,485,000 | |||||||||||||||||||||
Stock redeemed or called during period (in units/ shares) | -3,390,000 | -3,390,000 | |||||||||||||||||||||
Redemption of preferred shares/units (2,200,000, 3,390,000 and 2,000,000 shares in 2012, 2013 and 2014, respectively) | -84,750 | -84,750 | 2,904 | -2,904 | -84,750 | -84,750 | |||||||||||||||||
Issuance of common units resulting from common shares issued under at-the-market program (in units) | 1,500,000 | ||||||||||||||||||||||
Issuance of common units resulting from common shares issued under at-the-market program (1,500,000 shares in 2013) (in dollars) | 38,447 | 15 | 38,432 | 38,447 | 38,447 | ||||||||||||||||||
Acquisition of property and noncontrolling interest in other consolidated entity for COPLP common units | 1,369 | -1,296 | 2,665 | ||||||||||||||||||||
Acquisition of property and noncontrolling interest in other consolidated entity for COPLP common units (in units) | 221,501 | ||||||||||||||||||||||
Acquisition of property and noncontrolling interest in other consolidated entity for COPLP common units (in dollars) | 1,369 | 3,899 | -2,530 | ||||||||||||||||||||
Exercise of share options (in units/shares) | 39,331 | 39,331 | |||||||||||||||||||||
Exercise of share options ( 61,624, 39,331 and 62,888 shares in 2012, 2013 and 2014, respectively)(in dollars) | 779 | 0 | 779 | 779 | 779 | ||||||||||||||||||
Share-based compensation | 7,605 | 2 | 7,603 | 7,605 | 7,605 | ||||||||||||||||||
Share-based compensation (in shares/units) | 184,292 | ||||||||||||||||||||||
Restricted common units/shares redemptions | -78,440 | -78,440 | |||||||||||||||||||||
Restricted common units/shares redemptions (139,851, 78,440 and 57,537 shares in 2012, 2013 and 2014, respectively) (in dollars) | -2,002 | -2,002 | -2,002 | -2,002 | |||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | 0 | -744 | 744 | ||||||||||||||||||||
Comprehensive income (loss) | 109,699 | 93,707 | 8,915 | 7,077 | 109,699 | 77,006 | 9,313 | 2,749 | 660 | 19,971 | |||||||||||||
Dividends/Distributions | -115,216 | -115,216 | -120,156 | -99,525 | -660 | -19,971 | |||||||||||||||||
Distributions to owners of common and preferred units in COPLP | -4,940 | -4,940 | |||||||||||||||||||||
Contributions from noncontrolling interests in other consolidates entities | 86 | 0 | 86 | 86 | 86 | ||||||||||||||||||
Distributions to noncontrolling interests | -1,045 | -1,045 | -1,045 | -1,045 | |||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interest | -7,121 | -7,121 | -7,121 | -7,121 | |||||||||||||||||||
Tax benefit (loss) from share-based compensation | -122 | -122 | -122 | -122 | |||||||||||||||||||
Balance at Dec. 31, 2013 | 1,497,249 | 249,083 | 874 | 1,814,015 | -641,868 | 3,480 | 71,665 | 1,497,249 | 1,226,318 | 3,605 | 9,443 | 8,800 | 249,083 | ||||||||||
Balance (preferred units) at Dec. 31, 2013 | 352,000 | 352,000 | 9,431,667 | 9,431,667 | |||||||||||||||||||
Balance (in units/ shares) at Dec. 31, 2013 | 87,394,512 | 91,372,212 | 3,977,700 | 87,394,512 | |||||||||||||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||||||||||||||
Conversion of common units to common shares (234,246, 311,343 and 140,149 shares in 2012, 2013 and 2014, respectively) | 0 | 2 | 1,841 | -1,843 | |||||||||||||||||||
Shares issued to the public (6,900,000 preferred shares in 2012, 8,625,000, 4,485,000 and 5,520,000 common shares in 2012, 2013 and 2014, respectively)(in dollars) | 148,666 | 55 | 148,611 | 148,666 | 148,666 | ||||||||||||||||||
Shares issued to the public (in units/shares) | 5,520,000 | 5,520,000 | |||||||||||||||||||||
Stock redeemed or called during period (in units/ shares) | -2,000,000 | -2,000,000 | |||||||||||||||||||||
Redemption of preferred shares/units (2,200,000, 3,390,000 and 2,000,000 shares in 2012, 2013 and 2014, respectively) | -50,000 | -50,000 | 1,769 | -1,769 | -50,000 | -50,000 | |||||||||||||||||
Exercise of share options (in units/shares) | 62,888 | 62,888 | |||||||||||||||||||||
Exercise of share options ( 61,624, 39,331 and 62,888 shares in 2012, 2013 and 2014, respectively)(in dollars) | 1,489 | 1,489 | 1,489 | 1,489 | |||||||||||||||||||
Share-based compensation | 7,050 | 2 | 7,048 | 7,050 | 7,050 | ||||||||||||||||||
Share-based compensation (in shares/units) | 195,272 | ||||||||||||||||||||||
Restricted common units/shares redemptions | -57,537 | -57,537 | |||||||||||||||||||||
Restricted common units/shares redemptions (139,851, 78,440 and 57,537 shares in 2012, 2013 and 2014, respectively) (in dollars) | -1,554 | -1,554 | -1,554 | -1,554 | |||||||||||||||||||
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP | 0 | -3,382 | 3,382 | ||||||||||||||||||||
Comprehensive income (loss) | 38,274 | 40,255 | -4,777 | 2,796 | 38,274 | 25,331 | -4,986 | 1,330 | 660 | 15,939 | |||||||||||||
Dividends/Distributions | -113,882 | -113,882 | -118,811 | -102,212 | -660 | -15,939 | |||||||||||||||||
Distributions to owners of common and preferred units in COPLP | -4,929 | -4,929 | |||||||||||||||||||||
Contributions from noncontrolling interests in other consolidates entities | 3 | 3 | 3 | 3 | |||||||||||||||||||
Distributions to noncontrolling interests | -1,613 | -1,613 | -1,613 | -1,613 | |||||||||||||||||||
Adjustment to arrive at fair value of redeemable noncontrolling interest | 134 | 134 | 134 | 134 | |||||||||||||||||||
Tax benefit (loss) from share-based compensation | -3 | -3 | -3 | -3 | |||||||||||||||||||
Balance at Dec. 31, 2014 | $1,520,884 | $199,083 | $933 | $1,969,968 | ($717,264) | ($1,297) | $69,461 | $1,520,884 | $1,305,219 | ($1,381) | $9,163 | $8,800 | $199,083 | ||||||||||
Balance (preferred units) at Dec. 31, 2014 | 352,000 | 352,000 | 7,431,667 | 7,431,667 | |||||||||||||||||||
Balance (in units/ shares) at Dec. 31, 2014 | 93,255,284 | 97,092,835 | 3,837,551 | 93,255,284 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Nov. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2013 | Dec. 31, 2011 | |
Balance (in units/ shares) | 93,255,284 | 87,394,512 | 80,952,986 | 72,011,324 | |||
Conversion of common units to common shares (in shares/units) | 140,149 | 311,343 | 234,246 | ||||
Shares issued to the public (in units/shares) | 5,520,000 | 4,485,000 | |||||
Exercise of share options (in units/shares) | 62,888 | 39,331 | 61,624 | ||||
Restricted common units/shares redemptions | 57,537 | 78,440 | 139,851 | ||||
Preferred Shares | |||||||
Shares issued to the public (in units/shares) | 6,900,000 | ||||||
Stock redeemed or called during period (in units/ shares) | -2,000,000 | -3,390,000 | -2,200,000 | ||||
Common Shares | |||||||
Shares issued to the public (in units/shares) | 5,520,000 | 4,485,000 | 8,625,000 | ||||
Common Stock Issued to Public Under At-the-Market Program | |||||||
Shares issued to the public (in units/shares) | 1,500,000 | 1,500,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Revenues from real estate operations received | $479,605 | $482,763 | $483,421 |
Construction contract and other service revenues received | 89,180 | 63,647 | 77,831 |
Property operating expenses paid | -178,803 | -176,243 | -174,683 |
Construction contract and other service expenses paid | -79,271 | -63,853 | -67,952 |
General, administrative, leasing, business development and land carry costs paid | -29,521 | -28,022 | -22,904 |
Interest expense paid | -79,095 | -81,575 | -87,394 |
Previously accreted interest expense paid | 0 | -11,116 | 0 |
Settlement of interest rate derivatives | 0 | 0 | -29,738 |
Proceeds from sale of trading marketable securities | 0 | 298 | 18,975 |
Exit costs on property dispositions | 0 | -979 | -4,146 |
Payments in connection with early extinguishment of debt | -9,017 | -27,909 | -2,637 |
Interest and other income received | 607 | 1,962 | 1,073 |
Income taxes refunded (paid) | 200 | 6 | -8 |
Net cash provided by operating activities | 193,885 | 158,979 | 191,838 |
Cash flows from investing activities | |||
Construction, development and redevelopment | -200,385 | -201,808 | -165,275 |
Tenant improvements on operating properties | -27,037 | -21,950 | -27,103 |
Other capital improvements on operating properties | -28,720 | -23,940 | -20,066 |
Acquisitions of operating properties | 0 | 0 | -48,308 |
Proceeds from dispositions of properties | 57,782 | 148,569 | 290,603 |
Investing receivables funded | -3,731 | -14,077 | -14,232 |
Investing receivables payments received | 10,279 | 144 | 10,113 |
Leasing costs paid | -16,234 | -14,429 | -13,278 |
Decrease (increase) in restricted cash associated with investing activities | 1,137 | 8,178 | -872 |
Other | -2,780 | -477 | 2,162 |
Net cash (used in) provided by investing activities | -209,689 | -119,790 | 13,744 |
Proceeds from debt | |||
Revolving Credit Facility | 232,000 | 504,000 | 329,000 |
Unsecured senior notes | 297,342 | 592,413 | 0 |
Other debt proceeds | 11,569 | 94,049 | 403,117 |
Repayments of debt | |||
Revolving Credit Facility | -149,000 | -504,000 | -991,000 |
Scheduled principal amortization | -6,517 | -9,481 | -11,684 |
Other debt repayments | -394,653 | -612,093 | -124,386 |
Deferred financing costs paid | -708 | -9,361 | -3,371 |
Net proceeds from issuance of preferred shares | 0 | 0 | 165,652 |
Net proceeds from issuance of common shares | 150,174 | 157,444 | 205,425 |
Redemption of preferred shares | -50,000 | -84,750 | -55,000 |
Common share/unit dividends/distributions paid | -96,330 | -93,474 | -89,161 |
Preferred share/unit dividends/distributions paid | -16,731 | -21,335 | -19,087 |
Distributions paid to noncontrolling interests in COPLP | -5,008 | -4,958 | -5,828 |
Restricted share redemptions | -1,554 | -2,002 | -3,379 |
Other | -3,076 | -1,862 | -845 |
Net cash (used in) provided by financing activities | -32,492 | 4,590 | -200,547 |
Net increase (decrease) in cash and cash equivalents | -48,296 | 43,779 | 5,035 |
Cash and cash equivalents | |||
Beginning of period | 54,373 | 10,594 | 5,559 |
End of period | 6,077 | 54,373 | 10,594 |
Reconciliation of net income (loss) to net cash provided by operating activities: | |||
Net income | 45,206 | 101,544 | 20,341 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and other amortization | 138,490 | 119,773 | 124,418 |
Impairment losses | 1,419 | 31,068 | 62,702 |
Settlement of previously accreted interest expense | 0 | -11,116 | 0 |
Amortization of deferred financing costs | 4,666 | 5,451 | 6,243 |
Increase in deferred rent receivable | -3,520 | -5,196 | -11,776 |
Amortization of net debt discounts | 921 | 1,159 | 3,155 |
Gain on sales of real estate | -10,695 | -11,687 | -20,961 |
Share-based compensation | 6,164 | 6,530 | 9,982 |
Loss (gain) on early extinguishment of debt | 651 | -68,689 | -3,430 |
Other | -3,242 | -3,093 | -4,551 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in accounts receivable | 94 | -10,334 | 8,049 |
Decrease in restricted cash and marketable securities | 1,352 | 576 | 14,934 |
(Increase) decrease in prepaid expenses and other assets | -12,231 | -5,128 | 8,550 |
Increase in accounts payable, accrued expenses and other liabilities | 25,091 | 3,960 | 4,101 |
(Decrease) increase in rents received in advance and security deposits | -481 | 4,161 | -1,916 |
Decrease in interest rate derivatives in connection with cash settlement | 0 | 0 | -28,003 |
Net cash provided by operating activities | 193,885 | 158,979 | 191,838 |
Supplemental schedule of non-cash investing and financing activities: | |||
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs | -3,779 | 2,947 | -1,227 |
Decrease in property in connection with transfer of property in settlement of debt | 0 | 73,780 | 12,042 |
Decrease in debt in connection with transfer of property in settlement of debt | 0 | 146,500 | 16,304 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -4,866 | 9,470 | 4,040 |
Dividends/distribution payable | 29,862 | 29,080 | 28,698 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 0 | 5,194 | 0 |
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares | 1,843 | 3,997 | 2,814 |
Adjustments to noncontrolling interests resulting from changes in COPLP ownership | 3,382 | 744 | 4,627 |
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interest at fair value | -134 | 7,121 | 3,955 |
Corporate Office Properties, L.P. | |||
Cash flows from operating activities | |||
Revenues from real estate operations received | 479,605 | 482,763 | 483,421 |
Construction contract and other service revenues received | 89,180 | 63,647 | 77,831 |
Property operating expenses paid | -178,803 | -176,243 | -174,683 |
Construction contract and other service expenses paid | -79,271 | -63,853 | -67,952 |
General, administrative, leasing, business development and land carry costs paid | -29,521 | -28,022 | -22,904 |
Interest expense paid | -79,095 | -81,575 | -87,394 |
Previously accreted interest expense paid | 0 | -11,116 | 0 |
Settlement of interest rate derivatives | 0 | 0 | -29,738 |
Proceeds from sale of trading marketable securities | 0 | 298 | 18,975 |
Exit costs on property dispositions | 0 | -979 | -4,146 |
Payments in connection with early extinguishment of debt | -9,017 | -27,909 | -2,637 |
Interest and other income received | 607 | 1,962 | 1,073 |
Income taxes refunded (paid) | 200 | 6 | -8 |
Net cash provided by operating activities | 193,885 | 158,979 | 191,838 |
Cash flows from investing activities | |||
Construction, development and redevelopment | -200,385 | -201,808 | -165,275 |
Tenant improvements on operating properties | -27,037 | -21,950 | -27,103 |
Other capital improvements on operating properties | -28,720 | -23,940 | -20,066 |
Acquisitions of operating properties | 0 | 0 | -48,308 |
Proceeds from dispositions of properties | 57,782 | 148,569 | 290,603 |
Investing receivables funded | -3,731 | -14,077 | -14,232 |
Investing receivables payments received | 10,279 | 144 | 10,113 |
Leasing costs paid | -16,234 | -14,429 | -13,278 |
Decrease (increase) in restricted cash associated with investing activities | 1,137 | 8,178 | -872 |
Other | -2,780 | -477 | 2,162 |
Net cash (used in) provided by investing activities | -209,689 | -119,790 | 13,744 |
Proceeds from debt | |||
Revolving Credit Facility | 232,000 | 504,000 | 329,000 |
Unsecured senior notes | 297,342 | 592,413 | 0 |
Other debt proceeds | 11,569 | 94,049 | 403,117 |
Repayments of debt | |||
Revolving Credit Facility | -149,000 | -504,000 | -991,000 |
Scheduled principal amortization | -6,517 | -9,481 | -11,684 |
Other debt repayments | -394,653 | -612,093 | -124,386 |
Deferred financing costs paid | -708 | -9,361 | -3,371 |
Net proceeds from issuance of preferred shares | 0 | 0 | 165,652 |
Net proceeds from issuance of common shares | 150,174 | 157,444 | 205,425 |
Redemption of preferred shares | -50,000 | -84,750 | -55,000 |
Common share/unit dividends/distributions paid | -100,678 | -97,772 | -94,329 |
Preferred share/unit dividends/distributions paid | -17,391 | -21,995 | -19,747 |
Restricted share redemptions | -1,554 | -2,002 | -3,379 |
Other | -3,076 | -1,862 | -845 |
Net cash (used in) provided by financing activities | -32,492 | 4,590 | -200,547 |
Net increase (decrease) in cash and cash equivalents | -48,296 | 43,779 | 5,035 |
Cash and cash equivalents | |||
Beginning of period | 54,373 | 10,594 | 5,559 |
End of period | 6,077 | 54,373 | 10,594 |
Reconciliation of net income (loss) to net cash provided by operating activities: | |||
Net income | 45,206 | 101,544 | 20,341 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and other amortization | 138,490 | 119,773 | 124,418 |
Impairment losses | 1,419 | 31,068 | 62,702 |
Settlement of previously accreted interest expense | 0 | -11,116 | 0 |
Amortization of deferred financing costs | 4,666 | 5,451 | 6,243 |
Increase in deferred rent receivable | -3,520 | -5,196 | -11,776 |
Amortization of net debt discounts | 921 | 1,159 | 3,155 |
Gain on sales of real estate | -10,695 | -11,687 | -20,961 |
Share-based compensation | 6,164 | 6,530 | 9,982 |
Loss (gain) on early extinguishment of debt | 651 | -68,689 | -3,430 |
Other | -3,242 | -3,093 | -4,551 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in accounts receivable | 94 | -10,334 | 8,049 |
Decrease in restricted cash and marketable securities | -234 | 1,267 | 14,122 |
(Increase) decrease in prepaid expenses and other assets | -12,231 | -5,128 | 8,550 |
Increase in accounts payable, accrued expenses and other liabilities | 26,677 | 3,269 | 4,913 |
(Decrease) increase in rents received in advance and security deposits | -481 | 4,161 | -1,916 |
Decrease in interest rate derivatives in connection with cash settlement | 0 | 0 | -28,003 |
Net cash provided by operating activities | 193,885 | 158,979 | 191,838 |
Supplemental schedule of non-cash investing and financing activities: | |||
(Decrease) increase in accrued capital improvements, leasing and other investing activity costs | -3,779 | 2,947 | -1,227 |
Decrease in property in connection with transfer of property in settlement of debt | 0 | 73,780 | 12,042 |
Decrease in debt in connection with transfer of property in settlement of debt | 0 | 146,500 | 16,304 |
(Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income (loss) and noncontrolling interests | -4,866 | 9,470 | 4,040 |
Dividends/distribution payable | 29,862 | 29,080 | 28,698 |
COPLP common units issued to acquire property and noncontrolling interest in other consolidated entity | 0 | 5,194 | 0 |
(Decrease) increase in redeemable noncontrolling interest and (increase) decrease in equity to carry redeemable noncontrolling interest at fair value | ($134) | $7,121 | $3,955 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization | Organization | |
Corporate Office Properties Trust (“COPT”) and subsidiaries (collectively, the “Company”) is a fully-integrated and self-managed real estate investment trust (“REIT”). Corporate Office Properties, L.P. (“COPLP”) and subsidiaries (collectively, the “Operating Partnership”) is the entity through which COPT, the sole general partner of COPLP, conducts almost all of its operations and owns almost all of its assets. Unless otherwise expressly stated or the context otherwise requires, “we”, “us” and “our” as used herein refer to each of the Company and the Operating Partnership. We focus primarily on serving the specialized requirements of United States Government agencies and their contractors, most of whom are engaged in national security and information technology related activities. We generally acquire, develop, manage and lease office and data center properties concentrated in large office parks located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of December 31, 2014, our properties included the following (all references to number of properties, square footage, acres and megawatts are unaudited): | ||
• | 173 operating office properties totaling 16.8 million square feet (excluding two properties serving as collateral for a nonrecourse mortgage loan in default, as discussed further in Note 11); | |
• | 13 office properties under, or contractually committed for, construction or redevelopment that we estimate will total approximately 1.6 million square feet upon completion; | |
• | 1,464 acres of land we control that we believe are potentially developable into approximately 18.3 million square feet; and | |
• | a partially operational, wholesale data center which upon completion and stabilization is expected to have a critical load of 19.25 megawatts. | |
COPLP owns real estate both directly and through subsidiary partnerships and limited liability companies (“LLCs”). In addition to owning real estate, COPLP also owns subsidiaries that provide real estate services such as property management and construction and development services primarily for our properties but also for third parties. Some of these services are performed by a taxable REIT subsidiary (“TRS”). | ||
Equity interests in COPLP are in the form of common and preferred units. As of December 31, 2014, COPT owned 96.0% of the outstanding COPLP common units (“common units”) and 95.5% of the outstanding COPLP preferred units (“preferred units”); the remaining common and preferred units in COPLP were owned by third parties. Common units in COPLP not owned by COPT carry certain redemption rights. The number of common units in COPLP owned by COPT is equivalent to the number of outstanding common shares of beneficial interest (“common shares”) of COPT, and the entitlement of all COPLP common units to quarterly distributions and payments in liquidation is substantially the same as those of COPT common shareholders. Similarly, in the case of each series of preferred units in COPLP held by COPT, there is a series of preferred shares of beneficial interest (“preferred shares”) in COPT that is equivalent in number and carries substantially the same terms as such series of COPLP preferred units. COPT’s common shares are publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “OFC”. | ||
Because COPLP is managed by COPT, and COPT conducts substantially all of its operations through COPLP, we refer to COPT’s executive officers as COPLP’s executive officers, and although, as a partnership, COPLP does not have a board of trustees, we refer to COPT’s Board of Trustees as COPLP’s Board of Trustees. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||
Basis of Presentation | |||
The COPT consolidated financial statements include the accounts of COPT, the Operating Partnership, their subsidiaries and other entities in which COPT has a majority voting interest and control. The COPLP consolidated financial statements include the accounts of COPLP, its subsidiaries and other entities in which COPLP has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all significant intercompany balances and transactions in consolidation. | |||
We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. | |||
We use the cost method of accounting when we own an interest in an entity and cannot exert significant influence over its operations. | |||
Prior Out of Period Adjustment | |||
During the second quarter of 2013, we identified an error related to the estimated fair value of a redeemable noncontrolling interest in a real estate joint venture. Changes in such fair value are reported as changes in equity with no impact to net income or comprehensive income. The error resulted in an understatement of the line entitled “redeemable noncontrolling interest” in the mezzanine section of our consolidated balance sheet and an overstatement of the line entitled “additional paid-in capital” in the equity section of our consolidated balance sheet of $3.7 million as of December 31, 2012. We have determined that this adjustment was not material to our financial statements for 2012 or 2013. Accordingly, this change is reported as an out-of-period adjustment in the consolidated statement of equity for the year ended December 31, 2013. | |||
Use of Estimates in the Preparation of Financial Statements | |||
We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: | |||
• | the reported amounts of assets and liabilities in our consolidated balance sheets at the dates of the financial statements; | ||
• | the disclosure of contingent assets and liabilities at the dates of the financial statements; and | ||
• | the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. | ||
Significant estimates are inherent in the presentation of our financial statements in a number of areas, including the evaluation of the collectability of accounts and notes receivable, the allocation of property acquisition costs, the determination of estimated useful lives of assets, the determination of lease terms, the evaluation of impairment of long-lived assets, the amount of revenue recognized relating to tenant improvements and the level of expense recognized in connection with share-based compensation. Actual results could differ from these and other estimates. | |||
Acquisitions of Properties | |||
Upon completion of property acquisitions, we allocate the purchase price to tangible and intangible assets and liabilities associated with such acquisitions based on our estimates of their fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate property acquisitions to the following components: | |||
• | properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated between land and buildings or, in the case of properties under development, construction in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancellable terms of the respective leases; | ||
• | above- and below-market lease intangible assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding space, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining lease terms of the respective leases; | ||
• | in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of additional income to be realized includes carrying costs, such as real estate taxes, insurance and other operating expenses, and revenues during the expected lease-up periods considering current market conditions. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; | ||
• | tenant relationship value based on our evaluation of the specific characteristics of each tenant's lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant's credit quality and expectations of lease renewals, among other factors; and | ||
• | above- and below- market cost arrangements (such as real estate tax treaties or above- or below- market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition. | ||
Properties | |||
We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. The preconstruction stage of the development or redevelopment of an operating property includes efforts and related costs to secure land control and zoning, evaluate feasibility and complete other initial tasks which are essential to development. | |||
We capitalize interest expense, real estate taxes and direct and indirect project costs (including related compensation and other indirect costs) associated with properties, or portions thereof, undergoing construction, development and redevelopment activities. In capitalizing interest expense, if there is a specific borrowing for the property undergoing construction, development and redevelopment activities, we apply the interest rate of that borrowing to the average accumulated expenditures that do not exceed such borrowing; for the portion of expenditures exceeding any such specific borrowing, we apply our weighted average interest rate on other borrowings to the expenditures. We continue to capitalize costs while construction, development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-constructed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under construction. We start depreciating newly-constructed and redeveloped properties as they become operational. | |||
Most of our leases involve some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense associated with such improvements over the shorter of the useful life of the assets or the term of the lease and recognize any payments from the tenant as rental revenue over the term of the lease. If the improvements are tenant assets, we defer the cost of improvements funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including: whether the improvements are unique to the tenant or reusable by other tenants; whether the tenant is permitted to alter or remove the improvements without our consent or without compensating us for any lost fair value; whether the ownership of the improvements remains with us or remains with the tenant at the end of the lease term; and whether the economic substance of the lease terms is properly reflected. | |||
We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: | |||
Estimated Useful Lives | |||
Buildings and building improvements | 10-40 years | ||
Land improvements | 10-20 years | ||
Tenant improvements on operating properties | Related lease term | ||
Equipment and personal property | 3-10 years | ||
We assess each of our operating properties for impairment quarterly using cash flow projections and estimated fair values that we derive for each of the properties. We update the leasing and other assumptions used in these projections regularly, paying particular attention to properties that have experienced chronic vacancy or face significant market challenges. We review our plans and intentions for our development projects and land parcels quarterly. If our analyses indicate that the carrying values of operating properties, properties in development or land held for future development may be impaired, we perform a recovery analysis for such properties. For long-lived assets to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the assets over, in most cases, a ten-year holding period. If we believe there is a significant possibility that we might dispose of the assets earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the assets over the various possible holding periods. If the recovery analysis indicates that the carrying value of a tested property is not recoverable from estimated future cash flows, it is written down to its estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of each asset using holding periods that are consistent with our revised plans. Changes in holding periods may require us to recognize significant impairment losses. | |||
Property fair values are determined based on contract prices, indicative bids, discounted cash flow analyses or yield analyses. Estimated cash flows used in such analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider factors such as current and future rental rates, occupancies for the tested property and comparable properties, estimated operating and capital expenditures and recent sales data for comparable properties; most of these factors are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets. | |||
When we determine that a property is held for sale, we discontinue the recording of depreciation expense on the property and estimate the property’s fair value, net of selling costs; if we then determine that the estimated fair value, net of selling costs, is less than the net book value of the property, we recognize an impairment loss equal to the difference and reduce the net book value of the property. For periods in which a property is classified as held for sale, we classify the assets of the property as held for sale on our consolidated balance sheet for such periods. | |||
For dispositions of operating properties occurring prior to the quarterly period ended June 30, 2014 in which we have no significant continuing involvement in such properties, or for operating properties held for sale prior to the quarterly period ended June 30, 2014, we classify the results of operations for such properties as discontinued operations; interest expense that is specifically identifiable to properties included in discontinued operations is used in the computation of interest expense attributable to discontinued operations. As discussed further below, we adopted guidance issued by the Financial Accounting Standards Board (“FASB”) related to the reporting of discontinued operations and disclosures of disposals of components of an entity effective for the quarterly period ended June 30, 2014. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. We have had no properties newly classified as discontinued operations subsequent to our adoption of this guidance. | |||
Sales of Interests in Real Estate | |||
We recognize gains from sales of interests in real estate using the full accrual method, provided that various criteria relating to the terms of sale and any subsequent involvement by us with the real estate sold are met. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed Federally insured limits at times. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. | |||
Investments in Marketable Securities | |||
We classify marketable securities as trading securities when we have the intent to sell such securities in the near term, and classify other marketable securities as available-for-sale securities. We determine the appropriate classification of investments in marketable securities at the acquisition date and re-evaluate the classification at each balance sheet date. We report investments in marketable securities classified as trading securities at fair value, with unrealized gains and losses recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from these securities as operating activities. We report investments in marketable securities classified as available-for-sale securities at fair value, with net unrealized gains or losses deferred to accumulated other comprehensive income (loss) (“AOCI”) and realized gains and losses resulting from sales of such investments recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from interest and dividends earned on these securities as operating activities and cash flows from purchases, sales and maturities of these securities as investing activities. | |||
Accounts and Deferred Rents Receivable and Investing Receivables | |||
We maintain allowances for estimated losses resulting from the failure of our customers or borrowers to satisfy their payment obligations. We use judgment in estimating these allowances based primarily upon the payment history and credit status of the entities associated with the individual receivables. We write off these receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When we earn interest income in connection with receivables for which we have established allowances, we establish allowances in connection with such interest income that is unpaid. When cash is received in connection with receivables for which we have established allowances, we reduce the amount of losses previously recognized. | |||
Intangible Assets and Deferred Revenue on Real Estate Acquisitions | |||
We capitalize intangible assets and deferred revenue on real estate acquisitions as described in the section above entitled “Acquisitions of Properties.” We amortize the intangible assets and deferred revenue as follows: | |||
Asset Type | Amortization Period | ||
Above- and below-market leases | Related lease terms | ||
In-place lease value | Related lease terms | ||
Tenant relationship value | Estimated period of time that tenant will lease space in property | ||
Above- and below-market cost arrangements | Term of arrangements | ||
Market concentration premium | 40 years | ||
We recognize the amortization of acquired above-market and below-market leases as adjustments to rental revenue. We recognize the amortization of above- and below- market cost arrangements as adjustments to property operating expenses. We recognize the amortization of other intangible assets on property acquisitions as amortization expense. | |||
Deferred Leasing and Financing Costs, Net | |||
We defer costs incurred to obtain new tenant leases or extend existing tenant leases, including related compensation costs. We amortize these costs evenly over the lease terms. When tenant leases are terminated early, we expense any unamortized deferred leasing costs associated with those leases over the shortened term of the lease. | |||
We defer costs of financing arrangements and recognize these costs as interest expense over the related loan terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early. | |||
Noncontrolling Interests | |||
COPT’s consolidated noncontrolling interests are comprised of interests in COPLP not owned by COPT (discussed further in Note 15) and consolidated real estate joint ventures (discussed further in Note 6). COPLP’s consolidated noncontrolling interests are comprised primarily of interests in our consolidated real estate joint ventures. Also included in COPLP’s consolidated noncontrolling interests are interests in several real estate entities owned directly by COPT, or a wholly owned subsidiary of COPT, that generally do not exceed 1% of interests in such entities. We evaluate whether noncontrolling interests are subject to redemption features outside of our control. For noncontrolling interests that are currently redeemable for cash at the option of the holders of such interests or deemed probable to eventually become redeemable, we classify such interests as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets; we adjust these interests each period to the greater of their fair value or carrying amount (initial amount as adjusted for allocations of income and losses and contributions and distributions), with a corresponding offset to additional paid-in capital on COPT’s consolidated balance sheets or common units on COPLP’s balance sheet, and only recognize reductions in such interests to the extent of their carrying amount. Our other noncontrolling interests are reported in the equity section of our consolidated balance sheets. The amounts reported for noncontrolling interests on our consolidated statements of operations represent the portion of these entities’ income or losses not attributable to us. | |||
Revenue Recognition | |||
We recognize minimum rents, net of abatements, on a straight-line basis over the term of tenant leases. A lease term generally commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of such lease. The term of a lease generally includes periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that we consider material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. We report the amount by which our minimum rental revenue recognized on a straight-line basis under leases exceeds the contractual rent billings associated with such leases as deferred rent receivable on our consolidated balance sheets. Amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases are included in deferred revenue associated with operating leases on our consolidated balance sheets. | |||
In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets; if the improvements are tenant assets, we defer the cost of improvements funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. | |||
We recognize tenant recovery revenue in the same periods in which we incur the related expenses. Tenant recovery revenue includes payments from tenants as reimbursement for property taxes, utilities and other property operating expenses. | |||
We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into rental revenue associated with the leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant's lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. | |||
We recognize fees for services provided by us once services are rendered, fees are determinable and collectability is assured. We recognize revenue under construction contracts using the percentage of completion method when the revenue and costs for such contracts can be estimated with reasonable accuracy; when these criteria do not apply to a contract, we recognize revenue on that contract using the completed contract method. Under the percentage of completion method, we recognize a percentage of the total estimated revenue on a contract based on the cost of services provided on the contract as of a point in time relative to the total estimated costs on the contract. | |||
Interest Rate Derivatives | |||
Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives are used to hedge the cash flows associated with interest rates on existing debt as well as future debt. We recognize all derivatives as assets or liabilities on our consolidated balance sheet at fair value. We defer the effective portion of changes in fair value of the designated cash flow hedges to AOCI and reclassify such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions. We recognize the ineffective portion of the change in fair value of interest rate derivatives directly in interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in fair value of the hedge previously deferred to AOCI, along with any changes in fair value occurring thereafter, through earnings. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. | |||
We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. We made an accounting policy election to use an exception provided for in the applicable accounting guidance with respect to measuring counterparty credit risk for derivative instruments; this election enables us to measure the fair value of groups of assets and liabilities associated with derivative instruments consistently with how market participants would price the net risk exposure as of the measurement date. | |||
Please refer to Note 12 for additional information pertaining to interest rate derivatives. | |||
Expense Classification | |||
We classify as property operations expense costs incurred for property taxes, ground rents, utilities, property management, insurance, repairs, exterior and interior maintenance and tenant revenue collection losses, as well as associated labor and indirect costs attributable to these costs. | |||
We classify as general and administrative and leasing expenses costs incurred for corporate-level management, public company administration, asset management, leasing, investor relations, marketing and corporate-level insurance (including general business, director and officers and key man life) and leasing prospects, as well as associated labor and indirect costs attributable to these costs. | |||
Share-Based Compensation | |||
We issue two forms of share-based compensation: restricted COPT common shares (“restricted shares”) and COPT performance share units (“PSUs”). We also issued options to purchase COPT common shares (“options”) in prior years. We account for share-based compensation in accordance with authoritative guidance provided by the FASB that establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, focusing primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. The guidance requires us to measure the cost of employee services received in exchange for an award of equity instruments based generally on the fair value of the award on the grant date; such cost is then recognized over the period during which the employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The guidance also requires that share-based compensation be computed based on awards that are ultimately expected to vest; as a result, future forfeitures of awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If an award is voluntarily cancelled by an employee, we recognize the previously unrecognized cost associated with the original award on the date of such cancellation. We capitalize costs associated with share-based compensation attributable to employees engaged in construction and development activities. | |||
When we adopted the authoritative guidance on accounting for share-based compensation, we elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. This method enabled us to use a simplified method to establishing the beginning balance of the additional paid-in capital pool related to the tax effects of employee share-based compensation that was available to absorb tax deficiencies recognized subsequent to the adoption of this guidance. | |||
We compute the fair value of options using the Black-Scholes option-pricing model. Under that model, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected option life is based on our historical experience of employee exercise behavior. Expected volatility is based on historical volatility of COPT common shares. Expected dividend yield is based on the average historical dividend yield on our common shares over a period of time ending on the grant date of the options. | |||
We compute the fair value of PSUs using a Monte Carlo model. Under that model, the baseline common share value is based on the market value on the grant date. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of COPT’s common shares. | |||
Recent Accounting Pronouncements | |||
We adopted guidance issued by the FASB related to the reporting of discontinued operations and disclosures of disposals of components of an entity effective for the quarterly period ended June 30, 2014. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Our adoption of the guidance will result in fewer disposed or held for sale properties being reported as discontinued operations in our results of operations (including operating properties sold during the current period) but will not otherwise materially affect our consolidated financial statements. | |||
In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning January 1, 2017, using one of two methods: retrospective restatement for each reporting period presented at the time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||
Accounting standards define fair value as the exit price, or the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The standards also establish a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy of these inputs is broken down into three levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs include (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in inactive markets and (3) inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is most significant to the fair value measurement. | |||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||
The assets held in connection with a non-qualified elective deferred compensation plan held by COPT (comprised primarily of mutual funds and equity securities) and the corresponding liability to the participants are measured at fair value on a recurring basis on COPT’s consolidated balance sheet using quoted market prices, as are other marketable securities that we hold. The deferred compensation plan assets and other marketable securities are included in the line entitled restricted cash and marketable securities on COPT’s consolidated balance sheets. The offsetting liability associated with the deferred compensation plan is adjusted to fair value at the end of each accounting period based on the fair value of the plan assets and reported in other liabilities on COPT’s consolidated balance sheets. The assets of the non-qualified elective deferred compensation plan and other marketable securities that we hold are classified in Level 1 of the fair value hierarchy. The liability associated with the deferred compensation plan is classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||
The fair values of our interest rate derivatives are determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While we determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2014, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivatives and determined that these adjustments are not significant. As a result, we determined that our interest rate derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||
As of December 31, 2014 and 2013, we owned warrants to purchase 50,000 common shares in The KEYW Holding Corporation (“KEYW”) at an exercise price of $9.25 per share. KEYW is an entity supporting the intelligence community's operations and transformation to Cyber Age mission by providing engineering services and integrated platforms that support the intelligence process. We compute the fair value of these warrants using the Black-Scholes option-pricing model. Under that model, the risk-free interest rate is based on the U.S. Treasury yield curve in effect as of the valuation date. The expected life is based on the period of time until the expiration of the warrants. The expected volatility is based on an average of the historical volatility of companies in KEYW’s industry that we deem to be comparable. The expected dividend yield is based on the dividend yield on KEYW’s common shares as of the date of valuation. The warrants are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||||
In addition to the warrants in KEYW described above, we also owned 1.9 million shares, or approximately 7%, of KEYW’s common stock as of December 31, 2011. We sold all of these shares in 2012 for $14.0 million. We recognized revenue from a lease with KEYW in one of our properties of $2.4 million in 2012. | |||||||||||||||||||||
As discussed further in Note 6, our partner in a real estate joint venture has the right to require us to acquire its interest at fair value beginning in March 2020; accordingly, we classify the fair value of our partner’s interest as a redeemable noncontrolling interest in the mezzanine section of our consolidated balance sheet. We determine the fair value of the interest based on unobservable inputs after considering the assumptions that market participants would make in pricing the interest. We apply a discount rate to the estimated future cash flows allocable to our partner from the properties underlying the joint venture. Estimated cash flows used in such analyses are based on our plans for the properties and our views of market and economic conditions, and consider items such as current and future rental rates, occupancies for the properties and comparable properties and estimated operating and capital expenditures. In determining the fair value of our partner’s interest as of December 31, 2014 and 2013, we used a discount rate of 15.5%, which factored in risk appropriate to the level of future property development expected to be undertaken by the joint venture. A significant increase (decrease) in the discount rate used in determining the fair value would result in a significantly (lower) higher fair value. Given our reliance on the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The carrying values of cash and cash equivalents, restricted cash, accounts receivable, other assets (excluding investing receivables) and accounts payable and accrued expenses are reasonable estimates of their fair values because of the short maturities of these instruments. As discussed in Note 9, we estimated the fair values of our investing receivables based on the discounted estimated future cash flows of the loans (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans with similar maturities and credit quality, and the estimated cash payments include scheduled principal and interest payments. For our disclosure of debt fair values in Note 11, we estimated the fair value of our unsecured senior notes and exchangeable senior notes based on quoted market rates for publicly-traded debt (categorized within Level 2 of the fair value hierarchy) and estimated the fair value of our other debt based on the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality, and the estimated future payments include scheduled principal and interest payments. Fair value estimates are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement at such fair value amounts may not be possible and may not be a prudent management decision. | |||||||||||||||||||||
For additional fair value information, please refer to Note 9 for investing receivables, Note 11 for debt and Note 12 for interest rate derivatives. | |||||||||||||||||||||
COPT and Subsidiaries | |||||||||||||||||||||
The tables below set forth financial assets and liabilities of COPT and its subsidiaries that are accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): | |||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||
Active Markets for | Observable Inputs(Level 2) | Unobservable Inputs(Level 3) | |||||||||||||||||||
Identical Assets(Level 1) | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | |||||||||||||||||||||
Mutual funds | $ | 5,756 | $ | — | $ | — | $ | 5,756 | |||||||||||||
Other | 126 | — | — | 126 | |||||||||||||||||
Interest rate derivatives (2) | — | 274 | — | 274 | |||||||||||||||||
Warrants to purchase common stock in KEYW (2) | — | 164 | — | 164 | |||||||||||||||||
Total Assets | $ | 5,882 | $ | 438 | $ | — | $ | 6,320 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Deferred compensation plan liability (3) | $ | — | $ | 5,882 | $ | — | $ | 5,882 | |||||||||||||
Interest rate derivatives | — | 1,855 | — | 1,855 | |||||||||||||||||
Total Liabilities | $ | — | $ | 7,737 | $ | — | $ | 7,737 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 18,417 | $ | 18,417 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | |||||||||||||||||||||
Mutual funds | $ | 7,090 | $ | — | $ | — | $ | 7,090 | |||||||||||||
Common stocks | 176 | — | — | 176 | |||||||||||||||||
Other | 201 | — | — | 201 | |||||||||||||||||
Common stock (1) | 298 | — | — | 298 | |||||||||||||||||
Interest rate derivatives (2) | — | 6,594 | 6,594 | ||||||||||||||||||
Warrants to purchase common stock in KEYW (2) | — | 301 | — | 301 | |||||||||||||||||
Total Assets | $ | 7,765 | $ | 6,895 | $ | — | $ | 14,660 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Deferred compensation plan liability (3) | $ | — | $ | 7,467 | $ | — | $ | 7,467 | |||||||||||||
Interest rate derivatives | — | 3,309 | — | 3,309 | |||||||||||||||||
Total Liabilities | $ | — | $ | 10,776 | $ | — | $ | 10,776 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 17,758 | $ | 17,758 | |||||||||||||
(1) Included in the line entitled “restricted cash and marketable securities” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
(2) Included in the line entitled “prepaid expenses and other assets” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
(3) Included in the line entitled “other liabilities” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
COPLP and Subsidiaries | |||||||||||||||||||||
The tables below set forth financial assets and liabilities of COPLP and its subsidiaries that are accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): | |||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||
Active Markets for | Observable Inputs(Level 2) | Unobservable Inputs(Level 3) | |||||||||||||||||||
Identical Assets(Level 1) | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest rate derivatives (1) | $ | — | $ | 274 | $ | — | $ | 274 | |||||||||||||
Warrants to purchase common stock in KEYW (1) | — | 164 | — | 164 | |||||||||||||||||
Total Assets | $ | — | $ | 438 | $ | — | $ | 438 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 1,855 | $ | — | $ | 1,855 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 18,417 | $ | 18,417 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Common stock (2) | $ | 298 | $ | — | $ | — | $ | 298 | |||||||||||||
Interest rate derivatives (1) | — | 6,594 | — | 6,594 | |||||||||||||||||
Warrants to purchase common stock in KEYW (1) | — | 301 | — | 301 | |||||||||||||||||
Total Assets | $ | 298 | $ | 6,895 | $ | — | $ | 7,193 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 3,309 | $ | — | $ | 3,309 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 17,758 | $ | 17,758 | |||||||||||||
(1) Included in the line entitled “prepaid expenses and other assets” on COPLP’s consolidated balance sheet. | |||||||||||||||||||||
(2) Included in the line entitled “restricted cash and marketable securities” on COPLP’s consolidated balance sheet. | |||||||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||
In 2014, we recognized impairment losses totaling $1.4 million primarily in connection with certain of our operating properties in the Greater Baltimore, Maryland (“Greater Baltimore”) region that were disposed in the current period. After shortening our expected holding period for these properties during the year, we determined that the carrying amount of the properties would not likely be recovered from the cash flows from the operations and sales of the properties over the shortened period. | |||||||||||||||||||||
In 2013, we recognized the following impairment losses: | |||||||||||||||||||||
• | for certain of our operating properties that served as collateral for a nonrecourse loan, we expected that the cash flows to be generated by the properties would be insufficient to fund debt service requirements on the loan. While we sought to negotiate various alternatives with the lender, on December 23, 2013, we conveyed the properties to the lender to extinguish the loan. We recognized non-cash impairment losses of $11.0 million (all classified as discontinued operations and including $560,000 in exit costs) on these properties in 2013 resulting primarily from the carrying amount of certain of these properties located in Colorado Springs, Colorado (“Colorado Springs”) exceeding their fair value; | ||||||||||||||||||||
• | $15.2 million (all classified as discontinued operations and including $419,000 in exit costs) in connection with properties and land no longer aligned with our strategy that we sold, mostly in Colorado Springs; and | ||||||||||||||||||||
• | $5.9 million on two properties in the Greater Baltimore region that Management concluded no longer met our strategic investment criteria. After shortening our expected holding period for these properties during the period, we determined that the carrying amount of the properties would not likely be recovered from the cash flows from the operations and sales of the properties over the shortened period. | ||||||||||||||||||||
The table below sets forth the fair value hierarchy of the valuation technique we used to determine the fair values of the properties (dollars in thousands): | |||||||||||||||||||||
Fair Value of Properties Held as of December 31, 2013 | |||||||||||||||||||||
Quoted Prices in | Significant | Impairment | |||||||||||||||||||
Active Markets for | Significant Other | Unobservable | Losses | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | Recognized in | ||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | 2013 (1) | ||||||||||||||||
Assets (2): | |||||||||||||||||||||
Properties, net | $ | — | $ | — | $ | 4,459 | $ | 4,459 | $ | 31,068 | |||||||||||
(1) Represents aggregate impairment losses on non recurring fair value measurements resulting in such losses, excluding exit costs incurred of $979,000. | |||||||||||||||||||||
(2) Reflects balance sheet classifications of assets at time of fair value measurement, excluding the effect of held for sale classifications. | |||||||||||||||||||||
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Valuation Technique | Fair Value on | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Measurement Date | |||||||||||||||||||||
Discounted cash flow | $ | 4,459 | Discount rate | 10.0% (1) | |||||||||||||||||
Terminal capitalization rate | 9.5% (1) | ||||||||||||||||||||
Market rent growth rate | 3.0% (1) | ||||||||||||||||||||
Expense growth rate | 3.0% (1) | ||||||||||||||||||||
(1) Only one value applied for this unobservable input. | |||||||||||||||||||||
2012 Impairment Losses | |||||||||||||||||||||
We recognized impairment losses in 2012 in connection with the following: | |||||||||||||||||||||
• | our office properties and developable land in Greater Philadelphia, Pennsylvania. Our Board of Trustees approved a plan by Management to shorten the holding period for these properties because they no longer met our strategic investment criteria. We determined that the carrying amounts of these properties would not likely be recovered from the cash flows from the operations and sales of such properties over the likely remaining holding period. Accordingly, we recognized aggregate non-cash impairment losses of $46.1 million in 2012 for the amounts by which the carrying values of the properties exceeded their respective estimated fair values. These losses contemplated our expectation that we would incur future cash expenditures of approximately $25.0 million to complete the redevelopment of certain of these properties; | ||||||||||||||||||||
• | properties sold, or identified for sale, that are no longer aligned with our strategy of $19.0 million ($23.2 million classified as discontinued operations and including $4.2 million in exit costs), including $6.9 million pertaining to certain properties in Colorado Springs classified as held for sale at December 31, 2012, and approximately $5.1 million related to our disposition of an additional property from which the cash flows were not sufficient to recover its carrying value; and | ||||||||||||||||||||
• | construction costs incurred on a property held for future development of $1.9 million. |
Concentration_of_Rental_Revenu
Concentration of Rental Revenue | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Risks and Uncertainties [Abstract] | ||||||||||
Concentration of Rental Revenue | Concentration of Rental Revenue | |||||||||
We derived large concentrations of our revenue from real estate operations from certain tenants during the periods set forth in our consolidated statements of operations. The following table summarizes the percentage of our rental revenue (which excludes tenant recoveries and other real estate operations revenue) earned from (1) individual tenants that accounted for at least 5% of our rental revenue from continuing and discontinued operations and (2) the aggregate of the five tenants from which we recognized the most rental revenue in the respective years: | ||||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States Government | 18 | % | 18 | % | 18 | % | ||||
Northrop Grumman Corporation (1) | 6 | % | 8 | % | 7 | % | ||||
Booz Allen Hamilton, Inc. | 6 | % | 6 | % | 6 | % | ||||
Computer Sciences Corporation (1) | N/A | 5 | % | 5 | % | |||||
Five largest tenants | 39 | % | 41 | % | 39 | % | ||||
(1) Includes affiliated organizations and agencies and predecessor companies. | ||||||||||
Our rental revenue from the United States Government was earned primarily from properties in the Baltimore/Washington Corridor, San Antonio, Texas (“San Antonio”), St. Mary’s & King George Counties and Colorado Springs regions. We also derived in excess of 90% of our construction contract revenue from the United States Government in each of the years set forth on the consolidated statements of operations. | ||||||||||
In addition, we derived large concentrations of our total revenue from real estate operations (defined as the sum of rental revenue and tenant recoveries and other real estate operations revenue) from certain geographic regions. These concentrations are set forth in the segment information provided in Note 18. Several of these regions, including the Baltimore/Washington Corridor, Northern Virginia, Washington, DC - Capitol Riverfront, St. Mary’s & King George Counties and Greater Baltimore, are within close proximity to each other, and all but three of our regions with real estate operations (San Antonio, Huntsville, Alabama (“Huntsville”) and Colorado Springs) are located in the Mid-Atlantic region of the United States. |
Properties_net
Properties, net | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||
Properties, net | Properties, net | ||||||||||||||||||
Operating properties, net consisted of the following (in thousands): | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Land | $ | 439,355 | $ | 430,472 | |||||||||||||||
Buildings and improvements | 3,015,216 | 2,869,870 | |||||||||||||||||
Less: accumulated depreciation | (703,083 | ) | (597,649 | ) | |||||||||||||||
Operating properties, net | $ | 2,751,488 | $ | 2,702,693 | |||||||||||||||
In 2014, we recognized $12.9 million in additional depreciation expense resulting from our revision of the useful life of a property in Greater Philadelphia that was removed from service for redevelopment. | |||||||||||||||||||
Projects we had in development or held for future development consisted of the following (in thousands): | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Land | $ | 214,977 | $ | 245,676 | |||||||||||||||
Construction in progress, excluding land | 330,449 | 265,932 | |||||||||||||||||
Projects in development or held for future development | $ | 545,426 | $ | 511,608 | |||||||||||||||
2014 Dispositions | |||||||||||||||||||
In 2014, we completed dispositions of the following operating properties (dollars in thousands): | |||||||||||||||||||
Project Name | Location | Date of Sale | Number of Buildings | Total Rentable Square Feet | Transaction Value | Gain on Disposition | |||||||||||||
4969 and 4979 Mercantile Road | White Marsh, MD | 7/14/14 | 2 | 96,721 | $ | 5,960 | $ | 2,124 | |||||||||||
9930 and 9940 Franklin Square | White Marsh, MD | 7/30/14 | 2 | 71,992 | 10,475 | 2,303 | |||||||||||||
5020, 5022, 5024 and 5026 Campbell Boulevard | White Marsh, MD | 8/4/14 | 4 | 134,245 | 12,400 | 666 | |||||||||||||
8 | 302,958 | $ | 28,835 | $ | 5,093 | ||||||||||||||
We also sold land in 2014 for $28.3 million and recognized gains of $5.6 million on the sales. | |||||||||||||||||||
2014 Construction Activities | |||||||||||||||||||
In 2014, we placed into service an aggregate of 692,000 square feet in five newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville. As of December 31, 2014, we had eight office properties under construction, or for which we were contractually committed to construct, that we estimate will total 1.2 million square feet upon completion, including four in Northern Virginia, two in the Baltimore/Washington Corridor, one in San Antonio and one in Huntsville. We also had five office properties under redevelopment that we estimate will total 344,000 square feet upon completion, including three in the Baltimore/Washington Corridor, one in Greater Philadelphia and one in St. Mary’s County, Maryland. | |||||||||||||||||||
2013 Dispositions | |||||||||||||||||||
In April 2011, we completed a review of our portfolio and identified a number of properties that were no longer closely aligned with our strategy, and our Board of Trustees approved a plan by Management to dispose of some of these properties (the “Strategic Reallocation Plan”). In December 2011, we identified additional properties for disposal, and our Board of Trustees approved a plan by management to increase the scope of the Strategic Reallocation Plan to include the disposition of additional properties. We completed dispositions of the following properties in 2013 primarily in connection with the Strategic Reallocation Plan (dollars in thousands): | |||||||||||||||||||
Project Name | Location | Date of Sale | Number of Buildings | Total Rentable Square Feet | Transaction Value | Gain on Disposition | |||||||||||||
920 Elkridge Landing Road | Linthicum, MD | 6/25/13 | 1 | 103,000 | $ | 6,900 | $ | — | |||||||||||
4230 Forbes Boulevard | Lanham, MD | 12/11/13 | 1 | 56,000 | 5,600 | 1,507 | |||||||||||||
December 2013 Colorado Springs Portfolio Disposition | Colorado Springs, CO | 12/12/13 | 15 | 1,165,000 | 133,925 | 1,164 | |||||||||||||
December 2013 Portfolio Conveyance | Colorado Springs, CO and Linthicum, MD | 12/23/13 | 14 | 1,021,000 | 146,876 | — | |||||||||||||
31 | 2,345,000 | $ | 293,301 | $ | 2,671 | ||||||||||||||
Each of the above dispositions represents property sales except for the December 2013 Portfolio Conveyance, the disposition of which was completed in connection with a debt extinguishment, as described further below. We also had a disposition of a non-operating property in 2013 for an aggregate transaction value of $3.5 million. In addition to the gains on dispositions reflected above, we recognized impairment losses on certain of these assets that are disclosed in Note 3. | |||||||||||||||||||
On December 23, 2013, the mortgage lender on a $146.5 million nonrecourse mortgage loan that was secured by the December 2013 Portfolio Conveyance accepted a deed in lieu of foreclosure on the properties. As a result, we transferred title to the properties to the mortgage lender and we were relieved of the debt obligation plus accrued interest. As of the transfer date, the property had an estimated fair value of $74 million. Upon completion of this transfer, we recognized a gain on extinguishment of debt of $67.8 million, representing the excess of the mortgage loan and interest payable extinguished over the carrying values of the properties transferred as of the transfer date (which included the effect of previous impairment losses) and related closing costs. | |||||||||||||||||||
2013 Construction Activities | |||||||||||||||||||
In 2013, we placed into service an aggregate of 812,000 square feet in eight newly constructed office properties located in the Baltimore/Washington Corridor, Northern Virginia and Huntsville. |
Real_Estate_Joint_Ventures
Real Estate Joint Ventures | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Real Estate Joint Ventures | Real Estate Joint Ventures | |||||||||||||||||
Consolidated Real Estate Joint Ventures | ||||||||||||||||||
The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of December 31, 2014 (dollars in thousands): | ||||||||||||||||||
Nominal | ||||||||||||||||||
Ownership | December 31, 2014 | -1 | ||||||||||||||||
Date | % as of | Total | Encumbered | Total | ||||||||||||||
Acquired | 12/31/14 | Nature of Activity | Assets | Assets | Liabilities | |||||||||||||
LW Redstone Company, LLC | 3/23/10 | 85% | Operates four buildings and developing others (2) | $ | 143,534 | $ | 66,620 | $ | 41,659 | |||||||||
M Square Associates, LLC | 6/26/07 | 50% | Operates two buildings and developing others (3) | 59,414 | 48,856 | 39,077 | ||||||||||||
$ | 202,948 | $ | 115,476 | $ | 80,736 | |||||||||||||
(1) Excludes amounts eliminated in consolidation. | ||||||||||||||||||
(2) This joint venture’s property is in Huntsville, Alabama. | ||||||||||||||||||
(3) This joint venture’s properties are in College Park, Maryland (in the Baltimore/Washington Corridor). | ||||||||||||||||||
With regard to our consolidated joint ventures: | ||||||||||||||||||
• | For LW Redstone, LLC, we anticipate funding certain infrastructure costs (up to a maximum of $76.0 million excluding accrued interest thereon) due to be reimbursed by the City of Huntsville as discussed further in Note 9; as of December 31, 2014, we had advanced $49.1 million to the City to fund such costs (included in investing receivables on our consolidated balance sheets, and including accrued interest thereon). We also expect to fund additional development and construction costs through equity contributions to the extent that third party financing is not obtained. Our partner was credited with a $9.0 million capital account upon formation and is not required to make any future equity contributions. While net cash flow distributions to the partners vary depending on the source of the funds distributed, cash flows are generally distributed as follows: | |||||||||||||||||
• | cumulative preferred returns on capital invested to fund the project’s infrastructure costs on a pro rata basis to us and our partner; | |||||||||||||||||
• | cumulative preferred returns on our capital invested to fund the project’s vertical construction; | |||||||||||||||||
• | return of our invested capital; | |||||||||||||||||
• | return of our partner’s capital; | |||||||||||||||||
• | any remaining residual 85% to us and 15% to our partner. | |||||||||||||||||
Our partner has the right to require us to acquire its interest for fair value beginning in March 2020; accordingly, we classify the fair value of our partner’s interest as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheet. We disclose the activity for this redeemable noncontrolling interest in Note 13. We have the right to purchase our partner’s interest at fair value upon the earlier of five years following the project’s achievement of a construction commencement threshold of 4.4 million square feet or March 2040; the project had achieved 561,000 square feet of construction commencement through December 31, 2014; and | ||||||||||||||||||
• | For M Square Associates, LLC, net cash flows of this entity will be distributed to the partners as follows: (1) member loans and accrued interest; (2) our preferred return and capital contributions used to fund infrastructure costs; (3) the partners’ preferred returns and capital contributions used to fund all other costs, including the base land value credit, in proportion to the accrued returns and capital accounts; and (4) residual amounts distributed 50% to each member. | |||||||||||||||||
The ventures discussed above include only ones in which parties other than COPLP and COPT own interests. | ||||||||||||||||||
During the periods included herein, we also owned investments in the following consolidated real estate joint ventures: | ||||||||||||||||||
• | Arundel Preserve #5, LLC, a joint venture owning property in Hanover, Maryland (in the Baltimore/Washington Corridor) and in which we had a 50% nominal ownership interest. On September 17, 2013, we acquired our partner’s noncontrolling interest, along with incremental additional land value in the venture, in exchange for 221,501 common units in COPLP valued at $5.2 million; | |||||||||||||||||
• | MOR Forbes 2 LLC, a joint venture owning property in Lanham, Maryland (in the Baltimore/Washington Corridor) and in which we had a 50% nominal ownership interest. On December 11, 2013, the joint venture sold the property, after which the proceeds were distributed to the partners and there was substantially no remaining business operations or property; and | |||||||||||||||||
• | COPT-FD Indian Head, LLC, a joint venture owning property in Charles County, Maryland (in our “Other” region). On August 7, 2014, the joint venture’s property was repurchased by Charles County under the terms of a development agreement for $6.4 million, after which the proceeds were distributed to the partners and there was no remaining business operations or assets. | |||||||||||||||||
We consolidate the real estate joint ventures described above because we have: (1) the power to direct the matters that most significantly impact the activities of the joint ventures, including development, leasing and management of the properties constructed by the VIEs; and (2) the right to receive returns on our fundings and, in many cases, the obligation to fund the activities of the ventures to the extent that third-party financing is not obtained, both of which could be potentially significant to the VIEs. | ||||||||||||||||||
Our commitments and contingencies pertaining to our real estate joint ventures are disclosed in Note 23. | ||||||||||||||||||
Unconsolidated Real Estate Joint Venture | ||||||||||||||||||
During the periods included herein, we had a 20% ownership interest in an unconsolidated real estate joint venture that operated 16 operating properties, and in which we had a negative investment balance of $6.4 million as of December 31, 2012. We historically accounted for the investment in the joint venture using the equity method of accounting primarily because: (1) we shared with our partner the power to direct the matters that most significantly impact the activities of the joint venture, including the management and operations of the properties and disposal rights with respect to such properties; and (2) our partner had the right to receive benefits and absorb losses that could be significant to the VIE through its proportionately larger investment. We deferred the gain on our initial contribution of property to the joint venture in a prior period due to certain guarantees described in Note 23, and we subsequently recognized losses in excess of our investment due to such guarantees and our intent to support the joint venture. During the fourth quarter of 2012, the holder of the mortgage debt encumbering all of the joint venture’s properties notified us of the debt’s default, initiated foreclosure proceedings and terminated responsibility that we carried for management of the properties; accordingly, we discontinued recognition of losses on this investment under the equity method effective in October 2012 due to our having neither the obligation nor intent to support the joint venture. The carrying amount of our investment in this joint venture was lower than our share of the equity in the joint venture by $4.5 million as of December 31, 2012 due to our deferral of the gain on our contribution of the real estate into the joint venture upon its formation and our discontinuance of loss recognition under the equity method effective October 2012. | ||||||||||||||||||
On December 6, 2013, the holder of the mortgage debt foreclosed on the properties. As a result, title to the properties was transferred to the mortgage lender and the joint venture was relieved of the debt obligation. The joint venture still had $5.6 million in nonrecourse mezzanine debt as of December 31, 2014; however, the joint venture no longer holds any property or other assets and has ceased all business operations. We continue to be subject to standard nonrecourse loan guarantees relating to this joint venture that are described further in Note 23; however, we assessed the nature of these guarantees and determined that the likelihood of us incurring any liability from these guarantees was remote. Therefore, we recognized a gain on the substantive disposition of our investment in the joint venture in 2013 of $6.3 million, which is included in the line entitled “gain on sales of real estate, net of income taxes” on our consolidated statements of operations. | ||||||||||||||||||
Under the terms of the agreements governing the joint venture, net cash flows were to be distributed to the partners in proportion to their respective ownership interests. We did not recognize fees from the joint venture for property management, construction and leasing services we provided in 2012. | ||||||||||||||||||
The following table sets forth the condensed statements of operations for this unconsolidated real estate joint venture (in thousands): | ||||||||||||||||||
For the Years Ended | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Revenues | $ | 6,519 | $ | 7,316 | ||||||||||||||
Property operating expenses | (2,818 | ) | (2,829 | ) | ||||||||||||||
Interest expense | (10,463 | ) | (7,672 | ) | ||||||||||||||
Depreciation and amortization expense | (2,067 | ) | (2,283 | ) | ||||||||||||||
Gain on early extinguishment of debt | 23,013 | — | ||||||||||||||||
Net income (loss) | $ | 14,184 | $ | (5,468 | ) | |||||||||||||
Intangible_Assets_on_Real_Esta
Intangible Assets on Real Estate Acquisitions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets on Real Estate Acquisitions | |||||||||||||||||||||||||
Intangible Assets on Real Estate Acquisitions | Intangible Assets on Real Estate Acquisitions | ||||||||||||||||||||||||
Intangible assets on real estate acquisitions consisted of the following (in thousands): | |||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||
Carrying Amount | Carrying Amount | ||||||||||||||||||||||||
In-place lease value | $ | 123,759 | $ | 101,040 | $ | 22,719 | $ | 125,504 | $ | 93,885 | $ | 31,619 | |||||||||||||
Tenant relationship value | 42,301 | 28,492 | 13,809 | 44,414 | 25,962 | 18,452 | |||||||||||||||||||
Below-market cost arrangements | 12,415 | 5,984 | 6,431 | 12,416 | 5,136 | 7,280 | |||||||||||||||||||
Above-market leases | 8,659 | 8,159 | 500 | 8,925 | 7,970 | 955 | |||||||||||||||||||
Market concentration premium | 1,333 | 938 | 395 | 1,333 | 381 | 952 | |||||||||||||||||||
$ | 188,467 | $ | 144,613 | $ | 43,854 | $ | 192,592 | $ | 133,334 | $ | 59,258 | ||||||||||||||
Amortization of the intangible asset categories set forth above totaled $15.2 million in 2014, $16.2 million in 2013 and $21.4 million in 2012. The approximate weighted average amortization periods of the categories set forth above follow: in-place lease value: six years; tenant relationship value: seven years; below-market cost arrangements: 31 years; above-market leases: two years; and market concentration premium: 28 years. The approximate weighted average amortization period for all of the categories combined is ten years. The estimated amortization expense associated with the intangible asset categories set forth above for the next five years is: $9.3 million for 2015; $8.4 million for 2016; $6.2 million for 2017; $3.8 million for 2018; and $3.4 million for 2019. |
Deferred_Leasing_and_Financing
Deferred Leasing and Financing Costs | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Leasing and Financing Costs [Abstract] | |||||||||
Deferred Leasing and Financing Costs | Deferred Leasing and Financing Costs | ||||||||
Deferred leasing and financing costs, net consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred leasing costs | $ | 123,925 | $ | 110,711 | |||||
Deferred financing costs | 31,229 | 36,390 | |||||||
Accumulated amortization | (90,357 | ) | (80,834 | ) | |||||
Deferred leasing and financing costs, net | $ | 64,797 | $ | 66,267 | |||||
Investing_Receivables
Investing Receivables | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Investing Receivables | Investing Receivables | ||||||||
Investing receivables, including accrued interest thereon, consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Notes receivable from City of Huntsville | $ | 49,147 | $ | 44,055 | |||||
Other investing loans receivable | 3,000 | 9,608 | |||||||
$ | 52,147 | $ | 53,663 | ||||||
Our notes receivable from the City of Huntsville funded infrastructure costs in connection with our LW Redstone Company, LLC joint venture (see Note 6) and carry an interest rate of 9.95%. These notes and the accrued and unpaid interest thereon, which is compounded annually on March 1st, will be repaid using the real estate taxes generated by the properties constructed by the joint venture. When these tax revenues are sufficient to cover the debt service on a certain increment of municipal bonds, the City of Huntsville will be required to issue bonds to repay the notes receivable and the accrued and unpaid interest thereon. Each note has a maturity date of the earlier of 30 years from the date issued or the expiration of the tax increment district comprising the constructed properties in 2045. | |||||||||
We did not have an allowance for credit losses in connection with our investing receivables as of December 31, 2014 or December 31, 2013. The fair value of these receivables approximated their carrying amounts as of December 31, 2014 and December 31, 2013. |
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets | |||||||
Prepaid expenses and other assets consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 20,570 | $ | 19,308 | ||||
Lease incentives | 13,344 | 8,435 | ||||||
Construction contract costs incurred in excess of billings | 6,656 | 2,462 | ||||||
Furniture, fixtures and equipment, net | 6,637 | 6,556 | ||||||
Deferred tax asset, net (1) | 4,002 | 4,305 | ||||||
Operating notes receivable | 3,797 | 1,692 | ||||||
Other equity method investments | 2,368 | 2,258 | ||||||
Interest rate derivatives | 274 | 6,594 | ||||||
Other assets | 2,601 | 2,576 | ||||||
Prepaid expenses and other assets | $ | 60,249 | $ | 54,186 | ||||
(1) See Note 19 for further disclosure. | ||||||||
Operating notes receivable reported above includes amounts due from tenants with remaining terms exceeding one year totaling $3.6 million as of December 31, 2014 and $1.7 million as of December 31, 2013; we carried allowances for estimated losses for $252,000 of the December 31, 2014 balance and $87,000 of the December 31, 2013 balance. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt | |||||||||||||||
Debt Summary | ||||||||||||||||
Our debt consisted of the following (dollars in thousands): | ||||||||||||||||
Maximum | ||||||||||||||||
Availability as of | Carrying Value as of | Scheduled Maturity | ||||||||||||||
December 31, | December 31, | December 31, | Stated Interest Rates as of | as of | ||||||||||||
2014 | 2014 | 2013 | December 31, 2014 | December 31, 2014 | ||||||||||||
Mortgage and Other Secured Loans: | ||||||||||||||||
Fixed rate mortgage loans (1) | $ | 387,139 | $ | 675,060 | 3.96% - 10.65% (2) | 2015-2024 | ||||||||||
Variable rate secured loan | 36,877 | 37,691 | LIBOR + 2.25% (3) | Nov-15 | ||||||||||||
Total mortgage and other secured loans | 424,016 | 712,751 | ||||||||||||||
Revolving Credit Facility (4) | $ | 800,000 | 83,000 | — | LIBOR + 0.975% to 1.75% | Jul-17 | ||||||||||
Term Loan Facilities | -5 | 520,000 | 620,000 | LIBOR + 1.10% to 2.60% (6) | 2015-2019 | |||||||||||
Unsecured Senior Notes (4) | ||||||||||||||||
3.600% Senior Notes | 347,496 | 347,244 | 3.60% | May-23 | ||||||||||||
5.250% Senior Notes | 245,797 | 245,445 | 5.25% | Feb-24 | ||||||||||||
3.700% Senior Notes | 297,569 | — | 3.70% | Jun-21 | ||||||||||||
Unsecured notes payable | 1,607 | 1,700 | 0% (7) | 2026 | ||||||||||||
4.25% Exchangeable Senior Notes (4) | 572 | 563 | 4.25% | Apr-30 | ||||||||||||
Total debt | $ | 1,920,057 | $ | 1,927,703 | ||||||||||||
(1) | Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $42,000 as of December 31, 2014 and $69,000 as of December 31, 2013. | |||||||||||||||
-2 | The maximum stated interest rate would be 7.87%, excluding the incremental additional interest rate associated with the default rate on a nonrecourse mortgage loan discussed further below. The weighted average interest rate on our fixed rate mortgage loans was 8.10% as of December 31, 2014 (or 6.16% excluding the incremental additional interest rate associated with the default rate on the loan discussed above). | |||||||||||||||
(3) | The interest rate on the loan outstanding was 2.41% as of December 31, 2014. | |||||||||||||||
-4 | Refer to the paragraphs below for further disclosure. | |||||||||||||||
(5) | As discussed below, we have the ability to borrow an additional $180.0 million in the aggregate under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders. | |||||||||||||||
(6) | The weighted average interest rate on these loans was 1.80% as of December 31, 2014. | |||||||||||||||
(7) | These notes carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $654,000 as of December 31, 2014 and $761,000 as of December 31, 2013. | |||||||||||||||
All debt is owed by the Operating Partnership. While COPT is not directly obligated by any debt, it has guaranteed the Operating Partnership’s Revolving Credit Facility, Term Loan Facilities, Unsecured Senior Notes and 4.25% Exchangeable Senior Notes. | ||||||||||||||||
Certain of our debt instruments require that we comply with a number of restrictive financial covenants, including maximum leverage ratio, unencumbered leverage ratio, minimum net worth, minimum fixed charge coverage, minimum unencumbered interest coverage ratio, minimum debt service and maximum secured indebtedness ratio. In addition, the terms of some of COPLP’s debt may limit its ability to make certain types of payments and other distributions to COPT in the event of default or when such payments or distributions may prompt failure of debt covenants. As of December 31, 2014, we were within the compliance requirements of these financial covenants. | ||||||||||||||||
Our debt matures on the following schedule (in thousands): | ||||||||||||||||
2015 | $ | 343,545 | -1 | |||||||||||||
2016 | 171,399 | |||||||||||||||
2017 | 339,247 | -2 | ||||||||||||||
2018 | 2,036 | |||||||||||||||
2019 | 122,094 | |||||||||||||||
Thereafter | 951,489 | |||||||||||||||
Total | $ | 1,929,810 | -3 | |||||||||||||
-1 | Includes $150.0 million pertaining to a nonrecourse mortgage loan on which we defaulted on the payment terms as discussed further below. Also includes $150.0 million that may be extended for two one-year periods at our option, subject to certain conditions. | |||||||||||||||
(2) Includes $333.0 million that may be extended for one year at our option, subject to certain conditions. | ||||||||||||||||
(3) Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $9.8 million. | ||||||||||||||||
We capitalized interest costs of $6.1 million in 2014, $8.8 million in 2013 and $13.9 million in 2012. | ||||||||||||||||
The following table sets forth information pertaining to the fair value of our debt (in thousands): | ||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Fixed-rate debt | ||||||||||||||||
Unsecured Senior Notes | $ | 890,862 | $ | 901,599 | $ | 592,689 | $ | 575,374 | ||||||||
4.25% Exchangeable Senior Notes | 572 | 575 | 563 | 575 | ||||||||||||
Other fixed-rate debt | 388,746 | 355,802 | 676,760 | 650,997 | ||||||||||||
Variable-rate debt | 639,877 | 642,091 | 657,691 | 657,527 | ||||||||||||
$ | 1,920,057 | $ | 1,900,067 | $ | 1,927,703 | $ | 1,884,473 | |||||||||
Mortgage and Other Secured Loans | ||||||||||||||||
In April 2014, a wholly owned subsidiary defaulted on the payment terms of a $150.0 million nonrecourse mortgage loan secured by 15000 and 15010 Conference Center Drive, two operating properties in Northern Virginia with an aggregate estimated fair value that was less than the loan balance. This loan had an interest rate of 10.65% (including the effect of default interest) and was originally scheduled to mature in 2017. The lender subsequently accelerated the loan’s maturity date to July 2014. Additional disclosure regarding this loan is provided in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of this Annual Report on Form 10-K. | ||||||||||||||||
In December 2014, we completed the defeasance of, and full satisfaction of our obligations with respect to, (1) $103.0 million principal amount of secured nonrecourse mortgage loan due to mature on November 6, 2015 and bearing an interest rate of 5.53% and (2) $108.5 million principal amount of secured nonrecourse mortgage loan due to mature on January 1, 2016 and bearing an interest rate of 5.56%, as well as costs related to the defeasance and satisfaction. As a result, we recognized a loss on early extinguishment of debt of $9.1 million. | ||||||||||||||||
Revolving Credit Facility | ||||||||||||||||
We have a credit agreement providing for an unsecured revolving credit facility (the “Revolving Credit Facility”) with a group of lenders for which J.P. Morgan Securities LLC and KeyBanc Capital Markets acted as joint lead arrangers and joint book runners, KeyBank National Association acted as administrative agent and JPMorgan Chase Bank, N.A. and Bank of America, N.A. acted as co-syndication agents. The lenders’ aggregate commitment under the facility is $800.0 million, with the ability for us to increase the lenders’ aggregate commitment to $1.3 billion, provided that there is no default under the facility and subject to the approval of the lenders. Amounts available under the facility are computed based on 60% of our unencumbered asset value, as defined in the agreement. The facility matures on July 1, 2017, and may be extended by one year at our option, provided that there is no default under the facility and we pay an extension fee of 0.15% of the total availability under the facility. The interest rate on the facility is based on LIBOR (customarily the 30-day rate) plus 0.975% to 1.750%, as determined by the credit ratings assigned to COPLP by Standard & Poor’s Rating Services, Moody’s Investor Services, Inc. or Fitch Ratings Ltd. (collectively, the “Ratings Agencies”). The facility also carries a quarterly fee that is based on the lenders’ aggregate commitment under the facility multiplied by a per annum rate of 0.125% to 0.350%, as determined by the credit ratings assigned to COPLP by the Ratings Agencies. As of December 31, 2014, the maximum borrowing capacity under this facility totaled $800.0 million, of which $702.2 million was available. | ||||||||||||||||
Weighted average borrowings under our Revolving Credit Facility totaled $15.9 million in 2014 and $55.5 million in 2013. The weighted average interest rate on our Revolving Credit Facility was 1.47% in 2014 and 1.74% in 2013. | ||||||||||||||||
Term Loan Facilities | ||||||||||||||||
Effective September 1, 2011, we entered into an unsecured term loan agreement with the same group of lenders as the Revolving Credit Facility under which we borrowed $400.0 million, with a right for us to borrow an additional $100.0 million, provided that there is no default under the agreement and subject to the approval of the lenders. In 2013, we amended this term loan and repaid $150.0 million of the loan balance. In 2014, we repaid an additional $100.0 million of the loan balance. The term loan matures on September 1, 2015, and may be extended by two one-year periods at our option, provided that there is no default and we pay an extension fee of 0.15% of the total availability of the agreement. The variable interest rate on the term loan is based on the LIBOR rate (customarily the 30-day rate) plus 1.10% to 2.00%, as determined by the credit ratings assigned to COPLP by the Ratings Agencies. | ||||||||||||||||
Effective February 14, 2012, we entered into an unsecured term loan agreement with a group of lenders for which J.P. Morgan Securities LLC and KeyBank Capital Markets acted as joint lead arrangers and joint book runners, KeyBank National Association acted as administrative agent and JPMorgan Chase Bank, N.A. acted as syndication agent. We borrowed $250.0 million under the term loan. The term loan matures on February 14, 2017, and may be extended by one year at our option, provided that there is no default and we pay an extension fee of 0.15% of the total availability of the agreement. The variable interest rate on the loan is based on the LIBOR rate (customarily the 30-day rate) plus 1.10% to 2.00%, as determined by the credit ratings assigned to COPLP by the Ratings Agencies. | ||||||||||||||||
Effective August 3, 2012, we entered into an unsecured term loan agreement with a group of lenders for which Wells Fargo Securities, LLC acted as sole arranger and sole book runner, Wells Fargo Bank, National Association acted as administrative agent and Capital One, N.A. acted as documentation agent. We borrowed $120.0 million under the term loan, with the ability for us to borrow an additional $80.0 million, provided that there is no default under the loan and subject to the approval of the lenders. The term loan matures on August 2, 2019. The variable interest rate on the loan is based on the LIBOR rate (customarily the 30-day rate) plus 2.10% to 2.60%, as determined by our leverage levels. | ||||||||||||||||
Unsecured Senior Notes | ||||||||||||||||
In 2013 and 2014, we issued the following senior notes: | ||||||||||||||||
• | a $350.0 million aggregate principal amount of 3.600% Senior Notes at an initial offering price of 99.816% of their face value on May 6, 2013, resulting in proceeds, after deducting discounts of the initial purchasers of the notes, but before other offering expenses, of $347.1 million. The notes mature on May 15, 2023. The carrying value of these notes reflects an unamortized discount totaling $2.5 million as of December 31, 2014 and $2.8 million as of December 31, 2013. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%; | |||||||||||||||
• | a $250.0 million aggregate principal amount of 5.250% Senior Notes at an initial offering price of 98.783% of their face value on September 16, 2013, resulting in proceeds, after deducting underwriting discounts, but before other offering expenses, of $245.3 million. The notes mature on February 15, 2024. The carrying value of these notes reflects an unamortized discount totaling $4.2 million as of December 31, 2014 and $4.6 million as of December 31, 2013. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%; and | |||||||||||||||
• | a $300.0 million aggregate principal amount of 3.700% Senior Notes at an initial offering price of 99.739% of their face value on May 14, 2014, resulting in proceeds, after deducting underwriting discounts, but before other offering expenses, of $297.3 million. The notes mature on June 15, 2021. The carrying value of these notes reflects an unamortized discount totaling $2.4 million as of December 31, 2014. The effective interest rate under the notes, including amortization of the issuance costs, was 3.85%. | |||||||||||||||
We may redeem these notes, in whole at any time or in part from time to time, at our option, at a redemption price equal to the greater of (1) the aggregate principal amount of the notes being redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption) discounted to its present value, on a semi-annual basis at an adjusted treasury rate plus a spread (30 basis points for the 3.600% Senior Notes, 40 basis points for the 5.250% Senior Notes and 25 basis points for the 3.700% Senior Notes), plus, in each case, accrued and unpaid interest thereon to the date of redemption. However, in each case, if this redemption occurs on or after three months prior to the maturity date, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. These notes are unconditionally guaranteed by COPT. | ||||||||||||||||
Exchangeable Senior Notes | ||||||||||||||||
In 2010, COPLP issued a $240.0 million aggregate principal amount of 4.25% Exchangeable Senior Notes due 2030. In 2013, we repaid $239.4 million principal amount of these notes and recognized a $25.9 million loss on early extinguishment of debt. The carrying value of these notes included a principal amount of $575,000 and an unamortized discount totaling $3,000 as of December 31, 2014 and $12,000 as of December 31, 2013. Interest on the notes is payable on April 15 and October 15 of each year. These notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at COPLP’s discretion, COPT common shares at an exchange rate (subject to adjustment) of 20.8513 shares per one thousand dollar principal amount of the notes (exchange rate is as of December 31, 2014 and is equivalent to an exchange price of $47.96 per common share) (the initial exchange rate of the notes was based on a 20% premium over the closing price on the NYSE on the transaction pricing date). On or after April 20, 2015, COPLP may redeem the notes in cash in whole or in part. The holders of the notes have the right to require us to repurchase the notes in cash in whole or in part on each of April 15, 2015, April 15, 2020 and April 15, 2025, or in the event of a “fundamental change,” as defined under the terms of the notes, for a repurchase price equal to 100% of the principal amount of the notes plus accrued and unpaid interest. The notes are general unsecured senior obligations of COPLP and rank equally in right of payment with all other senior unsecured indebtedness of COPLP and are guaranteed by COPT. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of COPT’s common shares at December 31, 2014 and 2013 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount. The table below sets forth interest expense recognized on these notes (in thousands): | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Interest expense at stated interest rate | $ | 24 | $ | 4,208 | $ | 10,200 | ||||||||||
Interest expense associated with amortization of discount | 10 | 1,615 | 3,651 | |||||||||||||
Total | $ | 34 | $ | 5,823 | $ | 13,851 | ||||||||||
Interest_Rate_Derivatives
Interest Rate Derivatives | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Interest Rate Derivatives | Interest Rate Derivatives | |||||||||||||||||||
The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): | ||||||||||||||||||||
Fair Value at | ||||||||||||||||||||
Notional | Effective | Expiration | December 31, | |||||||||||||||||
Amount | Fixed Rate | Floating Rate Index | Date | Date | 2014 | 2013 | ||||||||||||||
$ | 100,000 | 0.832 | % | One-Month LIBOR | 1/3/12 | 9/1/15 | $ | (407 | ) | $ | (861 | ) | ||||||||
100,000 | 0.832 | % | One-Month LIBOR | 1/3/12 | 9/1/15 | (407 | ) | (861 | ) | |||||||||||
36,877 | -1 | 3.83 | % | One-Month LIBOR + 2.25% | 11/2/10 | 11/2/15 | (400 | ) | (832 | ) | ||||||||||
100,000 | 0.8055 | % | One-Month LIBOR | 9/2/14 | 9/1/16 | (317 | ) | (94 | ) | |||||||||||
100,000 | 0.81 | % | One-Month LIBOR | 9/2/14 | 9/1/16 | (324 | ) | (105 | ) | |||||||||||
100,000 | 1.673 | % | One-Month LIBOR | 9/1/15 | 8/1/19 | 239 | 3,377 | |||||||||||||
100,000 | 1.73 | % | One-Month LIBOR | 9/1/15 | 8/1/19 | 35 | 3,217 | |||||||||||||
100,000 | 0.6123 | % | One-Month LIBOR | 1/3/12 | 9/1/14 | — | (279 | ) | ||||||||||||
100,000 | 0.61 | % | One-Month LIBOR | 1/3/12 | 9/1/14 | — | (277 | ) | ||||||||||||
$ | (1,581 | ) | $ | 3,285 | ||||||||||||||||
-1 | The notional amount of this instrument is scheduled to amortize to $36.2 million. | |||||||||||||||||||
Each of the one-month LIBOR interest rate swaps set forth in the table above was designated as a cash flow hedge of interest rate risk. | ||||||||||||||||||||
The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Derivatives | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets | $ | 274 | Prepaid expenses and other assets | $ | 6,594 | ||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate derivatives | (1,855 | ) | Interest rate derivatives | (3,309 | ) | ||||||||||||||
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): | ||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount of (losses) gains recognized in accumulated other comprehensive income (loss) (“AOCI”) (effective portion) | $ | (7,799 | ) | $ | 6,791 | $ | (7,676 | ) | ||||||||||||
Amount of losses reclassified from AOCI into interest expense (effective portion) | 2,990 | 2,740 | 3,697 | |||||||||||||||||
Amount of loss reclassified from AOCI into loss on early extinguishment of debt | 38 | — | — | |||||||||||||||||
Over the next 12 months, we estimate that approximately $2.9 million of losses will be reclassified from AOCI as an increase to interest expense. | ||||||||||||||||||||
We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. These agreements also incorporate the loan covenant provisions of our indebtedness with a lender affiliate of the derivative counterparties. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. As of December 31, 2014, the fair value of interest rate derivatives in a liability position related to these agreements was $1.9 million, excluding the effects of accrued interest. As of December 31, 2014, we had not posted any collateral related to these agreements. We are not in default with any of these provisions. If we breached any of these provisions, we could be required to settle our obligations under the agreements at their termination value of $2.1 million. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | ||||||||||||
The table below sets forth the activity in a redeemable noncontrolling interest in a consolidated real estate joint venture described in Note 6 (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 17,758 | $ | 10,298 | $ | 8,908 | |||||||
Distribution to noncontrolling interest | (1,369 | ) | (1,037 | ) | — | ||||||||
Net income (loss) attributable to noncontrolling interest | 2,162 | 1,376 | (2,565 | ) | |||||||||
Adjustment to arrive at fair value of interest | (134 | ) | 7,121 | 3,955 | |||||||||
Ending balance | $ | 18,417 | $ | 17,758 | $ | 10,298 | |||||||
Equity_COPT_and_Subsidiaries
Equity - COPT and Subsidiaries | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Equity - COPT and Subsidiaries | Equity - COPT and Subsidiaries | ||||||||||||||||||
Preferred Shares | |||||||||||||||||||
As of December 31, 2014, COPT had 25.0 million preferred shares authorized at $0.01 par value per share. The table below sets forth additional information pertaining to COPT’s outstanding preferred shares (dollars in thousands, except per share data): | |||||||||||||||||||
Series | # of Shares Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Dividend Yield | Annual Dividend Per Share | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
Each series of preferred shares is nonvoting and redeemable for cash in the amount of its liquidation preference at COPT’s option on or after the earliest redemption date. The Series K Cumulative Redeemable Preferred Shares are also convertible, subject to certain conditions, into common shares on the basis of 0.8163 common shares for each preferred share. Holders of all preferred shares are entitled to cumulative dividends, payable quarterly (as and if declared by the Board of Trustees). In the case of each series of preferred shares, there is a series of COPLP preferred units owned by COPT that carries substantially the same terms. | |||||||||||||||||||
During 2013 and 2014, COPT redeemed all of the outstanding shares of its following series of preferred shares: | |||||||||||||||||||
• | the 7.625% Series J Preferred Shares on April 22, 2013 at a price of $25.00 per share, or $84.8 million in the aggregate, plus accrued and unpaid dividends thereon through the date of redemption, and recognized a $2.9 million decrease to net income available to common shareholders pertaining to the shares’ original issuance costs incurred at the time of the redemption; and | ||||||||||||||||||
• | the 7.500% Series H Preferred Shares on June 16, 2014 at a price of $25.00 per share, or $50.0 million in the aggregate, plus accrued and unpaid dividends thereon through the date of redemption, and recognized a $1.8 million decrease to net income available to common shareholders pertaining to the shares’ original issuance costs incurred at the time of the redemption. | ||||||||||||||||||
Common Shares | |||||||||||||||||||
During 2013 and 2014, COPT completed the following public offerings of common shares: | |||||||||||||||||||
• | 4.485 million common shares in March 2013 at a public offering price of $26.34 per share for net proceeds of $118.1 million after underwriter discounts but before offering expenses; and | ||||||||||||||||||
• | 5.52 million common shares in November 2014 at a public offering price of $27.30 per share for net proceeds of $148.9 million after underwriter discounts but before offering expenses. | ||||||||||||||||||
COPT contributed the net proceeds from these issuances to COPLP in exchange for an equal number of units in COPLP. | |||||||||||||||||||
In October 2012, COPT established an at-the-market (“ATM”) stock offering program under which it may, from time to time, offer and sell common shares in “at the market” stock offerings having an aggregate gross sales price of up to $150.0 million. Through December 31, 2014, COPT’s only issuance under the program was 1.5 million common shares issued on July 15, 2013 at a weighted average price of $26.05 per share under the ATM program; net proceeds from the shares issued totaled $38.5 million, after payment of $586,000 in commissions to sales agents; the proceeds from these shares were contributed to COPLP in exchange for an equal number of common units in COPLP. COPT’s remaining capacity under the ATM Plan is an aggregate gross sales price of $110.9 million in stock sales. | |||||||||||||||||||
Holders of COPLP common units converted their units into COPT common shares on the basis of one common share for each common unit in the amount of 140,149 in 2014 and 311,343 in 2013. | |||||||||||||||||||
COPT declared dividends per common share of $1.10 in 2014, 2013 and 2012. | |||||||||||||||||||
See Note 16 for disclosure of common share activity pertaining to our share-based compensation plans. |
Equity_COPLP_and_Subsidiaries
Equity - COPLP and Subsidiaries | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Equity - COPLP and Subsidiaries | Equity - COPT and Subsidiaries | ||||||||||||||||||
Preferred Shares | |||||||||||||||||||
As of December 31, 2014, COPT had 25.0 million preferred shares authorized at $0.01 par value per share. The table below sets forth additional information pertaining to COPT’s outstanding preferred shares (dollars in thousands, except per share data): | |||||||||||||||||||
Series | # of Shares Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Dividend Yield | Annual Dividend Per Share | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
Each series of preferred shares is nonvoting and redeemable for cash in the amount of its liquidation preference at COPT’s option on or after the earliest redemption date. The Series K Cumulative Redeemable Preferred Shares are also convertible, subject to certain conditions, into common shares on the basis of 0.8163 common shares for each preferred share. Holders of all preferred shares are entitled to cumulative dividends, payable quarterly (as and if declared by the Board of Trustees). In the case of each series of preferred shares, there is a series of COPLP preferred units owned by COPT that carries substantially the same terms. | |||||||||||||||||||
During 2013 and 2014, COPT redeemed all of the outstanding shares of its following series of preferred shares: | |||||||||||||||||||
• | the 7.625% Series J Preferred Shares on April 22, 2013 at a price of $25.00 per share, or $84.8 million in the aggregate, plus accrued and unpaid dividends thereon through the date of redemption, and recognized a $2.9 million decrease to net income available to common shareholders pertaining to the shares’ original issuance costs incurred at the time of the redemption; and | ||||||||||||||||||
• | the 7.500% Series H Preferred Shares on June 16, 2014 at a price of $25.00 per share, or $50.0 million in the aggregate, plus accrued and unpaid dividends thereon through the date of redemption, and recognized a $1.8 million decrease to net income available to common shareholders pertaining to the shares’ original issuance costs incurred at the time of the redemption. | ||||||||||||||||||
Common Shares | |||||||||||||||||||
During 2013 and 2014, COPT completed the following public offerings of common shares: | |||||||||||||||||||
• | 4.485 million common shares in March 2013 at a public offering price of $26.34 per share for net proceeds of $118.1 million after underwriter discounts but before offering expenses; and | ||||||||||||||||||
• | 5.52 million common shares in November 2014 at a public offering price of $27.30 per share for net proceeds of $148.9 million after underwriter discounts but before offering expenses. | ||||||||||||||||||
COPT contributed the net proceeds from these issuances to COPLP in exchange for an equal number of units in COPLP. | |||||||||||||||||||
In October 2012, COPT established an at-the-market (“ATM”) stock offering program under which it may, from time to time, offer and sell common shares in “at the market” stock offerings having an aggregate gross sales price of up to $150.0 million. Through December 31, 2014, COPT’s only issuance under the program was 1.5 million common shares issued on July 15, 2013 at a weighted average price of $26.05 per share under the ATM program; net proceeds from the shares issued totaled $38.5 million, after payment of $586,000 in commissions to sales agents; the proceeds from these shares were contributed to COPLP in exchange for an equal number of common units in COPLP. COPT’s remaining capacity under the ATM Plan is an aggregate gross sales price of $110.9 million in stock sales. | |||||||||||||||||||
Holders of COPLP common units converted their units into COPT common shares on the basis of one common share for each common unit in the amount of 140,149 in 2014 and 311,343 in 2013. | |||||||||||||||||||
COPT declared dividends per common share of $1.10 in 2014, 2013 and 2012. | |||||||||||||||||||
See Note 16 for disclosure of common share activity pertaining to our share-based compensation plans. | |||||||||||||||||||
Corporate Office Properties, L.P. | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Equity - COPLP and Subsidiaries | Equity - COPLP and Subsidiaries | ||||||||||||||||||
General Partner Preferred Units | |||||||||||||||||||
The table below sets forth information pertaining to preferred units in COPLP held by COPT at December 31, 2014 (dollars in thousands, except per unit data): | |||||||||||||||||||
Series | # of Units Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Distribution Yield | Annual Distribution Per Unit | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
In the case of each series of preferred units, COPT had preferred shares that carry substantially the same terms. Each series of preferred units are redeemable for cash in the amount of its liquidation preference at our option on or after the earliest redemption date. The Series K Preferred Units are also convertible, subject to certain conditions, into common units on the basis of 0.8163 common units for each preferred unit. COPT, as holder of these preferred units, is entitled to cumulative distributions, payable quarterly (as and if declared by the Board of Trustees). | |||||||||||||||||||
In 2013 and 2014, COPLP redeemed all of the outstanding units of its following series of preferred units held by COPT: | |||||||||||||||||||
• | the 7.625% Series J Preferred Units on April 22, 2013 at a price of $25.00 per unit, or $84.8 million in the aggregate, plus accrued and unpaid distributions thereon through the date of redemption, and recognized a $2.9 million decrease to net income available to common unitholders pertaining to the units’ original issuance costs at the time of the redemption; and | ||||||||||||||||||
• | the 7.500% Series H Preferred Units on June 16, 2014 at a price of $25.00 per unit, or $50.0 million in the aggregate, plus accrued and unpaid distributions thereon through the date of redemption, and recognized a $1.8 million decrease to net income available to common unitholders pertaining to the units’ original issuance costs at the time of the redemption. | ||||||||||||||||||
Limited Partner Preferred Units | |||||||||||||||||||
COPLP has 352,000 Series I Preferred Units issued to an unrelated party that have an aggregate liquidation preference of $8.8 million ($25.00 per unit), plus any accrued and unpaid distributions of return thereon (as described below), and may be redeemed for cash by COPLP at COPLP’s option any time after September 22, 2019. The owner of these units is entitled to a priority annual cumulative return equal to 7.5% of their liquidation preference through September 22, 2019; the annual cumulative preferred return increases for each subsequent five-year period, subject to certain maximum limits. These units are convertible into common units on the basis of 0.5 common units for each Series I Preferred Unit; the resulting common units would then be exchangeable for COPT common shares in accordance with the terms of COPLP’s agreement of limited partnership. | |||||||||||||||||||
Common Units | |||||||||||||||||||
COPT owned 96.0% of COPLP’s common units as of December 31, 2014 and 95.6% as of December 31, 2013. | |||||||||||||||||||
During 2013 and 2014, COPT acquired additional common units through the following public offerings of common shares: | |||||||||||||||||||
• | 4.485 million common shares in March 2013 at a public offering price of $26.34 per share for net proceeds of $118.1 million (after underwriter discounts but before offering expenses) that were contributed to COPLP in exchange for an equal number of common units in COPLP; and | ||||||||||||||||||
• | 5.52 million common shares in November 2014 at a public offering price of $27.30 per share for net proceeds of $148.9 million (after underwriter discounts but before offering expenses) that were contributed to COPLP in exchange for an equal number of common units in COPLP. | ||||||||||||||||||
On July 15, 2013, COPT issued 1.5 million common shares at a weighted average price of $26.05 per share, representing its only issuance under the ATM program through December 31, 2014. Net proceeds from the shares issued totaled $38.5 million, after payment of $586,000 in commissions to sales agents. The common shares were contributed to COPLP in exchange for 1.5 million common units. | |||||||||||||||||||
Limited partners in COPLP holding common units have the right to require COPLP to redeem all or a portion of their common units. COPLP (or COPT as the general partner) has the right, in its sole discretion, to deliver to such redeeming limited partners for each partnership unit either one COPT common share (subject to anti-dilution adjustment) or a cash payment equal to the then fair market value of such share (so adjusted) (based on the formula for determining such value set forth in the partnership agreement). Limited partners holding common units redeemed their units into common shares on the basis of one common share for each common unit in the amount of 140,149 in 2014 and 311,343 in 2013. | |||||||||||||||||||
We declared distributions per common unit of $1.10 in 2014, 2013 and 2012. |
ShareBased_Compensation_and_Ot
Share-Based Compensation and Other Compensation Matters | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Share-Based Compensation and Other Compensation Matters | Share-Based Compensation and Other Compensation Matters | |||||||||||||||
Share-Based Compensation Plans | ||||||||||||||||
In May 2010, COPT adopted the Amended and Restated 2008 Omnibus Equity and Incentive Plan. COPT may issue equity-based awards under this plan to officers, employees, non-employee trustees and any other key persons of us and our subsidiaries, as defined in the plan. The plan provides for a maximum of 5.9 million common shares in COPT to be issued in the form of options, share appreciation rights, deferred share awards, restricted share awards, unrestricted share awards, performance shares, dividend equivalent rights and other equity-based awards and for the granting of cash-based awards. The plan expires on May 13, 2020. | ||||||||||||||||
In March 1998, COPT adopted a long-term incentive plan for our Trustees and employees. This plan, which expired in March 2008, provided for the award of options, restricted shares and dividend equivalents. | ||||||||||||||||
Grants of restricted shares and options under these plans to nonemployee Trustees generally vest on the first anniversary of the grant date provided that the Trustee remains in his or her position. Restricted shares and options granted to employees vest based on increments and over periods of time set forth under the terms of the respective awards provided that the employees remain employed by us. Options expire ten years after the date of grant. Shares for each of the share-based compensation plans are issued under registration statements on Form S-8 that became effective upon filing with the Securities and Exchange Commission. In connection with awards of common shares granted by COPT under such share-based compensation plans, COPLP issues to COPT an equal number of equity instruments with identical terms. | ||||||||||||||||
The following table summarizes restricted share transactions under the share-based compensation plans for 2012, 2013 and 2014: | ||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Unvested at December 31, 2011 | 648,378 | $ | 33.13 | |||||||||||||
Granted | 177,662 | 23.64 | ||||||||||||||
Forfeited | (17,019 | ) | 31.43 | |||||||||||||
Vested | (374,378 | ) | 32.72 | |||||||||||||
Unvested at December 31, 2012 | 434,643 | 29.67 | ||||||||||||||
Granted | 193,833 | 25.91 | ||||||||||||||
Forfeited | (9,541 | ) | 27.59 | |||||||||||||
Vested | (241,487 | ) | 30.97 | |||||||||||||
Unvested at December 31, 2013 | 377,448 | 26.96 | ||||||||||||||
Granted | 216,607 | 26.73 | ||||||||||||||
Forfeited | (21,335 | ) | 25.1 | |||||||||||||
Vested | (182,213 | ) | 28.56 | |||||||||||||
Unvested at December 31, 2014 | 390,507 | $ | 26.19 | |||||||||||||
Unvested shares as of December 31, 2014 that are expected to vest | 375,686 | $ | 26.18 | |||||||||||||
The aggregate intrinsic value of restricted shares that vested was $4.9 million in 2014, $6.3 million in 2013 and $9.0 million in 2012. | ||||||||||||||||
Our Board of Trustees made the following grants of PSUs to executives from 2011 through 2014 (dollars in thousands): | ||||||||||||||||
Grant Date | Number of PSUs Granted | Performance Period Commencement Date | Performance Period End Date | Grant Date Fair Value | Number of PSUs Outstanding as of December 31, 2014 | |||||||||||
3/3/11 | 56,883 | 3/3/11 | 3/2/14 | $ | 2,796 | — | ||||||||||
3/1/12 | 54,070 | 1/1/12 | 12/31/14 | 1,772 | 54,070 | |||||||||||
3/1/13 | 69,579 | 1/1/13 | 12/31/15 | 1,867 | 69,579 | |||||||||||
3/6/14 | 49,103 | 1/1/14 | 12/31/16 | 1,723 | 49,103 | |||||||||||
The PSUs each have three year performance periods concluding on the earlier of the respective performance period end dates set forth above or the date of: (1) termination by us without cause, death or disability of the executive or constructive discharge of the executive (collectively, “qualified termination”); or (2) a sale event. The number of PSUs earned (“earned PSUs”) at the end of the performance period will be determined based on the percentile rank of COPT’s total shareholder return relative to a peer group of companies, as set forth in the following schedule: | ||||||||||||||||
Percentile Rank | Earned PSUs Payout % | |||||||||||||||
75th or greater | 200% of PSUs granted | |||||||||||||||
50th or greater | 100% of PSUs granted | |||||||||||||||
25th | 50% of PSUs granted | |||||||||||||||
Below 25th | 0% of PSUs granted | |||||||||||||||
If the percentile rank exceeds the 25th percentile and is between two of the percentile ranks set forth in the table above, then the percentage of the earned PSUs will be interpolated between the ranges set forth in the table above to reflect any performance between the listed percentiles. At the end of the performance period, we, in settlement of the award, will issue a number of fully-vested COPT common shares equal to the sum of: | ||||||||||||||||
• | the number of earned PSUs in settlement of the award plan; plus | |||||||||||||||
• | the aggregate dividends that would have been paid with respect to the common shares issued in settlement of the earned PSUs through the date of settlement had such shares been issued on the grant date, divided by the share price on such settlement date, as defined under the terms of the agreement. | |||||||||||||||
If a performance period ends due to a sale event or qualified termination, the number of earned PSUs is prorated based on the portion of the three-year performance period that has elapsed. If employment is terminated by the employee or by us for cause, all PSUs are forfeited. PSUs do not carry voting rights. | ||||||||||||||||
Based on COPT’s total shareholder return relative to its peer group of companies: | ||||||||||||||||
• | for the 2011 PSUs that vested in 2014, there was no payout value in connection with the vesting; and | |||||||||||||||
• | for the 2012 PSUs that vested on December 31, 2014 to be paid out in 2015, approximately 40,000 shares will be issued in March 2015 in connection with the vesting. | |||||||||||||||
We computed grant date fair values for PSUs using Monte Carlo models and are recognizing these values over three-year periods that commenced on the respective grant dates. The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PSUs granted in 2012, 2013 and 2014 are set forth below: | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Grant date fair value | $ | 35.09 | $ | 26.84 | $ | 32.77 | ||||||||||
Baseline common share value | $ | 26.52 | $ | 25.85 | $ | 24.39 | ||||||||||
Expected volatility of common shares | 28.6 | % | 29.5 | % | 43.2 | % | ||||||||||
Risk-free interest rate | 0.66 | % | 0.33 | % | 0.41 | % | ||||||||||
The following table summarizes option transactions under the share-based compensation plans for 2012, 2013 and 2014 (dollars in thousands, except per share data): | ||||||||||||||||
Shares | Range of Exercise Price per Share | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||
(in Years) | ||||||||||||||||
Outstanding at December 31, 2011 | 945,422 | $13.40 - $57.00 | $ | 36.63 | 4 | $ | 510 | |||||||||
Forfeited/Expired – 2012 | (85,588 | ) | $25.52 - $57.00 | $ | 42.98 | |||||||||||
Exercised – 2012 | (61,624 | ) | $13.40 - $22.49 | $ | 15.08 | |||||||||||
Outstanding at December 31, 2012 | 798,210 | $13.60 - $57.00 | $ | 37.62 | 3 | $ | 325 | |||||||||
Forfeited/Expired – 2013 | (117,952 | ) | $18.08 - $51.62 | $ | 40.91 | |||||||||||
Exercised – 2013 | (39,331 | ) | $13.60 - $26.24 | $ | 19.67 | |||||||||||
Outstanding at December 31, 2013 | 640,927 | $19.63 - $56.00 | $ | 38.11 | 2 | $ | 68 | |||||||||
Forfeited/Expired – 2014 | (18,303 | ) | $22.34 - $49.60 | $ | 42.12 | |||||||||||
Exercised – 2014 | (62,888 | ) | $19.63 - $28.15 | $ | 23.7 | |||||||||||
Outstanding at December 31, 2014 | 559,736 | $25.52 - $56.00 | $ | 39.6 | 2 | $ | 167 | |||||||||
Exercisable at December 31, 2012 | 798,210 | -1 | $ | 37.62 | ||||||||||||
Exercisable at December 31, 2013 | 640,927 | -2 | $ | 38.11 | ||||||||||||
Exercisable at December 31, 2014 | 559,736 | -3 | $ | 39.6 | ||||||||||||
-1 | 9,500 of these options had an exercise price ranging from $13.60 to $16.73; 204,736 had an exercise price ranging from $16.74 to $30.04; 180,962 had an exercise price ranging from $30.05 to $41.28; and 403,012 had an exercise price ranging from $41.29 to $57.00. | |||||||||||||||
-2 | 171,288 of these options had an exercise price ranging from $19.63 to $30.04; 145,187 had an exercise price ranging from$30.05 to $41.28; 160,402 had an exercise price ranging from $41.29 to $42.74; and 164,050 had an exercise price ranging from $42.75 to $56.00. | |||||||||||||||
-3 | 105,672 of these options had an exercise price ranging from $25.52 to $30.04; 142,862 had an exercise price ranging from$30.05 to $41.28; 158,902 had an exercise price ranging from $41.29 to $42.74; and 152,300 had an exercise price ranging from $42.75 to $56.00. | |||||||||||||||
The aggregate intrinsic value of options exercised was $225,000 in 2014, $258,000 in 2013 and $553,000 in 2012. | ||||||||||||||||
We own a taxable REIT subsidiary that is subject to Federal and state income taxes. We realized a windfall tax (loss) benefit of $(3,000) in 2014, $(122,000) in 2013 and $43,000 in 2012 on options exercised and vesting restricted shares in connection with employees of that subsidiary. | ||||||||||||||||
The table below sets forth our reporting for share based compensation expense (in thousands): | ||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
General, administrative and leasing expenses | $ | 5,307 | $ | 5,412 | $ | 8,611 | ||||||||||
Property operating expenses | 857 | 1,118 | 1,371 | |||||||||||||
Capitalized to development activities | 886 | 1,075 | 1,202 | |||||||||||||
Share-based compensation expense | $ | 7,050 | $ | 7,605 | $ | 11,184 | ||||||||||
The amounts included in our consolidated statements of operations for share-based compensation reflected an estimate of pre-vesting forfeitures of 0% for PSUs and 0% to 5% for restricted shares. | ||||||||||||||||
As of December 31, 2014, all of our options are vested and fully expensed. As of December 31, 2014, there was $6.3 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recognized over a weighted average period of approximately two years. As of December 31, 2014, there was $1.9 million of unrecognized compensation cost related to PSUs that is expected to be recognized over a weighted average performance period of approximately two years. | ||||||||||||||||
401(k) Plan | ||||||||||||||||
We have a 401(k) defined contribution plan covering substantially all of our employees that permits participants to contribute up to 90% of their compensation, as defined in the Plan, per pay period on a before-tax basis or after-tax basis, or a combination of both, subject to limitations under the Internal Revenue Code of 1986 ( the “IRC”), as amended. Participants who are 50 years of age or older by the end of a particular plan year and have contributed the maximum 401(k) deferral amount allowed under the plan for that year are eligible to contribute an additional portion of their annual compensation on a before-tax basis as catch-up contributions, up to the annual limit under the IRC. We match 100% of the first 1% of pre-tax and/or after-tax contributions that participants contribute to the plan and 50% of the next 5% in participant contributions to the plan (representing an aggregate match by us of 3.5% on the first 6% of participant pre-tax and/or after-tax contributions to the plan). Participants’ contributions are fully vested. Participants are 50% vested in matching contributions after one year of credited service and 100% vested after two years of credited service. We fund all contributions with cash. Our matching contributions under the plan totaled approximately $1.2 million in 2014, $1.1 million in 2013 and $1.1 million in 2012. The 401(k) plan is fully funded as of December 31, 2014. | ||||||||||||||||
Deferred Compensation Plan | ||||||||||||||||
COPT has a non-qualified elective deferred compensation plan for certain members of our management team that permits participants to defer up to 100% of their compensation on a pre-tax basis and receive a tax-deferred return on such deferrals. The balance of the plan, which was fully funded, totaled $5.9 million as of December 31, 2014 and $7.5 million as of December 31, 2013, and is included in the accompanying COPT consolidated balance sheets. | ||||||||||||||||
Executive Transition Costs | ||||||||||||||||
In connection with the departure on February 3, 2015 of Stephen E. Riffee, our Executive Vice President and Chief Financial Officer, and the retirement on March 31, 2012 of Randall M. Griffin, our former Chief Executive Officer, we recognized executive transition costs of $1.1 million in 2014 and $2.2 million in 2012. These costs, which are included in general administrative expense, represent incremental compensation costs associated with the executives’ employment separation, including cash and share-based compensation and post-employment benefits. |
Operating_Leases
Operating Leases | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases, Operating [Abstract] | |||||
Operating Leases | Operating Leases | ||||
We lease our properties to tenants under operating leases with various expiration dates extending to the year 2030. Gross minimum future rentals on noncancelable leases in our properties as of December 31, 2014 were as follows (in thousands): | |||||
Year Ending December 31, | |||||
2015 | $ | 349,099 | |||
2016 | 301,184 | ||||
2017 | 263,428 | ||||
2018 | 202,661 | ||||
2019 | 154,044 | ||||
Thereafter | 312,304 | ||||
$ | 1,582,720 | ||||
Information_by_Business_Segmen
Information by Business Segment | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Information by Business Segment | Information by Business Segment | |||||||||||||||||||||||||||||||||||||||||||||||
We have ten reportable operating office property segments (comprised of: the Baltimore/Washington Corridor; Northern Virginia; San Antonio; Huntsville; Washington, DC — Capitol Riverfront; St. Mary’s and King George Counties; Greater Baltimore; Greater Philadelphia; Colorado Springs; and Other). We also have an operating wholesale data center segment. The table below reports segment financial information for our reportable segments (in thousands). We measure the performance of our segments through the measure we define as NOI from real estate operations, which is derived by subtracting property operating expenses from revenues from real estate operations. | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Office Property Segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore/ | Northern | San | Huntsville | Washington, | St. Mary’s & | Greater | Greater | Colorado | Other | Operating | Total | |||||||||||||||||||||||||||||||||||||
Washington | Virginia | Antonio | DC - Capitol | King George | Baltimore | Philadelphia | Springs | Wholesale | ||||||||||||||||||||||||||||||||||||||||
Corridor | Riverfront | Counties | Data Center | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 236,191 | $ | 89,263 | $ | 36,377 | $ | 10,446 | $ | 14,599 | $ | 16,736 | $ | 43,591 | $ | 11,929 | $ | (1 | ) | $ | 10,150 | $ | 10,430 | $ | 479,711 | |||||||||||||||||||||||
Property operating expenses | 81,132 | 31,532 | 20,562 | 3,066 | 7,308 | 5,268 | 17,778 | 4,386 | 12 | 1,469 | 7,286 | 179,799 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 155,059 | $ | 57,731 | $ | 15,815 | $ | 7,380 | $ | 7,291 | $ | 11,468 | $ | 25,813 | $ | 7,543 | $ | (13 | ) | $ | 8,681 | $ | 3,144 | $ | 299,912 | |||||||||||||||||||||||
Additions to long-lived assets | $ | 24,174 | $ | 17,447 | $ | (6 | ) | $ | 4,077 | $ | 1,185 | $ | 8,825 | $ | 7,925 | $ | 952 | $ | — | $ | — | $ | 22 | $ | 64,601 | |||||||||||||||||||||||
Transfers from non-operating properties | $ | 56,699 | $ | 43,154 | $ | — | $ | 21,014 | $ | — | $ | — | $ | 3,550 | $ | 16,344 | $ | 30 | $ | — | $ | 1,108 | $ | 141,899 | ||||||||||||||||||||||||
Segment assets at December 31, 2014 | $ | 1,277,600 | $ | 642,429 | $ | 116,252 | $ | 97,209 | $ | 95,195 | $ | 100,777 | $ | 274,091 | $ | 106,931 | $ | — | $ | 77,834 | $ | 163,177 | $ | 2,951,495 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 237,869 | $ | 92,010 | $ | 33,060 | $ | 5,050 | $ | 16,863 | $ | 16,568 | $ | 42,653 | $ | 11,924 | $ | 25,290 | $ | 10,075 | $ | 7,271 | $ | 498,633 | ||||||||||||||||||||||||
Property operating expenses | 80,554 | 31,973 | 17,631 | 1,282 | 7,844 | 5,028 | 16,583 | 3,431 | 9,002 | 1,016 | 6,360 | 180,704 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 157,315 | $ | 60,037 | $ | 15,429 | $ | 3,768 | $ | 9,019 | $ | 11,540 | $ | 26,070 | $ | 8,493 | $ | 16,288 | $ | 9,059 | $ | 911 | $ | 317,929 | ||||||||||||||||||||||||
Additions to long-lived assets | $ | 28,087 | $ | 13,090 | $ | 335 | $ | 3,563 | $ | 2,604 | $ | 2,341 | $ | 2,913 | $ | 406 | $ | 2,940 | $ | — | $ | 598 | $ | 56,877 | ||||||||||||||||||||||||
Transfers from non-operating properties | $ | 50,105 | $ | 61,434 | $ | — | $ | 48,799 | $ | — | $ | 14 | $ | 360 | $ | 28,034 | $ | 5,438 | $ | — | $ | 70,106 | $ | 264,290 | ||||||||||||||||||||||||
Segment assets at December 31, 2013 | $ | 1,243,099 | $ | 616,082 | $ | 118,299 | $ | 77,773 | $ | 98,962 | $ | 96,143 | $ | 303,823 | $ | 104,657 | $ | — | $ | 80,002 | $ | 166,790 | $ | 2,905,630 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 238,488 | $ | 79,574 | $ | 32,018 | $ | 3,867 | $ | 16,697 | $ | 16,392 | $ | 52,616 | $ | 9,698 | $ | 24,987 | $ | 12,116 | $ | 6,647 | $ | 493,100 | ||||||||||||||||||||||||
Property operating expenses | 83,050 | 29,103 | 16,499 | 689 | 7,555 | 4,745 | 19,917 | 2,562 | 9,231 | 2,569 | 4,815 | 180,735 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 155,438 | $ | 50,471 | $ | 15,519 | $ | 3,178 | $ | 9,142 | $ | 11,647 | $ | 32,699 | $ | 7,136 | $ | 15,756 | $ | 9,547 | $ | 1,832 | $ | 312,365 | ||||||||||||||||||||||||
Additions to long-lived assets | $ | 25,921 | $ | 65,157 | $ | 280 | $ | 26 | $ | 317 | $ | 1,844 | $ | 9,690 | $ | 286 | $ | 2,929 | $ | 152 | $ | 199 | $ | 106,801 | ||||||||||||||||||||||||
Transfers from non-operating properties | $ | 65,108 | $ | 44,250 | $ | 468 | $ | — | $ | — | $ | 289 | $ | 37,558 | $ | 10,626 | $ | 4,295 | $ | 394 | $ | 58,009 | $ | 220,997 | ||||||||||||||||||||||||
Segment assets at December 31, 2012 | $ | 1,267,357 | $ | 569,860 | $ | 119,369 | $ | 28,730 | $ | 104,544 | $ | 98,027 | $ | 320,548 | $ | 78,798 | $ | 175,830 | $ | 82,090 | $ | 100,777 | $ | 2,945,930 | ||||||||||||||||||||||||
The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues from real estate operations | $ | 479,711 | $ | 498,633 | $ | 493,100 | ||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | |||||||||||||||||||||||||||||||||||||||||||||
Less: Revenues from discontinued operations (Note 20) | 14 | (37,636 | ) | (58,801 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 586,473 | $ | 523,360 | $ | 508,135 | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment property operating expenses | $ | 179,799 | $ | 180,704 | $ | 180,735 | ||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expenses from discontinued operations (Note 20) | 135 | (13,505 | ) | (21,529 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 179,934 | $ | 167,199 | $ | 159,206 | ||||||||||||||||||||||||||||||||||||||||||
As previously discussed, we provide real estate services such as property management and construction and development services primarily for our properties but also for third parties. The primary manner in which we evaluate the operating performance of our service activities is through a measure we define as net operating income from service operations (“NOI from service operations”), which is based on the net of revenues and expenses from these activities. Construction contract and other service revenues and expenses consist primarily of subcontracted costs that are reimbursed to us by the customer along with a management fee. The operating margins from these activities are small relative to the revenue. We believe NOI from service operations is a useful measure in assessing both our level of activity and our profitability in conducting such operations. The table below sets forth the computation of our NOI from service operations (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | $ | 106,748 | $ | 62,363 | $ | 73,836 | ||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service expenses | (100,058 | ) | (58,875 | ) | (70,576 | ) | ||||||||||||||||||||||||||||||||||||||||||
NOI from service operations | $ | 6,690 | $ | 3,488 | $ | 3,260 | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income from continuing operations as reported on our consolidated statements of operations (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 299,912 | $ | 317,929 | $ | 312,365 | ||||||||||||||||||||||||||||||||||||||||||
NOI from service operations | 6,690 | 3,488 | 3,260 | |||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 4,923 | 3,834 | 7,172 | |||||||||||||||||||||||||||||||||||||||||||||
Equity in income (loss) of unconsolidated entities | 229 | 2,110 | (546 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (310 | ) | (1,978 | ) | (381 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other adjustments: | — | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | (136,086 | ) | (113,214 | ) | (107,998 | ) | ||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (1,416 | ) | (5,857 | ) | (43,678 | ) | ||||||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | (31,794 | ) | (30,869 | ) | (31,900 | ) | ||||||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | (5,573 | ) | (5,436 | ) | (5,711 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest expense on continuing operations | (92,393 | ) | (82,010 | ) | (86,401 | ) | ||||||||||||||||||||||||||||||||||||||||||
NOI from discontinued operations | (121 | ) | (24,131 | ) | (37,272 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (9,552 | ) | (27,030 | ) | (943 | ) | ||||||||||||||||||||||||||||||||||||||||||
COPT consolidated income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | ||||||||||||||||||||||||||||||||||||||||||
The following table reconciles our segment assets to the consolidated total assets of COPT and subsidiaries (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment assets | $ | 2,951,495 | $ | 2,905,630 | ||||||||||||||||||||||||||||||||||||||||||||
Non-operating property assets | 567,586 | 517,564 | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 151,176 | 206,758 | ||||||||||||||||||||||||||||||||||||||||||||||
Total COPT consolidated assets | $ | 3,670,257 | $ | 3,629,952 | ||||||||||||||||||||||||||||||||||||||||||||
The accounting policies of the segments are the same as those used to prepare our consolidated financial statements, except that discontinued operations are not presented separately for segment purposes. In the segment reporting presented above, we did not allocate interest expense, depreciation and amortization, impairment losses, loss on early extinguishment of debt and gain on sales of real estate to our real estate segments since they are not included in the measure of segment profit reviewed by management. We also did not allocate general and administrative expenses, business development expenses and land carry costs, interest and other income, equity in income (loss) of unconsolidated entities, income taxes and noncontrolling interests because these items represent general corporate or non-operating property items not attributable to segments. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||
COPT elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. To qualify as a REIT, COPT must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of the Company’s adjusted taxable income to its shareholders. As a REIT, COPT generally will not be subject to Federal income tax on taxable income that it distributes to its shareholders. If COPT fails to qualify as a REIT in any tax year, it will be subject to Federal income tax on its taxable income at regular corporate rates and may not be able to qualify as a REIT for four subsequent tax years. | |||||||||||||||||||
COPLP is a limited partnership and is not subject to federal income tax. Its partners are required to report their respective share of the Operating Partnership’s taxable income on their respective tax returns. COPT’s share of the Operating Partnership’s taxable income is reported on COPT’s income tax return. | |||||||||||||||||||
The differences between taxable income reported on our income tax returns (estimated 2014 and actual 2013 and 2012) and net income as reported on our consolidated statements of operations are set forth below (in thousands): | |||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(Estimated) | |||||||||||||||||||
COPLP consolidated net income | $ | 45,206 | $ | 101,544 | $ | 20,341 | |||||||||||||
Adjustments: | |||||||||||||||||||
Rental revenue recognition | (3,932 | ) | 1,303 | (10,794 | ) | ||||||||||||||
Compensation expense recognition | 1,912 | 8,987 | (2,669 | ) | |||||||||||||||
Operating expense recognition | (2,260 | ) | (1,663 | ) | 1,158 | ||||||||||||||
Gain on sales of properties | (1,404 | ) | (50,860 | ) | (74,858 | ) | |||||||||||||
Impairment losses | 1,367 | 32,047 | 66,910 | ||||||||||||||||
Loss on interest rate derivatives | — | — | (29,805 | ) | |||||||||||||||
Gains from non-real estate investments | 405 | — | 7,854 | ||||||||||||||||
Income from service operations | (391 | ) | 1,650 | 1,500 | |||||||||||||||
Income tax expense | 310 | 1,978 | 381 | ||||||||||||||||
Depreciation and amortization | 41,500 | 20,834 | 24,804 | ||||||||||||||||
Interest expense | 920 | 2,057 | 3,978 | ||||||||||||||||
Income from unconsolidated entities | (187 | ) | 3,148 | (725 | ) | ||||||||||||||
COPLP consolidated noncontrolling interests | (3,285 | ) | (7,837 | ) | (636 | ) | |||||||||||||
Other | 2,346 | 1,529 | (70 | ) | |||||||||||||||
COPLP consolidated taxable income | $ | 82,507 | $ | 114,717 | $ | 7,369 | |||||||||||||
Noncontrolling interests, other | (3,247 | ) | (4,061 | ) | (622 | ) | |||||||||||||
Other | — | — | 741 | ||||||||||||||||
COPT consolidated taxable income | $ | 79,260 | $ | 110,656 | $ | 7,488 | |||||||||||||
For Federal income tax purposes, dividends to shareholders may be characterized as ordinary income, capital gains or return of capital. The characterization of dividends declared on COPT’s common and preferred shares during each of the last three years was as follows: | |||||||||||||||||||
Common Shares | Preferred Shares | ||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | 64.5 | % | 71.8 | % | 33.2 | % | 90.9 | % | 76.2 | % | 100 | % | |||||||
Long-term capital gain | 6.5 | % | 22.4 | % | 0 | % | 9.1 | % | 23.8 | % | 0 | % | |||||||
Return of capital | 29 | % | 5.8 | % | 66.8 | % | 0 | % | 0 | % | 0 | % | |||||||
We distributed all of COPT’s REIT taxable income in 2014, 2013 and 2012 and, as a result, did not incur Federal income tax in those years on such income. | |||||||||||||||||||
The net basis of our consolidated assets and liabilities for tax reporting purposes is approximately $233 million lower than the amount reported on our consolidated balance sheet at December 31, 2014, which is primarily related to differences in basis for net properties, intangible assets on property acquisitions and deferred rent receivable. | |||||||||||||||||||
We own a TRS that is subject to Federal and state income taxes. Our TRS had income before income taxes under GAAP of $822,000 in 2014, $330,000 in 2013 and $11.3 million in 2012. Our TRS’ provision for income tax consisted of the following expenses (in thousands): | |||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Deferred | |||||||||||||||||||
Federal | $ | 258 | $ | 1,742 | $ | 312 | |||||||||||||
State | 52 | 236 | 69 | ||||||||||||||||
Total income tax expense | $ | 310 | $ | 1,978 | $ | 381 | |||||||||||||
A reconciliation of our TRS’ Federal statutory rate to the effective tax rate for income tax reported on our statements of operations is set forth below: | |||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Income taxes at U.S. statutory rate | 34 | % | 34 | % | 34 | % | |||||||||||||
State and local, net of U.S. Federal tax benefit | 4.2 | % | 4.5 | % | 4.6 | % | |||||||||||||
Increase in deferred tax asset valuation allowance | 0 | % | 562.9 | % | 0 | % | |||||||||||||
Other | (0.4 | )% | (1.1 | )% | 0 | % | |||||||||||||
Effective tax rate | 37.8 | % | 600.3 | % | 38.6 | % | |||||||||||||
Items in our TRS contributing to temporary differences that lead to deferred taxes include depreciation and amortization, share-based compensation, certain accrued compensation, compensation paid in the form of contributions to a deferred nonqualified compensation plan, impairment losses and net operating losses that are not deductible until future periods. As of December 31, 2014, our TRS had a net operating loss carryforward for federal income tax purposes of approximately $13 million expiring in 2033. We believe that our TRS is no longer subject to income tax examinations for years prior to 2011. | |||||||||||||||||||
The table below sets forth the tax effects of temporary differences and carry forwards included in the net deferred tax asset of our TRS (in thousands): | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Operating loss forward | $ | 5,012 | $ | 5,382 | |||||||||||||||
Share-based compensation | 976 | 869 | |||||||||||||||||
Accrued payroll | 195 | 221 | |||||||||||||||||
Property | (119 | ) | (105 | ) | |||||||||||||||
Valuation allowance | (2,062 | ) | (2,062 | ) | |||||||||||||||
Deferred tax asset, net | $ | 4,002 | $ | 4,305 | |||||||||||||||
We recognize a valuation allowance on our deferred tax asset if we believe all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance resulting from a change in circumstances that causes a change in our judgment about the realizability of our deferred tax asset is included in income. In 2013, we recognized a $1.9 million increase in our deferred tax asset valuation allowance due to a decrease in future projected operating income in our TRS resulting primarily from our dispositions of certain properties to which the TRS provided amenity services and our planned reduction in amenity services provided by the TRS at certain other properties. We believe it is more likely than not that the results of future operations in our TRS will generate sufficient taxable income to realize our December 31, 2014 net deferred tax asset. | |||||||||||||||||||
We are subject to certain state and local income and franchise taxes. The expense associated with these state and local taxes is included in general and administrative expense and property operating expenses on our consolidated statements of operations. We did not separately state these amounts on our consolidated statements of operations because they are insignificant. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale | ||||||||||||
Income from discontinued operations primarily includes revenues and expenses associated with the following: | |||||||||||||
• | five properties in White Marsh, Maryland (in the Greater Baltimore region) that were sold on January 30, 2012; | ||||||||||||
• | 1101 Sentry Gateway in San Antonio that was sold on January 31, 2012; | ||||||||||||
• | 222 and 224 Schilling Circle in Greater Baltimore that were sold on February 10, 2012; | ||||||||||||
• | 15 and 45 West Gude Drive in the Baltimore/Washington Corridor that were sold on May 2, 2012; | ||||||||||||
• | 11800 Tech Road in the Baltimore/Washington Corridor that was sold on June 14, 2012; | ||||||||||||
• | 400 Professional Drive in the Baltimore/Washington Corridor for which the title to the property was transferred to the mortgage lender on July 2, 2012; | ||||||||||||
• | 23 operating properties primarily in the Baltimore/Washington Corridor and Greater Baltimore regions that were sold on July 24, 2012; | ||||||||||||
• | 920 Elkridge Landing Road in the Baltimore/Washington Corridor that was sold on June 25, 2013 (added to discontinued operations in 2013); | ||||||||||||
• | 4230 Forbes Boulevard in the Baltimore/Washington Corridor that was sold on December 11, 2013; | ||||||||||||
• | 15 operating properties in Colorado Springs that were sold on December 12, 2013; and | ||||||||||||
• | nine operating properties in the Baltimore/Washington Corridor and five operating properties in Colorado Springs for which the title to the properties was transferred to the mortgage lender on December 23, 2013. | ||||||||||||
The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue from real estate operations | $ | (14 | ) | $ | 37,636 | $ | 58,801 | ||||||
Property operating expenses | 135 | (13,505 | ) | (21,529 | ) | ||||||||
Depreciation and amortization | — | (4,505 | ) | (13,939 | ) | ||||||||
Impairment losses | (3 | ) | (26,190 | ) | (23,232 | ) | |||||||
General, administrative and leasing expenses | — | (4 | ) | (3 | ) | ||||||||
Business development and land carry costs | — | — | (24 | ) | |||||||||
Interest expense | — | (8,221 | ) | (10,397 | ) | ||||||||
Gain on sales of real estate | 24 | 2,671 | 20,940 | ||||||||||
Gain on early extinguishment of debt | (116 | ) | 67,810 | 1,736 | |||||||||
Discontinued operations | $ | 26 | $ | 55,692 | $ | 12,353 | |||||||
As of December 31, 2014, we had two land parcels in the Greater Baltimore region classified as held for sale with a cost basis of $14.3 million. |
Earnings_Per_Share_EPS_and_Ear
Earnings Per Share ("EPS") and Earnings Per Unit (“EPUâ€) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share (“EPSâ€) and Earnings Per Unit (“EPUâ€) | Earnings Per Share (“EPS”) and Earnings Per Unit (“EPU”) | ||||||||||||
COPT and Subsidiaries EPS | |||||||||||||
We present both basic and diluted EPS. We compute basic EPS by dividing net income available to common shareholders allocable to unrestricted common shares under the two-class method by the weighted average number of unrestricted common shares outstanding during the period. Our computation of diluted EPS is similar except that: | |||||||||||||
• | the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into COPT common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to share-based compensation using the treasury stock or if-converted methods; and | ||||||||||||
• | the numerator is adjusted to add back any changes in income or loss that would result from the assumed conversion into common shares that we added to the denominator. | ||||||||||||
Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | |||||||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | ||||||||||
Preferred share dividends | (15,939 | ) | (19,971 | ) | (20,844 | ) | |||||||
Issuance costs associated with redeemed preferred shares | (1,769 | ) | (2,904 | ) | (1,827 | ) | |||||||
(Income) loss from continuing operations attributable to noncontrolling interests | (4,955 | ) | (4,486 | ) | 1,309 | ||||||||
Income from continuing operations attributable to restricted shares | (432 | ) | (414 | ) | (469 | ) | |||||||
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders | $ | 22,085 | $ | 18,077 | $ | (13,843 | ) | ||||||
Discontinued operations | 26 | 55,692 | 12,353 | ||||||||||
Discontinued operations attributable to noncontrolling interests | 4 | (3,351 | ) | (673 | ) | ||||||||
Numerator for basic and diluted EPS on net income (loss)attributable to COPT common shareholders | $ | 22,115 | $ | 70,418 | $ | (2,163 | ) | ||||||
Denominator (all weighted averages): | |||||||||||||
Denominator for basic EPS (common shares) | 88,092 | 85,167 | 73,454 | ||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | — | ||||||||||
Denominator for basic and diluted EPS (common shares) | 88,263 | 85,224 | 73,454 | ||||||||||
Basic EPS: | |||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPT common shareholders | — | 0.62 | 0.16 | ||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.25 | $ | 0.83 | $ | (0.03 | ) | ||||||
Diluted EPS: | |||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPT common shareholders | — | 0.62 | 0.16 | ||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.25 | $ | 0.83 | $ | (0.03 | ) | ||||||
Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): | |||||||||||||
Weighted Average Shares Excluded from Denominator for the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Conversion of common units | 3,897 | 3,869 | 4,235 | ||||||||||
Conversion of Series I preferred units | 176 | 176 | 176 | ||||||||||
Conversion of Series K preferred shares | 434 | 434 | 434 | ||||||||||
The following share-based compensation securities were excluded from the computation of diluted EPS because their effect was antidilutive: | |||||||||||||
• | weighted average restricted shares of 401,000 for 2014, 385,000 for 2013 and 461,000 for 2012; and | ||||||||||||
• | weighted average options of 492,000 for 2014, 636,000 for 2013 and 772,000 for 2012, respectively. | ||||||||||||
As discussed in Note 11, we have outstanding senior notes that have an exchange settlement feature, but such notes did not affect our diluted EPS reported above since the weighted average closing price of COPT’s common shares during each of the periods was less than the exchange prices per common share applicable for such periods. | |||||||||||||
COPLP and Subsidiaries EPU | |||||||||||||
We present both basic and diluted EPU. We compute basic EPU by dividing net income available to common unitholders allocable to unrestricted common units under the two-class method by the weighted average number of unrestricted common units outstanding during the period. Our computation of diluted EPU is similar except that: | |||||||||||||
• | the denominator is increased to include: (1) the weighted average number of potential additional common units that would have been outstanding if securities that are convertible into our common units were converted; and (2) the effect of dilutive potential common units outstanding during the period attributable to share-based compensation using the treasury stock or if-converted methods; and | ||||||||||||
• | the numerator is adjusted to add back any changes in income or loss that would result from the assumed conversion into common units that we added to the denominator. | ||||||||||||
Summaries of the numerator and denominator for purposes of basic and diluted EPU calculations are set forth below (in thousands, except per unit data): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | |||||||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | ||||||||||
Preferred unit distributions | (16,599 | ) | (20,631 | ) | (21,504 | ) | |||||||
Issuance costs associated with redeemed preferred units | (1,769 | ) | (2,904 | ) | (1,827 | ) | |||||||
(Income) loss from continuing operations attributable to noncontrolling interests | (3,281 | ) | (2,977 | ) | 1,206 | ||||||||
Income from continuing operations attributable to restricted units | (432 | ) | (414 | ) | (469 | ) | |||||||
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders | $ | 23,099 | $ | 18,926 | $ | (14,606 | ) | ||||||
Discontinued operations | 26 | 55,692 | 12,353 | ||||||||||
Discontinued operations attributable to noncontrolling interests | 5 | (930 | ) | (699 | ) | ||||||||
Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders | $ | 23,130 | $ | 73,688 | $ | (2,952 | ) | ||||||
Denominator (all weighted averages): | |||||||||||||
Denominator for basic EPU (common units) | 91,989 | 89,036 | 77,689 | ||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | — | ||||||||||
Denominator for basic and diluted EPU (common units) | 92,160 | 89,093 | 77,689 | ||||||||||
Basic EPU: | |||||||||||||
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPLP common unitholders | — | 0.62 | 0.15 | ||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 0.25 | $ | 0.83 | $ | (0.04 | ) | ||||||
Diluted EPU: | |||||||||||||
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPLP common unitholders | — | 0.62 | 0.15 | ||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 0.25 | $ | 0.83 | $ | (0.04 | ) | ||||||
Our diluted EPU computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPU for the respective periods (in thousands): | |||||||||||||
Weighted Average Units Excluded from Denominator for the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Conversion of Series I preferred units | 176 | 176 | 176 | ||||||||||
Conversion of Series K preferred units | 434 | 434 | 434 | ||||||||||
The following share-based compensation securities were excluded from the computation of diluted EPU because their effect was antidilutive: | |||||||||||||
• | weighted average restricted units of 401,000 for 2014, 385,000 for 2013 and 461,000 for 2012; and | ||||||||||||
• | weighted average options of 492,000 for 2014, 636,000 for 2013 and 772,000 for 2012. | ||||||||||||
As discussed in Note 11, we have outstanding senior notes that have an exchange settlement feature, but such notes did not affect our diluted EPU reported above since the weighted average closing price of COPT’s common shares during each of the periods was less than the exchange prices per common share applicable for such periods. |
Quarterly_Data_Unaudited
Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Data (Unaudited) | Quarterly Data (Unaudited) | |||||||||||||||
COPT and Subsidiaries | ||||||||||||||||
The tables below set forth selected quarterly information for the years ended December 31, 2014 and 2013 (in thousands, except per share data). Certain of the amounts below have been reclassified to conform to the current period presentation of our consolidated financial statements. | ||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 146,667 | $ | 139,820 | $ | 153,015 | $ | 146,971 | ||||||||
Operating income | $ | 25,206 | $ | 31,836 | $ | 37,422 | $ | 37,148 | ||||||||
Income from continuing operations | $ | 5,660 | $ | 9,248 | $ | 13,727 | $ | 5,874 | ||||||||
Discontinued operations | $ | 11 | $ | (198 | ) | $ | 191 | $ | 22 | |||||||
Net income | $ | 5,671 | $ | 9,050 | $ | 24,548 | $ | 5,937 | ||||||||
Net income attributable to noncontrolling interests | (930 | ) | (1,160 | ) | (1,828 | ) | (1,033 | ) | ||||||||
Net income attributable to COPT | 4,741 | 7,890 | 22,720 | 4,904 | ||||||||||||
Preferred share dividends | (4,490 | ) | (4,344 | ) | (3,553 | ) | (3,552 | ) | ||||||||
Issuance costs associated with redeemed preferred shares | — | (1,769 | ) | — | — | |||||||||||
Net income attributable to COPT common shareholders | $ | 251 | $ | 1,777 | $ | 19,167 | $ | 1,352 | ||||||||
Basic earnings per common share | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
Diluted earnings per common share | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 126,219 | $ | 136,527 | $ | 131,812 | $ | 128,802 | ||||||||
Operating income | $ | 36,165 | $ | 40,229 | $ | 30,673 | $ | 34,843 | ||||||||
Income (loss) from continuing operations | $ | 11,662 | $ | (232 | ) | $ | 10,974 | $ | 14,432 | |||||||
Discontinued operations | $ | 1,261 | $ | (4,502 | ) | $ | (12,974 | ) | $ | 71,907 | ||||||
Net income (loss) | $ | 15,277 | $ | (4,405 | ) | $ | (2,000 | ) | $ | 92,672 | ||||||
Net income attributable to noncontrolling interests | (257 | ) | (960 | ) | (964 | ) | (5,656 | ) | ||||||||
Net income (loss) attributable to COPT | 15,020 | (5,365 | ) | (2,964 | ) | 87,016 | ||||||||||
Preferred share dividends | (6,106 | ) | (4,885 | ) | (4,490 | ) | (4,490 | ) | ||||||||
Issuance costs associated with redeemed preferred shares | — | (2,904 | ) | — | — | |||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 8,914 | $ | (13,154 | ) | $ | (7,454 | ) | $ | 82,526 | ||||||
Basic earnings per common share | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Diluted earnings per common share | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
COPLP and Subsidiaries | ||||||||||||||||
The tables below set forth selected quarterly information for the years ended December 31, 2014 and 2013 (in thousands, except per share data). | ||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 146,667 | $ | 139,820 | $ | 153,015 | $ | 146,971 | ||||||||
Operating income | $ | 25,206 | $ | 31,836 | $ | 37,422 | $ | 37,148 | ||||||||
Income from continuing operations | $ | 5,660 | $ | 9,248 | $ | 13,727 | $ | 5,874 | ||||||||
Discontinued operations | $ | 11 | $ | (198 | ) | $ | 191 | $ | 22 | |||||||
Net income | $ | 5,671 | $ | 9,050 | $ | 24,548 | $ | 5,937 | ||||||||
Net income attributable to noncontrolling interests | (737 | ) | (837 | ) | (897 | ) | (805 | ) | ||||||||
Net income attributable to COPLP | 4,934 | 8,213 | 23,651 | 5,132 | ||||||||||||
Preferred unit distributions | (4,655 | ) | (4,509 | ) | (3,718 | ) | (3,717 | ) | ||||||||
Issuance costs associated with redeemed preferred units | — | (1,769 | ) | — | — | |||||||||||
Net income attributable to COPLP common unitholders | $ | 279 | $ | 1,935 | $ | 19,933 | $ | 1,415 | ||||||||
Basic earnings per common unit | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
Diluted earnings per common unit | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 126,219 | $ | 136,527 | $ | 131,812 | $ | 128,802 | ||||||||
Operating income | $ | 36,165 | $ | 40,229 | $ | 30,673 | $ | 34,843 | ||||||||
Income (loss) from continuing operations | $ | 11,662 | $ | (232 | ) | $ | 10,974 | $ | 14,432 | |||||||
Discontinued operations | $ | 1,261 | $ | (4,502 | ) | $ | (12,974 | ) | $ | 71,907 | ||||||
Net income (loss) | $ | 15,277 | $ | (4,405 | ) | $ | (2,000 | ) | $ | 92,672 | ||||||
Net loss (income) attributable to noncontrolling interests | 336 | (1,473 | ) | (1,035 | ) | (1,735 | ) | |||||||||
Net income (loss) attributable to COPLP | 15,613 | (5,878 | ) | (3,035 | ) | 90,937 | ||||||||||
Preferred unit distributions | (6,271 | ) | (5,050 | ) | (4,655 | ) | (4,655 | ) | ||||||||
Issuance costs associated with redeemed preferred units | — | (2,904 | ) | — | — | |||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 9,342 | $ | (13,832 | ) | $ | (7,690 | ) | $ | 86,282 | ||||||
Basic earnings per common unit | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Diluted earnings per common unit | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Litigation | |||||
In the normal course of business, we are involved in legal actions arising from our ownership and administration of properties. We establish reserves for specific legal proceedings when we determine that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management does not anticipate that any liabilities that may result from such proceedings will have a materially adverse effect on our financial position, operations or liquidity. Our assessment of the potential outcomes of these matters involves significant judgment and is subject to change based on future developments. | |||||
Environmental | |||||
We are subject to various Federal, state and local environmental regulations related to our property ownership and operation. We have performed environmental assessments of our properties, the results of which have not revealed any environmental liability that we believe would have a materially adverse effect on our financial position, operations or liquidity. | |||||
Joint Ventures | |||||
In connection with our 2005 contribution of properties to an unconsolidated partnership in which we hold a joint venture interest, we entered into standard nonrecourse loan guarantees (environmental indemnifications and guarantees against fraud and misrepresentation, and springing guarantees of partnership debt in the event of a voluntary bankruptcy of the partnership). On December 6, 2013, the holder of mortgage debt encumbering all of the joint venture’s properties foreclosed on the properties. As a result, title to the properties was transferred to the mortgage lender and the joint venture was relieved of the debt obligation plus accrued interest and penalties. The joint venture still had $5.6 million in nonrecourse mezzanine debt as of December 31, 2014; however, the joint venture no longer holds any property and has ceased all business operations. Management estimates there to be no fair value to the guarantees as of December 31, 2014 because the actions that would trigger performance are all within our control. | |||||
Tax Incremental Financing Obligation | |||||
In August 2010, Anne Arundel County, Maryland issued $30 million in tax incremental financing bonds to third-party investors in order to finance public improvements needed in connection with our project known as National Business Park North. The real estate taxes on increases in assessed value of a development district encompassing National Business Park North are to be transferred to a special fund pledged to the repayment of the bonds. We recognized a $1.3 million liability through December 31, 2014 representing our estimated obligation to fund through a special tax any future shortfalls between debt service on the bonds and real estate taxes available to repay the bonds. | |||||
Operating Leases | |||||
We are obligated as lessee under operating leases (mostly ground leases) with various expiration dates extending to the year 2100. Future minimum rental payments due under the terms of these operating leases as of December 31, 2014 follow (in thousands): | |||||
Year Ending December 31, | |||||
2015 | $ | 905 | |||
2016 | 839 | ||||
2017 | 768 | ||||
2018 | 735 | ||||
2019 | 728 | ||||
Thereafter | 76,678 | ||||
$ | 80,653 | ||||
Environmental Indemnity Agreement | |||||
We agreed to provide certain environmental indemnifications in connection with a lease and subsequent sale of three New Jersey properties. The prior owner of the properties, a Fortune 100 company that is responsible for groundwater contamination at such properties, previously agreed to indemnify us for (1) direct losses incurred in connection with the contamination and (2) its failure to perform remediation activities required by the State of New Jersey, up to the point that the state declares the remediation to be complete. Under the environmental indemnification agreement, we agreed to the following: | |||||
• | to indemnify the tenant against losses covered under the prior owner’s indemnity agreement if the prior owner fails to indemnify the tenant for such losses. This indemnification is capped at $5.0 million in perpetuity after the State of New Jersey declares the remediation to be complete; | ||||
• | to indemnify the tenant for consequential damages (e.g., business interruption) at one of the buildings in perpetuity and another of the buildings through 2025. This indemnification is limited to $12.5 million; and | ||||
• | to pay 50% of additional costs related to construction and environmental regulatory activities incurred by the tenant as a result of the indemnified environmental condition of the properties. This indemnification is limited to $300,000 annually and $1.5 million in the aggregate. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | Corporate Office Properties Trust and Subsidiaries and Corporate Office Properties, L.P. and Subsidiaries | ||||||||||||||||||||
Schedule II—Valuation and Qualifying Accounts | |||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Balance at | Charged to | Charged to Other Accounts (2) | Deductions (3) | Balance at End of Year | |||||||||||||||||
Beginning | Costs and | ||||||||||||||||||||
of Year | Expenses (1) | ||||||||||||||||||||
Accounts Receivables-Allowance for doubtful accounts | |||||||||||||||||||||
Year ended December 31, 2014 | $ | 2,976 | $ | 278 | $ | — | $ | (2,537 | ) | $ | 717 | ||||||||||
Year ended December 31, 2013 | $ | 4,694 | $ | (65 | ) | $ | — | $ | (1,653 | ) | $ | 2,976 | |||||||||
Year ended December 31, 2012 | $ | 3,546 | $ | 1,532 | $ | 232 | $ | (616 | ) | $ | 4,694 | ||||||||||
Allowance for Deferred Rent Receivable | |||||||||||||||||||||
Year ended December 31, 2014 | $ | 2,126 | $ | — | $ | (708 | ) | $ | — | $ | 1,418 | ||||||||||
Year ended December 31, 2013 | $ | 913 | $ | — | $ | 1,213 | $ | — | $ | 2,126 | |||||||||||
Year ended December 31, 2012 | $ | 703 | $ | — | $ | 416 | $ | (206 | ) | $ | 913 | ||||||||||
Allowance for Deferred Tax Asset | |||||||||||||||||||||
Year ended December 31, 2014 | $ | 2,062 | $ | — | $ | — | $ | — | $ | 2,062 | |||||||||||
Year ended December 31, 2013 | $ | 207 | $ | 1,855 | $ | — | $ | — | $ | 2,062 | |||||||||||
Year ended December 31, 2012 | $ | 207 | $ | — | $ | — | $ | — | $ | 207 | |||||||||||
(1) Amounts charged to costs and expenses are net of recoveries. | |||||||||||||||||||||
(2) Allowances for certain accounts receivables were charged to service company revenue. Deferred rent receivable allowances were charged to rental revenue. | |||||||||||||||||||||
(3) Deductions reflect adjustments to reserves due to actual write-offs of accounts. |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule III-Real Estate and Accumulated Depreciation | Corporate Office Properties Trust and Subsidiaries and Corporate Office Properties, L.P. and Subsidiaries | |||||||||||||||||||||||||||
Schedule III—Real Estate and Accumulated Depreciation | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
1000 Redstone Gateway (O) | Huntsville, AL | $ | 11,671 | $ | — | $ | 20,527 | $ | — | $ | — | $ | 20,527 | $ | 20,527 | $ | (924 | ) | 2013 | 3/23/10 | ||||||||
1100 Redstone Gateway (O) | Huntsville, AL | 12,057 | — | 19,501 | — | — | 19,501 | 19,501 | (476 | ) | 2014 | 3/23/10 | ||||||||||||||||
114 National Business Parkway (O) | Annapolis Junction, MD | — | 364 | 3,109 | 46 | 364 | 3,155 | 3,519 | (1,042 | ) | 2002 | 6/30/00 | ||||||||||||||||
11751 Meadowville Lane (O) | Richmond, VA | — | 1,305 | 52,098 | 112 | 1,305 | 52,210 | 53,515 | (9,889 | ) | 2007 | 9/15/06 | ||||||||||||||||
1200 Redstone Gateway (O) | Huntsville, AL | 13,950 | — | 22,409 | — | — | 22,409 | 22,409 | (586 | ) | 2013 | 3/23/10 | ||||||||||||||||
1201 M Street (O) | Washington, DC | — | — | 49,785 | 2,455 | — | 52,240 | 52,240 | (7,255 | ) | 2001 | 9/28/10 | ||||||||||||||||
1201 Winterson Road (O) | Linthicum, MD | — | 1,288 | 5,452 | 460 | 1,288 | 5,912 | 7,200 | (2,388 | ) | 1985 (7) | 4/30/98 | ||||||||||||||||
1220 12th Street, SE (O) | Washington, DC | — | — | 42,464 | 2,014 | — | 44,478 | 44,478 | (7,143 | ) | 2003 | 9/28/10 | ||||||||||||||||
1243 Winterson Road (L) | Linthicum, MD | — | 630 | — | — | 630 | — | 630 | — | -8 | 12/19/01 | |||||||||||||||||
1302 Concourse Drive (O) | Linthicum, MD | — | 2,078 | 8,313 | 5,008 | 2,078 | 13,321 | 15,399 | (5,610 | ) | 1996 | 11/18/99 | ||||||||||||||||
1304 Concourse Drive (O) | Linthicum, MD | — | 1,999 | 12,934 | 2,594 | 1,999 | 15,528 | 17,527 | (5,680 | ) | 2002 | 11/18/99 | ||||||||||||||||
1306 Concourse Drive (O) | Linthicum, MD | — | 2,796 | 11,186 | 5,745 | 2,796 | 16,931 | 19,727 | (6,097 | ) | 1990 | 11/18/99 | ||||||||||||||||
131 National Business Parkway (O) | Annapolis Junction, MD | — | 1,906 | 7,623 | 3,288 | 1,906 | 10,911 | 12,817 | (4,807 | ) | 1990 | 9/28/98 | ||||||||||||||||
132 National Business Parkway (O) | Annapolis Junction, MD | — | 2,917 | 12,259 | 2,977 | 2,917 | 15,236 | 18,153 | (7,314 | ) | 2000 | 5/28/99 | ||||||||||||||||
13200 Woodland Park Road (O) | Herndon, VA | — | 10,428 | 41,711 | 13,985 | 10,428 | 55,696 | 66,124 | (24,106 | ) | 2002 | 6/2/03 | ||||||||||||||||
133 National Business Parkway (O) | Annapolis Junction, MD | — | 2,517 | 10,068 | 4,920 | 2,517 | 14,988 | 17,505 | (7,560 | ) | 1997 | 9/28/98 | ||||||||||||||||
1331 Ashton Road (O) | Hanover, MD | — | 587 | 2,347 | 1,474 | 587 | 3,821 | 4,408 | (1,154 | ) | 1989 | 4/28/99 | ||||||||||||||||
1334 Ashton Road (O) | Hanover, MD | — | 736 | 1,488 | 2,634 | 736 | 4,122 | 4,858 | (2,055 | ) | 1989 | 4/28/99 | ||||||||||||||||
134 National Business Parkway (O) | Annapolis Junction, MD | — | 3,684 | 7,517 | 1,282 | 3,684 | 8,799 | 12,483 | (3,765 | ) | 1999 | 11/13/98 | ||||||||||||||||
1340 Ashton Road (O) | Hanover, MD | — | 905 | 3,620 | 1,466 | 905 | 5,086 | 5,991 | (2,431 | ) | 1989 | 4/28/99 | ||||||||||||||||
1341 Ashton Road (O) | Hanover, MD | — | 306 | 1,223 | 601 | 306 | 1,824 | 2,130 | (860 | ) | 1989 | 4/28/99 | ||||||||||||||||
1343 Ashton Road (O) | Hanover, MD | — | 193 | 774 | 405 | 193 | 1,179 | 1,372 | (596 | ) | 1989 | 4/28/99 | ||||||||||||||||
13450 Sunrise Valley Road (O) | Herndon, VA | — | 1,386 | 5,576 | 3,335 | 1,386 | 8,911 | 10,297 | (3,580 | ) | 1998 | 7/25/03 | ||||||||||||||||
13454 Sunrise Valley Road (O) | Herndon, VA | — | 2,899 | 11,986 | 5,447 | 2,899 | 17,433 | 20,332 | (6,255 | ) | 1998 | 7/25/03 | ||||||||||||||||
135 National Business Parkway (O) | Annapolis Junction, MD | 11,418 | 2,484 | 9,750 | 4,742 | 2,484 | 14,492 | 16,976 | (5,845 | ) | 1998 | 12/30/98 | ||||||||||||||||
1362 Mellon Road (O) | Hanover, MD | — | 1,706 | 8,670 | 119 | 1,706 | 8,789 | 10,495 | (1,278 | ) | 2006 | 2/10/06 | ||||||||||||||||
13857 McLearen Road (O) | Herndon, VA | — | 3,507 | 30,177 | 1,557 | 3,507 | 31,734 | 35,241 | (4,945 | ) | 2007 | 7/11/12 | ||||||||||||||||
140 National Business Parkway (O) | Annapolis Junction, MD | — | 3,407 | 24,167 | 643 | 3,407 | 24,810 | 28,217 | (7,039 | ) | 2003 | 12/31/03 | ||||||||||||||||
141 National Business Parkway (O) | Annapolis Junction, MD | 11,871 | 2,398 | 9,590 | 2,995 | 2,398 | 12,585 | 14,983 | (5,575 | ) | 1990 | 9/28/98 | ||||||||||||||||
14280 Park Meadow Drive (O) | Chantilly, VA | — | 3,731 | 15,953 | 1,754 | 3,731 | 17,707 | 21,438 | (5,626 | ) | 1999 | 9/29/04 | ||||||||||||||||
1460 Dorsey Road (L) | Hanover, MD | — | 1,800 | — | — | 1,800 | — | 1,800 | — | -8 | 2/28/06 | |||||||||||||||||
14840 Conference Center Drive (O) | Chantilly, VA | — | 1,572 | 8,175 | 1,488 | 1,572 | 9,663 | 11,235 | (3,885 | ) | 2000 | 7/25/03 | ||||||||||||||||
14850 Conference Center Drive (O) | Chantilly, VA | — | 1,615 | 8,358 | 2,896 | 1,615 | 11,254 | 12,869 | (4,074 | ) | 2000 | 7/25/03 | ||||||||||||||||
14900 Conference Center Drive (O) | Chantilly, VA | — | 3,436 | 14,402 | 4,569 | 3,436 | 18,971 | 22,407 | (7,396 | ) | 1999 | 7/25/03 | ||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
15000 Conference Center Drive (O) | Chantilly, VA | 54,000 | 5,193 | 47,045 | 18,692 | 5,193 | 65,737 | 70,930 | (25,365 | ) | 1989 | 11/30/01 | ||||||||||||||||
1501 South Clinton Street (O) | Baltimore, MD | — | 27,964 | 52,146 | 7,553 | 27,964 | 59,699 | 87,663 | (11,059 | ) | 2006 | 10/27/09 | ||||||||||||||||
15010 Conference Center Drive (O) | Chantilly, VA | 96,000 | 3,500 | 41,921 | 498 | 3,500 | 42,419 | 45,919 | (8,644 | ) | 2006 | 11/30/01 | ||||||||||||||||
15049 Conference Center Drive (O) | Chantilly, VA | — | 4,415 | 20,365 | 726 | 4,415 | 21,091 | 25,506 | (8,781 | ) | 1997 | 8/14/02 | ||||||||||||||||
15059 Conference Center Drive (O) | Chantilly, VA | — | 5,753 | 13,615 | 1,780 | 5,753 | 15,395 | 21,148 | (6,071 | ) | 2000 | 8/14/02 | ||||||||||||||||
15395 John Marshall Highway (O) | Haymarket, VA | — | 2,465 | 24,720 | — | 2,465 | 24,720 | 27,185 | (576 | ) | 2014 | 5/7/13 | ||||||||||||||||
1550 West Nursery Road (O) | Linthicum, MD | — | 14,071 | 16,930 | — | 14,071 | 16,930 | 31,001 | (3,038 | ) | 2009 | 10/28/09 | ||||||||||||||||
1550 Westbranch Drive (O) | McLean, VA | — | 5,595 | 26,212 | 116 | 5,595 | 26,328 | 31,923 | (3,647 | ) | 2002 | 6/28/10 | ||||||||||||||||
1560 West Nursery Road (O) | Linthicum, MD | — | 1,441 | 96 | — | 1,441 | 96 | 1,537 | (2 | ) | 2014 | 10/28/09 | ||||||||||||||||
1560A Cable Ranch Road (O) | San Antonio, TX | — | 1,097 | 3,770 | 352 | 1,097 | 4,122 | 5,219 | (950 | ) | 1985/2007 | 6/19/08 | ||||||||||||||||
1560B Cable Ranch Road (O) | San Antonio, TX | — | 2,299 | 6,545 | 11 | 2,299 | 6,556 | 8,855 | (1,532 | ) | 1985/2006 | 6/19/08 | ||||||||||||||||
16442 Commerce Drive (O) | Dahlgren, VA | — | 613 | 2,582 | 593 | 613 | 3,175 | 3,788 | (1,153 | ) | 2002 | 12/21/04 | ||||||||||||||||
16480 Commerce Drive (O) | Dahlgren, VA | — | 1,856 | 7,425 | 167 | 1,856 | 7,592 | 9,448 | (2,020 | ) | 2000 | 12/28/04 | ||||||||||||||||
16501 Commerce Drive (O) | Dahlgren, VA | — | 522 | 2,090 | 465 | 522 | 2,555 | 3,077 | (714 | ) | 2002 | 12/21/04 | ||||||||||||||||
16539 Commerce Drive (O) | Dahlgren, VA | — | 688 | 2,860 | 1,469 | 688 | 4,329 | 5,017 | (1,696 | ) | 1990 | 12/21/04 | ||||||||||||||||
16541 Commerce Drive (O) | Dahlgren, VA | — | 773 | 3,094 | 1,367 | 773 | 4,461 | 5,234 | (1,529 | ) | 1996 | 12/21/04 | ||||||||||||||||
16543 Commerce Drive (O) | Dahlgren, VA | — | 436 | 1,742 | 172 | 436 | 1,914 | 2,350 | (486 | ) | 2002 | 12/21/04 | ||||||||||||||||
1751 Pinnacle Drive (O) | McLean, VA | — | 10,486 | 42,339 | 22,325 | 10,486 | 64,664 | 75,150 | (20,705 | ) | 1989/1995 | 9/23/04 | ||||||||||||||||
1753 Pinnacle Drive (O) | McLean, VA | — | 8,275 | 34,353 | 10,528 | 8,275 | 44,881 | 53,156 | (14,406 | ) | 1976/2004 | 9/23/04 | ||||||||||||||||
201 Technology Drive (O) | Lebanon, VA | — | 726 | 31,091 | 60 | 726 | 31,151 | 31,877 | (5,579 | ) | 2007 | 10/5/07 | ||||||||||||||||
206 Research Boulevard (O) | Aberdeen, MD | — | 1,813 | 17,485 | — | 1,813 | 17,485 | 19,298 | (979 | ) | 2012 | 9/14/07 | ||||||||||||||||
209 Research Boulevard (O) | Aberdeen, MD | — | 1,045 | 16,087 | 32 | 1,045 | 16,119 | 17,164 | (1,665 | ) | 2010 | 9/14/07 | ||||||||||||||||
210 Research Boulevard (O) | Aberdeen, MD | — | 1,065 | 14,687 | 75 | 1,065 | 14,762 | 15,827 | (1,191 | ) | 2010 | 9/14/07 | ||||||||||||||||
21267 Smith Switch Road (O) | Ashburn, VA | — | 4,040 | 10,369 | — | 4,040 | 10,369 | 14,409 | (106 | ) | 2014 | 12/27/12 | ||||||||||||||||
21271 Smith Switch Road (O) | Ashburn, VA | — | 7,346 | 16,864 | — | 7,346 | 16,864 | 24,210 | (447 | ) | 2013 | 12/27/12 | ||||||||||||||||
22289 Exploration Drive (O) | Lexington Park, MD | — | 1,422 | 5,719 | 1,511 | 1,422 | 7,230 | 8,652 | (2,512 | ) | 2000 | 3/24/04 | ||||||||||||||||
22299 Exploration Drive (O) | Lexington Park, MD | — | 1,362 | 5,791 | 1,119 | 1,362 | 6,910 | 8,272 | (2,433 | ) | 1998 | 3/24/04 | ||||||||||||||||
22300 Exploration Drive (O) | Lexington Park, MD | — | 1,094 | 5,038 | 539 | 1,094 | 5,577 | 6,671 | (1,878 | ) | 1997 | 11/9/04 | ||||||||||||||||
22309 Exploration Drive (O) | Lexington Park, MD | — | 2,243 | 10,419 | 7,491 | 2,243 | 17,910 | 20,153 | (3,999 | ) | 1984/1997 | 3/24/04 | ||||||||||||||||
23535 Cottonwood Parkway (O) | California, MD | — | 692 | 3,051 | 223 | 692 | 3,274 | 3,966 | (1,066 | ) | 1984 | 3/24/04 | ||||||||||||||||
2500 Riva Road (O) | Annapolis, MD | — | 2,791 | 12,145 | 1 | 2,791 | 12,146 | 14,937 | (4,073 | ) | 2000 | 3/4/03 | ||||||||||||||||
2691 Technology Drive (O) | Annapolis Junction, MD | — | 2,098 | 17,334 | 5,115 | 2,098 | 22,449 | 24,547 | (6,938 | ) | 2005 | 5/26/00 | ||||||||||||||||
2701 Technology Drive (O) | Annapolis Junction, MD | 22,636 | 1,737 | 15,266 | 2,554 | 1,737 | 17,820 | 19,557 | (6,641 | ) | 2001 | 5/26/00 | ||||||||||||||||
2711 Technology Drive (O) | Annapolis Junction, MD | 17,606 | 2,251 | 21,611 | 1,451 | 2,251 | 23,062 | 25,313 | (9,531 | ) | 2002 | 11/13/00 | ||||||||||||||||
2720 Technology Drive (O) | Annapolis Junction, MD | — | 3,863 | 29,272 | 113 | 3,863 | 29,385 | 33,248 | (7,577 | ) | 2004 | 1/31/02 | ||||||||||||||||
2721 Technology Drive (O) | Annapolis Junction, MD | — | 4,611 | 14,597 | 1,226 | 4,611 | 15,823 | 20,434 | (5,840 | ) | 2000 | 10/21/99 | ||||||||||||||||
2730 Hercules Road (O) | Annapolis Junction, MD | 35,161 | 8,737 | 31,612 | 7,093 | 8,737 | 38,705 | 47,442 | (14,268 | ) | 1990 | 9/28/98 | ||||||||||||||||
2900 Towerview Road (O) | Herndon, VA | — | 3,207 | 16,379 | 6,419 | 3,207 | 22,798 | 26,005 | (5,969 | ) | 1982/2008 | 12/20/05 | ||||||||||||||||
300 Sentinel Drive (O) | Annapolis Junction, MD | — | 1,517 | 58,827 | 166 | 1,517 | 58,993 | 60,510 | (6,977 | ) | 2009 | 11/14/03 | ||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
302 Sentinel Drive (O) | Annapolis Junction, MD | — | 2,648 | 29,687 | 423 | 2,648 | 30,110 | 32,758 | (5,210 | ) | 2007 | 11/14/03 | ||||||||||||||||
304 Sentinel Drive (O) | Annapolis Junction, MD | — | 3,411 | 24,917 | 138 | 3,411 | 25,055 | 28,466 | (5,655 | ) | 2005 | 11/14/03 | ||||||||||||||||
306 Sentinel Drive (O) | Annapolis Junction, MD | 16,298 | 3,260 | 22,592 | 415 | 3,260 | 23,007 | 26,267 | (4,687 | ) | 2006 | 11/14/03 | ||||||||||||||||
308 Sentinel Drive (O) | Annapolis Junction, MD | — | 1,422 | 26,197 | — | 1,422 | 26,197 | 27,619 | (2,395 | ) | 2010 | 11/14/03 | ||||||||||||||||
310 Sentinel Way (O) | Annapolis Junction, MD | — | 2,372 | 33,953 | — | 2,372 | 33,953 | 36,325 | — | -7 | 11/14/03 | |||||||||||||||||
310 The Bridge Street (O) | Huntsville, AL | — | 261 | 26,531 | 1,051 | 261 | 27,582 | 27,843 | (4,310 | ) | 2009 | 8/9/11 | ||||||||||||||||
312 Sentinel Way (O) | Annapolis Junction, MD | — | 3,138 | 23,793 | — | 3,138 | 23,793 | 26,931 | (240 | ) | 2014 | 11/14/03 | ||||||||||||||||
3120 Fairview Park Drive (O) | Falls Church, VA | — | 6,863 | 35,606 | 7,303 | 6,863 | 42,909 | 49,772 | (5,456 | ) | 2008 | 11/23/10 | ||||||||||||||||
314 Sentinel Way (O) | Annapolis Junction, MD | — | 1,254 | 1,325 | — | 1,254 | 1,325 | 2,579 | (216 | ) | 2008 | 11/14/03 | ||||||||||||||||
316 Sentinel Way (O) | Annapolis Junction, MD | — | 2,748 | 38,156 | 139 | 2,748 | 38,295 | 41,043 | (2,602 | ) | 2011 | 11/14/03 | ||||||||||||||||
318 Sentinel Way (O) | Annapolis Junction, MD | — | 2,185 | 28,426 | — | 2,185 | 28,426 | 30,611 | (6,270 | ) | 2005 | 11/14/03 | ||||||||||||||||
320 Sentinel Way (O) | Annapolis Junction, MD | — | 2,067 | 21,623 | — | 2,067 | 21,623 | 23,690 | (3,770 | ) | 2007 | 11/14/03 | ||||||||||||||||
322 Sentinel Way (O) | Annapolis Junction, MD | 21,680 | 2,605 | 22,827 | — | 2,605 | 22,827 | 25,432 | (4,572 | ) | 2006 | 11/14/03 | ||||||||||||||||
324 Sentinel Way (O) | Annapolis Junction, MD | — | 1,656 | 23,018 | — | 1,656 | 23,018 | 24,674 | (2,503 | ) | 2010 | 6/29/06 | ||||||||||||||||
375 West Padonia Road (O) | Timonium, MD | — | 2,483 | 10,415 | 4,857 | 2,483 | 15,272 | 17,755 | (6,904 | ) | 1986 | 12/21/99 | ||||||||||||||||
410 National Business Parkway (O) | Annapolis Junction, MD | — | 1,831 | 23,257 | 112 | 1,831 | 23,369 | 25,200 | (1,127 | ) | 2012 | 6/29/06 | ||||||||||||||||
420 National Business Parkway (O) | Annapolis Junction, MD | — | 2,370 | 27,161 | 101 | 2,370 | 27,262 | 29,632 | (541 | ) | 2013 | 6/29/06 | ||||||||||||||||
430 National Business Parkway (O) | Annapolis Junction, MD | — | 1,852 | 21,138 | 120 | 1,852 | 21,258 | 23,110 | (1,494 | ) | 2011 | 6/29/06 | ||||||||||||||||
44408 Pecan Court (O) | California, MD | — | 817 | 1,583 | 582 | 817 | 2,165 | 2,982 | (405 | ) | 1986 | 3/24/04 | ||||||||||||||||
44414 Pecan Court (O) | California, MD | — | 405 | 1,619 | 336 | 405 | 1,955 | 2,360 | (641 | ) | 1986 | 3/24/04 | ||||||||||||||||
44417 Pecan Court (O) | California, MD | — | 434 | 3,204 | 88 | 434 | 3,292 | 3,726 | (1,037 | ) | 1989 (7) | 3/24/04 | ||||||||||||||||
44420 Pecan Court (O) | California, MD | — | 344 | 890 | 148 | 344 | 1,038 | 1,382 | (199 | ) | 1989 | 11/9/04 | ||||||||||||||||
44425 Pecan Court (O) | California, MD | — | 1,309 | 3,506 | 1,307 | 1,309 | 4,813 | 6,122 | (1,492 | ) | 1997 | 5/5/04 | ||||||||||||||||
45310 Abell House Lane (O) | California, MD | — | 2,272 | 13,808 | — | 2,272 | 13,808 | 16,080 | (1,057 | ) | 2011 | 8/30/10 | ||||||||||||||||
46579 Expedition Drive (O) | Lexington Park, MD | — | 1,406 | 5,796 | 1,335 | 1,406 | 7,131 | 8,537 | (2,780 | ) | 2002 | 3/24/04 | ||||||||||||||||
46591 Expedition Drive (O) | Lexington Park, MD | — | 1,200 | 7,199 | 803 | 1,200 | 8,002 | 9,202 | (1,618 | ) | 2005 | 3/24/04 | ||||||||||||||||
4851 Stonecroft Boulevard (O) | Chantilly, VA | — | 1,878 | 11,558 | 21 | 1,878 | 11,579 | 13,457 | (2,959 | ) | 2004 | 8/14/02 | ||||||||||||||||
4940 Campbell Drive (O) | White Marsh, MD | — | 1,379 | 3,858 | 1,373 | 1,379 | 5,231 | 6,610 | (1,278 | ) | 1990 | 1/9/07 | ||||||||||||||||
525 Babcock Road (O) | Colorado Springs, CO | — | 355 | 397 | 79 | 355 | 476 | 831 | (153 | ) | 1967 | 7/12/07 | ||||||||||||||||
5325 Nottingham Drive (O) | White Marsh, MD | — | 816 | 3,976 | 485 | 816 | 4,461 | 5,277 | (1,076 | ) | 2002 | 1/9/07 | ||||||||||||||||
5355 Nottingham Drive (O) | White Marsh, MD | — | 761 | 3,562 | 1,758 | 761 | 5,320 | 6,081 | (1,874 | ) | 2005 | 1/9/07 | ||||||||||||||||
5520 Research Park Drive (O) | Catonsville, MD | — | — | 20,072 | 38 | — | 20,110 | 20,110 | (2,687 | ) | 2009 | 4/4/06 | ||||||||||||||||
5522 Research Park Drive (O) | Catonsville, MD | — | — | 4,550 | — | — | 4,550 | 4,550 | (842 | ) | 2007 | 3/8/06 | ||||||||||||||||
5825 University Research Court (O) | College Park, MD | 15,615 | — | 22,522 | 60 | — | 22,582 | 22,582 | (3,246 | ) | 2008 | 1/29/08 | ||||||||||||||||
5850 University Research Court (O) | College Park, MD | 21,261 | — | 31,689 | 57 | — | 31,746 | 31,746 | (3,763 | ) | 2008 | 1/29/08 | ||||||||||||||||
6700 Alexander Bell Drive (O) | Columbia, MD | — | 1,755 | 7,019 | 5,550 | 1,755 | 12,569 | 14,324 | (5,435 | ) | 1988 | 5/14/01 | ||||||||||||||||
6708 Alexander Bell Drive (O) | Columbia, MD | — | 897 | 7,544 | 1,591 | 897 | 9,135 | 10,032 | (3,319 | ) | 1988 (7) | 5/14/01 | ||||||||||||||||
6711 Columbia Gateway Drive (O) | Columbia, MD | — | 2,683 | 23,239 | 435 | 2,683 | 23,674 | 26,357 | (4,765 | ) | 2006-2007 | 9/28/00 | ||||||||||||||||
6716 Alexander Bell Drive (O) | Columbia, MD | — | 1,242 | 4,969 | 3,352 | 1,242 | 8,321 | 9,563 | (3,992 | ) | 1990 | 12/31/98 | ||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
6721 Columbia Gateway Drive (O) | Columbia, MD | 17,102 | 1,753 | 34,090 | 65 | 1,753 | 34,155 | 35,908 | (4,941 | ) | 2009 | 9/28/00 | ||||||||||||||||
6724 Alexander Bell Drive (O) | Columbia, MD | — | 449 | 5,039 | 368 | 449 | 5,407 | 5,856 | (2,106 | ) | 2001 | 5/14/01 | ||||||||||||||||
6731 Columbia Gateway Drive (O) | Columbia, MD | — | 2,807 | 19,098 | 2,046 | 2,807 | 21,144 | 23,951 | (7,841 | ) | 2002 | 3/29/00 | ||||||||||||||||
6740 Alexander Bell Drive (O) | Columbia, MD | — | 1,424 | 5,696 | 3,346 | 1,424 | 9,042 | 10,466 | (4,644 | ) | 1992 | 12/31/98 | ||||||||||||||||
6741 Columbia Gateway Drive (O) | Columbia, MD | — | 675 | 1,711 | 114 | 675 | 1,825 | 2,500 | (303 | ) | 2008 | 9/28/00 | ||||||||||||||||
6750 Alexander Bell Drive (O) | Columbia, MD | — | 1,263 | 12,461 | 3,419 | 1,263 | 15,880 | 17,143 | (7,008 | ) | 2001 | 12/31/98 | ||||||||||||||||
6760 Alexander Bell Drive (O) | Columbia, MD | — | 890 | 3,561 | 2,763 | 890 | 6,324 | 7,214 | (2,989 | ) | 1991 | 12/31/98 | ||||||||||||||||
6940 Columbia Gateway Drive (O) | Columbia, MD | — | 3,545 | 9,916 | 4,717 | 3,545 | 14,633 | 18,178 | (6,463 | ) | 1999 | 11/13/98 | ||||||||||||||||
6950 Columbia Gateway Drive (O) | Columbia, MD | — | 3,596 | 14,269 | 2,164 | 3,596 | 16,433 | 20,029 | (6,965 | ) | 1998 | 10/22/98 | ||||||||||||||||
7000 Columbia Gateway Drive (O) | Columbia, MD | — | 3,131 | 12,103 | 989 | 3,131 | 13,092 | 16,223 | (4,056 | ) | 1999 | 5/31/02 | ||||||||||||||||
7005 Columbia Gateway Drive (O) | Columbia, MD | — | 3,036 | 14 | — | 3,036 | 14 | 3,050 | — | -8 | 6/26/14 | |||||||||||||||||
7015 Albert Einstein Drive (O) | Columbia, MD | 1,900 | 2,058 | 6,093 | 855 | 2,058 | 6,948 | 9,006 | (2,669 | ) | 1999 | 12/1/05 | ||||||||||||||||
7061 Columbia Gateway Drive (O) | Columbia, MD | — | 729 | 3,094 | 1,407 | 729 | 4,501 | 5,230 | (1,657 | ) | 2000 | 8/30/01 | ||||||||||||||||
7063 Columbia Gateway Drive (O) | Columbia, MD | — | 902 | 3,684 | 1,074 | 902 | 4,758 | 5,660 | (2,272 | ) | 2000 | 8/30/01 | ||||||||||||||||
7065 Columbia Gateway Drive (O) | Columbia, MD | — | 919 | 3,763 | 2,902 | 919 | 6,665 | 7,584 | (2,343 | ) | 2000 | 8/30/01 | ||||||||||||||||
7067 Columbia Gateway Drive (O) | Columbia, MD | — | 1,829 | 11,823 | 2,773 | 1,829 | 14,596 | 16,425 | (5,461 | ) | 2001 | 8/30/01 | ||||||||||||||||
7125 Columbia Gateway Drive (L) | Columbia, MD | — | 3,361 | 555 | 279 | 3,361 | 834 | 4,195 | — | 1973/1999 (8) | 6/29/06 | |||||||||||||||||
7125 Columbia Gateway Drive (O) | Columbia, MD | — | 17,126 | 46,994 | 8,848 | 17,126 | 55,842 | 72,968 | (14,434 | ) | 1973/1999 | 6/29/06 | ||||||||||||||||
7130 Columbia Gateway Drive (O) | Columbia, MD | — | 1,350 | 4,359 | 1,802 | 1,350 | 6,161 | 7,511 | (2,321 | ) | 1989 | 9/19/05 | ||||||||||||||||
7134 Columbia Gateway Drive (O) | Columbia, MD | — | 704 | 1,971 | 310 | 704 | 2,281 | 2,985 | (638 | ) | 1990 | 9/19/05 | ||||||||||||||||
7138 Columbia Gateway Drive (O) | Columbia, MD | — | 1,104 | 3,518 | 1,975 | 1,104 | 5,493 | 6,597 | (2,817 | ) | 1990 | 9/19/05 | ||||||||||||||||
7142 Columbia Gateway Drive (O) | Columbia, MD | — | 1,342 | 3,978 | 2,494 | 1,342 | 6,472 | 7,814 | (2,091 | ) | 1994 | 9/19/05 | ||||||||||||||||
7150 Columbia Gateway Drive (O) | Columbia, MD | — | 1,032 | 3,429 | 579 | 1,032 | 4,008 | 5,040 | (1,056 | ) | 1991 | 9/19/05 | ||||||||||||||||
7150 Riverwood Drive (O) | Columbia, MD | — | 1,821 | 4,388 | 1,332 | 1,821 | 5,720 | 7,541 | (1,742 | ) | 2000 | 1/10/07 | ||||||||||||||||
7160 Riverwood Drive (O) | Columbia, MD | — | 2,732 | 7,006 | 1,605 | 2,732 | 8,611 | 11,343 | (3,040 | ) | 2000 | 1/10/07 | ||||||||||||||||
7170 Riverwood Drive (O) | Columbia, MD | — | 1,283 | 3,096 | 658 | 1,283 | 3,754 | 5,037 | (1,218 | ) | 2000 | 1/10/07 | ||||||||||||||||
7175 Riverwood Drive (O) | Columbia, MD | — | 1,788 | 7,270 | — | 1,788 | 7,270 | 9,058 | (207 | ) | 1996/2013 | 7/27/05 | ||||||||||||||||
7200 Redstone Gateway (O) | Huntsville, AL | — | — | 4,926 | — | — | 4,926 | 4,926 | (133 | ) | 2013 | 3/23/10 | ||||||||||||||||
7200 Riverwood Road (O) | Columbia, MD | — | 4,089 | 16,356 | 3,538 | 4,089 | 19,894 | 23,983 | (7,933 | ) | 1986 | 10/13/98 | ||||||||||||||||
7205 Riverwood Drive (O) | Columbia, MD | — | 1,367 | 24,114 | — | 1,367 | 24,114 | 25,481 | (774 | ) | 2013 | 7/27/05 | ||||||||||||||||
7272 Park Circle Drive (O) | Hanover, MD | 4,919 | 1,479 | 6,300 | 3,884 | 1,479 | 10,184 | 11,663 | (2,461 | ) | 1991/1996 | 1/10/07 | ||||||||||||||||
7318 Parkway Drive (O) | Hanover, MD | — | 972 | 3,888 | 926 | 972 | 4,814 | 5,786 | (1,879 | ) | 1984 | 4/16/99 | ||||||||||||||||
7320 Parkway Drive (O) | Hanover, MD | — | 905 | 3,570 | 4,018 | 905 | 7,588 | 8,493 | (2,310 | ) | 1983 | 4/4/02 | ||||||||||||||||
7400 Redstone Gateway (O) | Huntsville, AL | — | — | 4,163 | — | — | 4,163 | 4,163 | — | -7 | 3/23/10 | |||||||||||||||||
7467 Ridge Road (O) | Hanover, MD | — | 1,629 | 6,517 | 2,402 | 1,629 | 8,919 | 10,548 | (4,138 | ) | 1990 | 4/28/99 | ||||||||||||||||
7740 Milestone Parkway (O) | Hanover, MD | 19,357 | 3,825 | 34,365 | 366 | 3,825 | 34,731 | 38,556 | (4,003 | ) | 2009 | 7/2/07 | ||||||||||||||||
7770 Backlick Road (O) | Springfield, VA | — | 6,387 | 74,325 | 140 | 6,387 | 74,465 | 80,852 | (3,414 | ) | 2012 | 3/10/10 | ||||||||||||||||
7880 Milestone Parkway (O) | Hanover, MD | — | 4,857 | 12,221 | — | 4,857 | 12,221 | 17,078 | — | -7 | 9/17/13 | |||||||||||||||||
8003 Corporate Drive (O) | White Marsh, MD | — | 611 | 1,611 | 655 | 611 | 2,266 | 2,877 | (396 | ) | 1999 | 1/9/07 | ||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
8007 Corporate Drive (O) | White Marsh, MD | — | 1,434 | 3,336 | 1,034 | 1,434 | 4,370 | 5,804 | (938 | ) | 1995 | 1/9/07 | ||||||||||||||||
8010 Corporate Drive (O) | White Marsh, MD | — | 1,349 | 3,262 | 1,744 | 1,349 | 5,006 | 6,355 | (1,282 | ) | 1998 | 1/9/07 | ||||||||||||||||
8013 Corporate Drive (O) | White Marsh, MD | — | 642 | 1,536 | 1,809 | 642 | 3,345 | 3,987 | (770 | ) | 1990 | 1/9/07 | ||||||||||||||||
8015 Corporate Drive (O) | White Marsh, MD | — | 446 | 1,116 | 361 | 446 | 1,477 | 1,923 | (428 | ) | 1990 | 1/9/07 | ||||||||||||||||
8019 Corporate Drive (O) | White Marsh, MD | — | 680 | 1,898 | 739 | 680 | 2,637 | 3,317 | (751 | ) | 1990 | 1/9/07 | ||||||||||||||||
8020 Corporate Drive (O) | White Marsh, MD | — | 2,184 | 3,767 | 2,205 | 2,184 | 5,972 | 8,156 | (1,499 | ) | 1997 | 1/9/07 | ||||||||||||||||
8023 Corporate Drive (O) | White Marsh, MD | — | 651 | 1,603 | 5 | 651 | 1,608 | 2,259 | (357 | ) | 1990 | 1/9/07 | ||||||||||||||||
8094 Sandpiper Circle (O) | White Marsh, MD | — | 1,960 | 3,716 | 941 | 1,960 | 4,657 | 6,617 | (1,125 | ) | 1998 | 1/9/07 | ||||||||||||||||
8098 Sandpiper Circle (O) | White Marsh, MD | — | 1,797 | 3,651 | 639 | 1,797 | 4,290 | 6,087 | (827 | ) | 1998 | 1/9/07 | ||||||||||||||||
8110 Corporate Drive (O) | White Marsh, MD | — | 2,285 | 10,117 | 989 | 2,285 | 11,106 | 13,391 | (2,870 | ) | 2001 | 1/9/07 | ||||||||||||||||
8140 Corporate Drive (O) | White Marsh, MD | — | 2,158 | 8,457 | 3,008 | 2,158 | 11,465 | 13,623 | (3,767 | ) | 2003 | 1/9/07 | ||||||||||||||||
8621 Robert Fulton Drive (O) | Columbia, MD | — | 2,317 | 12,642 | 336 | 2,317 | 12,978 | 15,295 | (3,015 | ) | 2005-2006 | 6/10/05 | ||||||||||||||||
8661 Robert Fulton Drive (O) | Columbia, MD | — | 1,510 | 3,764 | 2,423 | 1,510 | 6,187 | 7,697 | (1,848 | ) | 2002 | 12/30/03 | ||||||||||||||||
8671 Robert Fulton Drive (O) | Columbia, MD | — | 1,718 | 4,280 | 1,981 | 1,718 | 6,261 | 7,979 | (2,754 | ) | 2002 | 12/30/03 | ||||||||||||||||
870 Elkridge Landing Road (O) | Linthicum, MD | — | 2,003 | 9,442 | 6,941 | 2,003 | 16,383 | 18,386 | (7,965 | ) | 1981 | 8/3/01 | ||||||||||||||||
891 Elkridge Landing Road (O) | Linthicum, MD | — | 1,165 | 4,772 | 2,295 | 1,165 | 7,067 | 8,232 | (3,229 | ) | 1984 | 7/2/01 | ||||||||||||||||
900 Elkridge Landing Road (O) | Linthicum, MD | — | 1,993 | 7,972 | 3,486 | 1,993 | 11,458 | 13,451 | (5,655 | ) | 1982 | 4/30/98 | ||||||||||||||||
901 Elkridge Landing Road (O) | Linthicum, MD | — | 1,156 | 4,437 | 2,419 | 1,156 | 6,856 | 8,012 | (2,672 | ) | 1984 | 7/2/01 | ||||||||||||||||
911 Elkridge Landing Road (O) | Linthicum, MD | — | 1,215 | 4,861 | 2,024 | 1,215 | 6,885 | 8,100 | (3,239 | ) | 1985 | 4/30/98 | ||||||||||||||||
921 Elkridge Landing Road (O) | Linthicum, MD | — | 1,044 | 4,239 | 748 | 1,044 | 4,987 | 6,031 | (2,244 | ) | 1983 (7) | 4/30/98 | ||||||||||||||||
938 Elkridge Landing Road (O) | Linthicum, MD | — | 1,163 | 4,748 | 1,155 | 1,163 | 5,903 | 7,066 | (1,928 | ) | 1984 | 7/2/01 | ||||||||||||||||
939 Elkridge Landing Road (O) | Linthicum, MD | — | 939 | 3,756 | 3,074 | 939 | 6,830 | 7,769 | (2,927 | ) | 1983 | 4/30/98 | ||||||||||||||||
940 Elkridge Landing Road (L) | Linthicum, MD | — | 1,104 | 4,730 | 170 | 1,104 | 4,900 | 6,004 | (4,884 | ) | -8 | 7/2/01 | ||||||||||||||||
9651 Hornbaker Road (D) | Manassas, VA | — | 6,050 | 204,176 | 853 | 6,050 | 205,029 | 211,079 | (10,881 | ) | 2010 | 9/14/10 | ||||||||||||||||
9690 Deereco Road (O) | Timonium, MD | — | 3,415 | 13,723 | 7,289 | 3,415 | 21,012 | 24,427 | (9,585 | ) | 1988 | 12/21/99 | ||||||||||||||||
9900 Franklin Square Drive (O) | White Marsh, MD | — | 979 | 3,466 | 325 | 979 | 3,791 | 4,770 | (989 | ) | 1999 | 1/9/07 | ||||||||||||||||
9910 Franklin Square Drive (O) | White Marsh, MD | 4,691 | 1,219 | 6,590 | 74 | 1,219 | 6,664 | 7,883 | (1,952 | ) | 2005 | 1/9/07 | ||||||||||||||||
9920 Franklin Square Drive (O) | White Marsh, MD | — | 1,058 | 5,293 | 1,436 | 1,058 | 6,729 | 7,787 | (2,077 | ) | 2006 | 1/9/07 | ||||||||||||||||
Aerotech Commerce (L) | Colorado Springs, CO | — | 900 | — | — | 900 | — | 900 | — | -8 | 5/19/06 | |||||||||||||||||
Arborcrest (O) | Blue Bell, PA | — | 21,968 | 109,468 | 1,209 | 21,968 | 110,677 | 132,645 | (22,043 | ) | 1991-1996 (7) | 10/14/97 | ||||||||||||||||
Arundel Preserve (L) | Hanover, MD | — | 13,401 | 7,238 | — | 13,401 | 7,238 | 20,639 | — | -8 | 7/2/07 | |||||||||||||||||
Ashburn Crossing - DC 10 (O) | Ashburn, VA | — | 4,408 | 8,399 | — | 4,408 | 8,399 | 12,807 | — | -7 | 12/27/12 | |||||||||||||||||
Canton Crossing Land (L) | Baltimore, MD | — | 16,085 | 905 | — | 16,085 | 905 | 16,990 | — | -8 | 10/27/09 | |||||||||||||||||
Canton Crossing Util Distr Ctr (O) | Baltimore, MD | — | 7,300 | 15,556 | 878 | 7,300 | 16,434 | 23,734 | (2,755 | ) | 2006 | 10/27/09 | ||||||||||||||||
Columbia Gateway - Southridge (L) | Columbia, MD | — | 6,387 | 2,940 | — | 6,387 | 2,940 | 9,327 | — | -8 | 9/20/04 | |||||||||||||||||
Dahlgren Technology Center (L) | Dahlgren, VA | — | 978 | 178 | — | 978 | 178 | 1,156 | — | -8 | 3/16/05 | |||||||||||||||||
Expedition VII (L) | Lexington Park, MD | — | 705 | 727 | — | 705 | 727 | 1,432 | — | -8 | 3/24/04 | |||||||||||||||||
InterQuest (L) | Colorado Springs, CO | — | 14,382 | 9 | — | 14,382 | 9 | 14,391 | — | -8 | 9/28/05 | |||||||||||||||||
M Square Research Park (L) | College Park, MD | — | — | 3,129 | — | — | 3,129 | 3,129 | — | -8 | 1/29/08 | |||||||||||||||||
Initial Cost | Gross Amounts Carried At Close of Period | |||||||||||||||||||||||||||
Property (Type) (1) | Location | Encumbrances (2) | Land | Building and Land Improvements | Costs Capitalized Subsequent to Acquisition | Land | Building and Land Improvements | Total (3)(4) | Accumulated Depreciation (5) | Year Built or Renovated | Date Acquired (6) | |||||||||||||||||
National Business Park North (L) | Annapolis Junction, MD | — | 27,785 | 47,411 | — | 27,785 | 47,411 | 75,196 | — | -8 | 6/29/06 | |||||||||||||||||
North Gate Business Park (L) | Aberdeen, MD | — | 6,486 | 10,922 | — | 6,486 | 10,922 | 17,408 | — | -8 | 9/14/07 | |||||||||||||||||
Northwest Crossroads (L) | San Antonio, TX | — | 7,430 | 836 | — | 7,430 | 836 | 8,266 | — | -8 | 1/20/06 | |||||||||||||||||
NOVA Office A (O) (9) | Chantilly, VA | — | 2,096 | 38,142 | — | 2,096 | 38,142 | 40,238 | — | -7 | 7/31/02 | |||||||||||||||||
NOVA Office B (O) (9) | Chantilly, VA | — | 739 | 18,858 | — | 739 | 18,858 | 19,597 | — | -7 | 7/31/02 | |||||||||||||||||
NOVA Office D (O) | Chantilly, VA | — | 6,587 | 2 | — | 6,587 | 2 | 6,589 | — | -7 | 7/31/02 | |||||||||||||||||
Old Annapolis Road (O) | Columbia, MD | — | 1,637 | 5,500 | 2,421 | 1,637 | 7,921 | 9,558 | (2,756 | ) | 1974/1985 | 12/14/00 | ||||||||||||||||
Patriot Park (L) | Colorado Springs, CO | — | 8,723 | 248 | — | 8,723 | 248 | 8,971 | — | -8 | 7/8/05 | |||||||||||||||||
Patriot Ridge (L) | Springfield, VA | — | 18,517 | 14,440 | — | 18,517 | 14,440 | 32,957 | — | -8 | 3/10/10 | |||||||||||||||||
Redstone Gateway (L) | Huntsville, AL | — | — | 14,087 | — | — | 14,087 | 14,087 | — | -8 | 3/23/10 | |||||||||||||||||
Route 15/Biggs Ford Road (L) | Frederick, MD | — | 8,703 | 541 | — | 8,703 | 541 | 9,244 | — | -8 | 8/28/08 | |||||||||||||||||
Sentry Gateway (L) | San Antonio, TX | — | 8,275 | 3,645 | — | 8,275 | 3,645 | 11,920 | — | -8 | 3/30/05 | |||||||||||||||||
Sentry Gateway - T (O) | San Antonio, TX | — | 14,020 | 38,804 | 13 | 14,020 | 38,817 | 52,837 | (7,646 | ) | 1982/1985 | 3/30/05 | ||||||||||||||||
Sentry Gateway - V (O) | San Antonio, TX | — | — | 1,066 | — | — | 1,066 | 1,066 | (161 | ) | 2007 | 3/30/05 | ||||||||||||||||
Sentry Gateway - W (O) | San Antonio, TX | — | — | 1,884 | — | — | 1,884 | 1,884 | (249 | ) | 2009 | 3/30/05 | ||||||||||||||||
Sentry Gateway - X (O) | San Antonio, TX | — | 1,964 | 21,178 | — | 1,964 | 21,178 | 23,142 | (2,204 | ) | 2010 | 1/20/06 | ||||||||||||||||
Sentry Gateway - Y (O) | San Antonio, TX | — | 1,964 | 21,298 | — | 1,964 | 21,298 | 23,262 | (2,213 | ) | 2010 | 1/20/06 | ||||||||||||||||
Sentry Gateway - Z (O) | San Antonio, TX | — | 1,964 | 23,185 | — | 1,964 | 23,185 | 25,149 | — | -7 | 6/14/05 | |||||||||||||||||
Westfields - Park Center (L) | Chantilly, VA | — | 16,418 | 8,584 | — | 16,418 | 8,584 | 25,002 | — | -8 | 7/18/02 | |||||||||||||||||
Westfields Corporate Center (L) | Chantilly, VA | — | 7,141 | 1,415 | — | 7,141 | 1,415 | 8,556 | — | -8 | 7/31/02 | |||||||||||||||||
White Marsh (L) | White Marsh, MD | — | 17,610 | 6,983 | — | 17,610 | 6,983 | 24,593 | — | -8 | 1/9/07 | |||||||||||||||||
Woodland Park (L) | Herndon, VA | — | 9,614 | 81 | — | 9,614 | 81 | 9,695 | — | -8 | 4/29/04 | |||||||||||||||||
Other Developments, including intercompany eliminations (V) | Various | — | 8 | 276 | 261 | 8 | 537 | 545 | (26 | ) | Various | Various | ||||||||||||||||
$ | 409,193 | $ | 668,660 | $ | 3,008,508 | $ | 337,168 | $ | 668,660 | $ | 3,345,676 | $ | 4,014,336 | $ | (703,083 | ) | ||||||||||||
-1 | A legend for the Property Type follows: (O) =ffice Property; (L) =and held or pre-construction; (D) =ata Center; and (V) =arious. | |||||||||||||||||||||||||||
-2 | Excludes our Revolving Credit Facility of $83.0 million, term loan facilities of $520.0 million, unsecured senior notes of $890.9 million, exchangeable senior notes of $572,000, unsecured notes payable of $1.6 million, a letter of credit on a mortgage loan of $14.8 million, and net premiums on the remaining loans of $42,000. | |||||||||||||||||||||||||||
-3 | The aggregate cost of these assets for Federal income tax purposes was approximately $3.4 billion at December 31, 2014. | |||||||||||||||||||||||||||
-4 | As discussed in Note 3 to our Consolidated Financial Statements, we recognized impairment losses of $1.4 million primarily in connection with certain of our operating properties in the Greater Baltimore region that were disposed in the current period. | |||||||||||||||||||||||||||
-5 | The estimated lives over which depreciation is recognized follow: Building and land improvements: 10-40 years; and tenant improvements: related lease terms. | |||||||||||||||||||||||||||
-6 | The acquisition date of multi-parcel properties reflects the date of the earliest parcel acquisition. | |||||||||||||||||||||||||||
-7 | Under construction or redevelopment at December 31, 2014. | |||||||||||||||||||||||||||
-8 | Held or under pre-construction at December 31, 2014. | |||||||||||||||||||||||||||
-9 | The carrying amounts of these properties under construction exclude allocated costs of the garage being constructed to support the properties. | |||||||||||||||||||||||||||
The following table summarizes our changes in cost of properties for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 3,811,950 | $ | 3,859,960 | $ | 4,038,932 | ||||||||||||||||||||||
Acquisitions of operating properties | — | — | 33,684 | |||||||||||||||||||||||||
Improvements and other additions | 254,868 | 249,639 | 214,418 | |||||||||||||||||||||||||
Sales | (48,466 | ) | (141,045 | ) | (291,491 | ) | ||||||||||||||||||||||
Impairments | (3,042 | ) | (45,931 | ) | (121,557 | ) | ||||||||||||||||||||||
Other dispositions | (974 | ) | (110,673 | ) | (13,891 | ) | ||||||||||||||||||||||
Other | — | — | (135 | ) | ||||||||||||||||||||||||
Ending balance | $ | 4,014,336 | $ | 3,811,950 | $ | 3,859,960 | ||||||||||||||||||||||
The following table summarizes our changes in accumulated depreciation for the same time periods (in thousands): | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Beginning balance | $ | 597,649 | $ | 568,176 | $ | 577,601 | ||||||||||||||||||||||
Depreciation expense | 111,326 | 92,677 | 93,158 | |||||||||||||||||||||||||
Sales | (3,129 | ) | (9,542 | ) | (40,346 | ) | ||||||||||||||||||||||
Impairments | (1,671 | ) | (14,863 | ) | (58,855 | ) | ||||||||||||||||||||||
Other dispositions | (1,092 | ) | (38,799 | ) | (3,247 | ) | ||||||||||||||||||||||
Other | — | — | (135 | ) | ||||||||||||||||||||||||
Ending balance | $ | 703,083 | $ | 597,649 | $ | 568,176 | ||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation | ||
The COPT consolidated financial statements include the accounts of COPT, the Operating Partnership, their subsidiaries and other entities in which COPT has a majority voting interest and control. The COPLP consolidated financial statements include the accounts of COPLP, its subsidiaries and other entities in which COPLP has a majority voting interest and control. We also consolidate certain entities when control of such entities can be achieved through means other than voting rights (“variable interest entities” or “VIEs”) if we are deemed to be the primary beneficiary of such entities. We eliminate all significant intercompany balances and transactions in consolidation. | |||
We use the equity method of accounting when we own an interest in an entity and can exert significant influence over but cannot control the entity’s operations. We discontinue equity method accounting if our investment in an entity (and net advances) is reduced to zero unless we have guaranteed obligations of the entity or are otherwise committed to provide further financial support for the entity. | |||
We use the cost method of accounting when we own an interest in an entity and cannot exert significant influence over its operations. | |||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements | ||
We make estimates and assumptions when preparing financial statements under generally accepted accounting principles (“GAAP”). These estimates and assumptions affect various matters, including: | |||
• | the reported amounts of assets and liabilities in our consolidated balance sheets at the dates of the financial statements; | ||
• | the disclosure of contingent assets and liabilities at the dates of the financial statements; and | ||
• | the reported amounts of revenues and expenses in our consolidated statements of operations during the reporting periods. | ||
Significant estimates are inherent in the presentation of our financial statements in a number of areas, including the evaluation of the collectability of accounts and notes receivable, the allocation of property acquisition costs, the determination of estimated useful lives of assets, the determination of lease terms, the evaluation of impairment of long-lived assets, the amount of revenue recognized relating to tenant improvements and the level of expense recognized in connection with share-based compensation. Actual results could differ from these and other estimates. | |||
Acquisitions of Properties | Acquisitions of Properties | ||
Upon completion of property acquisitions, we allocate the purchase price to tangible and intangible assets and liabilities associated with such acquisitions based on our estimates of their fair values. We determine these fair values by using market data and independent appraisals available to us and making numerous estimates and assumptions. We allocate property acquisitions to the following components: | |||
• | properties based on a valuation performed under the assumption that the property is vacant upon acquisition (the “if-vacant value”). The if-vacant value is allocated between land and buildings or, in the case of properties under development, construction in progress. We also allocate additional amounts to properties for in-place tenant improvements based on our estimate of improvements per square foot provided under market leases that would be attributable to the remaining non-cancellable terms of the respective leases; | ||
• | above- and below-market lease intangible assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between: (1) the contractual amounts to be received pursuant to the in-place leases; and (2) our estimate of fair market lease rates for the corresponding space, measured over a period equal to the remaining non-cancelable term of the lease. The capitalized above- and below-market lease values are amortized as adjustments to rental revenue over the remaining lease terms of the respective leases; | ||
• | in-place lease value based on our estimates of: (1) the present value of additional income to be realized as a result of leases being in place on the acquired properties; and (2) costs to execute similar leases. Our estimate of additional income to be realized includes carrying costs, such as real estate taxes, insurance and other operating expenses, and revenues during the expected lease-up periods considering current market conditions. Our estimate of costs to execute similar leases includes leasing commissions, legal and other related costs; | ||
• | tenant relationship value based on our evaluation of the specific characteristics of each tenant's lease and our overall relationship with that respective tenant. Characteristics we consider in determining these values include the nature and extent of our existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant's credit quality and expectations of lease renewals, among other factors; and | ||
• | above- and below- market cost arrangements (such as real estate tax treaties or above- or below- market ground leases) based on the present value of the expected benefit from any such arrangements in place on the property at the time of acquisition. | ||
Properties | Properties | ||
We report properties to be developed or held and used in operations at our depreciated cost, reduced for impairment losses. The preconstruction stage of the development or redevelopment of an operating property includes efforts and related costs to secure land control and zoning, evaluate feasibility and complete other initial tasks which are essential to development. | |||
We capitalize interest expense, real estate taxes and direct and indirect project costs (including related compensation and other indirect costs) associated with properties, or portions thereof, undergoing construction, development and redevelopment activities. In capitalizing interest expense, if there is a specific borrowing for the property undergoing construction, development and redevelopment activities, we apply the interest rate of that borrowing to the average accumulated expenditures that do not exceed such borrowing; for the portion of expenditures exceeding any such specific borrowing, we apply our weighted average interest rate on other borrowings to the expenditures. We continue to capitalize costs while construction, development or redevelopment activities are underway until a property becomes “operational,” which occurs when lease terms commence (generally when the tenant has control of the leased space and we have delivered the premises to the tenant as required under the terms of such lease), but no later than one year after the cessation of major construction activities. When leases commence on portions of a newly-constructed or redeveloped property in the period prior to one year from the cessation of major construction activities, we consider that property to be “partially operational.” When a property is partially operational, we allocate the costs associated with the property between the portion that is operational and the portion under construction. We start depreciating newly-constructed and redeveloped properties as they become operational. | |||
Most of our leases involve some form of improvements to leased space. When we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets. If the improvements are landlord assets, we capitalize the cost of the improvements and recognize depreciation expense associated with such improvements over the shorter of the useful life of the assets or the term of the lease and recognize any payments from the tenant as rental revenue over the term of the lease. If the improvements are tenant assets, we defer the cost of improvements funded by us as a lease incentive asset and amortize it as a reduction of rental revenue over the term of the lease. In determining whether improvements constitute landlord or tenant assets, we consider numerous factors, including: whether the improvements are unique to the tenant or reusable by other tenants; whether the tenant is permitted to alter or remove the improvements without our consent or without compensating us for any lost fair value; whether the ownership of the improvements remains with us or remains with the tenant at the end of the lease term; and whether the economic substance of the lease terms is properly reflected. | |||
We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: | |||
Estimated Useful Lives | |||
Buildings and building improvements | 10-40 years | ||
Land improvements | 10-20 years | ||
Tenant improvements on operating properties | Related lease term | ||
Equipment and personal property | 3-10 years | ||
We assess each of our operating properties for impairment quarterly using cash flow projections and estimated fair values that we derive for each of the properties. We update the leasing and other assumptions used in these projections regularly, paying particular attention to properties that have experienced chronic vacancy or face significant market challenges. We review our plans and intentions for our development projects and land parcels quarterly. If our analyses indicate that the carrying values of operating properties, properties in development or land held for future development may be impaired, we perform a recovery analysis for such properties. For long-lived assets to be held and used, we analyze recoverability based on the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the assets over, in most cases, a ten-year holding period. If we believe there is a significant possibility that we might dispose of the assets earlier, we analyze recoverability using a probability weighted analysis of the estimated undiscounted future cash flows expected to be generated from the operations and eventual disposition of the assets over the various possible holding periods. If the recovery analysis indicates that the carrying value of a tested property is not recoverable from estimated future cash flows, it is written down to its estimated fair value and an impairment loss is recognized. If and when our plans change, we revise our recoverability analyses to use the cash flows expected from the operations and eventual disposition of each asset using holding periods that are consistent with our revised plans. Changes in holding periods may require us to recognize significant impairment losses. | |||
Property fair values are determined based on contract prices, indicative bids, discounted cash flow analyses or yield analyses. Estimated cash flows used in such analyses are based on our plans for the property and our views of market and economic conditions. The estimates consider factors such as current and future rental rates, occupancies for the tested property and comparable properties, estimated operating and capital expenditures and recent sales data for comparable properties; most of these factors are influenced by market data obtained from real estate leasing and brokerage firms and our direct experience with the properties and their markets. | |||
When we determine that a property is held for sale, we discontinue the recording of depreciation expense on the property and estimate the property’s fair value, net of selling costs; if we then determine that the estimated fair value, net of selling costs, is less than the net book value of the property, we recognize an impairment loss equal to the difference and reduce the net book value of the property. For periods in which a property is classified as held for sale, we classify the assets of the property as held for sale on our consolidated balance sheet for such periods. | |||
For dispositions of operating properties occurring prior to the quarterly period ended June 30, 2014 in which we have no significant continuing involvement in such properties, or for operating properties held for sale prior to the quarterly period ended June 30, 2014, we classify the results of operations for such properties as discontinued operations; interest expense that is specifically identifiable to properties included in discontinued operations is used in the computation of interest expense attributable to discontinued operations. As discussed further below, we adopted guidance issued by the Financial Accounting Standards Board (“FASB”) related to the reporting of discontinued operations and disclosures of disposals of components of an entity effective for the quarterly period ended June 30, 2014. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. | |||
Sale of Interests in Real Estate | Sales of Interests in Real Estate | ||
We recognize gains from sales of interests in real estate using the full accrual method, provided that various criteria relating to the terms of sale and any subsequent involvement by us with the real estate sold are met. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash and cash equivalents include all cash and liquid investments that mature three months or less from when they are purchased. Cash equivalents are reported at cost, which approximates fair value. We maintain our cash in bank accounts in amounts that may exceed Federally insured limits at times. We have not experienced any losses in these accounts in the past and believe that we are not exposed to significant credit risk because our accounts are deposited with major financial institutions. | |||
Investments in Marketable Securities | Investments in Marketable Securities | ||
We classify marketable securities as trading securities when we have the intent to sell such securities in the near term, and classify other marketable securities as available-for-sale securities. We determine the appropriate classification of investments in marketable securities at the acquisition date and re-evaluate the classification at each balance sheet date. We report investments in marketable securities classified as trading securities at fair value, with unrealized gains and losses recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from these securities as operating activities. We report investments in marketable securities classified as available-for-sale securities at fair value, with net unrealized gains or losses deferred to accumulated other comprehensive income (loss) (“AOCI”) and realized gains and losses resulting from sales of such investments recognized through earnings; on our consolidated statements of cash flows, we classify cash flows from interest and dividends earned on these securities as operating activities and cash flows from purchases, sales and maturities of these securities as investing activities. | |||
Accounts and Deferred Rents Receivable and Investing Receivables | Accounts and Deferred Rents Receivable and Investing Receivables | ||
We maintain allowances for estimated losses resulting from the failure of our customers or borrowers to satisfy their payment obligations. We use judgment in estimating these allowances based primarily upon the payment history and credit status of the entities associated with the individual receivables. We write off these receivables when we believe the facts and circumstances indicate that continued pursuit of collection is no longer warranted. When we earn interest income in connection with receivables for which we have established allowances, we establish allowances in connection with such interest income that is unpaid. When cash is received in connection with receivables for which we have established allowances, we reduce the amount of losses previously recognized. | |||
Intangible Assets and Deferred Revenue on Real Estate Acquisitions | Intangible Assets and Deferred Revenue on Real Estate Acquisitions | ||
We capitalize intangible assets and deferred revenue on real estate acquisitions as described in the section above entitled “Acquisitions of Properties.” We amortize the intangible assets and deferred revenue as follows: | |||
Asset Type | Amortization Period | ||
Above- and below-market leases | Related lease terms | ||
In-place lease value | Related lease terms | ||
Tenant relationship value | Estimated period of time that tenant will lease space in property | ||
Above- and below-market cost arrangements | Term of arrangements | ||
Market concentration premium | 40 years | ||
We recognize the amortization of acquired above-market and below-market leases as adjustments to rental revenue. We recognize the amortization of above- and below- market cost arrangements as adjustments to property operating expenses. We recognize the amortization of other intangible assets on property acquisitions as amortization expense. | |||
Deferred Leasing and Financing Costs, Net | Deferred Leasing and Financing Costs, Net | ||
We defer costs incurred to obtain new tenant leases or extend existing tenant leases, including related compensation costs. We amortize these costs evenly over the lease terms. When tenant leases are terminated early, we expense any unamortized deferred leasing costs associated with those leases over the shortened term of the lease. | |||
We defer costs of financing arrangements and recognize these costs as interest expense over the related loan terms on a straight-line basis, which approximates the amortization that would occur under the effective interest method of amortization. We expense any unamortized loan costs when loans are retired early. | |||
Noncontrolling Interests | Noncontrolling Interests | ||
COPT’s consolidated noncontrolling interests are comprised of interests in COPLP not owned by COPT (discussed further in Note 15) and consolidated real estate joint ventures (discussed further in Note 6). COPLP’s consolidated noncontrolling interests are comprised primarily of interests in our consolidated real estate joint ventures. Also included in COPLP’s consolidated noncontrolling interests are interests in several real estate entities owned directly by COPT, or a wholly owned subsidiary of COPT, that generally do not exceed 1% of interests in such entities. We evaluate whether noncontrolling interests are subject to redemption features outside of our control. For noncontrolling interests that are currently redeemable for cash at the option of the holders of such interests or deemed probable to eventually become redeemable, we classify such interests as redeemable noncontrolling interests in the mezzanine section of our consolidated balance sheets; we adjust these interests each period to the greater of their fair value or carrying amount (initial amount as adjusted for allocations of income and losses and contributions and distributions), with a corresponding offset to additional paid-in capital on COPT’s consolidated balance sheets or common units on COPLP’s balance sheet, and only recognize reductions in such interests to the extent of their carrying amount. Our other noncontrolling interests are reported in the equity section of our consolidated balance sheets. The amounts reported for noncontrolling interests on our consolidated statements of operations represent the portion of these entities’ income or losses not attributable to us. | |||
Revenue Recognition | Revenue Recognition | ||
We recognize minimum rents, net of abatements, on a straight-line basis over the term of tenant leases. A lease term generally commences when: (1) the tenant has control of the leased space (legal right to use the property); and (2) we have delivered the premises to the tenant as required under the terms of such lease. The term of a lease generally includes periods when a tenant: (1) may not terminate its lease obligation early; (2) may terminate its lease obligation early in exchange for a fee or penalty that we consider material enough such that termination would not be probable; (3) possesses renewal rights and the tenant’s failure to exercise such rights imposes a penalty on the tenant material enough such that renewal appears reasonably assured; or (4) possesses bargain renewal options for such periods. We report the amount by which our minimum rental revenue recognized on a straight-line basis under leases exceeds the contractual rent billings associated with such leases as deferred rent receivable on our consolidated balance sheets. Amounts by which our minimum rental revenue recognized on a straight-line basis under leases are less than the contractual rent billings associated with such leases are included in deferred revenue associated with operating leases on our consolidated balance sheets. | |||
In connection with a tenant’s entry into, or modification of, a lease, if we make cash payments to, or on behalf of, the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as lease incentives. As discussed above, when we are required to provide improvements under the terms of a lease, we determine whether the improvements constitute landlord assets or tenant assets; if the improvements are tenant assets, we defer the cost of improvements funded by us as a lease incentive asset. We amortize lease incentives as a reduction of rental revenue over the term of the lease. | |||
We recognize tenant recovery revenue in the same periods in which we incur the related expenses. Tenant recovery revenue includes payments from tenants as reimbursement for property taxes, utilities and other property operating expenses. | |||
We recognize fees received for lease terminations as revenue and write off against such revenue any (1) deferred rents receivable, and (2) deferred revenue, lease incentives and intangible assets that are amortizable into rental revenue associated with the leases; the resulting net amount is the net revenue from the early termination of the leases. When a tenant's lease for space in a property is terminated early but the tenant continues to lease such space under a new or modified lease in the property, the net revenue from the early termination of the lease is recognized evenly over the remaining life of the new or modified lease in place on that property. | |||
We recognize fees for services provided by us once services are rendered, fees are determinable and collectability is assured. We recognize revenue under construction contracts using the percentage of completion method when the revenue and costs for such contracts can be estimated with reasonable accuracy; when these criteria do not apply to a contract, we recognize revenue on that contract using the completed contract method. Under the percentage of completion method, we recognize a percentage of the total estimated revenue on a contract based on the cost of services provided on the contract as of a point in time relative to the total estimated costs on the contract. | |||
Interest Rate Derivatives | Interest Rate Derivatives | ||
Our primary objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for our making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Derivatives are used to hedge the cash flows associated with interest rates on existing debt as well as future debt. We recognize all derivatives as assets or liabilities on our consolidated balance sheet at fair value. We defer the effective portion of changes in fair value of the designated cash flow hedges to AOCI and reclassify such deferrals to interest expense as interest expense is recognized on the hedged forecasted transactions. We recognize the ineffective portion of the change in fair value of interest rate derivatives directly in interest expense. When an interest rate swap designated as a cash flow hedge no longer qualifies for hedge accounting, we recognize changes in fair value of the hedge previously deferred to AOCI, along with any changes in fair value occurring thereafter, through earnings. We do not use interest rate derivatives for trading or speculative purposes. We manage counter-party risk by only entering into contracts with major financial institutions based upon their credit ratings and other risk factors. | |||
We use standard market conventions and techniques such as discounted cash flow analysis, option pricing models, replacement cost and termination cost in computing the fair value of derivatives at each balance sheet date. We made an accounting policy election to use an exception provided for in the applicable accounting guidance with respect to measuring counterparty credit risk for derivative instruments; this election enables us to measure the fair value of groups of assets and liabilities associated with derivative instruments consistently with how market participants would price the net risk exposure as of the measurement date. | |||
Please refer to Note 12 for additional information pertaining to interest rate derivatives. | |||
Expense Classification | Expense Classification | ||
We classify as property operations expense costs incurred for property taxes, ground rents, utilities, property management, insurance, repairs, exterior and interior maintenance and tenant revenue collection losses, as well as associated labor and indirect costs attributable to these costs. | |||
We classify as general and administrative and leasing expenses costs incurred for corporate-level management, public company administration, asset management, leasing, investor relations, marketing and corporate-level insurance (including general business, director and officers and key man life) and leasing prospects, as well as associated labor and indirect costs attributable to these costs. | |||
Share-Based Compensation | Share-Based Compensation | ||
We issue two forms of share-based compensation: restricted COPT common shares (“restricted shares”) and COPT performance share units (“PSUs”). We also issued options to purchase COPT common shares (“options”) in prior years. We account for share-based compensation in accordance with authoritative guidance provided by the FASB that establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, focusing primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions. The guidance requires us to measure the cost of employee services received in exchange for an award of equity instruments based generally on the fair value of the award on the grant date; such cost is then recognized over the period during which the employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The guidance also requires that share-based compensation be computed based on awards that are ultimately expected to vest; as a result, future forfeitures of awards are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. If an award is voluntarily cancelled by an employee, we recognize the previously unrecognized cost associated with the original award on the date of such cancellation. We capitalize costs associated with share-based compensation attributable to employees engaged in construction and development activities. | |||
When we adopted the authoritative guidance on accounting for share-based compensation, we elected to adopt the alternative transition method for calculating the tax effects of share-based compensation. This method enabled us to use a simplified method to establishing the beginning balance of the additional paid-in capital pool related to the tax effects of employee share-based compensation that was available to absorb tax deficiencies recognized subsequent to the adoption of this guidance. | |||
We compute the fair value of options using the Black-Scholes option-pricing model. Under that model, the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected option life is based on our historical experience of employee exercise behavior. Expected volatility is based on historical volatility of COPT common shares. Expected dividend yield is based on the average historical dividend yield on our common shares over a period of time ending on the grant date of the options. | |||
We compute the fair value of PSUs using a Monte Carlo model. Under that model, the baseline common share value is based on the market value on the grant date. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is based on historical volatility of COPT’s common shares. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
We adopted guidance issued by the FASB related to the reporting of discontinued operations and disclosures of disposals of components of an entity effective for the quarterly period ended June 30, 2014. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. Our adoption of the guidance will result in fewer disposed or held for sale properties being reported as discontinued operations in our results of operations (including operating properties sold during the current period) but will not otherwise materially affect our consolidated financial statements. | |||
In May 2014, the FASB issued guidance regarding the recognition of revenue from contracts with customers. Under this guidance, an entity will recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We are required to adopt this guidance for our annual and interim periods beginning January 1, 2017, using one of two methods: retrospective restatement for each reporting period presented at the time of adoption, or retrospectively with the cumulative effect of initially applying this guidance recognized at the date of initial application. We are currently assessing the financial impact of this guidance on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Schedule of the estimated useful lives of fixed assets | We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows: | ||
Estimated Useful Lives | |||
Buildings and building improvements | 10-40 years | ||
Land improvements | 10-20 years | ||
Tenant improvements on operating properties | Related lease term | ||
Equipment and personal property | 3-10 years | ||
Schedule of amortization of intangible assets and deferred revenue | We amortize the intangible assets and deferred revenue as follows: | ||
Asset Type | Amortization Period | ||
Above- and below-market leases | Related lease terms | ||
In-place lease value | Related lease terms | ||
Tenant relationship value | Estimated period of time that tenant will lease space in property | ||
Above- and below-market cost arrangements | Term of arrangements | ||
Market concentration premium | 40 years |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of fair value assets and liabilities measured on recurring basis | The tables below set forth financial assets and liabilities of COPT and its subsidiaries that are accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): | ||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||
Active Markets for | Observable Inputs(Level 2) | Unobservable Inputs(Level 3) | |||||||||||||||||||
Identical Assets(Level 1) | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | |||||||||||||||||||||
Mutual funds | $ | 5,756 | $ | — | $ | — | $ | 5,756 | |||||||||||||
Other | 126 | — | — | 126 | |||||||||||||||||
Interest rate derivatives (2) | — | 274 | — | 274 | |||||||||||||||||
Warrants to purchase common stock in KEYW (2) | — | 164 | — | 164 | |||||||||||||||||
Total Assets | $ | 5,882 | $ | 438 | $ | — | $ | 6,320 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Deferred compensation plan liability (3) | $ | — | $ | 5,882 | $ | — | $ | 5,882 | |||||||||||||
Interest rate derivatives | — | 1,855 | — | 1,855 | |||||||||||||||||
Total Liabilities | $ | — | $ | 7,737 | $ | — | $ | 7,737 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 18,417 | $ | 18,417 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Marketable securities in deferred compensation plan (1) | |||||||||||||||||||||
Mutual funds | $ | 7,090 | $ | — | $ | — | $ | 7,090 | |||||||||||||
Common stocks | 176 | — | — | 176 | |||||||||||||||||
Other | 201 | — | — | 201 | |||||||||||||||||
Common stock (1) | 298 | — | — | 298 | |||||||||||||||||
Interest rate derivatives (2) | — | 6,594 | 6,594 | ||||||||||||||||||
Warrants to purchase common stock in KEYW (2) | — | 301 | — | 301 | |||||||||||||||||
Total Assets | $ | 7,765 | $ | 6,895 | $ | — | $ | 14,660 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Deferred compensation plan liability (3) | $ | — | $ | 7,467 | $ | — | $ | 7,467 | |||||||||||||
Interest rate derivatives | — | 3,309 | — | 3,309 | |||||||||||||||||
Total Liabilities | $ | — | $ | 10,776 | $ | — | $ | 10,776 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 17,758 | $ | 17,758 | |||||||||||||
(1) Included in the line entitled “restricted cash and marketable securities” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
(2) Included in the line entitled “prepaid expenses and other assets” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
(3) Included in the line entitled “other liabilities” on COPT’s consolidated balance sheet. | |||||||||||||||||||||
The tables below set forth financial assets and liabilities of COPLP and its subsidiaries that are accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands): | |||||||||||||||||||||
Description | Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||
Active Markets for | Observable Inputs(Level 2) | Unobservable Inputs(Level 3) | |||||||||||||||||||
Identical Assets(Level 1) | |||||||||||||||||||||
December 31, 2014: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest rate derivatives (1) | $ | — | $ | 274 | $ | — | $ | 274 | |||||||||||||
Warrants to purchase common stock in KEYW (1) | — | 164 | — | 164 | |||||||||||||||||
Total Assets | $ | — | $ | 438 | $ | — | $ | 438 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 1,855 | $ | — | $ | 1,855 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 18,417 | $ | 18,417 | |||||||||||||
December 31, 2013: | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Common stock (2) | $ | 298 | $ | — | $ | — | $ | 298 | |||||||||||||
Interest rate derivatives (1) | — | 6,594 | — | 6,594 | |||||||||||||||||
Warrants to purchase common stock in KEYW (1) | — | 301 | — | 301 | |||||||||||||||||
Total Assets | $ | 298 | $ | 6,895 | $ | — | $ | 7,193 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 3,309 | $ | — | $ | 3,309 | |||||||||||||
Redeemable noncontrolling interest | $ | — | $ | — | $ | 17,758 | $ | 17,758 | |||||||||||||
(1) Included in the line entitled “prepaid expenses and other assets” on COPLP’s consolidated balance sheet. | |||||||||||||||||||||
(2) Included in the line entitled “restricted cash and marketable securities” on COPLP’s consolidated balance sheet. | |||||||||||||||||||||
Schedule of fair value hierarchy of impaired properties and other assets associated with such properties | The table below sets forth the fair value hierarchy of the valuation technique we used to determine the fair values of the properties (dollars in thousands): | ||||||||||||||||||||
Fair Value of Properties Held as of December 31, 2013 | |||||||||||||||||||||
Quoted Prices in | Significant | Impairment | |||||||||||||||||||
Active Markets for | Significant Other | Unobservable | Losses | ||||||||||||||||||
Identical Assets | Observable Inputs | Inputs | Recognized in | ||||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | Total | 2013 (1) | ||||||||||||||||
Assets (2): | |||||||||||||||||||||
Properties, net | $ | — | $ | — | $ | 4,459 | $ | 4,459 | $ | 31,068 | |||||||||||
(1) Represents aggregate impairment losses on non recurring fair value measurements resulting in such losses, excluding exit costs incurred of $979,000. | |||||||||||||||||||||
(2) Reflects balance sheet classifications of assets at time of fair value measurement, excluding the effect of held for sale classifications. | |||||||||||||||||||||
Schedule of quantitative information about significant unobservable inputs used for Level 3 fair value measurements | The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of December 31, 2013 (dollars in thousands): | ||||||||||||||||||||
Valuation Technique | Fair Value on | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Measurement Date | |||||||||||||||||||||
Discounted cash flow | $ | 4,459 | Discount rate | 10.0% (1) | |||||||||||||||||
Terminal capitalization rate | 9.5% (1) | ||||||||||||||||||||
Market rent growth rate | 3.0% (1) | ||||||||||||||||||||
Expense growth rate | 3.0% (1) | ||||||||||||||||||||
(1) Only one value applied for this unobservable input. |
Concentration_of_Rental_Revenu1
Concentration of Rental Revenue (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Risks and Uncertainties [Abstract] | ||||||||||
Schedule of percentage of the entity's rental revenue | The following table summarizes the percentage of our rental revenue (which excludes tenant recoveries and other real estate operations revenue) earned from (1) individual tenants that accounted for at least 5% of our rental revenue from continuing and discontinued operations and (2) the aggregate of the five tenants from which we recognized the most rental revenue in the respective years: | |||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States Government | 18 | % | 18 | % | 18 | % | ||||
Northrop Grumman Corporation (1) | 6 | % | 8 | % | 7 | % | ||||
Booz Allen Hamilton, Inc. | 6 | % | 6 | % | 6 | % | ||||
Computer Sciences Corporation (1) | N/A | 5 | % | 5 | % | |||||
Five largest tenants | 39 | % | 41 | % | 39 | % | ||||
(1) Includes affiliated organizations and agencies and predecessor companies. |
Properties_net_Tables
Properties, net (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||
Schedule of operating properties, net | Operating properties, net consisted of the following (in thousands): | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Land | $ | 439,355 | $ | 430,472 | |||||||||||||||
Buildings and improvements | 3,015,216 | 2,869,870 | |||||||||||||||||
Less: accumulated depreciation | (703,083 | ) | (597,649 | ) | |||||||||||||||
Operating properties, net | $ | 2,751,488 | $ | 2,702,693 | |||||||||||||||
Schedule of projects in development or held for future development | Projects we had in development or held for future development consisted of the following (in thousands): | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Land | $ | 214,977 | $ | 245,676 | |||||||||||||||
Construction in progress, excluding land | 330,449 | 265,932 | |||||||||||||||||
Projects in development or held for future development | $ | 545,426 | $ | 511,608 | |||||||||||||||
Schedule of operating property dispositions | In 2014, we completed dispositions of the following operating properties (dollars in thousands): | ||||||||||||||||||
Project Name | Location | Date of Sale | Number of Buildings | Total Rentable Square Feet | Transaction Value | Gain on Disposition | |||||||||||||
4969 and 4979 Mercantile Road | White Marsh, MD | 7/14/14 | 2 | 96,721 | $ | 5,960 | $ | 2,124 | |||||||||||
9930 and 9940 Franklin Square | White Marsh, MD | 7/30/14 | 2 | 71,992 | 10,475 | 2,303 | |||||||||||||
5020, 5022, 5024 and 5026 Campbell Boulevard | White Marsh, MD | 8/4/14 | 4 | 134,245 | 12,400 | 666 | |||||||||||||
8 | 302,958 | $ | 28,835 | $ | 5,093 | ||||||||||||||
We completed dispositions of the following properties in 2013 primarily in connection with the Strategic Reallocation Plan (dollars in thousands): | |||||||||||||||||||
Project Name | Location | Date of Sale | Number of Buildings | Total Rentable Square Feet | Transaction Value | Gain on Disposition | |||||||||||||
920 Elkridge Landing Road | Linthicum, MD | 6/25/13 | 1 | 103,000 | $ | 6,900 | $ | — | |||||||||||
4230 Forbes Boulevard | Lanham, MD | 12/11/13 | 1 | 56,000 | 5,600 | 1,507 | |||||||||||||
December 2013 Colorado Springs Portfolio Disposition | Colorado Springs, CO | 12/12/13 | 15 | 1,165,000 | 133,925 | 1,164 | |||||||||||||
December 2013 Portfolio Conveyance | Colorado Springs, CO and Linthicum, MD | 12/23/13 | 14 | 1,021,000 | 146,876 | — | |||||||||||||
31 | 2,345,000 | $ | 293,301 | $ | 2,671 | ||||||||||||||
Real_Estate_Joint_Ventures_Tab
Real Estate Joint Ventures (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||
Schedule of information related to investments in consolidated real estate joint ventures | The table below sets forth information pertaining to our investments in consolidated real estate joint ventures as of December 31, 2014 (dollars in thousands): | |||||||||||||||||
Nominal | ||||||||||||||||||
Ownership | December 31, 2014 | -1 | ||||||||||||||||
Date | % as of | Total | Encumbered | Total | ||||||||||||||
Acquired | 12/31/14 | Nature of Activity | Assets | Assets | Liabilities | |||||||||||||
LW Redstone Company, LLC | 3/23/10 | 85% | Operates four buildings and developing others (2) | $ | 143,534 | $ | 66,620 | $ | 41,659 | |||||||||
M Square Associates, LLC | 6/26/07 | 50% | Operates two buildings and developing others (3) | 59,414 | 48,856 | 39,077 | ||||||||||||
$ | 202,948 | $ | 115,476 | $ | 80,736 | |||||||||||||
(1) Excludes amounts eliminated in consolidation. | ||||||||||||||||||
(2) This joint venture’s property is in Huntsville, Alabama. | ||||||||||||||||||
(3) This joint venture’s properties are in College Park, Maryland (in the Baltimore/Washington Corridor). | ||||||||||||||||||
Schedule of condensed statements of operations for unconsolidated real estate joint venture | The following table sets forth the condensed statements of operations for this unconsolidated real estate joint venture (in thousands): | |||||||||||||||||
For the Years Ended | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Revenues | $ | 6,519 | $ | 7,316 | ||||||||||||||
Property operating expenses | (2,818 | ) | (2,829 | ) | ||||||||||||||
Interest expense | (10,463 | ) | (7,672 | ) | ||||||||||||||
Depreciation and amortization expense | (2,067 | ) | (2,283 | ) | ||||||||||||||
Gain on early extinguishment of debt | 23,013 | — | ||||||||||||||||
Net income (loss) | $ | 14,184 | $ | (5,468 | ) | |||||||||||||
Intangible_Assets_on_Real_Esta1
Intangible Assets on Real Estate Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Intangible Assets on Real Estate Acquisitions | |||||||||||||||||||||||||
Schedule of intangible assets on real estate acquisitions | Intangible assets on real estate acquisitions consisted of the following (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||
Carrying Amount | Carrying Amount | ||||||||||||||||||||||||
In-place lease value | $ | 123,759 | $ | 101,040 | $ | 22,719 | $ | 125,504 | $ | 93,885 | $ | 31,619 | |||||||||||||
Tenant relationship value | 42,301 | 28,492 | 13,809 | 44,414 | 25,962 | 18,452 | |||||||||||||||||||
Below-market cost arrangements | 12,415 | 5,984 | 6,431 | 12,416 | 5,136 | 7,280 | |||||||||||||||||||
Above-market leases | 8,659 | 8,159 | 500 | 8,925 | 7,970 | 955 | |||||||||||||||||||
Market concentration premium | 1,333 | 938 | 395 | 1,333 | 381 | 952 | |||||||||||||||||||
$ | 188,467 | $ | 144,613 | $ | 43,854 | $ | 192,592 | $ | 133,334 | $ | 59,258 | ||||||||||||||
Deferred_Leasing_and_Financing1
Deferred Leasing and Financing Costs (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Leasing and Financing Costs [Abstract] | |||||||||
Schedule of deferred leasing and financing costs, net | Deferred leasing and financing costs, net consisted of the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred leasing costs | $ | 123,925 | $ | 110,711 | |||||
Deferred financing costs | 31,229 | 36,390 | |||||||
Accumulated amortization | (90,357 | ) | (80,834 | ) | |||||
Deferred leasing and financing costs, net | $ | 64,797 | $ | 66,267 | |||||
Investing_Receivables_Tables
Investing Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of investing receivables | nvesting receivables, including accrued interest thereon, consisted of the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Notes receivable from City of Huntsville | $ | 49,147 | $ | 44,055 | |||||
Other investing loans receivable | 3,000 | 9,608 | |||||||
$ | 52,147 | $ | 53,663 | ||||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets [Abstract] | ||||||||
Schedule of prepaid expenses and other assets | Prepaid expenses and other assets consisted of the following (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 20,570 | $ | 19,308 | ||||
Lease incentives | 13,344 | 8,435 | ||||||
Construction contract costs incurred in excess of billings | 6,656 | 2,462 | ||||||
Furniture, fixtures and equipment, net | 6,637 | 6,556 | ||||||
Deferred tax asset, net (1) | 4,002 | 4,305 | ||||||
Operating notes receivable | 3,797 | 1,692 | ||||||
Other equity method investments | 2,368 | 2,258 | ||||||
Interest rate derivatives | 274 | 6,594 | ||||||
Other assets | 2,601 | 2,576 | ||||||
Prepaid expenses and other assets | $ | 60,249 | $ | 54,186 | ||||
(1) See Note 19 for further disclosure. |
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Schedule of debt | Our debt consisted of the following (dollars in thousands): | |||||||||||||||
Maximum | ||||||||||||||||
Availability as of | Carrying Value as of | Scheduled Maturity | ||||||||||||||
December 31, | December 31, | December 31, | Stated Interest Rates as of | as of | ||||||||||||
2014 | 2014 | 2013 | December 31, 2014 | December 31, 2014 | ||||||||||||
Mortgage and Other Secured Loans: | ||||||||||||||||
Fixed rate mortgage loans (1) | $ | 387,139 | $ | 675,060 | 3.96% - 10.65% (2) | 2015-2024 | ||||||||||
Variable rate secured loan | 36,877 | 37,691 | LIBOR + 2.25% (3) | Nov-15 | ||||||||||||
Total mortgage and other secured loans | 424,016 | 712,751 | ||||||||||||||
Revolving Credit Facility (4) | $ | 800,000 | 83,000 | — | LIBOR + 0.975% to 1.75% | Jul-17 | ||||||||||
Term Loan Facilities | -5 | 520,000 | 620,000 | LIBOR + 1.10% to 2.60% (6) | 2015-2019 | |||||||||||
Unsecured Senior Notes (4) | ||||||||||||||||
3.600% Senior Notes | 347,496 | 347,244 | 3.60% | May-23 | ||||||||||||
5.250% Senior Notes | 245,797 | 245,445 | 5.25% | Feb-24 | ||||||||||||
3.700% Senior Notes | 297,569 | — | 3.70% | Jun-21 | ||||||||||||
Unsecured notes payable | 1,607 | 1,700 | 0% (7) | 2026 | ||||||||||||
4.25% Exchangeable Senior Notes (4) | 572 | 563 | 4.25% | Apr-30 | ||||||||||||
Total debt | $ | 1,920,057 | $ | 1,927,703 | ||||||||||||
(1) | Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $42,000 as of December 31, 2014 and $69,000 as of December 31, 2013. | |||||||||||||||
-2 | The maximum stated interest rate would be 7.87%, excluding the incremental additional interest rate associated with the default rate on a nonrecourse mortgage loan discussed further below. The weighted average interest rate on our fixed rate mortgage loans was 8.10% as of December 31, 2014 (or 6.16% excluding the incremental additional interest rate associated with the default rate on the loan discussed above). | |||||||||||||||
(3) | The interest rate on the loan outstanding was 2.41% as of December 31, 2014. | |||||||||||||||
-4 | Refer to the paragraphs below for further disclosure. | |||||||||||||||
(5) | As discussed below, we have the ability to borrow an additional $180.0 million in the aggregate under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders. | |||||||||||||||
(6) | The weighted average interest rate on these loans was 1.80% as of December 31, 2014. | |||||||||||||||
(7) | These notes carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $654,000 as of December 31, 2014 and $761,000 as of December 31, 2013. | |||||||||||||||
Schedule of debt maturities | Our debt matures on the following schedule (in thousands): | |||||||||||||||
2015 | $ | 343,545 | -1 | |||||||||||||
2016 | 171,399 | |||||||||||||||
2017 | 339,247 | -2 | ||||||||||||||
2018 | 2,036 | |||||||||||||||
2019 | 122,094 | |||||||||||||||
Thereafter | 951,489 | |||||||||||||||
Total | $ | 1,929,810 | -3 | |||||||||||||
-1 | Includes $150.0 million pertaining to a nonrecourse mortgage loan on which we defaulted on the payment terms as discussed further below. Also includes $150.0 million that may be extended for two one-year periods at our option, subject to certain conditions. | |||||||||||||||
(2) Includes $333.0 million that may be extended for one year at our option, subject to certain conditions. | ||||||||||||||||
(3) Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $9.8 million. | ||||||||||||||||
Schedule of the fair value of debt | The following table sets forth information pertaining to the fair value of our debt (in thousands): | |||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||
Fixed-rate debt | ||||||||||||||||
Unsecured Senior Notes | $ | 890,862 | $ | 901,599 | $ | 592,689 | $ | 575,374 | ||||||||
4.25% Exchangeable Senior Notes | 572 | 575 | 563 | 575 | ||||||||||||
Other fixed-rate debt | 388,746 | 355,802 | 676,760 | 650,997 | ||||||||||||
Variable-rate debt | 639,877 | 642,091 | 657,691 | 657,527 | ||||||||||||
$ | 1,920,057 | $ | 1,900,067 | $ | 1,927,703 | $ | 1,884,473 | |||||||||
4.25% Exchangeable Senior Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Schedule of interest expense recognized on notes before deductions for amounts capitalized | The table below sets forth interest expense recognized on these notes (in thousands): | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Interest expense at stated interest rate | $ | 24 | $ | 4,208 | $ | 10,200 | ||||||||||
Interest expense associated with amortization of discount | 10 | 1,615 | 3,651 | |||||||||||||
Total | $ | 34 | $ | 5,823 | $ | 13,851 | ||||||||||
Interest_Rate_Derivatives_Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of key terms and fair values of interest rate swap derivatives | The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands): | |||||||||||||||||||
Fair Value at | ||||||||||||||||||||
Notional | Effective | Expiration | December 31, | |||||||||||||||||
Amount | Fixed Rate | Floating Rate Index | Date | Date | 2014 | 2013 | ||||||||||||||
$ | 100,000 | 0.832 | % | One-Month LIBOR | 1/3/12 | 9/1/15 | $ | (407 | ) | $ | (861 | ) | ||||||||
100,000 | 0.832 | % | One-Month LIBOR | 1/3/12 | 9/1/15 | (407 | ) | (861 | ) | |||||||||||
36,877 | -1 | 3.83 | % | One-Month LIBOR + 2.25% | 11/2/10 | 11/2/15 | (400 | ) | (832 | ) | ||||||||||
100,000 | 0.8055 | % | One-Month LIBOR | 9/2/14 | 9/1/16 | (317 | ) | (94 | ) | |||||||||||
100,000 | 0.81 | % | One-Month LIBOR | 9/2/14 | 9/1/16 | (324 | ) | (105 | ) | |||||||||||
100,000 | 1.673 | % | One-Month LIBOR | 9/1/15 | 8/1/19 | 239 | 3,377 | |||||||||||||
100,000 | 1.73 | % | One-Month LIBOR | 9/1/15 | 8/1/19 | 35 | 3,217 | |||||||||||||
100,000 | 0.6123 | % | One-Month LIBOR | 1/3/12 | 9/1/14 | — | (279 | ) | ||||||||||||
100,000 | 0.61 | % | One-Month LIBOR | 1/3/12 | 9/1/14 | — | (277 | ) | ||||||||||||
$ | (1,581 | ) | $ | 3,285 | ||||||||||||||||
-1 | The notional amount of this instrument is scheduled to amortize to $36.2 million. | |||||||||||||||||||
Schedule of fair value and balance sheet classification of interest rate derivatives | The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands): | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Derivatives | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Interest rate swaps designated as cash flow hedges | Prepaid expenses and other assets | $ | 274 | Prepaid expenses and other assets | $ | 6,594 | ||||||||||||||
Interest rate swaps designated as cash flow hedges | Interest rate derivatives | (1,855 | ) | Interest rate derivatives | (3,309 | ) | ||||||||||||||
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income | The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands): | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Amount of (losses) gains recognized in accumulated other comprehensive income (loss) (“AOCI”) (effective portion) | $ | (7,799 | ) | $ | 6,791 | $ | (7,676 | ) | ||||||||||||
Amount of losses reclassified from AOCI into interest expense (effective portion) | 2,990 | 2,740 | 3,697 | |||||||||||||||||
Amount of loss reclassified from AOCI into loss on early extinguishment of debt | 38 | — | — | |||||||||||||||||
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||
Schedule of activity for redeemable noncontrolling interest | The table below sets forth the activity in a redeemable noncontrolling interest in a consolidated real estate joint venture described in Note 6 (in thousands): | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 17,758 | $ | 10,298 | $ | 8,908 | |||||||
Distribution to noncontrolling interest | (1,369 | ) | (1,037 | ) | — | ||||||||
Net income (loss) attributable to noncontrolling interest | 2,162 | 1,376 | (2,565 | ) | |||||||||
Adjustment to arrive at fair value of interest | (134 | ) | 7,121 | 3,955 | |||||||||
Ending balance | $ | 18,417 | $ | 17,758 | $ | 10,298 | |||||||
Equity_COPT_and_Subsidiaries_T
Equity - COPT and Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Schedule of additional information pertaining to preferred shares | The table below sets forth additional information pertaining to COPT’s outstanding preferred shares (dollars in thousands, except per share data): | ||||||||||||||||||
Series | # of Shares Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Dividend Yield | Annual Dividend Per Share | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
Equity_COPLP_and_Subsidiaries_
Equity - COPLP and Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Schedule of additional information pertaining to preferred shares | The table below sets forth additional information pertaining to COPT’s outstanding preferred shares (dollars in thousands, except per share data): | ||||||||||||||||||
Series | # of Shares Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Dividend Yield | Annual Dividend Per Share | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
Corporate Office Properties, L.P. | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Schedule of additional information pertaining to preferred shares | The table below sets forth information pertaining to preferred units in COPLP held by COPT at December 31, 2014 (dollars in thousands, except per unit data): | ||||||||||||||||||
Series | # of Units Issued | Aggregate Liquidation Preference | Month of Issuance | Annual Distribution Yield | Annual Distribution Per Unit | Earliest Redemption Date | |||||||||||||
Series K | 531,667 | $ | 26,583 | Jan-07 | 5.6 | % | $ | 2.8 | 1/9/17 | ||||||||||
Series L | 6,900,000 | 172,500 | Jun-12 | 7.375 | % | $ | 1.84375 | 6/27/17 | |||||||||||
7,431,667 | $ | 199,083 | |||||||||||||||||
ShareBased_Compensation_and_Ot1
Share-Based Compensation and Other Compensation Matters (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Summary of restricted share transactions under the entity's share-based compensation plans | The following table summarizes restricted share transactions under the share-based compensation plans for 2012, 2013 and 2014: | |||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Unvested at December 31, 2011 | 648,378 | $ | 33.13 | |||||||||||||
Granted | 177,662 | 23.64 | ||||||||||||||
Forfeited | (17,019 | ) | 31.43 | |||||||||||||
Vested | (374,378 | ) | 32.72 | |||||||||||||
Unvested at December 31, 2012 | 434,643 | 29.67 | ||||||||||||||
Granted | 193,833 | 25.91 | ||||||||||||||
Forfeited | (9,541 | ) | 27.59 | |||||||||||||
Vested | (241,487 | ) | 30.97 | |||||||||||||
Unvested at December 31, 2013 | 377,448 | 26.96 | ||||||||||||||
Granted | 216,607 | 26.73 | ||||||||||||||
Forfeited | (21,335 | ) | 25.1 | |||||||||||||
Vested | (182,213 | ) | 28.56 | |||||||||||||
Unvested at December 31, 2014 | 390,507 | $ | 26.19 | |||||||||||||
Unvested shares as of December 31, 2014 that are expected to vest | 375,686 | $ | 26.18 | |||||||||||||
Schedule of PSU's Granted | Our Board of Trustees made the following grants of PSUs to executives from 2011 through 2014 (dollars in thousands): | |||||||||||||||
Grant Date | Number of PSUs Granted | Performance Period Commencement Date | Performance Period End Date | Grant Date Fair Value | Number of PSUs Outstanding as of December 31, 2014 | |||||||||||
3/3/11 | 56,883 | 3/3/11 | 3/2/14 | $ | 2,796 | — | ||||||||||
3/1/12 | 54,070 | 1/1/12 | 12/31/14 | 1,772 | 54,070 | |||||||||||
3/1/13 | 69,579 | 1/1/13 | 12/31/15 | 1,867 | 69,579 | |||||||||||
3/6/14 | 49,103 | 1/1/14 | 12/31/16 | 1,723 | 49,103 | |||||||||||
Schedule of payouts for defined performance under performance-based awards of share-based compensation | The number of PSUs earned (“earned PSUs”) at the end of the performance period will be determined based on the percentile rank of COPT’s total shareholder return relative to a peer group of companies, as set forth in the following schedule: | |||||||||||||||
Percentile Rank | Earned PSUs Payout % | |||||||||||||||
75th or greater | 200% of PSUs granted | |||||||||||||||
50th or greater | 100% of PSUs granted | |||||||||||||||
25th | 50% of PSUs granted | |||||||||||||||
Below 25th | 0% of PSUs granted | |||||||||||||||
Schedule of assumptions used in Monte Carlo models for PSUs | The grant date fair value and certain of the assumptions used in the Monte Carlo models for the PSUs granted in 2012, 2013 and 2014 are set forth below: | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Grant date fair value | $ | 35.09 | $ | 26.84 | $ | 32.77 | ||||||||||
Baseline common share value | $ | 26.52 | $ | 25.85 | $ | 24.39 | ||||||||||
Expected volatility of common shares | 28.6 | % | 29.5 | % | 43.2 | % | ||||||||||
Risk-free interest rate | 0.66 | % | 0.33 | % | 0.41 | % | ||||||||||
Summary of stock option transactions under the entity's share-based compensation plans | The following table summarizes option transactions under the share-based compensation plans for 2012, 2013 and 2014 (dollars in thousands, except per share data): | |||||||||||||||
Shares | Range of Exercise Price per Share | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||
(in Years) | ||||||||||||||||
Outstanding at December 31, 2011 | 945,422 | $13.40 - $57.00 | $ | 36.63 | 4 | $ | 510 | |||||||||
Forfeited/Expired – 2012 | (85,588 | ) | $25.52 - $57.00 | $ | 42.98 | |||||||||||
Exercised – 2012 | (61,624 | ) | $13.40 - $22.49 | $ | 15.08 | |||||||||||
Outstanding at December 31, 2012 | 798,210 | $13.60 - $57.00 | $ | 37.62 | 3 | $ | 325 | |||||||||
Forfeited/Expired – 2013 | (117,952 | ) | $18.08 - $51.62 | $ | 40.91 | |||||||||||
Exercised – 2013 | (39,331 | ) | $13.60 - $26.24 | $ | 19.67 | |||||||||||
Outstanding at December 31, 2013 | 640,927 | $19.63 - $56.00 | $ | 38.11 | 2 | $ | 68 | |||||||||
Forfeited/Expired – 2014 | (18,303 | ) | $22.34 - $49.60 | $ | 42.12 | |||||||||||
Exercised – 2014 | (62,888 | ) | $19.63 - $28.15 | $ | 23.7 | |||||||||||
Outstanding at December 31, 2014 | 559,736 | $25.52 - $56.00 | $ | 39.6 | 2 | $ | 167 | |||||||||
Exercisable at December 31, 2012 | 798,210 | -1 | $ | 37.62 | ||||||||||||
Exercisable at December 31, 2013 | 640,927 | -2 | $ | 38.11 | ||||||||||||
Exercisable at December 31, 2014 | 559,736 | -3 | $ | 39.6 | ||||||||||||
-1 | 9,500 of these options had an exercise price ranging from $13.60 to $16.73; 204,736 had an exercise price ranging from $16.74 to $30.04; 180,962 had an exercise price ranging from $30.05 to $41.28; and 403,012 had an exercise price ranging from $41.29 to $57.00. | |||||||||||||||
-2 | 171,288 of these options had an exercise price ranging from $19.63 to $30.04; 145,187 had an exercise price ranging from$30.05 to $41.28; 160,402 had an exercise price ranging from $41.29 to $42.74; and 164,050 had an exercise price ranging from $42.75 to $56.00. | |||||||||||||||
-3 | 105,672 of these options had an exercise price ranging from $25.52 to $30.04; 142,862 had an exercise price ranging from$30.05 to $41.28; 158,902 had an exercise price ranging from $41.29 to $42.74; and 152,300 had an exercise price ranging from $42.75 to $56.00. | |||||||||||||||
Reporting for share-based compensation expense | The table below sets forth our reporting for share based compensation expense (in thousands): | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
General, administrative and leasing expenses | $ | 5,307 | $ | 5,412 | $ | 8,611 | ||||||||||
Property operating expenses | 857 | 1,118 | 1,371 | |||||||||||||
Capitalized to development activities | 886 | 1,075 | 1,202 | |||||||||||||
Share-based compensation expense | $ | 7,050 | $ | 7,605 | $ | 11,184 | ||||||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases, Operating [Abstract] | |||||
Schedule of gross minimum future rentals on noncancelable leases in the entity's properties | Gross minimum future rentals on noncancelable leases in our properties as of December 31, 2014 were as follows (in thousands): | ||||
Year Ending December 31, | |||||
2015 | $ | 349,099 | |||
2016 | 301,184 | ||||
2017 | 263,428 | ||||
2018 | 202,661 | ||||
2019 | 154,044 | ||||
Thereafter | 312,304 | ||||
$ | 1,582,720 | ||||
Information_by_Business_Segmen1
Information by Business Segment (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment financial information for real estate operations | The table below reports segment financial information for our reportable segments (in thousands). We measure the performance of our segments through the measure we define as NOI from real estate operations, which is derived by subtracting property operating expenses from revenues from real estate operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Operating Office Property Segments | ||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore/ | Northern | San | Huntsville | Washington, | St. Mary’s & | Greater | Greater | Colorado | Other | Operating | Total | |||||||||||||||||||||||||||||||||||||
Washington | Virginia | Antonio | DC - Capitol | King George | Baltimore | Philadelphia | Springs | Wholesale | ||||||||||||||||||||||||||||||||||||||||
Corridor | Riverfront | Counties | Data Center | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 236,191 | $ | 89,263 | $ | 36,377 | $ | 10,446 | $ | 14,599 | $ | 16,736 | $ | 43,591 | $ | 11,929 | $ | (1 | ) | $ | 10,150 | $ | 10,430 | $ | 479,711 | |||||||||||||||||||||||
Property operating expenses | 81,132 | 31,532 | 20,562 | 3,066 | 7,308 | 5,268 | 17,778 | 4,386 | 12 | 1,469 | 7,286 | 179,799 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 155,059 | $ | 57,731 | $ | 15,815 | $ | 7,380 | $ | 7,291 | $ | 11,468 | $ | 25,813 | $ | 7,543 | $ | (13 | ) | $ | 8,681 | $ | 3,144 | $ | 299,912 | |||||||||||||||||||||||
Additions to long-lived assets | $ | 24,174 | $ | 17,447 | $ | (6 | ) | $ | 4,077 | $ | 1,185 | $ | 8,825 | $ | 7,925 | $ | 952 | $ | — | $ | — | $ | 22 | $ | 64,601 | |||||||||||||||||||||||
Transfers from non-operating properties | $ | 56,699 | $ | 43,154 | $ | — | $ | 21,014 | $ | — | $ | — | $ | 3,550 | $ | 16,344 | $ | 30 | $ | — | $ | 1,108 | $ | 141,899 | ||||||||||||||||||||||||
Segment assets at December 31, 2014 | $ | 1,277,600 | $ | 642,429 | $ | 116,252 | $ | 97,209 | $ | 95,195 | $ | 100,777 | $ | 274,091 | $ | 106,931 | $ | — | $ | 77,834 | $ | 163,177 | $ | 2,951,495 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 237,869 | $ | 92,010 | $ | 33,060 | $ | 5,050 | $ | 16,863 | $ | 16,568 | $ | 42,653 | $ | 11,924 | $ | 25,290 | $ | 10,075 | $ | 7,271 | $ | 498,633 | ||||||||||||||||||||||||
Property operating expenses | 80,554 | 31,973 | 17,631 | 1,282 | 7,844 | 5,028 | 16,583 | 3,431 | 9,002 | 1,016 | 6,360 | 180,704 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 157,315 | $ | 60,037 | $ | 15,429 | $ | 3,768 | $ | 9,019 | $ | 11,540 | $ | 26,070 | $ | 8,493 | $ | 16,288 | $ | 9,059 | $ | 911 | $ | 317,929 | ||||||||||||||||||||||||
Additions to long-lived assets | $ | 28,087 | $ | 13,090 | $ | 335 | $ | 3,563 | $ | 2,604 | $ | 2,341 | $ | 2,913 | $ | 406 | $ | 2,940 | $ | — | $ | 598 | $ | 56,877 | ||||||||||||||||||||||||
Transfers from non-operating properties | $ | 50,105 | $ | 61,434 | $ | — | $ | 48,799 | $ | — | $ | 14 | $ | 360 | $ | 28,034 | $ | 5,438 | $ | — | $ | 70,106 | $ | 264,290 | ||||||||||||||||||||||||
Segment assets at December 31, 2013 | $ | 1,243,099 | $ | 616,082 | $ | 118,299 | $ | 77,773 | $ | 98,962 | $ | 96,143 | $ | 303,823 | $ | 104,657 | $ | — | $ | 80,002 | $ | 166,790 | $ | 2,905,630 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from real estate operations | $ | 238,488 | $ | 79,574 | $ | 32,018 | $ | 3,867 | $ | 16,697 | $ | 16,392 | $ | 52,616 | $ | 9,698 | $ | 24,987 | $ | 12,116 | $ | 6,647 | $ | 493,100 | ||||||||||||||||||||||||
Property operating expenses | 83,050 | 29,103 | 16,499 | 689 | 7,555 | 4,745 | 19,917 | 2,562 | 9,231 | 2,569 | 4,815 | 180,735 | ||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 155,438 | $ | 50,471 | $ | 15,519 | $ | 3,178 | $ | 9,142 | $ | 11,647 | $ | 32,699 | $ | 7,136 | $ | 15,756 | $ | 9,547 | $ | 1,832 | $ | 312,365 | ||||||||||||||||||||||||
Additions to long-lived assets | $ | 25,921 | $ | 65,157 | $ | 280 | $ | 26 | $ | 317 | $ | 1,844 | $ | 9,690 | $ | 286 | $ | 2,929 | $ | 152 | $ | 199 | $ | 106,801 | ||||||||||||||||||||||||
Transfers from non-operating properties | $ | 65,108 | $ | 44,250 | $ | 468 | $ | — | $ | — | $ | 289 | $ | 37,558 | $ | 10,626 | $ | 4,295 | $ | 394 | $ | 58,009 | $ | 220,997 | ||||||||||||||||||||||||
Segment assets at December 31, 2012 | $ | 1,267,357 | $ | 569,860 | $ | 119,369 | $ | 28,730 | $ | 104,544 | $ | 98,027 | $ | 320,548 | $ | 78,798 | $ | 175,830 | $ | 82,090 | $ | 100,777 | $ | 2,945,930 | ||||||||||||||||||||||||
Schedule of reconciliation of segment revenues to total revenues | The following table reconciles our segment revenues to total revenues as reported on our consolidated statements of operations (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment revenues from real estate operations | $ | 479,711 | $ | 498,633 | $ | 493,100 | ||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | |||||||||||||||||||||||||||||||||||||||||||||
Less: Revenues from discontinued operations (Note 20) | 14 | (37,636 | ) | (58,801 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 586,473 | $ | 523,360 | $ | 508,135 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of segment property operating expenses to total property operating expenses | The following table reconciles our segment property operating expenses to property operating expenses as reported on our consolidated statements of operations (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment property operating expenses | $ | 179,799 | $ | 180,704 | $ | 180,735 | ||||||||||||||||||||||||||||||||||||||||||
Less: Property operating expenses from discontinued operations (Note 20) | 135 | (13,505 | ) | (21,529 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total property operating expenses | $ | 179,934 | $ | 167,199 | $ | 159,206 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of net operating income from service operations | The table below sets forth the computation of our NOI from service operations (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service revenues | $ | 106,748 | $ | 62,363 | $ | 73,836 | ||||||||||||||||||||||||||||||||||||||||||
Construction contract and other service expenses | (100,058 | ) | (58,875 | ) | (70,576 | ) | ||||||||||||||||||||||||||||||||||||||||||
NOI from service operations | $ | 6,690 | $ | 3,488 | $ | 3,260 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of net operating income from real estate operations and service operations to (loss) income from continuing operations | The following table reconciles our NOI from real estate operations for reportable segments and NOI from service operations to income from continuing operations as reported on our consolidated statements of operations (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
NOI from real estate operations | $ | 299,912 | $ | 317,929 | $ | 312,365 | ||||||||||||||||||||||||||||||||||||||||||
NOI from service operations | 6,690 | 3,488 | 3,260 | |||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 4,923 | 3,834 | 7,172 | |||||||||||||||||||||||||||||||||||||||||||||
Equity in income (loss) of unconsolidated entities | 229 | 2,110 | (546 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (310 | ) | (1,978 | ) | (381 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other adjustments: | — | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and other amortization associated with real estate operations | (136,086 | ) | (113,214 | ) | (107,998 | ) | ||||||||||||||||||||||||||||||||||||||||||
Impairment losses | (1,416 | ) | (5,857 | ) | (43,678 | ) | ||||||||||||||||||||||||||||||||||||||||||
General, administrative and leasing expenses | (31,794 | ) | (30,869 | ) | (31,900 | ) | ||||||||||||||||||||||||||||||||||||||||||
Business development expenses and land carry costs | (5,573 | ) | (5,436 | ) | (5,711 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest expense on continuing operations | (92,393 | ) | (82,010 | ) | (86,401 | ) | ||||||||||||||||||||||||||||||||||||||||||
NOI from discontinued operations | (121 | ) | (24,131 | ) | (37,272 | ) | ||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (9,552 | ) | (27,030 | ) | (943 | ) | ||||||||||||||||||||||||||||||||||||||||||
COPT consolidated income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of segment assets to total assets | The following table reconciles our segment assets to the consolidated total assets of COPT and subsidiaries (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Segment assets | $ | 2,951,495 | $ | 2,905,630 | ||||||||||||||||||||||||||||||||||||||||||||
Non-operating property assets | 567,586 | 517,564 | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 151,176 | 206,758 | ||||||||||||||||||||||||||||||||||||||||||||||
Total COPT consolidated assets | $ | 3,670,257 | $ | 3,629,952 | ||||||||||||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Schedule of differences between taxable income reported on income tax returns and net income as reported on consolidated statements of operations | The differences between taxable income reported on our income tax returns (estimated 2014 and actual 2013 and 2012) and net income as reported on our consolidated statements of operations are set forth below (in thousands): | ||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(Estimated) | |||||||||||||||||||
COPLP consolidated net income | $ | 45,206 | $ | 101,544 | $ | 20,341 | |||||||||||||
Adjustments: | |||||||||||||||||||
Rental revenue recognition | (3,932 | ) | 1,303 | (10,794 | ) | ||||||||||||||
Compensation expense recognition | 1,912 | 8,987 | (2,669 | ) | |||||||||||||||
Operating expense recognition | (2,260 | ) | (1,663 | ) | 1,158 | ||||||||||||||
Gain on sales of properties | (1,404 | ) | (50,860 | ) | (74,858 | ) | |||||||||||||
Impairment losses | 1,367 | 32,047 | 66,910 | ||||||||||||||||
Loss on interest rate derivatives | — | — | (29,805 | ) | |||||||||||||||
Gains from non-real estate investments | 405 | — | 7,854 | ||||||||||||||||
Income from service operations | (391 | ) | 1,650 | 1,500 | |||||||||||||||
Income tax expense | 310 | 1,978 | 381 | ||||||||||||||||
Depreciation and amortization | 41,500 | 20,834 | 24,804 | ||||||||||||||||
Interest expense | 920 | 2,057 | 3,978 | ||||||||||||||||
Income from unconsolidated entities | (187 | ) | 3,148 | (725 | ) | ||||||||||||||
COPLP consolidated noncontrolling interests | (3,285 | ) | (7,837 | ) | (636 | ) | |||||||||||||
Other | 2,346 | 1,529 | (70 | ) | |||||||||||||||
COPLP consolidated taxable income | $ | 82,507 | $ | 114,717 | $ | 7,369 | |||||||||||||
Noncontrolling interests, other | (3,247 | ) | (4,061 | ) | (622 | ) | |||||||||||||
Other | — | — | 741 | ||||||||||||||||
COPT consolidated taxable income | $ | 79,260 | $ | 110,656 | $ | 7,488 | |||||||||||||
Schedule of characterization of dividends declared on common and preferred shares | The characterization of dividends declared on COPT’s common and preferred shares during each of the last three years was as follows: | ||||||||||||||||||
Common Shares | Preferred Shares | ||||||||||||||||||
For the Years Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||
Ordinary income | 64.5 | % | 71.8 | % | 33.2 | % | 90.9 | % | 76.2 | % | 100 | % | |||||||
Long-term capital gain | 6.5 | % | 22.4 | % | 0 | % | 9.1 | % | 23.8 | % | 0 | % | |||||||
Return of capital | 29 | % | 5.8 | % | 66.8 | % | 0 | % | 0 | % | 0 | % | |||||||
Components of provision for income tax | Our TRS’ provision for income tax consisted of the following expenses (in thousands): | ||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Deferred | |||||||||||||||||||
Federal | $ | 258 | $ | 1,742 | $ | 312 | |||||||||||||
State | 52 | 236 | 69 | ||||||||||||||||
Total income tax expense | $ | 310 | $ | 1,978 | $ | 381 | |||||||||||||
Schedule of reconciliation of Federal statutory rate to effective tax rate | A reconciliation of our TRS’ Federal statutory rate to the effective tax rate for income tax reported on our statements of operations is set forth below: | ||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Income taxes at U.S. statutory rate | 34 | % | 34 | % | 34 | % | |||||||||||||
State and local, net of U.S. Federal tax benefit | 4.2 | % | 4.5 | % | 4.6 | % | |||||||||||||
Increase in deferred tax asset valuation allowance | 0 | % | 562.9 | % | 0 | % | |||||||||||||
Other | (0.4 | )% | (1.1 | )% | 0 | % | |||||||||||||
Effective tax rate | 37.8 | % | 600.3 | % | 38.6 | % | |||||||||||||
Schedule of tax effects of temporary differences and carry forwards in net deferred tax assets | The table below sets forth the tax effects of temporary differences and carry forwards included in the net deferred tax asset of our TRS (in thousands): | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Operating loss forward | $ | 5,012 | $ | 5,382 | |||||||||||||||
Share-based compensation | 976 | 869 | |||||||||||||||||
Accrued payroll | 195 | 221 | |||||||||||||||||
Property | (119 | ) | (105 | ) | |||||||||||||||
Valuation allowance | (2,062 | ) | (2,062 | ) | |||||||||||||||
Deferred tax asset, net | $ | 4,002 | $ | 4,305 | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Components of discontinued operations | The table below sets forth the components of discontinued operations reported on our consolidated statements of operations (in thousands): | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue from real estate operations | $ | (14 | ) | $ | 37,636 | $ | 58,801 | ||||||
Property operating expenses | 135 | (13,505 | ) | (21,529 | ) | ||||||||
Depreciation and amortization | — | (4,505 | ) | (13,939 | ) | ||||||||
Impairment losses | (3 | ) | (26,190 | ) | (23,232 | ) | |||||||
General, administrative and leasing expenses | — | (4 | ) | (3 | ) | ||||||||
Business development and land carry costs | — | — | (24 | ) | |||||||||
Interest expense | — | (8,221 | ) | (10,397 | ) | ||||||||
Gain on sales of real estate | 24 | 2,671 | 20,940 | ||||||||||
Gain on early extinguishment of debt | (116 | ) | 67,810 | 1,736 | |||||||||
Discontinued operations | $ | 26 | $ | 55,692 | $ | 12,353 | |||||||
Earnings_Per_Share_EPS_and_Ear1
Earnings Per Share ("EPS") and Earnings Per Unit (“EPUâ€) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Line Items] | |||||||||||||
Summary of calculation of numerator and denominator in basic and diluted earning per share | Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data): | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | |||||||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | ||||||||||
Preferred share dividends | (15,939 | ) | (19,971 | ) | (20,844 | ) | |||||||
Issuance costs associated with redeemed preferred shares | (1,769 | ) | (2,904 | ) | (1,827 | ) | |||||||
(Income) loss from continuing operations attributable to noncontrolling interests | (4,955 | ) | (4,486 | ) | 1,309 | ||||||||
Income from continuing operations attributable to restricted shares | (432 | ) | (414 | ) | (469 | ) | |||||||
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders | $ | 22,085 | $ | 18,077 | $ | (13,843 | ) | ||||||
Discontinued operations | 26 | 55,692 | 12,353 | ||||||||||
Discontinued operations attributable to noncontrolling interests | 4 | (3,351 | ) | (673 | ) | ||||||||
Numerator for basic and diluted EPS on net income (loss)attributable to COPT common shareholders | $ | 22,115 | $ | 70,418 | $ | (2,163 | ) | ||||||
Denominator (all weighted averages): | |||||||||||||
Denominator for basic EPS (common shares) | 88,092 | 85,167 | 73,454 | ||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | — | ||||||||||
Denominator for basic and diluted EPS (common shares) | 88,263 | 85,224 | 73,454 | ||||||||||
Basic EPS: | |||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPT common shareholders | — | 0.62 | 0.16 | ||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.25 | $ | 0.83 | $ | (0.03 | ) | ||||||
Diluted EPS: | |||||||||||||
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPT common shareholders | — | 0.62 | 0.16 | ||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 0.25 | $ | 0.83 | $ | (0.03 | ) | ||||||
Schedule of securities excluded from computation of diluted earnings per share | Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands): | ||||||||||||
Weighted Average Shares Excluded from Denominator for the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Conversion of common units | 3,897 | 3,869 | 4,235 | ||||||||||
Conversion of Series I preferred units | 176 | 176 | 176 | ||||||||||
Conversion of Series K preferred shares | 434 | 434 | 434 | ||||||||||
Corporate Office Properties, L.P. | |||||||||||||
Earnings Per Share [Line Items] | |||||||||||||
Summary of calculation of numerator and denominator in basic and diluted earning per share | Summaries of the numerator and denominator for purposes of basic and diluted EPU calculations are set forth below (in thousands, except per unit data): | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,509 | $ | 36,836 | $ | 7,967 | |||||||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | ||||||||||
Preferred unit distributions | (16,599 | ) | (20,631 | ) | (21,504 | ) | |||||||
Issuance costs associated with redeemed preferred units | (1,769 | ) | (2,904 | ) | (1,827 | ) | |||||||
(Income) loss from continuing operations attributable to noncontrolling interests | (3,281 | ) | (2,977 | ) | 1,206 | ||||||||
Income from continuing operations attributable to restricted units | (432 | ) | (414 | ) | (469 | ) | |||||||
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders | $ | 23,099 | $ | 18,926 | $ | (14,606 | ) | ||||||
Discontinued operations | 26 | 55,692 | 12,353 | ||||||||||
Discontinued operations attributable to noncontrolling interests | 5 | (930 | ) | (699 | ) | ||||||||
Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders | $ | 23,130 | $ | 73,688 | $ | (2,952 | ) | ||||||
Denominator (all weighted averages): | |||||||||||||
Denominator for basic EPU (common units) | 91,989 | 89,036 | 77,689 | ||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | — | ||||||||||
Denominator for basic and diluted EPU (common units) | 92,160 | 89,093 | 77,689 | ||||||||||
Basic EPU: | |||||||||||||
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPLP common unitholders | — | 0.62 | 0.15 | ||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 0.25 | $ | 0.83 | $ | (0.04 | ) | ||||||
Diluted EPU: | |||||||||||||
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.25 | $ | 0.21 | $ | (0.19 | ) | ||||||
Discontinued operations attributable to COPLP common unitholders | — | 0.62 | 0.15 | ||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 0.25 | $ | 0.83 | $ | (0.04 | ) | ||||||
Schedule of securities excluded from computation of diluted earnings per share | Our diluted EPU computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPU for the respective periods (in thousands): | ||||||||||||
Weighted Average Units Excluded from Denominator for the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Conversion of Series I preferred units | 176 | 176 | 176 | ||||||||||
Conversion of Series K preferred units | 434 | 434 | 434 | ||||||||||
Quarterly_Data_Unaudited_Table
Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Data [Line Items] | ||||||||||||||||
Schedule of selected quarterly information | Certain of the amounts below have been reclassified to conform to the current period presentation of our consolidated financial statements. | |||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 146,667 | $ | 139,820 | $ | 153,015 | $ | 146,971 | ||||||||
Operating income | $ | 25,206 | $ | 31,836 | $ | 37,422 | $ | 37,148 | ||||||||
Income from continuing operations | $ | 5,660 | $ | 9,248 | $ | 13,727 | $ | 5,874 | ||||||||
Discontinued operations | $ | 11 | $ | (198 | ) | $ | 191 | $ | 22 | |||||||
Net income | $ | 5,671 | $ | 9,050 | $ | 24,548 | $ | 5,937 | ||||||||
Net income attributable to noncontrolling interests | (930 | ) | (1,160 | ) | (1,828 | ) | (1,033 | ) | ||||||||
Net income attributable to COPT | 4,741 | 7,890 | 22,720 | 4,904 | ||||||||||||
Preferred share dividends | (4,490 | ) | (4,344 | ) | (3,553 | ) | (3,552 | ) | ||||||||
Issuance costs associated with redeemed preferred shares | — | (1,769 | ) | — | — | |||||||||||
Net income attributable to COPT common shareholders | $ | 251 | $ | 1,777 | $ | 19,167 | $ | 1,352 | ||||||||
Basic earnings per common share | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
Diluted earnings per common share | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 126,219 | $ | 136,527 | $ | 131,812 | $ | 128,802 | ||||||||
Operating income | $ | 36,165 | $ | 40,229 | $ | 30,673 | $ | 34,843 | ||||||||
Income (loss) from continuing operations | $ | 11,662 | $ | (232 | ) | $ | 10,974 | $ | 14,432 | |||||||
Discontinued operations | $ | 1,261 | $ | (4,502 | ) | $ | (12,974 | ) | $ | 71,907 | ||||||
Net income (loss) | $ | 15,277 | $ | (4,405 | ) | $ | (2,000 | ) | $ | 92,672 | ||||||
Net income attributable to noncontrolling interests | (257 | ) | (960 | ) | (964 | ) | (5,656 | ) | ||||||||
Net income (loss) attributable to COPT | 15,020 | (5,365 | ) | (2,964 | ) | 87,016 | ||||||||||
Preferred share dividends | (6,106 | ) | (4,885 | ) | (4,490 | ) | (4,490 | ) | ||||||||
Issuance costs associated with redeemed preferred shares | — | (2,904 | ) | — | — | |||||||||||
Net income (loss) attributable to COPT common shareholders | $ | 8,914 | $ | (13,154 | ) | $ | (7,454 | ) | $ | 82,526 | ||||||
Basic earnings per common share | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Diluted earnings per common share | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Corporate Office Properties, L.P. | ||||||||||||||||
Quarterly Data [Line Items] | ||||||||||||||||
Schedule of selected quarterly information | The tables below set forth selected quarterly information for the years ended December 31, 2014 and 2013 (in thousands, except per share data). | |||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 146,667 | $ | 139,820 | $ | 153,015 | $ | 146,971 | ||||||||
Operating income | $ | 25,206 | $ | 31,836 | $ | 37,422 | $ | 37,148 | ||||||||
Income from continuing operations | $ | 5,660 | $ | 9,248 | $ | 13,727 | $ | 5,874 | ||||||||
Discontinued operations | $ | 11 | $ | (198 | ) | $ | 191 | $ | 22 | |||||||
Net income | $ | 5,671 | $ | 9,050 | $ | 24,548 | $ | 5,937 | ||||||||
Net income attributable to noncontrolling interests | (737 | ) | (837 | ) | (897 | ) | (805 | ) | ||||||||
Net income attributable to COPLP | 4,934 | 8,213 | 23,651 | 5,132 | ||||||||||||
Preferred unit distributions | (4,655 | ) | (4,509 | ) | (3,718 | ) | (3,717 | ) | ||||||||
Issuance costs associated with redeemed preferred units | — | (1,769 | ) | — | — | |||||||||||
Net income attributable to COPLP common unitholders | $ | 279 | $ | 1,935 | $ | 19,933 | $ | 1,415 | ||||||||
Basic earnings per common unit | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
Diluted earnings per common unit | $ | 0 | $ | 0.02 | $ | 0.22 | $ | 0.01 | ||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenues | $ | 126,219 | $ | 136,527 | $ | 131,812 | $ | 128,802 | ||||||||
Operating income | $ | 36,165 | $ | 40,229 | $ | 30,673 | $ | 34,843 | ||||||||
Income (loss) from continuing operations | $ | 11,662 | $ | (232 | ) | $ | 10,974 | $ | 14,432 | |||||||
Discontinued operations | $ | 1,261 | $ | (4,502 | ) | $ | (12,974 | ) | $ | 71,907 | ||||||
Net income (loss) | $ | 15,277 | $ | (4,405 | ) | $ | (2,000 | ) | $ | 92,672 | ||||||
Net loss (income) attributable to noncontrolling interests | 336 | (1,473 | ) | (1,035 | ) | (1,735 | ) | |||||||||
Net income (loss) attributable to COPLP | 15,613 | (5,878 | ) | (3,035 | ) | 90,937 | ||||||||||
Preferred unit distributions | (6,271 | ) | (5,050 | ) | (4,655 | ) | (4,655 | ) | ||||||||
Issuance costs associated with redeemed preferred units | — | (2,904 | ) | — | — | |||||||||||
Net income (loss) attributable to COPLP common unitholders | $ | 9,342 | $ | (13,832 | ) | $ | (7,690 | ) | $ | 86,282 | ||||||
Basic earnings per common unit | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Diluted earnings per common unit | $ | 0.11 | $ | (0.16 | ) | $ | (0.09 | ) | $ | 0.94 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of future minimum rental payments | Future minimum rental payments due under the terms of these operating leases as of December 31, 2014 follow (in thousands): | ||||
Year Ending December 31, | |||||
2015 | $ | 905 | |||
2016 | 839 | ||||
2017 | 768 | ||||
2018 | 735 | ||||
2019 | 728 | ||||
Thereafter | 76,678 | ||||
$ | 80,653 | ||||
Organization_Details
Organization (Details) | 12 Months Ended |
Dec. 31, 2014 | |
acre | |
sqft | |
Operating office properties | |
Investments in real estate | |
Number of real estate properties | 173 |
Square footage of real estate properties (in square feet) | 16,800,000 |
Office properties under, or contractually committed for, construction or approved for redevelopment | |
Investments in real estate | |
Number of real estate properties | 13 |
Square footage of real estate properties (in square feet) | 1,600,000 |
Land Controlled for Future Development [Member] | |
Investments in real estate | |
Area of land we control (in acres) | 1,464 |
Developable square footage of real estate properties (in square feet) | 18,300,000 |
Partially operational, wholesale data center | |
Investments in real estate | |
The expected stabilization critical load after completion of development (in megawatts) | 19.25 |
Debt in Default of Payment Terms | |
Investments in real estate | |
Number of real estate properties | 2 |
Organization_Details_2
Organization (Details 2) (Corporate Office Properties, L.P.) | 12 Months Ended |
Dec. 31, 2014 | |
Common Units | |
Forms of ownership in Operating Partnership and ownership percentage by the entity | |
Percentage ownership in operating partnership | 96.00% |
Preferred Units | |
Forms of ownership in Operating Partnership and ownership percentage by the entity | |
Percentage ownership in operating partnership | 95.50% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Properties | |
Period after the cessation of major construction activities for considering property as operational if leases have not commenced earlier (in years) | 1 year |
Period after the cessation of major construction activities for considering property as partially operational if leases have commenced earlier (in years) | 1 year |
Property, Plant and Equipment [Line Items] | |
Period used for recovery analysis of long-lived assets to be held and used that may be impaired (in years) | 10 years |
Minimum | Buildings and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum | Equipment and personal property | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum | Buildings and building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Maximum | Equipment and personal property | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2014 | |
Form | |
Cash and Cash Equivalents | |
Maximum term until original maturity to classify cash and liquid investments as cash and cash equivalent (in months) | 3 months |
Share-Based Compensation | |
Number of forms of share based compensation plans | 2 |
Market concentration premium | |
Useful Lifes Related To Intangible Assets and Property [Abstract] | |
Finite-Lived Intangible Asset, Useful Life | 40 years |
Corporate Office Properties, L.P. | |
Noncontrolling Interest [Abstract] | |
Interests in several real estate entities owned directly by COPT | 1.00% |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Additional paid-in capital | $1,969,968 | $1,814,015 | |
Redeemable noncontrolling interest | 18,417 | 17,758 | |
Restatement Adjustment | Misapplication of Fair Value Assumptions | |||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Additional paid-in capital | -3,700 | ||
Redeemable noncontrolling interest | $3,700 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 |
KEYW Holding Corporation | ||||
Warrants | ||||
Number of warrants owned (in shares) | 50,000 | 50,000 | ||
Exercise price of warrants (in dollars per share) | 9.25 | 9.25 | ||
Number of shares owned in investee (in shares) | 1,900,000 | |||
Percentage of common stock owned | 7.00% | |||
Amount of sale of owned shares | $14 | |||
Revenue earned from investee | $2.40 | |||
Redeemable non-controlling interest | Fair value measurement on a recurring basis | Significant Unobservable Inputs (Level 3) | ||||
Warrants | ||||
Discount rate | 15.50% | 15.50% |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Liabilities: | ||||||
Interest rate derivatives | $1,855 | $3,309 | ||||
Redeemable noncontrolling interest | 18,417 | 17,758 | 10,298 | 8,908 | ||
Corporate Office Properties, L.P. | ||||||
Liabilities: | ||||||
Interest rate derivatives | 1,855 | 3,309 | ||||
Fair value measurement on a recurring basis | ||||||
Assets: | ||||||
Common stocks | 298 | [1] | ||||
Interest rate derivatives | 274 | [2] | 6,594 | [2] | ||
Warrants to purchase common stock in KEYW | 164 | [2] | 301 | [2] | ||
Assets | 6,320 | 14,660 | ||||
Liabilities: | ||||||
Deferred compensation plan liability | 5,882 | [3] | 7,467 | [3] | ||
Interest rate derivatives | 1,855 | 3,309 | ||||
Liabilities | 7,737 | 10,776 | ||||
Redeemable noncontrolling interest | 18,417 | 17,758 | ||||
Fair value measurement on a recurring basis | Mutual funds | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 5,756 | [1] | 7,090 | [1] | ||
Fair value measurement on a recurring basis | Common Shares | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 176 | [1] | ||||
Fair value measurement on a recurring basis | Other | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 126 | [1] | 201 | [1] | ||
Fair value measurement on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Assets: | ||||||
Common stocks | 298 | [1] | ||||
Assets | 5,882 | 7,765 | ||||
Liabilities: | ||||||
Liabilities | 0 | 0 | ||||
Fair value measurement on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 5,756 | [1] | 7,090 | [1] | ||
Fair value measurement on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Shares | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 176 | [1] | ||||
Fair value measurement on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||||||
Assets: | ||||||
Marketable securities in deferred compensation plan | 126 | [1] | 201 | [1] | ||
Fair value measurement on a recurring basis | Significant Other Observable Inputs (Level 2) | ||||||
Assets: | ||||||
Interest rate derivatives | 274 | [2] | 6,594 | [2] | ||
Warrants to purchase common stock in KEYW | 164 | [2] | 301 | [2] | ||
Assets | 438 | 6,895 | ||||
Liabilities: | ||||||
Deferred compensation plan liability | 5,882 | [3] | 7,467 | [3] | ||
Interest rate derivatives | 1,855 | 3,309 | ||||
Liabilities | 7,737 | 10,776 | ||||
Fair value measurement on a recurring basis | Significant Unobservable Inputs (Level 3) | ||||||
Liabilities: | ||||||
Redeemable noncontrolling interest | 18,417 | 17,758 | ||||
Fair value measurement on a recurring basis | Corporate Office Properties, L.P. | ||||||
Assets: | ||||||
Common stocks | 298 | [4] | ||||
Interest rate derivatives | 274 | [5] | 6,594 | [5] | ||
Warrants to purchase common stock in KEYW | 164 | [5] | 301 | [5] | ||
Assets | 438 | 7,193 | ||||
Liabilities: | ||||||
Interest rate derivatives | 1,855 | 3,309 | ||||
Redeemable noncontrolling interest | 18,417 | 17,758 | ||||
Fair value measurement on a recurring basis | Corporate Office Properties, L.P. | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Assets: | ||||||
Common stocks | 298 | [4] | ||||
Assets | 0 | 298 | ||||
Fair value measurement on a recurring basis | Corporate Office Properties, L.P. | Significant Other Observable Inputs (Level 2) | ||||||
Assets: | ||||||
Interest rate derivatives | 274 | [5] | 6,594 | [5] | ||
Warrants to purchase common stock in KEYW | 164 | [5] | 301 | [5] | ||
Assets | 438 | 6,895 | ||||
Liabilities: | ||||||
Interest rate derivatives | 1,855 | 3,309 | ||||
Fair value measurement on a recurring basis | Corporate Office Properties, L.P. | Significant Unobservable Inputs (Level 3) | ||||||
Assets: | ||||||
Assets | 0 | 0 | ||||
Liabilities: | ||||||
Redeemable noncontrolling interest | $18,417 | $17,758 | ||||
[1] | Included in the line entitled “restricted cash and marketable securities†on COPT’s consolidated balance sheet. | |||||
[2] | Included in the line entitled “prepaid expenses and other assets†on COPT’s consolidated balance sheet. | |||||
[3] | Included in the line entitled “other liabilities†on COPT’s consolidated balance sheet. | |||||
[4] | Included in the line entitled “restricted cash and marketable securities†on COPLP’s consolidated balance sheet. | |||||
[5] | Included in the line entitled “prepaid expenses and other assets†on COPLP’s consolidated balance sheet. |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair value of impaired properties and other assets | |||
Impairment losses | $1,416,000 | $5,857,000 | $43,678,000 |
Exit costs included in impairment losses in connection with dispositions | 0 | 979,000 | 4,146,000 |
Fair value measurement on a recurring basis | |||
Fair value of impaired properties and other assets | |||
Assets | 6,320,000 | 14,660,000 | |
Fair value measurement on a nonrecurring basis | Projects in development or held for future development | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 1,900,000 | ||
Fair value measurement on a nonrecurring basis | Property Conveyances | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 11,000,000 | ||
Exit costs included in impairment losses in connection with dispositions | 560,000 | ||
Fair value measurement on a nonrecurring basis | Other Properties with Shortened Holding Periods | |||
Fair value of impaired properties and other assets | |||
Number of properties, shortened holding period | 2 | ||
Fair value measurement on a nonrecurring basis | Strategic Reallocation Plan | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 19,000,000 | ||
Exit costs included in impairment losses in connection with dispositions | 419,000 | ||
Fair value measurement on a nonrecurring basis | Properties, Net | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 31,068,000 | ||
Assets | 4,459,000 | ||
Fair value measurement on a nonrecurring basis | Additional Property Disposed [Member] | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 5,100,000 | ||
Fair value measurement on a nonrecurring basis | Significant Unobservable Inputs (Level 3) | Strategic Reallocation Plan | |||
Fair value of impaired properties and other assets | |||
Exit costs included in impairment losses in connection with dispositions | 4,200,000 | ||
Fair value measurement on a nonrecurring basis | Significant Unobservable Inputs (Level 3) | Properties, Net | |||
Fair value of impaired properties and other assets | |||
Exit costs included in impairment losses in connection with dispositions | 979,000 | ||
Assets | 4,459,000 | ||
Fair value measurement on a nonrecurring basis | Discounted Cash Flow | |||
Fair value of impaired properties and other assets | |||
Discount rate | 10.00% | ||
Terminal capitalization rate | 9.50% | ||
Market rent growth rate | 3.00% | ||
Expense growth rate | 3.00% | ||
Fair value measurement on a nonrecurring basis | Discounted Cash Flow | Significant Unobservable Inputs (Level 3) | Properties, Net | |||
Fair value of impaired properties and other assets | |||
Assets | 4,459,000 | ||
Fair value measurement on a nonrecurring basis | Discontinued Operations | Strategic Reallocation Plan | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 15,200,000 | 23,200,000 | |
Fair value measurement on a nonrecurring basis | Greater Baltimore | Other Properties with Shortened Holding Periods | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 1,371,000 | 5,900,000 | |
Fair value measurement on a nonrecurring basis | Greater Philadelphia | |||
Fair value of impaired properties and other assets | |||
Impairment losses | 46,100,000 | ||
Future expenditures for redevelopment | 25,000,000 | ||
Fair value measurement on a nonrecurring basis | Colorado Springs | Strategic Reallocation Plan | |||
Fair value of impaired properties and other assets | |||
Impairment losses | $6,900,000 | ||
Redeemable non-controlling interest | Fair value measurement on a recurring basis | Significant Unobservable Inputs (Level 3) | |||
Fair value of impaired properties and other assets | |||
Discount rate | 15.50% | 15.50% |
Concentration_of_Rental_Revenu2
Concentration of Rental Revenue (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Concentration Risk | ||||||
Number of regions with real estate operations which are not located in the Mid-Atlantic region of the United States | 3 | |||||
Rental revenue | Tenants | ||||||
Concentration Risk | ||||||
Percentage required for qualification as major customer | 5.00% | |||||
Number of tenants from which the entity has recognized the most rental revenue aggregated for revenue concentration disclosure | 5 | |||||
Rental revenue | Tenants | United States Government | ||||||
Concentration Risk | ||||||
Percentage of revenue | 18.00% | 18.00% | 18.00% | |||
Rental revenue | Tenants | Northrop Grumman Corporation | ||||||
Concentration Risk | ||||||
Percentage of revenue | 6.00% | [1] | 8.00% | [1] | 7.00% | [1] |
Rental revenue | Tenants | Booz Allen Hamilton, Inc. | ||||||
Concentration Risk | ||||||
Percentage of revenue | 6.00% | 6.00% | 6.00% | |||
Rental revenue | Tenants | Computer Sciences Corporation | ||||||
Concentration Risk | ||||||
Percentage of revenue | 5.00% | [1] | 5.00% | [1] | ||
Rental revenue | Tenants | Five largest tenants | ||||||
Concentration Risk | ||||||
Percentage of revenue | 39.00% | 41.00% | 39.00% | |||
Construction contract revenue | United States Government | ||||||
Concentration Risk | ||||||
Percentage of revenue | 90.00% | 90.00% | 90.00% | |||
[1] | Includes affiliated organizations and agencies and predecessor companies. |
Properties_net_Details
Properties, net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
In Thousands, unless otherwise specified | |||||
Properties | |||||
Gross | $4,014,336 | [1],[2] | $3,811,950 | $3,859,960 | $4,038,932 |
Operating properties, net | 2,751,488 | 2,702,693 | |||
Operating properties, net | |||||
Properties | |||||
Less: accumulated depreciation | -703,083 | -597,649 | |||
Operating properties, net | Land | |||||
Properties | |||||
Gross | 439,355 | 430,472 | |||
Operating properties, net | Buildings and improvements | |||||
Properties | |||||
Gross | $3,015,216 | $2,869,870 | |||
[1] | As discussed in Note 3 to our Consolidated Financial Statements, we recognized impairment losses of $1.4 million primarily in connection with certain of our operating properties in the Greater Baltimore region that were disposed in the current period. | ||||
[2] | The aggregate cost of these assets for Federal income tax purposes was approximately $3.4 billion at December 31, 2014. |
Properties_net_Details_2
Properties, net (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Properties | ||
Projects in development or held for future development | $545,426 | $511,608 |
Projects in development or held for future development | Land in development or held for future development | ||
Properties | ||
Projects in development or held for future development | 214,977 | 245,676 |
Projects in development or held for future development | Construction in progress, excluding land | ||
Properties | ||
Projects in development or held for future development | $330,449 | $265,932 |
Properties_net_Details_3
Properties, net (Details 3) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 23, 2013 | |
Dispositions | ||||
Gain on early extinguishment of debt | ($9,552,000) | ($27,030,000) | ($943,000) | |
Non-operating Properties | ||||
Dispositions | ||||
Gain on Disposition | 5,600,000 | |||
Sale price of non-operating properties | 28,300,000 | 3,500,000 | ||
Secured Debt | December 2013 Portfolio Conveyance | ||||
Dispositions | ||||
Debt settled through the surrender of real estate assets | 146,500,000 | |||
Gain on early extinguishment of debt | 67,800,000 | |||
Secured Debt | Fair value measurement on a nonrecurring basis | December 2013 Portfolio Conveyance | ||||
Dispositions | ||||
Fair value of real estate disposed in settlement of debt | 74,000,000 | |||
Operating properties | ||||
Dispositions | ||||
Number of Buildings Disposed | 8 | 31 | ||
Total Rentable Square Feet | 302,958 | 2,345,000 | ||
Transaction Value of Operating Property Dispositions | 28,835,000 | 293,301,000 | ||
Gain on Disposition | 5,093,000 | 2,671,000 | ||
Operating properties | 4969 and 4979 Mercantile Rd | ||||
Dispositions | ||||
Number of Buildings Disposed | 2 | |||
Total Rentable Square Feet | 96,721 | |||
Transaction Value of Operating Property Dispositions | 5,960,000 | |||
Gain on Disposition | 2,124,000 | |||
Operating properties | 9930 and 9940 Franklin Square | ||||
Dispositions | ||||
Number of Buildings Disposed | 2 | |||
Total Rentable Square Feet | 71,992 | |||
Transaction Value of Operating Property Dispositions | 10,475,000 | |||
Gain on Disposition | 2,303,000 | |||
Operating properties | 5020, 5022, 5024 and 5026 Campbell Boulevard | ||||
Dispositions | ||||
Number of Buildings Disposed | 4 | |||
Total Rentable Square Feet | 134,245 | |||
Transaction Value of Operating Property Dispositions | 12,400,000 | |||
Gain on Disposition | 666,000 | |||
Operating properties | 920 Elkridge Landing Road | ||||
Dispositions | ||||
Number of Buildings Disposed | 1 | |||
Total Rentable Square Feet | 103,000 | |||
Transaction Value of Operating Property Dispositions | 6,900,000 | |||
Gain on Disposition | 0 | |||
Operating properties | 4230 Forbes Boulevard | ||||
Dispositions | ||||
Number of Buildings Disposed | 1 | |||
Total Rentable Square Feet | 56,000 | |||
Transaction Value of Operating Property Dispositions | 5,600,000 | |||
Gain on Disposition | 1,507,000 | |||
Operating properties | December 2013 Colorado Springs Portfolio Disposition | ||||
Dispositions | ||||
Number of Buildings Disposed | 15 | |||
Total Rentable Square Feet | 1,165,000 | |||
Transaction Value of Operating Property Dispositions | 133,925,000 | |||
Gain on Disposition | 1,164,000 | |||
Operating properties | December 2013 Portfolio Conveyance | ||||
Dispositions | ||||
Number of Buildings Disposed | 14 | |||
Total Rentable Square Feet | 1,021,000 | |||
Transaction Value of Operating Property Dispositions | 146,876,000 | |||
Gain on Disposition | $0 |
Properties_net_Details_4
Properties, net (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
sqft | Property | |
Property | sqft | |
Newly-constructed properties placed in service | ||
Construction and Redevelopment Activities | ||
Square Feet of Properties Placed in Service | 692,000 | 812,000 |
Number of Real Estate Properties Placed In Service | 5 | 8 |
Properties under construction or contractually committed for construction | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 8 | |
Square footage of real estate properties (in square feet) | 1,200,000 | |
Properties under construction or contractually committed for construction | Northern Virginia | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 4 | |
Properties under construction or contractually committed for construction | Baltimore and Washington Corridor | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 2 | |
Properties under construction or contractually committed for construction | Huntsville | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 1 | |
Properties under construction or contractually committed for construction | San Antonio | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 1 | |
Properties under redevelopment | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 5 | |
Square footage of real estate properties (in square feet) | 344,000 | |
Properties under redevelopment | Baltimore and Washington Corridor | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 3 | |
Properties under redevelopment | Greater Philadelphia | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 1 | |
Properties under redevelopment | St Marys County | ||
Construction and Redevelopment Activities | ||
Number of real estate properties | 1 | |
Greater Philadelphia | ||
Construction and Redevelopment Activities | ||
Depreciation Expense Resulting From Useful Life Change | 12.9 |
Real_Estate_Joint_Ventures_Det
Real Estate Joint Ventures (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Sep. 17, 2013 | Dec. 11, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 07, 2014 | ||
buillding | Property | ||||||
sqft | |||||||
Investments in consolidated real estate joint ventures | |||||||
Investing receivables | $52,147,000 | $53,663,000 | |||||
LW Redstone Company, LLC | |||||||
Investments in consolidated real estate joint ventures | |||||||
Number of buildings operated by the joint venture | 4 | ||||||
Partner's capital account upon formation | 9,000,000 | ||||||
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the company | 85.00% | ||||||
Percentage of residual distributable cash flows in excess of unpaid cumulative preferred returns and return of invested capital entitled to the entity's partners | 15.00% | ||||||
Number of years following construction commencement threshold achievement before partner's interest can be purchased at fair value | 5 years | ||||||
Construction commencement threshold (in square feet) | 4,400,000 | ||||||
Construction Commencement Threshold, Completed | 561,000 | ||||||
LW Redstone Company, LLC | Maximum | |||||||
Investments in consolidated real estate joint ventures | |||||||
Infrastructure costs anticipated to be funded by entity for reimbursement by the City of Huntsville (in dollars) | 76,000,000 | ||||||
M Square Associates, LLC | |||||||
Investments in consolidated real estate joint ventures | |||||||
Number of buildings operated by the joint venture | 2 | ||||||
Percentage of residual amounts distributed to each member | 50.00% | ||||||
Consolidated real estate joint ventures | |||||||
Investments in consolidated real estate joint ventures | |||||||
Total Assets | 202,948,000 | [1] | |||||
Encumbered Assets | 115,476,000 | [1] | |||||
Total Liabilities | 80,736,000 | [1] | |||||
Arundel Preserve 5, LLC | |||||||
Investments in consolidated real estate joint ventures | |||||||
Ownership (as a percent) | 50.00% | ||||||
Arundel Preserve 5, LLC | Common Shares | |||||||
Investments in consolidated real estate joint ventures | |||||||
Acquisition of property and noncontrolling interest in other consolidated entity for COPLP common units (in units) | 221,501 | ||||||
Acquisition of property and noncontrolling interest in other consolidated entity for COPLP common units (in dollars) | 5,200,000 | ||||||
MOR Forbes 2 LLC | |||||||
Investments in consolidated real estate joint ventures | |||||||
Ownership (as a percent) | 50.00% | ||||||
Unconsolidated real estate joint ventures | |||||||
Investments in consolidated real estate joint ventures | |||||||
Ownership (as a percent) | 20.00% | ||||||
Number of buildings operated by the joint venture | 16 | ||||||
Investment balance | -6,400,000 | ||||||
Difference between carrying amount of investment and share of the equity in the joint venture | 4,500,000 | ||||||
Gain on disposal | 6,300,000 | ||||||
Condensed statements of operations for unconsolidated real estate joint venture | |||||||
Revenues | 6,519,000 | 7,316,000 | |||||
Property operating expenses | -2,818,000 | -2,829,000 | |||||
Interest expense | -10,463,000 | -7,672,000 | |||||
Depreciation and amortization expense | -2,067,000 | -2,283,000 | |||||
Gain on early extinguishment of debt | 23,013,000 | 0 | |||||
Net income (loss) | 14,184,000 | -5,468,000 | |||||
Unconsolidated real estate joint ventures | Nonrecourse loan guarantees of unconsolidated partnership | Nonrecourse mezzanine loan | |||||||
Investments in consolidated real estate joint ventures | |||||||
Nonrecourse mezzanine debt balance, equity method joint venture | 5,600,000 | ||||||
LW Redstone Company, LLC | Variable Interest Entity, Primary Beneficiary | |||||||
Investments in consolidated real estate joint ventures | |||||||
Ownership (as a percent) | 85.00% | ||||||
Total Assets | 143,534,000 | [1],[2] | |||||
Encumbered Assets | 66,620,000 | [1],[2] | |||||
Total Liabilities | 41,659,000 | [1],[2] | |||||
M Square Associates, LLC | Variable Interest Entity, Primary Beneficiary | |||||||
Investments in consolidated real estate joint ventures | |||||||
Ownership (as a percent) | 50.00% | ||||||
Total Assets | 59,414,000 | [1],[3] | |||||
Encumbered Assets | 48,856,000 | [1],[3] | |||||
Total Liabilities | 39,077,000 | [1],[3] | |||||
COPT-FD Indian Head, LLC | Variable Interest Entity, Primary Beneficiary | |||||||
Investments in consolidated real estate joint ventures | |||||||
Proceeds from real estate and real estate joint ventures | 6,400,000 | ||||||
Notes receivable from City of Huntsville | |||||||
Investments in consolidated real estate joint ventures | |||||||
Investing receivables | $49,147,000 | $44,055,000 | |||||
[1] | Excludes amounts eliminated in consolidation. | ||||||
[2] | This joint venture’s property is in Huntsville, Alabama. | ||||||
[3] | This joint venture’s properties are in College Park, Maryland (in the Baltimore/Washington Corridor). |
Intangible_Assets_on_Real_Esta2
Intangible Assets on Real Estate Acquisitions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | $188,467,000 | $192,592,000 | |
Accumulated Amortization | 144,613,000 | 133,334,000 | |
Net Carrying Amount | 43,854,000 | 59,258,000 | |
Amortization of the intangible assets | 15,200,000 | 16,200,000 | 21,400,000 |
Weighted average amortization period of intangible assets | 10 years | ||
Estimated future amortization expense associated with the intangible asset categories for the next five years | |||
2015 | 9,300,000 | ||
2016 | 8,400,000 | ||
2017 | 6,200,000 | ||
2018 | 3,800,000 | ||
2019 | 3,400,000 | ||
In-place lease value | |||
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | 123,759,000 | 125,504,000 | |
Accumulated Amortization | 101,040,000 | 93,885,000 | |
Net Carrying Amount | 22,719,000 | 31,619,000 | |
Weighted average amortization period of intangible assets | 6 years | ||
Tenant relationship value | |||
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | 42,301,000 | 44,414,000 | |
Accumulated Amortization | 28,492,000 | 25,962,000 | |
Net Carrying Amount | 13,809,000 | 18,452,000 | |
Weighted average amortization period of intangible assets | 7 years | ||
Below-market cost arrangements | |||
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | 12,415,000 | 12,416,000 | |
Accumulated Amortization | 5,984,000 | 5,136,000 | |
Net Carrying Amount | 6,431,000 | 7,280,000 | |
Weighted average amortization period of intangible assets | 31 years | ||
Above-market leases | |||
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | 8,659,000 | 8,925,000 | |
Accumulated Amortization | 8,159,000 | 7,970,000 | |
Net Carrying Amount | 500,000 | 955,000 | |
Weighted average amortization period of intangible assets | 2 years | ||
Market concentration premium | |||
Intangible assets on real estate acquisitions | |||
Gross Carrying Amount | 1,333,000 | 1,333,000 | |
Accumulated Amortization | 938,000 | 381,000 | |
Net Carrying Amount | $395,000 | $952,000 | |
Weighted average amortization period of intangible assets | 28 years |
Deferred_Leasing_and_Financing2
Deferred Leasing and Financing Costs (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Leasing and Financing Costs [Abstract] | ||
Deferred leasing costs | $123,925 | $110,711 |
Deferred financing costs | 31,229 | 36,390 |
Accumulated amortization | -90,357 | -80,834 |
Deferred leasing and financing costs, net | $64,797 | $66,267 |
Investing_Receivables_Details
Investing Receivables (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investing receivables | 52,147 | $53,663 |
Notes receivable from City of Huntsville | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investing receivables | 49,147 | 44,055 |
Notes receivable from City of Huntsville | LW Redstone Company, LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Stated interest rate (as a percent) | 9.95% | |
Debt instrument, term | 30 years | |
Other investing loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investing receivables | 3,000 | $9,608 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Prepaid Expense and Other Assets [Abstract] | ||||
Prepaid expenses | $20,570 | $19,308 | ||
Lease incentives | 13,344 | 8,435 | ||
Construction contract costs incurred in excess of billings | 6,656 | 2,462 | ||
Furniture, fixtures and equipment, net | 6,637 | 6,556 | ||
Deferred tax asset, net | 4,002 | [1] | 4,305 | [1] |
Operating notes receivable | 3,797 | 1,692 | ||
Other equity method investments | 2,368 | 2,258 | ||
Interest rate derivatives | 274 | 6,594 | ||
Other assets | 2,601 | 2,576 | ||
Prepaid expenses and other assets | 60,249 | 54,186 | ||
Operating notes receivable | ||||
Mortgage and Other Investing Receivables [Line Items] | ||||
Operating notes receivables due from tenants with terms exceeding one year | 3,600 | 1,700 | ||
Operating Notes Receivable Long-Term, Allowance for Estimated Losses | $252 | $87 | ||
[1] | See Note 19 for further disclosure. |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 01, 2011 | Feb. 14, 2012 | Aug. 03, 2012 | Dec. 31, 2010 | 6-May-13 | Sep. 16, 2013 | 14-May-14 | Apr. 30, 2014 | |||
Debt | ||||||||||||||
Debt, net | $1,920,057,000 | $1,927,703,000 | $1,920,057,000 | |||||||||||
Loss on early extinguishment of debt | 9,552,000 | 27,030,000 | 943,000 | |||||||||||
Principal amount of debt | 1,929,810,000 | [1] | 1,929,810,000 | [1] | ||||||||||
Interest expense associated with amortization of discount | 921,000 | 1,159,000 | 3,155,000 | |||||||||||
Secured Loans Due November 2015 and January 2016 | ||||||||||||||
Debt | ||||||||||||||
Loss on early extinguishment of debt | 9,100,000 | |||||||||||||
Secured Loan Due January 2016 | ||||||||||||||
Debt | ||||||||||||||
Stated interest rate (as a percent) | 5.56% | 5.56% | ||||||||||||
Amount of loans repaid upon entry into Revolving Credit Facility and Term Loan Agreement | 108,500,000 | |||||||||||||
Secured Loan Due November 2015 | ||||||||||||||
Debt | ||||||||||||||
Stated interest rate (as a percent) | 5.53% | 5.53% | ||||||||||||
Amount of loans repaid upon entry into Revolving Credit Facility and Term Loan Agreement | 103,000,000 | |||||||||||||
Mortgage and Other Secured Loans: | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 424,016,000 | 712,751,000 | 424,016,000 | |||||||||||
Fixed rate mortgage loans | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 387,139,000 | 675,060,000 | 387,139,000 | |||||||||||
Stated Interest Rates, low end of range (as a percent) | 3.96% | [2] | ||||||||||||
Stated Interest Rates, high end of range (as a percent) | 10.65% | [2] | ||||||||||||
Unamortized premium included in carrying value | 42,000 | 69,000 | 42,000 | |||||||||||
Weighted average interest rate (as a percent) | 8.10% | 8.10% | ||||||||||||
Weighted average interest rate excluding incremental rate | 6.16% | 6.16% | ||||||||||||
Variable rate secured loans | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 36,877,000 | 37,691,000 | 36,877,000 | |||||||||||
Stated interest rate (as a percent) | 2.41% | 2.41% | ||||||||||||
Description of variable rate basis | LIBOR | [3] | ||||||||||||
Variable rate, spread (as a percent) | 2.25% | [3] | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 83,000,000 | 0 | 83,000,000 | |||||||||||
Description of variable rate basis | LIBOR | |||||||||||||
Term Credit Facility Effective September 2011 | ||||||||||||||
Debt | ||||||||||||||
Additional borrowing capacity available provided there is no default under the agreement | 100,000,000 | |||||||||||||
Extension option period (in years) | 1 year | |||||||||||||
Initial amount borrowed | 400,000,000 | |||||||||||||
Extension fee as a percentage of total availability of the facility | 0.15% | |||||||||||||
Repayments of Debt | 100,000,000 | 150,000,000 | ||||||||||||
Term Credit Facility Effective February 2012 | ||||||||||||||
Debt | ||||||||||||||
Extension option period (in years) | 1 year | |||||||||||||
Initial amount borrowed | 250,000,000 | |||||||||||||
Extension fee as a percentage of total availability of the facility | 0.15% | |||||||||||||
Term Credit Facility Effective August 2012 | ||||||||||||||
Debt | ||||||||||||||
Additional borrowing capacity available provided there is no default under the agreement | 80,000,000 | |||||||||||||
Initial amount borrowed | 120,000,000 | |||||||||||||
Term Loan Facilities | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 520,000,000 | 620,000,000 | 520,000,000 | |||||||||||
Description of variable rate basis | LIBOR | [4] | ||||||||||||
Weighted average interest rate (as a percent) | 1.80% | 1.80% | ||||||||||||
Additional borrowing capacity available provided there is no default under the agreement | 180,000,000 | 180,000,000 | ||||||||||||
4.25% Exchangeable Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 572,000 | 563,000 | 572,000 | |||||||||||
Stated interest rate (as a percent) | 4.25% | 4.25% | 4.25% | |||||||||||
Interest rate on debt (as a percent) | 6.05% | 6.05% | ||||||||||||
Unamortized discount included in carrying value | 3,000 | 12,000 | 3,000 | |||||||||||
Initial amount borrowed | 240,000,000 | |||||||||||||
Exchange rate per $1000 principal amount (in common shares) | 20.8513 | |||||||||||||
Convertible debt principal amount, basis for exchange | 1,000 | 1,000 | ||||||||||||
Exchange price per common share based on exchange rate (in dollars per share) | $47.96 | $47.96 | ||||||||||||
Percentage over the entity's common stock price at the time of issuance which was used to determine the initial exchange rate | 20.00% | |||||||||||||
Repurchase of notes, percentage of principal paid | 100.00% | 100.00% | ||||||||||||
Amount of loans repaid upon entry into Revolving Credit Facility and Term Loan Agreement | 239,400,000 | |||||||||||||
Loss on early extinguishment of debt | 25,900,000 | |||||||||||||
Principal amount of debt | 575,000 | 575,000 | 575,000 | |||||||||||
Interest expense at stated interest rate | 24,000 | 4,208,000 | 10,200,000 | |||||||||||
Interest expense associated with amortization of discount | 10,000 | 1,615,000 | 3,651,000 | |||||||||||
Total interest expenses | 34,000 | 5,823,000 | 13,851,000 | |||||||||||
Unsecured notes payable | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 1,607,000 | 1,700,000 | 1,607,000 | |||||||||||
Stated interest rate (as a percent) | 0.00% | 0.00% | ||||||||||||
Unamortized discount included in carrying value | 654,000 | 761,000 | 654,000 | |||||||||||
Debt in Default of Payment Terms | ||||||||||||||
Debt | ||||||||||||||
Number of real estate properties | 2 | 2 | ||||||||||||
Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Redemption percentage within three months of maturity | 100.00% | |||||||||||||
Senior Notes | 3.60% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 347,496,000 | 347,244,000 | 347,496,000 | |||||||||||
Stated interest rate (as a percent) | 3.60% | 3.60% | 3.60% | |||||||||||
Interest rate on debt (as a percent) | 3.70% | 3.70% | ||||||||||||
Unamortized discount included in carrying value | 2,500,000 | 2,800,000 | 2,500,000 | |||||||||||
Initial amount borrowed | 347,100,000 | |||||||||||||
Loan amount | 350,000,000 | |||||||||||||
Debt issuance as a percentage of principal amount | 99.82% | |||||||||||||
Senior Notes | 5.250% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 245,797,000 | 245,445,000 | 245,797,000 | |||||||||||
Stated interest rate (as a percent) | 5.25% | 5.25% | 5.25% | |||||||||||
Interest rate on debt (as a percent) | 5.49% | 5.49% | ||||||||||||
Unamortized discount included in carrying value | 4,200,000 | 4,600,000 | 4,200,000 | |||||||||||
Initial amount borrowed | 245,300,000 | |||||||||||||
Loan amount | 250,000,000 | |||||||||||||
Debt issuance as a percentage of principal amount | 98.78% | |||||||||||||
Senior Notes | 3.70% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Debt, net | 297,569,000 | 0 | 297,569,000 | |||||||||||
Stated interest rate (as a percent) | 3.70% | |||||||||||||
Interest rate on debt (as a percent) | 3.85% | 3.85% | ||||||||||||
Unamortized discount included in carrying value | 2,400,000 | 2,400,000 | ||||||||||||
Initial amount borrowed | 297,300,000 | |||||||||||||
Loan amount | 300,000,000 | |||||||||||||
Debt issuance as a percentage of principal amount | 99.74% | |||||||||||||
London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective September 2011 | ||||||||||||||
Debt | ||||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||
London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective February 2012 | ||||||||||||||
Debt | ||||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||
London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective August 2012 | ||||||||||||||
Debt | ||||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||
Adjusted Treasury | Senior Notes | 3.60% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Basis points used in determining redemption price prior to maturity | 30.00% | 30.00% | ||||||||||||
Adjusted Treasury | Senior Notes | 5.250% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Basis points used in determining redemption price prior to maturity | 40.00% | 40.00% | ||||||||||||
Adjusted Treasury | Senior Notes | 3.70% Senior Notes | ||||||||||||||
Debt | ||||||||||||||
Basis points used in determining redemption price prior to maturity | 25.00% | 25.00% | ||||||||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Maximum Availability | 800,000,000 | 800,000,000 | ||||||||||||
Weighted average interest rate (as a percent) | 1.47% | 1.74% | 1.47% | |||||||||||
Expansion right, maximum borrowing capacity | 1,300,000,000 | 1,300,000,000 | ||||||||||||
Amount available as a percentage of unencumbered Asset value | 60.00% | |||||||||||||
Extension option period (in years) | 1 year | |||||||||||||
Line of credit facility, extension fee percentage | 0.15% | |||||||||||||
Remaining borrowing capacity | 702,200,000 | 702,200,000 | ||||||||||||
Weighted average borrowings | 15,900,000 | 55,500,000 | ||||||||||||
Minimum | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 0.98% | |||||||||||||
Minimum | Term Loan Facilities | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 1.10% | [4] | ||||||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective September 2011 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 1.10% | |||||||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective February 2012 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 1.10% | |||||||||||||
Minimum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective August 2012 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 2.10% | |||||||||||||
Minimum | Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Commitment fee percentage | 0.13% | |||||||||||||
Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 0.98% | |||||||||||||
Maximum | Fixed rate mortgage loans | ||||||||||||||
Debt | ||||||||||||||
Stated interest rate excluding incremental rate on default rate | 7.87% | 7.87% | ||||||||||||
Maximum | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 1.75% | |||||||||||||
Maximum | Term Loan Facilities | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 2.60% | [4] | ||||||||||||
Maximum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective September 2011 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 2.00% | |||||||||||||
Maximum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective February 2012 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 2.00% | |||||||||||||
Maximum | London Interbank Offered Rate (LIBOR) | Term Credit Facility Effective August 2012 | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 2.60% | |||||||||||||
Maximum | Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Commitment fee percentage | 0.35% | |||||||||||||
Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||||||||||||
Debt | ||||||||||||||
Variable rate, spread (as a percent) | 1.75% | |||||||||||||
Wholly Owned Subsidiary | ||||||||||||||
Debt | ||||||||||||||
Debt, net | $150,000,000 | $150,000,000 | $150,000,000 | |||||||||||
Wholly Owned Subsidiary | Debt in Default of Payment Terms | ||||||||||||||
Debt | ||||||||||||||
Stated interest rate (as a percent) | 10.65% | |||||||||||||
Northern Virginia | Wholly Owned Subsidiary | Debt in Default of Payment Terms | ||||||||||||||
Debt | ||||||||||||||
Number of real estate properties | 2 | |||||||||||||
[1] | Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $9.8 million. | |||||||||||||
[2] | The interest rate on the loan outstanding was 2.41% as of December 31, 2014. | |||||||||||||
[3] | Refer to the paragraphs below for further disclosure. | |||||||||||||
[4] | These notes carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $654,000 as of December 31, 2014 and $761,000 as of December 31, 2013. |
Debt_Details_2
Debt (Details 2) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Sep. 01, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | ||
period | period | |||||
Schedule on basis of which debt matures | ||||||
2015 | $343,545,000 | [1] | ||||
2016 | 171,399,000 | |||||
2017 | 339,247,000 | [2] | ||||
2018 | 2,036,000 | |||||
2019 | 122,094,000 | |||||
Thereafter | 951,489,000 | |||||
Total | 1,929,810,000 | [3] | ||||
Debt Instrument [Line Items] | ||||||
Debt maturing in 2015 that may be extended for two one year periods | 150,000,000 | |||||
Number of extension option periods for year one long-term debt maturities repayments of principal | 2 | 2 | ||||
Extension option period for portion of debt maturing in 2015 (in years) | 1 year | |||||
Debt maturing in 2017 that may be extended for a one year period | 333,000,000 | |||||
Extension option period for portion of debt maturing in 2017 (in years) | 1 year | |||||
Net discounts | 9,800,000 | |||||
Capitalized interest costs | 6,100,000 | 8,800,000 | 13,900,000 | |||
Wholly Owned Subsidiary | ||||||
Debt Instrument [Line Items] | ||||||
Debt, net | $150,000,000 | $150,000,000 | ||||
[1] | Includes $150.0 million pertaining to a nonrecourse mortgage loan on which we defaulted on the payment terms as discussed further below. Also includes $150.0 million that may be extended for two one-year periods at our option, subject to certain conditions. | |||||
[2] | Includes $333.0 million that may be extended for one year at our option, subject to certain conditions. | |||||
[3] | Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $9.8 million. |
Debt_Details_3
Debt (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying amount and estimated fair value of debt | ||
Debt, net | $1,920,057 | $1,927,703 |
Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Debt, net | 890,900 | |
4.25% Exchangeable Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Debt, net | 572 | 563 |
Carrying Amount | ||
Carrying amount and estimated fair value of debt | ||
Variable-rate debt | 639,877 | 657,691 |
Debt, net | 1,920,057 | 1,927,703 |
Carrying Amount | Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | 890,862 | 592,689 |
Carrying Amount | 4.25% Exchangeable Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | 572 | 563 |
Carrying Amount | Fixed-rate debt excluding other fixed rate debt not separately disclosed | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | 388,746 | 676,760 |
Total Estimated Fair Value | ||
Carrying amount and estimated fair value of debt | ||
Variable-rate debt | 642,091 | 657,527 |
Debt, net | 1,900,067 | 1,884,473 |
Total Estimated Fair Value | Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | 901,599 | 575,374 |
Total Estimated Fair Value | 4.25% Exchangeable Senior Notes | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | 575 | 575 |
Total Estimated Fair Value | Fixed-rate debt excluding other fixed rate debt not separately disclosed | ||
Carrying amount and estimated fair value of debt | ||
Fixed-rate debt | $355,802 | $650,997 |
Interest_Rate_Derivatives_Deta
Interest Rate Derivatives (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair value of interest rate derivatives and balance sheet classification | |||
Interest rate derivatives | $274,000 | $6,594,000 | |
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Unrealized (losses) gains on interest rate derivatives | -7,799,000 | 6,791,000 | -7,676,000 |
Interest expense | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 2,990,000 | 2,740,000 | 3,697,000 |
Loss on early extinguishment of debt | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 38,000 | 0 | 0 |
Corporate Office Properties, L.P. | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Unrealized (losses) gains on interest rate derivatives | -7,799,000 | 6,791,000 | -7,676,000 |
Corporate Office Properties, L.P. | Interest expense | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 2,990,000 | 2,740,000 | 3,697,000 |
Corporate Office Properties, L.P. | Loss on early extinguishment of debt | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 38,000 | 0 | 0 |
Interest rate swaps | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Unrealized (losses) gains on interest rate derivatives | -7,799,000 | 6,791,000 | -7,676,000 |
Approximate amount of losses to be reclassified from AOCL to interest expense over the next 12 months | 2,900,000 | ||
Interest rate derivatives in liability position, fair value | 1,900,000 | ||
Termination value to settle obligations under interest rate derivative agreements | 2,100,000 | ||
Interest rate swaps | Interest expense | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 2,990,000 | 2,740,000 | 3,697,000 |
Interest rate swaps | Loss on early extinguishment of debt | |||
Effect of interest rate derivatives on consolidated statements of operations and comprehensive income | |||
Losses on interest rate derivatives | 38,000 | 0 | 0 |
Interest rate swaps | Prepaid expenses and other assets | |||
Fair value of interest rate derivatives and balance sheet classification | |||
Interest rate derivatives | 274,000 | 6,594,000 | |
Interest rate swaps | Interest rate derivative [Member] | |||
Fair value of interest rate derivatives and balance sheet classification | |||
Fair value of Interest rate swaps classified as interest rate derivatives | -1,855,000 | -3,309,000 | |
Designated | |||
Fair values of interest rate swap derivatives | |||
Fair value of interest rate swaps | -1,581,000 | 3,285,000 | |
Designated | Interest rate swap, effective date January 3, 2012, swap three | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.83% | ||
Fair value of interest rate swaps | -407,000 | -861,000 | |
Designated | Interest rate swap, effective date January 3, 2012, swap four | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.83% | ||
Fair value of interest rate swaps | -407,000 | -861,000 | |
Designated | Interest rate swap, effective date November 2, 2010 | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 36,877,000 | ||
Fixed Rate (as a percent) | 3.83% | ||
Fair value of interest rate swaps | -400,000 | -832,000 | |
Notional amount of interest rate derivatives after scheduled amortization | 36,200,000 | ||
Designated | Interest rate swap, effective date November 2, 2010 | London Interbank Offered Rate (LIBOR) | |||
Fair values of interest rate swap derivatives | |||
Derivative, Basis Spread on Variable Rate | 2.25% | ||
Designated | Interest rate swap, effective date September 2, 2014, swap one | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.81% | ||
Fair value of interest rate swaps | -317,000 | -94,000 | |
Designated | Interest rate swap, effective date September 2, 2014, swap two | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.81% | ||
Fair value of interest rate swaps | -324,000 | -105,000 | |
Designated | Interest rate swap, effective date September 1, 2015, swap one | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 1.67% | ||
Fair value of interest rate swaps | 239,000 | 3,377,000 | |
Designated | Interest rate swap, effective date September 1, 2015, swap two | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 1.73% | ||
Fair value of interest rate swaps | 35,000 | 3,217,000 | |
Designated | Interest rate swap, effective date January 3, 2012, swap one | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.61% | ||
Fair value of interest rate swaps | 0 | -279,000 | |
Designated | Interest rate swap, effective date January 3, 2012, swap two | |||
Fair values of interest rate swap derivatives | |||
Notional Amount | 100,000,000 | ||
Fixed Rate (as a percent) | 0.61% | ||
Fair value of interest rate swaps | $0 | ($277,000) |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interest (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Redeemable Noncontrolling Interest [Roll Forward] | |||
Redeemable noncontrolling interest, Beginning balance | $17,758 | $10,298 | $8,908 |
Distribution to noncontrolling interest | -1,369 | -1,037 | 0 |
Net income (loss) attributable to noncontrolling interest | 2,162 | 1,376 | -2,565 |
Adjustment to arrive at fair value of redeemable noncontrolling interest | -134 | 7,121 | 3,955 |
Redeemable noncontrolling interest, Ending balance | $18,417 | $17,758 | $10,298 |
Equity_COPT_and_Subsidiaries_D
Equity - COPT and Subsidiaries (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||
Nov. 30, 2014 | Mar. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2013 | Jun. 16, 2014 | Apr. 22, 2013 | |
Preferred Stock | |||||||||
Number of shares issued | 7,431,667 | ||||||||
Aggregate liquidation preference | $199,083,000 | $249,083,000 | |||||||
Stock redeemed or called during period value | 50,000,000 | 84,750,000 | 55,000,000 | ||||||
Common Shares | |||||||||
Shares issued to the public | 5,520,000 | 4,485,000 | |||||||
Per share value of common and preferred shares issued to the public (in dollars per share) | $27.30 | $26.34 | |||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 148,900,000 | 118,100,000 | 148,666,000 | 117,961,000 | |||||
At-market-stock, offering program established, aggregate value | 150,000,000 | ||||||||
Number of common shares for each converted common unit (in shares) | 1 | ||||||||
Number of operating partnerships units converted into common shares (in units) | 140,149 | 311,343 | 234,246 | ||||||
Dividends declared per common share | $1.10 | $1.10 | $1.10 | ||||||
Common Stock Issued to Public Under At-the-Market Program | |||||||||
Common Shares | |||||||||
Shares issued to the public | 1,500,000 | 1,500,000 | |||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 38,500,000 | ||||||||
Issuance of stock, weighted average price per share | $26.05 | ||||||||
Payments of stock issuance costs | 586,000 | ||||||||
At-market stock, offering program established, remaining capacity | 110,900,000 | ||||||||
Preferred Shares | |||||||||
Preferred Stock | |||||||||
Number of preferred shares authorized | 25,000,000 | ||||||||
Number of preferred shares of beneficial interest authorized (in dollars per share) | $0.01 | ||||||||
Common Shares | |||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 165,652,000 | ||||||||
Series H | |||||||||
Preferred Stock | |||||||||
Annual dividend yield | 7.50% | ||||||||
Preferred stock, redemption price per share | $25 | ||||||||
Stock redeemed or called during period value | 50,000,000 | ||||||||
Issuance costs associated with redeemed preferred shares | 1,800,000 | ||||||||
Series K | |||||||||
Preferred Stock | |||||||||
Number of shares issued | 531,667 | ||||||||
Aggregate liquidation preference | 26,583,000 | ||||||||
Annual dividend yield | 5.60% | ||||||||
Annual dividend per share (in dollars per share) | $2.80 | ||||||||
Number of common shares to be issued on conversion of each preferred share | 0.8163 | ||||||||
Series L Cumulative Preferred Stock | |||||||||
Preferred Stock | |||||||||
Number of shares issued | 6,900,000 | ||||||||
Aggregate liquidation preference | 172,500,000 | ||||||||
Annual dividend yield | 7.38% | ||||||||
Annual dividend per share (in dollars per share) | $1.84 | ||||||||
Series J | |||||||||
Preferred Stock | |||||||||
Annual dividend yield | 7.63% | ||||||||
Preferred stock, redemption price per share | $25 | ||||||||
Stock redeemed or called during period value | 84,800,000 | ||||||||
Issuance costs associated with redeemed preferred shares | 2,900,000 | ||||||||
Corporate Office Properties, L.P. | |||||||||
Preferred Stock | |||||||||
Number of shares issued | 7,431,667 | ||||||||
Aggregate liquidation preference | 199,083,000 | ||||||||
Stock redeemed or called during period value | 50,000,000 | 84,750,000 | 55,000,000 | ||||||
Common Shares | |||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 148,666,000 | 117,961,000 | |||||||
Number of common shares for each converted common unit (in shares) | 1 | ||||||||
Number of operating partnerships units converted into common shares (in units) | 140,149 | 311,343 | |||||||
Dividends declared per common share | $1.10 | $1.10 | $1.10 | ||||||
Corporate Office Properties, L.P. | Common Stock Issued to Public Under At-the-Market Program | |||||||||
Common Shares | |||||||||
Shares issued to the public | 1,500,000 | ||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 38,500,000 | ||||||||
Issuance of stock, weighted average price per share | $26.05 | ||||||||
Payments of stock issuance costs | 586,000 | ||||||||
Corporate Office Properties, L.P. | Preferred Shares | |||||||||
Common Shares | |||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 165,652,000 | ||||||||
Corporate Office Properties, L.P. | Series H | |||||||||
Preferred Stock | |||||||||
Annual dividend yield | 7.50% | ||||||||
Preferred stock, redemption price per share | $25 | ||||||||
Stock redeemed or called during period value | 50,000,000 | ||||||||
Issuance costs associated with redeemed preferred shares | 1,800,000 | ||||||||
Corporate Office Properties, L.P. | Series K | |||||||||
Preferred Stock | |||||||||
Number of shares issued | 531,667 | ||||||||
Aggregate liquidation preference | 26,583,000 | ||||||||
Annual dividend yield | 5.60% | ||||||||
Annual dividend per share (in dollars per share) | $2.80 | ||||||||
Number of common shares to be issued on conversion of each preferred share | 0.8163 | ||||||||
Corporate Office Properties, L.P. | Series L Cumulative Preferred Stock | |||||||||
Preferred Stock | |||||||||
Number of shares issued | 6,900,000 | ||||||||
Aggregate liquidation preference | 172,500,000 | ||||||||
Annual dividend yield | 7.38% | ||||||||
Annual dividend per share (in dollars per share) | $1.84 | ||||||||
Corporate Office Properties, L.P. | Series J | |||||||||
Preferred Stock | |||||||||
Annual dividend yield | 7.63% | ||||||||
Preferred stock, redemption price per share | $25 | ||||||||
Stock redeemed or called during period value | 84,800,000 | ||||||||
Issuance costs associated with redeemed preferred shares | $2,900,000 |
Equity_COPLP_and_Subsidiaries_1
Equity - COPLP and Subsidiaries (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Nov. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2013 | Jun. 16, 2014 | Apr. 22, 2013 | |
Preferred Stock | ||||||||
Number of shares issued | 7,431,667 | |||||||
Aggregate liquidation preference | $199,083,000 | $249,083,000 | ||||||
Stock redeemed or called during period value | 50,000,000 | 84,750,000 | 55,000,000 | |||||
Common Shares | ||||||||
Shares issued to the public | 5,520,000 | 4,485,000 | ||||||
Per share value of common and preferred shares issued to the public (in dollars per share) | $27.30 | $26.34 | ||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 148,900,000 | 118,100,000 | 148,666,000 | 117,961,000 | ||||
Number of common shares for each converted common unit (in shares) | 1 | |||||||
Number of operating partnerships units converted into common shares (in units) | 140,149 | 311,343 | 234,246 | |||||
Dividends declared per common share | $1.10 | $1.10 | $1.10 | |||||
Preferred units in COPLP | 8,800,000 | 8,800,000 | ||||||
Common Stock Issued to Public Under At-the-Market Program | ||||||||
Common Shares | ||||||||
Shares issued to the public | 1,500,000 | 1,500,000 | ||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 38,500,000 | |||||||
Issuance of stock, weighted average price per share | $26.05 | |||||||
Payments of stock issuance costs | 586,000 | |||||||
Preferred Shares | ||||||||
Common Shares | ||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 165,652,000 | |||||||
Series H | ||||||||
Preferred Stock | ||||||||
Annual dividend yield | 7.50% | |||||||
Preferred stock, redemption price per share | $25 | |||||||
Stock redeemed or called during period value | 50,000,000 | |||||||
Issuance costs associated with redeemed preferred shares | 1,800,000 | |||||||
Series K | ||||||||
Preferred Stock | ||||||||
Number of shares issued | 531,667 | |||||||
Aggregate liquidation preference | 26,583,000 | |||||||
Annual dividend yield | 5.60% | |||||||
Annual dividend per share (in dollars per share) | $2.80 | |||||||
Number of common shares to be issued on conversion of each preferred share | 0.8163 | |||||||
Series L Cumulative Preferred Stock | ||||||||
Preferred Stock | ||||||||
Number of shares issued | 6,900,000 | |||||||
Aggregate liquidation preference | 172,500,000 | |||||||
Annual dividend yield | 7.38% | |||||||
Annual dividend per share (in dollars per share) | $1.84 | |||||||
Series J | ||||||||
Preferred Stock | ||||||||
Annual dividend yield | 7.63% | |||||||
Preferred stock, redemption price per share | $25 | |||||||
Stock redeemed or called during period value | 84,800,000 | |||||||
Issuance costs associated with redeemed preferred shares | 2,900,000 | |||||||
Common Shares | ||||||||
Common Shares | ||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 204,696,000 | |||||||
Corporate Office Properties, L.P. | ||||||||
Preferred Stock | ||||||||
Number of shares issued | 7,431,667 | |||||||
Aggregate liquidation preference | 199,083,000 | |||||||
Stock redeemed or called during period value | 50,000,000 | 84,750,000 | 55,000,000 | |||||
Common Shares | ||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 148,666,000 | 117,961,000 | ||||||
Number of common shares for each converted common unit (in shares) | 1 | |||||||
Number of operating partnerships units converted into common shares (in units) | 140,149 | 311,343 | ||||||
Dividends declared per common share | $1.10 | $1.10 | $1.10 | |||||
Corporate Office Properties, L.P. | Common Stock Issued to Public Under At-the-Market Program | ||||||||
Common Shares | ||||||||
Shares issued to the public | 1,500,000 | |||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 38,500,000 | |||||||
Issuance of stock, weighted average price per share | $26.05 | |||||||
Payments of stock issuance costs | 586,000 | |||||||
Corporate Office Properties, L.P. | Common Units | ||||||||
Common Shares | ||||||||
Percentage ownership in operating partnership | 96.00% | 95.60% | ||||||
Corporate Office Properties, L.P. | Conversion of Series I preferred units | ||||||||
Preferred Stock | ||||||||
Annual dividend yield | 7.50% | |||||||
Annual cumulative preferred return increment frequency | 5 years | |||||||
Common Shares | ||||||||
Limited partners' capital account, units issued | 352,000 | |||||||
Preferred units in COPLP | 8,800,000 | |||||||
Preferred stock, liquidation preference per share | $25 | |||||||
Common units conversion basis units issuable | 0.5 | |||||||
Corporate Office Properties, L.P. | Preferred Shares | ||||||||
Common Shares | ||||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | 165,652,000 | |||||||
Corporate Office Properties, L.P. | Series H | ||||||||
Preferred Stock | ||||||||
Annual dividend yield | 7.50% | |||||||
Preferred stock, redemption price per share | $25 | |||||||
Stock redeemed or called during period value | 50,000,000 | |||||||
Issuance costs associated with redeemed preferred shares | 1,800,000 | |||||||
Corporate Office Properties, L.P. | Series K | ||||||||
Preferred Stock | ||||||||
Number of shares issued | 531,667 | |||||||
Aggregate liquidation preference | 26,583,000 | |||||||
Annual dividend yield | 5.60% | |||||||
Annual dividend per share (in dollars per share) | $2.80 | |||||||
Number of common shares to be issued on conversion of each preferred share | 0.8163 | |||||||
Corporate Office Properties, L.P. | Series L Cumulative Preferred Stock | ||||||||
Preferred Stock | ||||||||
Number of shares issued | 6,900,000 | |||||||
Aggregate liquidation preference | 172,500,000 | |||||||
Annual dividend yield | 7.38% | |||||||
Annual dividend per share (in dollars per share) | $1.84 | |||||||
Corporate Office Properties, L.P. | Series J | ||||||||
Preferred Stock | ||||||||
Annual dividend yield | 7.63% | |||||||
Preferred stock, redemption price per share | $25 | |||||||
Stock redeemed or called during period value | 84,800,000 | |||||||
Issuance costs associated with redeemed preferred shares | 2,900,000 | |||||||
Corporate Office Properties, L.P. | Common Shares | ||||||||
Common Shares | ||||||||
Shares issued to the public | 5,520,000 | 4,485,000 | ||||||
Per share value of common and preferred shares issued to the public (in dollars per share) | $27.30 | $26.34 | ||||||
Net proceeds from issue of shares after underwriter discounts but before offering expenses | $148,900,000 | $118,100,000 | $204,696,000 |
ShareBased_Compensation_and_Ot2
Share-Based Compensation and Other Compensation Matters (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 03, 2011 | Mar. 02, 2012 | Mar. 01, 2013 | Mar. 06, 2014 | 31-May-10 | |
Stock Options | ||||||||
Share-Based Compensation | ||||||||
Expiration period | 10 years | |||||||
Restricted shares | ||||||||
Shares | ||||||||
Unvested at the beginning of the period (in shares) | 377,448 | 434,643 | 648,378 | |||||
Stock awards granted (in shares or units) | 216,607 | 193,833 | 177,662 | |||||
Forfeited (in shares) | -21,335 | -9,541 | -17,019 | |||||
Vested (in shares) | 182,213 | 241,487 | 374,378 | |||||
Unvested at the end of the period (in shares) | 390,507 | 377,448 | 434,643 | |||||
Restricted shares expected to vest (in shares) | 375,686 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Unvested at the beginning of the period (in dollars per share) | 26.96 | $29.67 | $33.13 | |||||
Grant date fair value (in dollars per share) | 26.73 | $25.91 | $23.64 | |||||
Forfeited (in dollars per share) | 25.1 | $27.59 | $31.43 | |||||
Vested (in dollars per share) | 28.56 | $30.97 | $32.72 | |||||
Unvested at the end of the period (in dollars per share) | 26.19 | $26.96 | $29.67 | |||||
Restricted shares expected to vest (in dollars per share) | 26.18 | |||||||
Other Share-based Compensation Additional Disclosures | ||||||||
Aggregate intrinsic value of restricted common shares, forfeiture restrictions lapsed | 4,900,000 | $6,300,000 | $9,000,000 | |||||
Performance share units | ||||||||
Weighted Average Grant Date Fair Value | ||||||||
Grant date fair value (in dollars per share) | 35.09 | $26.84 | $32.77 | |||||
Potential earned PSUs payout for defined levels of performance under awards | ||||||||
Earned PSUs payout (as a percent of PSUs granted) on 75th or greater percentile rank | 200.00% | |||||||
Earned PSUs payout (as a percent of PSUs granted) on 50th percentile rank | 100.00% | |||||||
Earned PSUs payout (as a percent of PSUs granted) on 25th percentile rank | 50.00% | |||||||
Performance share units granted on percentile rank below 25th (as a percent) | 0.00% | |||||||
Performance period of the award | 3 years | |||||||
Assumptions used to value stock awards | ||||||||
Baseline value per common share (in dollars per share) | 26.52 | $25.85 | $24.39 | |||||
Expected volatility of common shares (as a percent) | 28.60% | 29.50% | 43.20% | |||||
Risk-free interest rate (as a percent) | 0.66% | 0.33% | 0.41% | |||||
Performance share units | 2011 PSU Grants | ||||||||
Shares | ||||||||
Stock awards granted (in shares or units) | 56,883 | |||||||
Unvested at the end of the period (in shares) | 0 | |||||||
Other Share-based Compensation Additional Disclosures | ||||||||
Aggregate grant date fair value | 2,796,000 | |||||||
Performance share units | 2012 PSU Grants | ||||||||
Shares | ||||||||
Stock awards granted (in shares or units) | 54,070 | |||||||
Unvested at the end of the period (in shares) | 54,070 | |||||||
Other Share-based Compensation Additional Disclosures | ||||||||
Aggregate grant date fair value | 1,772,000 | |||||||
Potential earned PSUs payout for defined levels of performance under awards | ||||||||
Shares issued for PSU Awards Vested in Period (in shares) | 40,000 | |||||||
Performance share units | 2013 PSU Grants | ||||||||
Shares | ||||||||
Stock awards granted (in shares or units) | 69,579 | |||||||
Unvested at the end of the period (in shares) | 69,579 | |||||||
Other Share-based Compensation Additional Disclosures | ||||||||
Aggregate grant date fair value | 1,867,000 | |||||||
Performance share units | 2014 PSU Grants | ||||||||
Shares | ||||||||
Stock awards granted (in shares or units) | 49,103 | |||||||
Unvested at the end of the period (in shares) | 49,103 | |||||||
Other Share-based Compensation Additional Disclosures | ||||||||
Aggregate grant date fair value | $1,723,000 | |||||||
Potential earned PSUs payout for defined levels of performance under awards | ||||||||
The number of percentile ranks to fall between to earn interpolated PSUs between such percentile ranks, conditioned on the percentile rank exceeding 25% | 2 | |||||||
Performance period of the award | 3 years | |||||||
Maximum | Amended and Restated 2008 Omnibus Equity and Incentive Plan | ||||||||
Share-Based Compensation | ||||||||
Number of common shares of beneficial interest authorized to be issued | 5,900,000 |
ShareBased_Compensation_and_Ot3
Share-Based Compensation and Other Compensation Matters (Details 2) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Stock Options | |||||||
Exercised (in shares) | -62,888 | -39,331 | -61,624 | ||||
Aggregate Intrinsic Value | |||||||
Increase (decrease) in tax benefit from share-based compensation | ($3,000) | ($122,000) | $43,000 | ||||
Options | |||||||
Stock Options | |||||||
Outstanding at the beginning of the period (in shares) | 640,927 | 798,210 | 945,422 | ||||
Forfeited/Expired (in shares) | -18,303 | -117,952 | -85,588 | ||||
Exercised (in shares) | -62,888 | -39,331 | -61,624 | ||||
Outstanding at the end of the period (in shares) | 559,736 | 640,927 | 798,210 | 945,422 | |||
Exercisable at the end of the period (in shares) | 559,736 | [1] | 640,927 | [2] | 798,210 | [3] | |
Exercise price range, options outstanding, low end of range (in dollars per share) | $25.52 | $19.63 | $13.60 | $13.40 | |||
Exercise price range, options outstanding, high end of range (in dollars per share) | $56 | $56 | $57 | $57 | |||
Weighted Average Exercise Price per Share | |||||||
Outstanding at the beginning of the period (in dollars per share) | $38.11 | $37.62 | $36.63 | ||||
Forfeited/Expired (in dollars per share) | $42.12 | $40.91 | $42.98 | ||||
Exercised (in dollars per share) | $23.70 | $19.67 | $15.08 | ||||
Outstanding at the end of the period (in dollars per share) | $39.60 | $38.11 | $37.62 | $36.63 | |||
Exercisable at the end of the period (in dollars per share) | $39.60 | [1] | $38.11 | [2] | $37.62 | [3] | |
Weighted Average Remaining Contractual Term | |||||||
Weighted average remaining contractual term | 2 years | 2 years | 3 years | 4 years | |||
Aggregate Intrinsic Value | |||||||
Balance outstanding | 167,000 | 68,000 | 325,000 | 510,000 | |||
Aggregate intrinsic value of options exercised | 225,000 | 258,000 | 600,000 | ||||
Options | Range of Exercise Price One | Vested | |||||||
Stock Options | |||||||
Exercisable at the end of the period (in shares) | 105,672 | 171,288 | 9,500 | ||||
Exercise price range, options outstanding, low end of range (in dollars per share) | $25.52 | $19.63 | $13.60 | ||||
Exercise price range, options outstanding, high end of range (in dollars per share) | $30.04 | $30.04 | $16.73 | ||||
Options | Range of Exercise Price Two | Vested | |||||||
Stock Options | |||||||
Exercisable at the end of the period (in shares) | 142,862 | 145,187 | 204,736 | ||||
Exercise price range, options outstanding, low end of range (in dollars per share) | $30.05 | $30.05 | $16.74 | ||||
Exercise price range, options outstanding, high end of range (in dollars per share) | $41.28 | $41.28 | $30.04 | ||||
Options | Range of Exercise Price Three | Vested | |||||||
Stock Options | |||||||
Exercisable at the end of the period (in shares) | 158,902 | 160,402 | 180,962 | ||||
Exercise price range, options outstanding, low end of range (in dollars per share) | $41.29 | $41.29 | $30.05 | ||||
Exercise price range, options outstanding, high end of range (in dollars per share) | $42.74 | $42.74 | $41.28 | ||||
Options | Range of Exercise Price Four | Vested | |||||||
Stock Options | |||||||
Exercisable at the end of the period (in shares) | 152,300 | 164,050 | 403,012 | ||||
Exercise price range, options outstanding, low end of range (in dollars per share) | $42.75 | $42.75 | $41.29 | ||||
Exercise price range, options outstanding, high end of range (in dollars per share) | $56 | $56 | $57 | ||||
Performance share units | |||||||
Aggregate Intrinsic Value | |||||||
Estimated pre-vesting forfeitures (as a percent) | 0.00% | ||||||
Unrecognized compensation cost | 1,900,000 | ||||||
Expected weighted average period during which unrecognized compensation cost will be recognized | 2 years | ||||||
Restricted shares | |||||||
Aggregate Intrinsic Value | |||||||
Unrecognized compensation cost | $6,300,000 | ||||||
Expected weighted average period during which unrecognized compensation cost will be recognized | 2 years | ||||||
Minimum | Options | |||||||
Stock Options | |||||||
Exercise price range, options forfeited (in dollars per share) | $22.34 | $18.08 | $25.52 | ||||
Exercise price range, options exercised (in dollars per share) | $19.63 | $13.60 | $13.40 | ||||
Minimum | Restricted shares | |||||||
Aggregate Intrinsic Value | |||||||
Estimated pre-vesting forfeitures (as a percent) | 0.00% | ||||||
Maximum | Options | |||||||
Stock Options | |||||||
Exercise price range, options forfeited (in dollars per share) | $49.60 | $51.62 | $57 | ||||
Exercise price range, options exercised (in dollars per share) | $28.15 | $26.24 | $22.49 | ||||
Maximum | Restricted shares | |||||||
Aggregate Intrinsic Value | |||||||
Estimated pre-vesting forfeitures (as a percent) | 5.00% | ||||||
[1] | 105,672 of these options had an exercise price ranging from $25.52 to $30.04; 142,862 had an exercise price ranging from$30.05 to $41.28; 158,902 had an exercise price ranging from $41.29 to $42.74; and 152,300 had an exercise price ranging from $42.75 to $56.00. | ||||||
[2] | 171,288 of these options had an exercise price ranging from $19.63 to $30.04; 145,187 had an exercise price ranging from$30.05 to $41.28; 160,402 had an exercise price ranging from $41.29 to $42.74; and 164,050 had an exercise price ranging from $42.75 to $56.00. | ||||||
[3] | 9,500 of these options had an exercise price ranging from $13.60 to $16.73; 204,736 had an exercise price ranging from $16.74 to $30.04; 180,962 had an exercise price ranging from $30.05 to $41.28; and 403,012 had an exercise price ranging from $41.29 to $57.00. |
ShareBased_Compensation_and_Ot4
Share-Based Compensation and Other Compensation Matters (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-Based Compensation | |||
Share-based compensation expense | $7,050 | $7,605 | $11,184 |
General, adminstrative and leasing expenses | |||
Share-Based Compensation | |||
Share-based compensation expense | 5,307 | 5,412 | 8,611 |
Property operating expenses | |||
Share-Based Compensation | |||
Share-based compensation expense | 857 | 1,118 | 1,371 |
Capitalized to development activities | |||
Share-Based Compensation | |||
Share-based compensation expense | $886 | $1,075 | $1,202 |
ShareBased_Compensation_and_Ot5
Share-Based Compensation and Other Compensation Matters Share-Based Compensation and Other Compensation Matters (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Maximum percentage of compensation employees can contribute to the 401K plan | 90.00% | ||
Minimum age of participants who are eligible to contribute an additional portion of their annual compensation | 50 years | ||
Employer matching contribution for the first 1% of the participants' eligible compensation (as a percent) | 100.00% | ||
Maximum percentage of participants' compensation eligible for 100% employer matching contribution (as a percent) | 1.00% | ||
Employer matching contribution for the next 5% after first 1% of the participants' eligible compensation (as a percent) | 50.00% | ||
Maximum percentage of participants' compensation eligible for 50% employer matching contribution (as a percent) | 5.00% | ||
Employer's aggregate matching contribution for the first 6% of the participants' eligible compensation (as a percent) | 3.50% | ||
Maximum percentage of participants' compensation eligible for 3.5% aggregate employer matching contribution | 6.00% | ||
Participants' vesting portion in employer matching contribution after one year of credited service (as a percent) | 50.00% | ||
Period of credited service after which participants are 50% vested in employer matching contribution | 1 year | ||
Participants' vesting portion in employer matching contribution after two years of credited service (as a percent) | 100.00% | ||
Period of credited service after which participants are 100% vested in employer matching contribution | 2 years | ||
Matching contribution under the plan | $1.20 | $1.10 | $1.10 |
ShareBased_Compensation_and_Ot6
Share-Based Compensation and Other Compensation Matters (Details 5) (Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member], Management, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Compensation, Excluding Share-based Payments and Retirement Benefits [Member] | Management | ||
Deferred Compensation Plan | ||
Maximum percentage of participants' compensation which is deferrable (as a percent) | 100.00% | |
Balance of the plan which was fully funded | $5.90 | $7.50 |
ShareBased_Compensation_and_Ot7
Share-Based Compensation and Other Compensation Matters (Details 6) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 |
Chief Financial Officer | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Executive transition costs | $1.10 | |
Former Chief Executive Officer | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Executive transition costs | $2.20 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Gross minimum future rentals | |
2015 | $349,099 |
2016 | 301,184 |
2017 | 263,428 |
2018 | 202,661 |
2019 | 154,044 |
Thereafter | 312,304 |
Total | $1,582,720 |
Information_by_Business_Segmen2
Information by Business Segment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||
Segment Reporting [Abstract] | |||
Number of primary office property segments (in number of segments) | 10 | ||
Segment financial information for real estate operations | |||
Revenues from real estate operations | $479,711 | $498,633 | $493,100 |
Property operating expenses | 179,799 | 180,704 | 180,735 |
NOI from real estate operations | 299,912 | 317,929 | 312,365 |
Segment assets | 3,670,257 | 3,629,952 | |
Operating Segment Total | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 479,711 | 498,633 | 493,100 |
Property operating expenses | 179,799 | 180,704 | 180,735 |
NOI from real estate operations | 299,912 | 317,929 | 312,365 |
Additions to long-lived assets | 64,601 | 56,877 | 106,801 |
Transfers from non-operating properties | 141,899 | 264,290 | 220,997 |
Segment assets | 2,951,495 | 2,905,630 | 2,945,930 |
Baltimore and Washington Corridor | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 236,191 | 237,869 | 238,488 |
Property operating expenses | 81,132 | 80,554 | 83,050 |
NOI from real estate operations | 155,059 | 157,315 | 155,438 |
Additions to long-lived assets | 24,174 | 28,087 | 25,921 |
Transfers from non-operating properties | 56,699 | 50,105 | 65,108 |
Segment assets | 1,277,600 | 1,243,099 | 1,267,357 |
Northern Virginia | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 89,263 | 92,010 | 79,574 |
Property operating expenses | 31,532 | 31,973 | 29,103 |
NOI from real estate operations | 57,731 | 60,037 | 50,471 |
Additions to long-lived assets | 17,447 | 13,090 | 65,157 |
Transfers from non-operating properties | 43,154 | 61,434 | 44,250 |
Segment assets | 642,429 | 616,082 | 569,860 |
San Antonio | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 36,377 | 33,060 | 32,018 |
Property operating expenses | 20,562 | 17,631 | 16,499 |
NOI from real estate operations | 15,815 | 15,429 | 15,519 |
Additions to long-lived assets | -6 | 335 | 280 |
Transfers from non-operating properties | 0 | 0 | 468 |
Segment assets | 116,252 | 118,299 | 119,369 |
Huntsville | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 10,446 | 5,050 | 3,867 |
Property operating expenses | 3,066 | 1,282 | 689 |
NOI from real estate operations | 7,380 | 3,768 | 3,178 |
Additions to long-lived assets | 4,077 | 3,563 | 26 |
Transfers from non-operating properties | 21,014 | 48,799 | 0 |
Segment assets | 97,209 | 77,773 | 28,730 |
Washington, DC - Capitol Riverfront | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 14,599 | 16,863 | 16,697 |
Property operating expenses | 7,308 | 7,844 | 7,555 |
NOI from real estate operations | 7,291 | 9,019 | 9,142 |
Additions to long-lived assets | 1,185 | 2,604 | 317 |
Transfers from non-operating properties | 0 | 0 | 0 |
Segment assets | 95,195 | 98,962 | 104,544 |
St. Mary's and King George Counties | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 16,736 | 16,568 | 16,392 |
Property operating expenses | 5,268 | 5,028 | 4,745 |
NOI from real estate operations | 11,468 | 11,540 | 11,647 |
Additions to long-lived assets | 8,825 | 2,341 | 1,844 |
Transfers from non-operating properties | 0 | 14 | 289 |
Segment assets | 100,777 | 96,143 | 98,027 |
Greater Baltimore | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 43,591 | 42,653 | 52,616 |
Property operating expenses | 17,778 | 16,583 | 19,917 |
NOI from real estate operations | 25,813 | 26,070 | 32,699 |
Additions to long-lived assets | 7,925 | 2,913 | 9,690 |
Transfers from non-operating properties | 3,550 | 360 | 37,558 |
Segment assets | 274,091 | 303,823 | 320,548 |
Greater Philadelphia | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 11,929 | 11,924 | 9,698 |
Property operating expenses | 4,386 | 3,431 | 2,562 |
NOI from real estate operations | 7,543 | 8,493 | 7,136 |
Additions to long-lived assets | 952 | 406 | 286 |
Transfers from non-operating properties | 16,344 | 28,034 | 10,626 |
Segment assets | 106,931 | 104,657 | 78,798 |
Colorado Springs | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | -1 | 25,290 | 24,987 |
Property operating expenses | 12 | 9,002 | 9,231 |
NOI from real estate operations | -13 | 16,288 | 15,756 |
Additions to long-lived assets | 0 | 2,940 | 2,929 |
Transfers from non-operating properties | 30 | 5,438 | 4,295 |
Segment assets | 0 | 0 | 175,830 |
Other | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 10,150 | 10,075 | 12,116 |
Property operating expenses | 1,469 | 1,016 | 2,569 |
NOI from real estate operations | 8,681 | 9,059 | 9,547 |
Additions to long-lived assets | 0 | 0 | 152 |
Transfers from non-operating properties | 0 | 0 | 394 |
Segment assets | 77,834 | 80,002 | 82,090 |
Operating Wholesale Data Center | |||
Segment financial information for real estate operations | |||
Revenues from real estate operations | 10,430 | 7,271 | 6,647 |
Property operating expenses | 7,286 | 6,360 | 4,815 |
NOI from real estate operations | 3,144 | 911 | 1,832 |
Additions to long-lived assets | 22 | 598 | 199 |
Transfers from non-operating properties | 1,108 | 70,106 | 58,009 |
Segment assets | $163,177 | $166,790 | $100,777 |
Information_by_Business_Segmen3
Information by Business Segment (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of segment revenues to total revenues | |||||||||||
Segment revenues from real estate operations | $479,711 | $498,633 | $493,100 | ||||||||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | ||||||||
Less: Revenues from discontinued operations (Note 20) | 14 | -37,636 | -58,801 | ||||||||
Total revenues | 146,971 | 153,015 | 139,820 | 146,667 | 128,802 | 131,812 | 136,527 | 126,219 | 586,473 | 523,360 | 508,135 |
Reconciliation of segment property operating expenses to property operating expenses | |||||||||||
Segment property operating expenses | 179,799 | 180,704 | 180,735 | ||||||||
Less: Property operating expenses from discontinued operations | 135 | -13,505 | -21,529 | ||||||||
Total property operating expenses | 179,934 | 167,199 | 159,206 | ||||||||
Computation of net operating income from service operations | |||||||||||
Construction contract and other service revenues | 106,748 | 62,363 | 73,836 | ||||||||
Construction contract and other service expenses | -100,058 | -58,875 | -70,576 | ||||||||
NOI from service operations | 6,690 | 3,488 | 3,260 | ||||||||
Reconciliation of NOI from real estate operations and NOI from service operations to (loss) income from continuing operations | |||||||||||
NOI from real estate operations | 299,912 | 317,929 | 312,365 | ||||||||
NOI from service operations | 6,690 | 3,488 | 3,260 | ||||||||
Interest and other income | 4,923 | 3,834 | 7,172 | ||||||||
Equity in income (loss) of unconsolidated entities | 229 | 2,110 | -546 | ||||||||
Income tax expense | -310 | -1,978 | -381 | ||||||||
Other adjustments: | |||||||||||
Depreciation and amortization associated with real estate operations | -136,086 | -113,214 | -107,998 | ||||||||
Impairment losses | -1,416 | -5,857 | -43,678 | ||||||||
General, administrative and leasing expenses | -31,794 | -30,869 | -31,900 | ||||||||
Business development expenses and land carry costs | -5,573 | -5,436 | -5,711 | ||||||||
Interest expense on continuing operations | -92,393 | -82,010 | -86,401 | ||||||||
NOI from discontinued operations | -121 | -24,131 | -37,272 | ||||||||
Loss on early extinguishment of debt | -9,552 | -27,030 | -943 | ||||||||
Income from continuing operations | $5,874 | $13,727 | $9,248 | $5,660 | $14,432 | $10,974 | ($232) | $11,662 | $34,509 | $36,836 | $7,967 |
Information_by_Business_Segmen4
Information by Business Segment (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Reconciliation of segment assets to total assets | |||
Assets | $3,670,257 | $3,629,952 | |
Segment assets | |||
Reconciliation of segment assets to total assets | |||
Assets | 2,951,495 | 2,905,630 | 2,945,930 |
Non-operating property assets | |||
Reconciliation of segment assets to total assets | |||
Assets | 567,586 | 517,564 | |
Other assets | |||
Reconciliation of segment assets to total assets | |||
Assets | $151,176 | $206,758 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax [Line Items] | |||||||||||
Minimum adjusted taxable income to be distributed to shareholders to qualify as a REIT (as a percent) | 90.00% | ||||||||||
Subsequent period during which entity would be disqualified as a REIT if during any tax year entity fails to qualify as a REIT (in years) | 4 years | ||||||||||
Net income | $5,937 | $24,548 | $9,050 | $5,671 | $92,672 | ($2,000) | ($4,405) | $15,277 | $45,206 | $101,544 | $20,341 |
Adjustments: | |||||||||||
Noncontrolling interests, gross | -3,247 | -4,061 | -622 | ||||||||
Other | 0 | 0 | 741 | ||||||||
Taxable income | 79,260 | 110,656 | 7,488 | ||||||||
Corporate Office Properties, L.P. | |||||||||||
Income Tax [Line Items] | |||||||||||
Net income | 5,937 | 24,548 | 9,050 | 5,671 | 92,672 | -2,000 | -4,405 | 15,277 | 45,206 | 101,544 | 20,341 |
Adjustments: | |||||||||||
Rental revenue recognition | -3,932 | 1,303 | -10,794 | ||||||||
Compensation expense recognition | 1,912 | 8,987 | -2,669 | ||||||||
Operating expense recognition | -2,260 | -1,663 | 1,158 | ||||||||
Gain on sales of properties | -1,404 | -50,860 | -74,858 | ||||||||
Impairment losses | 1,367 | 32,047 | 66,910 | ||||||||
Loss on interest rate derivatives | 0 | 0 | -29,805 | ||||||||
Gains from non-real estate investments | 405 | 0 | 7,854 | ||||||||
Income from service operations | -391 | 1,650 | 1,500 | ||||||||
Income tax expense | 310 | 1,978 | 381 | ||||||||
Depreciation and amortization | 41,500 | 20,834 | 24,804 | ||||||||
Interest expense | 920 | 2,057 | 3,978 | ||||||||
Income from unconsolidated entities | -187 | 3,148 | -725 | ||||||||
Noncontrolling interests, gross | -3,285 | -7,837 | -636 | ||||||||
Other | 2,346 | 1,529 | -70 | ||||||||
Taxable income | $82,507 | $114,717 | $7,369 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other income tax information | |||
Approximate amount by which basis of assets and liabilities for tax reporting purposes is lower than amount reported on consolidated balance sheet | $233,000,000 | ||
Deferred income tax (benefit) expense | |||
Total income tax expense | 310,000 | 1,978,000 | 381,000 |
Deferred Tax Assets, Net [Abstract] | |||
Increase in deferred tax asset valuation | 1,900,000 | ||
TRS | |||
Other income tax information | |||
(Loss) income before income taxes | 822,000 | 300,000 | 11,300,000 |
Deferred income tax (benefit) expense | |||
Federal | 258,000 | 1,742,000 | 312,000 |
State | 52,000 | 236,000 | 69,000 |
Total income tax expense | 310,000 | 1,978,000 | 381,000 |
Reconciliation of Federal statutory rate to the effective tax rate | |||
Income taxes at U.S. statutory rate (as a percent) | 34.00% | 34.00% | 34.00% |
State and local, net of U.S. Federal tax benefit (as a percent) | 4.20% | 4.50% | 4.60% |
Increase in deferred tax asset valuation allowance (as a percent) | 0.00% | 562.90% | 0.00% |
Other (as a percent) | -0.40% | -1.10% | 0.00% |
Effective tax rate (as a percent) | 37.80% | 600.30% | 38.60% |
Operating Loss Carryforwards | 13,000,000 | ||
Deferred Tax Assets, Net [Abstract] | |||
Operating loss forward | 5,012,000 | 5,382,000 | |
Share-based compensation | 976,000 | 869,000 | |
Accrued payroll | 195,000 | 221,000 | |
Property | -119,000 | -105,000 | |
Valuation allowance | -2,062,000 | -2,062,000 | |
Deferred tax asset, net | $4,002,000 | $4,305,000 | |
Common Shares | |||
Income Tax [Line Items] | |||
Ordinary income (as a percent) | 64.50% | 71.80% | 33.20% |
Long-term capital gain (as a percent) | 6.50% | 22.40% | 0.00% |
Return of capital (as a percent) | 29.00% | 5.80% | 66.80% |
Preferred Shares | |||
Income Tax [Line Items] | |||
Ordinary income (as a percent) | 90.90% | 76.20% | 100.00% |
Long-term capital gain (as a percent) | 9.10% | 23.80% | 0.00% |
Return of capital (as a percent) | 0.00% | 0.00% | 0.00% |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2012 | Jul. 24, 2012 | Dec. 12, 2013 | Dec. 23, 2013 |
Property | Property | Property | Property | ||||||||||||
Properties | |||||||||||||||
Revenue from real estate operations | ($14) | $37,636 | $58,801 | ||||||||||||
Property operating expenses | 135 | -13,505 | -21,529 | ||||||||||||
Depreciation and amortization | 0 | -4,505 | -13,939 | ||||||||||||
Impairment losses | -3 | -26,190 | -23,232 | ||||||||||||
General, administrative and leasing expenses | 0 | -4 | -3 | ||||||||||||
Business development and land carry costs | 0 | 0 | -24 | ||||||||||||
Interest expense | 0 | -8,221 | -10,397 | ||||||||||||
Gain on sales of real estate | 24 | 2,671 | 20,940 | ||||||||||||
Gain (loss) on early extinguishment of debt | -116 | 67,810 | 1,736 | ||||||||||||
Discontinued operations | 22 | 191 | -198 | 11 | 71,907 | -12,974 | -4,502 | 1,261 | 26 | 55,692 | 12,353 | ||||
Assets held for sale, net | 14,339 | 0 | 14,339 | 0 | |||||||||||
White Marsh Portfolio Disposition Property | |||||||||||||||
Properties | |||||||||||||||
Number of properties sold | 5 | ||||||||||||||
July 2012 Portfolio Disposition | |||||||||||||||
Properties | |||||||||||||||
Number of properties sold | 23 | ||||||||||||||
December 2013 Colorado Springs Portfolio Disposition | |||||||||||||||
Properties | |||||||||||||||
Number of properties sold | 15 | ||||||||||||||
Baltimore and Washington Corridor | |||||||||||||||
Properties | |||||||||||||||
Number of properties transferred | 9 | ||||||||||||||
Colorado Springs | |||||||||||||||
Properties | |||||||||||||||
Number of properties transferred | 5 | ||||||||||||||
Greater Baltimore | |||||||||||||||
Properties | |||||||||||||||
Number of land parcels held-for-sale | 2 | 2 | |||||||||||||
Assets held for sale, net | $14,339 | $14,339 |
Earnings_Per_Share_EPS_and_Ear2
Earnings Per Share ("EPS") and Earnings Per Unit (“EPUâ€) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Numerator: | ||||||||||||||
Income (loss) from continuing operations | $5,874 | $13,727 | $9,248 | $5,660 | $14,432 | $10,974 | ($232) | $11,662 | $34,509 | $36,836 | $7,967 | |||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | |||||||||||
Preferred share/ unit dividends/ distributions | -3,552 | -3,553 | -4,344 | -4,490 | -4,490 | -4,490 | -4,885 | -6,106 | -15,939 | -19,971 | -20,844 | |||
Issuance costs associated with redeemed preferred shares | 0 | 0 | -1,769 | 0 | 0 | 0 | -2,904 | 0 | -1,769 | -2,904 | -1,827 | |||
(Income) loss from continuing operations attributable to noncontrolling interests | -4,955 | -4,486 | 1,309 | |||||||||||
Income from continuing operations attributable to restricted units | -432 | -414 | -469 | |||||||||||
Numerator for basic and diluted EPS/EPU from continuing operations attributable to COPT/COPLP common shareholders/unitholders | 22,085 | 18,077 | -13,843 | |||||||||||
Discontinued operations | 22 | 191 | -198 | 11 | 71,907 | -12,974 | -4,502 | 1,261 | 26 | 55,692 | 12,353 | |||
Discontinued operations attributable to noncontrolling interests | 4 | -3,351 | -673 | |||||||||||
Numerator for basic and diluted EPS/EPU on net income (loss)attributable to COPT/COPLP common shareholders/common unitholders | 22,115 | 70,418 | -2,163 | |||||||||||
Denominator (all weighted averages): | ||||||||||||||
Denominator for basic EPS (common shares) | 88,092 | 85,167 | 73,454 | |||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | 0 | |||||||||||
Denominator for basic and diluted EPS (common shares) | 88,263 | 85,224 | 73,454 | |||||||||||
Basic EPS: | ||||||||||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [1] | $0.21 | [1] | ($0.19) | [1] | ||||||||
Discontinued operations (in dollars per share/unit) | $0 | [1] | $0.62 | [1] | $0.16 | [1] | ||||||||
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Diluted EPS: | ||||||||||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [1] | $0.21 | [1] | ($0.19) | [1] | ||||||||
Discontinued operations (in dollars per share/unit) | $0 | [1] | $0.62 | [1] | $0.16 | [1] | ||||||||
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Corporate Office Properties, L.P. | ||||||||||||||
Numerator: | ||||||||||||||
Income (loss) from continuing operations | 5,874 | 13,727 | 9,248 | 5,660 | 14,432 | 10,974 | -232 | 11,662 | 34,509 | 36,836 | 7,967 | |||
Gain on sales of real estate, net | 10,671 | 9,016 | 21 | |||||||||||
Preferred share/ unit dividends/ distributions | -3,717 | -3,718 | -4,509 | -4,655 | -4,655 | -4,655 | -5,050 | -6,271 | -16,599 | -20,631 | -21,504 | |||
Issuance costs associated with redeemed preferred shares | 0 | 0 | -1,769 | 0 | 0 | 0 | -2,904 | 0 | -1,769 | -2,904 | -1,827 | |||
(Income) loss from continuing operations attributable to noncontrolling interests | -3,281 | -2,977 | 1,206 | |||||||||||
Income from continuing operations attributable to restricted units | -432 | -414 | -469 | |||||||||||
Numerator for basic and diluted EPS/EPU from continuing operations attributable to COPT/COPLP common shareholders/unitholders | 23,099 | 18,926 | -14,606 | |||||||||||
Discontinued operations | 22 | 191 | -198 | 11 | 71,907 | -12,974 | -4,502 | 1,261 | 26 | 55,692 | 12,353 | |||
Discontinued operations attributable to noncontrolling interests | 5 | -930 | -699 | |||||||||||
Numerator for basic and diluted EPS/EPU on net income (loss)attributable to COPT/COPLP common shareholders/common unitholders | $23,130 | $73,688 | ($2,952) | |||||||||||
Denominator (all weighted averages): | ||||||||||||||
Denominator for basic EPS (common shares) | 91,989 | 89,036 | 77,689 | |||||||||||
Dilutive effect of share-based compensation awards | 171 | 57 | 0 | |||||||||||
Denominator for basic and diluted EPS (common shares) | 92,160 | 89,093 | 77,689 | |||||||||||
Basic EPS: | ||||||||||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [2] | $0.21 | [2] | ($0.19) | [2] | ||||||||
Discontinued operations (in dollars per share/unit) | $0 | [2] | $0.62 | [2] | $0.15 | [2] | ||||||||
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
Diluted EPS: | ||||||||||||||
Income (loss) from continuing operations (in dollars per share/unit) | $0.25 | [2] | $0.21 | [2] | ($0.19) | [2] | ||||||||
Discontinued operations (in dollars per share/unit) | $0 | [2] | $0.62 | [2] | $0.15 | [2] | ||||||||
Net income (loss) attributable to COPT common shareholders (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
[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. |
Earnings_Per_Share_EPS_and_Ear3
Earnings Per Share ("EPS") and Earnings Per Unit (“EPUâ€) (Details 2) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Conversion of common units | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 3,897 | 3,869 | 4,235 |
Conversion of Series I preferred units | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 176 | 176 | 176 |
Conversion of Series K preferred shares | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 434 | 434 | 434 |
Restricted Stock | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 401 | 385 | 461 |
Stock Options | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 492 | 636 | 772 |
Corporate Office Properties, L.P. | Restricted Stock | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 401 | 385 | 461 |
Corporate Office Properties, L.P. | Stock Options | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 492 | 636 | 772 |
Corporate Office Properties, L.P. | Conversion of Series I preferred units | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 176 | 176 | 176 |
Corporate Office Properties, L.P. | Conversion of Series K preferred units | |||
Antidilutive securities | |||
Weighted average antidilutive securities excluded from computation of diluted earnings per share (in shares) | 434 | 434 | 434 |
Quarterly_Data_Unaudited_Detai
Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenues | $146,971 | $153,015 | $139,820 | $146,667 | $128,802 | $131,812 | $136,527 | $126,219 | $586,473 | $523,360 | $508,135 | |||
Operating income (loss) | 37,148 | 37,422 | 31,836 | 25,206 | 34,843 | 30,673 | 40,229 | 36,165 | 131,612 | 141,910 | 89,066 | |||
Income (loss) from continuing operations | 5,874 | 13,727 | 9,248 | 5,660 | 14,432 | 10,974 | -232 | 11,662 | 34,509 | 36,836 | 7,967 | |||
Discontinued operations | 22 | 191 | -198 | 11 | 71,907 | -12,974 | -4,502 | 1,261 | 26 | 55,692 | 12,353 | |||
Net income | 5,937 | 24,548 | 9,050 | 5,671 | 92,672 | -2,000 | -4,405 | 15,277 | 45,206 | 101,544 | 20,341 | |||
Net (income) loss attributable to noncontrolling interests in consolidated entities | -1,033 | -1,828 | -1,160 | -930 | -5,656 | -964 | -960 | -257 | ||||||
Net income | 4,904 | 22,720 | 7,890 | 4,741 | 87,016 | -2,964 | -5,365 | 15,020 | 40,255 | 93,707 | 20,977 | |||
Preferred share/ unit dividends/ distributions | -3,552 | -3,553 | -4,344 | -4,490 | -4,490 | -4,490 | -4,885 | -6,106 | -15,939 | -19,971 | -20,844 | |||
Issuance costs associated with redeemed preferred shares | 0 | 0 | -1,769 | 0 | 0 | 0 | -2,904 | 0 | -1,769 | -2,904 | -1,827 | |||
Net income (loss) attributable to COPT common shareholders | 1,352 | 19,167 | 1,777 | 251 | 82,526 | -7,454 | -13,154 | 8,914 | 22,547 | 70,832 | -1,694 | |||
Basic earnings per common share/unit (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Diluted earnings per common share/unit (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [1] | $0.83 | [1] | ($0.03) | [1] |
Corporate Office Properties, L.P. | ||||||||||||||
Revenues | 146,971 | 153,015 | 139,820 | 146,667 | 128,802 | 131,812 | 136,527 | 126,219 | 586,473 | 523,360 | 508,135 | |||
Operating income (loss) | 37,148 | 37,422 | 31,836 | 25,206 | 34,843 | 30,673 | 40,229 | 36,165 | 131,612 | 141,910 | 89,066 | |||
Income (loss) from continuing operations | 5,874 | 13,727 | 9,248 | 5,660 | 14,432 | 10,974 | -232 | 11,662 | 34,509 | 36,836 | 7,967 | |||
Discontinued operations | 22 | 191 | -198 | 11 | 71,907 | -12,974 | -4,502 | 1,261 | 26 | 55,692 | 12,353 | |||
Net income | 5,937 | 24,548 | 9,050 | 5,671 | 92,672 | -2,000 | -4,405 | 15,277 | 45,206 | 101,544 | 20,341 | |||
Net (income) loss attributable to noncontrolling interests in consolidated entities | -805 | -897 | -837 | -737 | -1,735 | -1,035 | -1,473 | 336 | -3,276 | -3,907 | 507 | |||
Net income | 5,132 | 23,651 | 8,213 | 4,934 | 90,937 | -3,035 | -5,878 | 15,613 | 41,930 | 97,637 | 20,848 | |||
Preferred share/ unit dividends/ distributions | -3,717 | -3,718 | -4,509 | -4,655 | -4,655 | -4,655 | -5,050 | -6,271 | -16,599 | -20,631 | -21,504 | |||
Issuance costs associated with redeemed preferred shares | 0 | 0 | -1,769 | 0 | 0 | 0 | -2,904 | 0 | -1,769 | -2,904 | -1,827 | |||
Net income (loss) attributable to COPT common shareholders | $1,415 | $19,933 | $1,935 | $279 | $86,282 | ($7,690) | ($13,832) | $9,342 | $23,562 | $74,102 | ($2,483) | |||
Basic earnings per common share/unit (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
Diluted earnings per common share/unit (in dollars per share/unit) | $0.01 | $0.22 | $0.02 | $0 | $0.94 | ($0.09) | ($0.16) | $0.11 | $0.25 | [2] | $0.83 | [2] | ($0.04) | [2] |
[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. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | |
Aug. 31, 2010 | Dec. 31, 2014 | |
Property | ||
Tax incremental financing obligation | ||
The amount of tax incremental financing bonds issued by Anne Arundel County, Maryland | $30,000,000 | |
Liability recognized with regard to tax incremental financing obligation at end of current period | 1,300,000 | |
Future minimum rental payments due: | ||
2015 | 905,000 | |
2016 | 839,000 | |
2017 | 768,000 | |
2018 | 735,000 | |
2019 | 728,000 | |
Thereafter | 76,678,000 | |
Total | 80,653,000 | |
Environmental Indemnity Agreement | ||
Number of lease properties which were provided environmental indemnifications | 3 | |
Environmental indemnification to the tenant against losses covered under prior owner's indemnity agreement | 5,000,000 | |
Maximum environmental indemnification to the tenant against consequential damages after acquisition of property | 12,500,000 | |
Additional costs agreed to be paid by the entity related to construction and environmental regulatory activities (as a percent) | 50.00% | |
Maximum annual additional costs agreed to be paid by the entity related to construction and environmental regulatory activities | 300,000 | |
Maximum additional costs agreed to be paid by the entity related to construction and environmental regulatory activities | $1,500,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accounts Receivables-Allowance for doubtful accounts | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | $2,976 | $4,694 | $3,546 | |||
Charged to Costs and Expenses | 278 | [1] | -65 | [1] | 1,532 | [1] |
Charged to Other Accounts | 0 | [2] | 0 | [2] | 232 | [2] |
Deductions | -2,537 | [3] | -1,653 | [3] | -616 | [3] |
Balance at End of Year | 717 | 2,976 | 4,694 | |||
Allowance for Deferred Rent Receivable | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 2,126 | 913 | 703 | |||
Charged to Costs and Expenses | 0 | [1] | 0 | [1] | 0 | [1] |
Charged to Other Accounts | -708 | [2] | 1,213 | [2] | 416 | [2] |
Deductions | 0 | [3] | 0 | [3] | -206 | [3] |
Balance at End of Year | 1,418 | 2,126 | 913 | |||
Allowance for Deferred Tax Asset | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 2,062 | 207 | 207 | |||
Charged to Costs and Expenses | 0 | [1] | 1,855 | [1] | 0 | [1] |
Charged to Other Accounts | 0 | [2] | 0 | [2] | 0 | [2] |
Deductions | 0 | [3] | 0 | [3] | 0 | [3] |
Balance at End of Year | $2,062 | $2,062 | $207 | |||
[1] | Amounts charged to costs and expenses are net of recoveries. | |||||
[2] | Allowances for certain accounts receivables were charged to service company revenue. Deferred rent receivable allowances were charged to rental revenue. | |||||
[3] | Deductions reflect adjustments to reserves due to actual write-offs of accounts. |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | $409,193,000 | [1] | |||
Initial Cost | |||||
Land | 668,660,000 | ||||
Building and Land Improvements | 3,008,508,000 | ||||
Costs Capitalized Subsequent to Acquisition | 337,168,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 668,660,000 | ||||
Building and Land Improvements | 3,345,676,000 | ||||
Total | 4,014,336,000 | [2],[3] | 3,811,950,000 | 3,859,960,000 | 4,038,932,000 |
Accumulated Depreciation | -703,083,000 | [4] | -597,649,000 | -568,176,000 | -577,601,000 |
Additional information | |||||
Debt excluded from encumbrances | 1,920,057,000 | 1,927,703,000 | |||
Aggregate cost of assets for federal income tax purposes | 3,400,000,000 | ||||
Impairment losses | 1,416,000 | 5,857,000 | 43,678,000 | ||
Buildings improvements | Minimum | |||||
Additional information | |||||
Estimated lives over which depreciation is recognized | 10 years | ||||
Buildings improvements | Maximum | |||||
Additional information | |||||
Estimated lives over which depreciation is recognized | 40 years | ||||
Revolving Credit Facility | |||||
Additional information | |||||
Debt excluded from encumbrances | 83,000,000 | 0 | |||
Term Loan Facilities | |||||
Additional information | |||||
Debt excluded from encumbrances | 520,000,000 | 620,000,000 | |||
Senior Unsecured Notes | |||||
Additional information | |||||
Debt excluded from encumbrances | 890,900,000 | ||||
4.25% Exchangeable Senior Notes | |||||
Additional information | |||||
Debt excluded from encumbrances | 572,000 | 563,000 | |||
Unsecured notes payable | |||||
Additional information | |||||
Debt excluded from encumbrances | 1,607,000 | 1,700,000 | |||
Letter of Credit | |||||
Additional information | |||||
Debt excluded from encumbrances | 14,800,000 | ||||
Fixed rate mortgage loans | |||||
Additional information | |||||
Debt excluded from encumbrances | 387,139,000 | 675,060,000 | |||
Unamortized premium included in carrying value | 42,000 | 69,000 | |||
1000 Redstone Gateway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 11,671,000 | [1] | |||
Initial Cost | |||||
Building and Land Improvements | 20,527,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 20,527,000 | ||||
Total | 20,527,000 | [2],[3] | |||
Accumulated Depreciation | -924,000 | [4] | |||
1100 Redstone Gateway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 12,057,000 | [1] | |||
Initial Cost | |||||
Building and Land Improvements | 19,501,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 19,501,000 | ||||
Total | 19,501,000 | [2],[3] | |||
Accumulated Depreciation | -476,000 | [4] | |||
114 National Business Parkway | |||||
Initial Cost | |||||
Land | 364,000 | ||||
Building and Land Improvements | 3,109,000 | ||||
Costs Capitalized Subsequent to Acquisition | 46,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 364,000 | ||||
Building and Land Improvements | 3,155,000 | ||||
Total | 3,519,000 | [2],[3] | |||
Accumulated Depreciation | -1,042,000 | [4] | |||
11751 Meadowville Lane | |||||
Initial Cost | |||||
Land | 1,305,000 | ||||
Building and Land Improvements | 52,098,000 | ||||
Costs Capitalized Subsequent to Acquisition | 112,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,305,000 | ||||
Building and Land Improvements | 52,210,000 | ||||
Total | 53,515,000 | [2],[3] | |||
Accumulated Depreciation | -9,889,000 | [4] | |||
1200 Redstone Gateway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 13,950,000 | [1] | |||
Initial Cost | |||||
Building and Land Improvements | 22,409,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 22,409,000 | ||||
Total | 22,409,000 | [2],[3] | |||
Accumulated Depreciation | -586,000 | [4] | |||
1201 M Street | |||||
Initial Cost | |||||
Building and Land Improvements | 49,785,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,455,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 52,240,000 | ||||
Total | 52,240,000 | [2],[3] | |||
Accumulated Depreciation | -7,255,000 | [4] | |||
1201 Winterson Road | |||||
Initial Cost | |||||
Land | 1,288,000 | [5] | |||
Building and Land Improvements | 5,452,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 460,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 1,288,000 | [5] | |||
Building and Land Improvements | 5,912,000 | [5] | |||
Total | 7,200,000 | [2],[3],[5] | |||
Accumulated Depreciation | -2,388,000 | [4],[5] | |||
1220 12th Street, SE | |||||
Initial Cost | |||||
Building and Land Improvements | 42,464,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,014,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 44,478,000 | ||||
Total | 44,478,000 | [2],[3] | |||
Accumulated Depreciation | -7,143,000 | [4] | |||
1243 Winterson Road | |||||
Initial Cost | |||||
Land | 630,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 630,000 | [6] | |||
Total | 630,000 | [2],[3],[6] | |||
1302 Concourse Drive | |||||
Initial Cost | |||||
Land | 2,078,000 | ||||
Building and Land Improvements | 8,313,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,008,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,078,000 | ||||
Building and Land Improvements | 13,321,000 | ||||
Total | 15,399,000 | [2],[3] | |||
Accumulated Depreciation | -5,610,000 | [4] | |||
1304 Concourse Drive | |||||
Initial Cost | |||||
Land | 1,999,000 | ||||
Building and Land Improvements | 12,934,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,594,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,999,000 | ||||
Building and Land Improvements | 15,528,000 | ||||
Total | 17,527,000 | [2],[3] | |||
Accumulated Depreciation | -5,680,000 | [4] | |||
1306 Concourse Drive | |||||
Initial Cost | |||||
Land | 2,796,000 | ||||
Building and Land Improvements | 11,186,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,745,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,796,000 | ||||
Building and Land Improvements | 16,931,000 | ||||
Total | 19,727,000 | [2],[3] | |||
Accumulated Depreciation | -6,097,000 | [4] | |||
131 National Business Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,906,000 | ||||
Building and Land Improvements | 7,623,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,288,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,906,000 | ||||
Building and Land Improvements | 10,911,000 | ||||
Total | 12,817,000 | [2],[3] | |||
Accumulated Depreciation | -4,807,000 | [4] | |||
132 National Business Parkway | |||||
Initial Cost | |||||
Land | 2,917,000 | ||||
Building and Land Improvements | 12,259,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,977,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,917,000 | ||||
Building and Land Improvements | 15,236,000 | ||||
Total | 18,153,000 | [2],[3] | |||
Accumulated Depreciation | -7,314,000 | [4] | |||
13200 Woodland Park Road | |||||
Initial Cost | |||||
Land | 10,428,000 | ||||
Building and Land Improvements | 41,711,000 | ||||
Costs Capitalized Subsequent to Acquisition | 13,985,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 10,428,000 | ||||
Building and Land Improvements | 55,696,000 | ||||
Total | 66,124,000 | [2],[3] | |||
Accumulated Depreciation | -24,106,000 | [4] | |||
133 National Business Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,517,000 | ||||
Building and Land Improvements | 10,068,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,920,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,517,000 | ||||
Building and Land Improvements | 14,988,000 | ||||
Total | 17,505,000 | [2],[3] | |||
Accumulated Depreciation | -7,560,000 | [4] | |||
1331 Ashton Road | |||||
Initial Cost | |||||
Land | 587,000 | ||||
Building and Land Improvements | 2,347,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,474,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 587,000 | ||||
Building and Land Improvements | 3,821,000 | ||||
Total | 4,408,000 | [2],[3] | |||
Accumulated Depreciation | -1,154,000 | [4] | |||
1334 Ashton Road | |||||
Initial Cost | |||||
Land | 736,000 | ||||
Building and Land Improvements | 1,488,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,634,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 736,000 | ||||
Building and Land Improvements | 4,122,000 | ||||
Total | 4,858,000 | [2],[3] | |||
Accumulated Depreciation | -2,055,000 | [4] | |||
134 National Business Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 3,684,000 | ||||
Building and Land Improvements | 7,517,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,282,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,684,000 | ||||
Building and Land Improvements | 8,799,000 | ||||
Total | 12,483,000 | [2],[3] | |||
Accumulated Depreciation | -3,765,000 | [4] | |||
1340 Ashton Road | |||||
Initial Cost | |||||
Land | 905,000 | ||||
Building and Land Improvements | 3,620,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,466,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 905,000 | ||||
Building and Land Improvements | 5,086,000 | ||||
Total | 5,991,000 | [2],[3] | |||
Accumulated Depreciation | -2,431,000 | [4] | |||
1341 Ashton Road | |||||
Initial Cost | |||||
Land | 306,000 | ||||
Building and Land Improvements | 1,223,000 | ||||
Costs Capitalized Subsequent to Acquisition | 601,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 306,000 | ||||
Building and Land Improvements | 1,824,000 | ||||
Total | 2,130,000 | [2],[3] | |||
Accumulated Depreciation | -860,000 | [4] | |||
1343 Ashton Road | |||||
Initial Cost | |||||
Land | 193,000 | ||||
Building and Land Improvements | 774,000 | ||||
Costs Capitalized Subsequent to Acquisition | 405,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 193,000 | ||||
Building and Land Improvements | 1,179,000 | ||||
Total | 1,372,000 | [2],[3] | |||
Accumulated Depreciation | -596,000 | [4] | |||
13450 Sunrise Valley Road | |||||
Initial Cost | |||||
Land | 1,386,000 | ||||
Building and Land Improvements | 5,576,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,335,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,386,000 | ||||
Building and Land Improvements | 8,911,000 | ||||
Total | 10,297,000 | [2],[3] | |||
Accumulated Depreciation | -3,580,000 | [4] | |||
13454 Sunrise Valley Road | |||||
Initial Cost | |||||
Land | 2,899,000 | ||||
Building and Land Improvements | 11,986,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,447,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,899,000 | ||||
Building and Land Improvements | 17,433,000 | ||||
Total | 20,332,000 | [2],[3] | |||
Accumulated Depreciation | -6,255,000 | [4] | |||
135 National Business Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 11,418,000 | [1] | |||
Initial Cost | |||||
Land | 2,484,000 | ||||
Building and Land Improvements | 9,750,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,742,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,484,000 | ||||
Building and Land Improvements | 14,492,000 | ||||
Total | 16,976,000 | [2],[3] | |||
Accumulated Depreciation | -5,845,000 | [4] | |||
1362 Mellon Road | |||||
Initial Cost | |||||
Land | 1,706,000 | ||||
Building and Land Improvements | 8,670,000 | ||||
Costs Capitalized Subsequent to Acquisition | 119,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,706,000 | ||||
Building and Land Improvements | 8,789,000 | ||||
Total | 10,495,000 | [2],[3] | |||
Accumulated Depreciation | -1,278,000 | [4] | |||
13857 McLearen Road | |||||
Initial Cost | |||||
Land | 3,507,000 | ||||
Building and Land Improvements | 30,177,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,557,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,507,000 | ||||
Building and Land Improvements | 31,734,000 | ||||
Total | 35,241,000 | [2],[3] | |||
Accumulated Depreciation | -4,945,000 | [4] | |||
140 National Business Parkway | |||||
Initial Cost | |||||
Land | 3,407,000 | ||||
Building and Land Improvements | 24,167,000 | ||||
Costs Capitalized Subsequent to Acquisition | 643,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,407,000 | ||||
Building and Land Improvements | 24,810,000 | ||||
Total | 28,217,000 | [2],[3] | |||
Accumulated Depreciation | -7,039,000 | [4] | |||
141 National Business Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 11,871,000 | [1] | |||
Initial Cost | |||||
Land | 2,398,000 | ||||
Building and Land Improvements | 9,590,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,995,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,398,000 | ||||
Building and Land Improvements | 12,585,000 | ||||
Total | 14,983,000 | [2],[3] | |||
Accumulated Depreciation | -5,575,000 | [4] | |||
14280 Park Meadow Drive | |||||
Initial Cost | |||||
Land | 3,731,000 | ||||
Building and Land Improvements | 15,953,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,754,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,731,000 | ||||
Building and Land Improvements | 17,707,000 | ||||
Total | 21,438,000 | [2],[3] | |||
Accumulated Depreciation | -5,626,000 | [4] | |||
1460 Dorsey Road | |||||
Initial Cost | |||||
Land | 1,800,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 1,800,000 | [6] | |||
Total | 1,800,000 | [2],[3],[6] | |||
14840 Conference Center Drive | |||||
Initial Cost | |||||
Land | 1,572,000 | ||||
Building and Land Improvements | 8,175,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,488,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,572,000 | ||||
Building and Land Improvements | 9,663,000 | ||||
Total | 11,235,000 | [2],[3] | |||
Accumulated Depreciation | -3,885,000 | [4] | |||
14850 Conference Center Drive | |||||
Initial Cost | |||||
Land | 1,615,000 | ||||
Building and Land Improvements | 8,358,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,896,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,615,000 | ||||
Building and Land Improvements | 11,254,000 | ||||
Total | 12,869,000 | [2],[3] | |||
Accumulated Depreciation | -4,074,000 | [4] | |||
14900 Conference Center Drive | |||||
Initial Cost | |||||
Land | 3,436,000 | ||||
Building and Land Improvements | 14,402,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,569,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,436,000 | ||||
Building and Land Improvements | 18,971,000 | ||||
Total | 22,407,000 | [2],[3] | |||
Accumulated Depreciation | -7,396,000 | [4] | |||
15000 Conference Center Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 54,000,000 | [1] | |||
Initial Cost | |||||
Land | 5,193,000 | ||||
Building and Land Improvements | 47,045,000 | ||||
Costs Capitalized Subsequent to Acquisition | 18,692,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 5,193,000 | ||||
Building and Land Improvements | 65,737,000 | ||||
Total | 70,930,000 | [2],[3] | |||
Accumulated Depreciation | -25,365,000 | [4] | |||
1501 South Clinton Street | |||||
Initial Cost | |||||
Land | 27,964,000 | ||||
Building and Land Improvements | 52,146,000 | ||||
Costs Capitalized Subsequent to Acquisition | 7,553,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 27,964,000 | ||||
Building and Land Improvements | 59,699,000 | ||||
Total | 87,663,000 | [2],[3] | |||
Accumulated Depreciation | -11,059,000 | [4] | |||
15010 Conference Center Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 96,000,000 | [1] | |||
Initial Cost | |||||
Land | 3,500,000 | ||||
Building and Land Improvements | 41,921,000 | ||||
Costs Capitalized Subsequent to Acquisition | 498,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,500,000 | ||||
Building and Land Improvements | 42,419,000 | ||||
Total | 45,919,000 | [2],[3] | |||
Accumulated Depreciation | -8,644,000 | [4] | |||
15049 Conference Center Drive | |||||
Initial Cost | |||||
Land | 4,415,000 | ||||
Building and Land Improvements | 20,365,000 | ||||
Costs Capitalized Subsequent to Acquisition | 726,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 4,415,000 | ||||
Building and Land Improvements | 21,091,000 | ||||
Total | 25,506,000 | [2],[3] | |||
Accumulated Depreciation | -8,781,000 | [4] | |||
15059 Conference Center Drive | |||||
Initial Cost | |||||
Land | 5,753,000 | ||||
Building and Land Improvements | 13,615,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,780,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 5,753,000 | ||||
Building and Land Improvements | 15,395,000 | ||||
Total | 21,148,000 | [2],[3] | |||
Accumulated Depreciation | -6,071,000 | [4] | |||
15395 John Marshall Highway | |||||
Initial Cost | |||||
Land | 2,465,000 | ||||
Building and Land Improvements | 24,720,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,465,000 | ||||
Building and Land Improvements | 24,720,000 | ||||
Total | 27,185,000 | [2],[3] | |||
Accumulated Depreciation | -576,000 | [4] | |||
1550 West Nursery Road | |||||
Initial Cost | |||||
Land | 14,071,000 | ||||
Building and Land Improvements | 16,930,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 14,071,000 | ||||
Building and Land Improvements | 16,930,000 | ||||
Total | 31,001,000 | [2],[3] | |||
Accumulated Depreciation | -3,038,000 | [4] | |||
1550 Westbranch Drive | |||||
Initial Cost | |||||
Land | 5,595,000 | ||||
Building and Land Improvements | 26,212,000 | ||||
Costs Capitalized Subsequent to Acquisition | 116,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 5,595,000 | ||||
Building and Land Improvements | 26,328,000 | ||||
Total | 31,923,000 | [2],[3] | |||
Accumulated Depreciation | -3,647,000 | [4] | |||
1560 West Nursery Road | |||||
Initial Cost | |||||
Land | 1,441,000 | ||||
Building and Land Improvements | 96,000 | ||||
Costs Capitalized Subsequent to Acquisition | 0 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,441,000 | ||||
Building and Land Improvements | 96,000 | ||||
Total | 1,537,000 | [2],[3] | |||
Accumulated Depreciation | -2,000 | [4] | |||
1560A Cable Ranch Road | |||||
Initial Cost | |||||
Land | 1,097,000 | ||||
Building and Land Improvements | 3,770,000 | ||||
Costs Capitalized Subsequent to Acquisition | 352,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,097,000 | ||||
Building and Land Improvements | 4,122,000 | ||||
Total | 5,219,000 | [2],[3] | |||
Accumulated Depreciation | -950,000 | [4] | |||
1560B Cable Ranch Road | |||||
Initial Cost | |||||
Land | 2,299,000 | ||||
Building and Land Improvements | 6,545,000 | ||||
Costs Capitalized Subsequent to Acquisition | 11,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,299,000 | ||||
Building and Land Improvements | 6,556,000 | ||||
Total | 8,855,000 | [2],[3] | |||
Accumulated Depreciation | -1,532,000 | [4] | |||
16442 Commerce Drive | |||||
Initial Cost | |||||
Land | 613,000 | ||||
Building and Land Improvements | 2,582,000 | ||||
Costs Capitalized Subsequent to Acquisition | 593,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 613,000 | ||||
Building and Land Improvements | 3,175,000 | ||||
Total | 3,788,000 | [2],[3] | |||
Accumulated Depreciation | -1,153,000 | [4] | |||
16480 Commerce Drive | |||||
Initial Cost | |||||
Land | 1,856,000 | ||||
Building and Land Improvements | 7,425,000 | ||||
Costs Capitalized Subsequent to Acquisition | 167,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,856,000 | ||||
Building and Land Improvements | 7,592,000 | ||||
Total | 9,448,000 | [2],[3] | |||
Accumulated Depreciation | -2,020,000 | [4] | |||
16501 Commerce Drive | |||||
Initial Cost | |||||
Land | 522,000 | ||||
Building and Land Improvements | 2,090,000 | ||||
Costs Capitalized Subsequent to Acquisition | 465,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 522,000 | ||||
Building and Land Improvements | 2,555,000 | ||||
Total | 3,077,000 | [2],[3] | |||
Accumulated Depreciation | -714,000 | [4] | |||
16539 Commerce Drive | |||||
Initial Cost | |||||
Land | 688,000 | ||||
Building and Land Improvements | 2,860,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,469,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 688,000 | ||||
Building and Land Improvements | 4,329,000 | ||||
Total | 5,017,000 | [2],[3] | |||
Accumulated Depreciation | -1,696,000 | [4] | |||
16541 Commerce Drive | |||||
Initial Cost | |||||
Land | 773,000 | ||||
Building and Land Improvements | 3,094,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,367,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 773,000 | ||||
Building and Land Improvements | 4,461,000 | ||||
Total | 5,234,000 | [2],[3] | |||
Accumulated Depreciation | -1,529,000 | [4] | |||
16543 Commerce Drive | |||||
Initial Cost | |||||
Land | 436,000 | ||||
Building and Land Improvements | 1,742,000 | ||||
Costs Capitalized Subsequent to Acquisition | 172,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 436,000 | ||||
Building and Land Improvements | 1,914,000 | ||||
Total | 2,350,000 | [2],[3] | |||
Accumulated Depreciation | -486,000 | [4] | |||
1751 Pinnacle Drive | |||||
Initial Cost | |||||
Land | 10,486,000 | ||||
Building and Land Improvements | 42,339,000 | ||||
Costs Capitalized Subsequent to Acquisition | 22,325,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 10,486,000 | ||||
Building and Land Improvements | 64,664,000 | ||||
Total | 75,150,000 | [2],[3] | |||
Accumulated Depreciation | -20,705,000 | [4] | |||
1753 Pinnacle Drive | |||||
Initial Cost | |||||
Land | 8,275,000 | ||||
Building and Land Improvements | 34,353,000 | ||||
Costs Capitalized Subsequent to Acquisition | 10,528,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 8,275,000 | ||||
Building and Land Improvements | 44,881,000 | ||||
Total | 53,156,000 | [2],[3] | |||
Accumulated Depreciation | -14,406,000 | [4] | |||
201 Technology Drive | |||||
Initial Cost | |||||
Land | 726,000 | ||||
Building and Land Improvements | 31,091,000 | ||||
Costs Capitalized Subsequent to Acquisition | 60,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 726,000 | ||||
Building and Land Improvements | 31,151,000 | ||||
Total | 31,877,000 | [2],[3] | |||
Accumulated Depreciation | -5,579,000 | [4] | |||
206 Research Boulevard | |||||
Initial Cost | |||||
Land | 1,813,000 | ||||
Building and Land Improvements | 17,485,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,813,000 | ||||
Building and Land Improvements | 17,485,000 | ||||
Total | 19,298,000 | [2],[3] | |||
Accumulated Depreciation | -979,000 | [4] | |||
209 Research Boulevard | |||||
Initial Cost | |||||
Land | 1,045,000 | ||||
Building and Land Improvements | 16,087,000 | ||||
Costs Capitalized Subsequent to Acquisition | 32,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,045,000 | ||||
Building and Land Improvements | 16,119,000 | ||||
Total | 17,164,000 | [2],[3] | |||
Accumulated Depreciation | -1,665,000 | [4] | |||
210 Research Boulevard | |||||
Initial Cost | |||||
Land | 1,065,000 | ||||
Building and Land Improvements | 14,687,000 | ||||
Costs Capitalized Subsequent to Acquisition | 75,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,065,000 | ||||
Building and Land Improvements | 14,762,000 | ||||
Total | 15,827,000 | [2],[3] | |||
Accumulated Depreciation | -1,191,000 | [4] | |||
21267 Smith Switch Road | |||||
Initial Cost | |||||
Land | 4,040,000 | ||||
Building and Land Improvements | 10,369,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 4,040,000 | ||||
Building and Land Improvements | 10,369,000 | ||||
Total | 14,409,000 | [2],[3] | |||
Accumulated Depreciation | -106,000 | [4] | |||
21271 Smith Switch Road | |||||
Initial Cost | |||||
Land | 7,346,000 | ||||
Building and Land Improvements | 16,864,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 7,346,000 | ||||
Building and Land Improvements | 16,864,000 | ||||
Total | 24,210,000 | [2],[3] | |||
Accumulated Depreciation | -447,000 | [4] | |||
22289 Exploration Drive | |||||
Initial Cost | |||||
Land | 1,422,000 | ||||
Building and Land Improvements | 5,719,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,511,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,422,000 | ||||
Building and Land Improvements | 7,230,000 | ||||
Total | 8,652,000 | [2],[3] | |||
Accumulated Depreciation | -2,512,000 | [4] | |||
22299 Exploration Drive | |||||
Initial Cost | |||||
Land | 1,362,000 | ||||
Building and Land Improvements | 5,791,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,119,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,362,000 | ||||
Building and Land Improvements | 6,910,000 | ||||
Total | 8,272,000 | [2],[3] | |||
Accumulated Depreciation | -2,433,000 | [4] | |||
22300 Exploration Drive | |||||
Initial Cost | |||||
Land | 1,094,000 | ||||
Building and Land Improvements | 5,038,000 | ||||
Costs Capitalized Subsequent to Acquisition | 539,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,094,000 | ||||
Building and Land Improvements | 5,577,000 | ||||
Total | 6,671,000 | [2],[3] | |||
Accumulated Depreciation | -1,878,000 | [4] | |||
22309 Exploration Drive | |||||
Initial Cost | |||||
Land | 2,243,000 | ||||
Building and Land Improvements | 10,419,000 | ||||
Costs Capitalized Subsequent to Acquisition | 7,491,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,243,000 | ||||
Building and Land Improvements | 17,910,000 | ||||
Total | 20,153,000 | [2],[3] | |||
Accumulated Depreciation | -3,999,000 | [4] | |||
23535 Cottonwood Parkway | |||||
Initial Cost | |||||
Land | 692,000 | ||||
Building and Land Improvements | 3,051,000 | ||||
Costs Capitalized Subsequent to Acquisition | 223,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 692,000 | ||||
Building and Land Improvements | 3,274,000 | ||||
Total | 3,966,000 | [2],[3] | |||
Accumulated Depreciation | -1,066,000 | [4] | |||
2500 Riva Road | |||||
Initial Cost | |||||
Land | 2,791,000 | ||||
Building and Land Improvements | 12,145,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,791,000 | ||||
Building and Land Improvements | 12,146,000 | ||||
Total | 14,937,000 | [2],[3] | |||
Accumulated Depreciation | -4,073,000 | [4] | |||
2691 Technology Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,098,000 | ||||
Building and Land Improvements | 17,334,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,115,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,098,000 | ||||
Building and Land Improvements | 22,449,000 | ||||
Total | 24,547,000 | [2],[3] | |||
Accumulated Depreciation | -6,938,000 | [4] | |||
2701 Technology Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 22,636,000 | [1] | |||
Initial Cost | |||||
Land | 1,737,000 | ||||
Building and Land Improvements | 15,266,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,554,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,737,000 | ||||
Building and Land Improvements | 17,820,000 | ||||
Total | 19,557,000 | [2],[3] | |||
Accumulated Depreciation | -6,641,000 | [4] | |||
2711 Technology Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 17,606,000 | [1] | |||
Initial Cost | |||||
Land | 2,251,000 | ||||
Building and Land Improvements | 21,611,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,451,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,251,000 | ||||
Building and Land Improvements | 23,062,000 | ||||
Total | 25,313,000 | [2],[3] | |||
Accumulated Depreciation | -9,531,000 | [4] | |||
2720 Technology Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 3,863,000 | ||||
Building and Land Improvements | 29,272,000 | ||||
Costs Capitalized Subsequent to Acquisition | 113,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,863,000 | ||||
Building and Land Improvements | 29,385,000 | ||||
Total | 33,248,000 | [2],[3] | |||
Accumulated Depreciation | -7,577,000 | [4] | |||
2721 Technology Drive | |||||
Initial Cost | |||||
Land | 4,611,000 | ||||
Building and Land Improvements | 14,597,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,226,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 4,611,000 | ||||
Building and Land Improvements | 15,823,000 | ||||
Total | 20,434,000 | [2],[3] | |||
Accumulated Depreciation | -5,840,000 | [4] | |||
2730 Hercules Road | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 35,161,000 | [1] | |||
Initial Cost | |||||
Land | 8,737,000 | ||||
Building and Land Improvements | 31,612,000 | ||||
Costs Capitalized Subsequent to Acquisition | 7,093,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 8,737,000 | ||||
Building and Land Improvements | 38,705,000 | ||||
Total | 47,442,000 | [2],[3] | |||
Accumulated Depreciation | -14,268,000 | [4] | |||
2900 Towerview Road | |||||
Initial Cost | |||||
Land | 3,207,000 | ||||
Building and Land Improvements | 16,379,000 | ||||
Costs Capitalized Subsequent to Acquisition | 6,419,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,207,000 | ||||
Building and Land Improvements | 22,798,000 | ||||
Total | 26,005,000 | [2],[3] | |||
Accumulated Depreciation | -5,969,000 | [4] | |||
300 Sentinel Drive | |||||
Initial Cost | |||||
Land | 1,517,000 | ||||
Building and Land Improvements | 58,827,000 | ||||
Costs Capitalized Subsequent to Acquisition | 166,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,517,000 | ||||
Building and Land Improvements | 58,993,000 | ||||
Total | 60,510,000 | [2],[3] | |||
Accumulated Depreciation | -6,977,000 | [4] | |||
302 Sentinel Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,648,000 | ||||
Building and Land Improvements | 29,687,000 | ||||
Costs Capitalized Subsequent to Acquisition | 423,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,648,000 | ||||
Building and Land Improvements | 30,110,000 | ||||
Total | 32,758,000 | [2],[3] | |||
Accumulated Depreciation | -5,210,000 | [4] | |||
304 Sentinel Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 3,411,000 | ||||
Building and Land Improvements | 24,917,000 | ||||
Costs Capitalized Subsequent to Acquisition | 138,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,411,000 | ||||
Building and Land Improvements | 25,055,000 | ||||
Total | 28,466,000 | [2],[3] | |||
Accumulated Depreciation | -5,655,000 | [4] | |||
306 Sentinel Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 16,298,000 | [1] | |||
Initial Cost | |||||
Land | 3,260,000 | ||||
Building and Land Improvements | 22,592,000 | ||||
Costs Capitalized Subsequent to Acquisition | 415,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,260,000 | ||||
Building and Land Improvements | 23,007,000 | ||||
Total | 26,267,000 | [2],[3] | |||
Accumulated Depreciation | -4,687,000 | [4] | |||
308 Sentinel Drive | |||||
Initial Cost | |||||
Land | 1,422,000 | ||||
Building and Land Improvements | 26,197,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,422,000 | ||||
Building and Land Improvements | 26,197,000 | ||||
Total | 27,619,000 | [2],[3] | |||
Accumulated Depreciation | -2,395,000 | [4] | |||
310 Sentinel Way | |||||
Initial Cost | |||||
Land | 2,372,000 | [5] | |||
Building and Land Improvements | 33,953,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 2,372,000 | [5] | |||
Building and Land Improvements | 33,953,000 | [5] | |||
Total | 36,325,000 | [2],[3],[5] | |||
Accumulated Depreciation | 0 | [4],[5] | |||
310 The Bridge Street | |||||
Initial Cost | |||||
Land | 261,000 | ||||
Building and Land Improvements | 26,531,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,051,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 261,000 | ||||
Building and Land Improvements | 27,582,000 | ||||
Total | 27,843,000 | [2],[3] | |||
Accumulated Depreciation | -4,310,000 | [4] | |||
312 Sentinel Way | |||||
Initial Cost | |||||
Land | 3,138,000 | ||||
Building and Land Improvements | 23,793,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,138,000 | ||||
Building and Land Improvements | 23,793,000 | ||||
Total | 26,931,000 | [2],[3] | |||
Accumulated Depreciation | -240,000 | [4] | |||
3120 Fairview Park Drive | |||||
Initial Cost | |||||
Land | 6,863,000 | ||||
Building and Land Improvements | 35,606,000 | ||||
Costs Capitalized Subsequent to Acquisition | 7,303,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 6,863,000 | ||||
Building and Land Improvements | 42,909,000 | ||||
Total | 49,772,000 | [2],[3] | |||
Accumulated Depreciation | -5,456,000 | [4] | |||
314 Sentinel Way | |||||
Initial Cost | |||||
Land | 1,254,000 | ||||
Building and Land Improvements | 1,325,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,254,000 | ||||
Building and Land Improvements | 1,325,000 | ||||
Total | 2,579,000 | [2],[3] | |||
Accumulated Depreciation | -216,000 | [4] | |||
316 Sentinel Way | |||||
Initial Cost | |||||
Land | 2,748,000 | ||||
Building and Land Improvements | 38,156,000 | ||||
Costs Capitalized Subsequent to Acquisition | 139,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,748,000 | ||||
Building and Land Improvements | 38,295,000 | ||||
Total | 41,043,000 | [2],[3] | |||
Accumulated Depreciation | -2,602,000 | [4] | |||
318 Sentinel Way | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,185,000 | ||||
Building and Land Improvements | 28,426,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,185,000 | ||||
Building and Land Improvements | 28,426,000 | ||||
Total | 30,611,000 | [2],[3] | |||
Accumulated Depreciation | -6,270,000 | [4] | |||
320 Sentinel Way | |||||
Initial Cost | |||||
Land | 2,067,000 | ||||
Building and Land Improvements | 21,623,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,067,000 | ||||
Building and Land Improvements | 21,623,000 | ||||
Total | 23,690,000 | [2],[3] | |||
Accumulated Depreciation | -3,770,000 | [4] | |||
322 Sentinel Way | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 21,680,000 | [1] | |||
Initial Cost | |||||
Land | 2,605,000 | ||||
Building and Land Improvements | 22,827,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,605,000 | ||||
Building and Land Improvements | 22,827,000 | ||||
Total | 25,432,000 | [2],[3] | |||
Accumulated Depreciation | -4,572,000 | [4] | |||
324 Sentinel Way | |||||
Initial Cost | |||||
Land | 1,656,000 | ||||
Building and Land Improvements | 23,018,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,656,000 | ||||
Building and Land Improvements | 23,018,000 | ||||
Total | 24,674,000 | [2],[3] | |||
Accumulated Depreciation | -2,503,000 | [4] | |||
375 West Padonia Road | |||||
Initial Cost | |||||
Land | 2,483,000 | ||||
Building and Land Improvements | 10,415,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,857,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,483,000 | ||||
Building and Land Improvements | 15,272,000 | ||||
Total | 17,755,000 | [2],[3] | |||
Accumulated Depreciation | -6,904,000 | [4] | |||
410 National Business Parkway | |||||
Initial Cost | |||||
Land | 1,831,000 | ||||
Building and Land Improvements | 23,257,000 | ||||
Costs Capitalized Subsequent to Acquisition | 112,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,831,000 | ||||
Building and Land Improvements | 23,369,000 | ||||
Total | 25,200,000 | [2],[3] | |||
Accumulated Depreciation | -1,127,000 | [4] | |||
420 National Business Parkway | |||||
Initial Cost | |||||
Land | 2,370,000 | ||||
Building and Land Improvements | 27,161,000 | ||||
Costs Capitalized Subsequent to Acquisition | 101,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,370,000 | ||||
Building and Land Improvements | 27,262,000 | ||||
Total | 29,632,000 | [2],[3] | |||
Accumulated Depreciation | -541,000 | [4] | |||
430 National Business Parkway | |||||
Initial Cost | |||||
Land | 1,852,000 | ||||
Building and Land Improvements | 21,138,000 | ||||
Costs Capitalized Subsequent to Acquisition | 120,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,852,000 | ||||
Building and Land Improvements | 21,258,000 | ||||
Total | 23,110,000 | [2],[3] | |||
Accumulated Depreciation | -1,494,000 | [4] | |||
44408 Pecan Court | |||||
Initial Cost | |||||
Land | 817,000 | ||||
Building and Land Improvements | 1,583,000 | ||||
Costs Capitalized Subsequent to Acquisition | 582,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 817,000 | ||||
Building and Land Improvements | 2,165,000 | ||||
Total | 2,982,000 | [2],[3] | |||
Accumulated Depreciation | -405,000 | [4] | |||
44414 Pecan Court | |||||
Initial Cost | |||||
Land | 405,000 | ||||
Building and Land Improvements | 1,619,000 | ||||
Costs Capitalized Subsequent to Acquisition | 336,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 405,000 | ||||
Building and Land Improvements | 1,955,000 | ||||
Total | 2,360,000 | [2],[3] | |||
Accumulated Depreciation | -641,000 | [4] | |||
44417 Pecan Court | |||||
Initial Cost | |||||
Land | 434,000 | [5] | |||
Building and Land Improvements | 3,204,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 88,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 434,000 | [5] | |||
Building and Land Improvements | 3,292,000 | [5] | |||
Total | 3,726,000 | [2],[3],[5] | |||
Accumulated Depreciation | -1,037,000 | [4],[5] | |||
44420 Pecan Court | |||||
Initial Cost | |||||
Land | 344,000 | ||||
Building and Land Improvements | 890,000 | ||||
Costs Capitalized Subsequent to Acquisition | 148,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 344,000 | ||||
Building and Land Improvements | 1,038,000 | ||||
Total | 1,382,000 | [2],[3] | |||
Accumulated Depreciation | -199,000 | [4] | |||
44425 Pecan Court | |||||
Initial Cost | |||||
Land | 1,309,000 | ||||
Building and Land Improvements | 3,506,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,307,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,309,000 | ||||
Building and Land Improvements | 4,813,000 | ||||
Total | 6,122,000 | [2],[3] | |||
Accumulated Depreciation | -1,492,000 | [4] | |||
45310 Abell House Lane | |||||
Initial Cost | |||||
Land | 2,272,000 | ||||
Building and Land Improvements | 13,808,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,272,000 | ||||
Building and Land Improvements | 13,808,000 | ||||
Total | 16,080,000 | [2],[3] | |||
Accumulated Depreciation | -1,057,000 | [4] | |||
46579 Expedition Drive | |||||
Initial Cost | |||||
Land | 1,406,000 | ||||
Building and Land Improvements | 5,796,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,335,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,406,000 | ||||
Building and Land Improvements | 7,131,000 | ||||
Total | 8,537,000 | [2],[3] | |||
Accumulated Depreciation | -2,780,000 | [4] | |||
46591 Expedition Drive | |||||
Initial Cost | |||||
Land | 1,200,000 | ||||
Building and Land Improvements | 7,199,000 | ||||
Costs Capitalized Subsequent to Acquisition | 803,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,200,000 | ||||
Building and Land Improvements | 8,002,000 | ||||
Total | 9,202,000 | [2],[3] | |||
Accumulated Depreciation | -1,618,000 | [4] | |||
4851 Stonecroft Boulevard | |||||
Initial Cost | |||||
Land | 1,878,000 | ||||
Building and Land Improvements | 11,558,000 | ||||
Costs Capitalized Subsequent to Acquisition | 21,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,878,000 | ||||
Building and Land Improvements | 11,579,000 | ||||
Total | 13,457,000 | [2],[3] | |||
Accumulated Depreciation | -2,959,000 | [4] | |||
4940 Campbell Drive | |||||
Initial Cost | |||||
Land | 1,379,000 | ||||
Building and Land Improvements | 3,858,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,373,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,379,000 | ||||
Building and Land Improvements | 5,231,000 | ||||
Total | 6,610,000 | [2],[3] | |||
Accumulated Depreciation | -1,278,000 | [4] | |||
525 Babcock Road | |||||
Initial Cost | |||||
Land | 355,000 | ||||
Building and Land Improvements | 397,000 | ||||
Costs Capitalized Subsequent to Acquisition | 79,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 355,000 | ||||
Building and Land Improvements | 476,000 | ||||
Total | 831,000 | [2],[3] | |||
Accumulated Depreciation | -153,000 | [4] | |||
5325 Nottingham Drive | |||||
Initial Cost | |||||
Land | 816,000 | ||||
Building and Land Improvements | 3,976,000 | ||||
Costs Capitalized Subsequent to Acquisition | 485,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 816,000 | ||||
Building and Land Improvements | 4,461,000 | ||||
Total | 5,277,000 | [2],[3] | |||
Accumulated Depreciation | -1,076,000 | [4] | |||
5355 Nottingham Drive | |||||
Initial Cost | |||||
Land | 761,000 | ||||
Building and Land Improvements | 3,562,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,758,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 761,000 | ||||
Building and Land Improvements | 5,320,000 | ||||
Total | 6,081,000 | [2],[3] | |||
Accumulated Depreciation | -1,874,000 | [4] | |||
5520 Research Park Drive | |||||
Initial Cost | |||||
Building and Land Improvements | 20,072,000 | ||||
Costs Capitalized Subsequent to Acquisition | 38,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 20,110,000 | ||||
Total | 20,110,000 | [2],[3] | |||
Accumulated Depreciation | -2,687,000 | [4] | |||
5522 Research Park Drive | |||||
Initial Cost | |||||
Building and Land Improvements | 4,550,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 4,550,000 | ||||
Total | 4,550,000 | [2],[3] | |||
Accumulated Depreciation | -842,000 | [4] | |||
5825 University Research Court | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 15,615,000 | [1] | |||
Initial Cost | |||||
Building and Land Improvements | 22,522,000 | ||||
Costs Capitalized Subsequent to Acquisition | 60,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 22,582,000 | ||||
Total | 22,582,000 | [2],[3] | |||
Accumulated Depreciation | -3,246,000 | [4] | |||
5850 University Research Court | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 21,261,000 | [1] | |||
Initial Cost | |||||
Building and Land Improvements | 31,689,000 | ||||
Costs Capitalized Subsequent to Acquisition | 57,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 31,746,000 | ||||
Total | 31,746,000 | [2],[3] | |||
Accumulated Depreciation | -3,763,000 | [4] | |||
6700 Alexander Bell Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,755,000 | ||||
Building and Land Improvements | 7,019,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,550,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,755,000 | ||||
Building and Land Improvements | 12,569,000 | ||||
Total | 14,324,000 | [2],[3] | |||
Accumulated Depreciation | -5,435,000 | [4] | |||
6708 Alexander Bell Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1],[5] | |||
Initial Cost | |||||
Land | 897,000 | [5] | |||
Building and Land Improvements | 7,544,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 1,591,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 897,000 | [5] | |||
Building and Land Improvements | 9,135,000 | [5] | |||
Total | 10,032,000 | [2],[3],[5] | |||
Accumulated Depreciation | -3,319,000 | [4],[5] | |||
6711 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 2,683,000 | ||||
Building and Land Improvements | 23,239,000 | ||||
Costs Capitalized Subsequent to Acquisition | 435,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,683,000 | ||||
Building and Land Improvements | 23,674,000 | ||||
Total | 26,357,000 | [2],[3] | |||
Accumulated Depreciation | -4,765,000 | [4] | |||
6716 Alexander Bell Drive | |||||
Initial Cost | |||||
Land | 1,242,000 | ||||
Building and Land Improvements | 4,969,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,352,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,242,000 | ||||
Building and Land Improvements | 8,321,000 | ||||
Total | 9,563,000 | [2],[3] | |||
Accumulated Depreciation | -3,992,000 | [4] | |||
6721 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 17,102,000 | [1] | |||
Initial Cost | |||||
Land | 1,753,000 | ||||
Building and Land Improvements | 34,090,000 | ||||
Costs Capitalized Subsequent to Acquisition | 65,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,753,000 | ||||
Building and Land Improvements | 34,155,000 | ||||
Total | 35,908,000 | [2],[3] | |||
Accumulated Depreciation | -4,941,000 | [4] | |||
6724 Alexander Bell Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 449,000 | ||||
Building and Land Improvements | 5,039,000 | ||||
Costs Capitalized Subsequent to Acquisition | 368,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 449,000 | ||||
Building and Land Improvements | 5,407,000 | ||||
Total | 5,856,000 | [2],[3] | |||
Accumulated Depreciation | -2,106,000 | [4] | |||
6731 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 2,807,000 | ||||
Building and Land Improvements | 19,098,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,046,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,807,000 | ||||
Building and Land Improvements | 21,144,000 | ||||
Total | 23,951,000 | [2],[3] | |||
Accumulated Depreciation | -7,841,000 | [4] | |||
6740 Alexander Bell Drive | |||||
Initial Cost | |||||
Land | 1,424,000 | ||||
Building and Land Improvements | 5,696,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,346,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,424,000 | ||||
Building and Land Improvements | 9,042,000 | ||||
Total | 10,466,000 | [2],[3] | |||
Accumulated Depreciation | -4,644,000 | [4] | |||
6741 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 675,000 | ||||
Building and Land Improvements | 1,711,000 | ||||
Costs Capitalized Subsequent to Acquisition | 114,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 675,000 | ||||
Building and Land Improvements | 1,825,000 | ||||
Total | 2,500,000 | [2],[3] | |||
Accumulated Depreciation | -303,000 | [4] | |||
6750 Alexander Bell Drive | |||||
Initial Cost | |||||
Land | 1,263,000 | ||||
Building and Land Improvements | 12,461,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,419,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,263,000 | ||||
Building and Land Improvements | 15,880,000 | ||||
Total | 17,143,000 | [2],[3] | |||
Accumulated Depreciation | -7,008,000 | [4] | |||
6760 Alexander Bell Drive | |||||
Initial Cost | |||||
Land | 890,000 | ||||
Building and Land Improvements | 3,561,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,763,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 890,000 | ||||
Building and Land Improvements | 6,324,000 | ||||
Total | 7,214,000 | [2],[3] | |||
Accumulated Depreciation | -2,989,000 | [4] | |||
6940 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 3,545,000 | ||||
Building and Land Improvements | 9,916,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,717,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,545,000 | ||||
Building and Land Improvements | 14,633,000 | ||||
Total | 18,178,000 | [2],[3] | |||
Accumulated Depreciation | -6,463,000 | [4] | |||
6950 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 3,596,000 | ||||
Building and Land Improvements | 14,269,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,164,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,596,000 | ||||
Building and Land Improvements | 16,433,000 | ||||
Total | 20,029,000 | [2],[3] | |||
Accumulated Depreciation | -6,965,000 | [4] | |||
7000 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 3,131,000 | ||||
Building and Land Improvements | 12,103,000 | ||||
Costs Capitalized Subsequent to Acquisition | 989,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,131,000 | ||||
Building and Land Improvements | 13,092,000 | ||||
Total | 16,223,000 | [2],[3] | |||
Accumulated Depreciation | -4,056,000 | [4] | |||
7005 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1],[6] | |||
Initial Cost | |||||
Land | 3,036,000 | [6] | |||
Building and Land Improvements | 14,000 | [6] | |||
Costs Capitalized Subsequent to Acquisition | 0 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 3,036,000 | [6] | |||
Building and Land Improvements | 14,000 | [6] | |||
Total | 3,050,000 | [2],[3],[6] | |||
Accumulated Depreciation | 0 | [4],[6] | |||
7015 Albert Einstein Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 1,900,000 | [1] | |||
Initial Cost | |||||
Land | 2,058,000 | ||||
Building and Land Improvements | 6,093,000 | ||||
Costs Capitalized Subsequent to Acquisition | 855,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,058,000 | ||||
Building and Land Improvements | 6,948,000 | ||||
Total | 9,006,000 | [2],[3] | |||
Accumulated Depreciation | -2,669,000 | [4] | |||
7061 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 729,000 | ||||
Building and Land Improvements | 3,094,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,407,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 729,000 | ||||
Building and Land Improvements | 4,501,000 | ||||
Total | 5,230,000 | [2],[3] | |||
Accumulated Depreciation | -1,657,000 | [4] | |||
7063 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 902,000 | ||||
Building and Land Improvements | 3,684,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,074,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 902,000 | ||||
Building and Land Improvements | 4,758,000 | ||||
Total | 5,660,000 | [2],[3] | |||
Accumulated Depreciation | -2,272,000 | [4] | |||
7065 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 919,000 | ||||
Building and Land Improvements | 3,763,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,902,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 919,000 | ||||
Building and Land Improvements | 6,665,000 | ||||
Total | 7,584,000 | [2],[3] | |||
Accumulated Depreciation | -2,343,000 | [4] | |||
7067 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 1,829,000 | ||||
Building and Land Improvements | 11,823,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,773,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,829,000 | ||||
Building and Land Improvements | 14,596,000 | ||||
Total | 16,425,000 | [2],[3] | |||
Accumulated Depreciation | -5,461,000 | [4] | |||
7125 Columbia Gateway Drive Land | |||||
Initial Cost | |||||
Land | 3,361,000 | [6] | |||
Building and Land Improvements | 555,000 | [6] | |||
Costs Capitalized Subsequent to Acquisition | 279,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 3,361,000 | [6] | |||
Building and Land Improvements | 834,000 | [6] | |||
Total | 4,195,000 | [2],[3],[6] | |||
7125 Columbia Gateway Drive | |||||
Initial Cost | |||||
Land | 17,126,000 | ||||
Building and Land Improvements | 46,994,000 | ||||
Costs Capitalized Subsequent to Acquisition | 8,848,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 17,126,000 | ||||
Building and Land Improvements | 55,842,000 | ||||
Total | 72,968,000 | [2],[3] | |||
Accumulated Depreciation | -14,434,000 | [4] | |||
7130 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,350,000 | ||||
Building and Land Improvements | 4,359,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,802,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,350,000 | ||||
Building and Land Improvements | 6,161,000 | ||||
Total | 7,511,000 | [2],[3] | |||
Accumulated Depreciation | -2,321,000 | [4] | |||
7134 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 704,000 | ||||
Building and Land Improvements | 1,971,000 | ||||
Costs Capitalized Subsequent to Acquisition | 310,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 704,000 | ||||
Building and Land Improvements | 2,281,000 | ||||
Total | 2,985,000 | [2],[3] | |||
Accumulated Depreciation | -638,000 | [4] | |||
7138 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,104,000 | ||||
Building and Land Improvements | 3,518,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,975,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,104,000 | ||||
Building and Land Improvements | 5,493,000 | ||||
Total | 6,597,000 | [2],[3] | |||
Accumulated Depreciation | -2,817,000 | [4] | |||
7142 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,342,000 | ||||
Building and Land Improvements | 3,978,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,494,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,342,000 | ||||
Building and Land Improvements | 6,472,000 | ||||
Total | 7,814,000 | [2],[3] | |||
Accumulated Depreciation | -2,091,000 | [4] | |||
7150 Columbia Gateway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,032,000 | ||||
Building and Land Improvements | 3,429,000 | ||||
Costs Capitalized Subsequent to Acquisition | 579,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,032,000 | ||||
Building and Land Improvements | 4,008,000 | ||||
Total | 5,040,000 | [2],[3] | |||
Accumulated Depreciation | -1,056,000 | [4] | |||
7150 Riverwood Drive | |||||
Initial Cost | |||||
Land | 1,821,000 | ||||
Building and Land Improvements | 4,388,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,332,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,821,000 | ||||
Building and Land Improvements | 5,720,000 | ||||
Total | 7,541,000 | [2],[3] | |||
Accumulated Depreciation | -1,742,000 | [4] | |||
7160 Riverwood Drive | |||||
Initial Cost | |||||
Land | 2,732,000 | ||||
Building and Land Improvements | 7,006,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,605,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,732,000 | ||||
Building and Land Improvements | 8,611,000 | ||||
Total | 11,343,000 | [2],[3] | |||
Accumulated Depreciation | -3,040,000 | [4] | |||
7170 Riverwood Drive | |||||
Initial Cost | |||||
Land | 1,283,000 | ||||
Building and Land Improvements | 3,096,000 | ||||
Costs Capitalized Subsequent to Acquisition | 658,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,283,000 | ||||
Building and Land Improvements | 3,754,000 | ||||
Total | 5,037,000 | [2],[3] | |||
Accumulated Depreciation | -1,218,000 | [4] | |||
7175 Riverwood Drive | |||||
Initial Cost | |||||
Land | 1,788,000 | ||||
Building and Land Improvements | 7,270,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,788,000 | ||||
Building and Land Improvements | 7,270,000 | ||||
Total | 9,058,000 | [2],[3] | |||
Accumulated Depreciation | -207,000 | [4] | |||
7200 Redstone Gateway | |||||
Initial Cost | |||||
Building and Land Improvements | 4,926,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 4,926,000 | ||||
Total | 4,926,000 | [2],[3] | |||
Accumulated Depreciation | -133,000 | [4] | |||
7200 Riverwood Road | |||||
Initial Cost | |||||
Land | 4,089,000 | ||||
Building and Land Improvements | 16,356,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,538,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 4,089,000 | ||||
Building and Land Improvements | 19,894,000 | ||||
Total | 23,983,000 | [2],[3] | |||
Accumulated Depreciation | -7,933,000 | [4] | |||
7205 Riverwood Drive | |||||
Initial Cost | |||||
Land | 1,367,000 | ||||
Building and Land Improvements | 24,114,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,367,000 | ||||
Building and Land Improvements | 24,114,000 | ||||
Total | 25,481,000 | [2],[3] | |||
Accumulated Depreciation | -774,000 | [4] | |||
7272 Park Circle Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,919,000 | [1] | |||
Initial Cost | |||||
Land | 1,479,000 | ||||
Building and Land Improvements | 6,300,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,884,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,479,000 | ||||
Building and Land Improvements | 10,184,000 | ||||
Total | 11,663,000 | [2],[3] | |||
Accumulated Depreciation | -2,461,000 | [4] | |||
7318 Parkway Drive | |||||
Initial Cost | |||||
Land | 972,000 | ||||
Building and Land Improvements | 3,888,000 | ||||
Costs Capitalized Subsequent to Acquisition | 926,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 972,000 | ||||
Building and Land Improvements | 4,814,000 | ||||
Total | 5,786,000 | [2],[3] | |||
Accumulated Depreciation | -1,879,000 | [4] | |||
7320 Parkway Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 905,000 | ||||
Building and Land Improvements | 3,570,000 | ||||
Costs Capitalized Subsequent to Acquisition | 4,018,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 905,000 | ||||
Building and Land Improvements | 7,588,000 | ||||
Total | 8,493,000 | [2],[3] | |||
Accumulated Depreciation | -2,310,000 | [4] | |||
7400 Redstone Gateway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1],[5] | |||
Initial Cost | |||||
Land | 0 | [5] | |||
Building and Land Improvements | 4,163,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 0 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 0 | [5] | |||
Building and Land Improvements | 4,163,000 | [5] | |||
Total | 4,163,000 | [2],[3],[5] | |||
Accumulated Depreciation | 0 | [4],[5] | |||
7467 Ridge Road | |||||
Initial Cost | |||||
Land | 1,629,000 | ||||
Building and Land Improvements | 6,517,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,402,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,629,000 | ||||
Building and Land Improvements | 8,919,000 | ||||
Total | 10,548,000 | [2],[3] | |||
Accumulated Depreciation | -4,138,000 | [4] | |||
7740 Milestone Parkway | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 19,357,000 | [1] | |||
Initial Cost | |||||
Land | 3,825,000 | ||||
Building and Land Improvements | 34,365,000 | ||||
Costs Capitalized Subsequent to Acquisition | 366,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,825,000 | ||||
Building and Land Improvements | 34,731,000 | ||||
Total | 38,556,000 | [2],[3] | |||
Accumulated Depreciation | -4,003,000 | [4] | |||
7770 Backlick Road | |||||
Initial Cost | |||||
Land | 6,387,000 | ||||
Building and Land Improvements | 74,325,000 | ||||
Costs Capitalized Subsequent to Acquisition | 140,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 6,387,000 | ||||
Building and Land Improvements | 74,465,000 | ||||
Total | 80,852,000 | [2],[3] | |||
Accumulated Depreciation | -3,414,000 | [4] | |||
7880 Milestone Parkway | |||||
Initial Cost | |||||
Land | 4,857,000 | [5] | |||
Building and Land Improvements | 12,221,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 0 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 4,857,000 | [5] | |||
Building and Land Improvements | 12,221,000 | [5] | |||
Total | 17,078,000 | [2],[3],[5] | |||
Accumulated Depreciation | 0 | [4],[5] | |||
8003 Corporate Drive | |||||
Initial Cost | |||||
Land | 611,000 | ||||
Building and Land Improvements | 1,611,000 | ||||
Costs Capitalized Subsequent to Acquisition | 655,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 611,000 | ||||
Building and Land Improvements | 2,266,000 | ||||
Total | 2,877,000 | [2],[3] | |||
Accumulated Depreciation | -396,000 | [4] | |||
8007 Corporate Drive | |||||
Initial Cost | |||||
Land | 1,434,000 | ||||
Building and Land Improvements | 3,336,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,034,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,434,000 | ||||
Building and Land Improvements | 4,370,000 | ||||
Total | 5,804,000 | [2],[3] | |||
Accumulated Depreciation | -938,000 | [4] | |||
8010 Corporate Drive | |||||
Initial Cost | |||||
Land | 1,349,000 | ||||
Building and Land Improvements | 3,262,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,744,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,349,000 | ||||
Building and Land Improvements | 5,006,000 | ||||
Total | 6,355,000 | [2],[3] | |||
Accumulated Depreciation | -1,282,000 | [4] | |||
8013 Corporate Drive | |||||
Initial Cost | |||||
Land | 642,000 | ||||
Building and Land Improvements | 1,536,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,809,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 642,000 | ||||
Building and Land Improvements | 3,345,000 | ||||
Total | 3,987,000 | [2],[3] | |||
Accumulated Depreciation | -770,000 | [4] | |||
8015 Corporate Drive | |||||
Initial Cost | |||||
Land | 446,000 | ||||
Building and Land Improvements | 1,116,000 | ||||
Costs Capitalized Subsequent to Acquisition | 361,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 446,000 | ||||
Building and Land Improvements | 1,477,000 | ||||
Total | 1,923,000 | [2],[3] | |||
Accumulated Depreciation | -428,000 | [4] | |||
8019 Corporate Drive | |||||
Initial Cost | |||||
Land | 680,000 | ||||
Building and Land Improvements | 1,898,000 | ||||
Costs Capitalized Subsequent to Acquisition | 739,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 680,000 | ||||
Building and Land Improvements | 2,637,000 | ||||
Total | 3,317,000 | [2],[3] | |||
Accumulated Depreciation | -751,000 | [4] | |||
8020 Corporate Drive | |||||
Initial Cost | |||||
Land | 2,184,000 | ||||
Building and Land Improvements | 3,767,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,205,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,184,000 | ||||
Building and Land Improvements | 5,972,000 | ||||
Total | 8,156,000 | [2],[3] | |||
Accumulated Depreciation | -1,499,000 | [4] | |||
8023 Corporate Drive | |||||
Initial Cost | |||||
Land | 651,000 | ||||
Building and Land Improvements | 1,603,000 | ||||
Costs Capitalized Subsequent to Acquisition | 5,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 651,000 | ||||
Building and Land Improvements | 1,608,000 | ||||
Total | 2,259,000 | [2],[3] | |||
Accumulated Depreciation | -357,000 | [4] | |||
8094 Sandpiper Circle | |||||
Initial Cost | |||||
Land | 1,960,000 | ||||
Building and Land Improvements | 3,716,000 | ||||
Costs Capitalized Subsequent to Acquisition | 941,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,960,000 | ||||
Building and Land Improvements | 4,657,000 | ||||
Total | 6,617,000 | [2],[3] | |||
Accumulated Depreciation | -1,125,000 | [4] | |||
8098 Sandpiper Circle | |||||
Initial Cost | |||||
Land | 1,797,000 | ||||
Building and Land Improvements | 3,651,000 | ||||
Costs Capitalized Subsequent to Acquisition | 639,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,797,000 | ||||
Building and Land Improvements | 4,290,000 | ||||
Total | 6,087,000 | [2],[3] | |||
Accumulated Depreciation | -827,000 | [4] | |||
8110 Corporate Drive | |||||
Initial Cost | |||||
Land | 2,285,000 | ||||
Building and Land Improvements | 10,117,000 | ||||
Costs Capitalized Subsequent to Acquisition | 989,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,285,000 | ||||
Building and Land Improvements | 11,106,000 | ||||
Total | 13,391,000 | [2],[3] | |||
Accumulated Depreciation | -2,870,000 | [4] | |||
8140 Corporate Drive | |||||
Initial Cost | |||||
Land | 2,158,000 | ||||
Building and Land Improvements | 8,457,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,008,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,158,000 | ||||
Building and Land Improvements | 11,465,000 | ||||
Total | 13,623,000 | [2],[3] | |||
Accumulated Depreciation | -3,767,000 | [4] | |||
8621 Robert Fulton Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,317,000 | ||||
Building and Land Improvements | 12,642,000 | ||||
Costs Capitalized Subsequent to Acquisition | 336,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,317,000 | ||||
Building and Land Improvements | 12,978,000 | ||||
Total | 15,295,000 | [2],[3] | |||
Accumulated Depreciation | -3,015,000 | [4] | |||
8661 Robert Fulton Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,510,000 | ||||
Building and Land Improvements | 3,764,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,423,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,510,000 | ||||
Building and Land Improvements | 6,187,000 | ||||
Total | 7,697,000 | [2],[3] | |||
Accumulated Depreciation | -1,848,000 | [4] | |||
8671 Robert Fulton Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 1,718,000 | ||||
Building and Land Improvements | 4,280,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,981,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,718,000 | ||||
Building and Land Improvements | 6,261,000 | ||||
Total | 7,979,000 | [2],[3] | |||
Accumulated Depreciation | -2,754,000 | [4] | |||
870 Elkridge Landing Road | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 0 | [1] | |||
Initial Cost | |||||
Land | 2,003,000 | ||||
Building and Land Improvements | 9,442,000 | ||||
Costs Capitalized Subsequent to Acquisition | 6,941,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 2,003,000 | ||||
Building and Land Improvements | 16,383,000 | ||||
Total | 18,386,000 | [2],[3] | |||
Accumulated Depreciation | -7,965,000 | [4] | |||
891 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,165,000 | ||||
Building and Land Improvements | 4,772,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,295,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,165,000 | ||||
Building and Land Improvements | 7,067,000 | ||||
Total | 8,232,000 | [2],[3] | |||
Accumulated Depreciation | -3,229,000 | [4] | |||
900 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,993,000 | ||||
Building and Land Improvements | 7,972,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,486,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,993,000 | ||||
Building and Land Improvements | 11,458,000 | ||||
Total | 13,451,000 | [2],[3] | |||
Accumulated Depreciation | -5,655,000 | [4] | |||
901 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,156,000 | ||||
Building and Land Improvements | 4,437,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,419,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,156,000 | ||||
Building and Land Improvements | 6,856,000 | ||||
Total | 8,012,000 | [2],[3] | |||
Accumulated Depreciation | -2,672,000 | [4] | |||
911 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,215,000 | ||||
Building and Land Improvements | 4,861,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,024,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,215,000 | ||||
Building and Land Improvements | 6,885,000 | ||||
Total | 8,100,000 | [2],[3] | |||
Accumulated Depreciation | -3,239,000 | [4] | |||
921 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,044,000 | [5] | |||
Building and Land Improvements | 4,239,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 748,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 1,044,000 | [5] | |||
Building and Land Improvements | 4,987,000 | [5] | |||
Total | 6,031,000 | [2],[3],[5] | |||
Accumulated Depreciation | -2,244,000 | [4],[5] | |||
938 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,163,000 | ||||
Building and Land Improvements | 4,748,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,155,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,163,000 | ||||
Building and Land Improvements | 5,903,000 | ||||
Total | 7,066,000 | [2],[3] | |||
Accumulated Depreciation | -1,928,000 | [4] | |||
939 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 939,000 | ||||
Building and Land Improvements | 3,756,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,074,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 939,000 | ||||
Building and Land Improvements | 6,830,000 | ||||
Total | 7,769,000 | [2],[3] | |||
Accumulated Depreciation | -2,927,000 | [4] | |||
940 Elkridge Landing Road | |||||
Initial Cost | |||||
Land | 1,104,000 | [6] | |||
Building and Land Improvements | 4,730,000 | [6] | |||
Costs Capitalized Subsequent to Acquisition | 170,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 1,104,000 | [6] | |||
Building and Land Improvements | 4,900,000 | [6] | |||
Total | 6,004,000 | [2],[3],[6] | |||
Accumulated Depreciation | -4,884,000 | [4],[6] | |||
9651 Hornbaker Road | |||||
Initial Cost | |||||
Land | 6,050,000 | ||||
Building and Land Improvements | 204,176,000 | ||||
Costs Capitalized Subsequent to Acquisition | 853,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 6,050,000 | ||||
Building and Land Improvements | 205,029,000 | ||||
Total | 211,079,000 | [2],[3] | |||
Accumulated Depreciation | -10,881,000 | [4] | |||
9690 Deereco Road | |||||
Initial Cost | |||||
Land | 3,415,000 | ||||
Building and Land Improvements | 13,723,000 | ||||
Costs Capitalized Subsequent to Acquisition | 7,289,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 3,415,000 | ||||
Building and Land Improvements | 21,012,000 | ||||
Total | 24,427,000 | [2],[3] | |||
Accumulated Depreciation | -9,585,000 | [4] | |||
9900 Franklin Square Drive | |||||
Initial Cost | |||||
Land | 979,000 | ||||
Building and Land Improvements | 3,466,000 | ||||
Costs Capitalized Subsequent to Acquisition | 325,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 979,000 | ||||
Building and Land Improvements | 3,791,000 | ||||
Total | 4,770,000 | [2],[3] | |||
Accumulated Depreciation | -989,000 | [4] | |||
9910 Franklin Square Drive | |||||
Real Estate and Accumulated Depreciation | |||||
Encumbrances | 4,691,000 | [1] | |||
Initial Cost | |||||
Land | 1,219,000 | ||||
Building and Land Improvements | 6,590,000 | ||||
Costs Capitalized Subsequent to Acquisition | 74,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,219,000 | ||||
Building and Land Improvements | 6,664,000 | ||||
Total | 7,883,000 | [2],[3] | |||
Accumulated Depreciation | -1,952,000 | [4] | |||
9920 Franklin Square Drive | |||||
Initial Cost | |||||
Land | 1,058,000 | ||||
Building and Land Improvements | 5,293,000 | ||||
Costs Capitalized Subsequent to Acquisition | 1,436,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,058,000 | ||||
Building and Land Improvements | 6,729,000 | ||||
Total | 7,787,000 | [2],[3] | |||
Accumulated Depreciation | -2,077,000 | [4] | |||
Aerotech Commerce | |||||
Initial Cost | |||||
Land | 900,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 900,000 | [6] | |||
Total | 900,000 | [2],[3],[6] | |||
Arborcrest | |||||
Initial Cost | |||||
Land | 21,968,000 | [5] | |||
Building and Land Improvements | 109,468,000 | [5] | |||
Costs Capitalized Subsequent to Acquisition | 1,209,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 21,968,000 | [5] | |||
Building and Land Improvements | 110,677,000 | [5] | |||
Total | 132,645,000 | [2],[3],[5] | |||
Accumulated Depreciation | -22,043,000 | [4],[5] | |||
Arundel Preserve | |||||
Initial Cost | |||||
Land | 13,401,000 | [6] | |||
Building and Land Improvements | 7,238,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 13,401,000 | [6] | |||
Building and Land Improvements | 7,238,000 | [6] | |||
Total | 20,639,000 | [2],[3],[6] | |||
Ashburn Crossing - DC 10 | |||||
Initial Cost | |||||
Land | 4,408,000 | [5] | |||
Building and Land Improvements | 8,399,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 4,408,000 | [5] | |||
Building and Land Improvements | 8,399,000 | [5] | |||
Total | 12,807,000 | [2],[3],[5] | |||
Accumulated Depreciation | 0 | [4],[5] | |||
Canton Crossing Land | |||||
Initial Cost | |||||
Land | 16,085,000 | [6] | |||
Building and Land Improvements | 905,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 16,085,000 | [6] | |||
Building and Land Improvements | 905,000 | [6] | |||
Total | 16,990,000 | [2],[3],[6] | |||
Canton Crossing Util Distr Ctr | |||||
Initial Cost | |||||
Land | 7,300,000 | ||||
Building and Land Improvements | 15,556,000 | ||||
Costs Capitalized Subsequent to Acquisition | 878,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 7,300,000 | ||||
Building and Land Improvements | 16,434,000 | ||||
Total | 23,734,000 | [2],[3] | |||
Accumulated Depreciation | -2,755,000 | [4] | |||
Columbia Gateway - Southridge | |||||
Initial Cost | |||||
Land | 6,387,000 | [6] | |||
Building and Land Improvements | 2,940,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 6,387,000 | [6] | |||
Building and Land Improvements | 2,940,000 | [6] | |||
Total | 9,327,000 | [2],[3],[6] | |||
Dahlgren Technology Center | |||||
Initial Cost | |||||
Land | 978,000 | [6] | |||
Building and Land Improvements | 178,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 978,000 | [6] | |||
Building and Land Improvements | 178,000 | [6] | |||
Total | 1,156,000 | [2],[3],[6] | |||
Expedition VII | |||||
Initial Cost | |||||
Land | 705,000 | [6] | |||
Building and Land Improvements | 727,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 705,000 | [6] | |||
Building and Land Improvements | 727,000 | [6] | |||
Total | 1,432,000 | [2],[3],[6] | |||
InterQuest | |||||
Initial Cost | |||||
Land | 14,382,000 | [6] | |||
Building and Land Improvements | 9,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 14,382,000 | [6] | |||
Building and Land Improvements | 9,000 | [6] | |||
Total | 14,391,000 | [2],[3],[6] | |||
M Square Research Park | |||||
Initial Cost | |||||
Building and Land Improvements | 3,129,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 3,129,000 | [6] | |||
Total | 3,129,000 | [2],[3],[6] | |||
National Business Park North | |||||
Initial Cost | |||||
Land | 27,785,000 | [6] | |||
Building and Land Improvements | 47,411,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 27,785,000 | [6] | |||
Building and Land Improvements | 47,411,000 | [6] | |||
Total | 75,196,000 | [2],[3],[6] | |||
North Gate Business Park | |||||
Initial Cost | |||||
Land | 6,486,000 | [6] | |||
Building and Land Improvements | 10,922,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 6,486,000 | [6] | |||
Building and Land Improvements | 10,922,000 | [6] | |||
Total | 17,408,000 | [2],[3],[6] | |||
Northwest Crossroads | |||||
Initial Cost | |||||
Land | 7,430,000 | [6] | |||
Building and Land Improvements | 836,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 7,430,000 | [6] | |||
Building and Land Improvements | 836,000 | [6] | |||
Total | 8,266,000 | [2],[3],[6] | |||
NOVA Office A | |||||
Initial Cost | |||||
Land | 2,096,000 | [5],[7] | |||
Building and Land Improvements | 38,142,000 | [5],[7] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 2,096,000 | [5],[7] | |||
Building and Land Improvements | 38,142,000 | [5],[7] | |||
Total | 40,238,000 | [2],[3],[5],[7] | |||
NOVA Office B | |||||
Initial Cost | |||||
Land | 739,000 | [5],[7] | |||
Building and Land Improvements | 18,858,000 | [5],[7] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 739,000 | [5],[7] | |||
Building and Land Improvements | 18,858,000 | [5],[7] | |||
Total | 19,597,000 | [2],[3],[5],[7] | |||
NOVA Office D | |||||
Initial Cost | |||||
Land | 6,587,000 | [5] | |||
Building and Land Improvements | 2,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 6,587,000 | [5] | |||
Building and Land Improvements | 2,000 | [5] | |||
Total | 6,589,000 | [2],[3],[5] | |||
Old Annapolis Road | |||||
Initial Cost | |||||
Land | 1,637,000 | ||||
Building and Land Improvements | 5,500,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,421,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,637,000 | ||||
Building and Land Improvements | 7,921,000 | ||||
Total | 9,558,000 | [2],[3] | |||
Accumulated Depreciation | -2,756,000 | [4] | |||
Patriot Park | |||||
Initial Cost | |||||
Land | 8,723,000 | [6] | |||
Building and Land Improvements | 248,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 8,723,000 | [6] | |||
Building and Land Improvements | 248,000 | [6] | |||
Total | 8,971,000 | [2],[3],[6] | |||
Patriot Ridge | |||||
Initial Cost | |||||
Land | 18,517,000 | [6] | |||
Building and Land Improvements | 14,440,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 18,517,000 | [6] | |||
Building and Land Improvements | 14,440,000 | [6] | |||
Total | 32,957,000 | [2],[3],[6] | |||
Redstone Gateway | |||||
Initial Cost | |||||
Building and Land Improvements | 14,087,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 14,087,000 | [6] | |||
Total | 14,087,000 | [2],[3],[6] | |||
Route 15/Biggs Ford Road | |||||
Initial Cost | |||||
Land | 8,703,000 | [6] | |||
Building and Land Improvements | 541,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 8,703,000 | [6] | |||
Building and Land Improvements | 541,000 | [6] | |||
Total | 9,244,000 | [2],[3],[6] | |||
Sentry Gateway | |||||
Initial Cost | |||||
Land | 8,275,000 | [6] | |||
Building and Land Improvements | 3,645,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 8,275,000 | [6] | |||
Building and Land Improvements | 3,645,000 | [6] | |||
Total | 11,920,000 | [2],[3],[6] | |||
Sentry Gateway - T | |||||
Initial Cost | |||||
Land | 14,020,000 | ||||
Building and Land Improvements | 38,804,000 | ||||
Costs Capitalized Subsequent to Acquisition | 13,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 14,020,000 | ||||
Building and Land Improvements | 38,817,000 | ||||
Total | 52,837,000 | [2],[3] | |||
Accumulated Depreciation | -7,646,000 | [4] | |||
Sentry Gateway - V | |||||
Initial Cost | |||||
Building and Land Improvements | 1,066,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 1,066,000 | ||||
Total | 1,066,000 | [2],[3] | |||
Accumulated Depreciation | -161,000 | [4] | |||
Sentry Gateway - W | |||||
Initial Cost | |||||
Building and Land Improvements | 1,884,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Building and Land Improvements | 1,884,000 | ||||
Total | 1,884,000 | [2],[3] | |||
Accumulated Depreciation | -249,000 | [4] | |||
Sentry Gateway - X | |||||
Initial Cost | |||||
Land | 1,964,000 | ||||
Building and Land Improvements | 21,178,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,964,000 | ||||
Building and Land Improvements | 21,178,000 | ||||
Total | 23,142,000 | [2],[3] | |||
Accumulated Depreciation | -2,204,000 | [4] | |||
Sentry Gateway - Y | |||||
Initial Cost | |||||
Land | 1,964,000 | ||||
Building and Land Improvements | 21,298,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 1,964,000 | ||||
Building and Land Improvements | 21,298,000 | ||||
Total | 23,262,000 | [2],[3] | |||
Accumulated Depreciation | -2,213,000 | [4] | |||
Sentry Gateway - Z | |||||
Initial Cost | |||||
Land | 1,964,000 | [5] | |||
Building and Land Improvements | 23,185,000 | [5] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 1,964,000 | [5] | |||
Building and Land Improvements | 23,185,000 | [5] | |||
Total | 25,149,000 | [2],[3],[5] | |||
Westfields - Park Center | |||||
Initial Cost | |||||
Land | 16,418,000 | [6] | |||
Building and Land Improvements | 8,584,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 16,418,000 | [6] | |||
Building and Land Improvements | 8,584,000 | [6] | |||
Total | 25,002,000 | [2],[3],[6] | |||
Westfields Corporate Center | |||||
Initial Cost | |||||
Land | 7,141,000 | [6] | |||
Building and Land Improvements | 1,415,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 7,141,000 | [6] | |||
Building and Land Improvements | 1,415,000 | [6] | |||
Total | 8,556,000 | [2],[3],[6] | |||
White Marsh | |||||
Initial Cost | |||||
Land | 17,610,000 | [6] | |||
Building and Land Improvements | 6,983,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 17,610,000 | [6] | |||
Building and Land Improvements | 6,983,000 | [6] | |||
Total | 24,593,000 | [2],[3],[6] | |||
Woodland Park | |||||
Initial Cost | |||||
Land | 9,614,000 | [6] | |||
Building and Land Improvements | 81,000 | [6] | |||
Gross Amounts Carried at Close of Period | |||||
Land | 9,614,000 | [6] | |||
Building and Land Improvements | 81,000 | [6] | |||
Total | 9,695,000 | [2],[3],[6] | |||
Other Developments, including intercompany eliminations | |||||
Initial Cost | |||||
Land | 8,000 | ||||
Building and Land Improvements | 276,000 | ||||
Costs Capitalized Subsequent to Acquisition | 261,000 | ||||
Gross Amounts Carried at Close of Period | |||||
Land | 8,000 | ||||
Building and Land Improvements | 537,000 | ||||
Total | 545,000 | [2],[3] | |||
Accumulated Depreciation | -26,000 | [4] | |||
Other Properties with Shortened Holding Periods | Fair value measurement on a nonrecurring basis | Greater Baltimore | |||||
Additional information | |||||
Impairment losses | $1,371,000 | $5,900,000 | |||
[1] | Excludes our Revolving Credit Facility of $83.0 million, term loan facilities of $520.0 million, unsecured senior notes of $890.9 million, exchangeable senior notes of $572,000, unsecured notes payable of $1.6 million, a letter of credit on a mortgage loan of $14.8 million, and net premiums on the remaining loans of $42,000. | ||||
[2] | As discussed in Note 3 to our Consolidated Financial Statements, we recognized impairment losses of $1.4 million primarily in connection with certain of our operating properties in the Greater Baltimore region that were disposed in the current period. | ||||
[3] | The aggregate cost of these assets for Federal income tax purposes was approximately $3.4 billion at December 31, 2014. | ||||
[4] | The estimated lives over which depreciation is recognized follow: Building and land improvements: 10-40 years; and tenant improvements: related lease terms. | ||||
[5] | Under construction or redevelopment at December 31, 2014. | ||||
[6] | Held or under pre-construction at December 31, 2014. | ||||
[7] | The carrying amounts of these properties under construction exclude allocated costs of the garage being constructed to support the properties. |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in cost of properties | ||||
Beginning balance | $3,811,950 | $3,859,960 | $4,038,932 | |
Acquisitions of operating properties | 0 | 0 | 33,684 | |
Building and land improvements | 254,868 | 249,639 | 214,418 | |
Sales | -48,466 | -141,045 | -291,491 | |
Impairments | -3,042 | -45,931 | -121,557 | |
Other dispositions | -974 | -110,673 | -13,891 | |
Other | 0 | 0 | -135 | |
Ending balance | 4,014,336 | [1],[2] | 3,811,950 | 3,859,960 |
Changes in accumulated depreciation | ||||
Beginning balance | 597,649 | 568,176 | 577,601 | |
Depreciation expense | 111,326 | 92,677 | 93,158 | |
Sales | -3,129 | -9,542 | -40,346 | |
Impairments | -1,671 | -14,863 | -58,855 | |
Other dispositions | -1,092 | -38,799 | -3,247 | |
Other | 0 | 0 | -135 | |
Ending balance | $703,083 | [3] | $597,649 | $568,176 |
[1] | As discussed in Note 3 to our Consolidated Financial Statements, we recognized impairment losses of $1.4 million primarily in connection with certain of our operating properties in the Greater Baltimore region that were disposed in the current period. | |||
[2] | The aggregate cost of these assets for Federal income tax purposes was approximately $3.4 billion at December 31, 2014. | |||
[3] | The estimated lives over which depreciation is recognized follow: Building and land improvements: 10-40 years; and tenant improvements: related lease terms. |