XML 58 R40.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Debt |
Schedule of debt |
|  |  |  | Carrying Value at |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
|  | Maximum Availability at December 31, 2011 |  | December 31, 2011 |  | December 31, 2010 |  | Stated Interest Rates at December 31, 2011 |  | Scheduled Maturity Dates at December 31, 2011
Mortgage and Other Secured Loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans(1) |  |  | N/A |  | $ | 1,052,421 |  | $ | 1,173,358 |  | 5.20% - 7.87%(2) |  | 2012 - 2034
Revolving Construction Facility |  |  | N/A |  |  | — |  |  | 142,339 |  | N/A |  | N/A
Variable rate secured loans |  |  | N/A |  |  | 39,213 |  |  | 310,555 |  | LIBOR + 2.25%(3) |  | 2015
Other construction loan facilities |  |  | 123,802 |  |  | 40,336 |  |  | 16,753 |  | LIBOR + 1.95% to 2.75%(4) |  | 2012 - 2015
Total mortgage and other secured loans |  |  |  |  |  | 1,131,970 |  |  | 1,643,005 |  |  |  |
Revolving Credit Facility(5) |  | $ | 1,000,000 |  |  | 662,000 |  |  | 295,000 |  | LIBOR + 1.75% to 2.50%(6) |  | September 1, 2014
Term Loan Facility |  |  | 400,000 |  |  | 400,000 |  |  | — |  | LIBOR + 1.65% to 2.40%(7) |  | September 1, 2015
Unsecured notes payable |  |  | N/A |  |  | 5,050 |  |  | 1,947 |  | 0% (8) |  | 2015 - 2026
Exchangeable Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |  |
4.25% Exchangeable Senior Notes |  |  | N/A |  |  | 227,283 |  |  | 223,846 |  | 4.25% |  | April 2030
3.5% Exchangeable Senior Notes |  |  | N/A |  |  | — |  |  | 159,883 |  | N/A |  | N/A
Total debt |  |  |  |  | $ | 2,426,303 |  | $ | 2,323,681 |  |  |  |
(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 $2.4 million at December 31, 2011 and $3.2 million at December 31, 2010. (2) The weighted average interest rate on these loans was 6.01% at December 31, 2011. (3) The interest rate on the loan outstanding at December 31, 2011 was 2.52%. (4) The weighted average interest rate on these loans was 2.82% at December 31, 2011. (5) As described further below, we entered into a credit agreement providing for a new unsecured revolving credit facility effective on September 1, 2011, after which our previously existing facility was extinguished. (6) The weighted average interest rate on the Revolving Credit Facility was 1.68% at December 31, 2011. (7) The interest rate on this loan was 2.18% at December 31, 2011. (8) These notes may 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 $1.8 million at December 31, 2011 and $1.1 million at December 31, 2010.
Schedule of debt maturities |
2012 |  | $ | 66,063 | (1)
2013 |  |  | 163,003 | (2)
2014 |  |  | 820,780 | (3)
2015 |  |  | 806,104 | (4)
2016 |  |  | 278,642 |
Thereafter |  |  | 303,879 |
Total |  | $ | 2,438,471 | (5)
(1) Includes $16.8 million that may be extended for one year, subject to certain conditions. (2) Includes $17.9 million that may be extended for one year, subject to certain conditions. (3) Includes $662.0 million that may be extended for one year, subject to certain conditions. (4) Includes $405.6 million that may be extended for one year, subject to certain conditions. (5) Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $12.2 million.
Schedule of the fair value of debt |
|  | December 31, 2011 |  | December 31, 2010 |
--- | --- | --- | --- | --- | ---
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value |
Fixed-rate debt |  | $ | 1,284,754 |  | $ | 1,292,501 |  | $ | 1,559,034 |  | $ | 1,579,022 |
Variable-rate debt |  |  | 1,141,549 |  |  | 1,139,856 |  |  | 764,647 |  |  | 769,247 |
|  | $ | 2,426,303 |  | $ | 2,432,357 |  | $ | 2,323,681 |  | $ | 2,348,269
3.5% Exchangeable Senior Notes |
Debt |
Schedule of interest expense recognized on notes before deductions for amounts capitalized |
|  | For the Years Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Interest expense at stated interest rate |  | $ | 4,013 |  | $ | 5,687 |  | $ | 5,687 |
Interest expense associated with amortization of discount |  |  | 2,617 |  |  | 3,736 |  |  | 3,520 |
Total |  | $ | 6,630 |  | $ | 9,423 |  | $ | 9,207
4.25% Exchangeable Senior Notes |
Debt |
Schedule of interest expense recognized on notes before deductions for amounts capitalized |
|  | For the Years Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Interest expense at stated interest rate |  | $ | 10,200 |  | $ | 7,480 |
Interest expense associated with amortization of discount |  |  | 3,437 |  |  | 2,445 |
Total |  | $ | 13,637 |  | $ | 9,925

X
- Definition Tabular disclosure of carrying value and fair value of debt, by debt type. + References No definition available. + Details
Name: | ofc_ScheduleOfFairValueOfDebtTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of interest cost recognized on convertible notes. + References No definition available. + Details
Name: | ofc_ScheduleOfInterestCostRecognizedOnConvertibleDebtTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 470 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration