XML 36 R30.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2012
Debt |
Schedule of debt |
|  |  |  |  |  |  |  |  |  | Scheduled |
|  | Maximum |  | Carrying Value at |  |  |  | Maturity |
|  | Availability at |  | March 31, |  | December 31, |  | Stated Interest Rates |  | Dates at |
|  | March 31, 2012 |  | 2012 |  | 2011 |  | at March 31, 2012 |  | March 31, 2012 |
Mortgage and Other Secured Loans: |  |  |  |  |  |  |  |  |  |  |
Fixed rate mortgage loans (1) |  | N/A |  | $ | 1,049,204 |  | $ | 1,052,421 |  | 5.20% - 7.87% (2) |  | 2012-2034 |
Variable rate secured loans |  | N/A |  | 39,027 |  | 39,213 |  | LIBOR + 2.25% (3) |  | 2015 |
Other construction loan facilities |  | $ | 123,802 |  | 50,594 |  | 40,336 |  | LIBOR + 1.95% to 2.75% (4) |  | 2012-2015 |
Total mortgage and other secured loans |  |  |  | 1,138,825 |  | 1,131,970 |  |  |  |  |
Revolving Credit Facility |  | 1,000,000 |  | 396,000 |  | 662,000 |  | LIBOR + 1.75% to 2.50% (5) |  | September 1, 2014 |
Term Loan Facilities (6) |  | 650,000 |  | 650,000 |  | 400,000 |  | LIBOR + 1.65% to 2.40% (7) |  | 2015-2017 |
Unsecured notes payable |  | N/A |  | 5,078 |  | 5,050 |  | 0% (8) |  | 2015-2026 |
4.25% Exchangeable Senior Notes |  | N/A |  | 228,175 |  | 227,283 |  | 4.25% |  | April 2030(9) |
Total debt |  |  |  | $ | 2,418,078 |  | $ | 2,426,303 |  |  |  |  |
(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 $2.2 million at March 31, 2012 and $2.4 million at December 31, 2011. (2) The weighted average interest rate on these loans was 6.01% at March 31, 2012. (3) The interest rate on the loan outstanding was 2.49% at March 31, 2012. (4) The weighted average interest rate on these loans was 2.73% at March 31, 2012. (5) The weighted average interest rate on the Revolving Credit Facility was 2.24% at March 31, 2012. (6) As described further below, we entered into a new facility effective on February 14, 2012. (7) The weighted average interest rate on these loans was 2.15% at March 31, 2012. (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 $1.7 million at March 31, 2012 and $1.8 million at December 31, 2011. (9) As described further in our 2011 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at the Operating Partnership’s discretion, our 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 March 31, 2012 and is equivalent to an exchange price of $47.96 per common share). The carrying value of these notes included a principal amount of $240.0 million and an unamortized discount totaling $11.8 million at March 31, 2012 and $12.7 million at December 31, 2011. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of our common shares at March 31, 2012 and December 31, 2011 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 before deductions for amounts capitalized (in thousands):
|  | For the Three Months |
|  | Ended March 31, |
|  | 2012 |  | 2011 |
Interest expense at stated interest rate |  | $ | 2,550 |  | $ | 2,550 |
Interest expense associated with amortization of discount |  | 892 |  | 840 |
Total |  | $ | 3,442 |  | $ | 3,390 |
Schedule of the fair value of debt |
March 31, 2012 |  | December 31, 2011 |
|  | Carrying |  | Estimated |  | Carrying |  | Estimated |
|  | Amount |  | Fair Value |  | Amount |  | Fair Value |
Fixed-rate debt |  |  |  |  |  |  |  |  |
4.25% Exchangeable Senior Notes |  | $ | 228,175 |  | $ | 239,331 |  | $ | 227,283 |  | $ | 238,077 |
Other fixed-rate debt |  | 1,054,282 |  | 1,049,110 |  | 1,057,471 |  | 1,054,424 |
Variable-rate debt |  | 1,135,621 |  | 1,135,847 |  | 1,141,549 |  | 1,139,856 |
|  | $ | 2,418,078 |  | $ | 2,424,288 |  | $ | 2,426,303 |  | $ | 2,432,357 |

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
- Details
Name: | us-gaap_DebtDisclosureAbstract
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