XML 56 R33.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of amortization of intangible assets and deferred revenue | We amortize the intangible assets and deferred revenue on real estate acquisitions discussed above 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
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 characterization of dividends declared on common and preferred shares | The characterization of dividends paid 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,
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Ordinary income |  | 83.1 | % |  | 86.5 | % |  | 48.0 | % |  | N/A |  | 100.0 | % |  | 100.0 | %
Return of capital |  | 16.9 | % |  | 13.5 | % |  | 52.0 | % |  | N/A |  | 0.0 | % |  | 0.0 | %
Schedule of new accounting pronouncements and changes in accounting principles | Our adoption of this guidance had the following effects on our consolidated statements of cash flows for the years ended December 31, 2017 and December 31, 2016 (in thousands):
|  | For the Year Ended December 31, 2017 |  | For the Year Ended December 31, 2016
|  | As Previously Reported |  | Impact of Adoption |  | As Adjusted |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted
Net cash provided by operating activities |  | $ | 230,654 |  |  | $ | (533 | ) |  | $ | 230,121 |  |  | $ | 232,538 |  |  | $ | 1,732 |  |  | $ | 234,270 |
Net cash (used in) provided by investing activities |  | $ | (89,710 | ) |  | $ | 347 |  |  | $ | (89,363 | ) |  | $ | 71,449 |  |  | $ | (275 | ) |  | $ | 71,174 |
Net cash used in financing activities |  | $ | (338,546 | ) |  | $ | — |  |  | $ | (338,546 | ) |  | $ | (154,434 | ) |  | $ | (654 | ) |  | $ | (155,088 | )
Net (decrease) increase in cash and cash equivalents and restricted cash |  | $ | (197,602 | ) |  | $ | (186 | ) |  | $ | (197,788 | ) |  | $ | 149,553 |  |  | $ | 803 |  |  | $ | 150,356 |
Beginning of period cash and cash equivalents and restricted cash |  | $ | 209,863 |  |  | $ | 2,756 |  |  | $ | 212,619 |  |  | $ | 60,310 |  |  | $ | 1,953 |  |  | $ | 62,263 |
End of period cash and cash equivalents and restricted cash |  | $ | 12,261 |  |  | $ | 2,570 |  |  | $ | 14,831 |  |  | $ | 209,863 |  |  | $ | 2,756 |  |  | $ | 212,619 |
The tables below set forth the impact of the adoption of this guidance for amounts previously reported on the consolidated financial statements of COPT and subsidiaries (in thousands, except per share data):
|  | As of December 31, 2017 |  | As of December 31, 2016
Consolidated Balance Sheets |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted
Investment in unconsolidated real estate joint venture |  | $ | 25,066 |  |  | $ | 16,721 |  |  | $ | 41,787 |  |  | $ | 25,548 |  |  | $ | 18,113 |  |  | $ | 43,661 |
Cumulative distributions in excess of net income |  | $ | (818,190 | ) |  | $ | 16,105 |  |  | $ | (802,085 | ) |  | $ | (765,276 | ) |  | $ | 17,451 |  |  | $ | (747,825 | )
Noncontrolling interests in subsidiaries |  | $ | 65,549 |  |  | $ | 616 |  |  | $ | 66,165 |  |  | $ | 71,605 |  |  | $ | 662 |  |  | $ | 72,267 |
|  | For the Year Ended December 31, 2017 |  | For the Year Ended December 31, 2016
Consolidated Statements of Operations and Comprehensive Income |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted
Gain on sales of real estate |  | $ | 9,890 |  |  | $ | — |  |  | $ | 9,890 |  |  | $ | 40,986 |  |  | $ | 18,693 |  |  | $ | 59,679 |
Income before equity in income of unconsolidated entities and income taxes |  | $ | 74,549 |  |  | $ | — |  |  | $ | 74,549 |  |  | $ | 14,567 |  |  | $ | 18,693 |  |  | $ | 33,260 |
Equity in income of unconsolidated entities |  | $ | 2,882 |  |  | $ | (1,392 | ) |  | $ | 1,490 |  |  | $ | 1,332 |  |  | $ | (580 | ) |  | $ | 752 |
Net income |  | $ | 76,333 |  |  | $ | (1,392 | ) |  | $ | 74,941 |  |  | $ | 15,655 |  |  | $ | 18,113 |  |  | $ | 33,768 |
Net (income) loss attributable to noncontrolling interests - Common units in COPLP |  | $ | (1,936 | ) |  | $ | 46 |  |  | $ | (1,890 | ) |  | $ | 155 |  |  | $ | (662 | ) |  | $ | (507 | )
Net income attributable to COPT |  | $ | 70,091 |  |  | $ | (1,346 | ) |  | $ | 68,745 |  |  | $ | 11,439 |  |  | $ | 17,451 |  |  | $ | 28,890 |
Net income (loss) attributable to COPT common shareholders |  | $ | 57,025 |  |  | $ | (1,346 | ) |  | $ | 55,679 |  |  | $ | (2,875 | ) |  | $ | 17,451 |  |  | $ | 14,576 |
Earnings per common share - basic and diluted |  | $ | 0.57 |  |  | $ | (0.01 | ) |  | $ | 0.56 |  |  | $ | (0.03 | ) |  | $ | 0.18 |  |  | $ | 0.15 |
Comprehensive income |  | $ | 80,360 |  |  | $ | (1,392 | ) |  | $ | 78,968 |  |  | $ | 16,786 |  |  | $ | 18,113 |  |  | $ | 34,899 |
Comprehensive income attributable to COPT |  | $ | 73,989 |  |  | $ | (1,346 | ) |  | $ | 72,643 |  |  | $ | 12,546 |  |  | $ | 17,451 |  |  | $ | 29,997 |
The tables below set forth the impact of the adoption of this guidance for amounts previously reported on the consolidated financial statements of COPLP and subsidiaries (in thousands, except per unit data):
|  | As of December 31, 2017 |  | As of December 31, 2016
Consolidated Balance Sheets |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted
Investment in unconsolid. real estate joint venture |  | $ | 25,066 |  |  | $ | 16,721 |  |  | $ | 41,787 |  |  | $ | 25,548 |  |  | $ | 18,113 |  |  | $ | 43,661 |
Common units |  | $ | 1,428,301 |  |  | $ | 16,721 |  |  | $ | 1,445,022 |  |  | $ | 1,401,597 |  |  | $ | 18,113 |  |  | $ | 1,419,710 |
|  | For the Year Ended December 31, 2017 |  | For the Year Ended December 31, 2016
Consolidated Statements of Operations and Comprehensive Income |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted |  | As Previously Reported |  | Impact of Adoption |  | As Adjusted
Gain on sales of real estate |  | $ | 9,890 |  |  | $ | — |  |  | $ | 9,890 |  |  | $ | 40,986 |  |  | $ | 18,693 |  |  | $ | 59,679 |
Income before equity in income of unconsolidated entities and income taxes |  | $ | 74,549 |  |  | $ | — |  |  | $ | 74,549 |  |  | $ | 14,567 |  |  | $ | 18,693 |  |  | $ | 33,260 |
Equity in income of unconsolidated entities |  | $ | 2,882 |  |  | $ | (1,392 | ) |  | $ | 1,490 |  |  | $ | 1,332 |  |  | $ | (580 | ) |  | $ | 752 |
Net income |  | $ | 76,333 |  |  | $ | (1,392 | ) |  | $ | 74,941 |  |  | $ | 15,655 |  |  | $ | 18,113 |  |  | $ | 33,768 |
Net income attributable to COPLP |  | $ | 72,687 |  |  | $ | (1,392 | ) |  | $ | 71,295 |  |  | $ | 11,940 |  |  | $ | 18,113 |  |  | $ | 30,053 |
Net income (loss) attributable to COPLP common unitholders |  | $ | 58,961 |  |  | $ | (1,392 | ) |  | $ | 57,569 |  |  | $ | (3,034 | ) |  | $ | 18,113 |  |  | $ | 15,079 |
Earnings per common unit - basic and diluted |  | $ | 0.57 |  |  | $ | (0.01 | ) |  | $ | 0.56 |  |  | $ | (0.04 | ) |  | $ | 0.19 |  |  | $ | 0.15 |
Comprehensive income |  | $ | 80,360 |  |  | $ | (1,392 | ) |  | $ | 78,968 |  |  | $ | 16,786 |  |  | $ | 18,113 |  |  | $ | 34,899 |
Comprehensive income attributable to COPLP |  | $ | 76,714 |  |  | $ | (1,392 | ) |  | $ | 75,322 |  |  | $ | 13,071 |  |  | $ | 18,113 |  |  | $ | 31,184 |

X
- Definition Tabular disclosure of amortization periods of intangible assets and deferred revenue, by major class. + References No definition available. + Details
Name: | ofc_IntangibleAssetsAndDeferredRevenueOnRealEstateAcquisitionsTableTextBlock
Namespace Prefix: | ofc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration