XML 45 R30.htm IDEA: XBRL DOCUMENT v3.21.2

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Operating Lease Revenue Recognized

The table below sets forth our composition of lease revenue recognized between fixed and variable lease revenue (in thousands):

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
Lease revenue						2021						2020						2021						2020
Fixed						$	113,423					$	103,993					$	225,848					$	208,102
Variable						30,235						28,154						62,434						55,057
						$	143,658					$	132,147					$	288,282					$	263,159

Sales-type Leases Fixed Contractual Payments Due

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Operating Leases Fixed Contractual Payments Due

Fixed contractual payments due under our property leases were as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Sales-type leases
2021 (1)						$	215,266					$	442
2022						398,730						960
2023						346,493						960
2024						299,455						960
2025						220,803						960
Thereafter						879,852						4,516
Total contractual payments						$	2,360,599					8,798
Less: Amount representing interest												(2,393)
Net investment in sales-type leases												$	6,405

(1)Represents the six months ending December 31, 2021.

Right-of-Use Assets and Lease Liabilities

Our property right-of-use assets consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Right-of-use assets
Operating leases - Property						Property - operating right-of-use assets						$	39,333					$	40,570
Finance leases - Property						Property - finance right-of-use assets						40,082						40,425
Total right-of-use assets												$	79,415					$	80,995

Property lease liabilities consisted of the following (in thousands):

Leases						Balance Sheet Location						June 30, 2021						December 31, 2020
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	29,909					$	30,746
Finance leases - Property						Other liabilities						18						28
Total lease liabilities												$	29,927					$	30,774

Lease Costs

The table below sets forth the weighted average terms and discount rates of our property leases as of June 30, 2021:

Weighted average remaining lease term
Operating leases						51 years
Finance leases						< 1 year
Weighted average discount rate
Operating leases						7.16		%
Finance leases						3.62		%

The table below presents our total property lease cost (in thousands):

						Statement of Operations Location						For the Three Months Ended June 30,												For the Six Months Ended June 30,
Lease cost												2021						2020						2021						2020
Operating lease cost
Property leases - fixed						Property operating expenses						$	1,013					$	440					$	1,986					$	867
Property leases - variable						Property operating expenses						10						5						20						9
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						9						9						18						18
												$	1,032					$	454					$	2,024					$	894

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Six Months Ended June 30,
Supplemental cash flow information									2021						2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	1,586					$	541
Financing cash flows for financing leases									$	10					$	14

Finance Lease, Liability, Maturity

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
2022						3,297						14						3,311
2023						3,352						—						3,352
2024						3,403						—						3,403
2025						1,749						—						1,749
Thereafter						123,979						—						123,979
Total lease payments						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six months ending December 31, 2021.

Operating Lease, Liability, Maturity

Payments on property leases were due as follows (in thousands):

						As of June 30, 2021
Year Ending December 31,						Operating leases						Finance leases						Total
2021 (1)						$	1,610					$	4					$	1,614
2022						3,297						14						3,311
2023						3,352						—						3,352
2024						3,403						—						3,403
2025						1,749						—						1,749
Thereafter						123,979						—						123,979
Total lease payments						137,390						18						137,408
Less: Amount representing interest						(107,481)						—						(107,481)
Lease liability						$	29,909					$	18					$	29,927

(1)Represents the six months ending December 31, 2021.

X

- Definition

Right-of-Use Assets and Lease Liabilities [Table Text Block]

+ References

No definition available.

+ Details

Name:	ofc_RightofUseAssetsandLeaseLiabilitiesTableTextBlock
Namespace Prefix:	ofc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

+ Details

Name:	us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

+ Details

Name:	us-gaap_LeaseCostTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

+ Details

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981

+ Details

Name:	us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of components of income from operating lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 6A
-URI http://asc.fasb.org/extlink&oid=124502072&loc=SL77927221-108306

+ Details

Name:	us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981

+ Details

Name:	us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration