falsefalse--12-31--12-31Q3Q32019201900008605460001577966P6M0.250.5100.2750.2750.8250.8250.2750.8250.010.01150000000150000000110241868112059175101292299103260495108848223.000108848223110241868110241868133288611194988711205917511205917514844250.01650.02350.01450.00850.01450.007753500000003000000002500000003000000000.04620.03820.0360.037000.05250.05031994000319940003419800034198000P1Y1600000038000000352000352000P3YP3YP3Y0.33331841810189562797539991664275000099166445270001614087425414163311749100181 0000860546 srt:SubsidiariesMember 2019-01-01 2019-09-30 0000860546 2019-01-01 2019-09-30 0000860546 2019-10-25 0000860546 ofc:CommonUnitsMember srt:SubsidiariesMember 2019-01-01 2019-09-30 0000860546 2018-12-31 0000860546 2019-09-30 0000860546 us-gaap:LandBuildingsAndImprovementsMember 2019-09-30 0000860546 us-gaap:LandBuildingsAndImprovementsMember 2018-12-31 0000860546 2018-07-01 2018-09-30 0000860546 2019-07-01 2019-09-30 0000860546 2018-01-01 2018-09-30 0000860546 ofc:OtherPropertyRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:OtherPropertyRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:OtherPropertyRevenueMember 2019-01-01 2019-09-30 0000860546 ofc:OtherPropertyRevenueMember 2018-01-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-07-01 2018-09-30 0000860546 us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2018-07-01 2018-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-06-30 0000860546 us-gaap:CommonStockMember 2018-06-30 0000860546 ofc:CommonStockAttheMarketProgramMember 2018-07-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2019-06-30 0000860546 2019-06-30 0000860546 us-gaap:NoncontrollingInterestMember 2018-09-30 0000860546 us-gaap:CommonStockMember ofc:CommonStockAttheMarketProgramMember 2018-07-01 2018-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000860546 us-gaap:CommonStockMember 2019-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2019-09-30 0000860546 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2018-06-30 0000860546 us-gaap:AdditionalPaidInCapitalMember ofc:ForwardEquitySaleAgreementMember 2018-07-01 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember ofc:CommonStockAttheMarketProgramMember 2018-07-01 2018-09-30 0000860546 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000860546 2018-09-30 0000860546 us-gaap:CommonStockMember 2018-09-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-07-01 2019-09-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-06-30 0000860546 us-gaap:CommonStockMember 2019-06-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-09-30 0000860546 ofc:ForwardEquitySaleAgreementMember 2018-07-01 2018-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000860546 2018-06-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000860546 us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2018-01-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2017-12-31 0000860546 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember ofc:ForwardEquitySaleAgreementMember 2018-01-01 2018-09-30 0000860546 us-gaap:CommonStockMember ofc:CommonStockAttheMarketProgramMember 2018-01-01 2018-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000860546 us-gaap:CommonStockMember 2017-12-31 0000860546 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000860546 2017-12-31 0000860546 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000860546 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000860546 us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0000860546 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000860546 ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000860546 us-gaap:CommonStockMember 2018-12-31 0000860546 us-gaap:AdditionalPaidInCapitalMember ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-09-30 0000860546 us-gaap:AdditionalPaidInCapitalMember ofc:CommonStockAttheMarketProgramMember 2018-01-01 2018-09-30 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0000860546 us-gaap:NoncontrollingInterestMember 2018-12-31 0000860546 ofc:CommonStockAttheMarketProgramMember 2018-01-01 2018-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000860546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000860546 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-09-30 0000860546 ofc:ForwardEquitySaleAgreementMember 2018-01-01 2018-09-30 0000860546 ofc:OtherConsolidatedEntitiesMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember 2018-01-01 2018-09-30 0000860546 ofc:OtherConsolidatedEntitiesMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:LandBuildingsAndImprovementsMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:LandBuildingsAndImprovementsMember 2019-09-30 0000860546 srt:SubsidiariesMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2019-09-30 0000860546 srt:SubsidiariesMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:OtherPropertyRevenueMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:OtherPropertyRevenueMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:OtherPropertyRevenueMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:OtherPropertyRevenueMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:CommonStockAttheMarketProgramMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2017-12-31 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2017-12-31 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000860546 srt:SubsidiariesMember ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember 2017-12-31 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2017-12-31 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember ofc:CommonStockAttheMarketProgramMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:ForwardEquitySaleAgreementMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2018-06-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:ForwardEquitySaleAgreementMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2019-06-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2018-06-30 0000860546 srt:SubsidiariesMember ofc:CommonStockAttheMarketProgramMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2018-06-30 0000860546 srt:SubsidiariesMember 2019-06-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000860546 srt:SubsidiariesMember us-gaap:LimitedPartnerMember us-gaap:PreferredStockMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember ofc:CommonStockAttheMarketProgramMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:CommonStockMember 2019-06-30 0000860546 srt:SubsidiariesMember us-gaap:NoncontrollingInterestMember 2019-06-30 0000860546 srt:SubsidiariesMember 2018-06-30 0000860546 srt:SubsidiariesMember ofc:OtherConsolidatedEntitiesMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:OtherConsolidatedEntitiesMember 2018-01-01 2018-09-30 0000860546 ofc:PropertiesUnderConstructionRedevelopmentorContractuallyCommittedforConstructionMember ofc:SingleTenantDataCentersMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember ofc:UnconsolidatedRealEstateJointVenturesMember ofc:SingleTenantDataCentersMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember 2019-09-30 0000860546 ofc:LandControlledforFutureDevelopmentMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember ofc:SingleTenantDataCentersMember 2019-09-30 0000860546 ofc:OtherLandMember 2019-09-30 0000860546 ofc:PropertiesUnderConstructionRedevelopmentorContractuallyCommittedforConstructionMember ofc:PartiallyOperationalPropertiesMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember ofc:OfficePropertiesMember 2019-09-30 0000860546 ofc:PropertiesUnderConstructionRedevelopmentorContractuallyCommittedforConstructionMember ofc:OfficePropertiesMember 2019-09-30 0000860546 ofc:PropertiesUnderConstructionRedevelopmentorContractuallyCommittedforConstructionMember 2019-09-30 0000860546 ofc:WholesaleDataCenterMember 2019-09-30 0000860546 us-gaap:AccountingStandardsUpdate201602Member ofc:FinanceLeaseRightofUseAssetsMember us-gaap:LandBuildingsAndImprovementsMember 2019-01-01 2019-01-01 0000860546 us-gaap:AccountingStandardsUpdate201602Member ofc:OperatingLeaseRightofuseAssetsMember us-gaap:LandBuildingsAndImprovementsMember 2019-01-01 2019-01-01 0000860546 us-gaap:AccountingStandardsUpdate201602Member ofc:OperatingLeaseRightofuseAssetsMember 2019-01-01 2019-01-01 0000860546 us-gaap:AccountingStandardsUpdate201602Member ofc:OperatingLeaseLiabilityMember us-gaap:LandBuildingsAndImprovementsMember 2019-01-01 2019-01-01 0000860546 us-gaap:AccountingStandardsUpdate201602Member ofc:TotalPropertiesNetMember 2019-01-01 2019-01-01 0000860546 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember ofc:OtherMarketableSecuritiesMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember ofc:OtherMarketableSecuritiesMember 2019-09-30 0000860546 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2019-09-30 0000860546 us-gaap:FairValueMeasurementsRecurringMember ofc:OtherMarketableSecuritiesMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember ofc:OtherMarketableSecuritiesMember 2019-09-30 0000860546 us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2019-09-30 0000860546 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:EquityFundsMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 srt:ManagementMember us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember us-gaap:FairValueMeasurementsRecurringMember 2019-01-01 2019-09-30 0000860546 srt:ManagementMember us-gaap:DeferredCompensationExcludingShareBasedPaymentsAndRetirementBenefitsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000860546 ofc:FrederickMarylandMember us-gaap:FairValueMeasurementsNonrecurringMember 2019-07-01 2019-09-30 0000860546 ofc:OperatingPropertiesMember 2018-12-31 0000860546 ofc:OperatingPropertiesMember us-gaap:LandMember 2018-12-31 0000860546 ofc:OperatingPropertiesMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember us-gaap:BuildingAndBuildingImprovementsMember 2018-12-31 0000860546 ofc:OperatingPropertiesMember us-gaap:BuildingAndBuildingImprovementsMember 2019-09-30 0000860546 ofc:OperatingPropertiesMember us-gaap:LandMember 2019-09-30 0000860546 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-09-30 0000860546 ofc:NewlyConstructedPropertiesPlacedinServicePartiallyOperationalMember 2019-09-30 0000860546 ofc:PropertiesUnderConstructionorContractuallyCommittedPartiallyOperationalMember 2019-09-30 0000860546 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ofc:SingleTenantDataCentersMember 2019-06-20 0000860546 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember ofc:SingleTenantDataCentersMember ofc:DataCenterShellsMember 2019-09-30 0000860546 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ofc:SingleTenantDataCentersMember ofc:DataCenterShellsMember 2019-06-20 2019-06-20 0000860546 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ofc:SingleTenantDataCentersMember 2019-06-20 2019-06-20 0000860546 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember ofc:SingleTenantDataCentersMember ofc:DataCenterShellsMember 2019-06-20 0000860546 ofc:OperatingPropertiesMember ofc:BREITCOPTDCJVLLCMember ofc:SingleTenantDataCentersMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-06-20 0000860546 ofc:PropertiesUnderConstructionOrContractuallyCommitedForConstructionMember 2019-09-30 0000860546 ofc:PropertiesUnderOrApprovedForRedevelopmentPartiallyOperationalMember 2019-09-30 0000860546 ofc:RedevelopedPropertyPlacedinServicePartiallyOperationalMember 2019-09-30 0000860546 ofc:NewlyConstructedPropertiesPlacedInServiceMember 2019-09-30 0000860546 us-gaap:InterestExpenseMember 2019-01-01 2019-09-30 0000860546 ofc:GeneralAdministrativeandLeasingExpenseMember 2019-01-01 2019-09-30 0000860546 ofc:PropertyOperatingExpenseMember 2019-07-01 2019-09-30 0000860546 us-gaap:InterestExpenseMember 2019-07-01 2019-09-30 0000860546 ofc:GeneralAdministrativeandLeasingExpenseMember 2019-07-01 2019-09-30 0000860546 ofc:PropertyOperatingExpenseMember 2019-01-01 2019-09-30 0000860546 ofc:HuntsvilleAlabamaMember ofc:LwRedstoneCompanyLlcMember us-gaap:LandMember 2019-09-30 0000860546 srt:MinimumMember ofc:CollegeParkMarylandMember ofc:MSquareAssociatesLlcMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 srt:MinimumMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 ofc:BaltimoreMarylandMember us-gaap:LandMember 2019-09-30 0000860546 us-gaap:LandMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2019-01-01 2019-09-30 0000860546 srt:MaximumMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 srt:MaximumMember ofc:HuntsvilleAlabamaMember ofc:LwRedstoneCompanyLlcMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 us-gaap:LandMember 2019-09-30 0000860546 srt:MaximumMember ofc:CollegeParkMarylandMember ofc:MSquareAssociatesLlcMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 stpr:DC us-gaap:LandMember 2019-09-30 0000860546 ofc:CollegeParkMarylandMember ofc:MSquareAssociatesLlcMember us-gaap:LandMember 2019-09-30 0000860546 ofc:HuntsvilleAlabamaMember ofc:LwRedstoneCompanyLlcMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 us-gaap:LandMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2019-09-30 0000860546 stpr:DC us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 ofc:BaltimoreMarylandMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 stpr:DC ofc:StevensInvestorsLLCMember us-gaap:LandMember 2019-09-30 0000860546 srt:MaximumMember 2019-09-30 0000860546 ofc:VehiclesandOfficeEquipmentMember 2019-09-30 0000860546 srt:MinimumMember ofc:HuntsvilleAlabamaMember ofc:LwRedstoneCompanyLlcMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 srt:MinimumMember 2019-09-30 0000860546 stpr:DC ofc:StevensInvestorsLLCMember us-gaap:LandMember 2019-01-01 2019-09-30 0000860546 ofc:PrepaidExpensesandOtherAssetsNetMember ofc:VehiclesandOfficeEquipmentMember 2019-09-30 0000860546 ofc:OperatingRightofUseAssetsMember us-gaap:LandBuildingsAndImprovementsMember 2019-09-30 0000860546 ofc:FinanceRightofUseAssetsMember us-gaap:LandBuildingsAndImprovementsMember 2019-09-30 0000860546 ofc:UnitedStatesGovernmentMember 2019-09-30 0000860546 us-gaap:VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember 2019-09-30 0000860546 ofc:StevensInvestorsLLCMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000860546 ofc:MSquareAssociatesLlcMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000860546 ofc:LwRedstoneCompanyLlcMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000860546 ofc:MSquareAssociatesLlcMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-09-30 0000860546 ofc:StevensInvestorsLLCMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000860546 ofc:LwRedstoneCompanyLlcMember us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2019-01-01 2019-09-30 0000860546 ofc:GICOPTDCPartnershipLLCMember 2019-09-30 0000860546 ofc:BREITCOPTDCJVLLCMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-12-31 0000860546 ofc:UnconsolidatedRealEstateJointVenturesMember 2019-09-30 0000860546 ofc:BREITCOPTDCJVLLCMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-09-30 0000860546 ofc:UnconsolidatedRealEstateJointVenturesMember 2018-12-31 0000860546 ofc:GICOPTDCPartnershipLLCMember 2018-12-31 0000860546 ofc:NotesReceivableFromCityOfHuntsvilleMember 2019-09-30 0000860546 ofc:NotesReceivableFromCityOfHuntsvilleMember 2018-12-31 0000860546 us-gaap:LoansAndFinanceReceivablesMember 2018-12-31 0000860546 us-gaap:LoansAndFinanceReceivablesMember 2019-09-30 0000860546 us-gaap:FinanceReceivablesMember 2019-09-30 0000860546 ofc:LwRedstoneCompanyLlcMember ofc:NotesReceivableFromCityOfHuntsvilleMember 2019-09-30 0000860546 us-gaap:FinanceReceivablesMember 2018-12-31 0000860546 ofc:TaxableReitSubsidiaryMember 2018-12-31 0000860546 ofc:TaxableReitSubsidiaryMember 2019-09-30 0000860546 ofc:FurnitureFixturesandEquipmentNetMember 2019-09-30 0000860546 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0000860546 us-gaap:RevolvingCreditFacilityMember 2019-09-30 0000860546 ofc:FivePercentSeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0000860546 ofc:FixedRateSecuredDebtMember us-gaap:SecuredDebtMember 2019-09-30 0000860546 ofc:A5.250SeniorNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000860546 ofc:TermLoanFacilityMember 2019-09-30 0000860546 ofc:FivePercentSeniorNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000860546 us-gaap:NotesPayableOtherPayablesMember 2018-12-31 0000860546 us-gaap:NotesPayableOtherPayablesMember 2019-09-30 0000860546 ofc:A5.250SeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0000860546 us-gaap:LoansPayableMember 2018-12-31 0000860546 ofc:A3.70SeniorNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000860546 ofc:A3.70SeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0000860546 us-gaap:ConstructionLoanPayableMember us-gaap:SecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-09-30 0000860546 ofc:FixedRateSecuredDebtMember us-gaap:SecuredDebtMember 2018-12-31 0000860546 ofc:A3.60SeniorNotesMember us-gaap:SeniorNotesMember 2019-09-30 0000860546 ofc:VariableRateDebtMember us-gaap:SecuredDebtMember 2019-09-30 0000860546 us-gaap:LoansPayableMember 2019-09-30 0000860546 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2019-01-01 2019-09-30 0000860546 ofc:A3.60SeniorNotesMember us-gaap:SeniorNotesMember 2018-12-31 0000860546 ofc:VariableRateDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:SeniorNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000860546 ofc:OtherFixedRateDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0000860546 ofc:VariableRateDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0000860546 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:SeniorNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0000860546 us-gaap:SeniorNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0000860546 ofc:VariableRateDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0000860546 ofc:OtherFixedRateDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0000860546 ofc:OtherFixedRateDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000860546 ofc:OtherFixedRateDebtMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0000860546 ofc:VariableRateDebtMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000860546 us-gaap:SeniorNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0000860546 ofc:TermLoanFacilityMember 2018-12-31 0000860546 ofc:VariableRateDebtMember us-gaap:SecuredDebtMember 2018-12-31 0000860546 us-gaap:SecuredDebtMember 2018-12-31 0000860546 us-gaap:RevolvingCreditFacilityMember 2018-12-31 0000860546 us-gaap:SecuredDebtMember 2019-09-30 0000860546 srt:MinimumMember ofc:FixedRateSecuredDebtMember us-gaap:SecuredDebtMember 2019-09-30 0000860546 srt:MaximumMember ofc:VariableRateDebtMember us-gaap:SecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 srt:MaximumMember ofc:FixedRateSecuredDebtMember us-gaap:SecuredDebtMember 2019-09-30 0000860546 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 srt:MinimumMember ofc:VariableRateDebtMember us-gaap:SecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 srt:MinimumMember ofc:TermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 srt:MaximumMember ofc:TermLoanFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000860546 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2018-07-01 2018-09-30 0000860546 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2019-07-01 2019-09-30 0000860546 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2018-01-01 2018-09-30 0000860546 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2019-01-01 2019-09-30 0000860546 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveAugust12019Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveOctober132015Member us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateDerivativeLiabilitiesMember us-gaap:InterestRateSwapMember 2019-09-30 0000860546 ofc:PrepaidExpensesandOtherAssetsNetMember us-gaap:InterestRateSwapMember 2019-09-30 0000860546 ofc:PrepaidExpensesandOtherAssetsNetMember us-gaap:InterestRateSwapMember 2018-12-31 0000860546 ofc:InterestRateDerivativeLiabilitiesMember us-gaap:InterestRateSwapMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveSeptember12016OneMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveSeptember12016ThreeMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveAugust12019Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveJune302020ThreeMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveJune302020OneMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveSeptember12016TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveOctober132015Member us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveJune302020OneMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveDateSeptember12015TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveJune302020TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveJune302020TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveSeptember12016OneMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 ofc:InterestRateSwapEffectiveSeptember12016TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveDateSeptember12015TwoMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveSeptember12016ThreeMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-30 0000860546 ofc:InterestRateSwapEffectiveJune302020ThreeMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-09-30 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-09-23 2019-09-23 0000860546 us-gaap:CommonStockMember ofc:ForwardEquitySaleAgreementMember 2019-03-27 2019-03-27 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-07-31 2019-07-31 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-09-22 2019-09-22 0000860546 us-gaap:CommonStockMember ofc:TwoThousandEighteenCommonStockAttheMarketProgramMember 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2018-01-01 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2019-07-01 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2019-01-01 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2019-01-01 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2018-01-01 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:RedstoneArsenalMember 2018-01-01 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember 2019-01-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2019-01-01 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2019-09-30 0000860546 ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2019-07-01 2019-09-30 0000860546 ofc:RealEstateOperationsMember us-gaap:AllOtherSegmentsMember 2018-07-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2018-01-01 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2018-07-01 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NavySupportLocationsMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:LacklandAirForceBaseMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2018-09-30 0000860546 ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2018-07-01 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:WholesaleDataCenterMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:RegionalOfficeMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:NorthernVirginiaMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:DataCenterShellsMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember ofc:DefenseandTechnologyLocationsMember ofc:FortMeadeandBaltimoreWashingtonCorridorMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember ofc:RealEstateOperationsMember 2019-09-30 0000860546 ofc:ServiceOperationsMember 2018-01-01 2018-09-30 0000860546 ofc:ServiceOperationsMember 2019-07-01 2019-09-30 0000860546 ofc:ServiceOperationsMember 2019-01-01 2019-09-30 0000860546 ofc:ServiceOperationsMember 2018-07-01 2018-09-30 0000860546 us-gaap:CorporateNonSegmentMember 2019-09-30 0000860546 us-gaap:MaterialReconcilingItemsMember 2018-09-30 0000860546 us-gaap:CorporateNonSegmentMember 2018-09-30 0000860546 us-gaap:OperatingSegmentsMember 2019-09-30 0000860546 us-gaap:MaterialReconcilingItemsMember 2019-09-30 0000860546 us-gaap:OperatingSegmentsMember 2018-09-30 0000860546 ofc:ConstructionContractRevenueMember 2018-09-30 0000860546 ofc:ConstructionContractRevenueMember 2017-12-31 0000860546 ofc:ConstructionContractRevenueMember 2019-09-30 0000860546 ofc:ConstructionContractRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:ConstructionContractRevenueMember 2018-12-31 0000860546 ofc:ConstructionContractRevenueMember 2019-01-01 2019-09-30 0000860546 ofc:ConstructionContractRevenueMember 2018-01-01 2018-09-30 0000860546 ofc:ConstructionContractRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:OtherServicesRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:ConstructionServiceRevenueMember 2019-01-01 2019-09-30 0000860546 ofc:OtherServicesRevenueMember 2019-01-01 2019-09-30 0000860546 ofc:ConstructionServiceRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:DesignServiceRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:OtherServicesRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:ConstructionServiceRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:DesignServiceRevenueMember 2019-01-01 2019-09-30 0000860546 ofc:OtherServicesRevenueMember 2018-01-01 2018-09-30 0000860546 ofc:DesignServiceRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:ConstructionServiceRevenueMember 2018-01-01 2018-09-30 0000860546 ofc:DesignServiceRevenueMember 2018-01-01 2018-09-30 0000860546 ofc:OtherServicesRevenueMember 2018-07-01 2018-09-30 0000860546 ofc:OtherServicesRevenueMember 2018-01-01 2018-09-30 0000860546 ofc:OtherServicesRevenueMember 2019-07-01 2019-09-30 0000860546 ofc:CostplusFeeContractMember 2019-01-01 2019-09-30 0000860546 us-gaap:FixedPriceContractMember 2019-07-01 2019-09-30 0000860546 ofc:GuaranteedMaximumPriceMember 2018-07-01 2018-09-30 0000860546 ofc:GuaranteedMaximumPriceMember 2018-01-01 2018-09-30 0000860546 ofc:GuaranteedMaximumPriceMember 2019-07-01 2019-09-30 0000860546 ofc:OtherServicesRevenueMember 2019-01-01 2019-09-30 0000860546 us-gaap:FixedPriceContractMember 2019-01-01 2019-09-30 0000860546 ofc:CostplusFeeContractMember 2019-07-01 2019-09-30 0000860546 us-gaap:FixedPriceContractMember 2018-01-01 2018-09-30 0000860546 ofc:CostplusFeeContractMember 2018-07-01 2018-09-30 0000860546 us-gaap:FixedPriceContractMember 2018-07-01 2018-09-30 0000860546 ofc:GuaranteedMaximumPriceMember 2019-01-01 2019-09-30 0000860546 ofc:CostplusFeeContractMember 2018-01-01 2018-09-30 0000860546 ofc:PerformancebasedPIUsMember ofc:TwoThousandNineteenPIUGrantsMember 2019-01-01 2019-09-30 0000860546 ofc:DeferredShareAwardsMember 2019-01-01 2019-09-30 0000860546 ofc:TimebasedProfitInterestUnitsMember 2019-01-01 2019-09-30 0000860546 ofc:PerformancebasedPIUsMember ofc:TwoThousandNineteenPIUGrantsMember 2019-01-01 2019-01-01 0000860546 us-gaap:RestrictedStockMember 2019-01-01 2019-09-30 0000860546 srt:OfficerMember us-gaap:PerformanceSharesMember ofc:TwoThousandSixteenPSUGrantsMember 2019-01-18 2019-01-18 0000860546 ofc:ProfitInterestUnitsMember 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0000860546 ofc:RestrictedStockandDeferredSharesMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:RestrictedStockandDeferredSharesMember 2019-07-01 2019-09-30 0000860546 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0000860546 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0000860546 ofc:UnvestedPIUsMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:EmployeeStockOptionMember 2019-07-01 2019-09-30 0000860546 us-gaap:EmployeeStockOptionMember 2019-07-01 2019-09-30 0000860546 ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RestrictedStockandDeferredSharesMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:ForwardEquitySaleAgreementMember 2019-01-01 2019-09-30 0000860546 ofc:UnvestedPIUsMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RestrictedStockandDeferredSharesMember 2018-01-01 2018-09-30 0000860546 ofc:RestrictedStockandDeferredSharesMember 2018-01-01 2018-09-30 0000860546 ofc:RestrictedStockandDeferredSharesMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:UnvestedPIUsMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RestrictedStockandDeferredSharesMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:UnvestedPIUsMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember us-gaap:EmployeeStockOptionMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0000860546 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-09-30 0000860546 ofc:RestrictedStockandDeferredSharesMember 2019-01-01 2019-09-30 0000860546 ofc:ExchangeableCommonUnitsMember 2018-07-01 2018-09-30 0000860546 ofc:SeriesIPreferredUnitsMember 2018-01-01 2018-09-30 0000860546 ofc:SeriesIPreferredUnitsMember 2019-07-01 2019-09-30 0000860546 ofc:RedeemableNoncontrollingInterestMember 2018-01-01 2018-09-30 0000860546 ofc:SeriesIPreferredUnitsMember 2019-01-01 2019-09-30 0000860546 ofc:RedeemableNoncontrollingInterestMember 2019-01-01 2019-09-30 0000860546 ofc:ExchangeableCommonUnitsMember 2019-07-01 2019-09-30 0000860546 ofc:RedeemableNoncontrollingInterestMember 2019-07-01 2019-09-30 0000860546 ofc:ExchangeableCommonUnitsMember 2019-01-01 2019-09-30 0000860546 ofc:RedeemableNoncontrollingInterestMember 2018-07-01 2018-09-30 0000860546 ofc:SeriesIPreferredUnitsMember 2018-07-01 2018-09-30 0000860546 ofc:ExchangeableCommonUnitsMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RedeemableNoncontrollingInterestMember 2019-01-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RedeemableNoncontrollingInterestMember 2019-07-01 2019-09-30 0000860546 srt:SubsidiariesMember ofc:RedeemableNoncontrollingInterestMember 2018-07-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:SeriesIPreferredUnitsMember 2018-01-01 2018-09-30 0000860546 srt:SubsidiariesMember ofc:RedeemableNoncontrollingInterestMember 2018-01-01 2018-09-30 0000860546 ofc:ThirdPartyConstructionMember 2019-09-30 0000860546 ofc:OtherObligationsMember 2019-09-30 0000860546 ofc:AnneArundelCountyMarylandMember us-gaap:PaymentGuaranteeMember ofc:TaxIncrementalFinancingBondMember 2019-09-30 0000860546 ofc:TenantandOtherCapitalImprovementsMember 2019-09-30 0000860546 ofc:DevelopmentandRedevelopmentObligationsMember 2019-09-30 iso4217:USD xbrli:shares xbrli:shares xbrli:pure iso4217:USD utreg:sqft ofc:property ofc:extension utreg:MW ofc:Lease utreg:acre ofc:joint_venture ofc:Form ofc:Percentile_Rank


 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q 
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
to
 
           
Commission file number 1-14023 (Corporate Office Properties Trust)
Commission file number 333-189188 (Corporate Office Properties, L.P.)
Corporate Office Properties Trust
Corporate Office Properties, L.P.
(Exact name of registrant as specified in its charter)
Corporate Office Properties Trust
 
Maryland
 
23-2947217
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
 
 
 
 
 
Corporate Office Properties, L.P.
 
Delaware
 
23-2930022
 
 
(State or other jurisdiction of
 
(IRS Employer
 
 
incorporation or organization)
 
Identification No.)
6711 Columbia Gateway Drive
 
Suite 300
 
Columbia
 
MD
21046
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code:  (443) 285-5400

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares of beneficial interest, $0.01 par value
OFC
New York Stock Exchange
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Corporate Office Properties Trust
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

Corporate Office Properties, L.P.
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Corporate Office Properties Trust
Corporate Office Properties, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Corporate Office Properties Trust Yes   No
Corporate Office Properties, L.P. Yes   No

As of October 25, 2019, 112,058,925 of Corporate Office Properties Trust’s Common Shares of Beneficial Interest, $0.01 par value, were issued and outstanding.
 
 
 
 
 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 of Corporate Office Properties Trust (“COPT”) and subsidiaries (collectively, the “Company”) and Corporate Office Properties, L.P. (“COPLP”) and subsidiaries (collectively, the “Operating Partnership”). Unless stated otherwise or the context otherwise requires, “we,” “our,” and “us” refer collectively to COPT, COPLP and their subsidiaries.

COPT is a real estate investment trust, or REIT, and the sole general partner of COPLP. As of September 30, 2019, COPT owned 98.7% of the outstanding common units in COPLP; the remaining common units and all of the outstanding COPLP preferred units were owned by third parties. As the sole general partner of COPLP, COPT controls COPLP and can cause it to enter into major transactions including acquisitions, dispositions and refinancings and cause changes in its line of business, capital structure and distribution policies.

There are a few differences between the Company and the Operating Partnership which are reflected in this Form 10-Q. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the two operate as an interrelated, consolidated company. COPT is a REIT whose only material asset is its ownership of partnership interests of COPLP. As a result, COPT does not conduct business itself, other than acting as the sole general partner of COPLP, issuing public equity and guaranteeing certain debt of COPLP. COPT itself is not directly obligated under any indebtedness but guarantees some of the debt of COPLP. COPLP owns substantially all of the assets of COPT either directly or through its subsidiaries, conducts almost all of the operations of the business and is structured as a limited partnership with no publicly traded equity. Except for net proceeds from public equity issuances by COPT, which are contributed to COPLP in exchange for partnership units, COPLP generates the capital required by COPT’s business through COPLP’s operations, by COPLP’s direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Noncontrolling interests, shareholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of COPT and those of COPLP. The common limited partnership interests in COPLP not owned by COPT are accounted for as partners’ capital in COPLP’s consolidated financial statements and as noncontrolling interests in COPT’s consolidated financial statements. COPLP’s consolidated financial statements also reflect COPT’s noncontrolling interests in certain real estate partnerships and limited liability companies (“LLCs”); the differences between shareholders’ equity, partners’ capital and noncontrolling interests result from the differences in the equity issued at the COPT and COPLP levels and in COPT’s noncontrolling interests in these real estate partnerships and LLCs. The only other




significant differences between the consolidated financial statements of COPT and those of COPLP are assets in connection with a non-qualified elective deferred compensation plan and the corresponding liability to the plan’s participants that are held directly by COPT.

We believe combining the quarterly reports on Form 10-Q of the Company and the Operating Partnership into this single report results in the following benefits:
combined reports better reflect how management, investors and the analyst community view the business as a single operating unit;
combined reports enhance investors’ understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;
combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and
combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements:
Note 3, Fair Value Measurements of COPT and subsidiaries and COPLP and subsidiaries;
Note 8, Prepaid Expenses and Other Assets, Net of COPT and subsidiaries and COPLP and subsidiaries; and
Note 16, Earnings per Share of COPT and subsidiaries and Earnings per Unit of COPLP and subsidiaries;
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPT”; and
“Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources of COPLP.”

This report also includes separate sections under Part I, Item 4. Controls and Procedures and separate Exhibit 31 and Exhibit 32 certifications for each of COPT and COPLP to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that COPT and COPLP are compliant with Rule 13a-15 and Rule 15d-14 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.





TABLE OF CONTENTS
 
FORM 10-Q
 
 
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2



PART I: FINANCIAL INFORMATION
ITEM 1. Financial Statements


Corporate Office Properties Trust and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
 
September 30,
2019
 
December 31,
2018
Assets
 

 
 

Properties, net:
 

 
 

Operating properties, net
$
2,713,900

 
$
2,847,265

Projects in development or held for future development
544,923

 
403,361

Total properties, net
3,258,823

 
3,250,626

Property - operating right-of-use assets
27,325

 

Property - finance right-of-use assets
40,467

 

Assets held for sale, net
61,728

 

Cash and cash equivalents
34,005

 
8,066

Investment in unconsolidated real estate joint ventures
49,408

 
39,845

Accounts receivable
37,623

 
26,277

Deferred rent receivable
88,001

 
89,350

Intangible assets on real estate acquisitions, net
29,454

 
43,470

Deferred leasing costs (net of accumulated amortization of $34,198 and $31,994, respectively)
55,839

 
50,191

Investing receivables
72,114

 
56,982

Prepaid expenses and other assets, net
100,582

 
91,198

Total assets
$
3,855,369

 
$
3,656,005

Liabilities and equity
 

 
 

Liabilities:
 

 
 

Debt, net
$
1,862,301

 
$
1,823,909

Accounts payable and accrued expenses
141,242

 
92,855

Rents received in advance and security deposits
27,975

 
30,079

Dividends and distributions payable
31,345

 
30,856

Deferred revenue associated with operating leases
7,665

 
9,125

Property - operating lease liabilities
16,686

 

Interest rate derivatives
34,825

 
5,459

Other liabilities
8,706

 
10,414

Total liabilities
2,130,745

 
2,002,697

Commitments and contingencies (Note 17)


 


Redeemable noncontrolling interests
28,677

 
26,260

Equity:
 

 
 

Corporate Office Properties Trust’s shareholders’ equity:
 

 
 

Common Shares of beneficial interest ($0.01 par value; 150,000,000 shares authorized; shares issued and outstanding of 112,059,175 at September 30, 2019 and 110,241,868 at December 31, 2018)
1,121

 
1,102

Additional paid-in capital
2,480,083

 
2,431,355

Cumulative distributions in excess of net income
(790,235
)
 
(846,808
)
Accumulated other comprehensive loss
(34,580
)
 
(238
)
Total Corporate Office Properties Trust’s shareholders’ equity
1,656,389

 
1,585,411

Noncontrolling interests in subsidiaries:
 

 
 

Common units in COPLP
19,365

 
19,168

Preferred units in COPLP
8,800

 
8,800

Other consolidated entities
11,393

 
13,669

Noncontrolling interests in subsidiaries
39,558

 
41,637

Total equity
1,695,947

 
1,627,048

Total liabilities, redeemable noncontrolling interests and equity
$
3,855,369

 
$
3,656,005



See accompanying notes to consolidated financial statements.

3



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 

 
 

 
 
 
 
Lease revenue
$
129,461

 
$
127,691

 
$
391,779

 
$
382,731

Other property revenue
1,273

 
1,297

 
3,716

 
3,697

Construction contract and other service revenues
28,697

 
8,423

 
87,946

 
53,202

Total revenues
159,431

 
137,411

 
483,441

 
439,630

Operating expenses
 

 
 

 
 

 
 

Property operating expenses
49,714

 
49,340

 
147,045

 
149,737

Depreciation and amortization associated with real estate operations
34,692

 
34,195

 
104,290

 
100,897

Construction contract and other service expenses
27,802

 
8,058

 
85,130

 
51,215

Impairment losses
327

 

 
327

 

General, administrative and leasing expenses
7,929

 
6,899

 
26,066

 
21,819

Business development expenses and land carry costs
964

 
1,567

 
2,947

 
4,415

Total operating expenses
121,428

 
100,059

 
365,805

 
328,083

Interest expense
(17,126
)
 
(19,181
)
 
(54,275
)
 
(56,910
)
Interest and other income
1,842

 
1,486

 
5,977

 
4,284

Gain on sales of real estate

 

 
84,469

 
(27
)
Income before equity in income of unconsolidated entities and income taxes
22,719

 
19,657

 
153,807

 
58,894

Equity in income of unconsolidated entities
396

 
374

 
1,207

 
1,120

Income tax benefit
131

 
291

 
113

 
173

Net income
23,246

 
20,322

 
155,127

 
60,187

Net income attributable to noncontrolling interests:
 

 
 

 
 

 
 

Common units in COPLP
(267
)
 
(380
)
 
(1,863
)
 
(1,532
)
Preferred units in COPLP
(157
)
 
(165
)
 
(487
)
 
(495
)
Other consolidated entities
(1,565
)
 
(1,080
)
 
(3,870
)
 
(2,879
)
Net income attributable to COPT common shareholders
$
21,257

 
$
18,697

 
$
148,907

 
$
55,281

 
 
 
 
 
 
 
 
Earnings per common share: (1)
 

 
 

 
 

 
 

Net income attributable to COPT common shareholders - basic
$
0.19

 
$
0.18

 
$
1.34

 
$
0.54

Net income attributable to COPT common shareholders - diluted
$
0.19

 
$
0.18

 
$
1.33

 
$
0.54


(1) Basic and diluted earnings per common share are calculated based on amounts attributable to common shareholders of Corporate Office Properties Trust.

See accompanying notes to consolidated financial statements.

4



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
23,246

 
$
20,322

 
$
155,127

 
$
60,187

Other comprehensive (loss) income
 

 
 

 
 

 
 

Unrealized (loss) gain on interest rate derivatives
(11,047
)
 
1,325

 
(33,437
)
 
7,913

Gain on interest rate derivatives recognized in interest expense
(307
)
 
(207
)
 
(1,434
)
 
(9
)
Other comprehensive (loss) income
(11,354
)
 
1,118

 
(34,871
)
 
7,904

Comprehensive income
11,892

 
21,440

 
120,256

 
68,091

Comprehensive income attributable to noncontrolling interests
(1,750
)
 
(1,647
)
 
(5,691
)
 
(5,145
)
Comprehensive income attributable to COPT
$
10,142

 
$
19,793

 
$
114,565

 
$
62,946

 
See accompanying notes to consolidated financial statements.



5



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Equity
(Dollars in thousands)
(unaudited)
 
Common
Shares
 
Additional
Paid-in
Capital
 
Cumulative
Distributions in
Excess of Net
Income
 
Accumulated
Other
Comprehensive Income (Loss)
 
Noncontrolling
Interests
 
Total
For the Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018 (103,260,495 common shares outstanding)
$
1,033

 
$
2,254,430

 
$
(822,270
)
 
$
9,012

 
$
66,280

 
$
1,508,485

Conversion of common units to common shares (1,841,810 shares)
18

 
26,503

 

 

 
(26,521
)
 

Common shares issued under forward equity sale agreements (2,750,000 shares)
27

 
80,076

 

 

 

 
80,103

Common shares issued under at-the-market program (991,664 shares)
10

 
29,722

 

 

 

 
29,732

Share-based compensation (4,254 shares issued, net of redemptions)

 
1,779

 

 

 

 
1,779

Redemption of vested equity awards

 
(86
)
 

 

 

 
(86
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(1,367
)
 

 

 
1,367

 

Comprehensive income

 

 
18,697

 
1,096

 
973

 
20,766

Dividends

 

 
(29,935
)
 

 

 
(29,935
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(538
)
 
(538
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(4
)
 
(4
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(573
)
 

 

 

 
(573
)
Balance at September 30, 2018 (108,848,223 common shares outstanding)
$
1,088

 
$
2,390,484

 
$
(833,508
)
 
$
10,108


$
41,557

 
$
1,609,729

 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019 (111,949,887 common shares outstanding)
$
1,119

 
$
2,475,293

 
$
(780,667
)
 
$
(23,465
)
 
$
46,831

 
$
1,719,111

Conversion of common units to common shares (97,539 shares)
1

 
1,475

 

 

 
(1,476
)
 

Redemption of common units

 

 

 

 
(24
)
 
(24
)
Share-based compensation (11,749 shares issued, net of redemptions)
1

 
1,525

 

 

 
369

 
1,895

Redemption of vested equity awards

 
(53
)
 

 

 

 
(53
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
312

 

 

 
(312
)
 

Comprehensive income

 

 
21,257

 
(11,115
)
 
565

 
10,707

Dividends

 

 
(30,825
)
 

 

 
(30,825
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(517
)
 
(517
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(5,878
)
 
(5,878
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
1,531

 

 

 

 
1,531

Balance at September 30, 2019 (112,059,175 common shares outstanding)
$
1,121

 
$
2,480,083

 
$
(790,235
)
 
$
(34,580
)
 
$
39,558

 
$
1,695,947


See accompanying notes to consolidated financial statements.






6




Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Equity (continued)
(Dollars in thousands)
(unaudited)
 
Common
Shares
 
Additional
Paid-in
Capital
 
Cumulative
Distributions in
Excess of Net
Income
 
Accumulated
Other
Comprehensive Income (Loss)
 
Noncontrolling
Interests
 
Total
For the Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017 (101,292,299 common shares outstanding)
$
1,013

 
$
2,201,047

 
$
(802,085
)
 
$
2,167

 
$
66,165

 
$
1,468,307

Cumulative effect of accounting change for adoption of hedge accounting guidance

 

 
(276
)
 
276

 

 

Balance at December 31, 2017, as adjusted
1,013

 
2,201,047

 
(802,361
)
 
2,443

 
66,165

 
1,468,307

Conversion of common units to common shares (1,895,627 shares)
19

 
27,263

 

 

 
(27,282
)
 

Common shares issued under forward equity sale agreements (4,527,000 shares)
45

 
132,285

 

 

 

 
132,330

Common shares issued under at-the-market program (991,664 shares)
10

 
29,722

 

 

 

 
29,732

Share-based compensation (141,633 shares issued, net of redemptions)
1

 
5,178

 

 

 

 
5,179

Redemption of vested equity awards

 
(1,611
)
 

 

 

 
(1,611
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(2,069
)
 

 

 
2,069

 

Comprehensive income

 

 
55,281

 
7,665

 
3,242

 
66,188

Dividends

 

 
(86,428
)
 

 

 
(86,428
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(2,626
)
 
(2,626
)
Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(11
)
 
(11
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(1,331
)
 

 

 

 
(1,331
)
Balance at September 30, 2018 (108,848,223 common shares outstanding)
$
1,088

 
$
2,390,484

 
$
(833,508
)
 
$
10,108

 
$
41,557

 
$
1,609,729

 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018 (110,241,868 common shares outstanding)
$
1,102

 
$
2,431,355

 
$
(846,808
)
 
$
(238
)
 
$
41,637

 
$
1,627,048

Conversion of common units to common shares (103,039 shares)
1

 
1,555

 

 

 
(1,556
)
 

Redemption of common units

 

 

 

 
(25
)
 
(25
)
Common shares issued under forward equity sale agreements (1,614,087 shares)
16

 
46,438

 

 

 

 
46,454

Share-based compensation (100,181 shares issued, net of redemptions)
2

 
4,574

 

 

 
954

 
5,530

Redemption of vested equity awards

 
(1,973
)
 

 

 

 
(1,973
)
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP

 
(522
)
 

 

 
522

 

Comprehensive income

 

 
148,907

 
(34,342
)
 
2,962

 
117,527

Dividends

 

 
(92,334
)
 

 

 
(92,334
)
Distributions to owners of common and preferred units in COPLP

 

 

 

 
(1,620
)
 
(1,620
)
Contributions from noncontrolling interests in other consolidated entities

 

 

 

 
2,570

 
2,570

Distributions to noncontrolling interests in other consolidated entities

 

 

 

 
(5,886
)
 
(5,886
)
Adjustment to arrive at fair value of redeemable noncontrolling interests

 
(1,344
)
 

 

 

 
(1,344
)
Balance at September 30, 2019 (112,059,175 common shares outstanding)
$
1,121

 
$
2,480,083

 
$
(790,235
)
 
$
(34,580
)
 
$
39,558

 
$
1,695,947


See accompanying notes to consolidated financial statements.

7



Corporate Office Properties Trust and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited) 
 
For the Nine Months Ended September 30,
 
2019
 
2018
Cash flows from operating activities
 

 
 

Revenues from real estate operations received
$
391,758

 
$
395,172

Construction contract and other service revenues received
65,813

 
27,450

Property operating expenses paid
(151,478
)
 
(150,039
)
Construction contract and other service expenses paid
(68,599
)
 
(71,034
)
General, administrative, leasing, business development and land carry costs paid
(23,806
)
 
(20,858
)