Quarterly report pursuant to Section 13 or 15(d)

Equity

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Equity
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Equity
Equity
 
COPT redeemed all of the outstanding shares of its Series K Cumulative Redeemable Preferred Shares (the “Series K Preferred Shares”) effective January 21, 2017 at a price of $50.00 per share, or $26.6 million in the aggregate, plus accrued and unpaid dividends thereon through the date of redemption. Concurrently with this redemption, COPLP redeemed its Series K Preferred Units on the same terms. Since we made an irrevocable notification to holders of the Series K Preferred Shares in December 2016 of our intention to redeem such shares, we presented the liquidation preference of the shares/units as a liability on the consolidated balance sheets of COPT and COPLP as of December 31, 2016; we also recognized a $17,000 decrease to net income available to common shareholders/unitholders in the three months ended December 31, 2016 pertaining to the original issuance costs incurred on the shares/units.
 
During the three months ended March 31, 2017, COPT issued 546,782 common shares at a weighted average price of $33.89 per share under its existing at-the-market (“ATM”) stock offering program. Net proceeds from the shares issued totaled $18.3 million, after payment of $278,000 in commissions to sales agents. COPT contributed the net proceeds from these issuances to COPLP in exchange for an equal number of units in COPLP. COPT’s remaining capacity under this ATM program is an aggregate gross sales price of $71.5 million in common share sales.

During the three months ended March 31, 2017, certain COPLP limited partners converted 185,000 common units in COPLP for an equal number of common shares in COPT.

See Note 13 for disclosure of COPT common share and COPLP common unit activity pertaining to our share-based compensation plans.