COPT Defense Properties Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

12 Months Ended

Dec. 31, 2011

			Carrying Value at

	Maximum Availability at December 31, 2011		December 31, 2011		December 31, 2010		Stated Interest Rates at December 31, 2011	Scheduled Maturity Dates at December 31, 2011
Mortgage and Other Secured Loans:
Fixed rate mortgage loans(1)		N/A	$	1,052,421	$	1,173,358	5.20% - 7.87%(2)	2012 - 2034
Revolving Construction Facility		N/A		—		142,339	N/A	N/A
Variable rate secured loans		N/A		39,213		310,555	LIBOR + 2.25%(3)	2015
Other construction loan facilities		123,802		40,336		16,753	LIBOR + 1.95% to 2.75%(4)	2012 - 2015

Total mortgage and other secured loans				1,131,970		1,643,005
Revolving Credit Facility(5)	$	1,000,000		662,000		295,000	LIBOR + 1.75% to 2.50%(6)	September 1, 2014
Term Loan Facility		400,000		400,000		—	LIBOR + 1.65% to 2.40%(7)	September 1, 2015
Unsecured notes payable		N/A		5,050		1,947	0% (8)	2015 - 2026
Exchangeable Senior Notes:
4.25% Exchangeable Senior Notes		N/A		227,283		223,846	4.25%	April 2030
3.5% Exchangeable Senior Notes		N/A		—		159,883	N/A	N/A

Total debt			$	2,426,303	$	2,323,681

(1): Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $2.4 million at December 31, 2011 and $3.2 million at December 31, 2010.
(2): The weighted average interest rate on these loans was 6.01% at December 31, 2011.
(3): The interest rate on the loan outstanding at December 31, 2011 was 2.52%.
(4): The weighted average interest rate on these loans was 2.82% at December 31, 2011.
(5): As described further below, we entered into a credit agreement providing for a new unsecured revolving credit facility effective on September 1, 2011, after which our previously existing facility was extinguished.
(6): The weighted average interest rate on the Revolving Credit Facility was 1.68% at December 31, 2011.
(7): The interest rate on this loan was 2.18% at December 31, 2011.
(8): These notes may carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $1.8 million at December 31, 2011 and $1.1 million at December 31, 2010.

(1): Includes $16.8 million that may be extended for one year, subject to certain conditions.
(2): Includes $17.9 million that may be extended for one year, subject to certain conditions.
(3): Includes $662.0 million that may be extended for one year, subject to certain conditions.
(4): Includes $405.6 million that may be extended for one year, subject to certain conditions.
(5): Represents scheduled principal amortization and maturities only and therefore excludes net discounts of $12.2 million.

3.5% Exchangeable Senior Notes

	For the Years Ended December 31,

	2011		2010		2009
Interest expense at stated interest rate	$	4,013	$	5,687	$	5,687
Interest expense associated with amortization of discount		2,617		3,736		3,520

Total	$	6,630	$	9,423	$	9,207

4.25% Exchangeable Senior Notes

	For the Years Ended December 31,

	2011		2010
Interest expense at stated interest rate	$	10,200	$	7,480
Interest expense associated with amortization of discount		3,437		2,445

Total	$	13,637	$	9,925