Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.8
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of fair value assets and liabilities measured on recurring basis
The table below sets forth financial assets and liabilities of COPLP and its subsidiaries that are accounted for at fair value on a recurring basis as of June 30, 2014 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):
Description
 
Quoted Prices in
Active Markets for
Identical Assets(Level 1)
 
Significant Other
Observable Inputs(Level 2)
 
Significant
Unobservable Inputs(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Interest rate derivatives (1)
 
$

 
$
2,151

 
$

 
$
2,151

Warrants to purchase common stock (1)
 

 
255

 

 
255

Total Assets
 
$

 
$
2,406

 
$

 
$
2,406

Liabilities:
 
 

 
 

 
 

 
 

Interest rate derivatives
 
$

 
$
3,236

 
$

 
$
3,236

Redeemable noncontrolling interest
 
$

 
$

 
$
18,901

 
$
18,901


(1) Included in the line entitled “prepaid expenses and other assets” on COPLP’s consolidated balance sheet.
The table below sets forth financial assets and liabilities of COPT and its subsidiaries that are accounted for at fair value on a recurring basis as of June 30, 2014 and the hierarchy level of inputs used in measuring their respective fair values under applicable accounting standards (in thousands):
Description
 
Quoted Prices in
Active Markets for
Identical Assets(Level 1)
 
Significant Other
Observable Inputs(Level 2)
 
Significant
Unobservable Inputs(Level 3)
 
Total
Assets:
 
 

 
 

 
 

 
 

Marketable securities in deferred compensation plan (1)
 
 

 
 

 
 

 
 

Mutual funds
 
$
7,309

 
$

 
$

 
$
7,309

Common stocks
 
111

 

 

 
111

Other
 
201

 

 

 
201

Interest rate derivatives (2)
 

 
2,151

 

 
2,151

Warrants to purchase common stock (2)
 

 
255

 

 
255

Total Assets
 
$
7,621

 
$
2,406

 
$

 
$
10,027

Liabilities:
 
 

 
 

 
 

 
 

Deferred compensation plan liability (3)
 
$

 
$
7,621

 
$

 
$
7,621

Interest rate derivatives
 

 
3,236

 

 
3,236

Total Liabilities
 
$

 
$
10,857

 
$

 
$
10,857

Redeemable noncontrolling interest
 
$

 
$

 
$
18,901

 
$
18,901


(1) Included in the line entitled “restricted cash and marketable securities” on COPT’s consolidated balance sheet.
(2) Included in the line entitled “prepaid expenses and other assets” on COPT’s consolidated balance sheet.
(3) Included in the line entitled “other liabilities” on COPT’s consolidated balance sheet.
Schedule of fair value hierarchy of impaired properties and other assets associated with such properties
The table below sets forth the fair value hierarchy of the valuation technique used by us in determining the fair values of the properties (dollars in thousands):
 
 
 
 
 
 
 
 
 
Fair Value of Properties Held as of June 30, 2014
 
 
 
 
Quoted Prices in
 
 
 
Significant
 
 
 
Impairment Losses Recognized
 
 
Active Markets for
 
Significant Other
 
Unobservable
 
 
 
Three Months
 
Six Months
 
 
Identical Assets
 
Observable Inputs
 
Inputs
 
 
 
Ended
 
Ended
Description
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
June 30, 2014
 
June 30, 2014
Assets (1):
 
 

 
 

 
 

 
 

 
 
 
 
Properties, net
 
$

 
$

 
$
9,796

 
$
9,796

 
$
1,328

 
$
1,329

(1) Reflects balance sheet classifications of assets at time of fair value measurement, excluding the effect of held for sale classifications.

The table below sets forth the fair value hierarchy of the valuation technique used by us in determining the fair values of the properties (dollars in thousands):
 
 
 
 
 
 
 
 
 
Fair Value of Properties Held as of June 30, 2013
 
 
 
 
Quoted Prices in
 
 
 
Significant
 
 
 
Impairment Losses Recognized
 
 
Active Markets for
 
Significant Other
 
Unobservable
 
 
 
Three Months
 
Six Months
 
 
Identical Assets
 
Observable Inputs
 
Inputs
 
 
 
Ended
 
Ended
Description
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
 
June 30, 2013
 
June 30, 2013
Assets (1):
 
 

 
 

 
 

 
 

 
 
 
 
Properties, net
 
$

 
$

 
$
99,240

 
$
99,240

 
$
7,195

 
$
9,052


Schedule of quantitative information about significant unobservable inputs used for Level 3 fair value measurements
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of June 30, 2013 (dollars in thousands):
Valuation Technique
 
Fair Value on 
Measurement Date
 
 Unobservable Input
 
Range (Weighted Average)
Bids for properties indicative of value
 
$
99,240

 
Indicative bids (1)
 
(1)

(1) These fair value measurements were developed as a result of negotiations between us and purchasers of the properties.
The table below sets forth quantitative information about significant unobservable inputs used for the Level 3 fair value measurements reported above as of June 30, 2014 (dollars in thousands):
Valuation Technique
 
Fair Value on 
Measurement Date
 
 Unobservable Input
 
Range (Weighted Average)
Contracts of sale
 
$
9,796

 
Contract prices (1)
 
(1)

(1) These fair value measurements were developed as a result of negotiations between us and purchasers of the properties.