2017 Q2 Form 10-Q Financial Statement

#000086054617000031 Filed on July 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $151.4M $145.9M
YoY Change 3.77% -14.34%
Cost Of Revenue $22.32M $11.48M
YoY Change 94.42% -72.2%
Gross Profit $129.1M $134.4M
YoY Change -3.96% 4.17%
Gross Profit Margin 85.26% 92.13%
Selling, General & Admin $7.859M $8.026M
YoY Change -2.08% 6.53%
% of Gross Profit 6.09% 5.97%
Research & Development $1.600M $2.400M
YoY Change -33.33% -7.69%
% of Gross Profit 1.24% 1.79%
Depreciation & Amortization $33.30M $33.80M
YoY Change -1.48% -1.46%
% of Gross Profit 25.79% 25.14%
Operating Expenses $7.859M $8.026M
YoY Change -2.08% 6.53%
Operating Profit $36.62M -$27.02M
YoY Change -235.52% -172.11%
Interest Expense -$17.20M -$21.30M
YoY Change -19.25% 3.9%
% of Operating Profit -46.97%
Other Income/Expense, Net
YoY Change
Pretax Income $18.53M -$48.33M
YoY Change -138.33% -386.29%
Income Tax $48.00K $1.000K
% Of Pretax Income 0.26%
Net Earnings $17.53M -$47.42M
YoY Change -136.96% -400.48%
Net Earnings / Revenue 11.57% -32.5%
Basic Earnings Per Share $0.08 -$0.54
Diluted Earnings Per Share $0.08 -$0.54
COMMON SHARES
Basic Shares Outstanding 99.04M shares 94.30M shares
Diluted Shares Outstanding 99.20M shares 94.30M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.60M $13.30M
YoY Change -20.3% -64.15%
Cash & Equivalents $10.61M $13.32M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $51.30M $300.6M
Prepaid Expenses
Receivables $42.70M $32.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $104.6M $346.4M
YoY Change -69.8% 165.85%
LONG-TERM ASSETS
Property, Plant & Equipment $5.303M $5.686M
YoY Change -6.74% -10.32%
Goodwill
YoY Change
Intangibles $69.21M $88.79M
YoY Change -22.06% 8.64%
Long-Term Investments $2.415M
YoY Change
Other Assets $64.00M $69.30M
YoY Change -7.65% -23.59%
Total Long-Term Assets $3.488B $3.495B
YoY Change -0.22% -7.38%
TOTAL ASSETS
Total Short-Term Assets $104.6M $346.4M
Total Long-Term Assets $3.488B $3.495B
Total Assets $3.592B $3.842B
YoY Change -6.49% -1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.30M $92.80M
YoY Change 2.69% -40.51%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.80M
YoY Change
Total Short-Term Liabilities $165.0M $155.1M
YoY Change 6.38% -27.35%
LONG-TERM LIABILITIES
Long-Term Debt $1.898B $2.095B
YoY Change -9.38% -1.68%
Other Long-Term Liabilities $69.20M $68.90M
YoY Change 0.44% 128.15%
Total Long-Term Liabilities $1.967B $2.163B
YoY Change -9.06% 0.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.0M $155.1M
Total Long-Term Liabilities $1.967B $2.163B
Total Liabilities $2.132B $2.319B
YoY Change -8.03% -2.33%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $995.0K $947.0K
YoY Change 5.07% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.352B $1.433B
YoY Change
Total Liabilities & Shareholders Equity $3.575B $3.842B
YoY Change -6.94% -1.77%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $17.53M -$47.42M
YoY Change -136.96% -400.48%
Depreciation, Depletion And Amortization $33.30M $33.80M
YoY Change -1.48% -1.46%
Cash From Operating Activities $57.40M $77.00M
YoY Change -25.45% -4.82%
INVESTING ACTIVITIES
Capital Expenditures -$63.50M -$45.20M
YoY Change 40.49% -68.91%
Acquisitions
YoY Change
Other Investing Activities $2.700M -$3.000M
YoY Change -190.0% -207.14%
Cash From Investing Activities -$60.80M -$48.10M
YoY Change 26.4% -66.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -212.0M -78.00M
YoY Change 171.79% -182.63%
NET CHANGE
Cash From Operating Activities 57.40M 77.00M
Cash From Investing Activities -60.80M -48.10M
Cash From Financing Activities -212.0M -78.00M
Net Change In Cash -215.4M -49.10M
YoY Change 338.7% -250.15%
FREE CASH FLOW
Cash From Operating Activities $57.40M $77.00M
Capital Expenditures -$63.50M -$45.20M
Free Cash Flow $120.9M $122.2M
YoY Change -1.06% -46.0%

Facts In Submission

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us-gaap Common Stock Dividends Per Share Declared
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0.55
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us-gaap Common Stock Dividends Per Share Declared
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0.55
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2016Q4 us-gaap Common Stock Shares Authorized
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CY2017Q2 us-gaap Common Stock Shares Authorized
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125000000 shares
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CY2017Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2015Q4 us-gaap Common Stock Shares Outstanding
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CY2016Q2 us-gaap Common Stock Shares Outstanding
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CY2016Q4 us-gaap Common Stock Shares Outstanding
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CY2017Q2 us-gaap Common Stock Value
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us-gaap Comprehensive Income Net Of Tax
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CY2017Q2 us-gaap Comprehensive Income Net Of Tax
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17069000 USD
us-gaap Comprehensive Income Net Of Tax
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39785000 USD
CY2016Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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1318000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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3098000 USD
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-55672000 USD
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18387000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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42883000 USD
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12003000 USD
us-gaap Contracts Revenue
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23223000 USD
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23138000 USD
us-gaap Contracts Revenue
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36172000 USD
us-gaap Contribution Of Property
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22600000 USD
us-gaap Contribution Of Property
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0 USD
CY2016Q2 us-gaap Cost Of Services
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11478000 USD
us-gaap Cost Of Services
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22172000 USD
CY2017Q2 us-gaap Cost Of Services
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22315000 USD
us-gaap Cost Of Services
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34801000 USD
CY2016Q2 us-gaap Costs And Expenses
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172948000 USD
us-gaap Costs And Expenses
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286791000 USD
CY2017Q2 us-gaap Costs And Expenses
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114817000 USD
us-gaap Costs And Expenses
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219185000 USD
CY2016Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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10350000 USD
CY2017Q2 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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3620000 USD
CY2016Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
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65988000 USD
CY2017Q2 us-gaap Deferred Costs Leasing Accumulated Amortization
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29720000 USD
CY2016Q4 us-gaap Deferred Costs Leasing Net
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41214000 USD
CY2017Q2 us-gaap Deferred Costs Leasing Net
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40506000 USD
CY2016Q4 us-gaap Deferred Finance Costs Net
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3128000 USD
CY2017Q2 us-gaap Deferred Finance Costs Net
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1747000 USD
CY2016Q4 us-gaap Deferred Rent Receivables Net
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90219000 USD
CY2017Q2 us-gaap Deferred Rent Receivables Net
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89832000 USD
CY2016Q4 us-gaap Deferred Revenue Leases Net
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12666000 USD
CY2017Q2 us-gaap Deferred Revenue Leases Net
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13172000 USD
CY2016Q4 us-gaap Deferred Tax Assets Net
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3036000 USD
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2908000 USD
CY2016Q2 us-gaap Depreciation And Amortization
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33248000 USD
us-gaap Depreciation And Amortization
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67775000 USD
CY2017Q2 us-gaap Depreciation And Amortization
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32793000 USD
us-gaap Depreciation And Amortization
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65852000 USD
us-gaap Depreciation Depletion And Amortization
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68901000 USD
us-gaap Depreciation Depletion And Amortization
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66948000 USD
CY2016Q4 us-gaap Development In Process
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401531000 USD
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446385000 USD
CY2016Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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48141000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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100016000 USD
CY2017Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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48628000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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97147000 USD
us-gaap Dividends
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59175000 USD
us-gaap Dividends
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60922000 USD
CY2016Q2 us-gaap Dividends Payable Current And Noncurrent
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30219000 USD
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31335000 USD
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28462000 USD
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-0.54
us-gaap Earnings Per Share Basic
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-0.51
CY2017Q2 us-gaap Earnings Per Share Basic
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0.08
us-gaap Earnings Per Share Basic
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0.26
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-0.54
us-gaap Earnings Per Share Diluted
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-0.51
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.26
CY2016Q4 us-gaap Equity Method Investments
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2415000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
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-1870000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
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9000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
0 USD
us-gaap Gain Loss On Sale Of Properties
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4250000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
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0 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
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0 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
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12000 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
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4250000 USD
CY2016Q2 us-gaap Gains Losses On Extinguishment Of Debt
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5000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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22000 USD
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-513000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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-513000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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4200000 USD
us-gaap Impairment Of Real Estate
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72138000 USD
us-gaap Increase Decrease In Accounts Receivable
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3320000 USD
us-gaap Increase Decrease In Accounts Receivable
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8304000 USD
us-gaap Increase Decrease In Operating Liabilities
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15394000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
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78351000 USD
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69205000 USD
CY2016Q2 us-gaap Interest And Debt Expense
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22639000 USD
us-gaap Interest And Debt Expense
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46198000 USD
CY2017Q2 us-gaap Interest And Debt Expense
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19163000 USD
us-gaap Impairment Of Real Estate
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1618000 USD
CY2016Q4 us-gaap Incentive To Lessee
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18276000 USD
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16964000 USD
CY2016Q2 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
-48316000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
-40220000 USD
CY2017Q2 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
19195000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
38045000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-48325000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-40247000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
18525000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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36690000 USD
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10000 USD
us-gaap Income Loss From Equity Method Investments
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20000 USD
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718000 USD
us-gaap Income Loss From Equity Method Investments
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1443000 USD
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1000 USD
us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Income Tax Expense Benefit
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48000 USD
us-gaap Income Tax Expense Benefit
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88000 USD
us-gaap Increase Decrease In Operating Liabilities
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-11303000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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158000 shares
us-gaap Interest And Debt Expense
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38157000 USD
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us-gaap Interest Costs Capitalized
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3100000 USD
CY2017Q2 us-gaap Interest Costs Capitalized
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1600000 USD
us-gaap Interest Costs Capitalized
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3100000 USD
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41179000 USD
us-gaap Interest Paid Net
InterestPaidNet
36351000 USD
CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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25548000 USD
CY2017Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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25335000 USD
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2132332000 USD
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3780885000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
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3574887000 USD
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CY2017Q2 us-gaap Minority Interest
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349000 USD
us-gaap Minority Interest Change In Redemption Value
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401000 USD
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20989000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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789000 USD
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46233000 USD
CY2016Q4 us-gaap Minority Interest In Preferred Unit Holders
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8800000 USD
CY2017Q2 us-gaap Minority Interest In Preferred Unit Holders
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8800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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124400000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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117737000 USD
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us-gaap Net Income Loss
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CY2017Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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1140000 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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7976000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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26151000 USD
CY2016Q2 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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CY2017Q2 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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273000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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907000 USD
CY2016Q2 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
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165000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
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330000 USD
CY2017Q2 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
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165000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
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330000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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0 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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0 USD
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CY2017Q2 us-gaap Notes Receivable Net
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54598000 USD
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us-gaap Operating Income Loss
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3443000 USD
CY2017Q2 us-gaap Operating Income Loss
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36618000 USD
us-gaap Operating Income Loss
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1240000 USD
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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634000 USD
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us-gaap Operating Leases Income Statement Lease Revenue
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212906000 USD
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101347000 USD
us-gaap Operating Leases Income Statement Lease Revenue
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CY2017Q2 us-gaap Other Assets
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-184000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
39000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
39000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
588000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-850000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-1720000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-853000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1800000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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CY2016Q4 us-gaap Other Liabilities
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50177000 USD
CY2017Q2 us-gaap Other Liabilities
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56076000 USD
CY2016Q4 us-gaap Other Minority Interests
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CY2017Q2 us-gaap Other Minority Interests
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11668000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1725000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2548000 USD
CY2016Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1330000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2486000 USD
CY2017Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1583000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3309000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
123000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
940000 USD
CY2016Q2 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
CY2017Q2 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
6847000 USD
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
6847000 USD
CY2016Q2 us-gaap Other Real Estate Revenue
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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate Office Properties Trust (&#8220;COPT&#8221;) and subsidiaries (collectively, the &#8220;Company&#8221;) is a fully-integrated and self-managed real estate investment trust (&#8220;REIT&#8221;). Corporate Office Properties, L.P. (&#8220;COPLP&#8221;) and subsidiaries (collectively, the &#8220;Operating Partnership&#8221;) is the entity through which COPT, the sole general partner of COPLP, conducts almost all of its operations and owns almost all of its assets. Unless otherwise expressly stated or the context otherwise requires, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; as used herein refer to each of the Company and the Operating Partnership. We own, manage, lease, develop and selectively acquire office and data center properties. The majority of our portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (&#8220;IT&#8221;) related activities servicing what we believe are growing, durable priority missions (&#8220;Defense/IT Locations&#8221;). We also own a portfolio of office properties located in select urban/urban-like submarkets within our regional footprint with durable Class-A office fundamentals and characteristics, as well as other properties supporting general commercial office tenants (&#8220;Regional Office&#8221;). As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, our properties included the following:</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font><font style="font-family:inherit;font-size:10pt;"> operating office properties totaling </font><font style="font-family:inherit;font-size:10pt;">17.3 million</font><font style="font-family:inherit;font-size:10pt;"> square feet, including </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> triple-net leased, single-tenant data center properties. We owned </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> of these properties through an unconsolidated real estate joint venture;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ten</font><font style="font-family:inherit;font-size:10pt;"> office properties under construction or redevelopment that we estimate will total approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.4 million</font><font style="font-family:inherit;font-size:10pt;"> square feet upon completion, including </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> partially operational properties and </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> properties completed but held for future lease to the United States Government;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">987</font><font style="font-family:inherit;font-size:10pt;"> acres of land we controlled for future development that we believe could be developed into approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12.5 million</font><font style="font-family:inherit;font-size:10pt;"> square feet and an additional </font><font style="font-family:inherit;font-size:10pt;">194</font><font style="font-family:inherit;font-size:10pt;"> acres of other land; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a wholesale data center with a critical load of </font><font style="font-family:inherit;font-size:10pt;">19.25</font><font style="font-family:inherit;font-size:10pt;"> megawatts.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">COPLP owns real estate directly and through subsidiary partnerships and limited liability companies (&#8220;LLCs&#8221;).&#160; In addition to owning real estate, COPLP also owns subsidiaries that provide real estate services such as property management and construction and development services primarily for our properties but also for third parties. Some of these services are performed by a taxable REIT subsidiary (&#8220;TRS&#8221;).</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity interests in COPLP are in the form of common and preferred units. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, COPT owned </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">96.7%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding COPLP common units (&#8220;common units&#8221;) and </font><font style="font-family:inherit;font-size:10pt;">none</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding COPLP preferred units (&#8220;preferred units&#8221;); the remaining common and preferred units in COPLP were owned by third parties. Common units in COPLP not owned by COPT carry certain redemption rights. The number of common units in COPLP owned by COPT is equivalent to the number of outstanding common shares of beneficial interest (&#8220;common shares&#8221;) of COPT, and the entitlement of all COPLP common units to quarterly distributions and payments in liquidation is substantially the same as those of COPT common shareholders. Similarly, in the case of any series of preferred units in COPLP held by COPT, there is a series of preferred shares of beneficial interest (&#8220;preferred shares&#8221;) in COPT that is equivalent in number and carries substantially the same terms as such series of COPLP preferred units. COPT&#8217;s common shares are publicly traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the ticker symbol &#8220;OFC&#8221;. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Because COPLP is managed by COPT, and COPT conducts substantially all of its operations through COPLP, we refer to COPT&#8217;s executive officers as COPLP&#8217;s executive officers, and although, as a partnership, COPLP does not have a board of trustees, we refer to COPT&#8217;s Board of Trustees as COPLP&#8217;s Board of Trustees.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We reclassified certain amounts from prior periods to conform to the current period presentation of our consolidated financial statements with no effect on previously reported net income or equity.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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