2018 Q4 Form 10-Q Financial Statement

#000086054618000041 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $138.5M $137.4M $164.6M
YoY Change -15.85% -12.49% 15.9%
Cost Of Revenue $58.40M $8.058M $83.50M
YoY Change -30.06% -72.01% 38.02%
Gross Profit $80.10M $129.4M $81.10M
YoY Change -1.23% 0.88% -0.49%
Gross Profit Margin 57.84% 94.14% 49.28%
Selling, General & Admin $7.100M $6.899M $7.000M
YoY Change 1.43% -6.37% -10.26%
% of Gross Profit 8.86% 5.33% 8.63%
Research & Development $1.400M $1.600M $1.600M
YoY Change -12.5% 23.08% -5.88%
% of Gross Profit 1.75% 1.24% 1.97%
Depreciation & Amortization $36.70M $34.70M $34.50M
YoY Change 6.38% -1.14% 2.99%
% of Gross Profit 45.82% 26.83% 42.54%
Operating Expenses $44.80M $6.899M $42.50M
YoY Change 5.41% -6.37% 0.0%
Operating Profit $35.30M $37.35M $24.85M
YoY Change 42.07% -4.08% -33.64%
Interest Expense -$16.80M -$17.30M -$17.30M
YoY Change -2.89% -2.26% 5.49%
% of Operating Profit -47.59% -46.32% -69.63%
Other Income/Expense, Net
YoY Change
Pretax Income $18.20M $19.66M $17.40M
YoY Change 4.6% -10.73% -13.0%
Income Tax -$200.0K -$291.0K $1.000M
% Of Pretax Income -1.1% -1.48% 5.75%
Net Earnings $17.02M $18.70M $9.621M
YoY Change 76.9% -9.15% -61.1%
Net Earnings / Revenue 12.29% 13.61% 5.85%
Basic Earnings Per Share $0.16 $0.18 $0.10
Diluted Earnings Per Share $0.16 $0.18 $0.10
COMMON SHARES
Basic Shares Outstanding 108.9M shares 104.4M shares 99.61M shares
Diluted Shares Outstanding 104.8M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $9.500M $12.30M
YoY Change -34.15% -12.84% -94.14%
Cash & Equivalents $8.066M $9.492M $12.26M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $42.20M $42.20M
Prepaid Expenses
Receivables $26.30M $19.20M $31.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $34.40M $70.90M $86.30M
YoY Change -60.14% -37.2% -74.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.259B $7.087M $5.256M
YoY Change 61911.04% 30.71% 1.0%
Goodwill
YoY Change
Intangibles $43.47M $47.07M $59.09M
YoY Change -26.44% -26.52% -24.58%
Long-Term Investments $49.70M $49.70M $2.412M
YoY Change 1960.53% 1959.68% 2.42%
Other Assets $86.60M $86.30M $77.50M
YoY Change 11.74% -2.38% -3.13%
Total Long-Term Assets $3.622B $3.579B $3.509B
YoY Change 3.21% 3.34% 1.95%
TOTAL ASSETS
Total Short-Term Assets $34.40M $70.90M $86.30M
Total Long-Term Assets $3.622B $3.579B $3.509B
Total Assets $3.656B $3.650B $3.595B
YoY Change 1.69% 2.06% -4.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.90M $90.20M $108.1M
YoY Change -14.06% -25.76% -0.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $153.8M $143.8M $162.7M
YoY Change -5.47% -25.1% -4.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.825B $1.809B $1.844B
YoY Change -1.06% -3.48% -4.48%
Other Long-Term Liabilities $24.30M $62.70M $96.90M
YoY Change -74.92% 12.16% 54.3%
Total Long-Term Liabilities $1.849B $1.871B $1.941B
YoY Change -4.75% -3.03% -2.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $153.8M $143.8M $162.7M
Total Long-Term Liabilities $1.849B $1.871B $1.941B
Total Liabilities $2.003B $2.015B $2.104B
YoY Change -4.8% -5.02% -2.75%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.102M $1.088M $1.013M
YoY Change 8.79% 9.24% 2.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.585B $1.568B $1.402B
YoY Change
Total Liabilities & Shareholders Equity $3.656B $3.650B $3.595B
YoY Change 1.69% 2.54% -4.91%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $17.02M $18.70M $9.621M
YoY Change 76.9% -9.15% -61.1%
Depreciation, Depletion And Amortization $36.70M $34.70M $34.50M
YoY Change 6.38% -1.14% 2.99%
Cash From Operating Activities $58.80M $41.00M $60.70M
YoY Change -3.13% -21.0% -2.88%
INVESTING ACTIVITIES
Capital Expenditures -$72.10M -$52.50M -$108.1M
YoY Change -33.3% 40.75% 105.12%
Acquisitions
YoY Change
Other Investing Activities -$8.100M -$3.400M $71.10M
YoY Change -111.39% -107.78% 53.56%
Cash From Investing Activities -$80.20M -$55.90M -$36.90M
YoY Change 117.34% -987.3% 467.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.50M 15.30M -21.50M
YoY Change -195.35% -125.93% -120.24%
NET CHANGE
Cash From Operating Activities 58.80M 41.00M 60.70M
Cash From Investing Activities -80.20M -55.90M -36.90M
Cash From Financing Activities 20.50M 15.30M -21.50M
Net Change In Cash -900.0K 400.0K 2.300M
YoY Change -139.13% -150.0% -98.58%
FREE CASH FLOW
Cash From Operating Activities $58.80M $41.00M $60.70M
Capital Expenditures -$72.10M -$52.50M -$108.1M
Free Cash Flow $130.9M $93.50M $168.8M
YoY Change -22.45% 4.82% 46.53%

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CY2018Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2017Q4 us-gaap Common Stock Value
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1013000 USD
CY2018Q3 us-gaap Common Stock Value
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1088000 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
20883000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
59996000 USD
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
19793000 USD
us-gaap Comprehensive Income Net Of Tax
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62946000 USD
CY2017Q3 us-gaap Cost Of Goods And Services Sold
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28788000 USD
us-gaap Cost Of Goods And Services Sold
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63589000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold
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8058000 USD
us-gaap Cost Of Goods And Services Sold
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51215000 USD
CY2017Q3 us-gaap Costs And Expenses
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118078000 USD
us-gaap Costs And Expenses
CostsAndExpenses
337263000 USD
CY2018Q3 us-gaap Costs And Expenses
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100059000 USD
us-gaap Costs And Expenses
CostsAndExpenses
328083000 USD
CY2017Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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4884000 USD
CY2018Q3 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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2821000 USD
CY2017Q4 us-gaap Deferred Compensation Plan Assets
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4616000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2018Q3 us-gaap Deferred Compensation Plan Assets
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4346000 USD
CY2018Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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49340000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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149737000 USD
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
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0.21
CY2017Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
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29560000 USD
CY2018Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
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30832000 USD
CY2017Q4 us-gaap Deferred Costs Leasing Net
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48322000 USD
CY2018Q3 us-gaap Deferred Costs Leasing Net
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49510000 USD
CY2017Q4 us-gaap Deferred Rent Receivables Net
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86710000 USD
CY2018Q3 us-gaap Deferred Rent Receivables Net
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89171000 USD
CY2017Q4 us-gaap Deferred Revenue Leases Net
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11682000 USD
CY2018Q3 us-gaap Deferred Revenue Leases Net
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10006000 USD
CY2017Q4 us-gaap Deferred Tax Assets Liabilities Net
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1892000 USD
CY2018Q3 us-gaap Deferred Tax Assets Liabilities Net
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2080000 USD
CY2017Q3 us-gaap Depreciation And Amortization
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34438000 USD
us-gaap Depreciation And Amortization
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100290000 USD
CY2018Q3 us-gaap Depreciation And Amortization
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34195000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
100897000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
101963000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
102440000 USD
CY2017Q4 us-gaap Development In Process
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403494000 USD
CY2018Q3 us-gaap Development In Process
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410850000 USD
CY2017Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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46368000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
143515000 USD
us-gaap Dividends
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88300000 USD
us-gaap Dividends
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86428000 USD
CY2017Q3 us-gaap Dividends Payable Current And Noncurrent
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28462000 USD
CY2017Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
28921000 USD
CY2018Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
30483000 USD
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.46
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
us-gaap Gain Loss On Sale Of Properties
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5438000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-27000 USD
CY2017Q3 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
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1188000 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
5438000 USD
CY2018Q3 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
0 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
-27000 USD
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-513000 USD
CY2018Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Impairment Of Real Estate
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1457000 USD
us-gaap Impairment Of Real Estate
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0 USD
CY2017Q4 us-gaap Incentive To Lessee
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19011000 USD
CY2018Q3 us-gaap Incentive To Lessee
IncentiveToLessee
18583000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
22020000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
62960000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
19657000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
58894000 USD
CY2017Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
371000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1118000 USD
CY2018Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
374000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1120000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
57000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
145000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-291000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-173000 USD
us-gaap Increase Decrease In Accounts Receivable
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-7498000 USD
us-gaap Increase Decrease In Accounts Receivable
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-12404000 USD
us-gaap Increase Decrease In Operating Liabilities
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-5220000 USD
us-gaap Increase Decrease In Operating Liabilities
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-48649000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4718000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3810000 USD
CY2017Q3 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
178000 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
60000 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
146000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
154000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
231000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
165000 shares
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
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59092000 USD
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
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47065000 USD
CY2017Q3 us-gaap Interest And Debt Expense
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19615000 USD
us-gaap Interest And Debt Expense
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57772000 USD
CY2018Q3 us-gaap Interest And Debt Expense
InterestAndDebtExpense
19181000 USD
us-gaap Interest And Debt Expense
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56910000 USD
CY2017Q3 us-gaap Interest Costs Capitalized
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1100000 USD
us-gaap Interest Costs Capitalized
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4200000 USD
CY2018Q3 us-gaap Interest Costs Capitalized
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1400000 USD
us-gaap Interest Costs Capitalized
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4200000 USD
us-gaap Interest Paid Net
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55637000 USD
us-gaap Interest Paid Net
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55611000 USD
CY2017Q4 us-gaap Interest Rate Derivative Assets At Fair Value
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3073000 USD
CY2018Q3 us-gaap Interest Rate Derivative Assets At Fair Value
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10875000 USD
CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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43661000 USD
CY2017Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
42263000 USD
CY2017Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
41787000 USD
CY2018Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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40318000 USD
CY2017Q4 us-gaap Liabilities
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2103773000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
2015206000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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3595205000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
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3650366000 USD
CY2017Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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43377000 USD
CY2018Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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43377000 USD
CY2017Q4 us-gaap Long Term Debt
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1828333000 USD
CY2018Q3 us-gaap Long Term Debt
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1808030000 USD
CY2016Q4 us-gaap Minority Interest
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72267000 USD
CY2017Q3 us-gaap Minority Interest
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44716000 USD
CY2017Q4 us-gaap Minority Interest
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66165000 USD
CY2018Q3 us-gaap Minority Interest
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41557000 USD
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-244000 USD
us-gaap Minority Interest Change In Redemption Value
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1331000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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1186000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1114000 USD
CY2017Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
45097000 USD
CY2018Q3 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
19525000 USD
CY2017Q4 us-gaap Minority Interest In Preferred Unit Holders
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8800000 USD
CY2018Q3 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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29120000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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-52470000 USD
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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169428000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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121667000 USD
CY2017Q3 us-gaap Net Income Loss
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20579000 USD
us-gaap Net Income Loss
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59124000 USD
CY2018Q3 us-gaap Net Income Loss
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18697000 USD
us-gaap Net Income Loss
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55281000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1720000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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1903000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
20579000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
46058000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
18697000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
55281000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
20484000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
45721000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
18583000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
54933000 USD
CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
693000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
1576000 USD
CY2018Q3 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
380000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
1532000 USD
CY2017Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
165000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
495000 USD
CY2018Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
165000 USD
us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Nonredeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersNonredeemable
495000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
0 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
0 USD
CY2017Q4 us-gaap Notes Receivable Net
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57493000 USD
CY2018Q3 us-gaap Notes Receivable Net
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55688000 USD
CY2017Q3 us-gaap Operating Income Loss
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38939000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
110990000 USD
CY2018Q3 us-gaap Operating Income Loss
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37352000 USD
us-gaap Operating Income Loss
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111547000 USD
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88326000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1143000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1258000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1261000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1297000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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83039000 USD
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
328000 USD
CY2017Q3 us-gaap Operating Leases Income Statement Lease Revenue
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102275000 USD
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
304237000 USD
CY2018Q3 us-gaap Operating Leases Income Statement Lease Revenue
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102132000 USD
us-gaap Operating Leases Income Statement Lease Revenue
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304087000 USD
CY2017Q4 us-gaap Other Assets
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3379000 USD
CY2018Q3 us-gaap Other Assets
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4648000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
39000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
314000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
902000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1118000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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7904000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-615000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-2740000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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207000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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9000 USD
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-301000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-1877000 USD
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1325000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
7913000 USD
CY2017Q4 us-gaap Other Liabilities
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41822000 USD
CY2018Q3 us-gaap Other Liabilities
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9267000 USD
CY2017Q4 us-gaap Other Minority Interests
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12268000 USD
CY2018Q3 us-gaap Other Minority Interests
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13232000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2969000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1969000 USD
CY2017Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1508000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
4817000 USD
CY2018Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1486000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
4284000 USD
us-gaap Other Operating Activities Cash Flow Statement
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1373000 USD
us-gaap Payments Of Dividends Minority Interest
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3371000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2572000 USD
CY2017Q3 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
6847000 USD
CY2018Q3 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
CY2017Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
95000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
337000 USD
CY2018Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
114000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
348000 USD
us-gaap Payments For Capital Improvements
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15174000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
13357000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
6468000 USD
us-gaap Payments For Leasing Costs
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6277000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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-1619000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-762000 USD
us-gaap Payments For Repurchase Of Common Stock
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1869000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1611000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
199083000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
us-gaap Payments For Tenant Improvements
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19876000 USD
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
27962000 USD
us-gaap Payments Of Dividends Common Stock
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81779000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
84349000 USD
us-gaap Payments Of Dividends Minority Interest
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us-gaap Preferred Stock Dividends Income Statement Impact
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0 USD
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ProceedsFromIssuanceOfOtherLongTermDebt
11267000 USD
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ProceedsFromLongTermLinesOfCredit
208000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
0 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
63933000 USD
CY2018Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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RedeemableNoncontrollingInterestEquityCarryingAmount
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CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Fair Value
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us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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15379000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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98000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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235000000 USD
us-gaap Repayments Of Other Long Term Debt
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CY2016Q4 us-gaap Restricted Cash
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CY2017Q4 us-gaap Restricted Cash
RestrictedCash
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CY2018Q3 us-gaap Restricted Cash
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CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q3 us-gaap Revenues
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CY2018Q3 us-gaap Revenues
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CY2017Q3 us-gaap Selling General And Administrative Expense
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CY2018Q3 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Shares Conversion Of Units
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Stock Issued During Period Value Conversion Of Units
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us-gaap Stock Issued During Period Value Conversion Of Units
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us-gaap Stock Redeemed Or Called During Period Value
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us-gaap Stock Repurchased During Period Value
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1609729000 USD
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1468307000 USD
us-gaap Straight Line Rent
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545000 USD
us-gaap Straight Line Rent
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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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 in the Greater Washington, DC/Baltimore region</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">with durable Class-A office fundamentals and characteristics (&#8220;Regional Office&#8221;). As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2018</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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">161</font><font style="font-family:inherit;font-size:10pt;"> properties totaling </font><font style="font-family:inherit;font-size:10pt;">17.9 million</font><font style="font-family:inherit;font-size:10pt;"> square feet comprised of </font><font style="font-family:inherit;font-size:10pt;">15.1 million</font><font style="font-family:inherit;font-size:10pt;"> square feet in </font><font style="font-family:inherit;font-size:10pt;">144</font><font style="font-family:inherit;font-size:10pt;"> office properties and </font><font style="font-family:inherit;font-size:10pt;">2.7 million</font><font style="font-family:inherit;font-size:10pt;"> square feet in </font><font style="font-family:inherit;font-size:10pt;">17</font><font style="font-family:inherit;font-size:10pt;"> single-tenant data center shell properties (&#8220;data center shells&#8221;). We owned </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> of these data center shells 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%;text-align:left;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><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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11</font><font style="font-family:inherit;font-size:10pt;"> properties under construction or redevelopment (</font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> office properties and </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> data center shells) that we estimate will total approximately </font><font style="font-family:inherit;font-size:10pt;">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;">two</font><font style="font-family:inherit;font-size:10pt;"> partially-operational properties; 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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">approximately </font><font style="font-family:inherit;font-size:10pt;">900</font><font style="font-family:inherit;font-size:10pt;"> acres of land controlled for future development that we believe could be developed into approximately </font><font style="font-family:inherit;font-size:10pt;">11.9 million</font><font style="font-family:inherit;font-size:10pt;"> square feet and </font><font style="font-family:inherit;font-size:10pt;">150</font><font style="font-family:inherit;font-size:10pt;"> acres of other land.</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;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, COPT owned </font><font style="font-family:inherit;font-size:10pt;">98.8%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding COPLP common units (&#8220;common units&#8221;); the remaining common units and all of the outstanding COPLP preferred units (&#8220;preferred units&#8221;) were owned by third parties. Common units not owned by COPT carry certain redemption rights. The number of common units 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 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 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; similarly, although 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, including restricted cash and marketable securities that were reclassified to the line entitled &#8220;prepaid expenses and other assets, net&#8221; on our consolidated balance sheets after having been reported on a separate line in our Quarterly Reports on Form 10-Q filed in prior years and previous Annual Reports on Form 10-K. </font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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