Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Dec. 31, 2012
Jun. 30, 2013
Mortgage and Other Secured Loans:
Dec. 31, 2012
Mortgage and Other Secured Loans:
Jun. 30, 2013
Fixed rate mortgage loans
Dec. 31, 2012
Fixed rate mortgage loans
Jun. 30, 2013
Variable rate secured loans
Dec. 31, 2012
Variable rate secured loans
Jun. 30, 2013
Other construction loan facilities
Dec. 31, 2012
Other construction loan facilities
Jun. 30, 2013
Revolving Credit Facility
Dec. 31, 2012
Revolving Credit Facility
Jun. 30, 2013
Term Loan Facility
Dec. 31, 2012
Term Loan Facility
Jun. 30, 2013
Unsecured notes payable
Dec. 31, 2012
Unsecured notes payable
Jun. 30, 2013
4.25% Exchangeable Senior Notes
Jun. 30, 2012
4.25% Exchangeable Senior Notes
Jun. 30, 2013
4.25% Exchangeable Senior Notes
Jun. 30, 2012
4.25% Exchangeable Senior Notes
Dec. 31, 2012
4.25% Exchangeable Senior Notes
May 06, 2013
Unsecured senior notes
3.60% Senior Notes
Jun. 30, 2013
Unsecured senior notes
3.60% Senior Notes
Dec. 31, 2012
Unsecured senior notes
3.60% Senior Notes
Jun. 30, 2013
Adjusted Treasury
Unsecured senior notes
3.60% Senior Notes
Debt                                                        
Maximum Availability                       $ 26,150,000   $ 800,000,000   $ 670,000,000 [1]                        
Carrying Value 2,093,106,000   2,093,106,000   2,019,168,000 925,682,000 1,016,446,000 887,595,000 [2] 948,414,000 [2] 38,087,000 38,475,000 0 29,557,000 148,000,000 0 670,000,000 [1] 770,000,000 [1] 1,745,000 1,788,000 558,000 [3]   558,000 [3]   230,934,000 [3]   347,121,000 [4] 0 [4]  
Stated interest rate (as a percent)                                   0.00% [5]   4.25%   4.25%     3.60% 3.60%    
Stated Interest Rates, low end of range (as a percent)               3.96% [6]                                        
Stated Interest Rates, high end of range (as a percent)               7.87% [6]                                        
Description of variable rate basis                   LIBOR [7]   LIBOR [8]   LIBOR [8]   LIBOR [9]                        
Variable rate, spread (as a percent)                   2.25% [7]                                    
Variable rate, spread low end of range (as a percent)                          [8]   1.75% [8]   1.65% [9]                        
Variable rate, spread high end of range (as a percent)                          [8]   2.50% [8]   2.60% [9]                        
Unamortized premium included in carrying value               720,000 1,300,000                                      
Weighted average interest rate (as a percent)               5.99%           1.92%   1.93%                        
Interest rate on debt (as a percent)                   2.44%                                    
Additional borrowing capacity available provided there is no default under the agreement                               180,000,000                        
Convertible debt principal amount, basis for exchange                                       1,000   1,000            
Exchange rate per $1000 principal amount (in common shares)                                           20.8513            
Exchange price per common share based on exchange rate (in dollars per share)                                       $ 47.96   $ 47.96            
Amount of debt repaid                                           239,400,000            
Loss on early extinguishment of debt 21,470,000 169,000 26,654,000 169,000                                   25,900,000            
Principal amount of debt                                       575,000   575,000   240,000,000        
Effective interest rate, including amortization of issuance costs (as a percent)                                       6.05%   6.05%       3.70%    
Interest expense at stated interest rate                                       1,891,000 2,550,000 4,195,000 5,100,000          
Interest expense associated with amortization of discount     1,328,000 1,565,000                               747,000 906,000 1,611,000 1,798,000          
Total interest expenses                                       2,638,000 3,456,000 5,806,000 6,898,000          
Debt instrument, face amount                                                 350,000,000      
Proceeds from issuance of debt                                                 347,100,000      
Debt issuance as a percentage of principal amount                                                 99.816%      
Basis points used in determining redemption price prior to maturity                                                       0.30%
Unamortized discount included in carrying value                                   816,000 873,000 17,000   17,000   9,100,000   2,900,000    
Capitalized interest costs $ 2,100,000 $ 3,600,000 $ 4,500,000 $ 7,400,000                                                
[1] We have the ability to borrow an aggregate of an additional $180.0 million under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders.
[2] Several of the fixed rate mortgages carry interest rates that were above or below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying values of these loans reflect net unamortized premiums totaling $720,000 at June 30, 2013 and $1.3 million at December 31, 2012.
[3] As described further in our 2012 Annual Report on Form 10-K, these notes have an exchange settlement feature that provides that the notes may, under certain circumstances, be exchangeable for cash and, at COPLP’s discretion, COPT common shares at an exchange rate (subject to adjustment) of 20.8513 shares per one thousand dollar principal amount of the notes (exchange rate is as of June 30, 2013 and is equivalent to an exchange price of $47.96 per common share). During the six months ended June 30, 2013, we repaid $239.4 million principal amount of these notes and recognized a $25.9 million loss on early extinguishment of debt. The carrying value of these notes included a principal amount of $575,000 and an unamortized discount totaling $17,000 at June 30, 2013 and a principal amount of $240.0 million and an unamortized discount totaling $9.1 million at December 31, 2012. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of our common shares at June 30, 2013 and December 31, 2012 was less than the exchange price per common share applicable to these notes, the if-converted value of the notes did not exceed the principal amount. The table below sets forth interest expense recognized on these notes before deductions for amounts capitalized (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2013 2012 2013 2012Interest expense at stated interest rate$1,891 $2,550 $4,195 $5,100Interest expense associated with amortization of discount747 906 1,611 1,798Total$2,638 $3,456 $5,806 $6,898
[4] Refer to the paragraph below for disclosure pertaining to these notes.
[5] These notes carry interest rates that were below market rates upon assumption and therefore were recorded at their fair value based on applicable effective interest rates. The carrying value of these notes reflects an unamortized discount totaling $816,000 at June 30, 2013 and $873,000 at December 31, 2012.
[6] The weighted average interest rate on these loans was 5.99% at June 30, 2013.
[7] The interest rate on the loan outstanding was 2.44% at June 30, 2013.
[8] The weighted average interest rate on the Revolving Credit Facility was 1.92% at June 30, 2013.
[9] The weighted average interest rate on these loans was 1.93% at June 30, 2013.