Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Sep. 30, 2013
Mortgage and Other Secured Loans:
Dec. 31, 2012
Mortgage and Other Secured Loans:
Sep. 30, 2013
Fixed rate mortgage loans
Dec. 31, 2012
Fixed rate mortgage loans
Sep. 30, 2013
Variable rate secured loans
Dec. 31, 2012
Variable rate secured loans
Sep. 30, 2013
Other construction loan facilities
Dec. 31, 2012
Other construction loan facilities
Sep. 30, 2013
Revolving Credit Facility
Dec. 31, 2012
Revolving Credit Facility
Sep. 30, 2013
Term Loan Facility
Dec. 31, 2012
Term Loan Facility
Sep. 30, 2013
Unsecured notes payable
Dec. 31, 2012
Unsecured notes payable
Sep. 30, 2013
4.25% Exchangeable Senior Notes
Sep. 30, 2012
4.25% Exchangeable Senior Notes
Sep. 30, 2013
4.25% Exchangeable Senior Notes
Sep. 30, 2012
4.25% Exchangeable Senior Notes
Dec. 31, 2012
4.25% Exchangeable Senior Notes
Sep. 30, 2013
Unsecured senior notes
May 06, 2013
Unsecured senior notes
3.60% Senior Notes
Sep. 30, 2013
Unsecured senior notes
3.60% Senior Notes
Dec. 31, 2012
Unsecured senior notes
3.60% Senior Notes
Sep. 15, 2013
Unsecured senior notes
5.250% Senior Notes
Sep. 30, 2013
Unsecured senior notes
5.250% Senior Notes
Sep. 16, 2013
Unsecured senior notes
5.250% Senior Notes
Dec. 31, 2012
Unsecured senior notes
5.250% Senior Notes
Sep. 30, 2013
Adjusted Treasury
Unsecured senior notes
3.60% Senior Notes
Sep. 30, 2013
Adjusted Treasury
Unsecured senior notes
5.250% Senior Notes
Jul. 16, 2013
Amendment Number 1
Revolving Credit Facility
Jul. 16, 2013
Amendment Number 2
London Interbank Offered Rate (LIBOR)
Unsecured notes payable
Term Loan Facility
Sep. 30, 2013
Minimum
Revolving Credit Facility
Sep. 30, 2013
Minimum
Term Loan Facility
Sep. 30, 2013
Minimum
Amendment Number 1
Revolving Credit Facility
London Interbank Offered Rate (LIBOR)
Sep. 30, 2013
Minimum
Amendment Number 2
London Interbank Offered Rate (LIBOR)
Term Loan Facility
Sep. 30, 2013
Maximum
Revolving Credit Facility
Sep. 30, 2013
Maximum
Term Loan Facility
Sep. 30, 2013
Maximum
Amendment Number 1
Revolving Credit Facility
London Interbank Offered Rate (LIBOR)
Sep. 30, 2013
Maximum
Amendment Number 2
London Interbank Offered Rate (LIBOR)
Term Loan Facility
Debt                                                                                        
Maximum Availability                       $ 26,150,000   $ 800,000,000 [1]                                                            
Carrying Value 2,135,031,000   2,135,031,000   2,019,168,000 920,205,000 1,016,446,000 882,311,000 [2] 948,414,000 [2] 37,894,000 38,475,000 0 29,557,000 0 [1] 0 [1] 620,000,000 [3] 770,000,000 [3] 1,723,000 [4] 1,788,000 [4] 560,000 [5]   560,000 [5]   230,934,000 [5]     347,183,000 [4] 0 [4]   245,360,000 [4]   0 [4]                        
Stated interest rate (as a percent)                                   0.00% [6]   4.25%   4.25%       3.60% 3.60%     5.25% 5.25%                          
Stated Interest Rates, low end of range (as a percent)               3.96% [7]                                                                        
Stated Interest Rates, high end of range (as a percent)               7.87% [7]                                                                        
Description of variable rate basis                   LIBOR [8]       LIBOR [9]   LIBOR [10]                                                        
Variable rate, spread (as a percent)                   2.25% [8]                                                     0.975% [9] 1.10% [10] 0.975% 1.10% 1.75% [9] 2.60% [10] 1.75% 2.00%
Unamortized premium included in carrying value               465,000 1,300,000                                                                      
Weighted average interest rate (as a percent)               5.98%           1.45%   1.80%                                                        
Interest rate on debt (as a percent)                   2.43%                                                                    
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 374,000 768,000 27,028,000 937,000                                   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%     5.49%                            
Number of Months Prior to Loan Maturity Requiring Redemption at Principal Value                                                 3 months                                      
Redemption Percentage Within Three Months of Maturity                                                 100.00%                                      
Interest expense at stated interest rate                                       6,000 2,550,000 4,201,000 7,650,000                                          
Interest expense associated with amortization of discount     1,207,000 2,357,000                               2,000 919,000 1,613,000 2,717,000                                          
Total interest expenses                                       8,000 3,469,000 5,814,000 10,367,000                                          
Debt instrument extension option, term                                                                     1 year                  
Extension fee percentage                                                                     0.15%                  
Debt instrument, face amount                                                   350,000,000         250,000,000         550,000,000                
Proceeds from issuance of debt                                                   347,100,000     245,300,000                              
Debt issuance as a percentage of principal amount                                                   99.816%     98.783%                              
Basis points used in determining redemption price prior to maturity                                                                 30.00% 40.00%                    
Unamortized discount included in carrying value                                   788,000 873,000 15,000   15,000   9,100,000     2,800,000     4,600,000                            
Capitalized interest costs $ 2,200,000 $ 3,400,000 $ 6,700,000 $ 10,800,000                                                                                
[1] Refer to the paragraph below for disclosure pertaining to the Revolving Credit Facility.
[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 $465,000 at September 30, 2013 and $1.3 million at December 31, 2012.
[3] 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.
[4] Refer to the paragraphs below for disclosure pertaining to these notes.
[5] 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 September 30, 2013 and is equivalent to an exchange price of $47.96 per common share). During the nine months ended September 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 $15,000 at September 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 September 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 September 30, For the Nine Months Ended September 30, 2013 2012 2013 2012Interest expense at stated interest rate$6 $2,550 $4,201 $7,650Interest expense associated with amortization of discount2 919 1,613 2,717Total$8 $3,469 $5,814 $10,367
[6] 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 $788,000 at September 30, 2013 and $873,000 at December 31, 2012.
[7] The weighted average interest rate on these loans was 5.98% at September 30, 2013.
[8] The interest rate on the loan outstanding was 2.43% at September 30, 2013.
[9] The weighted average interest rate on the Revolving Credit Facility was 1.45% at September 30, 2013.
[10] The weighted average interest rate on these loans was 1.80% at September 30, 2013.