Quarterly report pursuant to Section 13 or 15(d)

Debt (Details)

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Debt (Details) (USD $)
 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Mar. 31, 2014
Mortgage and Other Secured Loans:
Dec. 31, 2013
Mortgage and Other Secured Loans:
Mar. 31, 2014
Fixed rate mortgage loans
Dec. 31, 2013
Fixed rate mortgage loans
Mar. 31, 2014
Variable rate secured loans
Dec. 31, 2013
Variable rate secured loans
Mar. 31, 2014
Revolving Credit Facility
Dec. 31, 2013
Revolving Credit Facility
Mar. 31, 2014
Term Loan Facilities
Dec. 31, 2013
Term Loan Facilities
Mar. 31, 2014
Unsecured notes payable
Dec. 31, 2013
Unsecured notes payable
Mar. 31, 2014
4.25% Exchangeable Senior Notes
Mar. 31, 2013
4.25% Exchangeable Senior Notes
Dec. 31, 2013
4.25% Exchangeable Senior Notes
Apr. 01, 2014
Debt in default of payment terms
Wholly owned subsidiary
Subsequent Event
Apr. 01, 2014
Debt in default of payment terms
Wholly owned subsidiary
Subsequent Event
Northern Virginia
Property
Mar. 31, 2014
Construction loans
Fixed rate mortgage loans
Mar. 31, 2014
Unsecured senior notes
3.60% Senior Notes
Dec. 31, 2013
Unsecured senior notes
3.60% Senior Notes
Mar. 31, 2014
Unsecured senior notes
5.250% Senior Notes
Dec. 31, 2013
Unsecured senior notes
5.250% Senior Notes
Mar. 31, 2014
Revolving Credit Facility
Mar. 31, 2014
Minimum
Revolving Credit Facility
Mar. 31, 2014
Minimum
Term Loan Facilities
Mar. 31, 2014
Maximum
Revolving Credit Facility
Mar. 31, 2014
Maximum
Term Loan Facilities
Debt                                                            
Maximum Availability                                                   $ 800,000,000 [1]        
Carrying Value 1,931,831,000   1,927,703,000 716,751,000 712,751,000 679,260,000 [2] 675,060,000 [2] 37,491,000 37,691,000 0 [1] 0 [1] 620,000,000 620,000,000 1,677,000 1,700,000 565,000 [3]   563,000 [3] 150,000,000   19,800,000 347,306,000 [4] 347,244,000 [4] 245,532,000 [5] 245,445,000 [5]          
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 [1]   LIBOR [8]                                    
Variable rate, spread (as a percent)               2.25% [7]                                     0.975% [1] 1.10% [8] 1.75% [1] 2.60% [8]
Stated interest rate (as a percent)                           0.00% [9]   4.25%     5.65%     3.60%   5.25%            
Unamortized premium included in carrying value           62,000 69,000                                              
Debt Instrument, Maximum Borrowing Capacity                                         26,200,000.0                  
Weighted average interest rate (as a percent)           6.12%           1.78%                                    
Interest rate on debt (as a percent)               2.41%                                            
Additional borrowing capacity available provided there is no default under the agreement                       180,000,000                                    
Debt instrument, face amount                                           350,000,000   250,000,000            
Unamortized discount included in carrying value                           734,000 761,000 10,000   12,000       2,700,000 2,800,000 4,500,000 4,600,000          
Effective interest rate, including amortization of issuance costs (as a percent)                               6.05%           3.70%   5.49%            
Exchange rate per $1000 principal amount (in common shares)                               20.8513                            
Convertible debt principal amount, basis for exchange                               1,000                            
Exchange price per common share based on exchange rate (in dollars per share)                               $ 47.96                            
Principal amount of debt                               575,000                            
Interest expense at stated interest rate                               6,000 2,304,000                          
Interest expense associated with amortization of discount 171,000 710,000                           3,000 864,000                          
Total interest expenses                               9,000 3,168,000                          
Number of properties pledged as collateral on loan in default                                       2                    
Capitalized interest costs $ 1,600,000 $ 2,400,000                                                        
[1] No borrowings were outstanding on this facility during the three months ended March 31, 2014.
[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 $62,000 as of March 31, 2014 and $69,000 as of December 31, 2013.
[3] As described further in our 2013 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 March 31, 2014 and is equivalent to an exchange price of $47.96 per common share). The carrying value of these notes included a principal amount of $575,000 and an unamortized discount totaling $10,000 as of March 31, 2014 and $12,000 as of December 31, 2013. The effective interest rate under the notes, including amortization of the issuance costs, was 6.05%. Because the closing price of our common shares as of March 31, 2014 and December 31, 2013 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 March 31, 2014 2013Interest expense at stated interest rate $6 $2,304Interest expense associated with amortization of discount 3 864Total $9 $3,168
[4] The carrying value of these notes included a principal amount of $350.0 million and an unamortized discount totaling $2.7 million as of March 31, 2014 and $2.8 million as of December 31, 2013. The effective interest rate under the notes, including amortization of the issuance costs, was 3.70%.
[5] The carrying value of these notes included a principal amount of $250.0 million and an unamortized discount totaling $4.5 million as of March 31, 2014 and $4.6 million as of December 31, 2013. The effective interest rate under the notes, including amortization of the issuance costs, was 5.49%.
[6] The weighted average interest rate on these loans was 6.12% as of March 31, 2014.
[7] The interest rate on the loan outstanding was 2.41% as of March 31, 2014.
[8] The weighted average interest rate on these loans was 1.78% as of March 31, 2014.
[9] 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 $734,000 as of March 31, 2014 and $761,000 as of December 31, 2013.