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 0 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Sep. 30, 2014
Mortgage and Other Secured Loans:
Dec. 31, 2013
Mortgage and Other Secured Loans:
Sep. 30, 2014
Fixed rate mortgage loans
Dec. 31, 2013
Fixed rate mortgage loans
Sep. 30, 2014
Variable rate secured loans
Dec. 31, 2013
Variable rate secured loans
Sep. 30, 2014
Revolving Credit Facility
Dec. 31, 2013
Revolving Credit Facility
Sep. 30, 2014
Term Loan Facilities
Dec. 31, 2013
Term Loan Facilities
Sep. 30, 2014
Unsecured notes payable
Dec. 31, 2013
Unsecured notes payable
Sep. 30, 2014
4.25% Exchangeable Senior Notes
Sep. 30, 2013
4.25% Exchangeable Senior Notes
Sep. 30, 2014
4.25% Exchangeable Senior Notes
Sep. 30, 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
Apr. 01, 2014
Debt in default of payment terms
Wholly owned subsidiary
Northern Virginia
Property
Sep. 30, 2014
Unsecured senior notes
3.60% Senior Notes
Dec. 31, 2013
Unsecured senior notes
3.60% Senior Notes
Sep. 30, 2014
Unsecured senior notes
5.250% Senior Notes
Dec. 31, 2013
Unsecured senior notes
5.250% Senior Notes
May 14, 2014
Unsecured senior notes
3.70% Senior Notes
Sep. 30, 2014
Unsecured senior notes
3.70% Senior Notes
May 14, 2014
Unsecured senior notes
3.70% Senior Notes
Dec. 31, 2013
Unsecured senior notes
3.70% Senior Notes
Sep. 30, 2014
Revolving Credit Facility
Sep. 30, 2014
Minimum
Revolving Credit Facility
Sep. 30, 2014
Minimum
Term Loan Facilities
Sep. 30, 2014
Maximum
Revolving Credit Facility
Sep. 30, 2014
Maximum
Term Loan Facilities
May 14, 2014
Adjusted Treasury
Unsecured senior notes
3.70% Senior Notes
Debt                                                                            
Maximum Availability                                                                 $ 800,000,000 [1]          
Carrying Value 2,049,992,000   2,049,992,000   1,927,703,000 637,169,000 712,751,000 600,082,000 [2] 675,060,000 [2] 37,087,000 37,691,000 0 [1] 0 [1] 520,000,000 [3] 620,000,000 [3] 1,631,000 1,700,000 570,000 [4]   570,000 [4]   563,000 [4] 150,000,000   347,432,000 [5] 347,244,000 [5] 245,707,000 [6] 245,445,000 [6]   297,483,000 [7]   0 [7]            
Stated interest rates, low end of range (as a percent)               3.96% [8]                                                            
Stated interest rates, high end of range (as a percent)               10.65% [8]                                                            
Description of variable rate basis                   LIBOR [9]   LIBOR [1]   LIBOR [10]                                                
Variable rate, spread (as a percent)                   2.25% [9]                                               0.975% [1] 1.10% [10] 1.75% [1] 2.60% [10]  
Stated interest rate (as a percent)                               0.00% [11]   4.25% [4]   4.25% [4]     10.65%   3.60% [5]   5.25% [6]     3.70% [7] 3.70%              
Number of real estate properties                                               2                            
Debt issuance as a percentage of principal amount                                                         99.739%                  
Proceeds from issuance of debt                                                         297,300,000                  
Unamortized premium included in carrying value               49,000 69,000                                                          
Weighted average interest rate (as a percent)               7.20%           1.80%                                                
Interest rate on debt (as a percent)                   2.41%               6.05%   6.05%         3.70%   5.49%       3.85%              
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       300,000,000              
Unamortized discount included in carrying value                               680,000 761,000 5,000   5,000   12,000     2,600,000 2,800,000 4,300,000 4,600,000   2,500,000                
Exchange rate per $1000 principal amount (in common shares)                                       20.8513                                    
Convertible debt principal amount, basis for exchange                                   1,000   1,000                                    
Exchange price per common share based on exchange rate (in dollars per share)                                   $ 47.96   $ 47.96                                    
Principal amount of debt                                   575,000   575,000                                    
Interest expense at stated interest rate                                   6,000 6,000 18,000 4,201,000                                  
Interest expense associated with amortization of discount     659,000 1,207,000                           2,000 2,000 7,000 1,613,000                                  
Total interest expenses                                   8,000 8,000 25,000 5,814,000                                  
Basis points used in determining redemption price prior to maturity                                                                           0.25%
Interest costs capitalized $ 1,300,000 $ 2,200,000 $ 4,300,000 $ 6,700,000                                                                    
[1] No borrowings were outstanding on this facility as of the end of the respective periods.
[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 $49,000 as of September 30, 2014 and $69,000 as of December 31, 2013.
[3] We have the ability to borrow an additional $180.0 million in the aggregate under these term loan facilities, provided that there is no default under the facilities and subject to the approval of the lenders.
[4] 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 September 30, 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 $5,000 as of September 30, 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 September 30, 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 September 30, For the Nine Months Ended September 30, 2014 2013 2014 2013Interest expense at stated interest rate$6 $6 $18 $4,201Interest expense associated with amortization of discount2 2 7 1,613Total$8 $8 $25 $5,814
[5] The carrying value of these notes included a principal amount of $350.0 million and an unamortized discount totaling $2.6 million as of September 30, 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%.
[6] The carrying value of these notes included a principal amount of $250.0 million and an unamortized discount totaling $4.3 million as of September 30, 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%.
[7] Refer to the paragraph below for disclosure pertaining to these notes.
[8] The weighted average interest rate on these loans was 7.20% as of September 30, 2014.
[9] The interest rate on the loan outstanding was 2.41% as of September 30, 2014.
[10] The weighted average interest rate on these loans was 1.80% as of September 30, 2014.
[11] 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 $680,000 as of September 30, 2014 and $761,000 as of December 31, 2013.