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v2.3.0.11

Debt Obligations (Tables) | 6 Months Ended
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Jun. 30, 2011
Debt Obligations (Tables) [Abstract] |
Consolidated debt obligations | MORTGAGE DEBT:
|  |  |  |  |  |  |  |  |  | Effective |  |  |  |
|  | June 30, |  |  | December 31, |  |  | Interest |  |  | Maturity |
Property / Location |  | 2011 |  |  | 2010 |  |  | Rate |  |  | Date |
Arboretum I, II, III & V |  | $ | — |  |  | $ | 20,386 |  |  |  | 7.59 | % (a) |  | Jul-11
Midlantic Drive/Lenox Drive/DCC I |  |  | — |  |  |  | 56,514 |  |  |  | 8.05 | %(b) |  | Oct-11
Research Office Center |  |  | — |  |  |  | 39,145 |  |  |  | 5.30 | %(c), (d) |  | Oct-11
Concord Airport Plaza |  |  | 33,914 |  |  |  | 34,494 |  |  |  | 5.55 | %(d) |  | Jan-12
Newtown Square/Berwyn Park/Libertyview |  |  | 57,334 |  |  |  | 58,102 |  |  |  | 7.25 | % |  | May-13
Southpoint III |  |  | 2,249 |  |  |  | 2,597 |  |  |  | 7.75 | % |  | Apr-14
Tysons Corner |  |  | 95,698 |  |  |  | 96,507 |  |  |  | 5.36 | %(d) |  | Aug-15
Two Logan Square |  |  | 89,800 |  |  |  | 89,800 |  |  |  | 7.57 | % |  | Apr-16
One Logan Square |  |  | 60,000 |  |  |  | 60,000 |  |  |  | 4.50 | % (e) |  | Jul-16
IRS Philadelphia Campus |  |  | 205,676 |  |  |  | 208,366 |  |  |  | 6.95 | % |  | Sep-30
Cira South Garage |  |  | 45,372 |  |  |  | 46,335 |  |  |  | 7.11 | % |  | Sep-30
Principal balance outstanding |  |  | 590,043 |  |  |  | 712,246 |  |  |  |  |  |  |  |  |
Plus: unamortized fixed-rate debt premiums (discounts), net |  |  | (1,220 | ) |  |  | (457 | ) |  |  |  |  |  |  |  |
Total mortgage indebtedness |  | $ | 588,823 |  |  | $ | 711,789 |  |  |  |  |  |  |  |  |
UNSECURED DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$345.0M 3.875% Guaranteed Exchangeable Notes due 2026 |  |  | 59,835 |  |  |  | 59,835 |  |  |  | 5.50 | % (f) |  | Oct-11
Bank Term Loan |  |  | 183,000 |  |  |  | 183,000 |  |  |  | LIBOR + 0.800 | % (g) |  | Jun-12
Credit Facility |  |  | 42,000 |  |  |  | 183,000 |  |  |  | LIBOR + 0.725 | % (g) |  | Jun-12
$300.0M 5.750% Guaranteed Notes due 2012 |  |  | 153,694 |  |  |  | 175,200 |  |  |  | 5.73 | % |  | Apr-12
$250.0M 5.400% Guaranteed Notes due 2014 |  |  | 242,681 |  |  |  | 242,681 |  |  |  | 5.53 | % |  | Nov-14
$250.0M 7.500% Guaranteed Notes due 2015 |  |  | 248,585 |  |  |  | 250,000 |  |  |  | 7.77 | % |  | May-15
$250.0M 6.000% Guaranteed Notes due 2016 |  |  | 250,000 |  |  |  | 250,000 |  |  |  | 5.95 | % |  | Apr-16
$300.0M 5.700% Guaranteed Notes due 2017 |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 5.68 | % |  | May-17
$325.0M 4.950% Guaranteed Notes due 2018 |  |  | 325,000 |  |  |  | — |  |  |  | 5.14 | % |  | Apr-18
Indenture IA (Preferred Trust I) |  |  | 27,062 |  |  |  | 27,062 |  |  |  | LIBOR + 1.25 | % |  | Mar-35
Indenture IB (Preferred Trust I) |  |  | 25,774 |  |  |  | 25,774 |  |  |  | LIBOR + 1.25 | % |  | Apr-35
Indenture II (Preferred Trust II) |  |  | 25,774 |  |  |  | 25,774 |  |  |  | LIBOR + 1.25 | % |  | Jul-35
Principal balance outstanding |  |  | 1,883,405 |  |  |  | 1,722,326 |  |  |  |  |  |  |  |  |
Less: unamortized exchangeable debt discount |  |  | (362 | ) |  |  | (906 | ) |  |  |  |  |  |  |  |
unamortized fixed-rate debt discounts, net |  |  | (5,845 | ) |  |  | (2,763 | ) |  |  |  |  |  |  |  |
Total unsecured indebtedness |  | $ | 1,877,198 |  |  | $ | 1,718,657 |  |  |  |  |  |  |  |  |
Total Debt Obligations |  | $ | 2,466,021 |  |  | $ | 2,430,446 |  |  |  |  |  |  |  |  |
(a) |  | On April 1, 2011, the Company prepaid the remaining balance of the loan without penalty.
(b) |  | On June 3, 2011, the Company prepaid the remaining balance of the loan without penalty.
(c) |  | On June 30, 2011, the Company prepaid the remaining balance of the loan without penalty. The unamortized fixed-rate debt premium of $0.3 million related to this loan was included as part of the loss on early extinguishment of debt in the Company’s consolidated statement of operations during the quarter.
(d) |  | These loans were assumed upon acquisition of the related properties. The interest rates reflect the market rate at the time of acquisition.
(e) |  | This mortgage is subject to an interest rate floor of 4.50% on a monthly basis. On July 11, 2011, the Company prepaid the balance of the loan without penalty (see Note 18).
(f) |  | On October 20, 2011, the holders of the Guaranteed Exchangeable Notes have the right to request the redemption of all or a portion of the Guaranteed Exchangeable Notes they hold at a price equal to 100% of the principal amount plus accrued and unpaid interest. Accordingly, the Guaranteed Exchangeable Notes have been presented with an October 20, 2011 maturity date.
(g) |  | On March 31, 2011, the maturity dates of the Bank Term Loan and the Credit Facility were extended to June 29, 2012 from June 29, 2011. On June 29, 2011, the Company paid a total extension fee amounting to $1.2 million which is equal to 15 basis points of the outstanding principal balance of the Bank Term Loan and of the committed amount under the Credit Facility. The extension of the maturity dates was at the Company’s option under the Bank Term Loan and the Credit Facility agreements. There were no changes in the terms and conditions of the loan agreements as a result of the maturity date extensions.
Summary of debt repurchases |
|  | Repurchase |  |  |  |  |  |  |  |  |  |  | Deferred Financing |
Notes |  | Amount |  |  | Principal |  |  | Loss |  |  | Amortization |
2012 5.750% Notes |  | $ | 22,331 |  |  | $ | 21,506 |  |  | $ | (821 | ) |  | $ | 82 |
2015 7.500% Notes |  |  | 1,600 |  |  |  | 1,415 |  |  |  | (211 | ) |  |  | 8 |
|  | $ | 23,931 |  |  | $ | 22,921 |  |  | $ | (1,032 | ) |  | $ | 90 |
Schedule of principal payments of debt obligations |
2011 |  | $ | 6,339 |
2012 |  |  | 424,630 |
2013 |  |  | 67,037 |
2014 |  |  | 255,016 |
2015 |  |  | 348,742 |
Thereafter |  |  | 1,371,684 |
Total principal payments |  |  | 2,473,448 |
Net unamortized premiums/(discounts) |  |  | (7,427 | )
Outstanding indebtedness |  | $ | 2,466,021 |

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- Definition Summary of debt repurchases. + Details
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- Definition Description of debt extinguished, amount of gain or loss, the income tax effect and the per share amount of the aggregate gain or loss, net of the related income tax. For assets that are set aside solely for satisfying scheduled payments of a specific obligation, provides a description of the nature of the restrictions. For planned extinguishment of debt, discloses the likely effects of any planned early extinguishment of long-term debt. This element may be used to capture the complete disclosure schedule pertaining to debt extinguishment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 26 -Paragraph 20 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 16, 17 + Details
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