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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2014 and 2013 (in thousands):
| December 31, 2014 |  | December 31, 2013 |  | Effective Interest Rate |  |  |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |
Tysons Corner | $ | 89,513 |  |  | $ | 91,395 |  |  | 5.36 | % |  |  |  | Aug 2015
One Commerce Square | 123,205 |  |  | 125,089 |  |  | 3.68 | % |  | (a) |  | Jan 2016
Two Logan Square | 87,767 |  |  | 88,583 |  |  | 7.57 | % |  |  |  | Apr 2016
Fairview Eleven Tower | 21,242 |  |  | 21,630 |  |  | 4.25 | % |  | (b) |  | Jan 2017
Two Commerce Square | 112,000 |  |  | 112,000 |  |  | 4.51 | % |  | (a) |  | Apr 2023
IRS Philadelphia Campus | 184,442 |  |  | 190,964 |  |  | 7.00 | % |  |  |  | Sep 2030
Cira South Garage | 37,765 |  |  | 40,101 |  |  | 7.12 | % |  |  |  | Sep 2030
Principal balance outstanding | 655,934 |  |  | 669,762 |  |  |  |  |  |  |  |
Plus: fair market value premiums (discounts), net | (1,344 | ) |  | 389 |  |  |  |  |  |  |  |
Total mortgage indebtedness | $ | 654,590 |  |  | $ | 670,151 |  |  |  |  |  |  |  |
UNSECURED DEBT: |  |  |  |  |  |  |  |  |  |
Three-Year Term Loan - Swapped to fixed | $ | — |  |  | $ | 150,000 |  |  | 2.60 | % |  | (c) |  | Feb 2015
Four-Year Term Loan | — |  |  | 100,000 |  |  | LIBOR + 1.75% |  |  | (c), (d) |  | Feb 2016
Seven-Year Term Loan - Swapped to fixed | 200,000 |  |  | 200,000 |  |  | 3.62 | % |  |  |  | Feb 2019
$250.0M 5.40% Guaranteed Notes due 2014 | — |  |  | 218,549 |  |  | 5.53 | % |  | (e) |  | Nov 2014
$250.0M 7.50% Guaranteed Notes due 2015 | — |  |  | 157,625 |  |  | 7.76 | % |  | (e) |  | May 2015
$250.0M 6.00% Guaranteed Notes due 2016 | 149,919 |  |  | 149,919 |  |  | 5.95 | % |  |  |  | Apr 2016
$300.0M 5.70% Guaranteed Notes due 2017 | 300,000 |  |  | 300,000 |  |  | 5.68 | % |  |  |  | May 2017
$325.0M 4.95% Guaranteed Notes due 2018 | 325,000 |  |  | 325,000 |  |  | 5.13 | % |  |  |  | Apr 2018
$250.0M 3.95% Guaranteed Notes due 2023 | 250,000 |  |  | 250,000 |  |  | 4.02 | % |  |  |  | Feb 2023
$250.0M 4.10% Guaranteed Notes due 2024 | 250,000 |  |  | — |  |  | 4.23 | % |  | (e) |  | Oct 2024
$250.0M 4.55% Guaranteed Notes due 2029 | 250,000 |  |  | — |  |  | 4.60 | % |  | (e) |  | Oct 2029
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | 2.75 | % |  |  |  | Mar 2035
Indenture IB (Preferred Trust I) | 25,774 |  |  | 25,774 |  |  | 3.30 | % |  |  |  | Apr 2035
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | 3.09 | % |  |  |  | Jul 2035
Principal balance outstanding | 1,803,529 |  |  | 1,929,703 |  |  |  |  |  |  |  |
plus: original issue premium (discount), net | (6,811 | ) |  | (4,473 | ) |  |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,796,718 |  |  | $ | 1,925,230 |  |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,451,308 |  |  | $ | 2,595,381 |  |  |  |  |  |  |  |
(a) | This loan was assumed upon acquisition of the related properties on December 19, 2013. The interest rate reflects the market rate at the time of acquisition.
(b) | Represents the full debt amount of a property in a consolidated joint venture for which the Company maintains a 50% interest.
(c) | On September 16, 2014, the Company repaid all balances outstanding under its $150.0 million three-year term loan and its $100.0 million four-year term loan prior to the scheduled maturity dates of February 1, 2015 and February 1, 2016, respectively.
(d) | London Interbank Offered Rate (“LIBOR”).
(e) | On September 16, 2014, the Company closed on an underwritten offering of $250.0 million 4.10% Guaranteed Notes due 2024 (the "2024 Notes") and $250.0 million 4.55% Guaranteed Notes due 2029 (the "2029 Notes"). The Company used the net proceeds, together with cash on hand, to redeem the remaining outstanding balance of its 5.40% Guaranteed Notes due November 1, 2014 (the "2014 Notes") and its 7.50% Guaranteed Notes due May 15, 2015 (the "2015 Notes"). (See further discussion below).
Summary of debt repurchases | The following table provides additional information on the Company’s repurchase of $376.2 million in aggregate principal amount of its outstanding unsecured notes (consisting of the 2014 Notes and 2015 Notes, as indicated above) during the twelve months ended December 31, 2014 (in thousands):
Notes | Principal |  | Repurchase Amount (a) |  | Gain (Loss) on Early Extinguishment of Debt (b) |  | Acceleration of Deferred Financing Amortization
2014 5.40% Notes | $ | 218,549 |  |  | $ | 219,404 |  |  | $ | (855 | ) |  | $ | 9 |
2015 7.50% Notes | 157,625 |  |  | 164,364 |  |  | (6,739 | ) |  | 143 |
| $ | 376,174 |  |  | $ | 383,768 |  |  | $ | (7,594 | ) |  | $ | 152 |
During the year-ended December 31, 2013, the Company repurchased $29.3 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands):
Notes | Principal |  | Repurchase Amount (a) |  | Gain (Loss) on Early Extinguishment of Debt (b) |  | Acceleration of Deferred Financing Amortization
2014 5.40% Notes | $ | 19,830 |  |  | $ | 20,853 |  |  | $ | (1,020 | ) |  | $ | 16 |
2015 7.50% Notes | 8,910 |  |  | 9,945 |  |  | (1,036 | ) |  | 23 |
2016 6.00% Notes | 510 |  |  | 571 |  |  | (63 | ) |  | 1 |
| $ | 29,250 |  |  | $ | 31,369 |  |  | $ | (2,119 | ) |  | $ | 40 |
During the year-ended December 31, 2012, the Company repurchased $165.0 million of its outstanding unsecured Notes in a series of transactions that are summarized in the following table (in thousands):
Notes | Principal |  | Repurchase Amount (a) (c) |  | Gain (Loss) on Early Extinguishment of Debt (b) |  | Acceleration of Deferred Financing Amortization
2012 5.75% Notes | $ | 301 |  |  | $ | 303 |  |  | $ | (2 | ) |  | $ | — |
2014 5.40% Notes | 4,302 |  |  | 4,566 |  |  | (264 | ) |  | 8 |
2015 7.50% Notes | 60,794 |  |  | 69,497 |  |  | (8,712 | ) |  | 183 |
2016 6.00% Notes | 99,571 |  |  | 112,541 |  |  | (13,024 | ) |  | 260 |
| $ | 164,968 |  |  | $ | 186,907 |  |  | $ | (22,002 | ) |  | $ | 451 |
(a) | Includes cash losses with respect to redemption of debt.
(b) | Includes unamortized balance of the original issue discount.
(c) | Does not include $151.2 million of 5.75% Guaranteed Notes due 2012 that matured.
Schedule of principal payments of debt obligations | As of December 31, 2014, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2015 | $ | 279,351 |
2016 | 133,809 |
2017 | 44,465 |
2018 | 231,030 |
2019 | 182,522 |
Thereafter | 93,900 |
| $ | 965,077 |
As of December 31, 2014, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, were as follows (in thousands):
2015 | $ | 102,030 |
2016 | 367,703 |
2017 | 330,323 |
2018 | 336,954 |
2019 | 213,155 |
Thereafter | 1,109,298 |
Total principal payments | 2,459,463 |
Net unamortized premiums/(discounts) | (8,155 | )
Outstanding indebtedness | $ | 2,451,308 |

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