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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2015 and 2014 (in thousands):
| December 31, 2015 |  |  | December 31, 2014 |  |  | Effective Interest Rate |  |  | Maturity Date |
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tysons Corner | $ | - |  |  | $ | 89,513 |  |  |  | 5.36 | % |  | Oct 2015 | (a)
Two Logan Square |  | 86,886 |  |  |  | 87,767 |  |  |  | 7.57 | % |  | Apr 2016 |
Fairview Eleven Tower (b) |  | 20,838 |  |  |  | 21,242 |  |  |  | 4.25 | % |  | Jan 2017 |
One Commerce Square |  | 130,000 |  |  |  | 123,205 |  |  |  | 3.64 | % | (c) | Apr 2023 |
Two Commerce Square |  | 112,000 |  |  |  | 112,000 |  |  |  | 4.51 | % | (d) | Apr 2023 |
IRS Philadelphia Campus (e) |  | 177,425 |  |  |  | 184,442 |  |  |  | 7.00 | % |  | Sep 2030 |
Cira South Garage (e) |  | 35,546 |  |  |  | 37,765 |  |  |  | 7.12 | % |  | Sep 2030 |
Principal balance outstanding |  | 562,695 |  |  |  | 655,934 |  |  |  |  |  |  |  |
Plus: fair market value premium (discount), net |  | (3,198 | ) |  |  | (1,344 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (13,744 | ) |  |  | (14,959 | ) |  |  |  |  |  |  |
Mortgage indebtedness | $ | 545,753 |  |  | $ | 639,631 |  |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seven-Year Term Loan - Swapped to fixed | $ | 250,000 |  |  | $ | 200,000 |  |  |  | 3.72 | % | (f) | Oct 2022 |
$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 |  |  |  | 250,000 |  |  |  | 4.33 | % |  | Oct 2024 |
$250.0M 4.55% Guaranteed Notes due 2029 |  | 250,000 |  |  |  | 250,000 |  |  |  | 4.60 | % |  | 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 |  | 1,853,529 |  |  |  | 1,803,529 |  |  |  |  |  |  |  |
Plus: original issue premium (discount), net |  | (5,714 | ) |  |  | (6,811 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (8,851 | ) |  |  | (9,004 | ) |  |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,838,964 |  |  | $ | 1,787,714 |  |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,384,717 |  |  | $ | 2,427,345 |  |  |  |  |  |  |  |
(a) | On August 19, 2015, the Company entered into a forbearance agreement to extend the maturity date of the mortgage note payable collateralized by two of its properties located at 8260 Greensboro Drive and 1676 International Drive in Mclean, Virginia (referred to as "Tysons Corner" above). On October 9, 2015, the Company funded $88.4 million, including $0.4 million of accrued interest, in repayment of the Tysons Corner mortgage note with funds from the additional borrowings under the seven-year term loan referenced below.
(b) | Represents the full debt amount of a property in a consolidated real estate venture for which the Company maintains a 50% interest.
(c) | This loan was assumed upon acquisition of the related properties on December 19, 2013. On December 29, 2015, the Company refinanced the debt increasing the principal balance to $130.0 million and extended the term from the scheduled maturity from January 6, 2016 to April 5, 2023. The effective interest rate as of December 31, 2015 was 3.64%. A default under this loan will also constitute a default under the loan outstanding on Two Commerce Square. This loan is also secured by a lien on Two Commerce Square.
(d) | This loan was assumed upon acquisition of the related property on December 19, 2013. The interest rate reflects the market rate at the time of acquisition. A default under this loan will also constitute a default under the loan outstanding on One Commerce Square. This loan is also secured by a lien on One Commerce Square.
(e) | Mortgage debt was prepaid prior to the scheduled maturity. See Note 21, “Subsequent Events,” for additional information regarding the prepayment.
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 |
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 |
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 |
(a) | Includes cash losses with respect to redemption of debt.
(b) | Includes unamortized balance of the original issue discount.
Schedule of Maturities of Long-term Debt | As of December 31, 2015, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2016 | $ | 249,468 |
2017 |  | 333,682 |
2018 |  | 340,437 |
2019 |  | 16,768 |
2020 |  | 17,661 |
Thereafter |  | 1,458,208 |
Total principal payments |  | 2,416,224 |
Net unamortized premiums/(discounts) |  | (8,912 | )
Net deferred financing costs |  | (22,595 | )
Outstanding indebtedness | $ | 2,384,717 |

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