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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2016 and 2015 (in thousands):
| December 31, 2016 |  |  | December 31, 2015 |  |  | Effective Interest Rate |  |  | Maturity Date |
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |  |
3141 Fairview Park Drive (a) | $ | - |  |  | $ | 20,838 |  |  |  | 4.25 | % |  | Jan 2017 |
Two Logan Square |  | 86,012 |  |  |  | 86,886 |  |  |  | 3.98 | % | (b) | May 2020 |
One Commerce Square |  | 127,026 |  |  |  | 130,000 |  |  |  | 3.64 | % | (c) | Apr 2023 |
Two Commerce Square |  | 112,000 |  |  |  | 112,000 |  |  |  | 4.51 | % | (d) | Apr 2023 |
IRS Philadelphia Campus (e) |  | - |  |  |  | 177,425 |  |  |  | 7.00 | % |  | Sep 2030 |
Cira South Garage (e) |  | - |  |  |  | 35,546 |  |  |  | 7.12 | % |  | Sep 2030 |
Principal balance outstanding |  | 325,038 |  |  |  | 562,695 |  |  |  |  |  |  |  |
Plus: fair market value premium (discount), net |  | (2,761 | ) |  |  | (3,198 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (728 | ) |  |  | (13,744 | ) |  |  |  |  |  |  |
Mortgage indebtedness | $ | 321,549 |  |  | $ | 545,753 |  |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seven-Year Term Loan - Swapped to fixed | $ | 250,000 |  |  | $ | 250,000 |  |  |  | 3.72 | % |  | Oct 2022 |
$250.0M 6.00% Guaranteed Notes due 2016 (f) |  | - |  |  |  | 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 |  | 1,703,610 |  |  |  | 1,853,529 |  |  |  |  |  |  |  |
Plus: original issue premium (discount), net |  | (4,678 | ) |  |  | (5,714 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (7,369 | ) |  |  | (8,851 | ) |  |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,691,563 |  |  | $ | 1,838,964 |  |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,013,112 |  |  | $ | 2,384,717 |  |  |  |  |  |  |  |
(a) | On August 31, 2016, the Company deconsolidated 3141 Fairview Park Drive and began accounting for it under the equity method of accounting as part of Brandywine - AI Venture LLC, an unconsolidated real estate venture in which the Company holds a 50% interest. At December 31, 2015, this balance represented the full debt amount of the property, as it was consolidated at that time. See Note 4, “Investment in Unconsolidated Real Estate Ventures,” for further details.
(b) | On April 7, 2016, the Company closed on an $86.9 million first mortgage financing on Two Logan Square, a 708,844-square foot office property located in Philadelphia, Pennsylvania. Proceeds of the loan were used to repay, without penalty, the $86.6 million principal balance of the former Two Logan Square first mortgage loan, which had a 7.57% effective interest rate.
(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) | On January 14, 2016, the Company funded $265.8 million to prepay two mortgage loans, consisting of $176.9 million of principal repayment, $44.5 million in prepayment charges and a nominal amount of accrued interest, in repayment of the mortgage indebtedness on the office property located at 2970 Market Street in Philadelphia, Pennsylvania commonly known as 30 th Street Main Post Office (“Cira Square”), ahead of its scheduled maturity date of September 10, 2030. Also on January 14, 2016, the Company funded $44.4 million, consisting of $35.5 million of principal repayment, $8.9 million in prepayment charges and a nominal amount of accrued interest, in repayment of the mortgage indebtedness of a 1,662 parking space facility located in Philadelphia, Pennsylvania commonly known as (“Cira South Garage”), ahead of its scheduled maturity date of September 10, 2030. These repayments were financed with $195.0 million of funds available under the Credit Facility with the remaining balance funded through available cash balances. The Company recognized a $66.6 million loss on extinguishment of debt, consisting of the prepayment charges along with $10.8 million and $2.4 million related to non-cash charges for deferred financing costs for Cira Square and Cira South Garage, respectively.
(f) | On April 1, 2016, the entire principal balance of the unsecured 6.00% Guaranteed Notes was repaid upon maturity. Available cash balances were used to fund the repayment of the unsecured notes.
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) |  |  | 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 |
(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, 2016, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2017 | $ | 304,931 |
2018 |  | 331,601 |
2019 |  | 7,360 |
2020 |  | 86,978 |
2021 |  | 6,099 |
Thereafter |  | 1,291,679 |
Total principal payments |  | 2,028,648 |
Net unamortized premiums/(discounts) |  | (7,439 | )
Net deferred financing costs |  | (8,097 | )
Outstanding indebtedness | $ | 2,013,112 |

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