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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at September 30, 2017 and December 31, 2016 (in thousands):
| September 30, 2017 |  |  | December 31, 2016 |  |  | Effective Interest Rate |  |  | Maturity Date |
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Two Logan Square | $ | 84,839 |  |  | $ | 86,012 |  |  |  | 3.98% |  |  | May 2020 |
One Commerce Square |  | 124,518 |  |  |  | 127,026 |  |  |  | 3.64% |  | (a) | Apr 2023 |
Two Commerce Square |  | 112,000 |  |  |  | 112,000 |  |  |  | 4.51% |  | (b) | Apr 2023 |
Principal balance outstanding |  | 321,357 |  |  |  | 325,038 |  |  |  |  |  |  |  |
Plus: fair market value premium (discount), net |  | (2,434 | ) |  |  | (2,761 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (606 | ) |  |  | (728 | ) |  |  |  |  |  |  |
Mortgage indebtedness | $ | 318,317 |  |  | $ | 321,549 |  |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |  |  |  |  |  |
$600.0M Revolving Credit Facility | $ | 178,000 |  |  | $ | - |  |  | LIBOR + 1.20% |  |  | May 2019 |
Seven-Year Term Loan - Swapped to fixed |  | 250,000 |  |  |  | 250,000 |  |  |  | 3.72% |  |  | Oct 2022 |
$300.0M 5.70% Guaranteed Notes due 2017 (c) |  | - |  |  |  | 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) - Swapped to fixed |  | 27,062 |  |  |  | 27,062 |  |  |  | 2.75% |  |  | Mar 2035 |
Indenture IB (Preferred Trust I) - Swapped to fixed |  | 25,774 |  |  |  | 25,774 |  |  |  | 3.30% |  |  | Apr 2035 |
Indenture II (Preferred Trust II) - Swapped to fixed |  | 25,774 |  |  |  | 25,774 |  |  |  | 3.09% |  |  | Jul 2035 |
Principal balance outstanding |  | 1,581,610 |  |  |  | 1,703,610 |  |  |  |  |  |  |  |
Plus: original issue premium (discount), net |  | (3,937 | ) |  |  | (4,678 | ) |  |  |  |  |  |  |
Less: deferred financing costs |  | (6,350 | ) |  |  | (7,369 | ) |  |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,571,323 |  |  | $ | 1,691,563 |  |  |  |  |  |  |  |
Total Debt Obligations | $ | 1,889,640 |  |  | $ | 2,013,112 |  |  |  |  |  |  |  |
| (a) | 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 scheduled maturity date 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 secured by Two Commerce Square. This loan is also secured by a lien on Two Commerce Square.
| (b) | 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 secured by One Commerce Square. This loan is also secured by a lien on One Commerce Square.
| (c) | On May 1, 2017, the entire principal balance of the unsecured 5.70% Guaranteed Notes was repaid upon maturity. Available cash balances and the Credit Facility (as defined below) were used to fund the repayment of the unsecured notes.
Schedule of Maturities of Long-term Debt | As of September 30, 2017, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2017 (three months remaining) | $ | 1,250 |
2018 |  | 331,601 |
2019 |  | 185,360 |
2020 |  | 86,978 |
2021 |  | 6,099 |
Thereafter |  | 1,291,679 |
Total principal payments |  | 1,902,967 |
Net unamortized premiums/(discounts) |  | (6,371 | )
Net deferred financing costs |  | (6,956 | )
Outstanding indebtedness | $ | 1,889,640 |

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