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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2018 and 2017 (in thousands):
| December 31, 2018 |  |  | December 31, 2017 |  |  | Effective Interest Rate |  |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |
Two Logan Square | $ | 82,805 |  |  | $ | 84,440 |  |  | 3.98% |  |  | May 2020
Four Tower Bridge |  | 9,526 |  |  |  | - |  |  | 4.50% |  | (a) | Feb 2021
One Commerce Square |  | 120,183 |  |  |  | 123,667 |  |  | 3.64% |  |  | Apr 2023
Two Commerce Square |  | 110,518 |  |  |  | 112,000 |  |  | 4.51% |  |  | Apr 2023
Principal balance outstanding |  | 323,032 |  |  |  | 320,107 |  |  |  |  |  |  |
Plus: fair market value premium (discount), net |  | (1,759 | ) |  |  | (2,325 | ) |  |  |  |  |  |
Less: deferred financing costs |  | (404 | ) |  |  | (566 | ) |  |  |  |  |  |
Mortgage indebtedness | $ | 320,869 |  |  | $ | 317,216 |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | 92,500 |  |  | $ | - |  |  | LIBOR + 1.10% |  |  | Jul 2022
Seven-Year Term Loan - Swapped to fixed |  | 250,000 |  |  |  | 250,000 |  |  | 2.87% |  | (b) | Oct 2022
$350.0M 3.95% Guaranteed Notes due 2023 |  | 350,000 |  |  |  | 350,000 |  |  | 3.87% |  |  | Feb 2023
$250.0M 4.10% Guaranteed Notes due 2024 |  | 250,000 |  |  |  | 250,000 |  |  | 4.33% |  |  | Oct 2024
$450.0M 3.95% Guaranteed Notes due 2027 |  | 450,000 |  |  |  | 450,000 |  |  | 4.03% |  |  | Nov 2027
$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 |  |  | LIBOR + 1.25% |  |  | 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 |  | 1,721,110 |  |  |  | 1,628,610 |  |  |  |  |  |  |
Plus: original issue premium (discount), net |  | (4,096 | ) |  |  | (4,423 | ) |  |  |  |  |  |
Less: deferred financing costs |  | (9,837 | ) |  |  | (10,575 | ) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,707,177 |  |  | $ | 1,613,612 |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,028,046 |  |  | $ | 1,930,828 |  |  |  |  |  |  |
(a) | This loan was assumed upon acquisition of the related property on January 5, 2018. The interest rate reflects the market rate at the time of acquisition.
(b) | On December 13, 2018, the Company amended and restated its $250.0 million seven-year term loan maturing October 8, 2022. In connection with the terms of the amendment, the credit spread on the term loan decreased from LIBOR plus 1.80% to LIBOR plus 1.25%, reducing the Company’s effective interest rate by 0.55%. Through a series of interest rate swaps, the $250.0 million outstanding balance of the term loan has a fixed interest rate of 2.87%.
Summary of debt repurchases | The following table provides additional information on the Company’s repurchase of $325.0 million in the aggregate principal amount of its outstanding unsecured notes (consisting of the 2018 Notes, as indicated above) during the twelve months ended December 31, 2017 (in thousands). There were no repurchases of unsecured debt during the twelve months ended December 31, 2018 or 2016.
Notes | Principal |  |  | Repurchase Amount (a) |  |  | Loss on Early Extinguishment of Debt (b) |
2018 4.95% Notes | $ | 325,000 |  |  | $ | 330,792 |  |  | $ | (3,933 | )
(a) | Includes prepayment penalties with respect to the redemption of debt.
(b) | Includes unamortized balance of the original issue discount and deferred financing costs.
Schedule of Maturities of Long-term Debt | As of December 31, 2018, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2019 | $ | 7,595 |
2020 |  | 87,226 |
2021 |  | 15,143 |
2022 |  | 348,832 |
2023 |  | 556,736 |
Thereafter |  | 1,028,610 |
Total principal payments |  | 2,044,142 |
Net unamortized premiums/(discounts) |  | (5,855 | )
Net deferred financing costs |  | (10,241 | )
Outstanding indebtedness | $ | 2,028,046 |

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