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Debt Obligations | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
DEBT OBLIGATIONS | 6. DEBT OBLIGATIONS The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at March 31, 2019 and December 31, 2018 (in thousands):
| March 31, 2019 |  |  | December 31, 2018 |  |  | Effective Interest Rate |  |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |  |  |  |  |
Two Logan Square | $ | 82,385 |  |  | $ | 82,805 |  |  | 3.98% |  |  | May 2020
Four Tower Bridge |  | 9,469 |  |  |  | 9,526 |  |  | 4.50% |  |  | Feb 2021
One Commerce Square |  | 119,292 |  |  |  | 120,183 |  |  | 3.64% |  |  | Apr 2023
Two Commerce Square |  | 110,014 |  |  |  | 110,518 |  |  | 4.51% |  |  | Apr 2023
Principal balance outstanding |  | 321,160 |  |  |  | 323,032 |  |  |  |  |  |  |
Plus: fair market value premium (discount), net |  | (1,664 | ) |  |  | (1,759 | ) |  |  |  |  |  |
Less: deferred financing costs |  | (364 | ) |  |  | (404 | ) |  |  |  |  |  |
Mortgage indebtedness | $ | 319,132 |  |  | $ | 320,869 |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | 160,500 |  |  | $ | 92,500 |  |  | LIBOR + 1.10% |  |  | Jul 2022
Seven-Year Term Loan - Swapped to fixed |  | 250,000 |  |  |  | 250,000 |  |  | 2.87% |  |  | 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 |  | 1,789,110 |  |  |  | 1,721,110 |  |  |  |  |  |  |
Plus: original issue premium (discount), net |  | (4,015 | ) |  |  | (4,096 | ) |  |  |  |  |  |
Less: deferred financing costs |  | (9,430 | ) |  |  | (9,837 | ) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,775,665 |  |  | $ | 1,707,177 |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,094,797 |  |  | $ | 2,028,046 |  |  |  |  |  |  |
As of both March 31, 2019 and December 31, 2018, the Company’s weighted-average effective interest rates on its mortgage notes payable were 4.05%, respectively. In addition to the debt described above, the Company utilizes borrowings under its unsecured revolving credit facility (the “Credit Facility”) for general business purposes, including to fund costs of acquisitions, developments and redevelopments of properties, fund share repurchases and to repay from time to time other debt. The Credit Facility provides for borrowings of up to $600.0 million and the per annum variable interest rate on borrowings is LIBOR plus 1.10%. The interest rate and facility fee are subject to adjustment upon a change in the Company’s unsecured debt ratings. During the three months ended March 31, 2019, the weighted-average interest rate on Credit Facility borrowings was 2.50% resulting in $1.3 million of interest expense. As of March 31, 2019, the effective interest rate on Credit Facility borrowings was 3.60%. The Company had no borrowings under the Credit Facility as of and during the three-months ended March 31, 2018. The Parent Company unconditionally guarantees the unsecured debt obligations of the Operating Partnership (or is a co-borrower with the Operating Partnership) but does not by itself incur unsecured indebtedness. The Parent Company has no material assets other than its investment in the Operating Partnership. The Company was in compliance with all financial covenants as of March 31, 2019. Management continuously monitors the Company’s current and anticipated compliance with the covenants. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital. As of March 31, 2019, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2019 (nine months remaining) | $ | 5,723 |
2020 |  | 87,226 |
2021 |  | 15,143 |
2022 |  | 416,832 |
2023 |  | 556,736 |
Thereafter |  | 1,028,610 |
Total principal payments |  | 2,110,270 |
Net unamortized premiums/(discounts) |  | (5,679 | )
Net deferred financing costs |  | (9,794 | )
Outstanding indebtedness | $ | 2,094,797 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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