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DEBT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2019 and 2018 (in thousands):
| December 31, 2019 |  | December 31, 2018 |  | Effective Interest Rate |  |  |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |  |  |
Two Logan Square | $ | 81,103 |  |  | $ | 82,805 |  |  | 3.98% |  |  |  | May 2020
Four Tower Bridge | 9,291 |  |  | 9,526 |  |  | 4.50% |  | (a) |  | February 2021
One Commerce Square | 116,571 |  |  | 120,183 |  |  | 3.64% |  |  |  | April 2023
Two Commerce Square | 108,472 |  |  | 110,518 |  |  | 4.51% |  |  |  | April 2023
Principal balance outstanding | 315,437 |  |  | 323,032 |  |  |  |  |  |  |
Plus: fair market value premium (discount), net | (1,383 | ) |  | (1,759 | ) |  |  |  |  |  |
Less: deferred financing costs | (242 | ) |  | (404 | ) |  |  |  |  |  |
Mortgage indebtedness | $ | 313,812 |  |  | $ | 320,869 |  |  |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | — |  |  | $ | 92,500 |  |  | LIBOR + 1.10% |  |  |  | July 2022
Seven-Year Term Loan - Swapped to fixed | 250,000 |  |  | 250,000 |  |  | 2.87% |  |  |  | October 2022
$350.0M 3.95% Guaranteed Notes due 2023 | 350,000 |  |  | 350,000 |  |  | 3.87% |  |  |  | February 2023
$350.0M 4.10% Guaranteed Notes due 2024 | 350,000 |  |  | 250,000 |  |  | 3.78% |  |  |  | October 2024
$450.0M 3.95% Guaranteed Notes due 2027 | 450,000 |  |  | 450,000 |  |  | 4.03% |  |  |  | November 2027
$350.0M 4.55% Guaranteed Notes due 2029 | 350,000 |  |  | 250,000 |  |  | 4.30% |  |  |  | October 2029
Indenture IA (Preferred Trust I) | 27,062 |  |  | 27,062 |  |  | LIBOR + 1.25% |  |  |  | March 2035
Indenture IB (Preferred Trust I) - Swapped to fixed | 25,774 |  |  | 25,774 |  |  | 3.30% |  |  |  | April 2035
Indenture II (Preferred Trust II) | 25,774 |  |  | 25,774 |  |  | LIBOR + 1.25% |  |  |  | July 2035
Principal balance outstanding | 1,828,610 |  |  | 1,721,110 |  |  |  |  |  |  |
Plus: original issue premium (discount), net | 12,090 |  |  | (4,096 | ) |  |  |  |  |  |
Less: deferred financing costs | (10,094 | ) |  | (9,837 | ) |  |  |  |  |  |
Total unsecured indebtedness | $ | 1,830,606 |  |  | $ | 1,707,177 |  |  |  |  |  |  |
Total Debt Obligations | $ | 2,144,418 |  |  | $ | 2,028,046 |  |  |  |  |  |  |
(a) Assumed upon acquisition of the related property on January 5, 2018. The interest rate reflects the market rate at the time of acquisition.
Schedule of Maturities of Long-term Debt | As of December 31, 2019, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2020 | $ | — |
2021 | 114,845 |
2022 | — |
2023 | 273,860 |
2024 | 207,302 |
Thereafter | — |
Total principal payments | 596,007 |
Net deferred financing costs | (10,939 | )
Outstanding indebtedness | $ | 585,068 |
As of December 31, 2019, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2020 | $ | 87,226 |
2021 | 15,143 |
2022 | 256,332 |
2023 | 556,736 |
2024 | 350,000 |
Thereafter | 878,610 |
Total principal payments | 2,144,047 |
Net unamortized premiums/(discounts) | 10,707 |
Net deferred financing costs | (10,336 | )
Outstanding indebtedness | $ | 2,144,418 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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