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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of September 30, 2020 and December 31, 2019 (in thousands):
| September 30, 2020 |  | December 31, 2019 |  | Effective Interest Rate |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |
Two Logan Square (a) | $ | 79,781 |  |  | $ | 81,103 |  |  | 3.98% |  | October 2020
Four Tower Bridge | 9,107 |  |  | 9,291 |  |  | 4.50% |  | February 2021
One Commerce Square (b) | — |  |  | 116,571 |  |  | 3.64% |  | April 2023
Two Commerce Square (b) | — |  |  | 108,472 |  |  | 4.51% |  | April 2023
Principal balance outstanding | 88,888 |  |  | 315,437 |  |  |  |  |
Plus: fair market value premium (discount), net | 25 |  |  | (1,383 | ) |  |  |  |
Less: deferred financing costs | — |  |  | (242 | ) |  |  |  |
Mortgage indebtedness | $ | 88,913 |  |  | $ | 313,812 |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |
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 |  |  | 350,000 |  |  | 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 |  |  | 350,000 |  |  | 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 |  |  | 1,828,610 |  |  |  |  |
Plus: original issue premium (discount), net | 10,626 |  |  | 12,090 |  |  |  |  |
Less: deferred financing costs | (8,638 | ) |  | (10,094 | ) |  |  |  |
Total unsecured indebtedness | $ | 1,830,598 |  |  | $ | 1,830,606 |  |  |  |  |
Total Debt Obligations | $ | 1,919,511 |  |  | $ | 2,144,418 |  |  |  |  |
(a) | On October 21, 2020, the Company acquired the mortgage on this property from the lender. See Note 15, "Subsequent Events," for further information.
(b) The properties encumbered by these mortgages were deconsolidated as a result of the Commerce Square Venture Transaction.. See Note 3, ''Real Estate Investments," for further information.
Schedule of maturities of long-term debt | As of September 30, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):
2020 (three months remaining) | $ | 79,845 |
2021 | 9,043 |
2022 | 250,000 |
2023 | 350,000 |
2024 | 350,000 |
Thereafter | 878,610 |
Total principal payments | 1,917,498 |
Net unamortized premiums/(discounts) | 10,651 |
Net deferred financing costs | (8,638 | )
Outstanding indebtedness | $ | 1,919,511 |

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