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DEBT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Consolidated debt obligations | The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2020 and 2019 (in thousands):
| December 31, 2020 |  | December 31, 2019 |  | Effective Interest Rate |  | Maturity Date
MORTGAGE DEBT: |  |  |  |  |  |  |
Two Logan Square (a) | $ | — |  |  | $ | 81,103 |  |  | 3.98% |  | October 2020
Four Tower Bridge (b) | — |  |  | 9,291 |  |  | 4.50% |  | February 2021
One Commerce Square (c) | — |  |  | 116,571 |  |  | 3.64% |  | April 2023
Two Commerce Square (c) | — |  |  | 108,472 |  |  | 4.51% |  | April 2023
Principal balance outstanding | — |  |  | 315,437 |  |  |  |  |
Plus: fair market value premium (discount), net | — |  |  | (1,383) |  |  |  |  |
Less: deferred financing costs | — |  |  | (242) |  |  |  |  |
Mortgage indebtedness | $ | — |  |  | $ | 313,812 |  |  |  |  |
UNSECURED DEBT |  |  |  |  |  |  |
$600 million Unsecured Credit Facility | $ | — |  |  | $ | — |  |  | 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 |  |  | 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 | 10,137 |  |  | 12,090 |  |  |  |  |
Less: deferred financing costs | (8,152) |  |  | (10,094) |  |  |  |  |
Total unsecured indebtedness | $ | 1,830,595 |  |  | $ | 1,830,606 |  |  |  |  |
Total Debt Obligations | $ | 1,830,595 |  |  | $ | 2,144,418 |  |  |  |  |
(a)On October 21, 2020, the Company acquired the $79.8 million remaining mortgage on this property from the lender. (b)On November 10, 2020, the Company repaid the remaining $9.1 million mortgage balance. (c)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 December 31, 2020, the aggregate principal payments of the Real Estate Ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2021 | $ | 148,693 |
2022 | 8,543 |
2023 | 477,649 |
2024 | 328,133 |
2025 | — |
Thereafter | — |
Total principal payments | 963,018 |
Net deferred financing costs | (8,224) |
Net original issue premium | 1,894 |
Outstanding indebtedness | $ | 956,688 |
As of December 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):
2021 | $ | — |
2022 | 250,000 |
2023 | 350,000 |
2024 | 350,000 |
2025 | — |
Thereafter | 878,610 |
Total principal payments | 1,828,610 |
Net unamortized premiums/(discounts) | 10,137 |
Net deferred financing costs | (8,152) |
Outstanding indebtedness | $ | 1,830,595 |

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