Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Consolidated debt obligations

. DEBT OBLIGATIONS

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at December 31, 2013 and 2012 (in thousands):

Property / Location	December 31, 2013			December 31, 2012			Effective Interest Rate			Maturity Date
MORTGAGE DEBT:
Tysons Corner	$	91,395		$	93,188		5.36	%		Aug-15
One Commerce Square	125,089			—			3.68	%	(a)	Jan-16
Two Logan Square	88,583			89,340			7.57	%		Apr-16
Fairview Eleven Tower	21,630			22,000			4.25	%	(b)	Jan-17
Two Commerce Square	112,000			—			4.51	%	(a)	Apr-23
IRS Philadelphia Campus	190,964			197,111			7.00	%		Sep-30
Cira South Garage	40,101			42,303			7.12	%		Sep-30
Principal balance outstanding	669,762			443,942
Plus: fair market value premiums (discounts), net	389			(968		)
Total mortgage indebtedness	$	670,151		$	442,974
UNSECURED DEBT:
Credit Facility	—			69,000			LIBOR + 1.50%			Feb-16
Three-Year Term Loan - Swapped to fixed	150,000			150,000			2.60	%		Feb-15
Four-Year Term Loan	100,000			100,000			LIBOR + 1.75%			Feb-16
Seven-Year Term Loan - Swapped to fixed	200,000			200,000			3.62	%		Feb-19
$250.0M 5.400% Guaranteed Notes due 2014	218,549			238,379			5.53	%		Nov-14
$250.0M 7.500% Guaranteed Notes due 2015	157,625			166,535			7.76	%		May-15
$250.0M 6.000% Guaranteed Notes due 2016	149,919			150,429			5.95	%		Apr-16
$300.0M 5.700% Guaranteed Notes due 2017	300,000			300,000			5.68	%		May-17
$325.0M 4.950% Guaranteed Notes due 2018	325,000			325,000			5.13	%		Apr-18
$250.0M 3.950% Guaranteed Notes due 2023	250,000			250,000			4.02	%		Feb-23
Indenture IA (Preferred Trust I)	27,062			27,062			2.75	%		Mar-35
Indenture IB (Preferred Trust I)	25,774			25,774			3.30	%		Apr-35
Indenture II (Preferred Trust II)	25,774			25,774			3.09	%		Jul-35
Principal balance outstanding	1,929,703			2,027,953
plus: original issue premium (discount), net	(4,473		)	(5,597		)
Total unsecured indebtedness	$	1,925,230		$	2,022,356
Total Debt Obligations	$	2,595,381		$	2,465,330

(a) This loan was assumed upon acquisition of the related properties on December 19, 2013. The interest rate reflects the market rate at the time of acquisition.

(b) Represents the full debt amount of a property in a consolidated joint venture for which the Company maintains a 50% interest.

Summary of debt repurchases

Notes	Principal		Repurchase Amount		Loss on Early Extinguishment of Debt			Acceleration of Deferred Financing Amortization
2014 5.400% Notes	$	19,830	$	20,822	$	(1,020	)	$	16
2015 7.500% Notes	8,910		9,902		(1,036		)	23
2016 6.000% Notes	510		572		(63		)	1
	$	29,250	$	31,296	$	(2,119	)	$	40

Schedule of principal payments of debt obligations

2014	$	232,375
2015	409,654
2016	467,705
2017	330,323
2018	336,954
Thereafter	822,454
Total principal payments	2,599,465
Net unamortized premiums/(discounts)	(4,084		)
Outstanding indebtedness	$	2,595,381