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Debt Obligations (Tables)
6 Months Ended
Jun. 30, 2011
Debt Obligations (Tables) [Abstract]  
Consolidated debt obligations
MORTGAGE DEBT:
                                 
                    Effective        
    June 30,     December 31,     Interest     Maturity  
Property / Location   2011     2010     Rate     Date  
 
                               
Arboretum I, II, III & V
  $     $ 20,386       7.59 % (a)   Jul-11
Midlantic Drive/Lenox Drive/DCC I
          56,514       8.05 %(b)   Oct-11
Research Office Center
          39,145       5.30 %(c), (d)   Oct-11
Concord Airport Plaza
    33,914       34,494       5.55 %(d)   Jan-12
Newtown Square/Berwyn Park/Libertyview
    57,334       58,102       7.25 %   May-13
Southpoint III
    2,249       2,597       7.75 %   Apr-14
Tysons Corner
    95,698       96,507       5.36 %(d)   Aug-15
Two Logan Square
    89,800       89,800       7.57 %   Apr-16
One Logan Square
    60,000       60,000       4.50 % (e)   Jul-16
IRS Philadelphia Campus
    205,676       208,366       6.95 %   Sep-30
Cira South Garage
    45,372       46,335       7.11 %   Sep-30
 
                           
Principal balance outstanding
    590,043       712,246                  
Plus: unamortized fixed-rate debt premiums (discounts), net
    (1,220 )     (457 )                
 
                           
Total mortgage indebtedness
  $ 588,823     $ 711,789                  
 
                           
 
                               
UNSECURED DEBT:
                               
$345.0M 3.875% Guaranteed Exchangeable Notes due 2026
    59,835       59,835       5.50 % (f)   Oct-11
Bank Term Loan
    183,000       183,000       LIBOR + 0.800 % (g)   Jun-12
Credit Facility
    42,000       183,000       LIBOR + 0.725 % (g)   Jun-12
$300.0M 5.750% Guaranteed Notes due 2012
    153,694       175,200       5.73 %   Apr-12
$250.0M 5.400% Guaranteed Notes due 2014
    242,681       242,681       5.53 %   Nov-14
$250.0M 7.500% Guaranteed Notes due 2015
    248,585       250,000       7.77 %   May-15
$250.0M 6.000% Guaranteed Notes due 2016
    250,000       250,000       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             5.14 %   Apr-18
Indenture IA (Preferred Trust I)
    27,062       27,062       LIBOR + 1.25 %   Mar-35
Indenture IB (Preferred Trust I)
    25,774       25,774       LIBOR + 1.25 %   Apr-35
Indenture II (Preferred Trust II)
    25,774       25,774       LIBOR + 1.25 %   Jul-35
 
                           
Principal balance outstanding
    1,883,405       1,722,326                  
Less: unamortized exchangeable debt discount
    (362 )     (906 )                
unamortized fixed-rate debt discounts, net
    (5,845 )     (2,763 )                
 
                           
Total unsecured indebtedness
  $ 1,877,198     $ 1,718,657                  
 
                           
 
                               
Total Debt Obligations
  $ 2,466,021     $ 2,430,446                  
 
                           
 
     
(a)  
On April 1, 2011, the Company prepaid the remaining balance of the loan without penalty.
 
(b)  
On June 3, 2011, the Company prepaid the remaining balance of the loan without penalty.
 
(c)  
On June 30, 2011, the Company prepaid the remaining balance of the loan without penalty. The unamortized fixed-rate debt premium of $0.3 million related to this loan was included as part of the loss on early extinguishment of debt in the Company’s consolidated statement of operations during the quarter.
 
(d)  
These loans were assumed upon acquisition of the related properties. The interest rates reflect the market rate at the time of acquisition.
     
(e)  
This mortgage is subject to an interest rate floor of 4.50% on a monthly basis. On July 11, 2011, the Company prepaid the balance of the loan without penalty (see Note 18).
 
(f)  
On October 20, 2011, the holders of the Guaranteed Exchangeable Notes have the right to request the redemption of all or a portion of the Guaranteed Exchangeable Notes they hold at a price equal to 100% of the principal amount plus accrued and unpaid interest. Accordingly, the Guaranteed Exchangeable Notes have been presented with an October 20, 2011 maturity date.
 
(g)  
On March 31, 2011, the maturity dates of the Bank Term Loan and the Credit Facility were extended to June 29, 2012 from June 29, 2011. On June 29, 2011, the Company paid a total extension fee amounting to $1.2 million which is equal to 15 basis points of the outstanding principal balance of the Bank Term Loan and of the committed amount under the Credit Facility. The extension of the maturity dates was at the Company’s option under the Bank Term Loan and the Credit Facility agreements. There were no changes in the terms and conditions of the loan agreements as a result of the maturity date extensions.
Summary of debt repurchases
                                 
    Repurchase                     Deferred Financing  
Notes   Amount     Principal     Loss     Amortization  
2012 5.750% Notes
  $ 22,331     $ 21,506     $ (821 )   $ 82  
2015 7.500% Notes
    1,600       1,415       (211 )     8  
 
                       
 
  $ 23,931     $ 22,921     $ (1,032 )   $ 90  
 
                       
Schedule of principal payments of debt obligations
         
2011
  $ 6,339  
2012
    424,630  
2013
    67,037  
2014
    255,016  
2015
    348,742  
Thereafter
    1,371,684  
 
     
Total principal payments
    2,473,448  
Net unamortized premiums/(discounts)
    (7,427 )
 
     
Outstanding indebtedness
  $ 2,466,021