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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments With Fair Values Different From Their Carrying Amount

The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):

 

 

December 31, 2015

 

 

December 31, 2014

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

Unsecured notes payable

$

1,512,554

 

 

$

1,529,346

 

 

$

1,510,181

 

 

$

1,593,212

 

Variable rate debt

$

326,410

 

 

$

305,522

 

 

$

277,533

 

 

$

257,188

 

Mortgage notes payable (a)

$

545,753

 

 

$

597,377

 

 

$

639,631

 

 

$

707,241

 

Mortgage note receivable (b)

$

-

 

 

$

-

 

 

$

88,000

 

 

$

87,692

 

 

 

(a)

The IRS Philadelphia Campus mortgage debt and Cira South Garage mortgage debt were prepaid prior to their scheduled maturity.  See Note 21, “Subsequent Events,” for additional information regarding the prepayment.  As of December 31, 2015 the fair value of the IRS Philadelphia Campus mortgage debt and Cira South Garage mortgage debt were $177.4 million and $35.5 million, respectively.

 

(b)

See Note 2, “Summary of Significant Accounting Policies - Notes Receivable,” for further discussion.