Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2019

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at March 31, 2019 and December 31, 2018 (in thousands):

	March 31, 2019			December 31, 2018			Effective Interest Rate	Maturity Date
MORTGAGE DEBT:
Two Logan Square	$	82,385		$	82,805		3.98%	May 2020
Four Tower Bridge		9,469			9,526		4.50%	Feb 2021
One Commerce Square		119,292			120,183		3.64%	Apr 2023
Two Commerce Square		110,014			110,518		4.51%	Apr 2023
Principal balance outstanding		321,160			323,032
Plus: fair market value premium (discount), net		(1,664	)		(1,759	)
Less: deferred financing costs		(364	)		(404	)
Mortgage indebtedness	$	319,132		$	320,869

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	160,500		$	92,500		LIBOR + 1.10%	Jul 2022
Seven-Year Term Loan - Swapped to fixed		250,000			250,000		2.87%	Oct 2022
$350.0M 3.95% Guaranteed Notes due 2023		350,000			350,000		3.87%	Feb 2023
$250.0M 4.10% Guaranteed Notes due 2024		250,000			250,000		4.33%	Oct 2024
$450.0M 3.95% Guaranteed Notes due 2027		450,000			450,000		4.03%	Nov 2027
$250.0M 4.55% Guaranteed Notes due 2029		250,000			250,000		4.60%	Oct 2029
Indenture IA (Preferred Trust I)		27,062			27,062		LIBOR + 1.25%	Mar 2035
Indenture IB (Preferred Trust I) - Swapped to fixed		25,774			25,774		3.30%	Apr 2035
Indenture II (Preferred Trust II) - Swapped to fixed		25,774			25,774		3.09%	Jul 2035
Principal balance outstanding		1,789,110			1,721,110
Plus: original issue premium (discount), net		(4,015	)		(4,096	)
Less: deferred financing costs		(9,430	)		(9,837	)
Total unsecured indebtedness	$	1,775,665		$	1,707,177
Total Debt Obligations	$	2,094,797		$	2,028,046

Schedule of Maturities of Long-term Debt

As of March 31, 2019, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):

2019 (nine months remaining)	$	5,723
2020		87,226
2021		15,143
2022		416,832
2023		556,736
Thereafter		1,028,610
Total principal payments		2,110,270
Net unamortized premiums/(discounts)		(5,679	)
Net deferred financing costs		(9,794	)
Outstanding indebtedness	$	2,094,797