Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2014

Consolidated Debt Obligations [Table Text Block]

The following table sets forth information regarding the Company’s consolidated debt obligations at March 31, 2014 and December 31, 2013 (in thousands):



Property / Location	March 31, 2014			December 31, 2013			Effective Interest Rate			Maturity Date
MORTGAGE DEBT:
Tysons Corner	$	90,918		$	91,395		5.36	%	(a)	Aug-15
One Commerce Square	124,604			125,089			3.68	%	(a)	Jan-16
Two Logan Square	88,362			88,583			7.57	%		Apr-16
Fairview Eleven Tower	21,566			21,630			4.25	%	(b)	Jan-17
Two Commerce Square	112,000			112,000			4.51	%	(a)	Apr-23
Cira Square (GSA Philadelphia Campus)	189,370			190,964			7.00	%		Sep-30
Cira Centre South Garage	39,530			40,101			7.12	%		Sep-30
Principal balance outstanding	666,350			669,762
Plus: fair market value premiums (discounts), net	(45		)	389
Total mortgage indebtedness	$	666,305		$	670,151
UNSECURED DEBT:
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%		(c)	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			218,549			5.53	%		Nov-14
$250.0M 7.500% Guaranteed Notes due 2015	157,625			157,625			7.76	%		May-15
$250.0M 6.000% Guaranteed Notes due 2016	149,919			149,919			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			1,929,703
Plus: original issue premiums (discounts), net	(4,202		)	(4,473		)
Total unsecured indebtedness	$	1,925,501		$	1,925,230
Total Debt Obligations	$	2,591,806		$	2,595,381


(a)	These loans were assumed upon acquisition of the related properties. The interest rate reflects the market rate at the time of acquisition.


(b)	Represents the full debt amount secured by a property owned by a consolidated joint venture in which the Company holds a 50% interest.


(c)	London Interbank Offered Rate (“LIBOR”).

Schedule of Maturities of Long-term Debt [Table Text Block]

As of March 31, 2014, the Company’s aggregate scheduled principal payments on debt obligations, excluding amortization of discounts and premiums, were as follows (in thousands):



2014 (nine months remaining)	$	228,964
2015	409,655
2016	467,703
2017	330,323
2018	336,954
Thereafter	822,454
Total principal payments	2,596,053
Net unamortized premiums/(discounts)	(4,247		)
Outstanding indebtedness	$	2,591,806