Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2014

Consolidated Debt Obligations [Table Text Block]

The following table sets forth information regarding the Company’s consolidated debt obligations at June 30, 2014 and December 31, 2013 (in thousands):



Property / Location	June 30, 2014			December 31, 2013			Effective Interest Rate			Maturity Date
MORTGAGE DEBT:
Tysons Corner	$	90,460		$	91,395		5.36	%	(a)	Aug 2015
One Commerce Square	124,151			125,089			3.68	%	(a)	Jan 2016
Two Logan Square	88,174			88,583			7.57	%		Apr 2016
Fairview Eleven Tower	21,470			21,630			4.25	%	(b)	Jan 2017
Two Commerce Square	112,000			112,000			4.51	%	(a)	Apr 2023
Cira Square (GSA Philadelphia Campus)	187,751			190,964			7.00	%		Sep 2030
Cira Centre South Garage	38,950			40,101			7.12	%		Sep 2030
Principal balance outstanding	662,956			669,762
Plus: fair market value premiums (discounts), net	(478		)	389
Total mortgage indebtedness	$	662,478		$	670,151
UNSECURED DEBT:
Three-Year Term Loan - Swapped to fixed	$	150,000		$	150,000		2.60	%		Feb 2015
Four-Year Term Loan	100,000			100,000			LIBOR + 1.75%		(c)	Feb 2016
Seven-Year Term Loan - Swapped to fixed	200,000			200,000			3.62	%		Feb 2019
$250.0M 5.400% Guaranteed Notes due 2014	218,549			218,549			5.53	%		Nov 2014
$250.0M 7.500% Guaranteed Notes due 2015	157,625			157,625			7.76	%		May 2015
$250.0M 6.000% Guaranteed Notes due 2016	149,919			149,919			5.95	%		Apr 2016
$300.0M 5.700% Guaranteed Notes due 2017	300,000			300,000			5.68	%		May 2017
$325.0M 4.950% Guaranteed Notes due 2018	325,000			325,000			5.13	%		Apr 2018
$250.0M 3.950% Guaranteed Notes due 2023	250,000			250,000			4.02	%		Feb 2023
Indenture IA (Preferred Trust I)	27,062			27,062			2.75	%		Mar 2035
Indenture IB (Preferred Trust I)	25,774			25,774			3.30	%		Apr 2035
Indenture II (Preferred Trust II)	25,774			25,774			3.09	%		Jul 2035
Principal balance outstanding	1,929,703			1,929,703
Plus: original issue premiums (discounts), net	(3,931		)	(4,473		)
Total unsecured indebtedness	$	1,925,772		$	1,925,230
Total Debt Obligations	$	2,588,250		$	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 real estate 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 June 30, 2014, the Company’s aggregate scheduled principal payments on debt obligations, excluding amortization of discounts and premiums, were as follows (in thousands):



2014 (six months remaining)	$	225,570
2015	409,655
2016	467,703
2017	330,323
2018	336,954
Thereafter	822,454
Total principal payments	2,592,659
Net unamortized premiums/(discounts)	(4,409		)
Outstanding indebtedness	$	2,588,250