Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2014

Consolidated Debt Obligations [Table Text Block]

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



Property / Location	September 30, 2014			December 31, 2013			Effective Interest Rate		Maturity Date
MORTGAGE DEBT:
Tysons Corner	$	89,995		$	91,395		5.36%	(a)	Aug 2015
One Commerce Square	123,691			125,089			3.68%	(a)	Jan 2016
Two Logan Square	87,982			88,583			7.57%		Apr 2016
Fairview Eleven Tower	21,373			21,630			4.25%	(b)	Jan 2017
Two Commerce Square	112,000			112,000			4.51%	(a)	Apr 2023
Cira Square (GSA Philadelphia Campus)	186,109			190,964			7.00%		Sep 2030
Cira Centre South Garage	38,362			40,101			7.12%		Sep 2030
Principal balance outstanding	659,512			669,762
Plus: fair market value premiums (discounts), net	(911		)	389
Total mortgage indebtedness	$	658,601		$	670,151
UNSECURED DEBT:
Three-Year Term Loan - Swapped to fixed	$	—		$	150,000		2.60%	(d)	Feb 2015
Four-Year Term Loan	—			100,000			LIBOR + 1.75%	(c), (d)	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	143,500			218,549			5.53%	(e)	Nov 2014
$250.0M 7.500% Guaranteed Notes due 2015	114,919			157,625			7.76%	(e)	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
$250.0M 4.100% Guaranteed Notes due 2024	250,000			—			4.23%	(e)	Oct 2024
$250.0M 4.550% Guaranteed Notes due 2029	250,000			—			4.60%	(e)	Oct 2029
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	2,061,948			1,929,703
Plus: original issue premiums (discounts), net	(7,169		)	(4,473		)
Total unsecured indebtedness	$	2,054,779		$	1,925,230
Total Debt Obligations	$	2,713,380		$	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”).


(d)	On September 16, 2014, the Company repaid all balances outstanding under its $150.0 million three-year term loan and its $100.0 million four-year term loan prior to the scheduled maturity dates of February 1, 2015 and February 1, 2016, respectively.

(e)

On September 16, 2014, the Company closed on an underwritten offering of $250 million 4.10% Guaranteed Notes due 2024 (the "2-24 Notes") and $250.0 million 4.55% Guaranteed Notes due 2029 (the "2029 Notes"). The Company used the net proceeds, together with cash on hand, to redeem a portion of its 5.40% Guaranteed Notes due November 1, 2014 (the "2014 Notes") and its 7.50% Guaranteed Notes due May 15, 2015 (the "2015 Notes"). (See further discussion below)

Summary Of Debt Repurchases [Table Text Block]

The following table provides additional information on the Company’s repurchase of $117.8 million in aggregate principal amount of its outstanding unsecured notes (consisting of a portion of the 2014 Notes and 2015 Notes, as indicated above) during the nine-month period ended September 30, 2014 (in thousands):




Notes	Repurchase Amount		Principal		Loss			Deferred Financing Amortization
2014 5.400% Notes	$	75,531	$	75,049	$	(527	)	$	5
2015 7.500% Notes	44,593		42,706		(2,079		)	41
	$	120,124	$	117,755	$	(2,606	)	$	46

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

As of September 30, 2014, the Company’s aggregate scheduled principal payments on debt obligations, excluding amortization of discounts and premiums, were as follows (in thousands):



2014 (three months remaining)	$	261,996		(a)
2015	102,030
2016	367,703
2017	330,323
2018	336,954
Thereafter	1,322,454
Total principal payments	2,721,460
Net unamortized premiums/(discounts)	(8,080		)
Outstanding indebtedness	$	2,713,380


(a)	The Company completed the redemption of the 5.40% Guaranteed Notes due November 1, 2014 and 7.50% Guaranteed Notes due May 15, 2015 through a tender offer on October 16, 2014. See Note 17 - Subsequent Events, for discussion of redemption.