DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2019

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



	December 31, 2019			December 31, 2018			Effective Interest Rate		Maturity Date
MORTGAGE DEBT:
Two Logan Square	$	81,103		$	82,805		3.98%		May 2020
Four Tower Bridge	9,291			9,526			4.50%	(a)	February 2021
One Commerce Square	116,571			120,183			3.64%		April 2023
Two Commerce Square	108,472			110,518			4.51%		April 2023
Principal balance outstanding	315,437			323,032
Plus: fair market value premium (discount), net	(1,383		)	(1,759		)
Less: deferred financing costs	(242		)	(404		)
Mortgage indebtedness	$	313,812		$	320,869

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—		$	92,500		LIBOR + 1.10%		July 2022
Seven-Year Term Loan - Swapped to fixed	250,000			250,000			2.87%		October 2022
$350.0M 3.95% Guaranteed Notes due 2023	350,000			350,000			3.87%		February 2023
$350.0M 4.10% Guaranteed Notes due 2024	350,000			250,000			3.78%		October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000			450,000			4.03%		November 2027
$350.0M 4.55% Guaranteed Notes due 2029	350,000			250,000			4.30%		October 2029
Indenture IA (Preferred Trust I)	27,062			27,062			LIBOR + 1.25%		March 2035
Indenture IB (Preferred Trust I) - Swapped to fixed	25,774			25,774			3.30%		April 2035
Indenture II (Preferred Trust II)	25,774			25,774			LIBOR + 1.25%		July 2035
Principal balance outstanding	1,828,610			1,721,110
Plus: original issue premium (discount), net	12,090			(4,096		)
Less: deferred financing costs	(10,094		)	(9,837		)
Total unsecured indebtedness	$	1,830,606		$	1,707,177
Total Debt Obligations	$	2,144,418		$	2,028,046

(a)

Assumed upon acquisition of the related property on January 5, 2018. The interest rate reflects the market rate at the time of acquisition.

Schedule of Maturities of Long-term Debt

As of December 31, 2019, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):



2020	$	—
2021	114,845
2022	—
2023	273,860
2024	207,302
Thereafter	—
Total principal payments	596,007
Net deferred financing costs	(10,939		)
Outstanding indebtedness	$	585,068

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



2020	$	87,226
2021	15,143
2022	256,332
2023	556,736
2024	350,000
Thereafter	878,610
Total principal payments	2,144,047
Net unamortized premiums/(discounts)	10,707
Net deferred financing costs	(10,336		)
Outstanding indebtedness	$	2,144,418