Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2020

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of June 30, 2020 and December 31, 2019 (in thousands):



	June 30, 2020			December 31, 2019			Effective Interest Rate	Maturity Date
MORTGAGE DEBT:
Two Logan Square	$	80,226		$	81,103		3.98%	August 2020
Four Tower Bridge	9,169			9,291			4.50%	February 2021
One Commerce Square (a)	114,715			116,571			3.64%	April 2023
Two Commerce Square (a)	107,418			108,472			4.51%	April 2023
Principal balance outstanding	311,528			315,437
Plus: fair market value premium (discount), net	(1,195		)	(1,383		)
Less: deferred financing costs	(178		)	(242		)
Mortgage indebtedness	$	310,155		$	313,812
Assets held for sale - mortgage indebtedness, net (a)	(220,720		)	—
Total mortgage indebtedness	$	89,435		$	313,812

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	61,000		$	—		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			350,000			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			350,000			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	1,889,610			1,828,610
Plus: original issue premium (discount), net	11,114			12,090
Less: deferred financing costs	(9,124		)	(10,094		)
Total unsecured indebtedness	$	1,891,600		$	1,830,606
Total Debt Obligations	$	1,981,035		$	2,144,418

(a)

The properties encumbered by these mortgages were classified as held for sale as of June 30, 2020 and, given that these debt obligations will remain with the properties after the transaction, they are included in "Liabilities related to assets held for sale, net" on the consolidated balance sheets as of June 30, 2020.

Schedule of maturities of long-term debt

As of June 30, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):



2020 (six months remaining)	$	83,317
2021	15,143
2022	317,332
2023	556,736
2024	350,000
Thereafter	878,610
Total principal payments	2,201,138
Net unamortized premiums/(discounts)	9,918
Net deferred financing costs	(9,301		)
Outstanding indebtedness	2,201,755
Assets held for sale - mortgage indebtedness, net (a)	(220,720		)
Outstanding indebtedness less liabilities of assets held for sale	$	1,981,035

(a)

Included in the table above are principal payments of $3.0 million for 2020, $6.1 million for 2021, $6.3 million for 2022, $206.7 million for 2023, an unamortized discount of $1.2 million and deferred financing costs of $0.2 million related to One Commerce Square and Two Commerce Square, which were classified as held for sale as of June 30, 2020.