DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Consolidated debt obligations

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

	December 31, 2020		December 31, 2019		Effective Interest Rate	Maturity Date
MORTGAGE DEBT:
Two Logan Square (a)	$	—	$	81,103	3.98%	October 2020
Four Tower Bridge (b)	—		9,291		4.50%	February 2021
One Commerce Square (c)	—		116,571		3.64%	April 2023
Two Commerce Square (c)	—		108,472		4.51%	April 2023
Principal balance outstanding	—		315,437
Plus: fair market value premium (discount), net	—		(1,383)
Less: deferred financing costs	—		(242)
Mortgage indebtedness	$	—	$	313,812
UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—	$	—	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	1,828,610		1,828,610
Plus: original issue premium (discount), net	10,137		12,090
Less: deferred financing costs	(8,152)		(10,094)
Total unsecured indebtedness	$	1,830,595	$	1,830,606
Total Debt Obligations	$	1,830,595	$	2,144,418

(a)On October 21, 2020, the Company acquired the $79.8 million remaining mortgage on this property from the lender.

(b)On November 10, 2020, the Company repaid the remaining $9.1 million mortgage balance.

(c)The properties encumbered by these mortgages were deconsolidated as a result of the Commerce Square Venture Transaction. See Note 3, ''Real Estate Investments," for further information.

Schedule of Maturities of Long-term Debt

As of December 31, 2020, the aggregate principal payments of the Real Estate Ventures recourse and non-recourse debt payable to third-parties are as follows (in thousands):

2021	$	148,693
2022	8,543
2023	477,649
2024	328,133
2025	—
Thereafter	—
Total principal payments	963,018
Net deferred financing costs	(8,224)
Net original issue premium	1,894
Outstanding indebtedness	$	956,688

    

As of December 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):

2021	$	—
2022	250,000
2023	350,000
2024	350,000
2025	—
Thereafter	878,610
Total principal payments	1,828,610
Net unamortized premiums/(discounts)	10,137
Net deferred financing costs	(8,152)
Outstanding indebtedness	$	1,830,595