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Notes and Contracts Payable (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Notes and Contracts Payable

 

December 31,

 

 

2018

 

 

2017

 

 

(in thousands, except percentages)

 

4.60% senior unsecured notes due November 15, 2024, effective interest rate of 4.60%

$

300,000

 

 

$

300,000

 

4.30% senior unsecured notes due February 1, 2023, effective interest rate of 4.35%

 

250,000

 

 

 

250,000

 

Line of credit borrowings due May 14, 2019, weighted-average interest rate of 4.15% and 3.32% at December 31, 2018 and 2017, respectively

 

160,000

 

 

 

160,000

 

Trust deed notes with maturities through 2023, collateralized by land and buildings with net book values of $39,283 and $46,478 at December 31, 2018 and 2017, respectively, weighted-average interest rate of 5.26% and 5.27%, at December 31, 2018 and 2017, respectively

 

19,247

 

 

 

22,725

 

Other notes and contracts payable with maturities through 2032, weighted-average interest rate of 4.49% and 4.70% at December 31, 2018 and 2017, respectively

 

5,791

 

 

 

3,707

 

 

 

735,038

 

 

 

736,432

 

Unamortized discount – senior unsecured notes

 

(462

)

 

 

(560

)

Debt issuance costs – senior unsecured notes

 

(2,557

)

 

 

(3,062

)

 

$

732,019

 

 

$

732,810

 

  

Aggregate Annual Maturities of Notes and Contracts Payable

The aggregate annual maturities for notes and contracts payable for the next five years and thereafter, are as follows:

 

Year

Annual maturities

 

 

(in thousands)

 

2019

$

165,384

 

2020

 

5,066

 

2021

 

4,965

 

2022

 

5,104

 

2023

 

254,403

 

Thereafter

 

300,116

 

 

$

735,038