Notes Payable (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Summary of terms of notes payable

The following table summarizes the terms of notes payable outstanding at December 31, 2013 and 2012 ($ in thousands):

Description	Interest Rate	Maturity	2013		2012
Post Oak Central mortgage note (see discussion below)	4.26%	2020	$	188,310	$	—
The American Cancer Society Center mortgage note	6.45%	2017	132,714		134,243
Promenade mortgage note (see discussion below)	4.27%	2022	113,573		—
191 Peachtree Tower mortgage note (interest only until May 1, 2016) (see discussion below)	3.35%	2018	100,000		100,000
Credit Facility, unsecured (see discussion below)	1.67%	2016	40,075		—
Meridian Mark Plaza mortgage note	6.00%	2020	25,813		26,194
The Points at Waterview mortgage note	5.66%	2016	15,139		15,651
Mahan Village LLC construction facility	1.82%	2014	14,470		13,027
Terminus 100 mortgage note	5.25%	—	—		136,123
Callaway Gardens mortgage note (see discussion below)	4.13%	—	—		172
			$	630,094	$	425,410

Summary of the credit facility pricing spreads and the facility fees

The pricing spreads and the facility fee under the Credit Facility are as follows:

Leverage Ratio	Applicable % Spread for LIBOR	Applicable % Spread for Base Rate	Annual Facility Fee %
≤ 40%	1.50%	0.50%	0.20%
>40% but ≤ 50%	1.60%	0.60%	0.25%
>50% but ≤ 55%	1.90%	0.90%	0.35%
>55% but ≤ 60%	2.10%	1.10%	0.40%

Summary of interest recorded

For the years ended December 31, 2013, 2012, and 2011, interest was recorded as follows (in thousands):

	2013			2012			2011
Total interest incurred	$	22,227		$	25,570		$	27,277
Interest capitalized	(518		)	(1,637		)	(600		)
Total interest expense	$	21,709		$	23,933		$	26,677

Aggregate debt maturities

The aggregate maturities of the Company’s debt at December 31, 2013 are as follows (in thousands):

2014	$	14,470
2015	—
2016	55,214
2017	132,714
2018	100,000
Thereafter	327,696
	$	630,094