Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Summary of terms of notes payable

The following table summarizes the terms of notes payable outstanding at December 31, 2014 and 2013 ($ in thousands):

Description	Interest Rate	Maturity	2014		2013
Post Oak Central mortgage note	4.26%	2020	185,109		188,310
Credit Facility, unsecured	1.27%	2019	140,200		40,075
The American Cancer Society Center mortgage note	6.45%	2017	131,083		132,714
Promenade mortgage note	4.27%	2022	110,946		113,573
191 Peachtree Tower mortgage note	3.35%	2018	100,000		100,000
816 Congress mortgage note	3.75%	2024	85,000		—
Meridian Mark Plaza mortgage note	6.00%	2020	25,408		25,813
The Points at Waterview mortgage note	5.66%	2016	14,598		15,139
Mahan Village LLC construction facility	1.80%	—	—		14,470
			$	792,344	$	630,094

Summary of the credit facility pricing spreads and the facility fees

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

Leverage Ratio	Applicable % Spread for LIBOR	Applicable % Spread for Base Rate	Annual Facility Fee %
≤ 30%	1.10%	0.10%	0.15%
>30% but ≤ 35%	1.10%	0.10%	0.20%
>35% but ≤ 40%	1.15%	0.15%	0.20%
>40% but ≤ 45%	1.20%	0.20%	0.20%
>45% but ≤ 50%	1.20%	0.20%	0.25%
>50%	1.45%	0.45%	0.30%

Summary of interest recorded

For the years ended December 31, 2014, 2013, and 2012, interest was recorded as follows (in thousands):

	2014			2013			2012
Total interest incurred	$	31,862		$	22,227		$	25,570
Interest capitalized	(2,752		)	(518		)	(1,637		)
Total interest expense	$	29,110		$	21,709		$	23,933

Aggregate debt maturities

Future principal payments due on the Company's notes payable at December 31, 2014 are as follows (in thousands):

2015	$	8,825
2016	24,095
2017	138,195
2018	105,734
2019	149,647
Thereafter	365,848
	$	792,344