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, 2015 and 2014 (in thousands):

Description	Interest Rate	Maturity	2015		2014
Post Oak Central mortgage note	4.26%	2020	$	181,770	$	185,109
The American Cancer Society Center mortgage note	6.45%	2017	129,342		131,083
Promenade mortgage note	4.27%	2022	108,203		110,946
191 Peachtree Tower mortgage note	3.35%	2018	100,000		100,000
Credit Facility, unsecured	1.53%	2019	92,000		140,200
816 Congress mortgage note	3.75%	2024	85,000		85,000
Meridian Mark Plaza mortgage note	6.00%	2020	24,978		25,408
The Points at Waterview	5.66%	—	—		14,598
			$	721,293	$	792,344

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 %
≤ 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, 2015, 2014, and 2013, interest was recorded as follows (in thousands):

	2015			2014			2013
Total interest incurred	$	34,302		$	31,862		$	22,227
Interest capitalized	(3,579		)	(2,752		)	(518		)
Total interest expense	$	30,723		$	29,110		$	21,709

Aggregate debt maturities

Future principal payments due on the Company's notes payable at December 31, 2015 are as follows (in thousands):

2016	$	10,070
2017	138,195
2018	105,734
2019	101,447
2020	195,022
Thereafter	170,825
	$	721,293