Notes Payable (Tables)

12 Months Ended

Dec. 31, 2017

The following table summarizes the terms of notes payable outstanding at December 31, 2017 and 2016 (in thousands):



Description	Interest Rate	Maturity *	2017			2016
Term Loan, unsecured	2.76%	2021	$	250,000		$	250,000
Senior Notes, unsecured	3.91%	2025	250,000			—
Fifth Third Center	3.37%	2026	146,557			149,516
Colorado Tower	3.45%	2026	120,000			120,000
Promenade	4.27%	2022	102,355			105,342
Senior Notes, unsecured	4.09%	2027	100,000			—
816 Congress	3.75%	2024	83,304			84,872
Meridian Mark Plaza	6.00%	2020	24,038			24,522
The Pointe	4.01%	2019	22,510			22,945
Credit Facility, unsecured	2.66%	2019	—			134,000
One Eleven Congress	6.08%	2017	—			128,000
The American Cancer Society Center	6.45%	2017	—			127,508
San Jacinto	6.05%	2017	—			101,000
3344 Peachtree	4.75%	2017	—			78,971
Two Buckhead Plaza	6.43%	2017	—			52,000
			$	1,098,764		$	1,378,676
Unamortized premium, net			219			6,792
Unamortized loan costs			(5,755		)	(4,548		)
Total Notes Payable			$	1,093,228		$	1,380,920

Schedule of pricing spreads and facility fee

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



Leverage Ratio	Applicable % Spread for LIBOR Loans	Applicable % Spread for Base Rate Loans	Annual Facility Fee %
≤ 35%	1.05%	0.10%	0.15%
> 35% but ≤ 40%	1.10%	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, 2017, 2016, and 2015, interest was recorded as follows (in thousands):



	2017			2016			2015
Total interest incurred	$	42,767		$	31,347		$	26,314
Interest capitalized	(9,243		)	(4,697		)	(3,579		)
Total interest expense	$	33,524		$	26,650		$	22,735

Schedule of future principal payments due

Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company's notes payable at December 31, 2017 are as follows (in thousands):



2018	$	9,347
2019	33,052
2020	33,824
2021	261,258
2022	97,042
Thereafter	664,241
	$	1,098,764