Notes Payable (Tables)

3 Months Ended

Mar. 31, 2018

The following table details the terms and amounts of the Company’s outstanding notes payable at March 31, 2018 and December 31, 2017 ($ in thousands):



Description	Interest Rate		Maturity*	March 31, 2018				December 31, 2017
Term Loan, Unsecured	3.08	%	2021	$	250,000			$	250,000
Senior Notes, Unsecured	3.91	%	2025	250,000				250,000
Fifth Third Center	3.37	%	2026	145,801				146,557
Colorado Tower	3.45	%	2026	120,000				120,000
Promenade	4.27	%	2022	101,588				102,355
Senior Notes, Unsecured	4.09	%	2027	100,000				100,000
816 Congress	3.75	%	2024	82,903				83,304
Meridian Mark Plaza	6.00	%	2020	23,912				24,038
The Pointe	4.01	%	2019	22,398				22,510
Credit Facility, Unsecured	2.93	%	2023	—				—
				1,096,602			—	1,098,764
Unamortized premium, net				169				219
Unamortized loan costs				(5,513		)		(5,755		)
Total Notes Payable				$	1,091,258			$	1,093,228

*Weighted average maturity of notes payable outstanding at March 31, 2018 was 6.4 years.

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 three months ended March 31, 2018 and 2017, interest expense was as follows (in thousands):



	Three Months Ended March 31,
	2018			2017
Total interest incurred	$	10,874		$	11,331
Interest capitalized	(1,096		)	(1,590		)
Total interest expense	$	9,778		$	9,741