Notes Payable (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of terms of notes payable

The following table summarizes the terms of notes payable outstanding at September 30, 2019 and December 31, 2018 (in thousands):

Description	Interest Rate	Maturity (1)	2019			2018
2019 Senior Notes, Unsecured	3.95%	2029	$	275,000		$	—
Term Loan, Unsecured	3.22%	2021	250,000			250,000
2017 Senior Notes, Unsecured	3.91%	2025	250,000			250,000
2019 Senior Notes, Unsecured	3.86%	2028	250,000			—
Fifth Third Center	3.37%	2026	141,131			143,497
2019 Senior Notes, Unsecured	3.78%	2027	125,000			—
Colorado Tower	3.45%	2026	117,677			119,427
2017 Senior Notes, Unsecured	4.09%	2027	100,000			100,000
Promenade	4.27%	2022	96,813			99,238
816 Congress	3.75%	2024	80,415			81,676
Credit Facility, Unsecured	3.07%	2023	80,000			—
Legacy Union One	4.24%	2023	66,000			—
Meridian Mark Plaza	6.00%	2020	23,117			23,524
			$	1,855,153		$	1,067,362
Unamortized premium			2,335			—
Unamortized loan costs			(6,671		)	(4,792		)
Total Notes Payable			$	1,850,817		$	1,062,570

(1) Weighted average maturity of notes payable outstanding at September 30, 2019 was 6.3 years.

Summary of interest recorded

For the three and nine months ended September 30, 2019 and 2018, interest expense was recorded as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Total interest incurred	$	18,918		$	11,087		$	43,928		$	33,064
Interest capitalized	(4,218		)	(1,536		)	(6,349		)	(4,021		)
Total interest expense	$	14,700		$	9,551		$	37,579		$	29,043