Notes Payable (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of terms of notes payable

The following table summarizes the terms of notes payable outstanding at March 31, 2020 and December 31, 2019 ($ in thousands):

Description	Interest Rate	Maturity (1)	2020			2019
Unsecured Notes:
Credit Facility, Unsecured	2.04%	2023	$	—		$	251,500
Term Loan, Unsecured	2.19%	2021	250,000			250,000
2019 Senior Notes, Unsecured	3.95%	2029	275,000			275,000
2017 Senior Notes, Unsecured	3.91%	2025	250,000			250,000
2019 Senior Notes, Unsecured	3.86%	2028	250,000			250,000
2019 Senior Notes, Unsecured	3.78%	2027	125,000			125,000
2017 Senior Notes, Unsecured	4.09%	2027	100,000			100,000
			1,250,000			1,501,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	139,522			140,332
Terminus 100	5.25%	2023	117,375			118,146
Colorado Tower	3.45%	2026	116,486			117,085
Promenade	4.27%	2022	95,152			95,986
816 Congress	3.75%	2024	79,554			79,987
Terminus 200	3.79%	2023	75,654			76,079
Legacy Union One	4.24%	2023	66,000			66,000
Meridian Mark Plaza	6.00%	2020	—			22,978
			689,743			716,593
			$	1,939,743		$	2,218,093
Unamortized premium			10,323			11,239
Unamortized loan costs			(6,032		)	(6,357		)
Total Notes Payable			$	1,944,034		$	2,222,975

(1) Weighted average maturity of notes payable outstanding at March 31, 2020 was 5.7 years.

Summary of interest recorded

For the three months ended March 31, 2020 and 2019, interest expense was recorded as follows (in thousands):

	2020			2019
Total interest incurred	$	21,213		$	11,835
Interest capitalized	(5,309		)	(1,015		)
Total interest expense	$	15,904		$	10,820