Notes Payable (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

The following table summarizes the terms of notes payable outstanding at June 30, 2020 and December 31, 2019 ($ in thousands):

Description	Interest Rate	Maturity (1)	2020		2019
Unsecured Notes:
Credit Facility, Unsecured	1.21%	2023	$	—	$	251,500
Term Loan, Unsecured	1.36%	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	138,709		140,332
Terminus 100	5.25%	2023	116,593		118,146
Colorado Tower	3.45%	2026	115,883		117,085
Promenade	4.27%	2022	94,308		95,986
816 Congress	3.75%	2024	79,118		79,987
Terminus 200	3.79%	2023	75,224		76,079
Legacy Union One	4.24%	2023	66,000		66,000
Meridian Mark Plaza	6.00%	2020	—		22,978
			685,835		716,593
			$	1,935,835	$	2,218,093
Unamortized premium			9,406		11,239
Unamortized loan costs			(5,724)		(6,357)
Total Notes Payable			$	1,939,517	$	2,222,975

(1) Weighted average maturity of notes payable outstanding at June 30, 2020 was 5.4 years.

Summary of Interest Recorded

For the three and six months ended June 30, 2020 and 2019, interest expense was recorded as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total interest incurred	$	17,952	$	13,175	$	39,165	$	25,010
Interest capitalized	(3,959)		(1,116)		(9,268)		(2,131)
Total interest expense	$	13,993	$	12,059	$	29,897	$	22,879