Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

The following table summarizes the terms of notes payable outstanding at March 31, 2021 and December 31, 2020 ($ in thousands):

Description	Interest Rate (1)	Maturity (2)	2021		2020
Unsecured Notes:
Credit Facility, Unsecured	1.16%	2023	$	289,000	$	232,400
Term Loan, Unsecured	1.31%	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
			1,539,000		1,482,400
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	136,222		137,057
Terminus 100	5.25%	2023	114,183		114,997
Colorado Tower	3.45%	2026	114,040		114,660
Promenade	4.27%	2022	91,722		92,593
816 Congress	3.75%	2024	77,784		78,232
Terminus 200	3.79%	2023	73,912		74,354
Legacy Union One	4.24%	2023	66,000		66,000
			673,863		677,893
			$	2,212,863	$	2,160,293
Unamortized premium			6,658		7,574
Unamortized loan costs			(4,829)		(5,148)
Total Notes Payable			$	2,214,692	$	2,162,719

(1) Interest rate as of March 31, 2021.

(2) Weighted average maturity of notes payable outstanding at March 31, 2021 was 4.3 years.

Summary of Interest Recorded

For the three months ended March 31, 2021 and 2020, interest expense was recorded as follows (in thousands):

	2021		2020
Total interest incurred	$	18,520	$	21,213
Interest capitalized	(1,312)		(5,309)
Total interest expense	$	17,208	$	15,904