Notes Payable (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

The following table summarizes the terms of notes payable outstanding at September 30, 2021 and December 31, 2020 ($ in thousands):

Description	Interest Rate (1)	Maturity (2)	2021		2020
Unsecured Notes:
Credit Facility, Unsecured	1.13%	2023	$	34,000	$	232,400
Term Loan, Unsecured	1.13%	2024	350,000		—
Term Loan, Unsecured	1.30%	2021	—		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
			1,384,000		1,482,400
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	134,529		137,057
Terminus 100	5.25%	2023	112,524		114,997
Colorado Tower	3.45%	2026	112,786		114,660
Promenade	4.27%	2022	89,952		92,593
Domain 10 (3)	3.75%	2024	76,874		78,232
Terminus 200	3.79%	2023	73,015		74,354
Legacy Union One	4.24%	2023	66,000		66,000
			665,680		677,893
			$	2,049,680	$	2,160,293
Unamortized premium			4,826		7,574
Unamortized loan costs			(6,907)		(5,148)
Total Notes Payable			$	2,047,599	$	2,162,719

(1) Interest rate as of September 30, 2021.

(2) Weighted average maturity of notes payable outstanding at September 30, 2021 was 4.39 years.

(3) At December 31, 2020, this mortgage note was secured by the Company's 816 Congress property.

Summary of Interest Recorded

For the three and nine months ended September 30, 2021 and 2020, interest expense was recorded as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total interest incurred	$	18,181	$	17,780	$	54,775	$	56,944
Interest capitalized	(1,472)		(2,722)		(4,202)		(11,989)
Total interest expense	$	16,709	$	15,058	$	50,573	$	44,955