Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

The following table summarizes the terms of notes payable outstanding at June 30, 2022 and December 31, 2021 ($ in thousands):

Description	Interest Rate (1)	Maturity (2)	2022		2021
Unsecured Notes:
Term Loan, Unsecured	2.63%	2024	$	350,000	$	350,000
Credit Facility, Unsecured	2.40%	2027	306,000		228,500
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
			1,656,000		1,578,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	131,934		133,672
Colorado Tower	3.45%	2026	110,862		112,150
Terminus 100	5.25%	2023	109,953		111,678
Promenade Tower	4.27%	2022	87,224		89,052
Domain 10	3.75%	2024	75,475		76,412
Terminus 200	3.79%	2023	71,640		72,561
Legacy Union One	4.24%	2023	66,000		66,000
			653,088		661,525
			$	2,309,088	$	2,240,025
Unamortized premium			1,995		3,910
Unamortized loan costs			(5,446)		(6,426)
Total Notes Payable			$	2,305,637	$	2,237,509

(1) Interest rate as of June 30, 2022.

(2) Weighted average maturity of notes payable outstanding at June 30, 2022 was 3.9 years.

Summary of Interest Recorded

For the three and six months ended June 30, 2022 and 2021, interest expense was recorded as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Total interest incurred	$	20,140	$	18,075	$	39,116	$	36,595
Interest capitalized	(3,591)		(1,419)		(7,042)		(2,731)
Total interest expense	$	16,549	$	16,656	$	32,074	$	33,864