Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Terms of Notes Payable

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

Description	Interest Rate (1)	Maturity (2)	2022		2021
Unsecured Notes:
Term Loan	5.38%	2024	$	350,000	$	350,000
Credit Facility	3.98%	2027	301,200		228,500
Senior Note	3.95%	2029	275,000		275,000
Senior Note	3.91%	2025	250,000		250,000
Senior Note	3.86%	2028	250,000		250,000
Senior Note	3.78%	2027	125,000		125,000
Senior Note	4.09%	2027	100,000		100,000
			1,651,200		1,578,500
Secured Mortgage Notes:
Fifth Third Center	3.37%	2026	131,055		133,672
Colorado Tower	3.45%	2026	110,210		112,150
Terminus 100	5.25%	2023	109,073		111,678
Promenade Tower	4.27%	2022	86,295		89,052
Domain 10	3.75%	2024	75,000		76,412
Terminus 200	3.79%	2023	71,172		72,561
Legacy Union One	4.24%	2023	66,000		66,000
			648,805		661,525
			$	2,300,005	$	2,240,025
Unamortized premium			998		3,910
Unamortized loan costs			(5,014)		(6,426)
Total Notes Payable			$	2,295,989	$	2,237,509

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

(2) Weighted average maturity of notes payable outstanding at September 30, 2022 was 3.6 years.

Summary of Interest Recorded

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total interest incurred	$	22,406	$	18,181	$	61,522	$	54,775
Interest capitalized	(4,026)		(1,472)		(11,068)		(4,202)
Total interest expense	$	18,380	$	16,709	$	50,454	$	50,573