Mortgages and Notes Payable (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Consolidated Mortgages and Notes Payable

Our mortgages and notes payable consist of the following:

	December 31,
	2018			2017
Secured indebtedness: (1)
4.00% mortgage loan due 2029	$	97,179		$	98,981
	97,179			98,981
Unsecured indebtedness:
7.50% notes due 2018 (2)	—			200,000
3.20% (3.363% effective rate) notes due 2021 (3)	298,936			298,504
3.625% (3.752% effective rate) notes due 2023(4)	248,938			248,675
3.875% (4.038% effective rate) notes due 2027 (5)	296,734			296,334
4.125% (4.271% effective rate) notes due 2028 (6)	346,208			—
Variable rate term loan due 2018 (2)	—			10,000
Variable rate term loan due 2020 (7)	225,000			225,000
Variable rate term loan due 2022 (8)	200,000			200,000
Variable rate term loan due 2022 (9)	200,000			200,000
Revolving credit facility due 2022 (10)	182,000			245,000
	1,997,816			1,923,513
Less-unamortized debt issuance costs	(9,164		)	(8,161		)
Total mortgages and notes payable, net	$	2,085,831		$	2,014,333

__________

(1) Our secured mortgage loan was collateralized by real estate assets with an undepreciated book value of $147.6 million at December 31, 2018. Our fixed rate mortgage loans generally are either locked out to prepayment for all or a portion of their term or are prepayable subject to certain conditions including prepayment penalties.

(2) This debt was repaid in 2018.

(3) Net of unamortized original issuance discount of $1.1 million and $1.5 million as of December 31, 2018 and 2017, respectively.

(4) Net of unamortized original issuance discount of $1.1 million and $1.3 million as of December 31, 2018 and 2017, respectively.

(5) Net of unamortized original issuance discount of $3.3 million and $3.7 million as of December 31, 2018 and 2017, respectively.

(6) Net of unamortized original issuance discount of $3.8 million as of December 31, 2018.

(7) As more fully described in Note 6, we entered into floating-to-fixed interest rate swaps that effectively fixed LIBOR for $225.0 million of this loan through January 11, 2019. Accordingly, the equivalent fixed rate of this amount was 2.78%.

(8) As more fully described in Note 6, we entered into floating-to-fixed interest rate swaps that effectively fix LIBOR for $50.0 million of this loan through January 2022. Accordingly, the equivalent fixed rate of this amount is 2.79%. The interest rate on the remaining $150.0 million was 3.45% at December 31, 2018.

(9) The interest rate was 3.61% at December 31, 2018.

(10) The interest rate was 3.46% at December 31, 2018.

Schedule of Long-term Debt Instruments

The following table sets forth scheduled future principal payments, including amortization, due on our mortgages and notes payable at December 31, 2018:

Years Ending December 31,	Principal Amount
2019	$	367
2020	225,444
2021	300,757
2022	583,038
2023	251,376
Thereafter	734,013
Less-unamortized debt issuance costs	(9,164		)
	$	2,085,831