Unsecured Notes Payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of unsecured notes payable

The following table summarizes the Company’s unsecured notes payable:

		June 30, 2018					December 31, 2017
Unsecured Notes Payable	Maturity Date	Principal Balance			Interest Rate/ Weighted Average Interest Rate		Principal Balance			Interest Rate/ Weighted Average Interest Rate
Senior notes – 4.12% due 2021	June 30, 2021	$	100,000		4.12	%	$	100,000		4.12	%
Senior notes – 4.58% due 2024	June 30, 2024	150,000			4.58	%	150,000			4.58	%
Senior notes – 4.00% due 2025	March 15, 2025	250,000			4.00	%	250,000			4.00	%
Senior notes – 4.08% due 2026	September 30, 2026	100,000			4.08	%	100,000			4.08	%
Senior notes – 4.24% due 2028	December 28, 2028	100,000			4.24	%	100,000			4.24	%
		700,000			4.19	%	700,000			4.19	%
Discount, net of accumulated amortization		(793		)			(853		)
Capitalized loan fees, net of accumulated amortization		(3,152		)			(3,399		)
	Total	$	696,055				$	695,748

The following table summarizes the Company’s term loans and revolving line of credit:

		June 30, 2018					December 31, 2017
	Maturity Date	Balance			Interest Rate		Balance			Interest Rate
Unsecured credit facility term loan due 2021 – fixed rate (a)	January 5, 2021	$	250,000		3.20	%	$	250,000		3.30	%
Unsecured credit facility term loan due 2018 – variable rate	May 11, 2018	—			—	%	100,000			2.93	%
Unsecured term loan due 2023 – fixed rate (b)	November 22, 2023	200,000			2.96	%	200,000			2.96	%
Subtotal		450,000					550,000
Capitalized loan fees, net of accumulated amortization		(2,417		)			(2,730		)
Term loans, net		$	447,583				$	547,270
Unsecured credit facility revolving line of credit – variable rate (c)	April 22, 2022	$	126,000		3.14	%	$	216,000		2.92	%

(a) $250,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021. As of June 30, 2018, the leverage grid ranged from 1.20% to 1.70% and the applicable credit spread was 1.20%. As of December 31, 2017, the leverage grid ranged from 1.30% to 2.20% and the applicable credit spread was 1.30%.

(b) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.26% plus a credit spread based on a leverage grid ranging from 1.70% to 2.55% through November 22, 2018. The applicable credit spread was 1.70% as of June 30, 2018 and December 31, 2017.

(c) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying condensed consolidated balance sheets.