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Notes and Contracts Payable (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Notes and Contracts Payable

 

December 31,

 

 

2019

 

 

2018

 

 

(in thousands, except percentages)

 

4.60% senior unsecured notes due November 15, 2024, effective interest rate of 4.60%

$

300,000

 

 

$

300,000

 

4.30% senior unsecured notes due February 1, 2023, effective interest rate of 4.35%

 

250,000

 

 

 

250,000

 

Line of credit borrowings due April 30, 2024, current interest rate of 3.30% at December 31, 2019

 

160,000

 

 

 

 

Line of credit borrowings due May 14, 2019, current interest rate of 4.15% at December 31, 2018

 

 

 

 

160,000

 

Trust deed note due November 1, 2023, collateralized by land and buildings with net book values of $38,402 and $39,283 at December 31, 2019 and 2018, respectively, fixed interest rate of 5.26%

 

15,724

 

 

 

19,247

 

Other notes and contracts payable with maturities through 2024, weighted-average interest rate of 4.02% and 4.49% at December 31, 2019 and 2018, respectively

 

4,918

 

 

 

5,791

 

 

 

730,642

 

 

 

735,038

 

Unamortized discount – senior unsecured notes

 

(358

)

 

 

(462

)

Debt issuance costs – senior unsecured notes

 

(2,052

)

 

 

(2,557

)

 

$

728,232

 

 

$

732,019

 

Aggregate Annual Maturities of Notes and Contracts Payable

The aggregate annual maturities for notes and contracts payable for the next five years and thereafter, are summarized as follows:

Year

Annual maturities

 

 

(in thousands)

 

2020

$

5,323

 

2021

 

5,205

 

2022

 

5,347

 

2023

 

254,615

 

2024

 

460,152

 

Thereafter

 

 

 

$

730,642