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Notes and Bonds Payable (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Instrument [Line Items]  
Schedule of debt
The table below details the Company’s notes and bonds payable. 
 
December 31,
Maturity
Dates
 
Contractual
Interest Rates

 
Principal
Payments
 
Interest
Payments
(Dollars in thousands)
2015

 
2014

 
 
Unsecured Credit Facility
$
206,000

 
$
85,000

4/17
 
LIBOR + 1.15%

 
At maturity
 
Quarterly
Unsecured Term Loan Facility
200,000

 
200,000

2/19
 
LIBOR + 1.20%

 
At maturity
 
Quarterly
Senior Notes due 2017, net of discount
—

 
299,308

—
 
6.50
%
 
At maturity
 
Semi-Annual
Senior Notes due 2021, net of discount
398,168

 
397,864

1/21
 
5.75
%
 
At maturity
 
Semi-Annual
Senior Notes due 2023, net of discount
248,435

 
248,253

4/23
 
3.75
%
 
At maturity
 
Semi-Annual
Senior Notes due 2025, net of discount
249,804

 
—

5/25
 
3.88
%
 
At maturity
 
Semi-Annual
Mortgage notes payable, net of discounts and including premiums
129,087

 
173,267

4/16-5/40
 
     4.15%-7.63%

 
Monthly
 
Monthly

$
1,431,494

 
$
1,403,692

 
 
 
 
 
 
 
Schedule of Mortgage Notes Payable
The following table details the Company’s mortgage notes payable, with related collateral.
 
Original Balance

 
Effective
Interest
Rate
(24)

 
Maturity
Date
 
Collateral
(25)
 
Principal and Interest
Payments (23)

 
Investment in Collateral at December 31,

 
Balance at December 31,
(Dollars in millions)
 
 
 
 
 
2015

 
2015

 
2014

Commercial Bank (1)
$
17.4

 
6.48
%
 
5/15
 
MOB
 
Monthly/10-yr amort.

 
$
—

 
$
—

 
$
14.8

Commercial Bank (2)
12.0

 
6.11
%
 
7/15
 
2 MOBs
 
Monthly/10-yr amort.

 
—

 
—

 
10.1

Life Insurance Co. (3)
21.5

 
4.70
%
 
8/15
 
MOB
 
Monthly/25-yr amort.

 
—

 
—

 
16.6

Investment Co. (4)
4.6

 
5.25
%
 
9/15
 
MOB
 
Monthly/10-yr amort.

 
—

 
—

 
4.1

Life Insurance Co. (5)
15.1

 
5.49
%
 
1/16
 
MOB
 
Monthly/10-yr amort.

 
—

 
—

 
11.9

Life Insurance Co. (6)
13.9

 
4.70
%
 
1/16
 
MOB
 
Monthly/25-yr amort

 
—

 
—

 
11.0

Commercial Bank (7)
13.1

 
5.00
%
 
4/16
 
MOB
 
Monthly/25-yr amort.

 
20.1

 
10.3

 
10.7

Commercial Bank (8)
8.1

 
4.54
%
 
8/16
 
MOB
 
Monthly/10-yr amort

 
15.7

 
7.4

 
7.5

Commercial Bank (9)
18.3

 
5.00
%
 
12/16
 
MOB
 
Monthly/30-yr amort.

 
34.5

 
16.0

 
16.5

Life Insurance Co.
4.7

 
7.77
%
 
1/17
 
MOB
 
Monthly/20-yr amort

 
12.4

 
0.4

 
0.9

Life Insurance Co.
7.0

 
5.53
%
 
1/18
 
MOB
 
Monthly/15-yr amort

 
13.7

 
1.4

 
1.9

Insurance Co. (10)
7.3

 
5.10
%
 
12/18
 
MOB
 
Monthly/25-yr amort.

 
14.1

 
6.5

 
6.8

Commercial Bank (11)
9.5

 
5.07
%
 
3/19
 
MOB
 
Monthly/5-yr amort.

 
13.8

 
9.7

 
—

Commercial Bank (12)
9.4

 
4.17
%
 
7/19
 
MOB
 
Monthly/8-yr amort

 
27.8

 
9.6

 
—

Commercial Bank (13)
15.2

 
7.65
%
 
7/20
 
MOB
 
(22
)
 
20.1

 
12.7

 
12.7

Life Insurance Co. (14)
7.9

 
4.00
%
 
8/20
 
MOB
 
Monthly/15-yr amort.

 
20.7

 
3.3

 
4.0

Life Insurance Co. (15)
7.3

 
4.86
%
 
8/20
 
MOB
 
Monthly/27-yr amort.

 
17.9

 
6.9

 
7.1

Commercial Bank (16)
12.9

 
6.43
%
 
2/21
 
MOB
 
Monthly/12-yr amort.

 
20.8

 
10.9

 
11.0

Financial Services (17)
9.7

 
4.32
%
 
9/24
 
MOB
 
Monthly/10-yr amort

 
16.1

 
9.4

 
—

Commercial Bank (18)
15.0

 
5.25
%
 
4/27
 
MOB
 
Monthly/20-yr amort.

 
33.4

 
11.2

 
11.9

Commercial Bank
1.8

 
5.55
%
 
10/30
 
OTH
 
Monthly/27-yr amort

 
7.9

 
1.4

 
1.5

Municipal Government (19) (20)
11.9

 
4.79
%
 
(21) 
 
MOB
 
Semi-Annual (21)

 
20.9

 
12.0

 
12.3

 
 
 
 
 
 
 
 
 
 
 
$
309.9

 
$
129.1

 
$
173.3

______ 
(1)
The Company repaid this mortgage note in January 2015.
(2)
The Company repaid this mortgage note in April 2015.
(3)
The Company repaid this mortgage note in May 2015.
(4)
The Company repaid this mortgage note in June 2015.
(5)
The Company repaid this mortgage note in December 2015.
(6)
The Company repaid this mortgage note in October 2015.
(7)
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
(8)
The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above.
(9)
The unamortized portion of the $0.5 million premium recorded on this note upon acquisition is included in the balance above.
(10)
The unamortized portion of the $0.6 million premium recorded on this note upon acquisition is included in the balance above.
(11)
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
(12)
The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above.
(13)
The unaccreted portion of a $2.4 million discount recorded on this note upon acquisition is included in the balance above.
(14)
The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above.
(15)
The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above.
(16)
The unaccreted portion of a $1.0 million discount recorded on this note upon acquisition is included in the balance above.
(17)
The unaccreted portion of the $0.1 million discount recorded on the note upon acquisition is included in the balance above.
(18)
The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
(19)
Balance consists of four notes secured by the same building.
(20)
The unamortized portion of the $1.0 million premium recorded on the four notes upon acquisition is included in the balance above.
(21)
These four mortgage notes payable are series municipal bonds that have maturity dates ranging from from May 2017 to May 2040. The note payable with the earliest maturity date will require principal and interest payments while the remaining notes payable will require interest only payments. One of the notes payable matures in May 2017 and the remaining three have future maturity dates but allow repayment in May 2020 without penalty. The Company intends on repaying all three notes payable at that time.
(22)
Payable in monthly installments of interest only for 24 months and then installments of principal and interest based on an 11-year amortization with the final payment due at maturity.
(23)
Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
(24)
The contractual interest rates for the 19 outstanding mortgage notes ranged from 4.2% to 7.6% as of December 31, 2015.
(25)
MOB-Medical office building; OTH-Other.
Future contractual maturities of the Company's notes and bonds payable
Future maturities of the Company’s notes and bonds payable as of December 31, 2015 were as follows: 
(Dollars in thousands)
Principal
Maturities

 
Net Accretion/
Amortization (1)

 
Notes and Bonds Payable

 
%

2016
$
37,369

 
$
(24
)
 
$
37,345

 
2.6
%
2017
209,701

 
(338
)
 
209,363

 
14.6
%
2018
8,966

 
(399
)
 
8,567

 
0.6
%
2019
220,950

 
(616
)
 
220,334

 
15.4
%
2020
20,987

 
(783
)
 
20,204

 
1.4
%
2021 and thereafter
936,188

 
(507
)
 
935,681

 
65.4
%
 
$
1,434,161

 
$
(2,667
)
 
$
1,431,494

 
100.0
%
______ 
(1)
Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2021, Senior Notes due 2023, Senior Notes due 2025, and 16 mortgage notes payable.
Senior Notes [Member] | 6.500% Senior Notes Due 2017 [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The following table reconciles the balance of the Senior Notes due 2017 on the Company’s Consolidated Balance Sheets as of December 31, 2015 and 2014:  
 
December 31,
(Dollars in thousands)
2015

 
2014

Senior Notes due 2017 face value
$
—

 
$
300,000

Unaccreted discount
—

 
(692
)
Senior Notes due 2017 carrying amount
$
—

 
$
299,308
Senior Notes [Member] | 5.750% Senior Notes Due 2021 [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The following table reconciles the balance of the Senior Notes due 2021 on the Company’s Consolidated Balance Sheets as of December 31, 2015 and 2014:  
 
December 31,
(Dollars in thousands)
2015

 
2014

Senior Notes due 2021 face value
$
400,000

 
$
400,000

Unaccreted discount
(1,832
)
 
(2,136
)
Senior Notes due 2021 carrying amount
$
398,168

 
$
397,864
Senior Notes [Member] | 3.75% Senior Notes Due 2023 [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The following table reconciles the balance of the Senior Notes due 2023 on the Company’s Consolidated Balance Sheets as of December 31, 2015 and 2014:  
 
December 31,
(Dollars in thousands)
2015

 
2014

Senior Notes due 2023 face value
$
250,000

 
$
250,000

Unaccreted discount
(1,565
)
 
(1,747
)
Senior Notes due 2023 carrying amount
$
248,435

 
$
248,253
Senior Notes [Member] | 3.875% Unsecured Senior Notes due 2025 [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The following table reconciles the balance of the Senior Notes due 2023 on the Company’s Consolidated Balance Sheets as of December 31, 2015 and 2014:
 
 
December 31,
(Dollars in thousands)
2015

 
2014

Senior Notes due 2025 face value
$
250,000

 
$
—

Unaccreted discount
(196
)
 
—

Senior Notes due 2025 carrying amount
$
249,804

 
$
—
Mortgage notes payable [Member] | 4.15%-7.63% Mortgage Notes Payable [Member]  
Debt Instrument [Line Items]  
Schedule of debt
The following table reconciles the Company’s aggregate mortgage notes principal balance with the Company’s Consolidated Balance Sheets as of December 31, 2015 and 2014. For the years ended December 31, 2015, 2014 and 2013, the Company amortized approximately $0.8 million, $1.1 million and $1.2 million of the discount and $1.0 million, $1.0 million, and $0.7 million of the premium, respectively, on the mortgage notes payable which is included in interest expense on the Company’s Consolidated Statements of Income.
 
December 31,
(Dollars in thousands)
2015

 
2014

Mortgage notes payable principal balance
$
128,161

 
$
172,530

Unamortized premium
2,705

 
3,205

Unaccreted discount
(1,779
)
 
(2,468
)
Mortgage notes payable carrying amount
$
129,087

 
$
173,267