Notes and Bonds Payable

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Notes and Bonds Payable

Notes and Bonds Payable

The table below details the Company’s notes and bonds payable.

	Maturity Dates	Balance as of				Effective Interest Rate as of
(Dollars in thousands)		March 31, 2016		December 31, 2015		March 31, 2016
Unsecured Credit Facility	4/17	$	199,000	$	206,000	1.58	%
Unsecured Term Loan Facility, net	2/19	199,315		199,257		1.64	%
Senior Notes due 2021, net of discount and issuance costs	1/21	396,652		396,489		5.97	%
Senior Notes due 2023, net of discount and issuance costs	4/23	246,996		246,897		3.95	%
Senior Notes due 2025, net of discount and issuance costs	5/25	247,655		247,602		4.08	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	8/16-5/40	128,729		128,747		5.25	%
		$	1,418,347	$	1,424,992

2016 Activity

First Quarter

On January 5, 2016, the Company refinanced a mortgage note payable of $11.5 million bearing interest at a rate of 3.60% that encumbers a 90,607 square foot medical office building and garage located in California. The Company repaid in full the previous mortgage note payable bearing an interest rate of 5.49% with outstanding principal of $11.4 million on December 31, 2015.

On February 11, 2016, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.86% with outstanding principal of $10.2 million. The mortgage note encumbered a 90,633 square foot medical office building located in North Carolina.

Subsequent Activity

On April 29, 2016, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.99% with outstanding principal of $7.3 million. The mortgage note encumbered a 42,957 square foot medical office building located in Virginia.

The Company expects to repay two additional mortgage notes payable totaling $16.1 million with a weighted average interest rate of 6.04% during 2016.