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)	Maturity Dates	June 30, 2016		December 31, 2015		June 30, 2016
Unsecured Credit Facility	4/17	$	190,000	$	206,000	1.61	%
Unsecured Term Loan Facility, net of issuance costs	2/19	199,374		199,257		1.66	%
Senior Notes due 2021, net of discount and issuance costs	1/21	396,816		396,489		5.97	%
Senior Notes due 2023, net of discount and issuance costs	4/23	247,096		246,897		3.95	%
Senior Notes due 2025, net of discount and issuance costs	5/25	247,709		247,602		4.08	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	12/16-5/40	133,744		128,747		5.17	%
		$	1,414,739	$	1,424,992

2016 Activity

First Quarter

On January 5, 2016, the Company obtained 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.

Second Quarter

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.

On May 13, 2016, upon acquisition of a 63,012 square foot medical office property in Los Angeles, California, the Company assumed a $13.2 million mortgage note payable (excluding a fair value premium adjustment of $0.8 million). The mortgage note payable has a contractual interest rate of 4.77% (effective rate of 4.13%).

Subsequent Activity

With proceeds of the equity offering that the Company completed on July 5, 2016, the Company repaid the outstanding balance of $190.0 million on its unsecured credit facility due 2017 ("Unsecured Credit Facility"). In addition, the Company repaid $50.0 million on its unsecured term loan facility due 2019 ("Unsecured Term Loan") leaving an outstanding balance of $150.0 million with a weighted average interest rate of approximately 1.6%.

On July 29, 2016, the Company entered into an amendment to its Unsecured Credit Facility that extended the maturity date from April 2017 to July 2020, reduced the spread over LIBOR that the Company pays for borrowing, and revised financial covenants to provide the Company with increased flexibility. Amounts outstanding under the Unsecured Credit Facility bear interest at LIBOR plus an applicable margin rate. The margin rate, which depends on the Company's credit ratings, ranges from 0.83% to 1.55% (currently at 1.00%). In addition, the Company pays a facility fee per annum on the aggregate amount of commitments ranging from 0.13% to 0.30% (currently at 0.20%). In connection with the amendment, the Company paid upfront fees to the lenders and other costs of approximately $4.4 million which will be amortized over the term of the Unsecured Credit Facility. As of August 3, 2016, the Company had no borrowings outstanding under the Unsecured Credit Facility and had a remaining borrowing capacity of $700.0 million.

On July 29, 2016, the Company also entered into an amendment to the Unsecured Term Loan. This amendment was for the purpose of conforming the financial covenants in the Unsecured Term Loan to those in the amendment to the Unsecured Credit Facility. The amendment did not impact the maturity date or cost of borrowing under the Unsecured Term Loan.