Notes and Bonds Payable

9 Months Ended

Sep. 30, 2017

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)		September 30, 2017		December 31, 2016		September 30, 2017
Unsecured Credit Facility	7/20	$	—	$	107,000	2.23	%
Unsecured Term Loan Facility, net of issuance costs	2/19	149,667		149,491		2.43	%
Senior Notes due 2021, net of discount and issuance costs	1/21	397,653		397,147		5.97	%
Senior Notes due 2023, net of discount and issuance costs	4/23	247,601		247,296		3.95	%
Senior Notes due 2025, net of discount and issuance costs	5/25	247,987		247,819		4.08	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	1/18-5/40	123,152		115,617		5.06	%
		$	1,166,060	$	1,264,370

Changes in Debt Structure

On May 1, 2017, the Company repaid in full a mortgage note payable bearing interest at a rate of 6.50% per annum with outstanding principal of $0.2 million. The mortgage note encumbered a 60,476 square foot medical office building located in Minnesota.

On June 13, 2017, in connection with the acquisition of a 62,379 square foot medical office property in Washington D.C., the Company assumed a $12.1 million mortgage note payable (excluding a fair value premium adjustment of $0.4 million). The mortgage note payable has a contractual interest rate of 4.69% per annum (effective rate of 4.27% per annum).

On September 28, 2017, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.55% per annum with an outstanding principal of $1.3 million. The mortgage note encumbered a 75,000 square foot property in Tennessee.

Subsequent Activity

On October 2, 2017, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.53% per annum with an outstanding principal of $0.2 million. The mortgage note encumbered a 73,331 square foot property in Ohio.

On November 1, 2017, the Company redeemed $100.0 million of its unsecured senior notes due 2021 at a redemption price equal to an aggregate of $113.4 million, consisting of outstanding principal of $100.0 million, accrued interest of $1.7 million, and a "make-whole" amount of approximately $11.7 million for the early extinguishment of debt. The unaccreted discount and unamortized costs on these notes of $0.5 million was written off upon redemption. The Company will recognize a loss on early extinguishment of debt of approximately $12.2 million related to this redemption in the fourth quarter of 2017.