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Notes and Bonds Payable (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Instrument [Line Items]  
Schedule of debt
 
December 31,
 
Maturity
Dates
 
Contractual
Interest Rates

 
Principal
Payments
 
Interest
Payments
(Dollars in thousands)
2018

 
2017

 
 
 
Unsecured Credit Facility
$
262,000

 
$
189,000

 
7/20
 
LIBOR + 1.00%

 
At maturity
 
Monthly
Unsecured Term Loan due 2022 (1)
149,183

 
148,994

 
12/22
 
LIBOR + 1.10%

 
At maturity
 
Monthly
Senior Notes due 2023 (1)
248,117

 
247,703

 
4/23
 
3.75
%
 
At maturity
 
Semi-Annual
Senior Notes due 2025 (1)
248,278

 
248,044

 
5/25
 
3.88
%
 
At maturity
 
Semi-Annual
Senior Notes due 2028 (1)
295,198

 
294,757

 
1/28
 
3.63
%
 
At maturity
 
Semi-Annual
Mortgage notes payable (2)
143,208

 
155,382

 
7/19-5/40
 
     3.31%-6.88%

 
Monthly
 
Monthly

$
1,345,984

 
$
1,283,880

 
 
 
 
 
 
 
 

______
(1)
Balances are shown net of discounts and unamortized issuance costs.
(2)
Balances are shown net of discounts and unamortized issuance costs and include premiums.
Schedule of Mortgage Notes Payable The following table details the Company’s mortgage notes payable, with related collateral.
 
Original Balance

 
Effective Interest Rate (22)

 
Maturity
Date
 
Collateral (23)
 
Principal and Interest Payments (21)
 
Investment in Collateral at December 31,

 
Balance at December 31,
(Dollars in millions)
 
 
 
 
 
2018

 
2018

 
2017

Insurance Co. (1)
7.3

 
5.54
%
 
12/18
 
MOB
 
Monthly/25-yr amort.
 
—

 
—

 
6.0

Commercial Bank (2)
9.5

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

 
—

 
9.3

Commercial Bank (3)
9.4

 
4.55
%
 
7/19
 
MOB
 
Monthly/8-yr amort
 
27.8

 
9.0

 
9.2

Commercial Bank (4)
15.2

 
7.65
%
 
7/20
 
MOB
 
(20)
 
20.2

 
12.5

 
12.7

Life Insurance Co. (5)
7.9

 
4.00
%
 
8/20
 
MOB
 
Monthly/15-yr amort.
 
20.7

 
1.3

 
2.0

Life Insurance Co. (6)
7.3

 
5.25
%
 
8/20
 
MOB
 
Monthly/27-yr amort.
 
18.0

 
6.2

 
6.5

Life Insurance Co. (7)
5.6

 
4.30
%
 
1/21
 
MOB
 
Monthly/10-yr amort.
 
15.7

 
4.6

 
4.8

Commercial Bank (8)
12.9

 
6.43
%
 
2/21
 
MOB
 
Monthly/12-yr amort.
 
55.1

 
10.3

 
10.5

Life Insurance Co. (9)
11.0

 
3.87
%
 
11/22
 
MOB
 
Monthly/7-yr amort.
 
22.0

 
10.2

 
10.4

Life Insurance Co. (10)
12.3

 
3.86
%
 
8/23
 
MOB
 
Monthly/7-yr amort.
 
25.4

 
11.2

 
11.5

Financial Services (11)
12.4

 
4.27
%
 
10/23
 
MOB
 
Monthly/10-yr amort.
 
24.9

 
12.0

 
12.2

Life Insurance Co. (12)
9.0

 
4.84
%
 
12/23
 
MOB,OFC
 
Monthly/10-yr amort.
 
25.3

 
7.8

 
—

Life Insurance Co. (13)
13.3

 
4.13
%
 
1/24
 
MOB
 
Monthly/10-yr amort.
 
21.2

 
13.0

 
13.3

Life Insurance Co. (14)
6.8

 
3.96
%
 
2/24
 
MOB
 
Monthly/7-yr amort.
 
14.5

 
6.6

 
6.7

Financial Services (15)
9.7

 
4.32
%
 
9/24
 
MOB
 
Monthly/10-yr amort.
 
16.5

 
8.6

 
8.8

Commercial Bank
11.5

 
3.71
%
 
1/26
 
MOB
 
Monthly/10-yr amort.
 
38.4

 
10.1

 
10.5

Commercial Bank (16)
15.0

 
5.25
%
 
4/27
 
MOB
 
Monthly/20-yr amort.
 
33.5

 
8.8

 
9.6

Municipal Government (17) (18)
11.0

 
4.79
%
 
(19) 
 
MOB
 
Semi-Annual (19)
 
21.0

 
11.0

 
11.4

 
 
 
 
 
 
 
 
 
 
 
$
400.2

 
$
143.2

 
$
155.4

______ 
(1)
The Company repaid this mortgage note in October 2018. The Company's unencumbered gross investment was $14.4 million at December 31, 2018.
(2)
The Company repaid this mortgage note in December 2018. The Company's unencumbered gross investment was $14.1 million at December 31, 2018.
(3)
The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above.
(4)
The unaccreted portion of the $2.4 million discount recorded on this note upon acquisition is included in the balance above.
(5)
The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above.
(6)
The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above.
(7)
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
(8)
The unaccreted portion of the $1.0 million discount recorded on this note upon acquisition is included in the balance above.
(9)
The unaccreted portion of the $0.1 million discount recorded on this note upon acquisition is included in the balance above.
(10)
The unaccreted portion of the $0.2 million discount recorded on this note upon acquisition is included in the balance above.
(11)
The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above.
(12)
The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
(13)
The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above.
(14)
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
(15)
The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
(16)
The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
(17)
Balance consists of three notes secured by the same building.
(18)
The unamortized portion of the $1.0 million premium recorded on the three notes upon acquisition is included in the balance above.
(19)
These three mortgage notes payable are series municipal bonds that have maturity dates ranging from from May 2022 to May 2040. One of the four original notes payable was repaid upon maturity in May 2017. The remaining three require interest only payments and have future maturity dates but allow repayment after May 2020 without penalty. The Company intends on repaying all three notes payable at that time.
(20)
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.
(21)
Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
(22)
The contractual interest rates for the 18 outstanding mortgage notes ranged from 3.3% to 6.9% as of December 31, 2018.
(23)
MOB-Medical office building
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, 2018 were as follows:
 
(Dollars in thousands)
Principal
Maturities

 
Net Accretion/
Amortization (1)

 
Debt Issuance Costs (2)

 
Notes and Bonds Payable

%

2019
$
13,857

 
$
(250
)
 
$
(1,067
)
 
$
12,540

0.9
%
2020
285,064

 
(392
)
 
(1,061
)
 
283,611

21.1
%
2021
17,593

 
(326
)
 
(1,046
)
 
16,221

1.2
%
2022
162,977

 
(336
)
 
(1,058
)
 
161,583

12.0
%
2023
280,230

 
(183
)
 
(697
)
 
279,350

20.8
%
2024 and thereafter
595,394

 
(1,110
)
 
(1,605
)
 
592,679

44.0
%
 
$
1,355,115

 
$
(2,597
)
 
$
(6,534
)
 
$
1,345,984

100.0
%
______ 
(1)
Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2023, Senior Notes due 2025, Senior Notes due 2028 and 17 mortgage notes payable.
(2)
Excludes approximately $2.2 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net.
Medium-term Notes [Member] | Term Loan due 2022 [Member]  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Unsecured Term Loan due 2022 on the Company’s Consolidated Balance Sheets as of December 31, 2018 and 2017:

 
 
December 31,
(Dollars in thousands)
2018

 
2017

Unsecured Term Loan due 2022 principal balance
$
150,000

 
$
150,000

        Debt issuance costs
(817
)
 
(1,006
)
Unsecured Term Loan due 2022 carrying amount
$
149,183

 
$
148,994
Senior Notes [Member] | 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, 2018 and 2017:  
 
December 31,
(Dollars in thousands)
2018

 
2017

Senior Notes due 2023 face value
$
250,000

 
$
250,000

Unaccreted discount
(974
)
 
(1,178
)
          Debt issuance costs
(909
)
 
(1,119
)
Senior Notes due 2023 carrying amount
$
248,117

 
$
247,703
Senior Notes [Member] | Senior Notes due 2025 [Member]  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Senior Notes due 2025 on the Company’s Consolidated Balance Sheets as of December 31, 2018 and 2017: 
 
December 31,
(Dollars in thousands)
2018

 
2017

Senior Notes due 2025 face value
$
250,000

 
$
250,000

Unaccreted discount
(141
)
 
(160
)
          Debt issuance costs
(1,581
)
 
(1,796
)
Senior Notes due 2028 carrying amount
$
248,278

 
$
248,044
Senior Notes [Member] | Senior Notes due 2028 [Member]  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Senior Notes due 2028 on the Company’s Consolidated Balance Sheets as of December 31, 2018:
 
December 31,
(Dollars in thousands)
2018

 
2017

Senior Notes due 2028 face value
$
300,000

 
$
300,000

Unaccreted discount
(2,319
)
 
(2,529
)
          Debt issuance costs
$
(2,483
)
 
$
(2,714
)
Senior Notes due 2028 carrying amount
$
295,198

 
$
294,757
Mortgage Notes [Member] | 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, 2018 and 2017. For the years ended December 31, 2018, 2017 and 2016, the Company amortized approximately $0.4 million, $0.3 million and $0.3 million of the discount and $0.8 million, $0.7 million, and $0.9 million of the premium. For the years ended December 31, 2018, 2017 and 2016, the Company also amortized approximately $0.1 million, $0.1 million, and $0.2 million of the debt issuance costs, 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)
2018

 
2017

Mortgage notes payable principal balance
$
143,115

 
$
154,916

Unamortized premium
1,805

 
2,651

Unaccreted discount
(968
)
 
(1,332
)
Debt issuance costs
(744
)
 
(853
)
Mortgage notes payable carrying amount
$
143,208

 
$
155,382