Notes and Bonds Payable

3 Months Ended

Mar. 31, 2019

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, 2019		December 31, 2018		March 31, 2019
Unsecured Credit Facility	7/20	$	260,000	$	262,000	3.49	%
Unsecured Term Loan Facility, net of issuance costs (1)	12/22	149,234		149,183		3.53	%
Senior Notes due 2023, net of discount and issuance costs	4/23	248,223		248,117		3.95	%
Senior Notes due 2025, net of discount and issuance costs (2)	5/25	248,338		248,278		4.08	%
Senior Notes due 2028, net of discount and issuance costs	1/28	295,309		295,198		3.84	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	7/19-5/40	142,006		143,208		4.79	%
		$	1,343,110	$	1,345,984

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(1) The effective interest rate includes the impact of interest rate swaps on $25.0 million and $50.0 million of the outstanding balance at a rate of 2.18% and 2.46%, respectively (plus the applicable margin rate, currently 110 basis points).

(2) The effective interest rate includes the impact of the $1.7 million settlement of a forward-starting interest rate swap that is included in Accumulated other comprehensive income (loss) on the Company's Condensed Consolidated Balance Sheets.

Subsequent Mortgage Note Payable Payoff

On April 10, 2019, the Company repaid in full a mortgage note payable bearing interest at a rate of 5.00% per annum with an outstanding principal of $8.9 million. The mortgage note encumbered a 52,813 square foot property in Washington.