Notes and Bonds Payable (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

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, 2019		December 31, 2018		September 30, 2019
$700 million Unsecured Credit Facility	5/23	$	322,000	$	262,000	2.92	%
$200 million Unsecured Term Loan Facility, net of issuance costs (1)	5/24	198,957		149,183		3.29	%
$150 million Unsecured Term Loan due 2026 (2)	6/26	—		—		N/A
Senior Notes due 2023, net of discount and issuance costs	4/23	248,434		248,117		3.95	%
Senior Notes due 2025, net of discount and issuance costs (3)	5/25	248,460		248,278		4.08	%
Senior Notes due 2028, net of discount and issuance costs	1/28	295,536		295,198		3.84	%
Mortgage notes payable, net of discounts and issuance costs and including premiums	7/20-5/40	130,532		143,208		4.81	%
		$	1,443,919	$	1,345,984

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(1) The effective interest rate includes the impact of interest rate swaps on $175.0 million at a weighted average rate of 2.29% (plus the applicable margin rate, currently 100 basis points).

(2) As of September 30, 2019, there were no outstanding loans under the $150.0 million unsecured term loan due June 2026. This term loan has a delayed draw feature that allows the Company until February 2020 to draw against the commitments.

(3) 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 loss on the Company's Condensed Consolidated Balance Sheets.