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Notes and Bonds Payable (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Instrument [Line Items]  
Schedule of debt
 
DECEMBER 31,
MATURITY DATES
CONTRACTUAL INTEREST RATES

PRINCIPAL PAYMENTS
INTEREST PAYMENTS
Dollars in thousands
2019

2018

Unsecured Credit Facility
$
293,000

$
262,000

5/23
LIBOR + .90%

At maturity
Monthly
Unsecured Term Loan due 2024 1
199,013

149,183

5/24
LIBOR + 1.00%

At maturity
Monthly
Unsecured Term Loan due 2026 2
—

—

6/26
LIBOR + 1.60%

At maturity
Monthly
Senior Notes due 2023 1
248,540

248,117

4/23
3.75
%
At maturity
Semi-Annual
Senior Notes due 2025 1
248,522

248,278

5/25
3.88
%
At maturity
Semi-Annual
Senior Notes due 2028 1
295,651

295,198

1/28
3.63
%
At maturity
Semi-Annual
Mortgage notes payable 3
129,343

143,208

7/20-5/40
     3.31%-6.88%

Monthly
Monthly

$
1,414,069

$
1,345,984

 
 
 
 

1
Balances are shown net of discounts and unamortized issuance costs.
2
As of December 31, 2019, there are no outstanding loans under the Unsecured Term Loan 2026. This term loan has a delayed draw feature that allows the Company up to February 2020 to draw against the $150 million commitments.
3
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 20

MATURITY
DATE
COLLATERAL 21
PRINCIPAL AND
INTEREST PAYMENTS 19
INVESTMENT IN COLLATERAL
at December 31,
BALANCE
at December 31,
Dollars in millions
2019

2019

2018

Commercial Bank 1
$
9.4

4.55
%
7/19
MOB
Monthly/8-yr amort
$
—

$
—

$
9.0

Commercial Bank 2
15.2

7.65
%
7/20
MOB
18 
18.6

12.5

12.5

Life Insurance Co. 3
7.9

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

0.5

1.3

Life Insurance Co. 4
7.3

5.25
%
8/20
MOB
Monthly/27-yr amort.
18.1

6.0

6.2

Life Insurance Co. 5
5.6

4.30
%
1/21
MOB
Monthly/10-yr amort.
15.8

4.5

4.6

Commercial Bank 6
12.9

6.43
%
2/21
MOB
Monthly/12-yr amort.
55.2

10.1

10.3

Life Insurance Co. 7
11.0

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

10.0

10.2

Life Insurance Co. 8
12.3

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

10.9

11.2

Financial Services 9
12.4

4.27
%
10/23
MOB
Monthly/10-yr amort.
22.6

11.7

12.0

Life Insurance Co. 10
9.0

4.84
%
12/23
MOB,OFC
Monthly/10-yr amort.
25.7

7.6

7.8

Life Insurance Co. 11
13.3

4.13
%
1/24
MOB
Monthly/10-yr amort.
20.8

12.7

13.0

Life Insurance Co. 12
6.8

3.96
%
2/24
MOB
Monthly/7-yr amort.
14.6

6.4

6.6

Financial Services 13
9.7

4.32
%
9/24
MOB
Monthly/10-yr amort.
17.0

8.3

8.6

Commercial Bank
11.5

3.71
%
1/26
MOB
Monthly/10-yr amort.
38.6

9.6

10.1

Commercial Bank 14
15.0

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

7.9

8.8

Municipal Government 15, 16
11.0

4.79
%
17 
MOB
Semi-Annual 17
21.0

10.6

11.0

 
 
 
 
 
 
$
369.6

$
129.3

$
143.2


1
The Company repaid this mortgage note in April 2019. The Company's unencumbered gross investment was $27.8 million at December 31, 2019.
2
The unaccreted portion of the $2.4 million discount recorded on this note upon acquisition is included in the balance above.
3
The unamortized portion of the $0.3 million premium recorded on this note upon acquisition is included in the balance above.
4
The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above. This mortgage note payable was repaid in full on February 3, 2020.
5
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
6
The unaccreted portion of the $1.0 million discount recorded on this note upon acquisition is included in the balance above.
7
The unaccreted portion of the $0.1 million discount recorded on this note upon acquisition is included in the balance above.
8
The unaccreted portion of the $0.2 million discount recorded on this note upon acquisition is included in the balance above.
9
The unamortized portion of the $0.4 million premium recorded on this note upon acquisition is included in the balance above.
10
The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
11
The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above.
12
The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
13
The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
14
The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
15
Balance consists of three notes secured by the same building.
16
The unamortized portion of the $1.0 million premium recorded on the three notes upon acquisition is included in the balance above.
17
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.
18
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.
19
Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
20
The contractual interest rates for the 17 outstanding mortgage notes ranged from 3.3% to 6.9% as of December 31, 2019.
21
MOB-Medical office building. OFC-Office
Schedule of 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, 2019 were as follows:
Dollars in thousands
PRINCIPAL MATURITIES

NET ACCRETION/
AMORTIZATION 1

DEBT
ISSUANCE COSTS 2

NOTES AND
BONDS PAYABLE

%

2020
$
23,064

$
(392
)
$
(1,081
)
$
21,591

1.5
%
2021
17,594

(326
)
(1,065
)
16,203

1.1
%
2022
12,977

(336
)
(1,077
)
11,564

0.8
%
2023
573,230

(183
)
(921
)
572,126

40.5
%
2024
225,966

(262
)
(667
)
225,037

15.9
%
2025 and thereafter
569,427

(849
)
(1,030
)
567,548

40.2
%
 
$
1,422,258

$
(2,348
)
$
(5,841
)
$
1,414,069

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 16 mortgage notes payable.
2
Excludes approximately $5.0 million in debt issuance costs related to the Company's Unsecured Credit Facility and Unsecured Term Loan due 2026 included in other assets, net.
Medium-term Notes [Member] | Term Loan due 2024 [Member]  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Unsecured Term Loan due 2024 on the Company’s Consolidated Balance Sheets as of December 31, 2019 and 2018: 
 
DECEMBER 31,
Dollars in thousands
2019

2018

Unsecured Term Loan due 2024 principal balance
$
200,000

$
150,000

Debt issuance costs
(987
)
(817
)
Unsecured Term Loan due 2024 carrying amount
$
199,013

$
149,183
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, 2019 and 2018:
 
DECEMBER 31,
Dollars in thousands
2019

2018

Senior Notes due 2023 face value
$
250,000

$
250,000

Unaccreted discount
(761
)
(974
)
Debt issuance costs
(699
)
(909
)
Senior Notes due 2023 carrying amount
$
248,540

$
248,117
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, 2019 and 2018:
 
DECEMBER 31,
Dollars in thousands
2019

2018

Senior Notes due 2025 face value
$
250,000

$
250,000

Unaccreted discount
(121
)
(141
)
Debt issuance costs
(1,357
)
(1,581
)
Senior Notes due 2028 carrying amount
$
248,522

$
248,278
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, 2019:
 
DECEMBER 31,
Dollars in thousands
2019

2018

Senior Notes due 2028 face value
$
300,000

$
300,000

Unaccreted discount
(2,100
)
(2,319
)
Debt issuance costs
(2,249
)
(2,483
)
Senior Notes due 2028 carrying amount
$
295,651

$
295,198
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, 2019 and 2018. For the years ended December 31, 2019, 2018 and 2017, the Company amortized approximately $0.6 million, $0.4 million and $0.3 million of the discount and $0.4 million, $0.8 million, and $0.7 million of the premium. For the years ended December 31, 2019, 2018 and 2017, the Company also amortized approximately $0.2 million, $0.1 million, and $0.1 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
2019

2018

Mortgage notes payable principal balance
$
129,258

$
143,115

Unamortized premium
1,162

1,805

Unaccreted discount
(528
)
(968
)
Debt issuance costs
(549
)
(744
)
Mortgage notes payable carrying amount
$
129,343

$
143,208