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Notes and Bonds Payable (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Instrument [Line Items]  
Schedule of debt
 DECEMBER 31,MATURITY DATESCONTRACTUAL INTEREST RATESPRINCIPAL PAYMENTSINTEREST PAYMENTS
Dollars in thousands20212020
Unsecured Credit Facility$210,000 $— 5/23
LIBOR + 0.90%
At maturityMonthly
Unsecured Term Loan due 2024 1
199,460 199,236 5/24
LIBOR + 1.00%
At maturityMonthly
Unsecured Term Loan due 2026 1
149,376 149,479 6/26
LIBOR + 0.95%
At maturityMonthly
Senior Notes due 2025 1
249,040 248,776 5/253.88 %At maturitySemi-Annual
Senior Notes due 2028 1
296,612 296,123 1/283.63 %At maturitySemi-Annual
Senior Notes due 2030 1
296,813 296,468 3/302.40 %At maturitySemi-Annual
Senior Notes due 2031 1
295,374 294,924 3/312.05 %At maturitySemi-Annual
Mortgage notes payable 2
104,650 117,763 8/23-5/27
    3.31%-6.17%
MonthlyMonthly
$1,801,325 $1,602,769 
1Balances 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 12
MATURITY
DATE
COLLATERAL 13
PRINCIPAL AND
INTEREST PAYMENTS 11
INVESTMENT IN COLLATERAL
at December 31,		BALANCE
at December 31,
Dollars in millions202120212020
Life Insurance Co. 1
11.0 3.87 %11/22MOBMonthly/7-yr amort.— — 9.8 
Financial Services 2
12.4 4.27 %10/23MOBMonthly/10-yr amort.— — 11.4 
Life Insurance Co. 3
12.3 3.86 %8/23MOBMonthly/7-yr amort.25.9 10.3 10.6 
Life Insurance Co. 4
9.0 4.84 %12/23MOB,OFCMonthly/10-yr amort.28.1 7.1 7.3 
Life Insurance Co. 5
13.3 4.13 %1/24MOBMonthly/10-yr amort.21.6 12.0 12.4 
Life Insurance Co. 6
6.8 3.96 %2/24MOBMonthly/7-yr amort.14.7 6.0 6.2 
Financial Services 7
9.7 4.32 %9/24MOBMonthly/10-yr amort.16.5 7.8 8.1 
Life Insurance Co. 8
16.5 3.43 %1/25MOB,OFCMonthly/7-yr amort.38.7 16.7 17.1 
Financial Services11.5 3.71 %1/26MOBMonthly/10-yr amort.39.8 8.7 9.2 
Life Insurance Co. 19.2 4.08 %12/26MOBMonthly/10-yr amort.44.1 18.4 18.7 
Commercial Bank 9
15.0 5.25 %4/27MOBMonthly/20-yr amort.31.5 6.1 7.0 
Life Insurance Co. 10
11.0 3.64 %5/27MOBMonthly/10-yr amort.20.3 11.6 — 
$281.2 $104.7 $117.8 
1The Company repaid this loan in November 2021. The Company's unencumbered gross investment was $22.0 million at December 31, 2021.
2The Company repaid this loan in November 2021. The Company's unencumbered gross investment was $23.2 million at December 31, 2021.
3The unaccreted portion of the $0.2 million discount recorded on this note upon acquisition is included in the balance above.
4The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
5The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above.
6The unamortized portion of the $0.2 million premium recorded on this note upon acquisition is included in the balance above.
7The unamortized portion of the $0.1 million premium recorded on this note upon acquisition is included in the balance above.
8The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
9The unamortized portion of the $0.7 million premium recorded on this note upon acquisition is included in the balance above.
10The unamortized portion of the $0.8 million premium recorded on this note upon acquisition is included in the balance above.
11Payable in monthly installments of principal and interest with the final payment due at maturity (unless otherwise noted).
12The contractual interest rates for the 10 outstanding mortgage notes ranged from 3.3% to 6.2% as of December 31, 2021.
13MOB-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, 2021 were as follows:
Dollars in thousandsPRINCIPAL MATURITIES
NET ACCRETION/
AMORTIZATION 1
DEBT
ISSUANCE COSTS 2
NOTES AND
BONDS PAYABLE		%
2022$3,582 $(130)$(1,586)$1,866 0.1 %
2023229,910 (148)(1,605)228,157 12.7 %
2024226,448 (266)(1,441)224,741 12.4 %
2025267,415 (434)(1,141)265,840 14.8 %
2026174,879 (469)(975)173,435 9.6 %
2027 and thereafter911,430 (1,647)(2,497)907,286 50.4 %
$1,813,664 $(3,094)$(9,245)$1,801,325 100.0 %
1Includes discount accretion and premium amortization related to the Company’s Senior Notes due 2025, Senior Notes due 2028, Senior Notes due 2030, Senior Notes due 2031, and eight mortgage notes payable.
2Excludes approximately $1.8 million in debt issuance costs related to the Company's Unsecured Credit Facility included in other assets, net.
Term Loan due 2024 | Medium-term Notes  
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, 2021 and 2020: 
DECEMBER 31,
Dollars in thousands20212020
Unsecured Term Loan due 2024 principal balance$200,000 $200,000 
Debt issuance costs(540)(764)
Unsecured Term Loan due 2024 carrying amount$199,460 $199,236 
Term Loan due 2026 | Medium-term Notes  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Unsecured Term Loan due 2026 on the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020:
DECEMBER 31,
Dollars in thousands20212020
Unsecured Term Loan due 2026 principal balance$150,000 $150,000 
Debt issuance costs(624)(521)
Unsecured Term Loan due 2026 carrying amount$149,376 $149,479 
Senior Notes due 2025 | Senior Notes  
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, 2021 and 2020:
DECEMBER 31,
Dollars in thousands20212020
Senior Notes due 2025 face value$250,000 $250,000 
Unaccreted discount(78)(100)
Debt issuance costs(882)(1,124)
Senior Notes due 2025 carrying amount$249,040 $248,776 
Senior Notes due 2028 | Senior Notes  
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, 2021 and 2020:
DECEMBER 31,
Dollars in thousands20212020
Senior Notes due 2028 face value$300,000 $300,000 
Unaccreted discount(1,637)(1,872)
Debt issuance costs(1,751)(2,005)
Senior Notes due 2028 carrying amount$296,612 $296,123 
Senior Notes due 2030 | Senior Notes  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Senior Notes due 2030 on the Company’s Consolidated Balance Sheets as of December 31, 2021:
DECEMBER 31,DECEMBER 31,
Dollars in thousands20212020
Senior Notes due 2030 face value$300,000 $300,000 
Unaccreted discount(844)(935)
Debt issuance costs(2,343)(2,597)
Senior Notes due 2030 carrying amount$296,813 $296,468 
Senior Notes due 2031 | Senior Notes  
Debt Instrument [Line Items]  
Schedule of debt The following table reconciles the balance of the Senior Notes due 2031 on the Company’s Consolidated Balance Sheets as of December 31, 2021:
DECEMBER 31,
Dollars in thousands20212020
Senior Notes due 2031 face value$300,000 $300,000 
Unaccreted discount(2,171)(2,382)
Debt issuance costs(2,455)(2,694)
Senior Notes due 2031 carrying amount$295,374 $294,924 
Mortgage Notes Payable | Mortgage Notes  
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, 2021 and 2020. For the years ended December 31, 2021, 2020 and 2019, the Company amortized approximately $0.1 million, $0.4 million and $0.6 million of the discount and $0.5 million, $0.4 million, and $0.4 million of the premium. For the years ended December 31, 2021, 2020 and 2019, the Company also amortized approximately $0.3 million, $0.2 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 thousands20212020
Mortgage notes payable principal balance$103,664 $117,221 
Unamortized premium1,720 1,450 
Unaccreted discount(83)(150)
Debt issuance costs(651)(758)
Mortgage notes payable carrying amount$104,650 $117,763 
Subsequent Mortgage Activity
On February 18, 2022, the Company repaid in full a mortgage note payable bearing interest at a rate of 4.70% that encumbered a 56,762 square foot property in California. The aggregate payoff price of $12.6 million consisted of outstanding principal of $11.0 million and a "make-whole" amount of approximately $1.6 million. The unamortized premium of $0.8 million and the unamortized cost on this note of $0.1 million were written off upon payoff.