v3.25.2
Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Terms of Notes Payable
The following table summarizes the terms of notes payable outstanding at June 30, 2025 and December 31, 2024 ($ in thousands):
DescriptionInterest Rate (1)Maturity (2)20252024
Unsecured Notes:
Credit Facility5.165%April 2027$— $112,332 
Public Senior Notes5.875%October 2034500,000 500,000 
Public Senior Notes5.250%July 2030500,000 — 
Public Senior Notes5.375%February 2032400,000 400,000 
Term Loan (3)5.212%March 2026400,000 400,000 
Privately Placed Senior Notes3.95%July 2029275,000 275,000 
Term Loan (4)5.39%February 2026250,000 250,000 
Privately Placed Senior Notes (5)3.91%July 2025250,000 250,000 
Privately Placed Senior Notes3.86%July 2028250,000 250,000 
Privately Placed Senior Notes3.78%July 2027125,000 125,000 
Privately Placed Senior Notes4.09%July 2027100,000 100,000 
3,050,000 2,662,332 
Secured Mortgage Notes:
Terminus (6)6.34%January 2031221,000 221,000 
201 N. Tryon (fka Fifth Third Center)3.37%October 2026120,881 122,802 
Colorado Tower3.45%September 2026102,652 104,080 
444,533 447,882 
   $3,494,533 $3,110,214 
Unamortized original issue discount(3,440)(3,560)
Unamortized loan costs(14,332)(10,988)
Total Notes Payable$3,476,761 $3,095,666 

(1)    Interest rate as of June 30, 2025.
(2)    Weighted average maturity of notes payable outstanding at June 30, 2025 was 4.0 years, exclusive of unexercised extension options.
(3)    The Company exercised the second of four available six-month extension options, which becomes effective on September 3, 2025, and extends the maturity to March 3, 2026.
(4)    The Company exercised the third of four available 180-day extension options, which becomes effective on August 25, 2025, and extends the maturity to February 20, 2026.
(5)    Subsequent to June 30, 2025, in July, the Company repaid these notes in full.
(6)    Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Summary of Interest Recorded
For the three and six months ended June 30, 2025 and 2024, interest expense was recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total interest incurred$40,417 $32,941 $79,574 $65,555 
Interest capitalized(1,903)(3,198)(4,286)(6,904)
Total interest expense$38,514 $29,743 $75,288 $58,651