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Notes Payable | 9 Months Ended
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Sep. 30, 2013
Notes Payable, Commitments and Contingencies [Abstract] |
NOTES PAYABLE, INTEREST EXPENSE AND COMMITMENTS AND CONTINGENCIES | NOTES PAYABLE The following table summarizes the terms and amounts of the Company’s notes payable at September 30, 2013 and December 31, 2012 ($ in thousands):
Description |  | Interest Rate |  | Maturity |  | September 30, 2013 |  | December 31, 2012
Post Oak Central mortgage note (see discussion below) |  | 4.26 | % |  | 2020 |  | $ | 188,830 |  |  | $ | — |
The American Cancer Society Center mortgage note |  | 6.45 | % |  | 2017 |  | 133,112 |  |  | 134,243 |
Promenade mortgage note (see discussion below) |  | 4.27 | % |  | 2022 |  | 114,000 |  |  | — |
191 Peachtree Tower mortgage note (interest only until May 1, 2016) |  | 3.35 | % |  | 2018 |  | 100,000 |  |  | 100,000 |
Credit Facility, unsecured |  | 1.70 | % |  | 2016 |  | 51,075 |  |  | — |
Meridian Mark Plaza mortgage note |  | 6.00 | % |  | 2020 |  | 25,910 |  |  | 26,194 |
The Points at Waterview mortgage note |  | 5.66 | % |  | 2016 |  | 15,270 |  |  | 15,651 |
Mahan Village construction facility |  | 1.85 | % |  | 2014 |  | 14,463 |  |  | 13,027 |
Callaway Gardens |  | 4.13 | % |  | 2013 |  | 174 |  |  | 172 |
Terminus 100 mortgage note (see discussion below) |  | 5.25 | % |  | 2023 |  | — |  |  | 136,123 |
|  |  |  |  |  | $ | 642,834 |  |  | $ | 425,410 |
Debt Activity In September 2013, the Company entered into a $188.8 million non-recourse mortgage note payable secured by Post Oak Central, a 1.3 million square foot office complex in Houston, Texas. The interest rate is fixed at 4.26% and the maturity date is October 2020. In September 2013, the Company also entered into a $114.0 million non-recourse mortgage note payable secured by Promenade, a 777,000 square foot office building in Atlanta, Georgia. The interest rate is fixed at 4.27% and the maturity date is October 2022. In February 2013, the Company effectively sold 50% of its interest in Terminus 100 to a third party. Based upon the ownership and management structure of the joint venture that owns Terminus 100 after these transactions, the Company accounts for its investment in this entity under the equity method. Therefore, the Terminus 100 mortgage note is no longer consolidated. See note 7 for further details. Fair Value At September 30, 2013 and December 31, 2012, the aggregate estimated fair values of the Company's notes payable were $746.4 million and $456.0 million, respectively, calculated by discounting the debt's remaining contractual cash flows at estimated rates at which similar loans could have been obtained at those respective dates. The estimate of the current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. These fair value calculations are considered to be Level 2 under the guidelines as set forth in the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") 820, Fair Value Measurement, as the Company utilizes market rates for similar type loans from third party brokers. Other Information For the three and nine months ended September 30, 2013 and 2012, interest expense was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
Total interest incurred | $ | 5,268 |  |  | $ | 6,337 |  |  | $ | 14,602 |  |  | $ | 19,395 |
Interest capitalized | (119 | ) |  | (544 | ) |  | (277 | ) |  | (1,459 | )
Total interest expense | $ | 5,149 |  |  | $ | 5,793 |  |  | $ | 14,325 |  |  | $ | 17,936 |
The real estate and other assets of The American Cancer Society Center (the “ACS Center”) are restricted under the ACS Center loan agreement in that they are not available to settle debts of the Company. However, provided that the ACS Center loan has not incurred any uncured event of default, as defined in the loan agreement, the cash flows from the ACS Center, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes disclosures regarding commitments and contingencies. + References No definition available. + Details
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