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Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Summary of Terms of Notes Payable | The following table summarizes the terms of notes payable outstanding at September 30, 2025 and December 31, 2024 ($ in thousands):
Description |  | Interest Rate (1) |  | Maturity (2) |  | 2025 |  | 2024
Unsecured Notes: |  |  |  |  |  |  |  |
Credit Facility |  | 4.995% |  | April 2027 |  | $ | 83,714 |  |  | $ | 112,332 |
Public Senior Notes |  | 5.875% |  | October 2034 |  | 500,000 |  |  | 500,000 |
Public Senior Notes |  | 5.25% |  | July 2030 |  | 500,000 |  |  | — |
Public Senior Notes |  | 5.375% |  | February 2032 |  | 400,000 |  |  | 400,000 |
Term Loan (3) |  | 4.971% |  | March 2026 |  | 400,000 |  |  | 400,000 |
Privately Placed Senior Notes |  | 3.95% |  | July 2029 |  | 275,000 |  |  | 275,000 |
Term Loan (4) |  | 5.22% |  | February 2026 |  | 250,000 |  |  | 250,000 |
Privately Placed Senior Notes (5) |  | 3.91% |  | July 2025 |  | — |  |  | 250,000 |
Privately Placed Senior Notes |  | 3.86% |  | July 2028 |  | 250,000 |  |  | 250,000 |
Privately Placed Senior Notes |  | 3.78% |  | July 2027 |  | 125,000 |  |  | 125,000 |
Privately Placed Senior Notes |  | 4.09% |  | July 2027 |  | 100,000 |  |  | 100,000 |
|  |  |  |  |  | 2,883,714 |  |  | 2,662,332 |
Secured Mortgage Notes: |  |  |  |  |  |  |  |
Terminus (6) |  | 6.34% |  | January 2031 |  | 221,000 |  |  | 221,000 |
201 N. Tryon |  | 3.37% |  | October 2026 |  | 119,909 |  |  | 122,802 |
Colorado Tower |  | 3.45% |  | September 2026 |  | 101,928 |  |  | 104,080 |
|  |  |  |  |  | 442,837 |  |  | 447,882 |
|  |  |  |  |  | $ | 3,326,551 |  |  | $ | 3,110,214 |
Unamortized original issue discount |  |  |  |  |  | (3,341) |  |  | (3,560) |
Unamortized loan costs |  |  |  |  |  | (13,827) |  |  | (10,988) |
Total Notes Payable |  |  |  |  |  | $ | 3,309,383 |  |  | $ | 3,095,666 |
(1) Interest rate as of September 30, 2025. (2) Weighted average maturity of notes payable outstanding at September 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 became 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 became effective on August 25, 2025, and extends the maturity to February 20, 2026. (5) In July of 2025, the Company repaid these notes in full. (6) Represents $123.0 million and $98.0 million non-cross-collateralized mortgages secured by the Terminus 100 and Terminus 200 buildings, respectively.
Summary of Interest Recorded | For the three and nine months ended September 30, 2025 and 2024, interest expense was recorded as follows ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Total interest incurred | $ | 43,131 |  |  | $ | 33,687 |  |  | $ | 122,705 |  |  | $ | 99,242 |  |  |  |  |
Interest capitalized | (1,634) |  |  | (2,914) |  |  | (5,920) |  |  | (9,818) |  |  |  |  |
Total interest expense | $ | 41,497 |  |  | $ | 30,773 |  |  | $ | 116,785 |  |  | $ | 89,424 |  |  |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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