Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of outstanding borrowings

A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands):

		Contractual Interest Rate	Effective Interest Rate as of December 31, 2019	2019					2018
Indebtedness	Stated Maturity Date			Carrying Amount			Estimated Fair Value		Carrying Amount			Estimated Fair Value
2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	$	181,443		$	184,618	$	187,957		$	184,667
Mezzanine A	5/2023	7.38%	7.55%	70,000			70,525		70,000			67,900
Mezzanine B	5/2023	11.50%	11.75%	32,000			32,320		32,000			31,120
Total 2013 Mortgage Loans				283,443			287,463		289,957			283,687
Senior Unsecured Notes
Series A notes	1/2026	4.68%	4.77%	200,000			217,750		200,000			202,500
Series B notes	1/2029	4.86%	4.92%	400,000			439,000		400,000			407,000
Series C notes	1/2030	4.10%	4.15%	350,000			366,625		—			—
Total Senior Unsecured Notes				950,000			1,023,375		600,000			609,500
2018 Senior Unsecured Term Loan A Facility(1)	1/2023	L+1.00%	3.14%	475,000			472,625		475,000			472,625
Total principal amount of indebtedness				1,708,443			1,783,463		1,364,957			1,365,812
Less deferred financing costs				(12,996		)	n/a		(13,943		)	n/a
Total indebtedness, net of unamortized deferred financing costs				$	1,695,447		$	1,783,463	$	1,351,014		$	1,365,812
2018 Senior Unsecured Revolving Credit Facility(1)	1/2021	L+0.90%	0.36%	$	—		$	—	$	—		$	—

(1)

L = one-month LIBOR

Schedule of aggregate maturities of total indebtedness

The aggregate maturities of indebtedness as of December 31, 2019, including amortization of principal amounts due under the mortgage notes for each of the next five years and thereafter, are as follows:

Years Ending December 31:	(In thousands)
2020	$	6,750
2021	7,035
2022	7,312
2023	737,346
2024	—
Thereafter	950,000
Aggregate principal amount of debt	1,708,443
Less unamortized deferred financing costs	(12,996		)
Total debt net of deferred financing costs	$	1,695,447

Schedule of special purpose separateness

Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates.

Legal Entity/SPE	Related Obligation
ART Mortgage Borrower Propco 2013 LLC	2013 Mortgage Notes
ART Mortgage Borrower Opco 2013 LLC