4. Indebtedness

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at March 31, 2015	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2015			December 31, 2014			Interest Rate at March 31, 2015	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Net	$	596,998		$	599,985		4.03% – 8.26%	4.03% – 8.26%	February 2016 – September 2022
Unamortized Premiums	(83		)	(90		)
Mortgage Loans Payable, Gross	$	596,915		$	599,895
Senior Unsecured Notes, Net
2016 Notes	$	159,635		$	159,621		5.75%	5.91%	1/15/2016
2017 Notes	54,967			54,966			7.50%	7.52%	12/1/2017
2027 Notes	6,067			6,066			7.15%	7.11%	5/15/2027
2028 Notes	31,884			31,884			7.60%	8.13%	7/15/2028
2032 Notes	10,519			10,518			7.75%	7.87%	4/15/2032
2017 II Notes	101,813			101,806			5.95%	6.37%	5/15/2017
Subtotal	$	364,885		$	364,861
Unamortized Discounts	217			241
Senior Unsecured Notes, Gross	$	365,102		$	365,102
Unsecured Term Loan*	$	200,000		$	200,000		1.922%	1.922%	1/29/2021
Unsecured Credit Facility**	$	168,000		$	185,000		1.323%	1.323%	3/11/2019

* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10.

** The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

As of March 31, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $733,270. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of March 31, 2015.

Unsecured Credit Facility

On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At March 31, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of March 31, and thereafter:



	Amount
Remainder of 2015	$	9,178
2016	251,870
2017	168,723
2018	168,341
2019	244,423
Thereafter	487,482
Total	$	1,330,017

The Unsecured Credit Facility, our $200,000 unsecured loan (the "Unsecured Term Loan") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and Unsecured Term Loan, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of March 31, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At March 31, 2015 and December 31, 2014, the fair value of our indebtedness was as follows:



	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	596,998	$	641,253	$	599,985	$	640,818
Senior Unsecured Notes, Net	364,885		393,061		364,861		395,320
Unsecured Term Loan	200,000		200,552		200,000		200,575
Unsecured Credit Facility	168,000		168,000		185,000		185,747
Total	$	1,329,883	$	1,402,866	$	1,349,846	$	1,422,460

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs.