Indebtedness (Tables)

3 Months Ended

Mar. 31, 2015

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.

Schedule of Maturities of Long-Term Debt

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

Summary of Indebtedness at Estimated 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