Indebtedness (Tables)

3 Months Ended

Mar. 31, 2016

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at March 31, 2016	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2016			December 31, 2015			Interest Rate at March 31, 2016	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	508,525		$	564,891		4.03% – 8.26%	3.82% – 8.26%	June 2018 – September 2022
Unamortized Deferred Financing Costs	(3,625		)	(3,714		)
Unamortized Premiums	551			64
Mortgage Loans Payable, Net	$	505,451		$	561,241
Senior Unsecured Notes, Gross
2016 Notes	$	—		$	159,679		N/A	N/A	1/15/2016
2017 Notes	54,981			54,981			7.50%	7.52%	12/1/2017
2027 Notes	6,070			6,070			7.15%	7.11%	5/15/2027
2028 Notes	31,901			31,901			7.60%	8.13%	7/15/2028
2032 Notes	10,600			10,600			7.75%	7.87%	4/15/2032
2017 II Notes	101,871			101,871			5.95%	6.37%	5/15/2017
Subtotal	$	205,423		$	365,102
Unamortized Deferred Financing Costs	(450		)	(499		)
Unamortized Discounts	(134		)	(146		)
Senior Unsecured Notes, Net	$	204,839		$	364,457
Unsecured Term Loans, Gross
2014 Unsecured Term Loan (A)	$	200,000		$	200,000		3.99%	N/A	1/29/2021
2015 Unsecured Term Loan (A)	260,000			260,000			3.39%	N/A	9/12/2022
Subtotal	$	460,000		$	460,000
Unamortized Deferred Financing Costs	(3,863		)	(4,030		)
Unsecured Term Loans, Net	$	456,137		$	455,970
Unsecured Credit Facility (B)	$	313,500		$	52,500		1.58%	N/A	3/11/2019

(A) The interest rate at March 31, 2016 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10.

(B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $3,872 and $4,204 as of March 31, 2016 and December 31, 2015, respectively, which are included in prepaid expenses and other assets, net on the consolidated balance sheets.

Schedule of Maturities

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



	Amount
Remainder of 2016	$	8,571
2017	168,849
2018	168,477
2019	394,061
2020	90,857
Thereafter	656,633
Total	$	1,487,448

Summary of Indebtedness at Estimated Fair Value

At March 31, 2016 and December 31, 2015, the fair value of our indebtedness was as follows:



	March 31, 2016				December 31, 2015
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable, Net	$	509,076	$	537,245	$	564,955	$	595,964
Senior Unsecured Notes, Net	205,289		227,684		364,956		386,253
Unsecured Term Loans	460,000		460,920		460,000		460,970
Unsecured Credit Facility	313,500		313,500		52,500		52,500
Total	$	1,487,865	$	1,539,349	$	1,442,411	$	1,495,687

(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs.