Indebtedness (Tables)

3 Months Ended

Mar. 31, 2017

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at March 31, 2017	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2017			December 31, 2016			Interest Rate at March 31, 2017	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	459,539		$	498,435		4.03% – 8.26%	3.82% – 8.26%	June 2018 – September 2022
Unamortized Deferred Financing Costs	(2,481		)	(2,905		)
Unamortized Premiums	384			426
Mortgage Loans Payable, Net	$	457,442		$	495,956
Senior Unsecured Notes, Gross
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		$	205,423
Unamortized Deferred Financing Costs	(277		)	(320		)
Unamortized Discounts	(95		)	(105		)
Senior Unsecured Notes, Net	$	205,051		$	204,998
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	(3,196		)	(3,362		)
Unsecured Term Loans, Net	$	456,804		$	456,638
Unsecured Credit Facility (B)	$	252,000		$	189,500		1.99%	N/A	3/11/2019

(A) The interest rate at March 31, 2017 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 $2,544 and $2,876 as of March 31, 2017 and December 31, 2016, respectively, which are included in prepaid expenses and other assets 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 2017	$	164,789
2018	165,449
2019	331,329
2020	58,762
2021	266,818
Thereafter	389,815
Total	$	1,376,962

Summary of Indebtedness at Estimated Fair Value

At March 31, 2017 and December 31, 2016, the fair value of our indebtedness was as follows:



	March 31, 2017				December 31, 2016
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable, Net	$	459,923	$	474,283	$	498,861	$	513,540
Senior Unsecured Notes, Net	205,328		221,162		205,318		222,469
Unsecured Term Loans	460,000		458,665		460,000		458,602
Unsecured Credit Facility	252,000		252,000		189,500		189,500
Total	$	1,377,251	$	1,406,110	$	1,353,679	$	1,384,111

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