Indebtedness (Tables)

3 Months Ended

Mar. 31, 2018

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at March 31, 2018	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2018			December 31, 2017			Interest Rate at March 31, 2018	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	303,093		$	451,602		4.03% – 8.26%	3.82% – 8.26%	July 2019 – August 2028
Unamortized Debt Issuance Costs	(1,644		)	(1,806		)
Unamortized Premiums	212			260
Mortgage Loans Payable, Net	$	301,661		$	450,056
Senior Unsecured Notes, Gross
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
2027 Private Placement Notes	125,000			125,000			4.30%	4.30%	4/20/2027
2028 Private Placement Notes	150,000			—			3.86%	3.86%	2/15/2028
2029 Private Placement Notes	75,000			75,000			4.40%	4.40%	4/20/2029
2030 Private Placement Notes	150,000			—			3.96%	3.96%	2/15/2030
Subtotal	$	548,571		$	248,571
Unamortized Debt Issuance Costs	(4,285		)	(1,814		)
Unamortized Discounts	(82		)	(84		)
Senior Unsecured Notes, Net	$	544,204		$	246,673
Unsecured Term Loans, Gross
2014 Unsecured Term Loan ^(A)	$	200,000		$	200,000		3.39%	N/A	1/29/2021
2015 Unsecured Term Loan ^(A)	260,000			260,000			2.89%	N/A	9/12/2022
Subtotal	$	460,000		$	460,000
Unamortized Debt Issuance Costs	(3,984		)	(4,232		)
Unsecured Term Loans, Net	$	456,016		$	455,768
Unsecured Credit Facility ^(B)	$	100,000		$	144,500		2.83%	N/A	10/29/2021

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^(A) During the three months ended March 31, 2018, pursuant to our agreements for the 2014 Unsecured Term Loan and our 2015 Unsecured Term Loan, we elected to have the interest spread calculated based on our investment grade rating resulting in a 10 basis point reduction in the credit spread compared to the prior rate. The interest rate at March 31, 2018 also 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 debt issuance costs of $4,495 and $4,781 as of March 31, 2018 and December 31, 2017, 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 debt issuance costs, for the next five years as of March 31, and thereafter:



	Amount
Remainder of 2018	$	5,483
2019	79,600
2020	59,046
2021	367,113
2022	341,552
Thereafter	558,870
Total	$	1,411,664

Summary of Indebtedness at Estimated Fair Value

At March 31, 2018 and December 31, 2017, the fair value of our indebtedness was as follows:



	March 31, 2018				December 31, 2017
	Carrying Amount^(A)		Fair Value		Carrying Amount^(A)		Fair Value
Mortgage Loans Payable, Net	$	303,305	$	313,953	$	451,862	$	467,303
Senior Unsecured Notes, Net	548,489		548,195		248,487		269,731
Unsecured Term Loans	460,000		460,000		460,000		460,000
Unsecured Credit Facility	100,000		100,000		144,500		144,500
Total	$	1,411,794	$	1,422,148	$	1,304,849	$	1,341,534

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^(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs.