Indebtedness (Tables)

9 Months Ended

Sep. 30, 2019

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at September 30, 2019	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2019			December 31, 2018			Interest Rate at September 30, 2019	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	181,092		$	297,610		4.03% – 8.26%	4.03% – 8.26%	December 2019 – August 2028
Unamortized Debt Issuance Costs	(779		)	(1,246		)
Unamortized Premiums	—			106
Mortgage Loans Payable, Net	$	180,313		$	296,470
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			150,000			3.86%	3.86%	2/15/2028
2029 Private Placement Notes	75,000			75,000			4.40%	4.40%	4/20/2029
2029 II Private Placement Notes	150,000			—			3.97%	4.23%	7/23/2029
2030 Private Placement Notes	150,000			150,000			3.96%	3.96%	2/15/2030
Subtotal	$	698,571		$	548,571
Unamortized Debt Issuance Costs	(4,612		)	(3,990		)
Unamortized Discounts	(73		)	(77		)
Senior Unsecured Notes, Net	$	693,886		$	544,504
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	(2,399		)	(3,191		)
Unsecured Term Loans, Net	$	457,601		$	456,809
Unsecured Credit Facility ^(B)	$	78,000		$	—		3.14%	N/A	10/29/2021

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^(A) The interest rate at September 30, 2019 also reflects the derivative instruments 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 $2,613 and $3,554 as of September 30, 2019 and December 31, 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

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 September 30, and thereafter:



	Amount
Remainder of 2019	$	2,480
2020	19,648
2021	345,113
2022	341,552
2023	321
Thereafter	708,549
Total	$	1,417,663

Summary of Indebtedness at Estimated Fair Value

At September 30, 2019 and December 31, 2018, the fair value of our indebtedness was as follows:



	September 30, 2019				December 31, 2018
	Carrying Amount^(A)		Fair Value		Carrying Amount^(A)		Fair Value
Mortgage Loans Payable, Net	$	181,092	$	193,453	$	297,716	$	304,508
Senior Unsecured Notes, Net	698,498		760,282		548,494		546,607
Unsecured Term Loans	460,000		461,005		460,000		461,317
Unsecured Credit Facility	78,000		78,079		—		—
Total	$	1,417,590	$	1,492,819	$	1,306,210	$	1,312,432

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