Indebtedness

3 Months Ended

Mar. 31, 2020

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at March 31, 2020	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2020			December 31, 2019			Interest Rate at March 31, 2020	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	173,103		$	174,360		4.03% – 6.50%	4.03% – 6.50%	July 2020 – August 2028
Unamortized Debt Issuance Costs	(593		)	(675		)
Mortgage Loans Payable, Net	$	172,510		$	173,685
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			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		$	698,571
Unamortized Debt Issuance Costs	(4,357		)	(4,485		)
Unamortized Discounts	(70		)	(71		)
Senior Unsecured Notes, Net	$	694,144		$	694,015
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	(1,871		)	(2,135		)
Unsecured Term Loans, Net	$	458,129		$	457,865
Unsecured Credit Facility ^(B)	$	320,000		$	158,000		2.09%	N/A	10/29/2021

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^(A) The interest rate at March 31, 2020 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 $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Mortgage Loans Payable, Net

As of March 31, 2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $262,852. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2020.

Indebtedness

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 2020	$	18,556
2021	587,294
2022	336,954
2023	321
2024	335
Thereafter	708,214
Total	$	1,651,674

Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "Unsecured Term Loans"), our Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of March 31, 2020. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At March 31, 2020 and December 31, 2019, the fair value of our indebtedness was as follows:



	March 31, 2020				December 31, 2019
	Carrying Amount^(A)		Fair Value		Carrying Amount^(A)		Fair Value
Mortgage Loans Payable, Net	$	173,103	$	176,544	$	174,360	$	179,287
Senior Unsecured Notes, Net	698,501		701,948		698,500		756,351
Unsecured Term Loans	460,000		455,796		460,000		460,902
Unsecured Credit Facility	320,000		317,372		158,000		158,141
Total	$	1,651,604	$	1,651,660	$	1,490,860	$	1,554,681

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

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.