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Indebtedness
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance atInterest
Rate at
June 30, 2022		Effective
Interest
Rate at
Issuance		Maturity
Date
 June 30, 2022December 31, 2021
Mortgage Loans Payable, Gross$10,454 $79,764 4.17%4.17%8/1/2028
Unamortized Debt Issuance Costs— (90)
Mortgage Loans Payable, Net$10,454 $79,674 
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$998,571 $998,571 
Unamortized Debt Issuance Costs(5,134)(5,491)
Unamortized Discounts(55)(59)
Senior Unsecured Notes, Net$993,382 $993,021 
Unsecured Term Loans, Gross
2015 Unsecured Term Loan
— 260,000 N/AN/AN/A
2021 Unsecured Term Loan (A)
200,000 200,000 1.84%N/A7/7/2026
2022 Unsecured Term Loan (A)
425,000 — 2.44%N/A10/18/2027
Subtotal$625,000 $460,000 
Unamortized Debt Issuance Costs(4,048)(1,675)
Unsecured Term Loans, Net
$620,952 $458,325 
Unsecured Credit Facility (B)
$282,000 $79,000 2.44%N/A7/7/2025
_______________
(A) The interest rate at June 30, 2022 includes the impact of derivative instruments we entered into to effectively convert the variable rate of the debt, or a portion thereof, to a fixed rate. See Note 10.
(B) Amounts exclude unamortized debt issuance costs of $3,931 and $4,577 as of June 30, 2022 and December 31, 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. At our option, we may extend the maturity pursuant to two six-month extensions options, subject to certain conditions.
Mortgage Loans Payable, Net
During the six months ended June 30, 2022, we paid off mortgage loans in the amount of $67,973.
As of June 30, 2022, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $32,198. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of June 30, 2022.
Unsecured Term Loans
On April 18, 2022, we entered into a five-year, $425,000 unsecured term loan (the "2022 Unsecured Term Loan", and together with the 2021 Unsecured Term Loan, the "Unsecured Term Loans"), which replaced our 2015 Unsecured Term Loan that was set to mature in September 2022. At June 30, 2022, the 2022 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on the one-month secured overnight financing rate ("SOFR"), plus a 0.10% SOFR adjustment, plus 85 basis points. The 2022 Unsecured Term Loan matures in October, 2027. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, during the six months ended June 30, 2022 we entered into interest rate swaps with a notional value of $425,000. See Note 10 for additional information.
Indebtedness
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of June 30, and thereafter: 
 Amount
Remainder of 2022$154 
2023321 
2024335 
2025282,349 
2026200,364 
Thereafter1,432,502 
Total$1,916,025 
Our unsecured credit facility (the "Unsecured Credit Facility"), our Unsecured Term Loans, our senior notes issued in private placements ("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 June 30, 2022; 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 June 30, 2022 and December 31, 2021, the fair value of our indebtedness was as follows: 
 June 30, 2022December 31, 2021
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loans Payable$10,454 $10,545 $79,764 $81,700 
Senior Unsecured Notes, Net998,516 934,034 998,512 1,070,067 
Unsecured Term Loans625,000 625,000 460,000 460,486 
Unsecured Credit Facility282,000 282,000 79,000 79,000 
Total$1,915,970 $1,851,579 $1,617,276 $1,691,253 
_______________
(A) The carrying amounts include unamortized 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 and the Unsecured Term Loans was primarily based upon Level 3 inputs.