6. Indebtedness

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2014			December 31, 2013			Interest Rate at December 31, 2014	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Net	$	518,754		$	580,215		4.03% – 8.26%	4.03% – 8.26%	February 2016 – September 2022
Unamortized Premiums	(90		)	(115		)
Mortgage Loans Payable, Gross	$	518,664		$	580,100
Senior Unsecured Notes, Net
2016 Notes	$	159,621		$	159,566		5.750%	5.91%	1/15/2016
2017 Notes	54,966			54,960			7.500%	7.52%	12/1/2017
2027 Notes	6,066			6,066			7.150%	7.11%	5/15/2027
2028 Notes	31,884			31,883			7.600%	8.13%	7/15/2028
2032 Notes	10,518			10,514			7.750%	7.87%	4/15/2032
2014 Notes	—			81,149			N/A	N/A	6/1/2014
2017 II Notes	101,806			101,778			5.950%	6.37%	5/15/2017
Subtotal	$	364,861		$	445,916
Unamortized Discounts	241			980
Senior Unsecured Notes, Gross	$	365,102		$	446,896
Unsecured Term Loan*	$	200,000		N/A			1.906%	1.906%	1/29/2021
Unsecured Credit Facility**	$	185,000		$	173,000		1.662%	1.662%	9/29/2017

* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 14.

** The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

During the years ended December 31, 2014 and 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $59,680 and $64,395, respectively. In connection with these prepayments, we recognized $522 and $1,364 as loss from retirement of debt for the years ended December 31, 2014 and 2013, respectively.

On August 5, 2014, we assumed a mortgage loan payable from one of our Other Real Estate Partnerships totaling $8,872.

As of December 31, 2014, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $663,825. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2014.

Senior Unsecured Notes, Net

During the year ended December 31, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:



	Principal Amount Repurchased		Purchase Price
2017 Notes	430		482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the year ended December 31, 2013, which is the difference between the repurchase price and the principal amount retired, net of the pro rata write-off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements of $28, $191 and $1,116, respectively.

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794.

Unsecured Term Loan

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "Unsecured Term Loan") with a syndicate of financial institutions. The Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings.

Unsecured Credit Facility

On July 19, 2013, we amended and restated our $450,000 revolving credit agreement (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2014, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 150 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in loss from retirement of debt for the year ended December 31, 2013.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:



	Amount
2015	$	10,537
2016	250,164
2017	351,927
2018	127,107
2019	66,432
Thereafter	462,599
Total	$	1,268,766

The Unsecured Credit Facility, Unsecured Term Loan 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 Unsecured Term Loan, 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 that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of December 31, 2014. 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 December 31, 2014 and 2013, the fair value of our indebtedness was as follows:



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	518,754	$	554,118	$	580,215	$	585,449
Senior Unsecured Debt, Net	364,861		395,320		445,916		482,781
Unsecured Term Loan	200,000		200,575		N/A		N/A
Unsecured Credit Facility	185,000		185,747		173,000		173,000
Total	$	1,268,615	$	1,335,760	$	1,199,131	$	1,241,230

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 debt was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured debt, recent trades for senior unsecured debt with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan 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 debt, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs.