Indebtedness (Tables)

12 Months Ended

Dec. 31, 2018

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at December 31, 2018	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2018			December 31, 2017			Interest Rate at December 31, 2018	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	297,610		$	451,602		4.03% – 8.26%	3.82% – 8.26%	July 2019 – August 2028
Unamortized Debt Issuance Costs	(1,246		)	(1,806		)
Unamortized Premiums	106			260
Mortgage Loans Payable, Net	$	296,470		$	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	(3,990		)	(1,814		)
Unamortized Discounts	(77		)	(84		)
Senior Unsecured Notes, Net	$	544,504		$	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	(3,191		)	(4,232		)
Unsecured Term Loans, Net	$	456,809		$	455,768
Unsecured Credit Facility ^(B)	$	—		$	144,500		N/A	N/A	10/29/2021

^(A) During the year ended December 31, 2018, pursuant to the agreements for our unsecured term loans entered into in 2014 and 2015 (collectively, the "Unsecured Term Loans"), 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 December 31, 2018 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 12.

^(B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $3,554 and $4,781 as of December 31, 2018 and 2017, 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 December 31, and thereafter:



	Amount
2019	$	79,600
2020	59,046
2021	267,113
2022	341,552
2023	321
Thereafter	558,549
Total	$	1,306,181

Summary of Indebtedness at Estimated Fair Value

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



	December 31, 2018				December 31, 2017
	Carrying Amount ^(A)		Fair Value		Carrying Amount ^(A)		Fair Value
Mortgage Loans Payable, Net	$	297,716	$	304,508	$	451,862	$	467,303
Senior Unsecured Notes, Net	548,494		546,607		248,487		269,731
Unsecured Term Loans	460,000		461,317		460,000		460,000
Unsecured Credit Facility	—		—		144,500		144,500
Total	$	1,306,210	$	1,312,432	$	1,304,849	$	1,341,534

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