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Indebtedness
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance atInterest
Rate at
September 30, 2021		Effective
Interest
Rate at
Issuance		Maturity
Date
 September 30, 2021December 31, 2020
Mortgage Loans Payable, Gross$83,117 $144,214 4.03% – 4.17%4.03% – 4.17%September 2022 –
August 2028
Unamortized Debt Issuance Costs(126)(335)
Mortgage Loans Payable, Net$82,991 $143,879 
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(5,670)(6,206)
Unamortized Discounts(60)(65)
Senior Unsecured Notes, Net$992,841 $992,300 
Unsecured Term Loans, Gross
2015 Unsecured Term Loan (A)
260,000 260,000 2.89%N/A9/12/2022
2020 Unsecured Term Loan
— 200,000 N/AN/AN/A
2021 Unsecured Term Loan (A)
200,000 — 1.84%N/A7/7/2026
Subtotal$460,000 $460,000 
Unamortized Debt Issuance Costs(1,896)(1,538)
Unsecured Term Loans, Net
$458,104 $458,462 
Unsecured Credit Facility (B)
$74,000 $— 0.86%N/A7/7/2025
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(A) The interest rate at September 30, 2021 includes the impact of derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10.
(B) Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Mortgage Loans Payable, Net
During the nine months ended September 30, 2021, we paid off mortgage loans in the amount of $57,912.
As of September 30, 2021, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $136,284. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of September 30, 2021.
Unsecured Term Loans
On July 7, 2021, we amended and restated our 2020 Unsecured Term Loan to, among other things, extend the maturity date of this $200,000 unsecured term loan (as amended and restated, the "2021 Unsecured Term Loan"). The 2021 Unsecured Term Loan matures on July 7, 2026. We may request the borrowing capacity under the 2021 Unsecured Term Loan to be increased to $460,000, subject to certain restrictions.
Also on July 7, 2021, in connection with the execution of the 2021 Unsecured Term Loan, we amended our 2015 Unsecured Term Loan to make certain changes to the covenants and other provisions of the 2015 Unsecured Term Loan to conform those covenants and other provisions to the terms of the 2021 Unsecured Term Loan. This amendment did not increase our borrowing capacity under, extend the maturity date of or modify the pricing of the 2015 Unsecured Term Loan. Subject to certain restrictions, we may request the borrowing capacity under the 2015 Unsecured Term Loan be increased to $360,000.
Unsecured Credit Facility
On July 7, 2021, we amended and restated our $725,000 revolving credit agreement with a new $750,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000, subject to certain restrictions. The Unsecured Credit Facility matures on July 7, 2025, unless extended at our option pursuant to two six-month extension options, subject to certain conditions.
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 September 30, and thereafter: 
 Amount
Remainder of 2021$793 
2022332,024 
2023321 
2024335 
202574,349 
Thereafter1,207,866 
Total$1,615,688 
The Unsecured Credit Facility, our unsecured term loans (the "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 September 30, 2021; 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 September 30, 2021 and December 31, 2020, the fair value of our indebtedness was as follows: 
 September 30, 2021December 31, 2020
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loans Payable$83,117 $85,452 $144,214 $148,770 
Senior Unsecured Notes, Net998,511 1,085,573 998,506 1,096,262 
Unsecured Term Loans460,000 460,647 460,000 458,207 
Unsecured Credit Facility74,000 74,000 — — 
Total$1,615,628 $1,705,672 $1,602,720 $1,703,239 
_______________
(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.