Indebtedness (Tables)

9 Months Ended

Sep. 30, 2022

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at September 30, 2022	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2022		December 31, 2021
Mortgage Loans Payable, Gross	$	10,377	$	79,764	4.17%	4.17%	8/1/2028
Unamortized Debt Issuance Costs	—		(90)

Mortgage Loans Payable, Net	$	10,377	$	79,674
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
2030 II Private Placement Notes	100,000		100,000		2.74%	2.74%	9/17/2030
2032 Private Placement Notes	200,000		200,000		2.84%	2.84%	9/17/2032
Subtotal	$	998,571	$	998,571
Unamortized Debt Issuance Costs	(4,955)		(5,491)
Unamortized Discounts	(54)		(59)
Senior Unsecured Notes, Net	$	993,562	$	993,021
Unsecured Term Loans, Gross
2015 Unsecured Term Loan	—		260,000		N/A	N/A	N/A
2021 Unsecured Term Loan (A)	200,000		200,000		1.84%	N/A	7/7/2026
2022 Unsecured Term Loan	425,000		—		3.46%	N/A	10/18/2027
2022 Unsecured Term Loan II (B)	—		—		N/A	N/A	8/12/2025
Subtotal	$	625,000	$	460,000
Unamortized Debt Issuance Costs	(5,939)		(1,675)
Unsecured Term Loans, Net	$	619,061	$	458,325
Unsecured Credit Facility (C)	$	357,000	$	79,000	3.89%	N/A	7/7/2025

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(A) The interest rate at September 30, 2022 includes the impact of derivative instruments we entered into to effectively convert the variable rate of the debt to a fixed rate. See Note 10.

(B) At our option, we may extend the maturity pursuant to two one-year extension options, subject to certain conditions.

(C) Amounts exclude unamortized debt issuance costs of $3,608 and $4,577 as of September 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 extension options, subject to certain conditions.

Schedule of Maturities

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 2022	$	77
2023	321
2024	335
2025	357,349
2026	200,364
Thereafter	1,432,502
Total	$	1,990,948

Summary of Indebtedness at Estimated Fair Value

At September 30, 2022 and December 31, 2021, the fair value of our indebtedness was as follows:


	September 30, 2022				December 31, 2021
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable	$	10,377	$	10,100	$	79,764	$	81,700
Senior Unsecured Notes, Net	998,517		876,249		998,512		1,070,067
Unsecured Term Loans	625,000		625,000		460,000		460,486
Unsecured Credit Facility	357,000		357,000		79,000		79,000
Total	$	1,990,894	$	1,868,349	$	1,617,276	$	1,691,253

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