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Indebtedness
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance at
Interest
Rate at
June 30, 2024
Effective
Interest
Rate at
Issuance		Maturity
Date
 June 30, 2024December 31, 2023
Mortgage Loan Payable$9,812 $9,978 4.17%4.17%8/1/2028
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(3,705)(4,062)
Unamortized Discounts(43)(46)
Senior Unsecured Notes, Net$994,823 $994,463 
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)
200,000 200,000 1.82%N/A7/7/2026
2022 Unsecured Term Loan (A)
425,000 425,000 3.64%N/A10/18/2027
2022 Unsecured Term Loan II (A)(B)
300,000 300,000 4.88%N/A8/12/2025
Subtotal$925,000 $925,000 
Unamortized Debt Issuance Costs(3,330)(4,137)
Unsecured Term Loans, Net
$921,670 $920,863 
Unsecured Credit Facility (C)
$299,000 $299,000 6.19%N/A7/7/2025
_______________
(A) The interest rate at June 30, 2024 includes the impact of derivative instruments which 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) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,372 and $2,036 as of June 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Mortgage Loan Payable
As of June 30, 2024, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $30,651. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of June 30, 2024.
Indebtedness
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of June 30, and thereafter: 
 Amount
Remainder of 2024
$168 
2025
599,349 
2026
200,364 
2027
556,449 
2028
190,453 
Thereafter685,600 
Total$2,232,383 
Our 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, 2024; 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, 2024 and December 31, 2023, the fair value of our indebtedness was as follows: 
 June 30, 2024December 31, 2023
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$9,812 $9,452 $9,978 $9,666 
Senior Unsecured Notes, Net998,528 899,419 998,525 902,042 
Unsecured Term Loans925,000 925,000 925,000 925,000 
Unsecured Credit Facility299,000 299,000 299,000 299,000 
Total$2,232,340 $2,132,871 $2,232,503 $2,135,708 
_______________
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

    The fair value of our mortgage loan payable was 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 rate we utilized was internally estimated. The fair value of the senior unsecured notes was 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, as advised by our bankers, 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 our mortgage loan payable, each of our senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.