Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2016

A summary of outstanding indebtedness of the operating partnership as of December 31, 2018 and 2017 is as follows (in thousands):



		Contractual Interest Rate	Effective Interest Rate as of December 31, 2018	2018					2017
Indebtedness	Stated maturity date	Contractual Interest Rate	Effective Interest Rate as of December 31, 2018	Carrying Value			Estimated Fair Value		Carrying Amount			Estimated Fair Value
2010 Mortgage Loans
Component A-1	1/2021	3.86%	4.40%	$	—		$	—	$	56,941		$	58,151
Component A-2-FX	1/2021	4.96%	5.38%	—			—		150,334			159,918
Component A-2-FL ⁽¹⁾	1/2021	L+1.51%	2.94%	—			—		48,654			49,019
Component B	1/2021	6.04%	6.48%	—			—		60,000			64,875
Component C	1/2021	6.82%	7.28%	—			—		62,400			68,718
Component D	1/2021	7.45%	7.92%	—			—		82,600			91,686
Total 2010 Mortgage Loans				—			—		460,929			492,367

2013 Mortgage Loans
Senior note	5/2023	3.81%	4.14%	187,957			184,667		194,223			195,194
Mezzanine A	5/2023	7.38%	7.55%	70,000			67,900		70,000			68,950
Mezzanine B	5/2023	11.50%	11.75%	32,000			31,120		32,000			31,840
Total 2013 Mortgage Loans				289,957			283,687		296,223			295,984

Senior Unsecured Notes
Series A 4.68% notes due 2026	1/2026	4.68%	4.77%	200,000			202,500		—			—
Series B 4.86% notes due 2029	1/2029	4.86%	4.92%	400,000			407,000		—			—
Total Senior Unsecured Notes				600,000			609,500		—			—

ANZ Term Loans
Australia Term Loan ⁽¹⁾	6/2020	BBSY+1.40%	4.62%	—			—		158,645			160,628
New Zealand Term Loan ⁽¹⁾	6/2020	BKBM+1.40%	5.21%	—			—		31,240			31,631
2018 Senior Unsecured Term Loan A Facility ⁽¹⁾	1/2023	L+1.45%	4.23%	475,000			472,625		—			—
2015 Senior Secured Term Loan B Facility ⁽¹⁾	12/2022	L+3.75%	5.79%	—			—		806,918			806,918

Total principal amount of mortgage notes, unsecured senior notes and term loans				1,364,957			1,365,812		1,753,955			1,787,528
Less deferred financing costs				(13,666		)	n/a		(25,712		)	n/a
Less debt discount				(277		)	n/a		(6,285		)	n/a
Total mortgage notes, unsecured senior notes and term loans, net of deferred financing costs and debt discount				$	1,351,014		$	1,365,812	$	1,721,958		$	1,787,528

2018 Senior Unsecured Revolving Credit Facility⁽¹⁾	1/2021	L+1.45%	0.34%	$	—		$	—	$	—		$	—
2015 Senior Secured Revolving Credit Facility⁽¹⁾	12/2018	L+3.00%	3.92%	$	—		$	—	$	—		$	—

Construction Loan:
Warehouse Clearfield, UT ⁽¹⁾	2/2019	L+3.25%	5.18%	$	—		$	—	$	19,671		$	19,671
Less deferred financing costs				—			n/a		(179		)	n/a
				$	—		$	—	$	19,492		$	19,671


(1)	L = one-month LIBOR; BBSY= Bank Bill Swap Bid Rate (applicable in Australia); BKBM = Bank Bill Reference Rate (applicable in New Zealand).

Schedule of aggregate maturities of total indebtedness

The aggregate maturities of indebtedness as of December 31, 2018, including amortization of principal amounts due under the Term Loan A, Senior Unsecured Notes and mortgage notes for each of the next five years and thereafter, are as follows:



Years Ending December 31:	(In thousands)
2019	$	6,513
2020	6,750
2021	7,035
2022	7,312
2023	737,347
Thereafter	600,000
Aggregate principal amount of debt	1,364,957
Less unamortized discount and deferred financing costs	(13,943		)
Total debt net of discount and deferred financing costs	$	1,351,014

Schedule of special purpose entity separateness

Each of the Company’s legal entities listed in the table below is a special purpose, bankruptcy remote entity, meaning that such entity’s assets and credit are not available to satisfy the debt and other obligations of either the Company or any of its other affiliates.



Legal Entity/SPE		Related Obligation
ART Mortgage Borrower Propco 2010 - 4 LLC		2010 Mortgage Notes
ART Mortgage Borrower Propco 2010 - 5 LLC
ART Mortgage Borrower Propco 2010 - 6 LLC
ART Mortgage Borrower Opco 2010 - 4 LLC
ART Mortgage Borrower Opco 2010 - 5 LLC
ART Mortgage Borrower Opco 2010 - 6 LLC

ART Mortgage Borrower Propco 2013 LLC		2013 Mortgage Notes
ART Mortgage Borrower Opco 2013 LLC		2013 Mortgage Notes