Indebtedness (Tables)

12 Months Ended

Dec. 31, 2017

The following table discloses certain information regarding our indebtedness:



	Outstanding Balance at						Interest Rate at December 31, 2017	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2017			December 31, 2016			Interest Rate at December 31, 2017	Effective Interest Rate at Issuance	Maturity Date
Mortgage Loans Payable, Gross	$	451,602		$	498,435		4.03% – 8.26%	3.82% – 8.26%	June 2018 – September 2022
Unamortized Debt Issuance Costs	(1,806		)	(2,905		)
Unamortized Premiums	260			426
Mortgage Loans Payable, Net	$	450,056		$	495,956
Senior Unsecured Notes, Gross
2017 Notes	—			54,981			N/A	N/A	12/1/2017
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
2017 II Notes	—			101,871			N/A	N/A	5/15/2017
2027 Private Placement Notes	125,000			—			4.30%	4.30%	4/20/2027
2029 Private Placement Notes	75,000			—			4.40%	4.40%	4/20/2029
Subtotal	$	248,571		$	205,423
Unamortized Debt Issuance Costs	(1,814		)	(320		)
Unamortized Discounts	(84		)	(105		)
Senior Unsecured Notes, Net	$	246,673		$	204,998
Unsecured Term Loans, Gross
2014 Unsecured Term Loan ^(A)	$	200,000		$	200,000		3.49%	N/A	1/29/2021
2015 Unsecured Term Loan ^(A)	260,000			260,000			2.99%	N/A	9/12/2022
Subtotal	$	460,000		$	460,000
Unamortized Debt Issuance Costs	(4,232		)	(3,362		)
Unsecured Term Loans, Net	$	455,768		$	456,638
Unsecured Credit Facility ^(B)	$	144,500		$	189,500		2.46%	N/A	10/29/2021

^(A) The interest rate at December 31, 2017 reflects the interest rate protection agreements 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 $4,781 and $2,876 as of December 31, 2017 and 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets.

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
2018	$	165,449
2019	79,329
2020	58,762
2021	411,318
2022	341,244
Thereafter	248,571
Total	$	1,304,673

Summary of Indebtedness at Estimated Fair Value

At December 31, 2017 and 2016, the fair value of our indebtedness was as follows:



	December 31, 2017				December 31, 2016
	Carrying Amount ^(A)		Fair Value		Carrying Amount ^(A)		Fair Value
Mortgage Loans Payable, Net	$	451,862	$	467,303	$	498,861	$	513,540
Senior Unsecured Notes, Net	248,487		269,731		205,318		222,469
Unsecured Term Loans	460,000		460,000		460,000		458,602
Unsecured Credit Facility	144,500		144,500		189,500		189,500
Total	$	1,304,849	$	1,341,534	$	1,353,679	$	1,384,111

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