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Indebtedness
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Indebtedness
Indebtedness
The following table discloses certain information regarding our indebtedness: 
 
Outstanding Balance at
 
Interest
Rate at
March 31, 2019
 
Effective
Interest
Rate at
Issuance
 
Maturity
Date
 
March 31, 2019
 
December 31, 2018
 
Mortgage Loans Payable, Gross
$
223,804

 
$
297,610

 
4.03% – 8.26%
 
4.03% – 8.26%
 
December 2019 –
August 2028
Unamortized Debt Issuance Costs
(1,030
)
 
(1,246
)
 
 
 
 
 
 
Unamortized Premiums

 
106

 
 
 
 
 
 
Mortgage Loans Payable, Net
$
222,774

 
$
296,470

 
 
 
 
 
 
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
2030 Private Placement Notes
150,000

 
150,000

 
3.96%
 
3.96%
 
2/15/2030
Subtotal
$
548,571

 
$
548,571

 
 
 
 
 
 
Unamortized Debt Issuance Costs
(3,886
)
 
(3,990
)
 
 
 
 
 
 
Unamortized Discounts
(76
)
 
(77
)
 
 
 
 
 
 
Senior Unsecured Notes, Net
$
544,609

 
$
544,504

 
 
 
 
 
 
Unsecured Term Loans, Gross
 
 


 
 
 
 
 
 
2014 Unsecured Term Loan (A)
$
200,000

 
$
200,000

 
3.39%
 
N/A
 
1/29/2021
2015 Unsecured Term Loan (A)
260,000

 
260,000

 
2.89%
 
N/A
 
9/12/2022
Subtotal
$
460,000

 
$
460,000

 

 

 

Unamortized Debt Issuance Costs
(2,927
)
 
(3,191
)
 
 
 
 
 
 
Unsecured Term Loans, Net
$
457,073

 
$
456,809

 
 
 
 
 
 
Unsecured Credit Facility (B)
$
102,000

 
$

 
3.59%
 
N/A
 
10/29/2021

_______________
(A) The interest rate at March 31, 2019 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10.
(B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $3,241 and $3,554 as of March 31, 2019 and December 31, 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Mortgage Loans Payable, Net
During the three months ended March 31, 2019, we paid off mortgage loans in the amount of $72,073.
As of March 31, 2019, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $338,533. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2019.
Indebtedness
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 March 31, and thereafter: 
 
Amount
Remainder of 2019
$
5,794

2020
59,046

2021
369,113

2022
341,552

2023
321

Thereafter
558,549

Total
$
1,334,375


Our unsecured credit facility (the "Unsecured Credit Facility"), the Unsecured Term Loans, the 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 March 31, 2019. 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 March 31, 2019 and December 31, 2018, the fair value of our indebtedness was as follows: 
 
March 31, 2019
 
December 31, 2018
 
Carrying
Amount (A)
 
Fair
Value
 
Carrying
Amount (A)
 
Fair
Value
Mortgage Loans Payable, Net
$
223,804

 
$
228,554

 
$
297,716

 
$
304,508

Senior Unsecured Notes, Net
548,495

 
567,889

 
548,494

 
546,607

Unsecured Term Loans
460,000

 
461,210

 
460,000

 
461,317

Unsecured Credit Facility
102,000

 
102,126

 

 

Total
$
1,334,299

 
$
1,359,779

 
$
1,306,210

 
$
1,312,432


_______________
(A) The carrying amounts include unamortized premiums and 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, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.