Summary of Indebtedness |
The following table discloses certain information regarding our indebtedness: | | | | | | | | | | | | | | | | Outstanding Balance at | | Interest Rate at March 31, 2020 | | Effective Interest Rate at Issuance | | Maturity Date | | March 31, 2020 | | December 31, 2019 | | Mortgage Loans Payable, Gross | $ | 173,103 |
| | $ | 174,360 |
| | 4.03% – 6.50% | | 4.03% – 6.50% | | July 2020 – August 2028 | Unamortized Debt Issuance Costs | (593 | ) | | (675 | ) | | | | | | | Mortgage Loans Payable, Net | $ | 172,510 |
| | $ | 173,685 |
| | | | | | | 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 | Subtotal | $ | 698,571 |
| | $ | 698,571 |
| | | | | | | Unamortized Debt Issuance Costs | (4,357 | ) | | (4,485 | ) | | | | | | | Unamortized Discounts | (70 | ) | | (71 | ) | | | | | | | Senior Unsecured Notes, Net | $ | 694,144 |
| | $ | 694,015 |
| | | | | | | 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 | (1,871 | ) | | (2,135 | ) | | | | | | | Unsecured Term Loans, Net | $ | 458,129 |
| | $ | 457,865 |
| | | | | | | Unsecured Credit Facility (B) | $ | 320,000 |
| | $ | 158,000 |
| | 2.09% | | N/A | | 10/29/2021 |
_______________ (A) The interest rate at March 31, 2020 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 $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
|
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 March 31, and thereafter: | | | | | | Amount | Remainder of 2020 | $ | 18,556 |
| 2021 | 587,294 |
| 2022 | 336,954 |
| 2023 | 321 |
| 2024 | 335 |
| Thereafter | 708,214 |
| Total | $ | 1,651,674 |
|
|
Summary of Indebtedness at Estimated Fair Value |
At March 31, 2020 and December 31, 2019, the fair value of our indebtedness was as follows: | | | | | | | | | | | | | | | | | | March 31, 2020 | | December 31, 2019 | | Carrying Amount (A) | | Fair Value | | Carrying Amount (A) | | Fair Value | Mortgage Loans Payable, Net | $ | 173,103 |
| | $ | 176,544 |
| | $ | 174,360 |
| | $ | 179,287 |
| Senior Unsecured Notes, Net | 698,501 |
| | 701,948 |
| | 698,500 |
| | 756,351 |
| Unsecured Term Loans | 460,000 |
| | 455,796 |
| | 460,000 |
| | 460,902 |
| Unsecured Credit Facility | 320,000 |
| | 317,372 |
| | 158,000 |
| | 158,141 |
| Total | $ | 1,651,604 |
| | $ | 1,651,660 |
| | $ | 1,490,860 |
| | $ | 1,554,681 |
|
_______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs.
|