Indebtedness (Tables)

12 Months Ended

Dec. 31, 2020

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at December 31, 2020	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2020		December 31, 2019
Mortgage Loans Payable, Gross	$	144,214	$	174,360	4.03% – 4.85%	4.03% – 4.85%	October 2021 – August 2028
Unamortized Debt Issuance Costs	(335)		(675)

Mortgage Loans Payable, Net	$	143,879	$	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
2030 II Private Placement Notes	100,000		—		2.74%	2.74%	9/17/2030
2032 Private Placement Notes	200,000		—		2.84%	2.84%	9/17/2032
Subtotal	$	998,571	$	698,571
Unamortized Debt Issuance Costs	(6,206)		(4,485)
Unamortized Discounts	(65)		(71)
Senior Unsecured Notes, Net	$	992,300	$	694,015
Unsecured Term Loans, Gross
2014 Unsecured Term Loan	$	—	$	200,000	N/A	N/A	N/A
2015 Unsecured Term Loan (A)	260,000		260,000		2.89%	N/A	9/12/2022
2020 Unsecured Term Loan (A)	200,000		—		3.79%	N/A	7/15/2021
Subtotal	$	460,000	$	460,000
Unamortized Debt Issuance Costs	(1,538)		(2,135)
Unsecured Term Loans, Net	$	458,462	$	457,865
Unsecured Credit Facility (B)	$	—	$	158,000	N/A	N/A	10/29/2021

(A) The interest rate at December 31, 2020 also reflects the derivative instruments 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 $1,049 and $2,300 as of December 31, 2020 and 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 December 31, and thereafter:


	Amount
2021	$	261,891
2022	332,024
2023	321
2024	335
2025	349
Thereafter	1,007,865
Total	$	1,602,785

Summary of Indebtedness at Estimated Fair Value

At December 31, 2020 and 2019, the fair value of our indebtedness was as follows:


	December 31, 2020				December 31, 2019
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable, Net	$	144,214	$	148,770	$	174,360	$	179,287
Senior Unsecured Notes, Net	998,506		1,096,262		698,500		756,351
Unsecured Term Loans	460,000		458,207		460,000		460,902
Unsecured Credit Facility	—		—		158,000		158,141
Total	$	1,602,720	$	1,703,239	$	1,490,860	$	1,554,681

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