Indebtedness (Tables)

3 Months Ended

Mar. 31, 2021

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at March 31, 2021	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2021		December 31, 2020
Mortgage Loans Payable, Gross	$	142,941	$	144,214	4.03% – 4.85%	4.03% – 4.85%	October 2021 – August 2028
Unamortized Debt Issuance Costs	(265)		(335)

Mortgage Loans Payable, Net	$	142,676	$	143,879
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		100,000		2.74%	2.74%	9/17/2030
2032 Private Placement Notes	200,000		200,000		2.84%	2.84%	9/17/2032
Subtotal	$	998,571	$	998,571
Unamortized Debt Issuance Costs	(6,027)		(6,206)
Unamortized Discounts	(63)		(65)
Senior Unsecured Notes, Net	$	992,481	$	992,300
Unsecured Term Loans, Gross
2015 Unsecured Term Loan (A)	260,000		260,000		2.89%	N/A	9/12/2022
2020 Unsecured Term Loan (A) (C)	200,000		200,000		2.49%	N/A	7/15/2021
Subtotal	$	460,000	$	460,000
Unamortized Debt Issuance Costs	(1,215)		(1,538)
Unsecured Term Loans, Net	$	458,785	$	458,462
Unsecured Credit Facility (B)	$	—	$	—	N/A	N/A	10/29/2021

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(A) The interest rate at March 31, 2021 includes the impact of 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. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. Amounts exclude unamortized debt issuance costs of $732 and $1,049 as of March 31, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

(C) We have two, one-year extension options at our election. We intend to refinance prior to its maturity or exercise the one-year extension.

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 2021	$	260,618
2022	332,024
2023	321
2024	335
2025	349
Thereafter	1,007,865
Total	$	1,601,512

Summary of Indebtedness at Estimated Fair Value

At March 31, 2021 and December 31, 2020, the fair value of our indebtedness was as follows:


	March 31, 2021				December 31, 2020
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable, Net	$	142,941	$	146,770	$	144,214	$	148,770
Senior Unsecured Notes, Net	998,508		1,069,826		998,506		1,096,262
Unsecured Term Loans	460,000		460,946		460,000		458,207

Total	$	1,601,449	$	1,677,542	$	1,602,720	$	1,703,239

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