Indebtedness (Tables)

9 Months Ended

Sep. 30, 2021

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at September 30, 2021	Effective Interest Rate at Issuance	Maturity Date
	September 30, 2021		December 31, 2020
Mortgage Loans Payable, Gross	$	83,117	$	144,214	4.03% – 4.17%	4.03% – 4.17%	September 2022 – August 2028
Unamortized Debt Issuance Costs	(126)		(335)

Mortgage Loans Payable, Net	$	82,991	$	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	(5,670)		(6,206)
Unamortized Discounts	(60)		(65)
Senior Unsecured Notes, Net	$	992,841	$	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	—		200,000		N/A	N/A	N/A
2021 Unsecured Term Loan (A)	200,000		—		1.84%	N/A	7/7/2026
Subtotal	$	460,000	$	460,000
Unamortized Debt Issuance Costs	(1,896)		(1,538)
Unsecured Term Loans, Net	$	458,104	$	458,462
Unsecured Credit Facility (B)	$	74,000	$	—	0.86%	N/A	7/7/2025

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(A) The interest rate at September 30, 2021 includes the impact of derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10.

(B) Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, 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 discounts and debt issuance costs, for the next five years as of September 30, and thereafter:


	Amount
Remainder of 2021	$	793
2022	332,024
2023	321
2024	335
2025	74,349
Thereafter	1,207,866
Total	$	1,615,688

Summary of Indebtedness at Estimated Fair Value

At September 30, 2021 and December 31, 2020, the fair value of our indebtedness was as follows:


	September 30, 2021				December 31, 2020
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable	$	83,117	$	85,452	$	144,214	$	148,770
Senior Unsecured Notes, Net	998,511		1,085,573		998,506		1,096,262
Unsecured Term Loans	460,000		460,647		460,000		458,207
Unsecured Credit Facility	74,000		74,000		—		—
Total	$	1,615,628	$	1,705,672	$	1,602,720	$	1,703,239

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