Indebtedness (Tables)

3 Months Ended

Mar. 31, 2022

The following table discloses certain information regarding our indebtedness:


	Outstanding Balance at				Interest Rate at March 31, 2022	Effective Interest Rate at Issuance	Maturity Date
	March 31, 2022		December 31, 2021
Mortgage Loans Payable, Gross	$	78,980	$	79,764	4.03% – 4.17%	4.03% – 4.17%	September 2022 – August 2028
Unamortized Debt Issuance Costs	(56)		(90)

Mortgage Loans Payable, Net	$	78,924	$	79,674
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	(5,312)		(5,491)
Unamortized Discounts	(57)		(59)
Senior Unsecured Notes, Net	$	993,202	$	993,021
Unsecured Term Loans, Gross
2015 Unsecured Term Loan (A) (C)	260,000		260,000		2.89%	N/A	9/12/2022
2021 Unsecured Term Loan (A)	200,000		200,000		1.84%	N/A	7/7/2026
Subtotal	$	460,000	$	460,000
Unamortized Debt Issuance Costs	(1,454)		(1,675)
Unsecured Term Loans, Net	$	458,546	$	458,325
Unsecured Credit Facility (B)	$	235,000	$	79,000	1.23%	N/A	7/7/2025

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(A) The interest rate at March 31, 2022 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 $4,254 and $4,577 as of March 31, 2022 and December 31, 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

(C) On April 18, 2022, we entered into a $425,000 unsecured term loan, which replaces our 2015 Unsecured Term Loan. See Note 13 for additional information.

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 March 31, and thereafter:


	Amount
Remainder of 2022 (A)	$	328,680
2023	321
2024	335
2025	235,349
2026	200,364
Thereafter	1,007,502
Total	$	1,772,551

Summary of Indebtedness at Estimated Fair Value

At March 31, 2022 and December 31, 2021, the fair value of our indebtedness was as follows:


	March 31, 2022				December 31, 2021
	Carrying Amount (A)		Fair Value		Carrying Amount (A)		Fair Value
Mortgage Loans Payable	$	78,980	$	80,365	$	79,764	$	81,700
Senior Unsecured Notes, Net	998,514		983,077		998,512		1,070,067
Unsecured Term Loans	460,000		460,324		460,000		460,486
Unsecured Credit Facility	235,000		235,000		79,000		79,000
Total	$	1,772,494	$	1,758,766	$	1,617,276	$	1,691,253

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