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Indebtedness
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance at
Interest
Rate at
June 30, 2023
Effective
Interest
Rate at
Issuance		Maturity
Date
 June 30, 2023December 31, 2022
Mortgage Loan Payable$10,140 $10,299 4.17%4.17%8/1/2028
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$998,571 $998,571 
Unamortized Debt Issuance Costs(4,419)(4,777)
Unamortized Discounts(49)(52)
Senior Unsecured Notes, Net$994,103 $993,742 
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)
200,000 200,000 1.84%N/A7/7/2026
2022 Unsecured Term Loan (A)
425,000 425,000 3.64%N/A10/18/2027
2022 Unsecured Term Loan II (A)(B)
300,000 300,000 4.88%N/A8/12/2025
Subtotal$925,000 $925,000 
Unamortized Debt Issuance Costs(4,939)(5,740)
Unsecured Term Loans, Net
$920,061 $919,260 
Unsecured Credit Facility (C)
$258,000 $143,000 5.97%N/A7/7/2025
_______________
(A) The interest rate at June 30, 2023 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.
(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.
(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $2,638 and $3,285 as of June 30, 2023 and December 31, 2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Mortgage Loan Payable
As of June 30, 2023, mortgage loan payable is collateralized by industrial properties with a net carrying value of $31,444. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of June 30, 2023.
Amendments of Unsecured Credit Facility and Unsecured Term Loan Agreements
On May 31, 2023, the Company amended its $750,000 revolving credit agreement (the "Unsecured Credit Facility") and its $200,000 term loan agreement (the "2021 Unsecured Term Loan") to replace LIBOR with SOFR as the benchmark interest rate. Commencing July 3, 2023, borrowings under the Unsecured Credit Facility will bear interest at adjusted daily simple SOFR, plus a 10 basis point adjustment, plus a credit spread, which is currently 77.5 basis points. Commencing August 1, 2023 borrowings under the 2021 Unsecured Term Loan will bear interest at adjusted daily simple SOFR, plus a 10 basis point adjustment, plus a credit spread, which is currently 85 basis points. The credit spreads for each debt instrument are subject to adjustment based on our leverage and investment grade rating.

Indebtedness
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 June 30, and thereafter: 
 Amount
Remainder of 2023
$161 
2024
335 
2025
558,349 
2026
200,364 
2027
556,449 
Thereafter876,053 
Total$2,191,711 
Our Unsecured Credit Facility, our Unsecured Term Loans, our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of June 30, 2023; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value
At June 30, 2023 and December 31, 2022, the fair value of our indebtedness was as follows: 
 June 30, 2023December 31, 2022
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$10,140 $9,574 $10,299 $9,765 
Senior Unsecured Notes, Net998,522 873,645 998,519 883,444 
Unsecured Term Loans925,000 925,000 925,000 909,187 
Unsecured Credit Facility258,000 258,000 143,000 143,000 
Total$2,191,662 $2,066,219 $2,076,818 $1,945,396 
_______________
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.
The fair value of our mortgage loan payable was determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rate we utilized was internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loan payable, each of our senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.