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Indebtedness | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at September 30, 2015 |  | Effective Interest Rate at Issuance |  | Maturity Date
| September 30, 2015 |  | December 31,2014 |
Mortgage Loans Payable, Net | $ | 590,912 |  |  | $ | 599,985 |  |  | 4.03% – 8.26% |  | 4.03% – 8.26% |  | February 2016 –September 2022
Unamortized Premiums | (71 | ) |  | (90 | ) |  |  |  |  |  |
Mortgage Loans Payable, Gross | $ | 590,841 |  |  | $ | 599,895 |  |  |  |  |  |  |
Senior Unsecured Notes, Net |  |  |  |  |  |  |  |  |
2016 Notes | $ | 159,663 |  |  | $ | 159,621 |  |  | 5.75% |  | 5.91% |  | 1/15/2016
2017 Notes | 54,969 |  |  | 54,966 |  |  | 7.50% |  | 7.52% |  | 12/1/2017
2027 Notes | 6,067 |  |  | 6,066 |  |  | 7.15% |  | 7.11% |  | 5/15/2027
2028 Notes | 31,885 |  |  | 31,884 |  |  | 7.60% |  | 8.13% |  | 7/15/2028
2032 Notes | 10,522 |  |  | 10,518 |  |  | 7.75% |  | 7.87% |  | 4/15/2032
2017 II Notes | 101,826 |  |  | 101,806 |  |  | 5.95% |  | 6.37% |  | 5/15/2017
Subtotal | $ | 364,932 |  |  | $ | 364,861 |  |  |  |  |  |  |
Unamortized Discounts | 170 |  |  | 241 |  |  |  |  |  |  |
Senior Unsecured Notes, Gross | $ | 365,102 |  |  | $ | 365,102 |  |  |  |  |  |  |
Unsecured Term Loans |  |  |  |  |  |  |  |  |
Unsecured Term Loan I * | $ | 200,000 |  |  | $ | 200,000 |  |  | 1.90% |  | N/A |  | 1/29/2021
Unsecured Term Loan II * | 260,000 |  |  | — |  |  | 1.80% |  | N/A |  | 9/12/2022
Total of Unsecured Term Loans | $ | 460,000 |  |  | $ | 200,000 |  |  |  |  |  |  |
Unsecured Credit Facility** | $ | 55,000 |  |  | $ | 185,000 |  |  | 1.34% |  | N/A |  | 3/11/2019
* We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 9. ** The maturity date may be extended an additional year at our election, subject to certain restrictions. Mortgage Loans Payable, Net As of September 30, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $722,430. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2015. Unsecured Term Loans On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "Unsecured Term Loan II"; together with the Unsecured Term Loan I (as described in Note 9), the "Unsecured Term Loans") with a syndicate of financial institutions. The Unsecured Term Loan II requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings. We also entered into interest rate protection agreements, with an aggregate notional value of $260,000, to effectively convert the variable rate to a fixed rate. See Note 9 for more information on the interest rate protection agreements. Unsecured Credit Facility On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We have the right to request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At September 30, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of September 30, and thereafter:
| Amount
Remainder of 2015 | $ | 3,104 |
2016 | 251,870 |
2017 | 168,723 |
2018 | 168,341 |
2019 | 131,423 |
Thereafter | 747,482 |
Total | $ | 1,470,943 |
The Unsecured Credit Facility, the Unsecured Term Loans 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 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 that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loans and indentures governing our senior unsecured notes as of September 30, 2015. 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 September 30, 2015 and December 31, 2014, the fair value of our indebtedness was as follows:
| September 30, 2015 |  | December 31, 2014
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Mortgage Loans Payable, Net | $ | 590,912 |  |  | $ | 632,104 |  |  | $ | 599,985 |  |  | $ | 640,818 |
Senior Unsecured Notes, Net | 364,932 |  |  | 386,086 |  |  | 364,861 |  |  | 395,320 |
Unsecured Term Loans | 460,000 |  |  | 461,016 |  |  | 200,000 |  |  | 200,575 |
Unsecured Credit Facility | 55,000 |  |  | 55,000 |  |  | 185,000 |  |  | 185,747 |
Total | $ | 1,470,844 |  |  | $ | 1,534,206 |  |  | $ | 1,349,846 |  |  | $ | 1,422,460 |
The fair values of our mortgage loans payable were 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 rates we utilized were internally estimated. The fair value of the senior unsecured notes were 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 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 each of our mortgage loans payable, senior unsecured notes, Unsecured Term Loans and Unsecured Credit Facility was primarily based upon Level 3 inputs.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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