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Indebtedness | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at September 30, 2017 |  | Effective Interest Rate at Issuance |  | Maturity Date
| September 30, 2017 |  | December 31, 2016 |
Mortgage Loans Payable, Gross | $ | 454,283 |  |  | $ | 498,435 |  |  | 4.03% – 8.26% |  | 3.82% – 8.26% |  | June 2018 – September 2022
Unamortized Deferred Financing Costs | (2,033 | ) |  | (2,905 | ) |  |  |  |  |  |
Unamortized Premiums | 301 |  |  | 426 |  |  |  |  |  |  |
Mortgage Loans Payable, Net | $ | 452,551 |  |  | $ | 495,956 |  |  |  |  |  |  |
Senior Unsecured Notes, Gross |  |  |  |  |  |  |  |  |
2017 Notes | 54,981 |  |  | 54,981 |  |  | 7.50% |  | 7.52% |  | 12/1/2017
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
2017 II Notes | — |  |  | 101,871 |  |  | N/A |  | N/A |  | 5/15/2017
2027 Private Placement Notes | 125,000 |  |  | — |  |  | 4.30% |  | 4.30% |  | 4/20/2027
2029 Private Placement Notes | 75,000 |  |  | — |  |  | 4.40% |  | 4.40% |  | 4/20/2029
Subtotal | $ | 303,552 |  |  | $ | 205,423 |  |  |  |  |  |  |
Unamortized Deferred Financing Costs | (1,864 | ) |  | (320 | ) |  |  |  |  |  |
Unamortized Discounts | (86 | ) |  | (105 | ) |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 301,602 |  |  | $ | 204,998 |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2014 Unsecured Term Loan (A) | $ | 200,000 |  |  | $ | 200,000 |  |  | 3.99% |  | N/A |  | 1/29/2021
2015 Unsecured Term Loan (A) | 260,000 |  |  | 260,000 |  |  | 3.39% |  | N/A |  | 9/12/2022
Subtotal | $ | 460,000 |  |  | $ | 460,000 |  |  |  |  |  |  |
Unamortized Deferred Financing Costs | (2,862 | ) |  | (3,362 | ) |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 457,138 |  |  | $ | 456,638 |  |  |  |  |  |  |
Unsecured Credit Facility (B) | $ | 157,000 |  |  | $ | 189,500 |  |  | 2.39% |  | N/A |  | 3/11/2019
(A) The interest rate at September 30, 2017 reflects the interest rate protection agreements 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. Amounts exclude unamortized deferred financing costs of $1,881 and $2,876 as of September 30, 2017 and December 31, 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. Mortgage Loans Payable, Net During the nine months ended September 30, 2017, we paid off mortgage loans in the amount of $36,108. In connection with the mortgage loans paid off during the nine months ended September 30, 2017, we recognized $1,653 as loss from retirement of debt representing prepayment penalties and the write-off of unamortized deferred financing costs. As of September 30, 2017, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $580,202. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of September 30, 2017. Senior Unsecured Notes, Net During the nine months ended September 30, 2017, the Operating Partnership issued $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the “2027 Private Placement Notes”) and $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the “2029 Private Placement Notes”) (collectively, the "Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated February 21, 2017. The 2027 Private Placement Notes and the 2029 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments. Additionally, during the nine months ended September 30, 2017, we paid off and retired our 2017 II Notes (as described in the table above), at maturity in the amount of $101,871. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and deferred financing costs, for the next five years as of September 30, and thereafter:
| Amount
Remainder of 2017 | $ | 57,662 |
2018 | 165,449 |
2019 | 236,329 |
2020 | 58,762 |
2021 | 266,818 |
Thereafter | 589,815 |
Total | $ | 1,374,835 |
Our unsecured credit facility (the "Unsecured Credit Facility"), the Unsecured Term Loans (as defined in Note 10), the 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 that 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 indentures governing our senior unsecured notes as of September 30, 2017. 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, 2017 and December 31, 2016, the fair value of our indebtedness was as follows:
| September 30, 2017 |  | December 31, 2016
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loans Payable, Net | $ | 454,584 |  |  | $ | 466,999 |  |  | $ | 498,861 |  |  | $ | 513,540 |
Senior Unsecured Notes, Net | 303,466 |  |  | 325,580 |  |  | 205,318 |  |  | 222,469 |
Unsecured Term Loans | 460,000 |  |  | 468,089 |  |  | 460,000 |  |  | 458,602 |
Unsecured Credit Facility | 157,000 |  |  | 157,116 |  |  | 189,500 |  |  | 189,500 |
Total | $ | 1,375,050 |  |  | $ | 1,417,784 |  |  | $ | 1,353,679 |  |  | $ | 1,384,111 |
(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs. 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 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 each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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