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Indebtedness | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at September 30, 2019 |  | Effective Interest Rate at Issuance |  | Maturity Date
| September 30, 2019 |  | December 31, 2018 |
Mortgage Loans Payable, Gross | $ | 181,092 |  |  | $ | 297,610 |  |  | 4.03% – 8.26% |  | 4.03% – 8.26% |  | December 2019 – August 2028
Unamortized Debt Issuance Costs | (779 | ) |  | (1,246 | ) |  |  |  |  |  |
Unamortized Premiums | — |  |  | 106 |  |  |  |  |  |  |
Mortgage Loans Payable, Net | $ | 180,313 |  |  | $ | 296,470 |  |  |  |  |  |  |
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 |  |  | — |  |  | 3.97% |  | 4.23% |  | 7/23/2029
2030 Private Placement Notes | 150,000 |  |  | 150,000 |  |  | 3.96% |  | 3.96% |  | 2/15/2030
Subtotal | $ | 698,571 |  |  | $ | 548,571 |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (4,612 | ) |  | (3,990 | ) |  |  |  |  |  |
Unamortized Discounts | (73 | ) |  | (77 | ) |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 693,886 |  |  | $ | 544,504 |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2014 Unsecured Term Loan (A) | $ | 200,000 |  |  | $ | 200,000 |  |  | 3.39% |  | N/A |  | 1/29/2021
2015 Unsecured Term Loan (A) | 260,000 |  |  | 260,000 |  |  | 2.89% |  | N/A |  | 9/12/2022
Subtotal | $ | 460,000 |  |  | $ | 460,000 |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (2,399 | ) |  | (3,191 | ) |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 457,601 |  |  | $ | 456,809 |  |  |  |  |  |  |
Unsecured Credit Facility (B) | $ | 78,000 |  |  | $ | — |  |  | 3.14% |  | N/A |  | 10/29/2021
_______________ (A) The interest rate at September 30, 2019 also reflects the derivative instruments 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 debt issuance costs of $2,613 and $3,554 as of September 30, 2019 and December 31, 2018, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loans Payable, Net During the nine months ended September 30, 2019, we paid off mortgage loans in the aggregate amount of $111,761. As of September 30, 2019, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $280,649. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of September 30, 2019. Senior Unsecured Notes, Net During the nine months ended September 30, 2019, the Operating Partnership issued $150,000 of 3.97% Series E Guaranteed Senior Notes due July 23, 2029 (the "2029 II Private Placement Notes") (together with the 2027 Private Placement Notes, the 2028 Private Placement Notes, the 2029 Private Placement Notes and the 2030 Private Placement Notes (each as described within this footnote), collectively, the "Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated May 16, 2019. The 2029 II 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. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of September 30, and thereafter:
| Amount
Remainder of 2019 | $ | 2,480 |
2020 | 19,648 |
2021 | 345,113 |
2022 | 341,552 |
2023 | 321 |
Thereafter | 708,549 |
Total | $ | 1,417,663 |
Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "Unsecured Term Loans"), our 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 September 30, 2019. 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, 2019 and December 31, 2018, the fair value of our indebtedness was as follows:
| September 30, 2019 |  | December 31, 2018
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loans Payable, Net | $ | 181,092 |  |  | $ | 193,453 |  |  | $ | 297,716 |  |  | $ | 304,508 |
Senior Unsecured Notes, Net | 698,498 |  |  | 760,282 |  |  | 548,494 |  |  | 546,607 |
Unsecured Term Loans | 460,000 |  |  | 461,005 |  |  | 460,000 |  |  | 461,317 |
Unsecured Credit Facility | 78,000 |  |  | 78,079 |  |  | — |  |  | — |
Total | $ | 1,417,590 |  |  | $ | 1,492,819 |  |  | $ | 1,306,210 |  |  | $ | 1,312,432 |
_______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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