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v3.22.1

Indebtedness | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness 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 |
_______________ (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. Mortgage Loans Payable, Net As of March 31, 2022, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $132,499. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2022. 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 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 |
_______________ (A) The principal balance of the 2015 Unsecured Term Loan included herein was replaced with a a new $425,000 unsecured term loan entered into on April 18, 2022 for which the maturity is October 18, 2027. See Note 13 for additional information. Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "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 March 31, 2022; 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 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 |
_______________ (A) The carrying amounts include unamortized 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 and the Unsecured Term Loans 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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