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Indebtedness | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness:
| Outstanding Balance at |  | Interest Rate at September 30, 2022 |  | Effective Interest Rate at Issuance |  | Maturity Date |
| September 30, 2022 |  | December 31, 2021 |  |
Mortgage Loans Payable, Gross | $ | 10,377 |  |  | $ | 79,764 |  |  | 4.17% |  | 4.17% |  | 8/1/2028 |
Unamortized Debt Issuance Costs | — |  |  | (90) |  |  |  |  |  |  |  |
Mortgage Loans Payable, Net | $ | 10,377 |  |  | $ | 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 | (4,955) |  |  | (5,491) |  |  |  |  |  |  |  |
Unamortized Discounts | (54) |  |  | (59) |  |  |  |  |  |  |  |
Senior Unsecured Notes, Net | $ | 993,562 |  |  | $ | 993,021 |  |  |  |  |  |  |  |
Unsecured Term Loans, Gross |  |  |  |  |  |  |  |  |  |
2015 Unsecured Term Loan | — |  |  | 260,000 |  |  | N/A |  | N/A |  | N/A |
2021 Unsecured Term Loan (A) | 200,000 |  |  | 200,000 |  |  | 1.84% |  | N/A |  | 7/7/2026 |
2022 Unsecured Term Loan | 425,000 |  |  | — |  |  | 3.46% |  | N/A |  | 10/18/2027 |
2022 Unsecured Term Loan II (B) | — |  |  | — |  |  | N/A |  | N/A |  | 8/12/2025 |
Subtotal | $ | 625,000 |  |  | $ | 460,000 |  |  |  |  |  |  |  |
Unamortized Debt Issuance Costs | (5,939) |  |  | (1,675) |  |  |  |  |  |  |  |
Unsecured Term Loans, Net | $ | 619,061 |  |  | $ | 458,325 |  |  |  |  |  |  |  |
Unsecured Credit Facility (C) | $ | 357,000 |  |  | $ | 79,000 |  |  | 3.89% |  | N/A |  | 7/7/2025 |
_______________ (A) The interest rate at September 30, 2022 includes the impact of derivative instruments we entered into to 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) Amounts exclude unamortized debt issuance costs of $3,608 and $4,577 as of September 30, 2022 and December 31, 2021, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. At our option, we may extend the maturity pursuant to two six-month extension options, subject to certain conditions. Mortgage Loans Payable, Net During the nine months ended September 30, 2022, we paid off mortgage loans in the amount of $67,973. As of September 30, 2022, mortgage loans payable are collateralized by industrial properties with a net carrying value of $31,985. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of September 30, 2022. Unsecured Term Loans On August 12, 2022, we entered into a three-year unsecured term loan (the "2022 Unsecured Term Loan II"). The 2022 Unsecured Term Loan II provides up to $300,000 of principal, none of which has been borrowed as of September 30, 2022. We may borrow up to the full principal amount by August 11, 2023 and must pay a non-refundable unused fee at a rate of 0.20% per annum on any unused portion of the facility from November 10, 2022 through August 11, 2023. Borrowings under the 2022 Unsecured Term Loan II require interest-only payments and bear interest at a variable rate based on daily, one-month or three-month secured overnight financing rate ("SOFR"), plus a 0.10% SOFR adjustment for daily and one-month SOFR, plus a 0.15% SOFR adjustment for three-month SOFR, plus 85 basis points based on our current credit ratings and consolidated leverage ratio. The 2022 Unsecured Term Loan II matures in August 2025, unless extended pursuant to two one-year extension options at our election, subject to certain conditions. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. On April 18, 2022, we entered into a five-year, $425,000 unsecured term loan (the "2022 Unsecured Term Loan", and together with the 2022 Unsecured Term Loan II and the 2021 Unsecured Term Loan, the "Unsecured Term Loans"), which replaced our 2015 Unsecured Term Loan that was set to mature in September 2022. At September 30, 2022, the 2022 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on the one-month SOFR, plus a 0.10% SOFR adjustment, plus 85 basis points. The 2022 Unsecured Term Loan matures in October 2027. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, during the nine months ended September 30, 2022 we entered into interest rate swaps with a notional value of $425,000 that lock the SOFR rate at 2.69% from October 3, 2022 to September 30, 2027. See Note 10 for additional information. 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 September 30, and thereafter:
| Amount
Remainder of 2022 | $ | 77 |
2023 | 321 |
2024 | 335 |
2025 | 357,349 |
2026 | 200,364 |
Thereafter | 1,432,502 |
Total | $ | 1,990,948 |
Our unsecured credit facility (the "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 September 30, 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 September 30, 2022 and December 31, 2021, the fair value of our indebtedness was as follows:
| September 30, 2022 |  | December 31, 2021
| Carrying Amount (A) |  | Fair Value |  | Carrying Amount (A) |  | Fair Value
Mortgage Loans Payable | $ | 10,377 |  |  | $ | 10,100 |  |  | $ | 79,764 |  |  | $ | 81,700 |
Senior Unsecured Notes, Net | 998,517 |  |  | 876,249 |  |  | 998,512 |  |  | 1,070,067 |
Unsecured Term Loans | 625,000 |  |  | 625,000 |  |  | 460,000 |  |  | 460,486 |
Unsecured Credit Facility | 357,000 |  |  | 357,000 |  |  | 79,000 |  |  | 79,000 |
Total | $ | 1,990,894 |  |  | $ | 1,868,349 |  |  | $ | 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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