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Estimates of fair value are made at a specific point in time based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time our entire holdings of financial instruments. For a portion of our other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions, many of which involve events outside the control of management. Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties; future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only, and therefore cannot be compared to the historical accounting model. 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The value of the borrowing base properties is determined by applying a capitalization rate to the NOI generated by our unencumbered, wholly-owned industrial properties. Effective, March 22, 2018, the capitalization rate applied to our NOI generated by our unencumbered, wholly-owned industrial properties was lowered from 7.0% to 6.5%, thus increasing the value of the borrowing base properties under the terms of the agreement. Borrowings under the Facility, will, at our election, either i) bear interest at LIBOR plus 140 basis points to 220 basis points, depending on our leverage ratio, or ii) bear interest at BMO’s prime lending rate plus 40 basis points to 120 basis points, depending on our leverage ratio. Our borrowings as of December 31, 2018, based on our leverage ratio, bear interest at LIBOR plus 170 basis points, which represented an interest rate of 4.22%. 100000000 300000000 0.50 0.030 60794129 10091417 1080000 0 5387886 We owned 113 properties, of which 63 carried Fixed Rate Mortgage Notes Payable with outstanding principal balances totaling $780,147,204. 0.01 0.01 200000000 200000000 0 0 0 0 154800 13239 3132445 44444 76831000 1006000 1471588 118039000 February 2030 to January 2034 February 2030 to January 2034 2046860425 0.02 0.02 67371468 2726913 24744579 6.22 Dividend Reinvestment and Stock Purchase Plan Weighted average interest rate excludes amortization of debt issuance costs.