Debt (Tables)

9 Months Ended

Sep. 30, 2017

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):



	Interest Rate		Maturity Date at September 30, 2017	Carrying Value
	September 30, 2017	December 31, 2016	Maturity Date at September 30, 2017	September 30, 2017			December 31, 2016
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	February 2024 - April 2035	$	180,259		$	234,875
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.71%-3.77%	June 2018 - June 2026	80,492			82,250
Total Core Mortgages Payable				260,751			317,125
Fund II Fixed Rate	1.00%-4.75%	1.00%-5.80%	October 2017 - May 2020	224,262			249,762
Fund II Variable Rate	LIBOR+0.79% -LIBOR+2.50%	LIBOR+0.62% -LIBOR+2.50%	December 2017 - November 2021	126,077			142,750
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,616			19,779
Total Fund II Mortgages Payable				369,955			412,291
Fund III Variable Rate	Prime+0.50% -LIBOR+4.65%	Prime+0.50% -LIBOR+4.65%	March 2018 - December 2021	69,632			83,467
Fund IV Fixed Rate	3.40%-4.50%	3.40%-4.50%	October 2025-June 2026	10,503			10,503
Fund IV Variable Rate	LIBOR+1.70% -LIBOR+3.95%	LIBOR+1.70% - LIBOR+3.95%	October 2017 - April 2022	268,554			233,139
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019 - April 2022	81,156			14,509
Total Fund IV Mortgages Payable				360,213			258,151
Net unamortized debt issuance costs				(15,555		)	(16,642		)
Unamortized premium				881			1,336
Total Mortgages Payable				$	1,045,877		$	1,055,728
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30% -LIBOR+1.60%	LIBOR+1.30% -LIBOR+1.60%	July 2020 - December 2022	$	26,459		$	51,194
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.24%-3.77%	July 2018 - March 2025	273,541			248,806
Total Core Unsecured Notes Payable				300,000			300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		September 2020	31,500			—
Fund IV Term Loan/Subscription Facility	LIBOR+1.65% -LIBOR+2.75%	LIBOR+1.65% -LIBOR+2.75%	October 2017- December 2017	54,920			134,636
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	113,200			—
Net unamortized debt issuance costs				(1,650		)	(1,646		)
Total Unsecured Notes Payable				$	497,970		$	432,990
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	59,000		$	—
Total Unsecured Line of Credit				$	59,000		$	—

Total Debt - Fixed Rate ^(b)				$	869,829		$	860,484
Total Debt - Variable Rate				749,342			645,186
Total Debt				1,619,171			1,505,670
Net unamortized debt issuance costs				(17,205		)	(18,288		)
Unamortized premium				881			1,336
Total Indebtedness				$	1,602,847		$	1,488,718

__________


(a)	At September 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 0.79% to LIBOR +2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR +3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.


(b)	Includes $454,805 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2017 are as follows (in thousands):



Year Ending December 31,
2017 (Remainder)	$	174,707
2018	88,308
2019	228,523
2020	573,807
2021	255,055
Thereafter	298,771
	1,619,171
Unamortized fair market value of assumed debt	881
Net unamortized debt issuance costs	(17,205		)
Total indebtedness	$	1,602,847