Debt (Tables)

3 Months Ended

Mar. 31, 2018

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



	Interest Rate at
	March 31,	December 31,	Maturity Date at	March 31,			December 31,
	2018	2017	March 31, 2018	2018			2017
Mortgages Payable
Core Fixed Rate	3.88%-6.00%	3.88%-5.89%	February 2024 - April 2035	$	179,475		$	179,870
Core Variable Rate - Swapped^(a)	3.41%-3.77%	1.71%-3.77%	January 2023 - June 2026	33,323			74,152
Total Core Mortgages Payable				212,798			254,022
Fund II Fixed Rate	1.00%-4.75%	1.00%-4.75%	August 2019 - August 2042	205,262			205,262
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,503			19,560
Total Fund II Mortgages Payable				224,765			224,822
Fund III Variable Rate	Prime+0.50%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	May 2018 - December 2021	70,344			65,866
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%	April 2018 - August 2021	249,954			250,584
Fund IV Variable Rate - Swapped^(a)	3.67%-4.23%	1.78%-2.11%	May 2019 - December 2022	86,517			86,851
Total Fund IV Mortgages Payable				346,974			347,938
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%	LIBOR+2.25%	October 2020 - January 2021	51,506			28,613
Fund V Variable Rate - Swapped ^(a)	4.61%	—	February 2021	16,900			—
Total Fund V Mortgage Payable				68,406			28,613
Net unamortized debt issuance costs				(12,590		)	(12,943		)
Unamortized premium				830			856
Total Mortgages Payable				$	911,527		$	909,174
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped^(a)	2.49%-4.05%	1.24%-3.77%	March 2023	$	350,000		$	300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%	LIBOR+1.40%	September 2020	31,500			31,500
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%	December 2018- October 2019	40,825			40,825
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	108,100			103,300

Net unamortized debt issuance costs				(669		)	(1,890		)
Total Unsecured Notes Payable				$	529,756		$	473,735
Unsecured Line of Credit
Core Unsecured Line of Credit	—	LIBOR+1.40%	—	$	—		$	18,048
Core Unsecured Line of Credit - Swapped^(a)	2.59%-4.15%	1.24%-3.77%	March 2022	14,000			23,452
Total Unsecured Line of Credit				$	14,000		$	41,500

Total Debt - Fixed Rate ^(b)				$	915,483		$	899,650
Total Debt - Variable Rate ^(c)				552,229			538,736
Total Debt				1,467,712			1,438,386
Net unamortized debt issuance costs				(13,259		)	(14,833		)
Unamortized premium				830			856
Total Indebtedness				$	1,455,283		$	1,424,409

__________


(a)	At March 31, 2018, the stated rates ranged from LIBOR + 1.70% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.85% to LIBOR +2.25% for Fund IV variable-rate debt, LIBOR + 2.20% for Fund V and LIBOR + 1.25% for Core variable-rate unsecured term loans.


(b)	Includes $520.2 million and $504.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.


(c)	Includes $143.8 million and $141.1 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company’s consolidated indebtedness, as of March 31, 2018 are as follows (in thousands):



Year Ending December 31,
2018 (Remainder)	$	52,396
2019	207,952
2020	494,608
2021	113,012
2022	62,529
Thereafter	537,215
	1,467,712
Unamortized fair market value of assumed debt	830
Net unamortized debt issuance costs	(13,259		)
Total indebtedness	$	1,455,283