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Debt (Tables)

9 Months Ended

Sep. 30, 2021

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


	Interest Rate at			Carrying Value at
	September 30,	December 31,	Maturity Date at	September 30,	December 31,
	2021	2020	September 30, 2021	2021	2020
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$146,061	$147,810
Core Variable Rate - Swapped (a)	3.41%-4.54%	3.41%-4.54%	Jan 2023 - Nov 2028	73,164	80,500
Total Core Mortgages Payable				219,225	228,310
Fund II Variable Rate	LIBOR+3.00% - PRIME+2.00%	LIBOR+3.00% - PRIME+2.00%	Mar 2022 - August 2022	237,943	228,282
Fund II Variable Rate - Swapped (a)	2.88%	2.88%	Nov 2021	18,588	18,803
Total Fund II Mortgages Payable				256,531	247,085
Fund III Variable Rate	LIBOR+2.75%-LIBOR+3.10%	LIBOR+2.75%-LIBOR+3.10%	Jun 2022 - Jul 2022	71,003	71,918
Fund IV Fixed Rate	4.50%	3.40%-4.50%	Oct 2025	1,120	6,726
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.65%	LIBOR+1.60%-LIBOR+3.40%	Nov 2021 - Jun 2026	235,125	254,234
Fund IV Variable Rate - Swapped (a)	3.48%-4.61%	3.48%-4.61%	Apr 2022 - Dec 2022	42,385	66,590
Total Fund IV Mortgages and Other Notes Payable				278,630	327,550
Fund V Fixed Rate	3.35%		May 2023	31,801	—
Fund V Variable Rate	LIBOR + 1.85%	LIBOR+1.50%-LIBOR+2.20%	Jun 2022	30,024	1,354
Fund V Variable Rate - Swapped (a)	2.43%-4.78%	2.95%-4.78%	Feb 2022 - Dec 2024	298,014	334,323
Total Fund V Mortgages Payable				359,839	335,677
Net unamortized debt issuance costs				(4,671)	(6,507)
Unamortized premium				471	548
Total Mortgages Payable				$1,181,028	$1,204,581
Unsecured Notes Payable
Core Variable Rate Credit Facility		LIBOR+2.55%		$—	$30,000
Core Variable Rate Unsecured Term Loans - Swapped (a)	3.65%-5.32%	2.49%-5.02%	Jun 2026	400,000	350,000
Total Core Unsecured Notes Payable				400,000	380,000
Fund II Unsecured Notes Payable	LIBOR+2.25%	LIBOR+1.65%	Sep 2022	40,000	40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.90%	LIBOR+1.90%	Dec 2021	—	864
Fund V Subscription Facility	LIBOR+1.90%	LIBOR+1.60%	May 2022	68,076	250

Net unamortized debt issuance costs				(4,110)	(256)
Total Unsecured Notes Payable				$503,966	$420,858
Unsecured Line of Credit
Core Unsecured Line of Credit -Swapped (a)	3.65%-5.32%	2.49%-5.02%	Jun 2025	$102,905	$138,400

Total Debt - Fixed Rate (b, c )				$1,114,038	$1,143,152
Total Debt - Variable Rate (d)				682,171	626,902
Total Debt				1,796,209	1,770,054
Net unamortized debt issuance costs				(8,781)	(6,763)
Unamortized premium				471	548
Total Indebtedness				$1,787,899	$1,763,839

At September 30, 2021, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.00% for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% for Fund V variable-rate debt; LIBOR + 1.55% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit.

Includes $935.1 million and $988.6 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Fixed-rate debt at September 30, 2021 and December 31, 2020 includes $0.0 million and $3.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.

Includes $145.3 million and $139.2 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of September 30, 2021 are as follows (in thousands):


Year Ending December 31,
2021 (Remainder)	$	102,817
2022		670,056
2023		110,501
2024		212,020
2025		168,233
Thereafter		532,582
		1,796,209
Unamortized premium		471
Net unamortized debt issuance costs		(8,781	)
Total indebtedness	$	1,787,899