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Debt (Tables)

12 Months Ended

Dec. 31, 2021

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


	Interest Rate at			Carrying Value at
	December 31,	December 31,	Maturity Date at	December 31,			December 31,
	2021	2020	December 31, 2021	2021			2020
Mortgages Payable							(As Restated)
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$	145,464		$	147,810
Core Variable Rate - Swapped (a)	3.41%-4.54%	3.41%-4.54%	Jan 2023 - Nov 2028		72,957			80,500
Total Core Mortgages Payable					218,421			228,310
Fund II Variable Rate	LIBOR+2.75% - PRIME+2.00%	LIBOR+3.00% - PRIME+2.00%	Mar 2022 - August 2022		255,978			228,282
Fund II Variable Rate - Swapped		2.88%			—			18,803
Total Fund II Mortgages Payable					255,978			247,085
Fund III Variable Rate	LIBOR+2.75%	LIBOR+2.75%	Jun 2022		34,728			35,948
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%	Feb 2022 - Jun 2026		221,832			252,324
Fund IV Variable Rate - Swapped (a)	3.48%-4.61%	3.48%-4.61%	Apr 2022 - Dec 2022		23,316			47,690
Total Fund IV Mortgages and Other Notes Payable					246,268			306,740
Fund V Fixed Rate	3.35%		May 2023		31,801			—
Fund V Variable Rate	LIBOR + 1.85% - SOFR + 2.76%	LIBOR+1.50%-LIBOR+2.20%	Jun 2022 - Nov 2026		58,878			1,354
Fund V Variable Rate - Swapped (a)	2.43%-4.78%	2.95%-4.78%	Feb 2022 - Dec 2024		297,731			334,323
Total Fund V Mortgages Payable					388,410			335,677
Net unamortized debt issuance costs					(3,958	)		(5,722	)
Unamortized premium					446			548
Total Mortgages Payable				$	1,140,293		$	1,148,586
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 Subscription Facility	SOFR+2.01%	LIBOR+1.90%	Dec 2022		5,000			864
Fund V Subscription Facility	LIBOR+1.90%	LIBOR+1.60%	May 2022		118,028			250

Net unamortized debt issuance costs					(3,988	)		(256	)
Total Unsecured Notes Payable				$	559,040		$	420,858
Unsecured Line of Credit
Core Unsecured Line of Credit - Variable Rate	LIBOR + 1.40%		Jun 2025	$	46,491		$	—
Core Unsecured Line of Credit -Swapped (a)	3.65%-5.32%	2.49%-5.02%	Jun 2025		66,414			138,400
Total Unsecured Line of Credit				$	112,905		$	138,400

Total Debt - Fixed Rate (b, c)				$	1,038,803		$	1,124,255
Total Debt - Variable Rate (d)					780,935			589,019
Total Debt					1,819,738			1,713,274
Net unamortized debt issuance costs					(7,946	)		(5,978	)


Unamortized premium		446		548
Total Indebtedness	$	1,812,238	$	1,707,844

At December 31, 2021, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 2.75% for Fund III variable-rate debt; 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 $860.4 million and $969.7 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Fixed-rate debt at December 31, 2021 and 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 $110.5 million and $103.2 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 December 31, 2021 are as follows (in thousands):


Year Ending December 31,
2022	$	757,199
2023		110,541
2024		212,020
2025		178,236
2026		445,967
Thereafter		115,775
		1,819,738
Unamortized premium		446
Net unamortized debt issuance costs		(7,946	)
Total indebtedness	$	1,812,238