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Debt (Tables)

3 Months Ended

Mar. 31, 2022

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


	Interest Rate at			Carrying Value at
	March 31,	December 31,	Maturity Date at	March 31,	December 31,
	2022	2021	March 31, 2022	2022	2021
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$144,867	$145,464
Core Variable Rate - Swapped (a)	3.41%-4.54%	3.41%-4.54%	Jun 2026 - Nov 2028	60,530	72,957
Total Core Mortgages Payable				205,397	218,421
Fund II Variable Rate	LIBOR+2.75% - PRIME+2.00%	LIBOR+2.75% - PRIME+2.00%	Aug 2022 - Mar 2023	256,212	255,978
Fund III Variable Rate	LIBOR+3.10%	LIBOR+2.75%	Jul 2022	35,970	34,728
Fund IV Fixed Rate	4.50%	4.50%	Oct 2025	1,120	1,120
Fund IV Variable Rate	LIBOR+1.75%-LIBOR+3.65%	LIBOR+1.60%-LIBOR+3.65%	Jun 2022 - Jun 2026	212,988	221,832
Fund IV Variable Rate - Swapped (a)		3.48%-4.61%		—	23,316
Total Fund IV Mortgages and Other Notes Payable				214,108	246,268
Fund V Fixed Rate	3.35%	3.35%	May 2023	31,801	31,801
Fund V Variable Rate	LIBOR + 1.85% - SOFR + 2.76%	LIBOR + 1.85% - SOFR + 2.76%	Jun 2022 - Nov 2026	58,583	58,878
Fund V Variable Rate - Swapped (a)	2.43%-4.78%	2.95%-4.78%	Jun 2022 - Dec 2024	296,269	297,731
Total Fund V Mortgages Payable				386,653	388,410
Net unamortized debt issuance costs				(3,315)	(3,958)
Unamortized premium				420	446
Total Mortgages Payable				$1,095,445	$1,140,293
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped (a)	3.65%-5.32%	3.65%-5.32%	Jun 2026	$400,000	$400,000
Fund II Unsecured Notes Payable	LIBOR+2.25%	LIBOR+2.25%	Sep 2022	40,000	40,000
Fund IV Subscription Facility	SOFR+2.01%	SOFR+2.01%	Dec 2022	—	5,000
Fund V Subscription Facility	LIBOR+1.90%	LIBOR+1.90%	May 2022	93,526	118,028

Net unamortized debt issuance costs				(3,730)	(3,988)
Total Unsecured Notes Payable				$529,796	$559,040
Unsecured Line of Credit
Core Unsecured Line of Credit - Variable Rate	LIBOR + 1.40%	LIBOR + 1.40%	Jun 2025	$153,051	$46,491
Core Unsecured Line of Credit -Swapped (a)	3.65%-5.32%	3.65%-5.32%	Jun 2025	41,354	66,414
Total Unsecured Line of Credit				$194,405	$112,905

Total Debt - Fixed Rate (b, c)				$975,941	$1,038,803
Total Debt - Variable Rate (d)				850,330	780,935
Total Debt				1,826,271	1,819,738
Net unamortized debt issuance costs				(7,045)	(7,946)
Unamortized premium				420	446
Total Indebtedness				$1,819,646	$1,812,238

At March 31, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; LIBOR + 2.75% to PRIME + 2.00% for Fund II variable-rate debt; LIBOR + 3.10% for Fund III variable-rate debt; LIBOR 1.75% to LIBOR + 3.65% 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 $798.2 million and $860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Fixed-rate debt at March 31, 2022 and December 31, 2021 includes $0.0 million and $0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.

Includes $107.3 million and $110.5 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 March 31, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (Remainder)	$	619,311
2023		173,451
2024		212,020
2025		259,737
2026		445,971
Thereafter		115,781
		1,826,271
Unamortized premium		420
Net unamortized debt issuance costs		(7,045	)
Total indebtedness	$	1,819,646