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Debt (Tables)

9 Months Ended

Sep. 30, 2022

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,
	2022	2021	September 30, 2022	2022	2021
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$144,326	$145,464
Core Variable Rate - Swapped (a)	3.41%-4.54%	3.41%-4.54%	Jun 2026 - Nov 2028	60,390	72,957
Total Core Mortgages Payable				204,716	218,421
Fund II Variable Rate	SOFR+2.61%	LIBOR+2.75% - PRIME+2.00%	Aug 2025	132,259	255,978
Fund III Variable Rate	SOFR+3.35%	LIBOR+2.75%	Jul 2023	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%	Oct 2022 - Jun 2026	151,735	221,832
Fund IV Variable Rate - Swapped (a)		3.48%-4.61%		—	23,316
Total Fund IV Mortgages and Other Notes Payable				152,855	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 2023 - Nov 2026	58,136	58,878
Fund V Variable Rate - Swapped (a)	2.51%-5.11%	2.43%-4.78%	Jan 2023 - Apr 2025	337,481	297,731
Total Fund V Mortgages Payable				427,418	388,410
Net unamortized debt issuance costs				(8,352)	(3,958)
Unamortized premium				369	446
Total Mortgages Payable				$945,235	$1,140,293
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped (a)	3.65%-5.32%	3.65%-5.32%	Jun 2026 - Jul 2029	$650,000	$400,000
Fund II Unsecured Notes Payable		LIBOR+2.25%		—	40,000
Fund IV Subscription Facility	SOFR+2.01%	SOFR+2.01%	Dec 2022	—	5,000
Fund V Subscription Facility	SOFR+1.86%	LIBOR+1.90%	May 2023	49,726	118,028

Net unamortized debt issuance costs				(5,416)	(3,988)
Total Unsecured Notes Payable				$694,310	$559,040
Unsecured Line of Credit
Core Unsecured Line of Credit - Variable Rate	LIBOR + 1.40%	LIBOR + 1.40%	Jun 2025	$62,050	$46,491
Core Unsecured Line of Credit -Swapped (a)	3.65%-5.32%	3.65%-5.32%	Jun 2025	116,237	66,414
Total Unsecured Line of Credit				$178,287	$112,905

Total Debt - Fixed Rate (b)				$1,341,355	$1,038,803
Total Debt - Variable Rate (c)				489,876	780,935
Total Debt				1,831,231	1,819,738
Net unamortized debt issuance costs				(13,768)	(7,946)
Unamortized premium				369	446
Total Indebtedness				$1,817,832	$1,812,238

At September 30, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; SOFR + 2.61% 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 SOFR + 2.50% for Fund V variable-rate debt; LIBOR + 1.55% to SOFR + 1.60% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit.

Includes $1,164.1 million and $860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Includes $107.3 million and $110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

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, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (Remainder)	$	85,273
2023		302,526
2024		211,448
2025		417,902
2026		445,818
Thereafter		368,264
		1,831,231
Unamortized premium		369
Net unamortized debt issuance costs		(13,768	)
Total indebtedness	$	1,817,832