Debt (Tables)

9 Months Ended

Sep. 30, 2018

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,
	2018	2017		September 30, 2018	2018			2017
Mortgages Payable
Core Fixed Rate	3.88%-6.00%	3.88%-5.89%		Feb 2024 - Apr 2035	$	178,677		$	179,870
Core Variable Rate - Swapped ^(a)	3.41%-5.67%	3.41%-5.67%		Jan 2023 - Jun 2026		32,834			74,152
Total Core Mortgages Payable						211,511			254,022
Fund II Fixed Rate	1.00%-4.75%	1.00%-4.75%		May 2020 - Aug 2042		205,262			205,262
Fund II Variable Rate - Swapped ^(a)	4.27%	4.27%		Nov 2021		19,385			19,560
Total Fund II Mortgages Payable						224,647			224,822
Fund III Variable Rate	LIBOR+2.65%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%		Jun 2020 - Dec 2021		75,393			65,866
Fund IV Fixed Rate	3.40%-4.50%	3.40%-4.50%		Oct 2025 - Jun 2026		8,189			10,503
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.95%	LIBOR+1.70%-LIBOR+3.95%		Nov 2018 - Aug 2021		244,654			250,584
Fund IV Variable Rate - Swapped ^(a)	3.67%-4.23%	3.67%-4.23%		May 2019 - Dec 2022		72,074			86,851
Total Fund IV Mortgages Payable						324,917			347,938
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%	LIBOR+2.25%		Oct 2020 - Jan 2021		51,506			28,613
Fund V Variable Rate - Swapped ^(a)	4.61%-4.78%		—	Feb 2021 - Jun 2021		86,570			—
Total Fund V Mortgage Payable						138,076			28,613
Net unamortized debt issuance costs						(10,527	)		(12,943	)
Unamortized premium						779			856
Total Mortgages Payable					$	964,796		$	909,174
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-4.05%	2.54%-3.59%		Mar 2023	$	350,000		$	300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%	LIBOR+1.40%		Sep 2020		37,000			31,500
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%		Dec 2018 - Oct 2019		40,825			40,825
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%		May 2020		61,500			103,300

Net unamortized debt issuance costs						(392	)		(1,890	)
Total Unsecured Notes Payable					$	488,933		$	473,735
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.35%	LIBOR+1.40%		Mar 2022	$	13,324		$	18,048
Core Unsecured Line of Credit - Swapped ^(a)	4.15%-5.02%	4.20%-5.07%		Mar 2022		14,676			23,452
Total Unsecured Line of Credit					$	28,000		$	41,500

Total Debt - Fixed Rate ^(b)					$	967,667		$	899,650
Total Debt - Variable Rate ^(c)						524,202			538,736
Total Debt						1,491,869			1,438,386
Net unamortized debt issuance costs						(10,919	)		(14,833	)
Unamortized premium						779			856
Total Indebtedness					$	1,481,729		$	1,424,409

(a)

At September 30, 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; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.95% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit.

(b)	Includes $575.5 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.

Scheduled Principal Repayments

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2018 are as follows (in thousands):

Year Ending December 31,
2018 (Remainder)	$	38,938
2019		192,839
2020		468,162
2021		180,514
2022		76,529
Thereafter		534,887
		1,491,869
Unamortized premium		779
Net unamortized debt issuance costs		(10,919	)
Total indebtedness	$	1,481,729