Debt (Tables)

9 Months Ended

Sep. 30, 2019

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,
	2019		2018		September 30, 2019		2019			2018
Mortgages Payable
Core Fixed Rate	3.88%-6.00%		3.88%-6.00%		Feb 2024 - Apr 2035		$	176,714		$	178,271
Core Variable Rate - Swapped ^(a)	3.41%-5.67%		3.41%-5.67%		Jan 2023 - Nov 2028			81,819			82,583
Total Core Mortgages Payable								258,533			260,854
Fund II Fixed Rate	4.75%		1.00%-4.75%		May 2020			200,000			205,262
Fund II Variable Rate	LIBOR+3.00%			—	March 2022			23,925			—
Fund II Variable Rate - Swapped ^(a)	4.27%		4.27%		Nov 2021			19,138			19,325
Total Fund II Mortgages Payable								243,063			224,587
Fund III Variable Rate	LIBOR+3.00%-LIBOR+3.10%		Prime+0.50%-LIBOR+4.65%		Jan 2020 - Jun 2020			74,145			90,096
Fund IV Fixed Rate	3.40%-4.50%		3.40%-4.50%		Oct 2025 - Jun 2026			8,189			8,189
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.40%		LIBOR+1.60%-LIBOR+3.95%		Dec 2019 - Apr 2022			157,200			233,065
Fund IV Variable Rate - Swapped ^(a)	3.67%-4.61%		3.67%-4.23%		Mar 2020 - Dec 2022			88,601			71,841
Total Fund IV Mortgages Payable								253,990			313,095
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%		LIBOR+2.25%		Oct 2020 - Jan 2021			51,506			51,506
Fund V Variable Rate - Swapped ^(a)	4.01%-4.78%		4.61%-4.78%		Feb 2021 - Mar 2024			156,900			86,570
Total Fund V Mortgage Payable								208,406			138,076
Net unamortized debt issuance costs								(9,135	)		(10,173	)
Unamortized premium								676			753
Total Mortgages Payable							$	1,029,678		$	1,017,288
Unsecured Notes Payable
Core Term Loans		—	LIBOR+1.25%		Mar 2023		$	—		$	383
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-4.05%		2.54%-3.59%		Mar 2023			350,000			349,617
Total Core Unsecured Notes Payable								350,000			350,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		LIBOR+1.40%		Sep 2020			40,000			40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.00%		LIBOR+1.65%-LIBOR+2.75%		Dec 2019 - June 2021			87,625			40,825
Fund V Subscription Facility	LIBOR+1.60%		LIBOR+1.60%		May 2020			148,380			102,800

Net unamortized debt issuance costs								(328	)		(368	)
Total Unsecured Notes Payable							$	625,677		$	533,257
Unsecured Line of Credit
Core Unsecured Line of Credit		—		—		—	$	—		$	—

Total Debt - Fixed Rate ^(b)(c)							$	1,236,805		$	1,001,658
Total Debt - Variable Rate ^(d)								427,337			558,675
Total Debt								1,664,142			1,560,333
Net unamortized debt issuance costs								(9,463	)		(10,541	)
Unamortized premium								676			753
Total Indebtedness							$	1,655,355		$	1,550,545

(a)

At September 30, 2019, 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 + 3.00% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.40% 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 $696.5 million and $609.9 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

(c)

Fixed-rate debt at September 30, 2019 includes $155.4 million of Core swaps that may be used to hedge debt instruments of the Funds.

(d)

Includes $143.0 million and $143.8 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, 2019 are as follows (in thousands):

Year Ending December 31,
2019 (Remainder)	$	121,846
2020		561,472
2021		240,659
2022		91,357
2023		412,305
Thereafter		236,503
		1,664,142
Unamortized premium		676
Net unamortized debt issuance costs		(9,463	)
Total indebtedness	$	1,655,355