Debt (Tables)

9 Months Ended

Sep. 30, 2020

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,
	2020	2019		September 30, 2020	2020			2019
Mortgages Payable
Core Fixed Rate	3.88%-6.00%	3.88%-6.00%		Feb 2024 - Apr 2035	$	174,628		$	176,176
Core Variable Rate - Swapped ^(a)	3.41%-4.54%	3.41%-4.54%		Jan 2023 - Nov 2028		80,770			81,559
Total Core Mortgages Payable						255,398			257,735
Fund II Fixed Rate ^(b)	4.75%	4.75%		May 2022		200,000			200,000
Fund II Variable Rate	LIBOR+3.00%	LIBOR+3.00%		March 2022		26,670			24,225
Fund II Variable Rate - Swapped ^(a)	2.88%	2.88%		Nov 2021		18,872			19,073
Total Fund II Mortgages Payable						245,542			243,298
Fund III Variable Rate	LIBOR+2.75%-LIBOR+3.10%	LIBOR+2.75%-LIBOR+3.10%		Jan 2021 - Jun 2021		75,722			74,554
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+3.40%		Dec 2020 - Aug 2021		178,380			157,015
Fund IV Variable Rate - Swapped ^(a)	3.48%-4.61%	3.48%-4.61%		Mar 2021 - Dec 2022		66,921			102,699
Total Fund IV Mortgages Payable						253,490			267,903
Fund V Variable Rate	LIBOR+1.50%-LIBOR+2.20%	LIBOR+1.50%-LIBOR+2.20%		Feb 2021 - Dec 2024		1,478			1,387
Fund V Variable Rate - Swapped ^(a)	2.95%-4.78%	2.95%-4.78%		Feb 2021 - Dec 2024		334,416			334,626
Total Fund V Mortgage Payable						335,894			336,013
Net unamortized debt issuance costs						(6,932	)		(10,078	)
Unamortized premium						574			651
Total Mortgages Payable					$	1,159,688		$	1,170,076
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans	LIBOR+2.55%		—	Jun 2021	$	30,000		$	—
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-5.02%	2.49%-5.02%		Mar 2023		350,000			350,000
Total Core Unsecured Notes Payable						380,000			350,000
Fund II Unsecured Notes Payable	LIBOR+1.65%	LIBOR+1.65%		Sep 2021		40,000			40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.00%	LIBOR+1.65%-LIBOR+2.00%		Dec 2020 - June 2021		82,829			87,625
Fund V Subscription Facility	LIBOR+1.60%		—	May 2021		—			—

Net unamortized debt issuance costs						(329	)		(305	)
Total Unsecured Notes Payable					$	502,500		$	477,320
Unsecured Line of Credit
Core Unsecured Line of Credit -Swapped ^(a)	2.49%-5.02%	2.49%-5.02%		Mar 2022	$	127,400		$	60,800

Total Debt - Fixed Rate ^{(b, c )}					$	1,361,199		$	1,403,324
Total Debt - Variable Rate ^(d)						435,076			314,604
Total Debt						1,796,275			1,717,928
Net unamortized debt issuance costs						(7,261	)		(10,383	)
Unamortized premium						574			651
Total Indebtedness					$	1,789,588		$	1,708,196

(a)

At September 30, 2020, 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 + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.25% for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% 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 $978.4 million and $948.8 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, 2020 and December 31, 2019 includes $14.3 million and $70.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.

(d)

Includes $144.5 million and $143.3 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 September 30, 2020 are as follows (in thousands):

Year Ending December 31,
2020 (Remainder)	$	88,360
2021		455,086
2022		427,401
2023		415,507
2024		212,015
Thereafter		197,906
		1,796,275
Unamortized premium		574
Net unamortized debt issuance costs		(7,261	)
Total indebtedness	$	1,789,588