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Debt | 12 Months Ended
--- | ---
Dec. 31, 2016
Debt Disclosure [Abstract] |
Debt | Debt A summary of the Company's consolidated indebtedness is as follows (dollars in thousands):
| Effective Interest Rate, December 31, |  | Maturity Date at December 31, 2016 |  | Carrying Value, December 31,
| 2016 |  | 2015 |  |  | 2016 |  | 2015
Mortgages Payable |  |  |  |  |  |  |  |  |
Core Fixed Rate | 3.88%-6.65% |  | 3.50%-6.65% |  | July 2016 - April 2035 |  | $ | 234,875 |  |  | $ | 301,340 |
Core Variable Rate - Swapped (a) | 1.71%-3.77% |  | 1.75%-3.77% |  | September 2022 - June 2026 |  | 82,250 |  |  | 72,444 |
Total Core Mortgages Payable |  |  |  |  |  |  | 317,125 |  |  | 373,784 |
Fund II Fixed Rate | 1.00%-5.80% |  | 1.00%-5.80% |  | October 2017 - May 2020 |  | 249,762 |  |  | 249,762 |
Fund II Variable Rate | LIBOR+0.62%-LIBOR+2.50% |  | LIBOR+1.39%-LIBOR+3.02% |  | August 2017 - November 2021 |  | 142,750 |  |  | 111,500 |
Fund II Variable Rate - Swapped (a) | 2.88% |  | 2.88% |  | November 2021 |  | 19,779 |  |  | 19,984 |
Total Fund II Mortgages Payable |  |  |  |  |  |  | 412,291 |  |  | 381,246 |
Fund III Variable Rate | Prime+0.50%-LIBOR+4.65% |  | Prime+0.50%-LIBOR+4.65% |  | March 2017 - December 2021 |  | 83,467 |  |  | 164,280 |
Fund IV Fixed Rate | 3.4%-4.50% |  | 4.5% |  | October 2025-June 2026 |  | 10,503 |  |  | 1,120 |
Fund IV Variable Rate | LIBOR+1.70%-LIBOR+3.95% |  | LIBOR+1.70%-LIBOR+3.00% |  | May 2017 - January 2021 |  | 233,139 |  |  | 123,920 |
Fund IV Variable Rate - Swapped (a) | 1.78% |  | 1.78% |  | May 2019 |  | 14,509 |  |  | 14,904 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  | 258,151 |  |  | 139,944 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (16,642 | ) |  | (10,567 | )
Unamortized premium |  |  |  |  |  |  | 1,336 |  |  | 1,364 |
Total Mortgages Payable |  |  |  |  |  |  | $ | 1,055,728 |  |  | $ | 1,050,051 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |
Core Unsecured Term Loans | LIBOR+1.30%-LIBOR+1.60% |  | LIBOR+1.30%-LIBOR+1.60% |  | November 2019 - December 2022 |  | $ | 51,194 |  |  | $ | 841 |
Core Variable Rate Unsecured Term Loans - Swapped (a) | 1.24%-3.77% |  | 1.31%-3.77% |  | July 2018 - March 2025 |  | 248,806 |  |  | 149,159 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  | 300,000 |  |  | 150,000 |
Fund II Subscription Facility | LIBOR+2.75% |  | LIBOR+2.75% |  | October 2016 |  | — |  |  | 12,500 |
Fund IV Term Loan/Subscription Facility | LIBOR+1.65%-LIBOR+2.75% |  | LIBOR+1.65%-LIBOR+2.75% |  | February 2017- November 2017 |  | 134,636 |  |  | 126,410 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (1,646 | ) |  | (1,155 | )
Total Unsecured Notes Payable |  |  |  |  |  |  | $ | 432,990 |  |  | $ | 287,755 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit | LIBOR+1.40% |  | LIBOR+1.40% |  | June 2020 |  | $ | — |  |  | $ | 20,800 |
Total Unsecured Line of Credit |  |  |  |  |  |  | $ | — |  |  | $ | 20,800 |
Total Debt - Fixed and Effectively Fixed Rate |  |  |  |  |  | $ | 860,486 |  |  | $ | 552,222 |
Total Debt - Variable Rate |  |  |  |  |  |  | 645,185 |  |  | 816,740 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (18,289 | ) |  | (11,720 | )
Unamortized premium |  |  |  |  |  |  | 1,336 |  |  | 1,364 |
Total Indebtedness |  |  |  |  |  |  | $ | 1,488,718 |  |  | $ | 1,358,606 |
__________
(a) | At December 31, 2016, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core Variable rate debt; LIBOR + 1.70% to LIBOR +1.70% for Fund II Variable rate debt; LIBOR + 2.15% to LIBOR +2.15% for Fund IV rate debt; and LIBOR + 1.30% to LIBOR +1.60% for Core variable rate unsecured notes.
Mortgages Payable During 2016, the Company obtained or assumed 14 new mortgages totaling $252.9 million with a weighted-average interest rate of 4.07% collateralized by 14 properties. During 2016, the Company repaid 15 mortgages in full aggregating $292.3 million with a weighted-average interest rate of 4.61% and made scheduled principal payments of $6.5 million. At December 31, 2016 and 2015, the Company's mortgages were collateralized by 39 properties and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company's variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8). One of the mortgage loans in our Core Portfolio amounting to $26.3 million is in default at December 31, 2016 and is collateralized by a property, in which the Company holds a 22% controlling interest. Unsecured Term Loans At December 31, 2016 and 2015, the Company had a total of $9.9 million and $15.5 million, respectively, available under its unsecured term loans. A portion of the Company's variable-rate term loan debt has been effectively fixed through certain cash flow hedge transactions (Note 8). The Company completed the following transactions related to its unsecured term loans during the year ended December 31, 2016:
• | The Company repaid a $50.0 million term loan in June 2016, which bore interest at LIBOR+1.30%.
• | The Company closed on a new $150.0 million unsecured term loan in June, 2016, which bears interest at LIBOR+1.30% and matures on June 27, 2021.
• | The Company closed on a new $50.0 million unsecured term loan in January 2016, which bears interest at LIBOR+1.30% and matures on January 4, 2021.
• | The Company borrowed $12.5 million on its Fund II credit facility. The outstanding balance under this facility was $25.5 million, and was repaid upon maturity in October, 2016.
• | The Company borrowed $5.6 million on its Fund IV term loan bringing the outstanding balance under this facility to $40.1 million as of December 31, 2016. At December 31, 2016, Fund IV was not in compliance with the liquidity covenant on its term loan. Consequently, this loan is recourse to the Company until the condition is cured. Fund IV expects to cure the covenant violation by repaying certain debt during the first quarter of 2017. During February 2017, the Company exercised its option to extend the maturity date of this loan by six months to August, 2017.
• | The Company drew an additional $2.6 million on its Fund IV subscription line. The outstanding balance under this facility is $94.5 million as of December 31, 2016.
Unsecured Lines of Credit At December 31, 2016 and 2015 the Company had a total of $203.0 million and $182.3 million, respectively available under its unsecured line of credit. The Company completed the following transactions related to its unsecured line of credit during the year ended December 31, 2016:
• | The Company repaid the remaining $20.8 million of its revolving unsecured credit facility.
• | The Company canceled the existing credit facility and entered into a new $150.0 million revolving unsecured credit facility. The new facility bears interest at LIBOR plus 140 basis points and matures June 27, 2020 with a one-year extension option. There is no outstanding balance as of December 31, 2016.
Scheduled Debt Principal Payments The scheduled principal repayments of the Company's consolidated indebtedness, as of December 31, 2016 are as follows (in thousands):
2017 | $ | 395,999 |
2018 | 69,753 |
2019 | 205,295 |
2020 | 321,559 |
2021 | 253,927 |
Thereafter | 259,138 |
| 1,505,671 |
Unamortized fair market value of assumed debt | 1,336 |
Net unamortized debt issuance costs | (18,289 | )
Total indebtedness | $ | 1,488,718 |
See Note 4 for information about liabilities of the Company's unconsolidated affiliates.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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