XML 44 R33.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
| Interest Rate |  | Maturity Date at June 30, 2017 |  | Carrying Value
| June 30, 2017 |  | December 31, 2016 |  |  | June 30, 2017 |  | December 31, 2016
Mortgages Payable |  |  |  |  |  |  |  |  |
Core Fixed Rate | 3.88%-6.0% |  | 3.88%-6.0% |  | August 2017 - April 2035 |  | $ | 209,098 |  |  | $ | 234,875 |
Core Variable Rate - Swapped (a) | 1.71%-3.77% |  | 1.71%-3.77% |  | June 2018 - June 2026 |  | 81,078 |  |  | 82,250 |
Total Core Mortgages Payable |  |  |  |  |  |  | 290,176 |  |  | 317,125 |
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+0.79% -LIBOR+2.50% |  | LIBOR+0.62% -LIBOR+2.50% |  | August 2017 - November 2021 |  | 142,750 |  |  | 142,750 |
Fund II Variable Rate - Swapped (a) | 2.88% |  | 2.88% |  | November 2021 |  | 19,672 |  |  | 19,779 |
Total Fund II Mortgages Payable |  |  |  |  |  |  | 412,184 |  |  | 412,291 |
Fund III Variable Rate | Prime+0.50% -LIBOR+4.65% |  | Prime+0.50% -LIBOR+4.65% |  | August 2017 - December 2021 |  | 79,859 |  |  | 83,467 |
Fund IV Fixed Rate | 3.4%-4.50% |  | 3.4%-4.50% |  | October 2025-June 2026 |  | 10,503 |  |  | 10,503 |
Fund IV Variable Rate | LIBOR+1.70% -LIBOR+3.95% |  | LIBOR+1.70% - LIBOR+3.95% |  | October 2017 - April 2022 |  | 263,494 |  |  | 233,139 |
Fund IV Variable Rate - Swapped (a) | 1.78% |  | 1.78% |  | April 2022 |  | 81,444 |  |  | 14,509 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  | 355,441 |  |  | 258,151 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (16,526 | ) |  | (16,642 | )
Unamortized premium |  |  |  |  |  |  | 997 |  |  | 1,336 |
Total Mortgages Payable |  |  |  |  |  |  | $ | 1,122,131 |  |  | $ | 1,055,728 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |
Core Unsecured Term Loans | LIBOR+1.30% -LIBOR+1.60% |  | LIBOR+1.30% -LIBOR+1.60% |  | July 2020 - December 2022 |  | $ | 51,371 |  |  | $ | 51,194 |
Core Variable Rate Unsecured Term Loans - Swapped (a) | 1.24%-3.77% |  | 1.24%-3.77% |  | July 2018 - March 2025 |  | 248,629 |  |  | 248,806 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  | 300,000 |  |  | 300,000 |
Fund IV Term Loan/Subscription Facility | LIBOR+1.65% -LIBOR+2.75% |  | LIBOR+1.65% -LIBOR+2.75% |  | August 2017- December 2017 |  | 54,920 |  |  | 134,636 |
Fund V Subscription Facility | LIBOR+1.60% |  | LIBOR+1.60% |  | May 2020 |  | 44,400 |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  | (1,698 | ) |  | (1,646 | )
Total Unsecured Notes Payable |  |  |  |  |  |  | $ | 397,622 |  |  | $ | 432,990 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit | LIBOR+1.40% |  | LIBOR+1.40% |  | June 2020 |  | $ | 24,000 |  |  | $ | — |
Total Unsecured Line of Credit |  |  |  |  |  |  | $ | 24,000 |  |  | $ | — |
Total Debt - Fixed Rate (b) |  |  |  |  |  | $ | 900,189 |  |  | $ | 860,486 |
Total Debt - Variable Rate |  |  |  |  |  |  | 660,791 |  |  | 645,185 |
Total Debt |  |  |  |  |  | 1,560,980 |  |  | 1,505,671 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (18,224 | ) |  | (18,289 | )
Unamortized premium |  |  |  |  |  |  | 997 |  |  | 1,336 |
Total Indebtedness |  |  |  |  |  |  | $ | 1,543,753 |  |  | $ | 1,488,718 |
__________
(a) | At June 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + .79% to LIBOR +2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR +3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.
(b) | Includes $430,825 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
Schedule of Maturities of Long-term Debt | The scheduled principal repayments of the Company’s consolidated indebtedness, as of June 30, 2017 are as follows (in thousands):
Year Ending December 31, |
2017 (Remainder) | $ | 214,660 |
2018 | 122,808 |
2019 | 211,245 |
2020 | 458,427 |
2021 | 255,058 |
Thereafter | 298,782 |
| 1,560,980 |
Unamortized fair market value of assumed debt | 997 |
Net unamortized debt issuance costs | (18,224 | )
Total indebtedness | $ | 1,543,753 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration