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Debt (Tables) | 9 Months Ended
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Sep. 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 September 30, 2017 |  | Carrying Value
| September 30, 2017 |  | December 31, 2016 |  |  | September 30, 2017 |  | December 31, 2016
Mortgages Payable |  |  |  |  |  |  |  |  |
Core Fixed Rate | 3.88%-5.89% |  | 3.88%-5.89% |  | February 2024 - April 2035 |  | $ | 180,259 |  |  | $ | 234,875 |
Core Variable Rate - Swapped (a) | 1.71%-3.77% |  | 1.71%-3.77% |  | June 2018 - June 2026 |  | 80,492 |  |  | 82,250 |
Total Core Mortgages Payable |  |  |  |  |  |  | 260,751 |  |  | 317,125 |
Fund II Fixed Rate | 1.00%-4.75% |  | 1.00%-5.80% |  | October 2017 - May 2020 |  | 224,262 |  |  | 249,762 |
Fund II Variable Rate | LIBOR+0.79% -LIBOR+2.50% |  | LIBOR+0.62% -LIBOR+2.50% |  | December 2017 - November 2021 |  | 126,077 |  |  | 142,750 |
Fund II Variable Rate - Swapped (a) | 2.88% |  | 2.88% |  | November 2021 |  | 19,616 |  |  | 19,779 |
Total Fund II Mortgages Payable |  |  |  |  |  |  | 369,955 |  |  | 412,291 |
Fund III Variable Rate | Prime+0.50% -LIBOR+4.65% |  | Prime+0.50% -LIBOR+4.65% |  | March 2018 - December 2021 |  | 69,632 |  |  | 83,467 |
Fund IV Fixed Rate | 3.40%-4.50% |  | 3.40%-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 |  | 268,554 |  |  | 233,139 |
Fund IV Variable Rate - Swapped (a) | 1.78% |  | 1.78% |  | May 2019 - April 2022 |  | 81,156 |  |  | 14,509 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  | 360,213 |  |  | 258,151 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (15,555 | ) |  | (16,642 | )
Unamortized premium |  |  |  |  |  |  | 881 |  |  | 1,336 |
Total Mortgages Payable |  |  |  |  |  |  | $ | 1,045,877 |  |  | $ | 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 |  | $ | 26,459 |  |  | $ | 51,194 |
Core Variable Rate Unsecured Term Loans - Swapped (a) | 1.24%-3.77% |  | 1.24%-3.77% |  | July 2018 - March 2025 |  | 273,541 |  |  | 248,806 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  | 300,000 |  |  | 300,000 |
Fund II Unsecured Notes Payable | LIBOR+1.65% |  |  |  | September 2020 |  | 31,500 |  |  | — |
Fund IV Term Loan/Subscription Facility | LIBOR+1.65% -LIBOR+2.75% |  | LIBOR+1.65% -LIBOR+2.75% |  | October 2017- December 2017 |  | 54,920 |  |  | 134,636 |
Fund V Subscription Facility | LIBOR+1.60% |  | LIBOR+1.60% |  | May 2020 |  | 113,200 |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  | (1,650 | ) |  | (1,646 | )
Total Unsecured Notes Payable |  |  |  |  |  |  | $ | 497,970 |  |  | $ | 432,990 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit | LIBOR+1.40% |  | LIBOR+1.40% |  | June 2020 |  | $ | 59,000 |  |  | $ | — |
Total Unsecured Line of Credit |  |  |  |  |  |  | $ | 59,000 |  |  | $ | — |
Total Debt - Fixed Rate (b) |  |  |  |  |  | $ | 869,829 |  |  | $ | 860,484 |
Total Debt - Variable Rate |  |  |  |  |  |  | 749,342 |  |  | 645,186 |
Total Debt |  |  |  |  |  | 1,619,171 |  |  | 1,505,670 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (17,205 | ) |  | (18,288 | )
Unamortized premium |  |  |  |  |  |  | 881 |  |  | 1,336 |
Total Indebtedness |  |  |  |  |  |  | $ | 1,602,847 |  |  | $ | 1,488,718 |
__________
(a) | At September 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 0.79% 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 $454,805 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 September 30, 2017 are as follows (in thousands):
Year Ending December 31, |
2017 (Remainder) | $ | 174,707 |
2018 | 88,308 |
2019 | 228,523 |
2020 | 573,807 |
2021 | 255,055 |
Thereafter | 298,771 |
| 1,619,171 |
Unamortized fair market value of assumed debt | 881 |
Net unamortized debt issuance costs | (17,205 | )
Total indebtedness | $ | 1,602,847 |

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- 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
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- 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
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