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Debt (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
| Interest Rate at December 31, |  | Maturity Date at |  | Carrying Value at December 31,
| 2017 |  | 2016 |  | December 31, 2017 |  | 2017 |  | 2016
Mortgages Payable |  |  |  |  |  |  |  |  |
Core Fixed Rate | 3.88%-5.89% |  | 3.88%-6.65% |  | February 2024 - April 2035 |  | $ | 179,870 |  |  | $ | 234,875 |
Core Variable Rate - Swapped (a) | 1.71%-3.77% |  | 1.71%-3.77% |  | July 2018 - July 2027 |  | 74,152 |  |  | 82,250 |
Total Core Mortgages Payable |  |  |  |  |  |  | 254,022 |  |  | 317,125 |
Fund II Fixed Rate | 1.00%-4.75% |  | 1.00%-5.80% |  | August 2019 - May 2020 |  | 205,262 |  |  | 249,762 |
Fund II Variable Rate | LIBOR+1.39% |  | LIBOR+0.62%-LIBOR+2.50% |  | November 2021 |  | — |  |  | 142,750 |
Fund II Variable Rate - Swapped (a) | 2.88% |  | 2.88% |  | November 2021 |  | 19,560 |  |  | 19,779 |
Total Fund II Mortgages Payable |  |  |  |  |  |  | 224,822 |  |  | 412,291 |
Fund III Variable Rate | Prime+0.50% -LIBOR+4.65% |  | Prime+0.50%-LIBOR+4.65% |  | May 2018 - December 2021 |  | 65,866 |  |  | 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% |  | January 2018 - April 2022 |  | 250,584 |  |  | 233,139 |
Fund IV Variable Rate - Swapped (a) | 1.78% |  | 1.78% |  | May 2019 - April 2022 |  | 86,851 |  |  | 14,509 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  | 347,938 |  |  | 258,151 |
Fund V Variable Rate | LIBOR+2.25% |  | — |  | October 2020 |  | 28,613 |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  | (12,943 | ) |  | (16,642 | )
Unamortized premium |  |  |  |  |  |  | 856 |  |  | 1,336 |
Total Mortgages Payable |  |  |  |  |  |  | $ | 909,174 |  |  | $ | 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 |  | $ | — |  |  | $ | 51,194 |
Core Variable Rate Unsecured Term Loans - Swapped (a) | 1.24%-3.77% |  | 1.24%-3.77% |  | July 2018 - March 2025 |  | 300,000 |  |  | 248,806 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  | 300,000 |  |  | 300,000 |
Fund II Unsecured Notes Payable | LIBOR+1.40% |  | — |  | September 2020 |  | 31,500 |  |  | — |
Fund IV Term Loan/Subscription Facility | LIBOR+1.65%-LIBOR+2.75% |  | LIBOR+1.65%-LIBOR+2.75% |  | December 2018 - October 2019 |  | 40,825 |  |  | 134,636 |
Fund V Subscription Facility | LIBOR+1.60% |  | — |  | May 2020 |  | 103,300 |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  | (1,890 | ) |  | (1,646 | )
Total Unsecured Notes Payable |  |  |  |  |  |  | $ | 473,735 |  |  | $ | 432,990 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit | LIBOR+1.40% |  | LIBOR+1.40% |  | June 2020 |  | $ | 18,048 |  |  | $ | — |
Core Unsecured Line of Credit - Swapped (a) | 1.24%-3.77% |  | — |  | July 2018 - March 2025 |  | 23,452 |  |  | — |
Total Unsecured Line of Credit |  |  |  |  |  |  | $ | 41,500 |  |  | $ | — |
Total Debt - Fixed Rate (b) |  |  |  |  |  | $ | 899,650 |  |  | $ | 860,486 |
Total Debt - Variable Rate (c) |  |  |  |  |  |  | 538,736 |  |  | 645,185 |
Total Debt |  |  |  |  |  | 1,438,386 |  |  | 1,505,671 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (14,833 | ) |  | (18,289 | )
Unamortized premium |  |  |  |  |  |  | 856 |  |  | 1,336 |
Total Indebtedness |  |  |  |  |  |  | $ | 1,424,409 |  |  | $ | 1,488,718 |
__________
(a) | At December 31, 2017, the stated rates ranged from LIBOR + 1.65% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% 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, LIBOR + 2.25% for Fund V and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.
(b) | Includes $504,018 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
(c) | Includes $141.1 million and $186.6 million, respectively, of variable-rate debt that is subject to interest cap agreements.
Schedule of Maturities of Long-term Debt | The scheduled principal repayments of the Company’s consolidated indebtedness, as of December 31, 2017 are as follows (in thousands):
Year Ending December 31, |
2018 | $ | 94,400 |
2019 | 213,573 |
2020 | 576,379 |
2021 | 255,027 |
2022 | 98,840 |
Thereafter | 200,167 |
| 1,438,386 |
Unamortized fair market value of assumed debt | 856 |
Net unamortized debt issuance costs | (14,833 | )
Total indebtedness | $ | 1,424,409 |

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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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