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Debt (Tables) | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Schedule of Debt | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
| Interest Rate at |  |  |  |  |  |
| March 31, |  | December 31, |  | Maturity Date at |  | March 31, |  | December 31,
| 2018 |  | 2017 |  | March 31, 2018 |  | 2018 |  | 2017
Mortgages Payable |  |  |  |  |  |  |  |  |
Core Fixed Rate | 3.88%-6.00% |  | 3.88%-5.89% |  | February 2024 - April 2035 |  | $ | 179,475 |  |  | $ | 179,870 |
Core Variable Rate - Swapped (a) | 3.41%-3.77% |  | 1.71%-3.77% |  | January 2023 - June 2026 |  | 33,323 |  |  | 74,152 |
Total Core Mortgages Payable |  |  |  |  |  |  | 212,798 |  |  | 254,022 |
Fund II Fixed Rate | 1.00%-4.75% |  | 1.00%-4.75% |  | August 2019 - August 2042 |  | 205,262 |  |  | 205,262 |
Fund II Variable Rate - Swapped (a) | 2.88% |  | 2.88% |  | November 2021 |  | 19,503 |  |  | 19,560 |
Total Fund II Mortgages Payable |  |  |  |  |  |  | 224,765 |  |  | 224,822 |
Fund III Variable Rate | Prime+0.50%-LIBOR+4.65% |  | Prime+0.50%-LIBOR+4.65% |  | May 2018 - December 2021 |  | 70,344 |  |  | 65,866 |
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% |  | April 2018 - August 2021 |  | 249,954 |  |  | 250,584 |
Fund IV Variable Rate - Swapped (a) | 3.67%-4.23% |  | 1.78%-2.11% |  | May 2019 - December 2022 |  | 86,517 |  |  | 86,851 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  | 346,974 |  |  | 347,938 |
Fund V Variable Rate | LIBOR+2.15%-LIBOR+2.25% |  | LIBOR+2.25% |  | October 2020 - January 2021 |  | 51,506 |  |  | 28,613 |
Fund V Variable Rate - Swapped (a) | 4.61% |  | — |  | February 2021 |  | 16,900 |  |  | — |
Total Fund V Mortgage Payable |  |  |  |  |  |  | 68,406 |  |  | 28,613 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (12,590 | ) |  | (12,943 | )
Unamortized premium |  |  |  |  |  |  | 830 |  |  | 856 |
Total Mortgages Payable |  |  |  |  |  |  | $ | 911,527 |  |  | $ | 909,174 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |
Core Variable Rate Unsecured Term Loans - Swapped (a) | 2.49%-4.05% |  | 1.24%-3.77% |  | March 2023 |  | $ | 350,000 |  |  | $ | 300,000 |
Fund II Unsecured Notes Payable | LIBOR+1.65% |  | LIBOR+1.40% |  | September 2020 |  | 31,500 |  |  | 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 |  |  | 40,825 |
Fund V Subscription Facility | LIBOR+1.60% |  | LIBOR+1.60% |  | May 2020 |  | 108,100 |  |  | 103,300 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (669 | ) |  | (1,890 | )
Total Unsecured Notes Payable |  |  |  |  |  |  | $ | 529,756 |  |  | $ | 473,735 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit | — |  | LIBOR+1.40% |  | — |  | $ | — |  |  | $ | 18,048 |
Core Unsecured Line of Credit - Swapped (a) | 2.59%-4.15% |  | 1.24%-3.77% |  | March 2022 |  | 14,000 |  |  | 23,452 |
Total Unsecured Line of Credit |  |  |  |  |  |  | $ | 14,000 |  |  | $ | 41,500 |
Total Debt - Fixed Rate (b) |  |  |  |  |  | $ | 915,483 |  |  | $ | 899,650 |
Total Debt - Variable Rate (c) |  |  |  |  |  |  | 552,229 |  |  | 538,736 |
Total Debt |  |  |  |  |  | 1,467,712 |  |  | 1,438,386 |
Net unamortized debt issuance costs |  |  |  |  |  |  | (13,259 | ) |  | (14,833 | )
Unamortized premium |  |  |  |  |  |  | 830 |  |  | 856 |
Total Indebtedness |  |  |  |  |  |  | $ | 1,455,283 |  |  | $ | 1,424,409 |
__________
(a) | At March 31, 2018, the stated rates ranged from LIBOR + 1.70% 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 + 1.85% to LIBOR +2.25% for Fund IV variable-rate debt, LIBOR + 2.20% for Fund V and LIBOR + 1.25% for Core variable-rate unsecured term loans.
(b) | Includes $520.2 million and $504.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
(c) | Includes $143.8 million and $141.1 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 March 31, 2018 are as follows (in thousands):
Year Ending December 31, |
2018 (Remainder) | $ | 52,396 |
2019 | 207,952 |
2020 | 494,608 |
2021 | 113,012 |
2022 | 62,529 |
Thereafter | 537,215 |
| 1,467,712 |
Unamortized fair market value of assumed debt | 830 |
Net unamortized debt issuance costs | (13,259 | )
Total indebtedness | $ | 1,455,283 |

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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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