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Debt (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Summary of Consolidated Indebtedness | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
|  | Interest Rate at |  |  |  |  | Carrying Value at |
|  | December 31, |  |  | December 31, |  |  | Maturity Date at |  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |  |  | December 31, 2018 |  | 2018 |  |  | 2017 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-6.00% |  |  | 3.88%-5.89% |  |  | Feb 2024 - Apr 2035 |  | $ | 178,271 |  |  | $ | 179,870 |
Core Variable Rate - Swapped (a) |  | 3.41%-5.67% |  |  | 3.41%-5.67% |  |  | Jan 2023 - Nov 2028 |  |  | 82,583 |  |  |  | 74,152 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 260,854 |  |  |  | 254,022 |
Fund II Fixed Rate |  | 1.00%-4.75% |  |  | 1.00%-4.75% |  |  | May 2020 - Aug 2042 |  |  | 205,262 |  |  |  | 205,262 |
Fund II Variable Rate - Swapped (a) |  | 4.27% |  |  | 4.27% |  |  | Nov 2021 |  |  | 19,325 |  |  |  | 19,560 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 224,587 |  |  |  | 224,822 |
Fund III Variable Rate |  | LIBOR+2.65%-LIBOR+4.65% |  |  | Prime+0.50%-LIBOR+4.65% |  |  | Jun 2020 - Dec 2021 |  |  | 90,096 |  |  |  | 65,866 |
Fund IV Fixed Rate |  | 3.40%-4.50% |  |  | 3.40%-4.50% |  |  | Oct 2025 - Jun 2026 |  |  | 8,189 |  |  |  | 10,503 |
Fund IV Variable Rate |  | LIBOR+1.60%-LIBOR+3.95% |  |  | LIBOR+1.70%-LIBOR+3.95% |  |  | Feb 2019 - Aug 2021 |  |  | 233,065 |  |  |  | 250,584 |
Fund IV Variable Rate - Swapped (a) |  | 3.67%-4.23% |  |  | 3.67%-4.23% |  |  | May 2019 - Dec 2022 |  |  | 71,841 |  |  |  | 86,851 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 313,095 |  |  |  | 347,938 |
Fund V Variable Rate |  | LIBOR+2.15%-LIBOR+2.25% |  |  | LIBOR+2.25% |  |  | Oct 2020 - Jan 2021 |  |  | 51,506 |  |  |  | 28,613 |
Fund V Variable Rate - Swapped (a) |  | 4.61%-4.78% |  |  |  | — |  |  | Feb 2021 - Jun 2021 |  |  | 86,570 |  |  |  | — |
Total Fund V Mortgage Payable |  |  |  |  |  |  |  |  |  |  |  |  | 138,076 |  |  |  | 28,613 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (10,173 | ) |  |  | (12,943 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 753 |  |  |  | 856 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 1,017,288 |  |  | $ | 909,174 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Term Loans |  | LIBOR+1.25% |  |  |  | — |  |  | Mar 2023 |  | $ | 383 |  |  | $ | — |
Core Variable Rate Unsecured Term Loans - Swapped (a) |  | 2.49%-4.05% |  |  | 2.54%-3.59% |  |  | Mar 2023 |  |  | 349,617 |  |  |  | 300,000 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  | 350,000 |  |  |  | 300,000 |
Fund II Unsecured Notes Payable |  | LIBOR+1.65% |  |  | LIBOR+1.40% |  |  | Sep 2020 |  |  | 40,000 |  |  |  | 31,500 |
Fund IV Term Loan/Subscription Facility |  | LIBOR+1.65%-LIBOR+2.75% |  |  | LIBOR+1.65%-LIBOR+2.75% |  |  | Oct 2019 - Dec 2019 |  |  | 40,825 |  |  |  | 40,825 |
Fund V Subscription Facility |  | LIBOR+1.60% |  |  | LIBOR+1.60% |  |  | May 2020 |  |  | 102,800 |  |  |  | 103,300 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (368 | ) |  |  | (1,890 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 533,257 |  |  | $ | 473,735 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit |  | LIBOR+1.35% |  |  | LIBOR+1.40% |  |  | Mar 2022 |  | $ | — |  |  | $ | 18,048 |
Core Unsecured Line of Credit - Swapped (a) |  | 4.15%-5.02% |  |  | 4.20%-5.07% |  |  | Mar 2022 |  |  | — |  |  |  | 23,452 |
Total Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 41,500 |
Total Debt - Fixed Rate (b) |  |  |  |  |  |  |  |  |  |  |  | $ | 1,001,658 |  |  | $ | 899,650 |
Total Debt - Variable Rate (c) |  |  |  |  |  |  |  |  |  |  |  |  | 558,675 |  |  |  | 538,736 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,560,333 |  |  |  | 1,438,386 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (10,541 | ) |  |  | (14,833 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 753 |  |  |  | 856 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 1,550,545 |  |  | $ | 1,424,409 |
(a) | At December 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; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.95% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit.
(b) | Includes $609.9 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.
Scheduled Principal Repayments | The scheduled principal repayments of the Company’s consolidated indebtedness, as of December 31, 2018 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2019 |  | $ | 219,118 |
2020 |  |  | 527,304 |
2021 |  |  | 180,511 |
2022 |  |  | 48,528 |
2023 |  |  | 370,680 |
Thereafter |  |  | 214,192 |
|  |  | 1,560,333 |
Unamortized premium |  |  | 753 |
Net unamortized debt issuance costs |  |  | (10,541 | )
Total indebtedness |  | $ | 1,550,545 |

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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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