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Debt (Tables) | 3 Months Ended
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Mar. 31, 2019
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 |
|  | March 31, |  |  | December 31, |  |  | Maturity Date at |  |  | March 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | March 31, 2019 |  |  | 2019 |  |  | 2018 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-6.00% |  |  | 3.88%-6.00% |  |  | Feb 2024 - Apr 2035 |  |  | $ | 177,778 |  |  | $ | 178,271 |
Core Variable Rate - Swapped (a) |  | 3.41%-5.67% |  |  | 3.41%-5.67% |  |  | Jan 2023 - Nov 2028 |  |  |  | 82,327 |  |  |  | 82,583 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 260,105 |  |  |  | 260,854 |
Fund II Fixed Rate |  | 1.00%-4.75% |  |  | 1.00%-4.75% |  |  | May 2020 - Aug 2042 |  |  |  | 205,262 |  |  |  | 205,262 |
Fund II Variable Rate |  | LIBOR+1.39%-LIBOR+3.00% |  |  |  | — |  |  | March 2022 |  |  |  | 23,484 |  |  |  | — |
Fund II Variable Rate - Swapped (a) |  | 4.27% |  |  | 4.27% |  |  | Nov 2021 |  |  |  | 19,264 |  |  |  | 19,325 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 248,010 |  |  |  | 224,587 |
Fund III Variable Rate |  | LIBOR+2.65%-LIBOR+4.65% |  |  | Prime+0.50%-LIBOR+4.65% |  |  | Jun 2020 - Jul 2020 |  |  |  | 89,908 |  |  |  | 90,096 |
Fund IV Fixed Rate |  | 3.40%-4.50% |  |  | 3.40%-4.50% |  |  | Oct 2025 - Jun 2026 |  |  |  | 8,188 |  |  |  | 8,189 |
Fund IV Variable Rate |  | LIBOR+1.60%-LIBOR+3.95% |  |  | LIBOR+1.60%-LIBOR+3.95% |  |  | May 2019 - Aug 2021 |  |  |  | 231,884 |  |  |  | 233,065 |
Fund IV Variable Rate - Swapped (a) |  | 3.67%-4.81% |  |  | 3.67%-4.23% |  |  | Mar 2020 - Dec 2022 |  |  |  | 73,848 |  |  |  | 71,841 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 313,920 |  |  |  | 313,095 |
Fund V Variable Rate |  | LIBOR+2.15%-LIBOR+2.25% |  |  | LIBOR+2.25% |  |  | Oct 2020 - Jan 2021 |  |  |  | 51,506 |  |  |  | 51,506 |
Fund V Variable Rate - Swapped (a) |  | 4.01%-4.78% |  |  | 4.61%-4.78% |  |  | Feb 2021 - Mar 2024 |  |  |  | 156,900 |  |  |  | 86,570 |
Total Fund V Mortgage Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 208,406 |  |  |  | 138,076 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,917 | ) |  |  | (10,173 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 728 |  |  |  | 753 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,109,160 |  |  | $ | 1,017,288 |
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 |  |  |  | 350,000 |  |  |  | 349,617 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 350,000 |  |  |  | 350,000 |
Fund II Unsecured Notes Payable |  | LIBOR+1.65% |  |  | LIBOR+1.40% |  |  | Sep 2020 |  |  |  | 40,000 |  |  |  | 40,000 |
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 |  |  |  | 50,600 |  |  |  | 102,800 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (406 | ) |  |  | (368 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 481,019 |  |  | $ | 533,257 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | — |  |  | $ | — |
Core Unsecured Line of Credit - Swapped (a) |  | 4.15%-5.02% |  |  |  | — |  |  | Mar 2022 |  |  |  | 9,000 |  |  |  | — |
Total Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,000 |  |  | $ | — |
Total Debt - Fixed Rate (b)(c) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,173,129 |  |  | $ | 1,001,658 |
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 437,645 |  |  |  | 558,675 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,610,774 |  |  |  | 1,560,333 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,323 | ) |  |  | (10,541 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 728 |  |  |  | 753 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,599,179 |  |  | $ | 1,550,545 |
| (a) | At March 31, 2019, 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 $691.3 million and $609.9 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
| (c) | Fixed-rate debt at March 31, 2019 includes $90.5 million of swaps that are not designated to specific debt instruments.
| (d) | Includes $167.3 million and $143.8 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 March 31, 2019 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2019 (Remainder) |  | $ | 217,523 |
2020 |  |  | 479,743 |
2021 |  |  | 174,345 |
2022 |  |  | 85,067 |
2023 |  |  | 412,305 |
Thereafter |  |  | 241,791 |
|  |  | 1,610,774 |
Unamortized premium |  |  | 728 |
Net unamortized debt issuance costs |  |  | (12,323 | )
Total indebtedness |  | $ | 1,599,179 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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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