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Debt | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt | 7. Debt 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.
Credit Facility On February 20, 2018, the Company entered into a $500.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $150.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at LIBOR + 1.35%, and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.25%. The Credit Facility refinanced the Company’s existing $300.0 million credit facility (comprised of the $150.0 million Core unsecured revolving line of credit and the $150.0 million term loan), $150.0 million in Core unsecured term loans and repaid a $40.4 million mortgage secured by its 664 North Michigan Property. The Revolver and Term Loans mature on March 31, 2022 and March 31, 2023, respectively. Mortgages Payable During the three months ended March 31, 2019, the Company obtained four new Fund mortgages totaling $118.3 million with a weighted-average interest rate of LIBOR + 1.64% collateralized by four properties and maturing in 2022 through 2024. The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of three of these obligations with a notional value of $72.6 million at an interest rate of 2.42%. In addition, the Company drew down $4.5 million on a Fund III construction loan. During the three months ended March 31, 2019, one Fund III mortgage, which had a balance of $4.7 million and an interest rate of Prime + 0.5%, was assumed by the purchasing venture in a property sale (As discussed above, the Core unsecured revolving line of credit was refinanced in February 2018. The Company had a total of $120.7 million and $137.7 million, respectively, available under its $150.0 million Core unsecured revolving lines of credit reflecting borrowings of $9.0 million and $0 million, respectively, and letters of credit of $20.3 million and $12.3 million at March 31, 2019 and December 31, 2018, respectively. At March 31, 2019 and December 31, 2018, all of the Core unsecured revolving line of credit was swapped to a fixed rate. Scheduled Debt Principal Payments 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 |
See Note 4 for information about liabilities of the Company’s unconsolidated affiliates.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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