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Debt (Tables) | 12 Months Ended
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Dec. 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 |
|  | December 31, |  |  | December 31, |  |  | Maturity Date at |  | December 31, |  |  | December 31, |
|  | 2019 |  |  | 2018 |  |  | December 31, 2019 |  | 2019 |  |  | 2018 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-6.00% |  |  | 3.88%-6.00% |  |  | Feb 2024 - Apr 2035 |  | $ | 176,176 |  |  | $ | 178,271 |
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  |  | 3.41%-5.67% |  |  | Jan 2023 - Nov 2028 |  |  | 81,559 |  |  |  | 82,583 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 257,735 |  |  |  | 260,854 |
Fund II Fixed Rate |  | 4.75% |  |  | 1.00%-4.75% |  |  | May 2020 |  |  | 200,000 |  |  |  | 205,262 |
Fund II Variable Rate |  | LIBOR+3.00% |  |  |  | — |  |  | March 2022 |  |  | 24,225 |  |  |  | — |
Fund II Variable Rate - Swapped (a) |  | 2.88% |  |  | 4.27% |  |  | Nov 2021 |  |  | 19,073 |  |  |  | 19,325 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 243,298 |  |  |  | 224,587 |
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  |  | Prime+0.50%-LIBOR+4.65% |  |  | Jun 2020 - Jan 2021 |  |  | 74,554 |  |  |  | 90,096 |
Fund IV Fixed Rate |  | 3.40%-4.50% |  |  | 3.40%-4.50% |  |  | Oct 2025 - Jun 2026 |  |  | 8,189 |  |  |  | 8,189 |
Fund IV Variable Rate |  | LIBOR+1.60%-LIBOR+3.40% |  |  | LIBOR+1.60%-LIBOR+3.95% |  |  | Feb 2020 - Aug 2021 |  |  | 157,015 |  |  |  | 233,065 |
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  |  | 3.67%-4.23% |  |  | Mar 2020 - Dec 2022 |  |  | 102,699 |  |  |  | 71,841 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 267,903 |  |  |  | 313,095 |
Fund V Variable Rate |  | LIBOR+1.50%-LIBOR+2.20% |  |  | LIBOR+2.25% |  |  | Feb 2021 - Dec 2024 |  |  | 1,387 |  |  |  | 51,506 |
Fund V Variable Rate - Swapped (a) |  | 2.95%-4.78% |  |  | 4.61%-4.78% |  |  | Feb 2021 - Dec 2024 |  |  | 334,626 |  |  |  | 86,570 |
Total Fund V Mortgage Payable |  |  |  |  |  |  |  |  |  |  |  |  | 336,013 |  |  |  | 138,076 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (10,078 | ) |  |  | (10,173 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 651 |  |  |  | 753 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 1,170,076 |  |  | $ | 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%-5.02% |  |  | 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+2.00% |  |  | LIBOR+1.65%-LIBOR+2.75% |  |  | Dec 2020 - June 2021 |  |  | 87,625 |  |  |  | 40,825 |
Fund V Subscription Facility |  |  | — |  |  | LIBOR+1.60% |  |  | May 2020 |  |  | — |  |  |  | 102,800 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (305 | ) |  |  | (368 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 477,320 |  |  | $ | 533,257 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 2.49%-5.02% |  |  |  | — |  |  | Mar 2022 |  | $ | 60,800 |  |  | $ | — |
Total Debt - Fixed Rate (b)(c) |  |  |  |  |  |  |  |  |  |  |  | $ | 1,403,324 |  |  | $ | 1,001,658 |
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  |  |  |  |  |  | 314,604 |  |  |  | 558,675 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,717,928 |  |  |  | 1,560,333 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (10,383 | ) |  |  | (10,541 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 651 |  |  |  | 753 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 1,708,196 |  |  | $ | 1,550,545 |
(a) | At December 31, 2019, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.25%for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% 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 $948.8 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 December 31, 2019 includes $70.2 million of Core swaps that may be used to hedge debt instruments of the Funds.
(d) | Includes $143.3 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 December 31, 2019 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2020 |  | $ | 437,329 |
2021 |  |  | 287,723 |
2022 |  |  | 167,514 |
2023 |  |  | 415,476 |
2024 |  |  | 211,991 |
Thereafter |  |  | 197,895 |
|  |  | 1,717,928 |
Unamortized premium |  |  | 651 |
Net unamortized debt issuance costs |  |  | (10,383 | )
Total indebtedness |  | $ | 1,708,196 |

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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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