Debt (Tables)

12 Months Ended

Dec. 31, 2019

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