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Debt (Tables) | 3 Months Ended
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Mar. 31, 2020
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, |
|  | 2020 |  |  | 2019 |  |  | March 31, 2020 |  | 2020 |  |  | 2019 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-6.00% |  |  | 3.88%-6.00% |  |  | Feb 2024 - Apr 2035 |  | $ | 175,630 |  |  | $ | 176,176 |
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  |  | 3.41%-4.54% |  |  | Jan 2023 - Nov 2028 |  |  | 81,297 |  |  |  | 81,559 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 256,927 |  |  |  | 257,735 |
Fund II Fixed Rate (b) |  | 4.75% |  |  | 4.75% |  |  | May 2020 |  |  | 200,000 |  |  |  | 200,000 |
Fund II Variable Rate |  | LIBOR+3.00% |  |  | LIBOR+3.00% |  |  | March 2022 |  |  | 24,517 |  |  |  | 24,225 |
Fund II Variable Rate - Swapped (a) |  | 2.88% |  |  | 2.88% |  |  | Nov 2021 |  |  | 19,007 |  |  |  | 19,073 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 243,524 |  |  |  | 243,298 |
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  |  | LIBOR+2.75%-LIBOR+3.10% |  |  | Jun 2020 - Jan 2021 |  |  | 74,952 |  |  |  | 74,554 |
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+3.40% |  |  | June 2020 - Aug 2021 |  |  | 179,925 |  |  |  | 157,015 |
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  |  | 3.48%-4.61% |  |  | Mar 2021 - Dec 2022 |  |  | 79,208 |  |  |  | 102,699 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 267,322 |  |  |  | 267,903 |
Fund V Variable Rate |  | LIBOR+1.50%-LIBOR+2.20% |  |  | LIBOR+1.50%-LIBOR+2.20% |  |  | Feb 2021 - Dec 2024 |  |  | 1,387 |  |  |  | 1,387 |
Fund V Variable Rate - Swapped (a) |  | 2.95%-4.78% |  |  | 2.95%-4.78% |  |  | Feb 2021 - Dec 2024 |  |  | 334,593 |  |  |  | 334,626 |
Total Fund V Mortgage Payable |  |  |  |  |  |  |  |  |  |  |  |  | 335,980 |  |  |  | 336,013 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (8,708 | ) |  |  | (10,078 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 625 |  |  |  | 651 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 1,170,622 |  |  | $ | 1,170,076 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Term Loans |  |  | — |  |  |  | — |  |  | Mar 2023 |  | $ | — |  |  | $ | — |
Core Variable Rate Unsecured Term Loans - Swapped (a) |  | 2.49%-5.02% |  |  | 2.49%-5.02% |  |  | Mar 2023 |  |  | 350,000 |  |  |  | 350,000 |
Total Core Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  | 350,000 |  |  |  | 350,000 |
Fund II Unsecured Notes Payable |  | LIBOR+1.65% |  |  | LIBOR+1.65% |  |  | Sep 2020 |  |  | 40,000 |  |  |  | 40,000 |
Fund IV Term Loan/Subscription Facility |  | LIBOR+1.65%-LIBOR+2.00% |  |  | LIBOR+1.65%-LIBOR+2.00% |  |  | Dec 2020 - June 2021 |  |  | 87,625 |  |  |  | 87,625 |
Fund V Subscription Facility |  | LIBOR+1.60% |  |  |  | — |  |  | May 2020 |  |  | 3,345 |  |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (312 | ) |  |  | (305 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 480,658 |  |  | $ | 477,320 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 2.49%-5.02% |  |  | 2.49%-5.02% |  |  | Mar 2022 |  | $ | 174,700 |  |  | $ | 60,800 |
Total Debt - Fixed Rate (c)(d) |  |  |  |  |  |  |  |  |  |  |  | $ | 1,422,627 |  |  | $ | 1,403,324 |
Total Debt - Variable Rate (e) |  |  |  |  |  |  |  |  |  |  |  |  | 411,748 |  |  |  | 314,604 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,834,375 |  |  |  | 1,717,928 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (9,020 | ) |  |  | (10,383 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 625 |  |  |  | 651 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 1,825,980 |  |  | $ | 1,708,196 |
| (a) | At March 31, 2020, 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) | The contractual maturity date of this loan is May 29, 2020 (at which time the interest rate changes to Prime + 200 bps, subject to a floor of 4.75%), provided that (i) the term of the Loan automatically extends for not less than 360 days without any further action required by the borrower provided that certain customary conditions shall have been satisfied and (ii) after such initial extension, the term of the loan further extends for another 360 days provided that certain customary conditions shall have been satisfied and the borrower shall have delivered to lender certain required documentation. Certain conditions and documentation referenced above for the loan extensions may require certain events be true at the time of the loan extensions and may require the initiation of additional documentation.
| (c) | Includes $1,038.8 million and $948.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
| (d) | 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.
| (e) | Includes $143.6 million and $143.3 million, respectively, of variable-rate debt that is subject to interest cap agreements.
Scheduled Principal Repayments | The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of March 31, 2020 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2020 (Remainder) |  | $ | 393,596 |
2021 |  |  | 333,837 |
2022 |  |  | 281,578 |
2023 |  |  | 415,476 |
2024 |  |  | 211,991 |
Thereafter |  |  | 197,897 |
|  |  | 1,834,375 |
Unamortized premium |  |  | 625 |
Net unamortized debt issuance costs |  |  | (9,020 | )
Total indebtedness |  | $ | 1,825,980 |

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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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