Debt (Tables)

3 Months Ended

Mar. 31, 2020

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