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Debt (Tables) | 9 Months Ended
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Sep. 30, 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 |
|  | September 30, |  |  | December 31, |  |  | Maturity Date at |  | September 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |  |  | September 30, 2020 |  | 2020 |  |  | 2019 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-6.00% |  |  | 3.88%-6.00% |  |  | Feb 2024 - Apr 2035 |  | $ | 174,628 |  |  | $ | 176,176 |
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  |  | 3.41%-4.54% |  |  | Jan 2023 - Nov 2028 |  |  | 80,770 |  |  |  | 81,559 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 255,398 |  |  |  | 257,735 |
Fund II Fixed Rate (b) |  | 4.75% |  |  | 4.75% |  |  | May 2022 |  |  | 200,000 |  |  |  | 200,000 |
Fund II Variable Rate |  | LIBOR+3.00% |  |  | LIBOR+3.00% |  |  | March 2022 |  |  | 26,670 |  |  |  | 24,225 |
Fund II Variable Rate - Swapped (a) |  | 2.88% |  |  | 2.88% |  |  | Nov 2021 |  |  | 18,872 |  |  |  | 19,073 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 245,542 |  |  |  | 243,298 |
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  |  | LIBOR+2.75%-LIBOR+3.10% |  |  | Jan 2021 - Jun 2021 |  |  | 75,722 |  |  |  | 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% |  |  | Dec 2020 - Aug 2021 |  |  | 178,380 |  |  |  | 157,015 |
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  |  | 3.48%-4.61% |  |  | Mar 2021 - Dec 2022 |  |  | 66,921 |  |  |  | 102,699 |
Total Fund IV Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 253,490 |  |  |  | 267,903 |
Fund V Variable Rate |  | LIBOR+1.50%-LIBOR+2.20% |  |  | LIBOR+1.50%-LIBOR+2.20% |  |  | Feb 2021 - Dec 2024 |  |  | 1,478 |  |  |  | 1,387 |
Fund V Variable Rate - Swapped (a) |  | 2.95%-4.78% |  |  | 2.95%-4.78% |  |  | Feb 2021 - Dec 2024 |  |  | 334,416 |  |  |  | 334,626 |
Total Fund V Mortgage Payable |  |  |  |  |  |  |  |  |  |  |  |  | 335,894 |  |  |  | 336,013 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (6,932 | ) |  |  | (10,078 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 574 |  |  |  | 651 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 1,159,688 |  |  | $ | 1,170,076 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Variable Rate Unsecured Term Loans |  | LIBOR+2.55% |  |  |  | — |  |  | Jun 2021 |  | $ | 30,000 |  |  | $ | — |
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 |  |  |  |  |  |  |  |  |  |  |  |  | 380,000 |  |  |  | 350,000 |
Fund II Unsecured Notes Payable |  | LIBOR+1.65% |  |  | LIBOR+1.65% |  |  | Sep 2021 |  |  | 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 |  |  | 82,829 |  |  |  | 87,625 |
Fund V Subscription Facility |  | LIBOR+1.60% |  |  |  | — |  |  | May 2021 |  |  | — |  |  |  | — |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (329 | ) |  |  | (305 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 502,500 |  |  | $ | 477,320 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 2.49%-5.02% |  |  | 2.49%-5.02% |  |  | Mar 2022 |  | $ | 127,400 |  |  | $ | 60,800 |
Total Debt - Fixed Rate (b, c ) |  |  |  |  |  |  |  |  |  |  |  | $ | 1,361,199 |  |  | $ | 1,403,324 |
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  |  |  |  |  |  | 435,076 |  |  |  | 314,604 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,796,275 |  |  |  | 1,717,928 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (7,261 | ) |  |  | (10,383 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 574 |  |  |  | 651 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 1,789,588 |  |  | $ | 1,708,196 |
| (a) | At September 30, 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) | Includes $978.4 million and $948.8 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 September 30, 2020 and December 31, 2019 includes $14.3 million and $70.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.
| (d) | Includes $144.5 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 September 30, 2020 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2020 (Remainder) |  | $ | 88,360 |
2021 |  |  | 455,086 |
2022 |  |  | 427,401 |
2023 |  |  | 415,507 |
2024 |  |  | 212,015 |
Thereafter |  |  | 197,906 |
|  |  | 1,796,275 |
Unamortized premium |  |  | 574 |
Net unamortized debt issuance costs |  |  | (7,261 | )
Total indebtedness |  | $ | 1,789,588 |

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