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Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
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, |
|  | 2021 |  |  | 2020 |  |  | March 31, 2021 |  | 2021 |  |  |  |  | 2020 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-5.89% |  |  | 3.88%-5.89% |  |  | Feb 2024 - Apr 2035 |  | $ | 147,233 |  |  |  |  | $ | 147,810 |
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  |  | 3.41%-4.54% |  |  | Jan 2023 - Nov 2028 |  |  | 73,569 |  |  |  |  |  | 80,500 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 220,802 |  |  |  |  |  | 228,310 |
Fund II Variable Rate |  | LIBOR+3.00% - PRIME+2.00% |  |  | LIBOR+3.00% - PRIME+2.00% |  |  | Mar 2022 - August 2022 |  |  | 229,101 |  |  |  |  |  | 228,282 |
Fund II Variable Rate - Swapped (a) |  | 2.88% |  |  | 2.88% |  |  | Nov 2021 |  |  | 18,733 |  |  |  |  |  | 18,803 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 247,834 |  |  |  |  |  | 247,085 |
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  |  | LIBOR+2.75%-LIBOR+3.10% |  |  | Jun 2021 - Jul 2022 |  |  | 71,613 |  |  |  |  |  | 71,918 |
Fund IV Fixed Rate |  | 3.40%-4.50% |  |  | 3.40%-4.50% |  |  | Oct 2025 - Jun 2026 |  |  | 6,726 |  |  |  |  |  | 6,726 |
Fund IV Variable Rate |  | LIBOR+1.60%-LIBOR+3.40% |  |  | LIBOR+1.60%-LIBOR+3.40% |  |  | Apr 2021 - Oct 2025 |  |  | 245,302 |  |  |  |  |  | 254,234 |
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  |  | 3.48%-4.61% |  |  | Apr 2022 - Dec 2022 |  |  | 66,250 |  |  |  |  |  | 66,590 |
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  | 318,278 |  |  |  |  |  | 327,550 |
Fund V Variable Rate |  | LIBOR+1.50%-LIBOR+2.20% |  |  | LIBOR+1.50%-LIBOR+2.20% |  |  | Jun 2021 - Dec 2024 |  |  | 1,077 |  |  |  |  |  | 1,354 |
Fund V Variable Rate - Swapped (a) |  | 2.95%-4.78% |  |  | 2.95%-4.78% |  |  | Jun 2021 - Dec 2024 |  |  | 334,339 |  |  |  |  |  | 334,323 |
Total Fund V Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |  | 335,416 |  |  |  |  |  | 335,677 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (5,770 | ) |  |  |  |  | (6,507 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 522 |  |  |  |  |  | 548 |
Total Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 1,188,695 |  |  |  |  | $ | 1,204,581 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Variable Rate Credit Facility |  | LIBOR+2.55% |  |  | LIBOR+2.55% |  |  | Jun 2021 |  | $ | 30,000 |  |  |  |  | $ | 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 |  |  |  |  |  | 380,000 |
Fund II Unsecured Notes Payable |  | LIBOR+1.65% |  |  | LIBOR+1.65% |  |  | Sep 2021 |  |  | 40,000 |  |  |  |  |  | 40,000 |
Fund IV Term Loan/Subscription Facility |  | LIBOR+1.90% |  |  | LIBOR+1.90% |  |  | Dec 2021 |  |  | 1,400 |  |  |  |  |  | 864 |
Fund V Subscription Facility |  | LIBOR+1.60% |  |  | LIBOR+1.60% |  |  | May 2021 |  |  | — |  |  |  |  |  | 250 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (440 | ) |  |  |  |  | (256 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  | $ | 420,960 |  |  |  |  | $ | 420,858 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 2.49%-5.02% |  |  | 2.49%-5.02% |  |  | Mar 2022 |  | $ | 105,400 |  |  |  |  | $ | 138,400 |
Total Debt - Fixed Rate (b, c ) |  |  |  |  |  |  |  |  |  |  |  | $ | 1,102,250 |  |  |  |  | $ | 1,143,152 |
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  |  |  |  |  |  | 618,493 |  |  |  |  |  | 626,902 |
Total Debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,720,743 |  |  |  |  |  | 1,770,054 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (6,210 | ) |  |  |  |  | (6,763 | )
Unamortized premium |  |  |  |  |  |  |  |  |  |  |  |  | 522 |  |  |  |  |  | 548 |
Total Indebtedness |  |  |  |  |  |  |  |  |  |  |  | $ | 1,715,055 |  |  |  |  | $ | 1,763,839 |
| (a) | At March 31, 2021, 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 +2.00% 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 $948.3 million and $988.6 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 March 31, 2021 and December 31, 2020 includes $36.2 million and $3.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.
| (d) | Includes $140.0 million and $139.2 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, 2021 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2021 |  | $ | 365,838 |
2022 |  |  | 535,612 |
2023 |  |  | 409,359 |
2024 |  |  | 212,020 |
2025 |  |  | 65,326 |
Thereafter |  |  | 132,588 |
|  |  | 1,720,743 |
Unamortized premium |  |  | 522 |
Net unamortized debt issuance costs |  |  | (6,210 | )
Total indebtedness |  | $ | 1,715,055 |

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