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Debt (Tables)

3 Months Ended

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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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.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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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

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