XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.21.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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
|  | June 30, |  | December 31, |  | Maturity Date at |  | June 30, |  | December 31,
|  | 2021 |  | 2020 |  | June 30, 2021 |  | 2021 |  | 2020
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $146,642 |  | $147,810
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  | 3.41%-4.54% |  | Jan 2023 - Nov 2028 |  | 73,367 |  | 80,500
Total Core Mortgages Payable |  |  |  |  |  |  |  | 220,009 |  | 228,310
Fund II Variable Rate |  | LIBOR+3.00% - PRIME+2.00% |  | LIBOR+3.00% - PRIME+2.00% |  | Mar 2022 - August 2022 |  | 234,110 |  | 228,282
Fund II Variable Rate - Swapped (a) |  | 2.88% |  | 2.88% |  | Nov 2021 |  | 18,661 |  | 18,803
Total Fund II Mortgages Payable |  |  |  |  |  |  |  | 252,771 |  | 247,085
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  | LIBOR+2.75%-LIBOR+3.10% |  | Jun 2022 - Jul 2022 |  | 71,308 |  | 71,918
Fund IV Fixed Rate |  | 4.50% |  | 3.40%-4.50% |  | Oct 2025 |  | 1,120 |  | 6,726
Fund IV Variable Rate |  | LIBOR+1.60%-LIBOR+3.40% |  | LIBOR+1.60%-LIBOR+3.40% |  | Jul 2021 - Oct 2025 |  | 244,087 |  | 254,234
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  | 3.48%-4.61% |  | Apr 2022 - Dec 2022 |  | 42,549 |  | 66,590
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  | 287,756 |  | 327,550
Fund V Variable Rate |  | LIBOR+1.50%-LIBOR+2.20% |  | LIBOR+1.50%-LIBOR+2.20% |  | Jul 2021 - Dec 2024 |  | 30,261 |  | 1,354
Fund V Variable Rate - Swapped (a) |  | 2.43%-4.78% |  | 2.95%-4.78% |  | Jul 2021 - Dec 2024 |  | 304,843 |  | 334,323
Total Fund V Mortgages Payable |  |  |  |  |  |  |  | 335,104 |  | 335,677
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,828) |  | (6,507)
Unamortized premium |  |  |  |  |  |  |  | 497 |  | 548
Total Mortgages Payable |  |  |  |  |  |  |  | $1,162,617 |  | $1,204,581
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Variable Rate Credit Facility |  |  |  | LIBOR+2.55% |  |  |  | $— |  | $30,000
Core Variable Rate Unsecured Term Loans - Swapped (a) |  | 3.65%-5.32% |  | 2.49%-5.02% |  | Jun 2026 |  | 400,000 |  | 350,000
Total Core Unsecured Notes Payable |  |  |  |  |  |  |  | 400,000 |  | 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 |  | — |  | 864
Fund V Subscription Facility |  | LIBOR+1.90% |  | LIBOR+1.60% |  | May 2022 |  | 4,604 |  | 250
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,516) |  | (256)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $440,088 |  | $420,858
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 3.65%-5.32% |  | 2.49%-5.02% |  | Jun 2025 |  | $61,405 |  | $138,400
Total Debt - Fixed Rate (b, c ) |  |  |  |  |  |  |  | $1,053,715 |  | $1,143,152
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  | 619,242 |  | 626,902
Total Debt |  |  |  |  |  |  |  | 1,672,957 |  | 1,770,054
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (9,344) |  | (6,763)
Unamortized premium |  |  |  |  |  |  |  | 497 |  | 548
Total Indebtedness |  |  |  |  |  |  |  | $1,664,110 |  | $1,763,839
a) At June 30, 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 + 1.55% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit. b) Includes $900.8 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 June 30, 2021 and December 31, 2020 includes $5.1 million and $3.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. d) Includes $145.0 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 June 30, 2021 are as follows (in thousands):
Year Ending December 31, |  |  |
2021 (Remainder) |  | $ | 212,969 |
2022 |  |  | 529,299 |
2023 |  |  | 59,361 |
2024 |  |  | 212,020 |
2025 |  |  | 126,732 |
Thereafter |  |  | 532,576 |
|  |  | 1,672,957 |
Unamortized premium |  |  | 497 |
Net unamortized debt issuance costs |  |  | (9,344 | )
Total indebtedness |  | $ | 1,664,110 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + 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
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration