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Debt (Tables) | 9 Months Ended
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Sep. 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
|  | September 30, |  | December 31, |  | Maturity Date at |  | September 30, |  | December 31,
|  | 2021 |  | 2020 |  | September 30, 2021 |  | 2021 |  | 2020
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $146,061 |  | $147,810
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  | 3.41%-4.54% |  | Jan 2023 - Nov 2028 |  | 73,164 |  | 80,500
Total Core Mortgages Payable |  |  |  |  |  |  |  | 219,225 |  | 228,310
Fund II Variable Rate |  | LIBOR+3.00% - PRIME+2.00% |  | LIBOR+3.00% - PRIME+2.00% |  | Mar 2022 - August 2022 |  | 237,943 |  | 228,282
Fund II Variable Rate - Swapped (a) |  | 2.88% |  | 2.88% |  | Nov 2021 |  | 18,588 |  | 18,803
Total Fund II Mortgages Payable |  |  |  |  |  |  |  | 256,531 |  | 247,085
Fund III Variable Rate |  | LIBOR+2.75%-LIBOR+3.10% |  | LIBOR+2.75%-LIBOR+3.10% |  | Jun 2022 - Jul 2022 |  | 71,003 |  | 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+3.65% |  | LIBOR+1.60%-LIBOR+3.40% |  | Nov 2021 - Jun 2026 |  | 235,125 |  | 254,234
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  | 3.48%-4.61% |  | Apr 2022 - Dec 2022 |  | 42,385 |  | 66,590
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  | 278,630 |  | 327,550
Fund V Fixed Rate |  | 3.35% |  |  |  | May 2023 |  | 31,801 |  | —
Fund V Variable Rate |  | LIBOR + 1.85% |  | LIBOR+1.50%-LIBOR+2.20% |  | Jun 2022 |  | 30,024 |  | 1,354
Fund V Variable Rate - Swapped (a) |  | 2.43%-4.78% |  | 2.95%-4.78% |  | Feb 2022 - Dec 2024 |  | 298,014 |  | 334,323
Total Fund V Mortgages Payable |  |  |  |  |  |  |  | 359,839 |  | 335,677
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,671) |  | (6,507)
Unamortized premium |  |  |  |  |  |  |  | 471 |  | 548
Total Mortgages Payable |  |  |  |  |  |  |  | $1,181,028 |  | $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+2.25% |  | LIBOR+1.65% |  | Sep 2022 |  | 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 |  | 68,076 |  | 250
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,110) |  | (256)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $503,966 |  | $420,858
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit -Swapped (a) |  | 3.65%-5.32% |  | 2.49%-5.02% |  | Jun 2025 |  | $102,905 |  | $138,400
Total Debt - Fixed Rate (b, c ) |  |  |  |  |  |  |  | $1,114,038 |  | $1,143,152
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  | 682,171 |  | 626,902
Total Debt |  |  |  |  |  |  |  | 1,796,209 |  | 1,770,054
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (8,781) |  | (6,763)
Unamortized premium |  |  |  |  |  |  |  | 471 |  | 548
Total Indebtedness |  |  |  |  |  |  |  | $1,787,899 |  | $1,763,839
a) At September 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 $935.1 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 September 30, 2021 and December 31, 2020 includes $0.0 million and $3.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. d) Includes $145.3 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 September 30, 2021 are as follows (in thousands):
Year Ending December 31, |  |  |
2021 (Remainder) |  | $ | 102,817 |
2022 |  |  | 670,056 |
2023 |  |  | 110,501 |
2024 |  |  | 212,020 |
2025 |  |  | 168,233 |
Thereafter |  |  | 532,582 |
|  |  | 1,796,209 |
Unamortized premium |  |  | 471 |
Net unamortized debt issuance costs |  |  | (8,781 | )
Total indebtedness |  | $ | 1,787,899 |

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