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Debt (Tables) | 12 Months Ended
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Dec. 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 |
|  | December 31, |  | December 31, |  | Maturity Date at |  | December 31, |  |  | December 31, |
|  | 2021 |  | 2020 |  | December 31, 2021 |  | 2021 |  |  | 2020 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  | (As Restated) |
Core Fixed Rate |  | 3.88%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $ | 145,464 |  |  | $ | 147,810 |
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  | 3.41%-4.54% |  | Jan 2023 - Nov 2028 |  |  | 72,957 |  |  |  | 80,500 |
Total Core Mortgages Payable |  |  |  |  |  |  |  |  | 218,421 |  |  |  | 228,310 |
Fund II Variable Rate |  | LIBOR+2.75% - PRIME+2.00% |  | LIBOR+3.00% - PRIME+2.00% |  | Mar 2022 - August 2022 |  |  | 255,978 |  |  |  | 228,282 |
Fund II Variable Rate - Swapped |  |  |  | 2.88% |  |  |  |  | — |  |  |  | 18,803 |
Total Fund II Mortgages Payable |  |  |  |  |  |  |  |  | 255,978 |  |  |  | 247,085 |
Fund III Variable Rate |  | LIBOR+2.75% |  | LIBOR+2.75% |  | Jun 2022 |  |  | 34,728 |  |  |  | 35,948 |
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% |  | Feb 2022 - Jun 2026 |  |  | 221,832 |  |  |  | 252,324 |
Fund IV Variable Rate - Swapped (a) |  | 3.48%-4.61% |  | 3.48%-4.61% |  | Apr 2022 - Dec 2022 |  |  | 23,316 |  |  |  | 47,690 |
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  |  | 246,268 |  |  |  | 306,740 |
Fund V Fixed Rate |  | 3.35% |  |  |  | May 2023 |  |  | 31,801 |  |  |  | — |
Fund V Variable Rate |  | LIBOR + 1.85% - SOFR + 2.76% |  | LIBOR+1.50%-LIBOR+2.20% |  | Jun 2022 - Nov 2026 |  |  | 58,878 |  |  |  | 1,354 |
Fund V Variable Rate - Swapped (a) |  | 2.43%-4.78% |  | 2.95%-4.78% |  | Feb 2022 - Dec 2024 |  |  | 297,731 |  |  |  | 334,323 |
Total Fund V Mortgages Payable |  |  |  |  |  |  |  |  | 388,410 |  |  |  | 335,677 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (3,958 | ) |  |  | (5,722 | )
Unamortized premium |  |  |  |  |  |  |  |  | 446 |  |  |  | 548 |
Total Mortgages Payable |  |  |  |  |  |  |  | $ | 1,140,293 |  |  | $ | 1,148,586 |
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 Subscription Facility |  | SOFR+2.01% |  | LIBOR+1.90% |  | Dec 2022 |  |  | 5,000 |  |  |  | 864 |
Fund V Subscription Facility |  | LIBOR+1.90% |  | LIBOR+1.60% |  | May 2022 |  |  | 118,028 |  |  |  | 250 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (3,988 | ) |  |  | (256 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $ | 559,040 |  |  | $ | 420,858 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit - Variable Rate |  | LIBOR + 1.40% |  |  |  | Jun 2025 |  | $ | 46,491 |  |  | $ | — |
Core Unsecured Line of Credit -Swapped (a) |  | 3.65%-5.32% |  | 2.49%-5.02% |  | Jun 2025 |  |  | 66,414 |  |  |  | 138,400 |
Total Unsecured Line of Credit |  |  |  |  |  |  |  | $ | 112,905 |  |  | $ | 138,400 |
Total Debt - Fixed Rate (b, c) |  |  |  |  |  |  |  | $ | 1,038,803 |  |  | $ | 1,124,255 |
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  |  | 780,935 |  |  |  | 589,019 |
Total Debt |  |  |  |  |  |  |  |  | 1,819,738 |  |  |  | 1,713,274 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (7,946 | ) |  |  | (5,978 | )
Unamortized premium |  |  |  |  |  |  |  |  | 446 |  |  |  | 548 |
Total Indebtedness |  |  |  |  |  |  |  | $ | 1,812,238 |  |  | $ | 1,707,844 |
a) At December 31, 2021, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 2.75% for Fund III variable-rate debt; 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 $860.4 million and $969.7 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 December 31, 2021 and 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 $110.5 million and $103.2 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 December 31, 2021 are as follows (in thousands):
Year Ending December 31, |  |  |
2022 |  | $ | 757,199 |
2023 |  |  | 110,541 |
2024 |  |  | 212,020 |
2025 |  |  | 178,236 |
2026 |  |  | 445,967 |
Thereafter |  |  | 115,775 |
|  |  | 1,819,738 |
Unamortized premium |  |  | 446 |
Net unamortized debt issuance costs |  |  | (7,946 | )
Total indebtedness |  | $ | 1,812,238 |

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