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Debt (Tables) | 3 Months Ended
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Mar. 31, 2022
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,
|  | 2022 |  | 2021 |  | March 31, 2022 |  | 2022 |  | 2021
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $144,867 |  | $145,464
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  | 3.41%-4.54% |  | Jun 2026 - Nov 2028 |  | 60,530 |  | 72,957
Total Core Mortgages Payable |  |  |  |  |  |  |  | 205,397 |  | 218,421
Fund II Variable Rate |  | LIBOR+2.75% - PRIME+2.00% |  | LIBOR+2.75% - PRIME+2.00% |  | Aug 2022 - Mar 2023 |  | 256,212 |  | 255,978
Fund III Variable Rate |  | LIBOR+3.10% |  | LIBOR+2.75% |  | Jul 2022 |  | 35,970 |  | 34,728
Fund IV Fixed Rate |  | 4.50% |  | 4.50% |  | Oct 2025 |  | 1,120 |  | 1,120
Fund IV Variable Rate |  | LIBOR+1.75%-LIBOR+3.65% |  | LIBOR+1.60%-LIBOR+3.65% |  | Jun 2022 - Jun 2026 |  | 212,988 |  | 221,832
Fund IV Variable Rate - Swapped (a) |  |  |  | 3.48%-4.61% |  |  |  | — |  | 23,316
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  | 214,108 |  | 246,268
Fund V Fixed Rate |  | 3.35% |  | 3.35% |  | May 2023 |  | 31,801 |  | 31,801
Fund V Variable Rate |  | LIBOR + 1.85% - SOFR + 2.76% |  | LIBOR + 1.85% - SOFR + 2.76% |  | Jun 2022 - Nov 2026 |  | 58,583 |  | 58,878
Fund V Variable Rate - Swapped (a) |  | 2.43%-4.78% |  | 2.95%-4.78% |  | Jun 2022 - Dec 2024 |  | 296,269 |  | 297,731
Total Fund V Mortgages Payable |  |  |  |  |  |  |  | 386,653 |  | 388,410
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (3,315) |  | (3,958)
Unamortized premium |  |  |  |  |  |  |  | 420 |  | 446
Total Mortgages Payable |  |  |  |  |  |  |  | $1,095,445 |  | $1,140,293
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Variable Rate Unsecured Term Loans - Swapped (a) |  | 3.65%-5.32% |  | 3.65%-5.32% |  | Jun 2026 |  | $400,000 |  | $400,000
Fund II Unsecured Notes Payable |  | LIBOR+2.25% |  | LIBOR+2.25% |  | Sep 2022 |  | 40,000 |  | 40,000
Fund IV Subscription Facility |  | SOFR+2.01% |  | SOFR+2.01% |  | Dec 2022 |  | — |  | 5,000
Fund V Subscription Facility |  | LIBOR+1.90% |  | LIBOR+1.90% |  | May 2022 |  | 93,526 |  | 118,028
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (3,730) |  | (3,988)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $529,796 |  | $559,040
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit - Variable Rate |  | LIBOR + 1.40% |  | LIBOR + 1.40% |  | Jun 2025 |  | $153,051 |  | $46,491
Core Unsecured Line of Credit -Swapped (a) |  | 3.65%-5.32% |  | 3.65%-5.32% |  | Jun 2025 |  | 41,354 |  | 66,414
Total Unsecured Line of Credit |  |  |  |  |  |  |  | $194,405 |  | $112,905
Total Debt - Fixed Rate (b, c) |  |  |  |  |  |  |  | $975,941 |  | $1,038,803
Total Debt - Variable Rate (d) |  |  |  |  |  |  |  | 850,330 |  | 780,935
Total Debt |  |  |  |  |  |  |  | 1,826,271 |  | 1,819,738
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (7,045) |  | (7,946)
Unamortized premium |  |  |  |  |  |  |  | 420 |  | 446
Total Indebtedness |  |  |  |  |  |  |  | $1,819,646 |  | $1,812,238
a) At March 31, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; LIBOR + 2.75% to PRIME + 2.00% for Fund II variable-rate debt; LIBOR + 3.10% for Fund III variable-rate debt; LIBOR 1.75% to LIBOR + 3.65% 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 $798.2 million and $860.4 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, 2022 and December 31, 2021 includes $0.0 million and $0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. d) Includes $107.3 million and $110.5 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, 2022 are as follows (in thousands):
Year Ending December 31, |  |  |
2022 (Remainder) |  | $ | 619,311 |
2023 |  |  | 173,451 |
2024 |  |  | 212,020 |
2025 |  |  | 259,737 |
2026 |  |  | 445,971 |
Thereafter |  |  | 115,781 |
|  |  | 1,826,271 |
Unamortized premium |  |  | 420 |
Net unamortized debt issuance costs |  |  | (7,045 | )
Total indebtedness |  | $ | 1,819,646 |

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