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Debt (Tables) | 9 Months Ended
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Sep. 30, 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
|  | September 30, |  | December 31, |  | Maturity Date at |  | September 30, |  | December 31,
|  | 2022 |  | 2021 |  | September 30, 2022 |  | 2022 |  | 2021
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Fixed Rate |  | 3.88%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $144,326 |  | $145,464
Core Variable Rate - Swapped (a) |  | 3.41%-4.54% |  | 3.41%-4.54% |  | Jun 2026 - Nov 2028 |  | 60,390 |  | 72,957
Total Core Mortgages Payable |  |  |  |  |  |  |  | 204,716 |  | 218,421
Fund II Variable Rate |  | SOFR+2.61% |  | LIBOR+2.75% - PRIME+2.00% |  | Aug 2025 |  | 132,259 |  | 255,978
Fund III Variable Rate |  | SOFR+3.35% |  | LIBOR+2.75% |  | Jul 2023 |  | 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% |  | Oct 2022 - Jun 2026 |  | 151,735 |  | 221,832
Fund IV Variable Rate - Swapped (a) |  |  |  | 3.48%-4.61% |  |  |  | — |  | 23,316
Total Fund IV Mortgages and Other Notes Payable |  |  |  |  |  |  |  | 152,855 |  | 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 2023 - Nov 2026 |  | 58,136 |  | 58,878
Fund V Variable Rate - Swapped (a) |  | 2.51%-5.11% |  | 2.43%-4.78% |  | Jan 2023 - Apr 2025 |  | 337,481 |  | 297,731
Total Fund V Mortgages Payable |  |  |  |  |  |  |  | 427,418 |  | 388,410
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (8,352) |  | (3,958)
Unamortized premium |  |  |  |  |  |  |  | 369 |  | 446
Total Mortgages Payable |  |  |  |  |  |  |  | $945,235 |  | $1,140,293
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Variable Rate Unsecured Term Loans - Swapped (a) |  | 3.65%-5.32% |  | 3.65%-5.32% |  | Jun 2026 - Jul 2029 |  | $650,000 |  | $400,000
Fund II Unsecured Notes Payable |  |  |  | LIBOR+2.25% |  |  |  | — |  | 40,000
Fund IV Subscription Facility |  | SOFR+2.01% |  | SOFR+2.01% |  | Dec 2022 |  | — |  | 5,000
Fund V Subscription Facility |  | SOFR+1.86% |  | LIBOR+1.90% |  | May 2023 |  | 49,726 |  | 118,028
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (5,416) |  | (3,988)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $694,310 |  | $559,040
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Core Unsecured Line of Credit - Variable Rate |  | LIBOR + 1.40% |  | LIBOR + 1.40% |  | Jun 2025 |  | $62,050 |  | $46,491
Core Unsecured Line of Credit -Swapped (a) |  | 3.65%-5.32% |  | 3.65%-5.32% |  | Jun 2025 |  | 116,237 |  | 66,414
Total Unsecured Line of Credit |  |  |  |  |  |  |  | $178,287 |  | $112,905
Total Debt - Fixed Rate (b) |  |  |  |  |  |  |  | $1,341,355 |  | $1,038,803
Total Debt - Variable Rate (c) |  |  |  |  |  |  |  | 489,876 |  | 780,935
Total Debt |  |  |  |  |  |  |  | 1,831,231 |  | 1,819,738
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (13,768) |  | (7,946)
Unamortized premium |  |  |  |  |  |  |  | 369 |  | 446
Total Indebtedness |  |  |  |  |  |  |  | $1,817,832 |  | $1,812,238
a) At September 30, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; SOFR + 2.61% 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 SOFR + 2.50% for Fund V variable-rate debt; LIBOR + 1.55% to SOFR + 1.60% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit. b) Includes $1,164.1 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) Includes $107.3 million and $110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.
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, 2022 are as follows (in thousands):
Year Ending December 31, |  |  |
2022 (Remainder) |  | $ | 85,273 |
2023 |  |  | 302,526 |
2024 |  |  | 211,448 |
2025 |  |  | 417,902 |
2026 |  |  | 445,818 |
Thereafter |  |  | 368,264 |
|  |  | 1,831,231 |
Unamortized premium |  |  | 369 |
Net unamortized debt issuance costs |  |  | (13,768 | )
Total indebtedness |  | $ | 1,817,832 |

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