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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Summary of Consolidated Indebtedness | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):
|  | Interest Rate at (a) |  |  |  | Carrying Value at
|  | March 31, |  | December 31, |  | Maturity Date at |  | March 31, |  | December 31,
|  | 2023 |  | 2022 |  | March 31, 2023 |  | 2023 |  | 2022
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Mortgages Payable |  | 3.99%-5.89% |  | 3.88%-5.89% |  | Feb 2024 - Apr 2035 |  | $193,344 |  | $193,838
Fund II Mortgages Payable |  | SOFR+2.61% |  | SOFR+2.61% |  | Aug 2025 |  | 133,655 |  | 133,655
Fund III Mortgages Payable |  | SOFR+3.35% |  | SOFR+3.35% |  | Jul 2023 |  | 35,970 |  | 35,970
Fund IV Mortgages and Other Notes Payable (b) |  | LIBOR+2.25%-LIBOR+3.65% |  | LIBOR+2.25%-LIBOR+3.65% |  | Apr 2023 - Jun 2026 |  | 146,091 |  | 146,230
Total Fund V Mortgages Payable |  | SOFR + 1.61% to SOFR + 2.76% |  | LIBOR + 1.85% - SOFR + 2.76% |  | May 2023 - Nov 2026 |  | 424,662 |  | 426,224
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (7,121) |  | (7,621)
Unamortized premium |  |  |  |  |  |  |  | 317 |  | 343
Total Mortgages Payable |  |  |  |  |  |  |  | $926,918 |  | $928,639
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Unsecured Term Loans |  | 3.72%-5.24% |  | 3.74%-5.11% |  | Jun 2026 - Jul 2029 |  | $650,000 |  | $650,000
Fund V Subscription Facility |  | SOFR+1.86% |  | SOFR+1.86% |  | May 2023 |  | 1,824 |  | 51,210
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,723) |  | (5,076)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $647,101 |  | $696,134
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Total Unsecured Line of Credit |  | SOFR+1.50% |  | SOFR+1.50% |  | Jun 2025 |  | $172,587 |  | $168,287
Total Debt (c)(d) |  |  |  |  |  |  |  | $1,758,133 |  | $1,805,414
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (11,844) |  | (12,697)
Unamortized premium |  |  |  |  |  |  |  | 317 |  | 343
Total Indebtedness |  |  |  |  |  |  |  | $1,746,606 |  | $1,793,060
a) At March 31, 2023, the stated rates ranged from 4.53% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; SOFR + 3.35% for Fund III variable-rate debt; LIBOR + 2.25% to LIBOR + 3.65% for Fund IV variable-rate debt; SOFR + 1.61% to SOFR + 2.76% for Fund V variable-rate debt; 3.72%-5.24% for Core variable-rate unsecured term loans; and SOFR + 1.50% for Core variable-rate unsecured lines of credit. b) Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of March 31, 2023 and December 31, 2022. c) Includes $1,207.5 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. d) Includes $144.5 million and $103.8 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 March 31, 2023 are as follows (in thousands):
Year Ending December 31, |  |  |
2023 (Remainder) |  | $ | 288,658 |
2024 |  |  | 251,476 |
2025 |  |  | 413,292 |
2026 |  |  | 436,444 |
2027 |  |  | 202,354 |
Thereafter |  |  | 165,909 |
|  |  | 1,758,133 |
Unamortized premium |  |  | 317 |
Net unamortized debt issuance costs |  |  | (11,844 | )
Total indebtedness |  | $ | 1,746,606 |

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