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Debt (Tables) | 6 Months Ended
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Jun. 30, 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
|  | June 30, |  | December 31, |  | Maturity Date at |  | June 30, |  | December 31,
|  | 2023 |  | 2022 |  | June 30, 2023 |  | 2023 |  | 2022
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Mortgages Payable |  | 3.99% - 5.89% |  | 3.88% - 5.89% |  | Feb 2024 - Apr 2035 |  | $192,844 |  | $193,838
Fund II Mortgages Payable |  | SOFR+2.61% |  | SOFR+2.61% |  | Aug 2025 |  | 137,485 |  | 133,655
Fund III Mortgages Payable |  | SOFR+3.35% |  | SOFR+3.35% |  | Oct 2023 |  | 35,970 |  | 35,970
Fund IV Mortgages and Other Notes Payable (b) |  | LIBOR+2.25% - SOFR+3.65% |  | LIBOR+2.25% - LIBOR+3.65% |  | Jul 2023 - Jun 2026 |  | 146,622 |  | 146,230
Total Fund V Mortgages Payable |  | SOFR + 1.61% - SOFR + 2.76% |  | LIBOR + 1.85% - SOFR + 2.76% |  | Jan 2024 - Jun 2028 |  | 429,544 |  | 426,224
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (7,409) |  | (7,621)
Unamortized premium |  |  |  |  |  |  |  | 292 |  | 343
Total Mortgages Payable |  |  |  |  |  |  |  | $935,348 |  | $928,639
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Unsecured Term Loans |  | 3.57%-5.20% |  | 3.74%-5.11% |  | Jun 2026 - Jul 2029 |  | $650,000 |  | $650,000
Fund V Subscription Facility |  | SOFR+3.05% |  | SOFR+1.86% |  | Nov 2023 |  | 2,000 |  | 51,210
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,411) |  | (5,076)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $647,589 |  | $696,134
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Total Unsecured Line of Credit |  | SOFR+1.45% |  | SOFR+1.50% |  | Jun 2025 |  | $180,087 |  | $168,287
Total Debt (c)(d) |  |  |  |  |  |  |  | $1,774,552 |  | $1,805,414
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (11,820) |  | (12,697)
Unamortized premium |  |  |  |  |  |  |  | 292 |  | 343
Total Indebtedness |  |  |  |  |  |  |  | $1,763,024 |  | $1,793,060
a) At June 30, 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 SOFR + 3.65% for Fund IV variable-rate debt; SOFR + 1.61% - SOFR + 2.76% for Fund V variable-rate debt; 3.57% - 5.20% for Core variable-rate unsecured term loans; and SOFR + 1.45% 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 June 30, 2023 and December 31, 2022. c) Includes $1,251.9 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 $144.3 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 June 30, 2023 are as follows (in thousands):
Year Ending December 31, |  |  |
2023 (Remainder) |  | $ | 154,636 |
2024 |  |  | 252,756 |
2025 |  |  | 500,494 |
2026 |  |  | 436,705 |
2027 |  |  | 202,788 |
Thereafter |  |  | 227,173 |
|  |  | 1,774,552 |
Unamortized premium |  |  | 292 |
Net unamortized debt issuance costs |  |  | (11,820 | )
Total indebtedness |  | $ | 1,763,024 |

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