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Debt (Tables)

6 Months Ended

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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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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