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Debt (Tables) | 9 Months Ended
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Sep. 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 |  |  |  | Carrying Value at
|  | September 30, |  | December 31, |  | Maturity Date at |  | September 30, |  | December 31,
|  | 2023 |  | 2022 |  | September 30, 2023 |  | 2023 |  | 2022
Mortgages Payable |  |  |  |  |  |  |  |  |  |
Core Mortgages Payable |  | 3.99% - 5.89% |  | 3.88% - 5.89% |  | Feb 2024 - Apr 2035 |  | $192,340 |  | $193,838
Fund II Mortgages Payable |  | SOFR+2.61% |  | SOFR+2.61% |  | Aug 2025 |  | 137,485 |  | 133,655
Fund III Mortgages Payable |  | SOFR+3.75% |  | SOFR+3.35% |  | Oct 2025 |  | 33,000 |  | 35,970
Fund IV Mortgages and Other Notes Payable (a)(d) |  | SOFR+2.25% - SOFR+3.65% |  | LIBOR+2.25% - LIBOR+3.65% |  | Jul 2023 - Jun 2026 |  | 146,575 |  | 146,230
Total Fund V Mortgages Payable |  | SOFR + 1.61% - SOFR + 2.80% |  | LIBOR + 1.85% - SOFR + 2.76% |  | Jan 2024 - Jun 2028 |  | 460,316 |  | 426,224
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (8,371) |  | (7,621)
Unamortized premium |  |  |  |  |  |  |  | 266 |  | 343
Total Mortgages Payable |  |  |  |  |  |  |  | $961,611 |  | $928,639
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |
Core Unsecured Term Loans |  | SOFR+1.60% - SOFR+2.05% |  | 3.74%-5.11% |  | Jun 2026 - Jul 2029 |  | $650,000 |  | $650,000
Fund V Subscription Facility |  | SOFR+3.05% |  | SOFR+1.86% |  | Nov 2023 |  | 20,266 |  | 51,210
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (4,078) |  | (5,076)
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $666,188 |  | $696,134
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |
Total Unsecured Line of Credit |  | SOFR+1.45% |  | SOFR+1.50% |  | Jun 2025 |  | $192,287 |  | $168,287
Total Debt (b)(c) |  |  |  |  |  |  |  | $1,832,269 |  | $1,805,414
Net unamortized debt issuance costs |  |  |  |  |  |  |  | (12,449) |  | (12,697)
Unamortized premium |  |  |  |  |  |  |  | 266 |  | 343
Total Indebtedness |  |  |  |  |  |  |  | $1,820,086 |  | $1,793,060
(a) Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of September 30, 2023 and December 31, 2022. (b) Includes $1,250.8 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. The effective fixed rates ranged from 1.14% to 4.54%. (c) Includes $154.1 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%. (d) Includes $19.3 million of a non-recourse loan in default related to 146 Geary Street, that matured with no further extension options.
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, 2023 are as follows (in thousands):
Year Ending December 31, |  |  |
2023 (Remainder) |  | $ | 135,007 |
2024 |  |  | 252,759 |
2025 |  |  | 577,818 |
2026 |  |  | 436,727 |
2027 |  |  | 202,790 |
Thereafter |  |  | 227,168 |
|  |  | 1,832,269 |
Unamortized premium |  |  | 266 |
Net unamortized debt issuance costs |  |  | (12,449 | )
Total indebtedness |  | $ | 1,820,086 |

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