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Debt (Tables)

9 Months Ended

Sep. 30, 2023

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