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Debt (Tables) | 12 Months Ended
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Dec. 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 |  |  |  | Carrying Value at |
|  | December 31, |  | December 31, |  | Maturity Date at |  | December 31, |  |  | December 31, |
|  | 2023 |  | 2022 |  | December 31, 2023 |  | 2023 |  |  | 2022 |
Mortgages Payable |  |  |  |  |  |  |  |  |  |  |  |
Core |  | 3.99% - 5.89% |  | 3.88% - 5.89% |  | Feb 2024 - Apr 2035 |  | $ | 191,830 |  |  | $ | 193,838 |
Fund II (a) |  | SOFR+2.61% |  | SOFR+2.61% |  | Aug 2025 |  |  | 137,485 |  |  |  | 133,655 |
Fund III |  | SOFR+3.75% |  | SOFR+3.35% |  | Oct 2025 |  |  | 33,000 |  |  |  | 35,970 |
Fund IV (b) |  | SOFR+2.25% - SOFR+3.33% |  | LIBOR+2.25% - LIBOR+3.65% |  | Mar 2025 - Jun 2028 |  |  | 115,925 |  |  |  | 146,230 |
Fund V |  | SOFR + 1.61% - SOFR + 2.80% |  | LIBOR + 1.85% - SOFR + 2.76% |  | Feb 2024 - Jun 2028 |  |  | 458,960 |  |  |  | 426,224 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (7,313 | ) |  |  | (7,621 | )
Unamortized premium |  |  |  |  |  |  |  |  | 240 |  |  |  | 343 |
Total Mortgages Payable |  |  |  |  |  |  |  | $ | 930,127 |  |  | $ | 928,639 |
Unsecured Notes Payable |  |  |  |  |  |  |  |  |  |  |  |
Core Term Loans (c) |  | 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% |  | Jan 2024 |  |  | 80,600 |  |  |  | 51,210 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (3,873 | ) |  |  | (5,076 | )
Total Unsecured Notes Payable |  |  |  |  |  |  |  | $ | 726,727 |  |  | $ | 696,134 |
Unsecured Line of Credit |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facility (c) |  | SOFR+1.45% |  | SOFR+1.50% |  | Jun 2025 |  | $ | 213,287 |  |  | $ | 168,287 |
Total Debt (d)(e) |  |  |  |  |  |  |  | $ | 1,881,087 |  |  | $ | 1,805,414 |
Net unamortized debt issuance costs |  |  |  |  |  |  |  |  | (11,186 | ) |  |  | (12,697 | )
Unamortized premium |  |  |  |  |  |  |  |  | 240 |  |  |  | 343 |
Total Indebtedness |  |  |  |  |  |  |  | $ | 1,870,141 |  |  | $ | 1,793,060 |
a) The Company has a total commitment of $198.0 million on the Fund II mortgage. b) Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 2023 and $39.2 million at December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9). c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 (Note 8). d) Includes $1,249.8 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%. e) Includes $151.4 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 fro m 3.0% to 5.50%.
Scheduled Principal Repayments | The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2023 are as follows (in thousands):
Maturities |  |  |
2024 |  | $ | 333,174 |
2025 |  |  | 680,834 |
2026 |  |  | 437,087 |
2027 |  |  | 202,826 |
2028 |  |  | 130,959 |
Thereafter |  |  | 96,207 |
|  |  | 1,881,087 |
Unamortized premium |  |  | 240 |
Net unamortized debt issuance costs |  |  | (11,186 | )
Total indebtedness |  | $ | 1,870,141 |

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