Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

The following table summarizes our mortgage notes payable at December 31, 2019:

(In thousands)
Fixed rate mortgage debt:	Principal balances due			Weighted-average interest rate		Weighted average remaining life (years)
Multifamily communities	$	1,135,030		3.89	%	9.1
New Market Properties	573,940			3.95	%	8.1
Preferred Office Properties	565,254			4.22	%	13.5
Student housing properties	159,218			4.13	%	5.6
Total fixed rate mortgage debt	2,433,442			4.00	%	9.6
Variable rate mortgage debt:
Multifamily communities	38,871			3.38	%	4.6
New Market Properties	47,150			4.32	%	3.8
Preferred Office Properties	—			—	%	—
Student housing properties	90,366			5.21	%	1.0
Total variable rate mortgage debt	176,387			4.57	%	2.5
Total mortgage debt:
Multifamily communities	1,173,901			3.87	%	8.9
New Market Properties	621,090			3.98	%	7.8
Preferred Office Properties	565,254			4.22	%	13.5
Student housing properties	249,584			4.52	%	3.9
Total principal amount	2,609,829			4.04	%	9.1
Deferred loan costs	(38,185		)
Mark to market loan adjustment	(4,622		)
Mortgage notes payable, net	$	2,567,022

The following table summarizes our mortgage debt refinancing and repayment activity for the years ended December 31, 2019 and 2018:

Date	Property	Previous balance (millions)		Previous interest rate / spread over 1 month LIBOR		Loan refinancing costs expensed		New balance (millions)		New interest rate		Total deferred loan costs subsequent to refinancing
11/8/2019	Haven49	$	41.6	L + 375		$	—	$	—	N/A		$	—
10/1/2019	Kingwood Glen	10.9		3.48	%	—		—		N/A		—
10/1/2019	Sweetgrass Corner	7.4		3.58	%	—		—		N/A		—
9/17/2019	Spring Hill Plaza	9.1		3.36	%	—		8.2		3.72	%	195,000
9/17/2019	Parkway Town Centre	6.6		3.36	%	—		8.1		3.72	%	195,000
8/16/2019	Deltona Landings	6.5		3.48	%	5,000		6.3		4.18	%	205,000
8/16/2019	Barclay Crossing	6.1		3.48	%	4,000		6.3		4.18	%	209,000
8/16/2019	Parkway Center	4.3		3.48	%	3,000		4.6		4.18	%	148,000
8/13/2019	Powder Springs	6.9		3.48	%	4,000		8.0		3.65	%	236,000
7/29/2019	Citi Lakes	41.1		L + 217		155,000		41.3		3.66	%	668,000
4/12/2019	Royal Lakes Marketplace	9.5		L + 250		52,000		9.7		4.29	%	287,000
4/12/2019	Cherokee Plaza	24.5		L + 225		317,000		25.2		4.28	%	723,000
2/28/2019	Lenox Village Town Center	29.2		3.82	%	17,000		39.3		4.34	%	1,153,000
		$	203.7			$	557,000	$	157.0			$	4,019,000
12/17/2018	Village at Baldwin Park	$	77.8	L + 230		$	131,000	$	71.5	4.16	%	$	826,000
12/11/2018	McNeil Ranch	13.4		3.13	%	147,000		—		N/A		—
10/31/2018	Sol	37.5		L + 210		158,000		36.2		4.71	%	230,000
10/23/2018	Stoneridge Farms	25.6		3.18	%	233,000		—		N/A		—
9/28/2018	Stone Rise	23.5		2.89	%	119,000		—		N/A		—
3/29/2018	Sol	37.5		L + 200		41,000		37.5		L + 210		649,000
3/20/2018	Lake Cameron	19.7		3.13	%	402,000		—		N/A		—
		$	235.0			$	1,231,000	$	145.2			$	1,705,000

The Company partially financed the real estate properties acquired during the year ended December 31, 2019 with mortgage debt as shown in the following table:

Property	Date	Initial principal amount (in thousands)		Fixed/Variable rate	Rate		Maturity date
Hanover Center	12/19/2019	32,000		Fixed	3.62	%	12/19/2026
Berry Town Center	11/14/2019	12,025		Fixed	3.49	%	12/1/2034
Five Oaks at Westchase	10/17/2019	31,500		Fixed	3.27	%	11/1/2031
Fairfield Shopping Center	8/16/2019	19,750		Variable	1 month LIBOR + 205		8/16/2026
Artisan at Viera	8/8/2019	40,000		Fixed	3.93	%	9/1/2029
CAPTRUST Tower	7/25/2019	82,650		Fixed	3.61	%	8/1/2029
Disston Plaza	6/12/2019	18,038		Fixed	3.93	%	7/1/2034
Polo Grounds Mall	6/12/2019	13,325		Fixed	3.93	%	7/1/2034
Free State Shopping Center	5/28/2019	46,800		Fixed	3.99	%	6/1/2029
Haven49 (1)	3/27/2019	41,550		Variable	1 month LIBOR + 375		12/22/2019
Gayton Crossing	1/17/2019	18,000		Fixed	4.71	%	2/1/2029
		$	355,638

⁽¹⁾ The Company assumed the existing construction loan on this property. This construction loan was repaid in full on November 8, 2019 and the property remains unencumbered as of December 31, 2019.

debt covenant [Table Text Block]

As of December 31, 2019, the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table:

Covenant (1)	Requirement		Result
Net worth	Minimum $1.9 billion	(2)	$1.9 billion
Debt yield	Minimum 8.25%		10.31%
Payout ratio	Maximum 95%	(3)	94.3%
Total leverage ratio	Maximum 65%		58.3%
Debt service coverage ratio	Minimum 1.50x		1.87x

⁽¹⁾ All covenants are as defined in the credit agreement for the Revolving Line of Credit.

⁽²⁾ Minimum of $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $1.2 billion as of December 31, 2019.

⁽³⁾ Calculated on a trailing four-quarter basis. For the year ended December 31, 2019, the maximum dividends and distributions allowed under this covenant was approximately $158.3 million.

Schedule of Maturities of Long-term Debt [Table Text Block]

The Company’s estimated future principal payments due on its debt instruments as of December 31, 2019 were:

Period	Future principal payments (in thousands)
2020	$	146,328
2021	182,732
2022	222,774
2023	160,902
2024	358,597
Thereafter	1,608,496
Total	$	2,679,829

Schedule of Debt [Table Text Block]

Interest expense, including amortization of deferred loan costs was:

	Years ended December 31,
(In thousands)	2019		2018		2017
Multifamily communities	$	47,697	$	45,662	$	35,402
New Market Properties	24,566		19,188		14,895
Preferred Office Properties	22,711		12,789		7,006
Student housing properties	14,758		11,217		3,085
Interest paid to real estate loan participants	110		2,430		2,295
Total	109,842		91,286		62,683
Credit Facility and Acquisition Facility	2,122		4,278		4,785
Interest Expense	$	111,964	$	95,564	$	67,468