Debt (Tables)

6 Months Ended

Jun. 30, 2017

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):



	Interest Rate		Maturity Date at June 30, 2017	Carrying Value
	June 30, 2017	December 31, 2016	Maturity Date at June 30, 2017	June 30, 2017			December 31, 2016
Mortgages Payable
Core Fixed Rate	3.88%-6.0%	3.88%-6.0%	August 2017 - April 2035	$	209,098		$	234,875
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.71%-3.77%	June 2018 - June 2026	81,078			82,250
Total Core Mortgages Payable				290,176			317,125
Fund II Fixed Rate	1.00%-5.80%	1.00%-5.80%	October 2017 - May 2020	249,762			249,762
Fund II Variable Rate	LIBOR+0.79% -LIBOR+2.50%	LIBOR+0.62% -LIBOR+2.50%	August 2017 - November 2021	142,750			142,750
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,672			19,779
Total Fund II Mortgages Payable				412,184			412,291
Fund III Variable Rate	Prime+0.50% -LIBOR+4.65%	Prime+0.50% -LIBOR+4.65%	August 2017 - December 2021	79,859			83,467
Fund IV Fixed Rate	3.4%-4.50%	3.4%-4.50%	October 2025-June 2026	10,503			10,503
Fund IV Variable Rate	LIBOR+1.70% -LIBOR+3.95%	LIBOR+1.70% - LIBOR+3.95%	October 2017 - April 2022	263,494			233,139
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	April 2022	81,444			14,509
Total Fund IV Mortgages Payable				355,441			258,151
Net unamortized debt issuance costs				(16,526		)	(16,642		)
Unamortized premium				997			1,336
Total Mortgages Payable				$	1,122,131		$	1,055,728
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30% -LIBOR+1.60%	LIBOR+1.30% -LIBOR+1.60%	July 2020 - December 2022	$	51,371		$	51,194
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.24%-3.77%	July 2018 - March 2025	248,629			248,806
Total Core Unsecured Notes Payable				300,000			300,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.65% -LIBOR+2.75%	LIBOR+1.65% -LIBOR+2.75%	August 2017- December 2017	54,920			134,636
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	44,400			—
Net unamortized debt issuance costs				(1,698		)	(1,646		)
Total Unsecured Notes Payable				$	397,622		$	432,990
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	24,000		$	—
Total Unsecured Line of Credit				$	24,000		$	—

Total Debt - Fixed Rate ^(b)				$	900,189		$	860,486
Total Debt - Variable Rate				660,791			645,185
Total Debt				1,560,980			1,505,671
Net unamortized debt issuance costs				(18,224		)	(18,289		)
Unamortized premium				997			1,336
Total Indebtedness				$	1,543,753		$	1,488,718

__________


(a)	At June 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + .79% to LIBOR +2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR +3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.


(b)	Includes $430,825 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company’s consolidated indebtedness, as of June 30, 2017 are as follows (in thousands):



Year Ending December 31,
2017 (Remainder)	$	214,660
2018	122,808
2019	211,245
2020	458,427
2021	255,058
Thereafter	298,782
	1,560,980
Unamortized fair market value of assumed debt	997
Net unamortized debt issuance costs	(18,224		)
Total indebtedness	$	1,543,753