Debt (Tables)

12 Months Ended

Dec. 31, 2017

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



	Interest Rate at December 31,		Maturity Date at	Carrying Value at December 31,
	2017	2016	December 31, 2017	2017			2016
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-6.65%	February 2024 - April 2035	$	179,870		$	234,875
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.71%-3.77%	July 2018 - July 2027	74,152			82,250
Total Core Mortgages Payable				254,022			317,125
Fund II Fixed Rate	1.00%-4.75%	1.00%-5.80%	August 2019 - May 2020	205,262			249,762
Fund II Variable Rate	LIBOR+1.39%	LIBOR+0.62%-LIBOR+2.50%	November 2021	—			142,750
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,560			19,779
Total Fund II Mortgages Payable				224,822			412,291
Fund III Variable Rate	Prime+0.50% -LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	May 2018 - December 2021	65,866			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%	January 2018 - April 2022	250,584			233,139
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019 - April 2022	86,851			14,509
Total Fund IV Mortgages Payable				347,938			258,151
Fund V Variable Rate	LIBOR+2.25%	—	October 2020	28,613			—
Net unamortized debt issuance costs				(12,943		)	(16,642		)
Unamortized premium				856			1,336
Total Mortgages Payable				$	909,174		$	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	$	—		$	51,194
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.24%-3.77%	July 2018 - March 2025	300,000			248,806
Total Core Unsecured Notes Payable				300,000			300,000
Fund II Unsecured Notes Payable	LIBOR+1.40%	—	September 2020	31,500			—
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%	December 2018 - October 2019	40,825			134,636
Fund V Subscription Facility	LIBOR+1.60%	—	May 2020	103,300			—
Net unamortized debt issuance costs				(1,890		)	(1,646		)
Total Unsecured Notes Payable				$	473,735		$	432,990
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	18,048		$	—
Core Unsecured Line of Credit - Swapped^(a)	1.24%-3.77%	—	July 2018 - March 2025	23,452			—
Total Unsecured Line of Credit				$	41,500		$	—

Total Debt - Fixed Rate ^(b)				$	899,650		$	860,486
Total Debt - Variable Rate ^(c)				538,736			645,185
Total Debt				1,438,386			1,505,671
Net unamortized debt issuance costs				(14,833		)	(18,289		)
Unamortized premium				856			1,336
Total Indebtedness				$	1,424,409		$	1,488,718

__________


(a)	At December 31, 2017, the stated rates ranged from LIBOR + 1.65% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% 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, LIBOR + 2.25% for Fund V and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.


(b)	Includes $504,018 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.


(c)	Includes $141.1 million and $186.6 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company’s consolidated indebtedness, as of December 31, 2017 are as follows (in thousands):



Year Ending December 31,
2018	$	94,400
2019	213,573
2020	576,379
2021	255,027
2022	98,840
Thereafter	200,167
	1,438,386
Unamortized fair market value of assumed debt	856
Net unamortized debt issuance costs	(14,833		)
Total indebtedness	$	1,424,409