Debt (Tables)

6 Months Ended

Jun. 30, 2018

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



	Interest Rate at			Carrying Value at
	June 30,	December 31,	Maturity Date at	June 30,			December 31,
	2018	2017	June 30, 2018	2018			2017
Mortgages Payable
Core Fixed Rate	3.88%-6.00%	3.88%-5.89%	February 2024 - April 2035	$	179,078		$	179,870
Core Variable Rate - Swapped^(a)	3.41%-5.67%	3.41%-5.67%	January 2023 - June 2026	33,080			74,152
Total Core Mortgages Payable				212,158			254,022
Fund II Fixed Rate	1.00%-4.75%	1.00%-4.75%	May 2020 - August 2042	205,262			205,262
Fund II Variable Rate - Swapped^(a)	4.27%	4.27%	November 2021	19,445			19,560
Total Fund II Mortgages Payable				224,707			224,822
Fund III Variable Rate	LIBOR+2.65%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	August 2018 - December 2021	72,953			65,866
Fund IV Fixed Rate	3.40%-4.50%	3.40%-4.50%	October 2025-June 2026	10,503			10,503
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.95%	LIBOR+1.70%-LIBOR+3.95%	August 2018 - August 2021	248,156			250,584
Fund IV Variable Rate - Swapped^(a)	3.67%-4.23%	3.67%-4.23%	May 2019 - December 2022	86,188			86,851
Total Fund IV Mortgages Payable				344,847			347,938
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%	LIBOR+2.25%	October 2020 - January 2021	51,506			28,613
Fund V Variable Rate - Swapped ^(a)	4.61%-4.78%	—	February 2021 - June 2021	86,570			—
Total Fund V Mortgage Payable				138,076			28,613
Net unamortized debt issuance costs				(11,979		)	(12,943		)
Unamortized premium				805			856
Total Mortgages Payable				$	981,567		$	909,174
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped^(a)	2.49%-4.05%	2.54%-3.59%	March 2023	$	350,000		$	300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%	LIBOR+1.40%	September 2020	36,000			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			40,825
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	39,300			103,300

Net unamortized debt issuance costs				(438		)	(1,890		)
Total Unsecured Notes Payable				$	465,687		$	473,735
Unsecured Line of Credit
Core Unsecured Line of Credit	—	LIBOR+1.40%	—	$	—		$	18,048
Core Unsecured Line of Credit - Swapped^(a)	4.15%-5.02%	4.20%-5.07%	March 2022	14,000			23,452
Total Unsecured Line of Credit				$	14,000		$	41,500

Total Debt - Fixed Rate ^(b)				$	993,403		$	899,650
Total Debt - Variable Rate ^(c)				479,463			538,736
Total Debt				1,472,866			1,438,386
Net unamortized debt issuance costs				(12,417		)	(14,833		)
Unamortized premium				805			856
Total Indebtedness				$	1,461,254		$	1,424,409

__________


(a)	At June 30, 2018, the stated rates ranged from LIBOR + 1.70% 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 + 1.60% to LIBOR +3.95% for Fund IV variable-rate debt; LIBOR + 1.85% to LIBOR + 2.25% for Fund V and LIBOR + 1.25% for Core variable-rate unsecured term loans.


(b)	Includes $589.3 million and $504.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.


(c)	Includes $143.8 million and $141.1 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 June 30, 2018 are as follows (in thousands):



Year Ending December 31,
2018 (Remainder)	$	50,789
2019	207,882
2020	432,972
2021	181,484
2022	62,529
Thereafter	537,210
	1,472,866
Unamortized fair market value of assumed debt	805
Net unamortized debt issuance costs	(12,417		)
Total indebtedness	$	1,461,254