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Debt (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022	2021	June 30, 2022	2022	2021
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$144,250	$145,464
Core Variable Rate - Swapped (a)	3.41%-4.54%	3.41%-4.54%	Jun 2026 - Nov 2028	60,460	72,957
Total Core Mortgages Payable				204,710	218,421
Fund II Variable Rate	LIBOR+2.75% - PRIME+2.00%	LIBOR+2.75% - PRIME+2.00%	Aug 2022 - Mar 2023	256,468	255,978
Fund III Variable Rate	LIBOR+3.10%	LIBOR+2.75%	Jul 2022	35,970	34,728
Fund IV Fixed Rate	4.50%	4.50%	Oct 2025	1,120	1,120
Fund IV Variable Rate	LIBOR+1.75%-LIBOR+3.65%	LIBOR+1.60%-LIBOR+3.65%	Aug 2022 - Jun 2026	181,380	221,832
Fund IV Variable Rate - Swapped (a)		3.48%-4.61%		—	23,316
Total Fund IV Mortgages and Other Notes Payable				182,500	246,268
Fund V Fixed Rate	3.35%	3.35%	May 2023	31,801	31,801
Fund V Variable Rate	LIBOR + 1.85% - SOFR + 2.76%	LIBOR + 1.85% - SOFR + 2.76%	Jun 2023 - Nov 2026	58,452	58,878
Fund V Variable Rate - Swapped (a)	2.43%-4.78%	2.43%-4.78%	Jan 2023 - Apr 2025	338,110	297,731
Total Fund V Mortgages Payable				428,363	388,410
Net unamortized debt issuance costs				(4,050)	(3,958)
Unamortized premium				394	446
Total Mortgages Payable				$1,104,355	$1,140,293
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped (a)	3.65%-5.32%	3.65%-5.32%	Apr 2027	$575,000	$400,000
Fund II Unsecured Notes Payable	LIBOR+2.25%	LIBOR+2.25%	Sep 2022	40,000	40,000
Fund IV Subscription Facility	SOFR+2.01%	SOFR+2.01%	Dec 2022	—	5,000
Fund V Subscription Facility	LIBOR+1.90%	LIBOR+1.90%	May 2023	3,303	118,028

Net unamortized debt issuance costs				(4,919)	(3,988)
Total Unsecured Notes Payable				$613,384	$559,040
Unsecured Line of Credit
Core Unsecured Line of Credit - Variable Rate	LIBOR + 1.40%	LIBOR + 1.40%	Jun 2025	$80,192	$46,491
Core Unsecured Line of Credit -Swapped (a)	3.65%-5.32%	3.65%-5.32%	Jun 2025	16,295	66,414
Total Unsecured Line of Credit				$96,487	$112,905

Total Debt - Fixed Rate (b)				$1,167,036	$1,038,803
Total Debt - Variable Rate (c)				655,765	780,935
Total Debt				1,822,801	1,819,738
Net unamortized debt issuance costs				(8,969)	(7,946)
Unamortized premium				394	446
Total Indebtedness				$1,814,226	$1,812,238

At June 30, 2022, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.70% for Core variable-rate debt; LIBOR + 2.75% to PRIME + 2.00% for Fund II variable-rate debt; LIBOR + 3.10% for Fund III variable-rate debt; LIBOR 1.75% to LIBOR + 3.65% for Fund IV variable-rate debt; LIBOR + 1.50% to SOFR + 2.50% for Fund V variable-rate debt; LIBOR + 1.55% to SOFR + 1.60% for Core variable-rate unsecured term loans; and LIBOR + 1.40% for Core variable-rate unsecured lines of credit.

Includes $989.9 million and $860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Includes $107.3 million and $110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (Remainder)	$	430,916
2023		238,792
2024		212,128
2025		204,220
2026		445,975
Thereafter		290,770
		1,822,801
Unamortized premium		394
Net unamortized debt issuance costs		(8,969	)
Total indebtedness	$	1,814,226