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Debt (Tables)

12 Months Ended

Dec. 31, 2022

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


	Interest Rate at			Carrying Value at
	December 31,	December 31,	Maturity Date at	December 31,			December 31,
	2022	2021	December 31, 2022	2022			2021
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	Feb 2024 - Apr 2035	$	143,838		$	145,464
Core Variable Rate - Swapped (a)	4.54%	3.41%-4.54%	Nov 2028		50,000			72,957
Total Core Mortgages Payable					193,838			218,421
Fund II Variable Rate	SOFR+2.61%	LIBOR+2.75% - PRIME+2.00%	Aug 2025		83,655			255,978
Fund II Variable Rate - Swapped (a)	5.85%		Aug 2025		50,000			—
Total Fund II Mortgages Payable					133,655			255,978
Fund III Variable Rate	SOFR+3.35%	LIBOR+2.75%	Jul 2023		35,970			34,728
Fund IV Fixed Rate	4.50%	4.50%	Oct 2025		1,120			1,120
Fund IV Variable Rate	LIBOR+2.25%-LIBOR+3.65%	LIBOR+1.60%-LIBOR+3.65%	Apr 2023 - Jun 2026		145,110			221,832
Fund IV Variable Rate - Swapped (a)		3.48%-4.61%			—			23,316
Total Fund IV Mortgages and Other Notes Payable					146,230			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		36,409			58,878
Fund V Variable Rate - Swapped (a)	2.93%-5.11%	2.43%-4.78%	Jan 2023 - Apr 2025		358,014			297,731
Total Fund V Mortgages Payable					426,224			388,410
Net unamortized debt issuance costs					(7,621	)		(3,958	)
Unamortized premium					343			446
Total Mortgages Payable				$	928,639		$	1,140,293
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans - Swapped (a)	3.74%-5.11%	3.65%-5.32%	Jun 2026 - Jul 2029	$	650,000		$	400,000
Fund II Unsecured Notes Payable		LIBOR+2.25%			—			40,000
Fund IV Subscription Facility		SOFR+2.01%			—			5,000
Fund V Subscription Facility	SOFR+1.86%	LIBOR+1.90%	May 2023		51,210			118,028

Net unamortized debt issuance costs					(5,076	)		(3,988	)
Total Unsecured Notes Payable				$	696,134		$	559,040
Unsecured Line of Credit
Core Unsecured Line of Credit - Variable Rate	SOFR+1.50%	LIBOR + 1.40%	Jun 2025	$	12,287		$	46,491
Core Unsecured Line of Credit -Swapped (a)	3.74%-5.11%	3.65%-5.32%	Jun 2025		156,000			66,414
Total Unsecured Line of Credit				$	168,287		$	112,905

Total Debt - Fixed Rate (b)				$	1,440,773		$	1,038,803
Total Debt - Variable Rate (c)					364,641			780,935
Total Debt					1,805,414			1,819,738
Net unamortized debt issuance costs					(12,697	)		(7,946	)
Unamortized premium					343			446
Total Indebtedness				$	1,793,060		$	1,812,238

At December 31, 2022, the stated rates ranged from 4.54% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; SOFR + 3.35% for Fund III variable-rate debt; LIBOR + 2.25% to LIBOR + 3.65% for Fund IV variable-rate debt; LIBOR + 1.85% to SOFR + 2.76% for Fund V variable-rate debt; 3.74%-5.11% for Core variable-rate unsecured term loans; and SOFR + 1.50% for Core variable-rate unsecured lines of credit.

Includes $1,264.0 million and $860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. Fixed-rate debt at December 31, 2022 and 2021 includes $12.3 million and $0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.

Includes $103.8 million and $110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2022 are as follows (in thousands):


Year Ending December 31,
2023	$	340,075
2024		251,663
2025		408,988
2026		436,426
2027		202,354
Thereafter		165,908
		1,805,414
Unamortized premium		343
Net unamortized debt issuance costs		(12,697	)
Total indebtedness	$	1,793,060