Debt (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		December 31, 2020	2020			2019
Mortgages Payable
Core Fixed Rate	3.88%-5.89%		3.88%-6.00%		Feb 2024 - Apr 2035	$	147,810		$	176,176
Core Variable Rate - Swapped ^(a)	3.41%-4.54%		3.41%-4.54%		Jan 2023 - Nov 2028		80,500			81,559
Total Core Mortgages Payable							228,310			257,735
Fund II Fixed Rate		—	4.75%				—			200,000
Fund II Variable Rate	LIBOR+3.00% - PRIME+2.00%		LIBOR+3.00%		Mar 2022 - May 2022		228,282			24,225
Fund II Variable Rate - Swapped ^(a)	2.88%		2.88%		Nov 2021		18,803			19,073
Total Fund II Mortgages Payable							247,085			243,298
Fund III Variable Rate	LIBOR+2.75%-LIBOR+3.10%		LIBOR+2.75%-LIBOR+3.10%		Jun 2021 - Jul 2022		71,918			74,554
Fund IV Fixed Rate	3.40%-4.50%		3.40%-4.50%		Oct 2025 - Jun 2026		6,726			8,189
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.40%		LIBOR+1.60%-LIBOR+3.40%		Feb 2021 - Oct 2025		175,009			157,015
Fund IV Variable Rate - Swapped ^(a)	3.48%-4.61%		3.48%-4.61%		Apr 2022 - Dec 2022		66,590			102,699
Total Fund IV Mortgages Payable							248,325			267,903
Fund V Variable Rate	LIBOR+1.50%-LIBOR+2.20%		LIBOR+1.50%-LIBOR+2.20%		Feb 2021 - Dec 2024		1,354			1,387
Fund V Variable Rate - Swapped ^(a)	2.95%-4.78%		2.95%-4.78%		Feb 2021 - Dec 2024		334,323			334,626
Total Fund V Mortgage Payable							335,677			336,013
Net unamortized debt issuance costs							(6,507	)		(10,078	)
Unamortized premium							548			651
Total Mortgages Payable						$	1,125,356		$	1,170,076
Unsecured Notes Payable
Core Variable Rate Unsecured Term Loans	LIBOR+2.55%			—	Jun 2021	$	30,000		$	—
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-5.02%		2.49%-5.02%		Mar 2023		350,000			350,000
Total Core Unsecured Notes Payable							380,000			350,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		LIBOR+1.65%		Sep 2021		40,000			40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.90%-LIBOR+2.00%		LIBOR+1.65%-LIBOR+2.00%		Jun 2021 - Dec 2021		80,089			87,625
Fund V Subscription Facility	LIBOR+1.60%			—	May 2021		250			—

Net unamortized debt issuance costs							(256	)		(305	)
Total Unsecured Notes Payable						$	500,083		$	477,320
Unsecured Line of Credit
Core Unsecured Line of Credit -Swapped ^(a)	2.49%-5.02%		2.49%-5.02%		Mar 2022	$	138,400		$	60,800

Total Debt - Fixed Rate ^{(b, c )}						$	1,143,152		$	1,403,324
Total Debt - Variable Rate ^(d)							626,902			314,604
Total Debt							1,770,054			1,717,928
Net unamortized debt issuance costs							(6,763	)		(10,383	)
Unamortized premium							548			651
Total Indebtedness						$	1,763,839		$	1,708,196

(a)

At December 31, 2020, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.25% for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit.

(b)	Includes $988.6 million and $948.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

(c)	Fixed-rate debt at December 31, 2020 and 2019 includes $3.2 million and $70.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds.

(d)	Includes $139.2 million and $143.3 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 December 31, 2020 are as follows (in thousands):

Year Ending December 31,
2021	$	416,614
2022		528,008
2023		415,506
2024		212,020
2025		65,325
Thereafter		132,581
		1,770,054
Unamortized premium		548
Net unamortized debt issuance costs		(6,763	)
Total indebtedness	$	1,763,839