Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

At December 31, 2022 and 2021, notes payable consisted of the following:

		December 31, 2022		December 31, 2021
		(in thousands)
Charitable Contributions1	$	764	$	1,238
Private placement debt dated April 30, 20212		237,795		228,690
Mortgage notes3		37,109		10,006
Total notes payable		275,668		239,934
Less: current portion of notes payable		(1,037)		(783)
Notes payable, net of current portion	$	274,631	$	239,151

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1 In connection with acquisitions completed in 2017 and 2019, the Company is required to make quarterly charitable contributions of $50 thousand through October 2024 and $250 thousand per year through May 2024, respectively. The net present value of these required payments has been recorded as a liability with interest rates ranging between 2.17% - 7.00%.

2 The April 30, 2021 private placement debt was issued in an original amount of $249,934 thousand with an interest rate of 7%, maturing on April 30, 2025. The debt was issued at a discount, the carrying value of which was $12,139 thousand and $21,244 thousand as of December 31, 2022 and 2021, respectively.

3 Mortgage notes, with an intial value of $38,292 thousand and $10,437 thousand, were issued by the Company in connection with various operating properties, and were recorded at such gross value as of December 31, 2022 and 2021, respectively. The mortgage notes were issued at a discount, the carrying value of which was $437 thousand and $162 thousand, and are presented net such discount and principal payments of $746 thousand and $269 thousand as of December 31, 2022 and 2021, respectively.