Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	March 31, 2019			December 31, 2018
Revolving credit facility - unsecured	$	89,000		$	84,000
Bank term loans - unsecured	550,000			550,000
Private placement term loans - unsecured	400,000			400,000
HUD mortgage loans (net of discount of $1,299 and $1,320)	42,717			42,906
Fannie Mae term loans - secured, non-recourse	95,958			96,044
Convertible senior notes - unsecured (net of discount of $1,199 and $1,391)	118,802			118,609
Unamortized loan costs	(9,272		)	(9,884		)
	$	1,287,205		$	1,281,675

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of March 31, 2019, and for each of the next five years and thereafter are as follows (in thousands):

Twelve months ended March 31,
2020	$	1,196
2021	1,244
2022	121,291
2023	465,340
2024	351,390
Thereafter	358,513
	1,298,974
Less: discount	(2,497		)
Less: unamortized loan costs	(9,272		)
	$	1,287,205

Schedule of Unsecured Term Loans

Our unsecured private placement term loans, payable interest-only, are summarized below (in thousands):

Amount		Inception	Maturity	Fixed Rate
$	125,000	January 2015	January 2023	3.99%
50,000		November 2015	November 2023	3.99%
75,000		September 2016	September 2024	3.93%
50,000		November 2015	November 2025	4.33%
100,000		January 2015	January 2027	4.51%
$	400,000

Schedule of Interest Expense

The following table summarizes interest expense (in thousands):

	Three Months Ended
	March 31,
	2019			2018
Interest expense on debt at contractual rates	$	13,074		$	10,527
Losses reclassified from accumulated other
comprehensive income (loss) into interest expense	(292		)	276
Capitalized interest	(157		)	(24		)
Amortization of debt issuance costs and debt discount	893			835
Total interest expense	$	13,518		$	11,614

Schedule of Interest Rate Derivatives

As of March 31, 2019, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term loans described above (dollars in thousands):

Date Entered	Maturity Date	Fixed Rate	Rate Index	Notional Amount		Fair Value
May 2012	April 2019	2.84%	1-month LIBOR	$	40,000,000	$	31
June 2013	June 2020	3.41%	1-month LIBOR	$	80,000,000	$	230
March 2014	June 2020	3.46%	1-month LIBOR	$	130,000,000	$	298
March 2019	December 2021	3.46%	1-month LIBOR	$	100,000,000	$	(92	)
March 2019	December 2021	3.47%	1-month LIBOR	$	100,000,000	$	(127	)