Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	September 30, 2019			December 31, 2018
Revolving credit facility - unsecured	$	250,000		$	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 $1,258 and $1,320)	42,333			42,906
Fannie Mae term loans - secured, non-recourse	95,793			96,044
Convertible senior notes - unsecured (net of discount of $807 and $1,391)	119,193			118,609
Unamortized loan costs	(7,959		)	(9,884		)
	$	1,449,360		$	1,281,675

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of September 30, 2019, and for each of the next five years and thereafter are as follows (in thousands):

2020	$	1,219
2021	121,267
2022	501,315
2023	426,366
2024	51,416
Thereafter	357,801
	1,459,384
Less: discount	(2,065		)
Less: unamortized loan costs	(7,959		)
	$	1,449,360

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						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Interest expense on debt at contractual rates	$	14,308		$	11,637		$	40,736		$	33,579
Losses reclassified from accumulated other
comprehensive income (loss) into interest expense	(390		)	(27		)	(1,031		)	326
Capitalized interest	(161		)	(50		)	(476		)	(123		)
Amortization of debt issuance costs and debt discount	904			814			2,696			2,425
Total interest expense	$	14,661		$	12,374		$	41,925		$	36,207

Schedule of Interest Rate Derivatives

As of September 30, 2019, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above (dollars in thousands):

Date Entered	Maturity Date	Fixed Rate	Rate Index	Notional Amount		Fair Value (Liability)
June 2013	June 2020	3.46%	1-month LIBOR	$	80,000,000	$	(238	)
March 2014	June 2020	3.51%	1-month LIBOR	$	130,000,000	$	(431	)
March 2019	December 2021	3.51%	1-month LIBOR	$	100,000,000	$	(1,691	)
March 2019	December 2021	3.52%	1-month LIBOR	$	100,000,000	$	(1,720	)
June 2019	December 2021	2.89%	1-month LIBOR	$	150,000,000	$	(538	)
June 2019	December 2021	2.93%	1-month LIBOR	$	50,000,000	$	(193	)