XML 35 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Instruments [Abstract]  
Schedule of Debt
Debt consists of the following (in thousands):
June 30,
2020		December 31,
2019
Revolving credit facility - unsecured$413,000  $300,000  
Bank term loans - unsecured550,000  550,000  
Private placement term loans - unsecured400,000  400,000  
HUD mortgage loans - secured, non-recourse41,743  42,138  
Fannie Mae term loans - secured, non-recourse95,532  95,706  
Convertible senior notes - unsecured59,898  59,697  
Unamortized loan costs(5,932) (7,076) 
$1,554,241  $1,440,465  
Schedule of Maturities of Long-term Debt
Aggregate principal maturities of debt as of June 30, 2020 are as follows (in thousands):

Remainder of 2020$621  
202161,279  
2022664,328  
2023476,378  
202476,429  
2025144,800  
Thereafter137,638  
1,561,473  
Less: discount(1,300) 
Less: unamortized loan costs(5,932) 
$1,554,241  
Schedule of Unsecured Term Loans
Our unsecured private placement term loans, payable interest-only, are summarized below ($ in thousands):

AmountInceptionMaturityFixed Rate
$125,000  January 2015January 20233.99%
50,000  November 2015November 20233.99%
75,000  September 2016September 20243.93%
50,000  November 2015November 20254.33%
100,000  January 2015January 20274.51%
$400,000  
Schedule of Interest Rate Derivatives June 30, 2020, we employed the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above ($ in thousands):
Date EnteredMaturity DateSwap RateRate IndexNotional AmountFair Value (Liability)
June 2013June 20202.11%1-month LIBOR$80,000  $—  
March 2014June 20202.16%1-month LIBOR$130,000  $—  
March 2019December 20212.22%1-month LIBOR$100,000  $(3,143) 
March 2019December 20212.21%1-month LIBOR$100,000  $(3,163) 
June 2019December 20211.61%1-month LIBOR$150,000  $(3,316) 
June 2019December 20211.63%1-month LIBOR$50,000  $(1,115) 
Schedule of Interest Expense
The following table summarizes interest expense (in thousands):
Three Months Ended Six Months Ended
June 30,June 30,
2020201920202019
Interest expense on debt at contractual rates$10,569  $13,355  $23,572  $26,429  
Losses reclassified from accumulated other
comprehensive income (loss) into interest expense2,263  (350) 2,755  (641) 
Capitalized interest(19) (158) (117) (315) 
Amortization of debt issuance costs and debt discount744  899  1,487  1,791  
Total interest expense$13,557  $13,746  $27,697  $27,264