Debt Debt (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Debt Instruments [Abstract] |
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Schedule of Long-term Debt Instruments [Table Text Block] |
($ in thousands): | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | Revolving credit facility - unsecured | $ | 298,000 | | | $ | 300,000 | | Bank term loans - unsecured | 650,000 | | | 550,000 | | Private placement term loans - unsecured | 400,000 | | | 400,000 | | HUD mortgage loans (net of discount of $ - and $1,238) | — | | | 42,138 | | Fannie Mae term loans - secured, non-recourse | 95,354 | | | 95,706 | | Convertible senior notes - unsecured (net of discount of $- and $303) | 60,000 | | | 59,697 | | Unamortized loan costs | (4,069) | | | (7,076) | | | $ | 1,499,285 | | | $ | 1,440,465 | |
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Schedule of Maturities of Long-term Debt [Table Text Block] |
: | | | | | | For The Year Ending December 31, | | 2021 | $ | 458,371 | | 2022 | 250,389 | | 2023 | 475,408 | | 2024 | 75,425 | | 2025 | 143,761 | | Thereafter | 100,000 | | | 1,503,354 | | | | Less: unamortized loan costs | (4,069) | | | $ | 1,499,285 | |
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Schedule of Unsecured Term Loans [Table Text Block] |
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 | | | | | | | |
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Schedule of Interest Rate Derivatives [Table Text Block] |
As of December 31, 2020, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Date Entered | | Maturity Date | | Swap Rate | | Rate Index | | Notional Amount | | Fair Value (Liability) | | | | | | | | | | | | | | | | | | | | | | | March 2019 | | December 2021 | | 2.22% | | 1-month LIBOR | | $ | 100,000 | | | $ | (2,092) | | March 2019 | | December 2021 | | 2.21% | | 1-month LIBOR | | $ | 100,000 | | | $ | (2,105) | | June 2019 | | December 2021 | | 1.61% | | 1-month LIBOR | | $ | 150,000 | | | $ | (2,210) | | June 2019 | | December 2021 | | 1.63% | | 1-month LIBOR | | $ | 50,000 | | | $ | (743) | |
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Schedule of Interest Expense [Table Text Block] |
The following table summarizes interest expense ($ in thousands): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2020 | | 2019 | | 2018 | Interest expense on debt at contractual rates | $ | 43,458 | | | $ | 53,923 | | | $ | 45,789 | | (Gains) losses reclassified from accumulated other | | | | | | comprehensive income (loss) into interest expense | 6,330 | | | (791) | | | 164 | | | | | | | | Capitalized interest | (254) | | | (399) | | | (212) | | | | | | | | Amortization of debt issuance costs, debt discount and other | 3,348 | | | 3,566 | | | 3,314 | | Total interest expense | 52,882 | | | 56,299 | | | 49,055 | |
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