Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following ($ in thousands):

	June 30, 2023		December 31, 2022
Revolving credit facility - unsecured	$	196,000	$	42,000
Bank term loans - unsecured	200,000		240,000
2031 Senior notes - unsecured, net of discount of $2,439 and $2,600	397,561		397,400
Private placement notes - unsecured	275,000		400,000
Fannie Mae term loans - secured, non-recourse	76,446		76,649
Unamortized loan costs	(10,192)		(8,538)
	$	1,134,815	$	1,147,511

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of June 30, 2023 are as follows ($ in thousands):

Remainder of 2023	$	50,205
2024	75,425
2025	325,816
2026	196,000
2027	100,000
2028	—
Thereafter	400,000
	1,147,446
Less: discount	(2,439)
Less: unamortized loan costs	(10,192)
	$	1,134,815

Schedule of Unsecured Term Loans

Our remaining unsecured private placement notes as of June 30, 2023, payable interest-only, are summarized below ($ in thousands):

Amount		Inception	Maturity	Fixed Rate
$	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%
$	275,000

Schedule of Interest Expense

The following table summarizes interest expense ($ in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Interest expense on debt at contractual rates	$	13,612	$	10,262	$	27,052	$	19,819
Capitalized interest	(22)		(9)		(41)		(10)
Amortization of debt issuance costs, debt discount and other	604		609		1,210		1,251
Total interest expense	$	14,194	$	10,862	$	28,221	$	21,060