Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following ($ in thousands):

	September 30, 2023		December 31, 2022
Revolving credit facility - unsecured	$	205,000	$	42,000
Bank term loans - unsecured	200,000		240,000
2031 Senior Notes - unsecured, net of discount of $2,358 and $2,600	397,642		397,400
Private placement notes - unsecured	275,000		400,000
Fannie Mae term loans - secured, non-recourse	76,345		76,649
Unamortized loan costs	(9,549)		(8,538)
	$	1,144,438	$	1,147,511

Schedule of Maturities of Long-term Debt

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

Remainder of 2023	$	50,104
2024	75,425
2025	325,816
2026	205,000
2027	100,000
2028	—
Thereafter	400,000
	1,156,345
Less: discount	(2,358)
Less: unamortized loan costs	(9,549)
	$	1,144,438

Schedule of Unsecured Term Loans

Our remaining unsecured private placement notes as of September 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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Interest expense on debt at contractual rates	$	14,387	$	10,821	$	41,439	$	30,640
Capitalized interest	(21)		(18)		(61)		(28)
Amortization of debt issuance costs, debt discount and other	720		609		1,930		1,860
Total interest expense	$	15,086	$	11,412	$	43,308	$	32,472