Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instruments [Abstract]

Schedule of Debt

Debt consisted of the following ($ in thousands):

	March 31, 2024		December 31, 2023
Revolving credit facility - unsecured	$	248,500	$	245,000
Bank term loans - unsecured	200,000		200,000
2031 Senior Notes - unsecured, net of discount of $2,198 and $2,278	397,802		397,722
Private placement notes - unsecured	225,000		225,000
Fannie Mae term loans - secured, non-recourse	76,136		76,241
Unamortized loan costs	(8,172)		(8,912)
	$	1,139,266	$	1,135,051

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of March 31, 2024 were as follows ($ in thousands):

Remainder of 2024	$	75,425
2025	325,711
2026	248,500
2027	100,000
2028	—
2029	—
Thereafter	400,000
	1,149,636
Less: discount	(2,198)
Less: unamortized loan costs	(8,172)
	$	1,139,266

Schedule of Unsecured Term Loans

Our unsecured private placement notes as of March 31, 2024, payable interest-only, are summarized below ($ in thousands):

Amount		Inception	Maturity	Fixed Rate
$	75,000	September 2016	September 2024	3.93%
50,000		November 2015	November 2025	4.33%
100,000		January 2015	January 2027	4.51%
$	225,000

Schedule of Interest Expense

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

	Three Months Ended
	March 31,
	2024		2023
Interest expense on debt at contractual rates	$	14,087	$	13,440
Capitalized interest	(39)		(19)
Amortization of debt issuance costs, debt discount and other	821		606
Total interest expense	$	14,869	$	14,027