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Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	June 30, 2019				December 31, 2018
Revolving credit facility - unsecured	$	273,000			$	84,000
Bank term loans - unsecured	550,000				550,000
Private placement term loans - unsecured	400,000				400,000
HUD mortgage loans (net of discount of $1,278 and $1,320)	42,526				42,906
Fannie Mae term loans - secured, non-recourse	95,876				96,044
Convertible senior notes - unsecured (net of discount of $1,004 and $1,391)	118,996				118,609
Unamortized loan costs	(8,611		)		(9,884		)
	$	1,471,787			$	1,281,675

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of June 30, 2019, and for each of the next five years and thereafter are as follows (in thousands):

2020	$	1,208
2021	121,256
2022	1,303
2023	649,353
2024	351,402
Thereafter	358,158
	1,482,680
Less: discount	(2,282		)
Less: unamortized loan costs	(8,611		)
	$	1,471,787

Schedule of Unsecured Term Loans

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

Schedule of Interest Expense

The following table summarizes interest expense (in thousands):

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2019				2018				2019				2018
Interest expense on debt at contractual rates	$	13,355			$	11,414			$	26,429			$	21,941
Losses reclassified from accumulated other
comprehensive income (loss) into interest expense	(349		)		76				(641		)		352
Capitalized interest	(158		)		(47		)		(315		)		(71		)
Amortization of debt issuance costs and debt discount	898				777				1,791				1,612
Total interest expense	$	13,746			$	12,220			$	27,264			$	23,834

Schedule of Interest Rate Derivatives

As of June 30, 2019, we employ the following interest rate swap contracts to mitigate our interest rate risk on our bank term and revolver loans described above (dollars in thousands):

Date Entered		Maturity Date		Fixed Rate		Rate Index		Notional Amount				Fair Value
June 2013		June 2020		3.41%		1-month LIBOR		$	80,000,000			$	(208	)
March 2014		June 2020		3.46%		1-month LIBOR		$	130,000,000			$	(398	)
March 2019		December 2021		3.46%		1-month LIBOR		$	100,000,000			$	(1,436	)
March 2019		December 2021		3.47%		1-month LIBOR		$	100,000,000			$	(1,468	)
June 2019		December 2021		2.84%		1-month LIBOR		$	150,000,000			$	48
June 2019		December 2021		2.88%		1-month LIBOR		$	50,000,000			$	1

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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