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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Instruments [Abstract] |
Schedule of Debt | Debt consisted of the following ($ in thousands):
| September 30, 2024 |  | December 31, 2023
Revolving credit facility - unsecured | $ | 319,000 |  |  | $ | 245,000 |
Bank term loans - unsecured | 200,000 |  |  | 200,000 |
2031 Senior Notes - unsecured, net of discount of $2,037 and $2,278 | 397,963 |  |  | 397,722 |
Private placement notes - unsecured | 150,000 |  |  | 225,000 |
Fannie Mae term loans - secured, non-recourse | 75,925 |  |  | 76,241 |
Unamortized loan costs | (6,586) |  |  | (8,912) |
| $ | 1,136,302 |  |  | $ | 1,135,051 |
Schedule of Maturities of Long-term Debt | Aggregate principal maturities of debt as of September 30, 2024 were as follows ($ in thousands):
Remainder of 2024 | $ | 425 |
2025 | 325,500 |
2026 | 319,000 |
2027 | 100,000 |
2028 | — |
2029 | — |
Thereafter | 400,000 |
| 1,144,925 |
Less: discount | (2,037) |
Less: unamortized loan costs | (6,586) |
| $ | 1,136,302 |
Schedule of Unsecured Term Loans | Our unsecured private placement notes outstanding as of September 30, 2024, payable interest only, are summarized below ($ in thousands):
Amount |  | Inception |  | Maturity |  | Fixed Rate
$ | 50,000 |  |  | November 2015 |  | November 2025 |  | 4.33%
100,000 |  |  | January 2015 |  | January 2027 |  | 4.51%
$ | 150,000 |  |  |  |  |  |  |
Schedule of Interest Expense | The following table summarizes interest expense ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense on debt at contractual rates | $ | 14,131 |  |  | $ | 14,387 |  |  | $ | 42,247 |  |  | $ | 41,439 |
Capitalized interest | (65) |  |  | (21) |  |  | (152) |  |  | (61) |
Amortization of debt issuance costs, debt discount and other | 873 |  |  | 720 |  |  | 2,568 |  |  | 1,930 |
Total interest expense | $ | 14,939 |  |  | $ | 15,086 |  |  | $ | 44,663 |  |  | $ | 43,308 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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