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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instruments [Abstract]  
Schedule of Long-term Debt Instruments
Debt consisted of the following ($ in thousands):
December 31, 2024December 31, 2023
Revolving credit facility - unsecured$331,200 $245,000 
Bank term loans - unsecured200,000 200,000 
2031 Senior Notes - unsecured, net of discount of $1,956 and $2,278
398,044 397,722 
Private placement notes - unsecured150,000 225,000 
Fannie Mae term loans - secured, non-recourse75,815 76,241 
Unamortized loan costs(9,018)(8,912)
$1,146,041 $1,135,051 
Schedule of Maturities of Long-term Debt
Aggregate principal maturities of debt as of December 31, 2024 for each of the next five years and thereafter are included in
the table below. These maturities do not include the impact of any debt incurred or repaid subsequent to December 31, 2024 ($ in thousands):

For The Year Ending December 31,
2025$325,815 
2026— 
2027100,000 
2028331,200 
2029— 
Thereafter400,000 
1,157,015 
Less: discount(1,956)
Less: unamortized loan costs(9,018)
$1,146,041 
Schedule of Unsecured Term Loans
Our unsecured private placement notes outstanding as of December 31, 2024, payable interest-only, are summarized below ($ in thousands):

AmountInceptionMaturityFixed Rate
$50,000 November 2015November 20254.33 %
100,000 January 2015January 20274.51 %
$150,000 
Schedule of Interest Expense
The following table summarizes interest expense ($ in thousands):
December 31, 2024
202420232022
Interest expense on debt at contractual rates$56,313 $55,603 $42,487 
Capitalized interest(193)(90)(46)
Amortization of debt issuance costs, debt discount and other3,783 2,647 2,476 
Total interest expense$59,903 $58,160 $44,917