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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Instruments [Abstract] |
Schedule of Debt | Debt consisted of the following ($ in thousands):
| March 31, 2025 |  | December 31, 2024
Revolving credit facility - unsecured | $ | 447,200 |  |  | $ | 331,200 |
Bank term loans - unsecured | 200,000 |  |  | 200,000 |
2031 Senior Notes - unsecured, net of discount of $1,876 and $1,956 | 398,124 |  |  | 398,044 |
Private placement notes - unsecured | 150,000 |  |  | 150,000 |
Fannie Mae term loans - secured, non-recourse | 75,704 |  |  | 75,815 |
Unamortized loan costs | (8,043) |  |  | (9,018) |
| $ | 1,262,985 |  |  | $ | 1,146,041 |
Schedule of Maturities of Long-term Debt | Aggregate principal maturities of debt as of March 31, 2025 were as follows ($ in thousands):
Remainder of 2025 | $ | 325,704 |
2026 | — |
2027 | 100,000 |
2028 | 447,200 |
2029 | — |
2030 | — |
Thereafter | 400,000 |
| 1,272,904 |
Less: discount | (1,876) |
Less: unamortized loan costs | (8,043) |
| $ | 1,262,985 |
Schedule of Unsecured Term Loans | Our unsecured private placement notes outstanding as of March 31, 2025, 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 |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Interest expense on debt at contractual rates | $ | 13,359 |  |  | $ | 14,087 |  |  |  |  |
Capitalized interest | — |  |  | (39) |  |  |  |  |
Amortization of debt issuance costs, debt discount and other | 978 |  |  | 821 |  |  |  |  |
Total interest expense | $ | 14,337 |  |  | $ | 14,869 |  |  |  |  |

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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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