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Debt (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Instruments [Abstract] |
Schedule of Debt | Debt consists of the following ($ in thousands):
| June 30, |  | December 31,
| 2025 |  | 2024
Revolving credit facility - unsecured | $ | 378,000 |  |  | $ | 331,200 |
Bank term loan - unsecured | 200,000 |  |  | 200,000 |
2031 Senior Notes - unsecured, net of discount of $1,796 and $1,956, respectively | 398,204 |  |  | 398,044 |
Private placement notes - unsecured | 150,000 |  |  | 150,000 |
Fannie Mae term loans - secured, non-recourse | — |  |  | 75,815 |
Unamortized debt issuance costs | (7,369) |  |  | (9,018) |
Total debt, net | $ | 1,118,835 |  |  | $ | 1,146,041 |
Schedule of Maturities of Long-term Debt | A summary of the aggregate principal maturities of our outstanding debt as of June 30, 2025 follows ($ in thousands):
Remainder of 2025 | $ | 250,000 |
2026 | — |
2027 | 100,000 |
2028 | 378,000 |
2029 | — |
2030 | — |
Thereafter | 400,000 |
Total principal amounts of debt | 1,128,000 |
Less: Unamortized discount | (1,796) |
Less: Unamortized debt issuance costs | (7,369) |
Total debt, net | $ | 1,118,835 |
Schedule of Unsecured Term Loans | Our unsecured private placement notes outstanding as of June 30, 2025, which require interest only payments up to the respective maturity dates, are summarized below ($ in thousands):
|  |  |  | Fixed Annual |  | Principal
Origination |  | Maturity |  | Interest Rate |  | Outstanding
November 2015 |  | November 2025 |  | 4.33% |  | $ | 50,000 |
January 2015 |  | January 2027 |  | 4.51% |  | 100,000 |
Total private placement notes |  |  |  |  |  | $ | 150,000 |
Schedule of Interest Expense | A summary of the components of interest expense follows ($ in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Interest expense at contractual rates | $ | 14,062 |  |  | $ | 14,029 |  |  | $ | 27,421 |  |  | $ | 28,116 |
Capitalized interest | — |  |  | (48) |  |  | — |  |  | (87) |
Amortization of debt issuance costs and discount |  |  |  |  |  |  |
and other | 939 |  |  | 873 |  |  | 1,917 |  |  | 1,694 |
Total interest expense | $ | 15,001 |  |  | $ | 14,854 |  |  | $ | 29,338 |  |  | $ | 29,723 |

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