Debt (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Debt Instruments [Abstract] |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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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