Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	June 30, 2017			December 31, 2016
Convertible senior notes - unsecured (net of discount of $4,098 and $4,717)	$	193,477		$	195,283
Revolving credit facility - unsecured	188,000			158,000
Bank term loans - unsecured	250,000			250,000
Private placement term loans - unsecured	400,000			400,000
HUD mortgage loans (net of discount of $1,444 and $1,487)	44,003			44,354
Fannie Mae term loans - secured, non-recourse	78,084			78,084
Unamortized loan costs	(8,559		)	(9,740		)
	$	1,145,005		$	1,115,981

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of June 30, 2017 for each of the next five years and thereafter, after giving effect to the modifications to our credit facility discussed below, are as follows (in thousands):

Twelve months ended June 30,
2018	$	808
2019	835
2020	438,863
2021	198,468
2022	923
Thereafter	519,209
	1,159,106
Less: discount	(5,542		)
Less: unamortized loan costs	(8,559		)
	$	1,145,005

Schedule of Unsecured Term Loans

Our unsecured private placement term loans are summarized below:

Amount		Inception	Maturity	Fixed Rate
$	125,000,000	January 2015	January 2023	3.99%
50,000,000		November 2015	November 2023	3.99%
75,000,000		September 2016	September 2024	3.93%
50,000,000		November 2015	November 2025	4.33%
100,000,000		January 2015	January 2027	4.51%
$	400,000,000

Schedule of Interest Expense

The following table summarizes interest expense (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Interest expense at contractual rates	$	10,957		$	9,991		$	21,779		$	19,505
Capitalized interest	(94		)	(196		)	(160		)	(316		)
Loss on conversion retirement	96			—			96			—
Amortization of debt issuance costs and debt discount	869			871			1,774			1,739
Total interest expense	$	11,828		$	10,666		$	23,489		$	20,928

Schedule of Interest Rate Derivatives

June 30, 2017 (dollars in thousands):

Date Entered	Maturity Date	Fixed Rate	Rate Index	Notional Amount		Fair Value
May 2012	April 2019	3.29%	1-month LIBOR	$	40,000	$	(33	)
June 2013	June 2020	3.86%	1-month LIBOR	$	80,000	$	(1,083	)
March 2014	June 2020	3.91%	1-month LIBOR	$	130,000	$	(1,941	)