| Schedule of Debt |
he debt of the Operating Partnership consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
|
|
|
|
|
|
June 30, 2013 |
|
December 31, 2012 |
|
|
Stated Interest Rate(s) |
|
Maturity Date |
|
Principal |
|
Premium
(Discount)
|
|
Principal |
|
Premium
(Discount)
|
Senior, unsecured notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes |
|
6.15 |
% |
|
November 2015 |
|
$ |
250,000 |
|
|
$ |
(265 |
) |
|
$ |
250,000 |
|
|
$ |
(317 |
) |
Senior notes |
|
6.125 |
% |
|
June 2020 |
|
300,000 |
|
|
(1,561 |
) |
|
300,000 |
|
|
(1,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages payable (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic City |
|
5.14%-7.65% |
|
|
November 2021- December 2026 |
|
49,751 |
|
|
4,287 |
|
|
52,212 |
|
|
4,495 |
|
Ocean City |
|
5.24 |
% |
|
January 2016 |
|
18,367 |
|
|
240 |
|
|
18,540 |
|
|
285 |
|
Hershey |
|
5.17%-8.00% |
|
|
August 2015 |
|
30,303 |
|
|
1,289 |
|
|
30,631 |
|
|
1,581 |
|
Note payable (1)
|
|
1.50 |
% |
|
June 2016 |
|
10,000 |
|
|
(472 |
) |
|
10,000 |
|
|
(546 |
) |
Unsecured term loan (2)
|
|
LIBOR + 1.60% |
|
|
February 2019 |
|
250,000 |
|
|
— |
|
|
250,000 |
|
|
— |
|
Unsecured lines of credit (3)
|
|
LIBOR + 1.10% |
|
|
November 2015 |
|
213,100 |
|
|
— |
|
|
178,306 |
|
|
— |
|
|
|
|
|
|
|
$ |
1,121,521 |
|
|
$ |
3,518 |
|
|
$ |
1,089,689 |
|
|
$ |
3,848 |
|
|
|
(1) |
The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05%, Ocean City 4.68%, Hershey 3.40% and note payable 3.15%.
|
|
|
(2) |
Our unsecured term loan is pre-payable without penalty beginning in February of 2015. |
|
|
(3) |
We have the option to extend the lines for one additional year to November 10, 2016. These lines require a facility fee payment of 0.175% annually based on the total amount of the commitment. The credit spread and facility fee can vary depending on our investment grade rating.
|
|
| Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of June 30, 2013 are as follows (in thousands):
|
|
|
|
|
|
Calendar Year |
|
Amount |
|
2013 |
|
$ |
1,723 |
|
2014 |
|
3,603 |
|
2015 |
|
495,443 |
|
2016 |
|
30,283 |
|
2017 |
|
3,008 |
|
Thereafter |
|
587,461 |
|
Subtotal |
|
1,121,521 |
|
Net premiums |
|
3,518 |
|
Total |
|
$ |
1,125,039 |
|
|