Schedule of Debt |
The debt of the Operating Partnership as of December 31, 2017 and 2016 consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
|
Stated Interest Rate(s) |
|
Maturity Date |
|
Principal |
|
Book Value(1)
|
|
Principal |
|
Book Value(1)
|
Senior, unsecured notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes |
|
6.125 |
% |
|
June 2020 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
300,000 |
|
|
$ |
298,226 |
|
Senior notes |
|
3.875 |
% |
|
December 2023 |
|
250,000 |
|
|
246,036 |
|
|
250,000 |
|
|
245,425 |
|
Senior notes |
|
3.750 |
% |
|
December 2024 |
|
250,000 |
|
|
247,410 |
|
|
250,000 |
|
|
247,058 |
|
Senior notes |
|
3.125 |
% |
|
September 2026 |
|
350,000 |
|
|
345,128 |
|
|
350,000 |
|
|
344,600 |
|
Senior notes |
|
3.875 |
% |
|
July 2027 |
|
300,000 |
|
|
296,182 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgages payable: |
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic City (2) (3)
|
|
5.14%-7.65% |
|
|
November 2021- December 2026 |
|
37,462 |
|
|
39,879 |
|
|
40,471 |
|
|
43,286 |
|
Foxwoods |
|
LIBOR + 1.55% |
|
|
December 2017 |
|
— |
|
|
— |
|
|
70,250 |
|
|
69,902 |
|
Southaven |
|
LIBOR + 1.75% |
|
|
April 2018 |
|
60,000 |
|
|
59,881 |
|
|
59,277 |
|
|
58,957 |
|
Unsecured term loan |
|
LIBOR + 0.95% |
|
|
April 2021 |
|
325,000 |
|
|
322,975 |
|
|
325,000 |
|
|
322,410 |
|
Unsecured lines of credit |
|
LIBOR + 0.90% |
|
|
October 2019 |
|
208,100 |
|
|
206,160 |
|
|
61,000 |
|
|
58,002 |
|
|
|
|
|
|
|
$ |
1,780,562 |
|
|
$ |
1,763,651 |
|
|
$ |
1,705,998 |
|
|
$ |
1,687,866 |
|
|
|
(1) |
Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $12.7 million and $14.0 million for the years ended December 31, 2017 and 2016, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2017, 2016 and 2015 was $3.3 million, $3.2 million and $2.7 million, respectively.
|
|
|
(2) |
The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05%.
|
|
|
(3) |
Principal and interest due monthly with remaining principal due at maturity. |
|
Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of December 31, 2017 for the next five years and thereafter are as follows (in thousands):
|
|
|
|
|
|
Calendar Year |
|
Amount |
|
2018 |
|
$ |
63,184 |
|
2019 |
|
211,469 |
|
2020 |
|
3,566 |
|
2021 |
|
330,793 |
|
2022 |
|
4,436 |
|
Thereafter |
|
1,167,114 |
|
Subtotal |
|
1,780,562 |
|
Net discount and debt origination costs |
|
(16,911 |
) |
Total |
|
$ |
1,763,651 |
|
|