Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

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Debt of the Operating Partnership (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
As of
June 30, 2024 December 31, 2023
Unsecured lines of credit $ 35,000  $ 13,000 
Unsecured term loan $ 325,000  $ 325,000 
The debt of the Operating Partnership consisted of the following (in thousands):
As of As of
June 30, 2024 December 31, 2023
Stated Interest Rate(s) Maturity Date Maturity Date With Extension Option Principal
Book Value(1)
Principal
Book Value(1)
Senior, unsecured notes:  
Senior notes 3.125% September 2026 $ 350,000  $ 348,755  $ 350,000  $ 348,467 
Senior notes 3.875% July 2027 300,000  298,749  300,000  298,546 
Senior notes 2.750% September 2031 400,000  393,268  400,000  392,827 
Unsecured term loan(4)
Adj SOFR + 0.94% January 2027 January 2028 325,000  322,752  325,000  322,322 
Mortgages payable:
Atlantic City(2) (3)
6.44  % - 7.65% December 2024- December 2026 9,817  10,010  12,336  12,613 
     Southaven Adj SOFR + 2.00% October 2026 October 2027 51,700  51,477  51,700  51,428 
Unsecured lines of credit Adj SOFR + 0.85% April 2028 April 2029 35,000  35,000  13,000  13,000 
Total
 $ 1,471,517  $ 1,460,011  $ 1,452,036  $ 1,439,203 
(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $11.5 million and $12.8 million as of June 30, 2024 and December 31, 2023, respectively. This excludes $8.3 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended June 30, 2024 and December 31, 2023, respectively, recorded in prepaids and other assets in the consolidated balance sheet.
(2)The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.
(3)Principal and interest due monthly with remaining principal due at maturity.
(4)As of June 12, 2024, the interest rate spread improved by 1 basis point as the Company exceeded the sustainability metric threshold.
Schedule of Maturities of Long-term Debt
Maturities and principal amortization of the existing long-term debt as of June 30, 2024 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2024 $ 2,611 
2025 1,501 
2026 407,405 
2027 625,000 
2028 35,000 
Thereafter 400,000 
Subtotal 1,471,517 
Net discount and debt origination costs (11,506)
Total $ 1,460,011