Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

v3.24.3
Debt of the Operating Partnership (Tables)
 9 Months Ended
Sep. 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
September 30, 2024 December 31, 2023
Unsecured lines of credit $ —  $ 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
September 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  $ 348,900  $ 350,000  $ 348,467 
Senior notes 3.875% July 2027 300,000  298,853  300,000  298,546 
Senior notes 2.750% September 2031 400,000  393,487  400,000  392,827 
Unsecured term loan(4)
Adj SOFR + 0.94% January 2027 January 2028 325,000  322,967  325,000  322,322 
Mortgages payable:
Atlantic City(2) (3)
6.44  % - 7.65% December 2024- December 2026 8,523  8,685  12,336  12,613 
     Southaven Adj SOFR + 2.00% October 2026 October 2027 51,700  51,501  51,700  51,428 
Unsecured lines of credit Adj SOFR + 0.85% April 2028 April 2029 —  —  13,000  13,000 
Total
 $ 1,435,223  $ 1,424,393  $ 1,452,036  $ 1,439,203 
(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $10.8 million and $12.8 million as of September 30, 2024 and December 31, 2023, respectively. This excludes $7.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended September 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)In June 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 September 30, 2024 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2024 $ 1,317 
2025 1,501 
2026 407,405 
2027 625,000 
2028 — 
Thereafter 400,000 
Subtotal 1,435,223 
Net discount and debt origination costs (10,830)
Total $ 1,424,393