| Schedule of Debt |
The debt of the Operating Partnership consisted of the following (in thousands):
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As of |
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As of |
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June 30, 2020 |
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December 31, 2019 |
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Stated Interest Rate(s) |
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Maturity Date |
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Principal |
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Book Value(1)
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Principal |
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Book Value(1)
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Senior, unsecured notes: |
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Senior notes |
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3.875 |
% |
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December 2023 |
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$ |
250,000 |
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$ |
247,635 |
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$ |
250,000 |
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$ |
247,308 |
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Senior notes |
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3.750 |
% |
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December 2024 |
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250,000 |
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248,309 |
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250,000 |
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248,127 |
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Senior notes |
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3.125 |
% |
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September 2026 |
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350,000 |
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346,492 |
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350,000 |
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346,215 |
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Senior notes |
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3.875 |
% |
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July 2027 |
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300,000 |
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297,149 |
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300,000 |
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296,953 |
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Mortgages payable: |
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Atlantic City (2)(3)
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5.14 |
% |
- |
7.65% |
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November 2021- December 2026 |
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29,151 |
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30,575 |
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30,909 |
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32,531 |
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Southaven |
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LIBOR |
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+ |
1.80% |
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April 2021 |
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51,400 |
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51,322 |
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51,400 |
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51,272 |
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Unsecured term loan |
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LIBOR(4)
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+ |
1.00% |
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April 2024 |
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350,000 |
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347,003 |
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350,000 |
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347,367 |
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Unsecured lines of credit |
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LIBOR(4)
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+ |
1.00% |
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October 2021 (5)
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399,830 |
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397,407 |
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— |
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— |
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$ |
1,980,381 |
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$ |
1,965,892 |
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$ |
1,582,309 |
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$ |
1,569,773 |
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(1) |
Including premiums and net of debt discount and debt origination costs. |
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(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%.
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(3) |
Principal and interest due monthly with remaining principal due at maturity. |
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(4) |
If the LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25%.
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(5) |
Unsecured lines of credit have a one-year extension option to extend maturity to October 2022. |
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| Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of June 30, 2020 for the next five years and thereafter are as follows (in thousands):
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Calendar Year |
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Amount |
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For the remainder of 2020 |
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$ |
1,808 |
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2021 |
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457,023 |
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2022 |
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4,436 |
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2023 |
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254,768 |
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2024 |
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605,140 |
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Thereafter |
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657,206 |
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Subtotal |
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1,980,381 |
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Net discount and debt origination costs |
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(14,489 |
) |
Total |
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$ |
1,965,892 |
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