| Schedule of Debt |
The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
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As of |
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September 30, 2022 |
|
December 31, 2021 |
| Unsecured lines of credit |
|
$ |
— |
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|
$ |
— |
|
| Unsecured term loan |
|
$ |
300,000 |
|
|
$ |
300,000 |
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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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September 30, 2022 |
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December 31, 2021 |
|
|
Stated Interest Rate(s) |
|
Maturity Date |
|
Principal |
|
Book Value(1)
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|
Principal |
|
Book Value(1)
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| Senior, unsecured notes: |
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| Senior notes |
|
3.125 |
% |
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September 2026 |
|
$ |
350,000 |
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|
$ |
347,752 |
|
|
$ |
350,000 |
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|
$ |
347,329 |
|
| Senior notes |
|
3.875 |
% |
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July 2027 |
|
300,000 |
|
|
298,041 |
|
|
300,000 |
|
|
297,742 |
|
| Senior notes |
|
2.750 |
% |
|
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September 2031 |
|
400,000 |
|
|
391,747 |
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|
400,000 |
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|
391,110 |
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| Mortgages payable: |
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Atlantic City (2) (3)
|
|
6.44 |
% |
- |
7.65% |
|
December 2024- December 2026 |
|
18,250 |
|
|
18,837 |
|
|
21,550 |
|
|
22,387 |
|
| Southaven |
|
LIBOR |
+ |
1.80% |
|
April 2023 |
|
40,144 |
|
|
40,122 |
|
|
40,144 |
|
|
40,087 |
|
| Unsecured term loan |
|
LIBOR |
+ |
1.25% |
|
April 2024 |
|
300,000 |
|
|
298,964 |
|
|
300,000 |
|
|
298,421 |
|
| Unsecured lines of credit |
|
LIBOR |
+ |
1.20% |
|
July 2025 |
|
— |
|
|
— |
|
|
— |
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|
— |
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| |
|
|
|
|
|
|
|
$ |
1,408,394 |
|
|
$ |
1,395,463 |
|
|
$ |
1,411,694 |
|
|
$ |
1,397,076 |
|
(1)Including premiums and net of debt discount and debt origination costs.
(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.
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| Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of September 30, 2022 for the next five years and thereafter are as follows (in thousands):
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| Calendar Year |
|
Amount |
| For the remainder of 2022 |
|
$ |
1,141 |
|
| 2023 |
|
44,917 |
|
| 2024 |
|
305,130 |
|
| 2025 |
|
1,501 |
|
| 2026 |
|
355,705 |
|
| Thereafter |
|
700,000 |
|
| Subtotal |
|
1,408,394 |
|
| Net discount and debt origination costs |
|
(12,931) |
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| Total |
|
$ |
1,395,463 |
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