Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

v3.23.3
Debt of the Operating Partnership (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023 December 31, 2022
Unsecured lines of credit $ —  $ — 
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, 2023 December 31, 2022
Stated Interest Rate(s) Maturity Date Principal
Book Value(1)
Principal
Book Value(1)
Senior, unsecured notes:  
Senior notes 3.125  % September 2026 $ 350,000  $ 348,323  $ 350,000  $ 347,894 
Senior notes 3.875  % July 2027 300,000  298,444  300,000  298,142 
Senior notes 2.750  % September 2031 400,000  392,610  400,000  391,962 
Mortgages payable:
Atlantic City (2) (3)
6.44  % - 7.65% December 2024- December 2026 13,562  13,889  17,109  17,625 
     Southaven Adj SOFR + 2.00% October 2026 51,700  51,404  51,700  51,346 
Unsecured term loan Adj SOFR + 0.95% January 2027 325,000  322,162  325,000  321,525 
Unsecured lines of credit Adj SOFR + 1.00% July 2025 —  —  —  — 
  $ 1,440,262  $ 1,426,832  $ 1,443,809  $ 1,428,494 
(1)Including premiums and net of debt discount and debt origination costs. Excludes $2.8 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended September 30, 2023 and December 31, 2022, 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.
Schedule of Maturities of Long-term Debt
Maturities and principal amortization of the existing long-term debt as of September 30, 2023 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2023 $ 1,226 
2024 5,130 
2025 1,501 
2026 407,405 
2027 625,000 
Thereafter 400,000 
Subtotal 1,440,262 
Net discount and debt origination costs (13,430)
Total $ 1,426,832