Debt of the Operating Partnership

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt of the Operating Partnership

Debt Guaranteed by the Company

All of the Company’s debt is held by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $520.0 million as of March 31, 2024. The Company also guarantees the Operating Partnership’s unsecured term loan.

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):

	As of
	March 31, 2024		December 31, 2023
Unsecured lines of credit	$	46,000	$	13,000
Unsecured term loan	$	325,000	$	325,000

Debt of the Operating Partnership

The debt of the Operating Partnership consisted of the following (in thousands):

						As of				As of
						March 31, 2024				December 31, 2023
	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	$	348,613	$	350,000	$	348,467
Senior notes	3.875%				July 2027	300,000		298,649		300,000		298,546
Senior notes	2.750%				September 2031	400,000		393,048		400,000		392,827
Unsecured term loan	Adj SOFR		+	0.95%	January 2027	325,000		322,537		325,000		322,322
Mortgages payable:
Atlantic City (2) (3)	6.44	%	-	7.65%	December 2024- December 2026	11,088		11,320		12,336		12,613
Southaven	Adj SOFR		+	2.00%	October 2026	51,700		51,452		51,700		51,428
Unsecured lines of credit (4)	Adj SOFR		+	1.00%	July 2025	46,000		46,000		13,000		13,000
Total						$	1,483,788	$	1,471,619	$	1,452,036	$	1,439,203

(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $12.2 million and $12.8 million as of March 31, 2024 and December 31, 2023, respectively. This excludes $1.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 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)See Note 18 to the consolidated financial statements for further details of our unsecured lines of credit.

Certain of our properties, which had a net book value of approximately $139.2 million at March 31, 2024, serve as collateral for mortgages payable. As of March 31, 2024, we maintained unsecured lines of credit that provided for borrowings of up to $520.0 million. The unsecured lines of credit as of March 31, 2024 included a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of March 31, 2024, we believe we were in compliance with all of our debt covenants.

Debt Maturities

Maturities and principal amortization of the existing long-term debt as of March 31, 2024 for the next five years and thereafter are as follows (in thousands):

Calendar Year	Amount
For the remainder of 2024	$	3,882
2025	47,501
2026	407,405
2027	625,000
2028	—
Thereafter	400,000
Subtotal	1,483,788
Net discount and debt origination costs	(12,169)
Total	$	1,471,619

We have considered our short-term (one year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs.