v3.25.1
Debt of the Operating Partnership
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt of the Operating Partnership Debt Guaranteed by the Company
All of the Company’s debt is incurred 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 $620.0 million, of which $481.0 million remains available as of March 31, 2025. The Company also guarantees the Operating Partnership’s $325 million 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, 2025December 31, 2024
Unsecured lines of credit$139,000 $— 
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 ofAs of
March 31, 2025December 31, 2024
Stated Interest Rate(s)Maturity DateMaturity Date With Extension OptionPrincipal
Book Value(1)
Principal
Book Value(1)
Senior, unsecured notes: 
Senior notes3.125%September 2026$350,000 $349,191 $350,000 $349,045 
Senior notes3.875%July 2027300,000 299,058 300,000 298,956 
Senior notes2.750%September 2031400,000 393,933 400,000 393,710 
Unsecured term loan(4)
Adj SOFR +0.94%January 2027January 2028325,000 323,402 325,000 323,182 
Mortgages payable:
Atlantic City(2) (3)
6.44%December 20266,840 6,956 7,206 7,341 
     Southaven (5)
Adj SOFR+2.00%October 2026October 202751,700 51,550 51,700 51,525 
Unsecured lines of credit Adj SOFR+0.85%April 2028April 2029139,000 139,000 — — 
Total
$1,572,540 $1,563,090 $1,433,906 $1,423,759 
(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $9.5 million and $10.1 million as of March 31, 2025 and December 31, 2024, respectively. This excludes $7.0 million and $7.4 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 2025 and December 31, 2024, 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.
(5)The Operating Partnership provides a 10% guarantee of this mortgage, which is held at a joint venture, which is consolidated for financial reporting purposes.

Certain of our properties, which had a net book value of approximately $123.5 million at March 31, 2025, serve as collateral for mortgages payable. As of March 31, 2025, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million which had $139.0 million borrowed. The unsecured lines of credit as of March 31, 2025 included a $20.0 million liquidity line and a $600.0 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, 2025, 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, 2025 for the next five years and thereafter are as follows (in thousands):
Calendar YearAmount
For the remainder of 2025$1,135 
2026407,405 
2027625,000 
2028139,000 
2029— 
Thereafter400,000 
Subtotal1,572,540 
Net discount and debt origination costs(9,450)
Total$1,563,090 
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, proceeds from forward share issuance contracts 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.