v3.26.1
Debt Guaranteed by the Company
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Guaranteed by the Company 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 $620.0 million remains available as of March 31, 2026. The Company also guarantees the Operating Partnership’s $400.0 million unsecured term loans and the Operating Partnership’s $250.0 million senior, unsecured exchangeable notes.

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):
As of
March 31, 2026December 31, 2025
Unsecured lines of credit$— $44,000 
Senior, unsecured exchangeable notes
$250,000 $— 
Unsecured term loans$400,000 $325,000 
Debt of the Operating Partnership
The debt of the Operating Partnership consisted of the following (in thousands):
As ofAs of
March 31, 2026December 31, 2025
Stated Interest Rate(s)
Effective Rate (1)
Maturity DateMaturity Date With Extension OptionPrincipal
Book Value(2)
Principal
Book Value(2)
Senior, unsecured notes: 
Senior notes3.125%3.2%Sept. 2026$350,000 $349,779 $350,000 $349,631 
Senior notes3.875%3.9%July 2027300,000 299,475 300,000 299,370 
Senior notes2.750%2.9%Sept. 2031400,000 394,834 400,000 394,608 
Senior, unsecured exchangeable notes:
Exchangeable senior notes2.375%2.4%Jan. 2031250,000 242,826 — — 
Unsecured term loans:
Unsecured term loan (3)
SOFR+0.95%4.7%Dec. 2030250,000 246,370 325,000 323,978 
Unsecured term loan (3)
SOFR+1.25%5.0%Jan. 2033150,000 147,972 — — 
Mortgages payable:
Atlantic City (4) (5)
6.44%5.05%Dec. 20265,315 5,357 5,705 5,760 
Kansas City (5)
7.57%6.0%Nov. 2027115,000 117,875 115,000 118,317 
Southaven (3) (6)
SOFR+2.00%5.5%April 203061,700 61,186 61,700 61,157 
Unsecured lines of credit SOFR+0.85%4.5%April 2028April 2029— — 44,000 44,000 
Total
$1,882,015 $1,865,674 $1,601,405 $1,596,821 
(1)Includes the impact of discounts and premiums, mark-to-market adjustments for mortgages assumed in conjunction with property acquisitions and interest rate swap agreements, as applicable.
(2)Includes premiums, discounts and unamortized debt origination costs. These costs were $16.3 million and $4.6 million as of March 31, 2026 and December 31, 2025, respectively. This excludes $5.2 million and $5.7 million of unamortized debt origination costs related to the unsecured lines of credit at March 31, 2026 and December 31, 2025, respectively, recorded in prepaids and other assets in the consolidated balance sheet.
(3)We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 6).
(4)Principal and interest due monthly with remaining principal due at maturity.
(5)The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgage assumed during the acquisition in 2011 was 5.05%. The effective interest rate assigned during the purchase price allocation to the Kansas City mortgage assumed as part of the acquisition in 2025 was 6.0%.
(6)The Operating Partnership provides a 10% guarantee of this mortgage, which is held at a joint venture that is consolidated for financial reporting purposes.

Certain of our properties, which had a net book value of approximately $194.9 million at March 31, 2026, serve as collateral for mortgages payable. As of March 31, 2026, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million under which there were no outstanding borrowings. The unsecured lines of credit as of March 31, 2026 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.

2026 Transactions

Exchangeable Notes
In January 2026, the Operating Partnership issued $250.0 million aggregate principal amount of the Exchangeable Notes, which are guaranteed, on a senior, unsecured basis, by the Company (the “Guarantee”). The Exchangeable Notes bear interest at a rate of 2.375% per year, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2026. The Exchangeable Notes mature on January 15, 2031, unless earlier exchanged, redeemed or repurchased. On or after October 15, 2030, the Exchangeable Notes will be exchangeable at the option of the holders at any time prior to the close of business on the business day immediately preceding the maturity date. The Exchangeable Notes will be exchangeable at an initial exchange rate of 24.0662 common shares per $1,000 principal amount of the Exchangeable Notes (equivalent to an exchange price of approximately $41.55 per common share). The Exchangeable Notes will be exchangeable for cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and, in respect of the remainder of the exchange obligation, if any, in excess thereof, cash, common shares or a combination thereof, at the election of the Operating Partnership. Net proceeds after the initial purchaser’s discount and offering costs were approximately $243.0 million.

The Exchangeable Notes and the Guarantee were issued pursuant to an indenture, dated as of January 12, 2026 (the “Indenture”), among the Operating Partnership, the Company and U.S. Bank Trust Company, National Association, as trustee.

If a Fundamental Change (as defined in the Indenture) occurs prior to the maturity date for the Exchangeable Notes, subject to certain conditions and a limited exception, holders of the Exchangeable Notes may require the Operating Partnership to repurchase for cash all or any portion of their Exchangeable Notes at a repurchase price equal to 100% of the principal amount of the Exchangeable Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the Fundamental Change Repurchase Date (as defined in the Indenture). In addition, if certain corporate events occur or if the Operating Partnership calls any Exchangeable Notes for redemption, the Operating Partnership may be required, in certain circumstances, to increase the exchange rate for any Exchangeable Notes in connection with any such corporate event or exchange their Exchangeable Notes called (or deemed called, as provided in the Indenture) for redemption by a specified number of common shares, up to a maximum of 29.4811 common shares per $1,000 principal amount of Exchangeable Notes.

The Operating Partnership may redeem for cash all or any portion of the Exchangeable Notes (subject to certain limitations), if the Company’s board of directors (or a committee thereof) determines such redemption is necessary to preserve the Company’s status as a REIT for U.S. federal income tax purposes. The Operating Partnership does not have any other right to redeem the Exchangeable Notes prior to January 22, 2029. On any business day on or after January 22, 2029 and prior to the 41st scheduled trading day immediately preceding the maturity date, the Operating Partnership may redeem the Exchangeable Notes, at its option, in whole or in part (subject to certain limitations), if the last reported sale price of the common shares has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Operating Partnership provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Exchangeable Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of the Exchangeable Notes on a record date to receive the related interest payment).
In connection with the offering of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the common shares, if any, deliverable upon exchange of the Exchangeable Notes. In February 2026, the Company registered the resale of the common shares offered under a prospectus supplement pursuant to contractual obligations under the registration rights agreement. Further, we agreed in the registration rights agreement to use commercially reasonable efforts to keep the shelf registration statement or resale prospectus effective to and including the earlier of (1) the 50th trading day immediately following the maturity date for the Exchangeable Notes (subject to extension for any suspension of the effectiveness of the registration during such 50-trading day period immediately following the maturity date for the Exchangeable Notes) and (2) the 50th trading day immediately following the date on which (i) there are no longer outstanding any Exchangeable Notes or (ii) there are no common shares delivered or deliverable upon exchange thereof that would be “restricted securities" (within the meaning of Rule 144 under the Securities Act). If the Operating Partnership does not fulfill certain of its obligations under the registration rights agreement (a "Registration Default"), the Operating Partnership will be required to pay additional interest to holders of the Exchangeable Notes. If a holder of the Exchangeable Notes exchanges some or all of its Exchangeable Notes, such holder will not be entitled to additional interest with respect to the notes so exchanged. However, if such holder exchanges some or all of its Exchangeable Notes when there exists a Registration Default, the Operating Partnership will increase the applicable exchange rate by 3% for each $1,000 principal amount of notes so exchanged instead of paying any additional interest. We account for such additional interest amounts as contingent obligations in accordance with ASC Subtopic 825-20: Financial Instrument - Registration Payment Arrangements, which are measured separately in accordance with ASC Subtopic 450-20: Loss Contingencies. Because payment of such additional interest amounts is not probable as of March 31, 2026, they have not been recognized or included in the allocation of the proceeds from Exchangeable Notes as of March 31, 2026.

Unsecured Term Loans
In January 2026, we closed on $550.0 million of unsecured term loans, comprised of (i) an amendment of our existing $325.0 million term loan increasing the capacity to $350.0 million and extending the maturity to December 2030 (the "2030 Term Loan") and (ii) a new $200.0 million term loan due January 2033 (the "2033 Term Loan"). We drew an incremental $75.0 million at closing, for a total outstanding amount of $400.0 million, and we have a combined $150.0 million available under a delayed draw feature. The applicable pricing margin is SOFR plus 95 basis points for the 2030 Term Loan and SOFR plus 125 basis points for the 2033 Term Loan based on our current credit rating.

Unsecured Lines of Credit
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, 2026, 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, 2026 for the next five years and thereafter are as follows (in thousands):
Calendar YearAmount
For the remainder of 2026$355,315 
2027415,000 
2028 (1)
— 
2029 (1)
— 
2030311,700 
Thereafter800,000 
Subtotal1,882,015 
Net discount and debt origination costs(16,341)
Total$1,865,674 
(1)Excludes the two six-month extension options on our $620.0 million unsecured lines of credit under which there were no outstanding borrowings at March 31, 2026 and which mature in 2028. If the extension options are exercised, the debt maturity dates would be extended to 2029.

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 and short-term investments, our existing delayed draw feature under our unsecured term loans, 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.