Debt of the Operating Partnership (Tables)

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


	As of
	March 31, 2026		December 31, 2025
Unsecured lines of credit	$	—	$	44,000
Senior, unsecured exchangeable notes	$	250,000	$	—
Unsecured term loans	$	400,000	$	325,000

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


						As of				As of
						March 31, 2026				December 31, 2025
	Stated Interest Rate(s)		Effective Rate (1)	Maturity Date	Maturity Date With Extension Option	Principal		Book Value(2)		Principal		Book Value(2)

Senior, unsecured notes:


Senior notes	3.125%		3.2%	Sept. 2026		$	350,000	$	349,779	$	350,000	$	349,631
Senior notes	3.875%		3.9%	July 2027		300,000		299,475		300,000		299,370
Senior notes	2.750%		2.9%	Sept. 2031		400,000		394,834		400,000		394,608

Senior, unsecured exchangeable notes:
Exchangeable senior notes	2.375%		2.4%	Jan. 2031		250,000		242,826		—		—

Unsecured term loans:
Unsecured term loan (3)	SOFR+	0.95%	4.7%	Dec. 2030		250,000		246,370		325,000		323,978
Unsecured term loan (3)	SOFR+	1.25%	5.0%	Jan. 2033		150,000		147,972		—		—

Mortgages payable:
Atlantic City (4) (5)	6.44%		5.05%	Dec. 2026		5,315		5,357		5,705		5,760
Kansas City (5)	7.57%		6.0%	Nov. 2027		115,000		117,875		115,000		118,317
Southaven (3) (6)	SOFR+	2.00%	5.5%	April 2030		61,700		61,186		61,700		61,157

Unsecured lines of credit	SOFR+	0.85%	4.5%	April 2028	April 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.

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 Year	Amount
For the remainder of 2026	$	355,315
2027	415,000
2028 (1)	—
2029 (1)	—
2030	311,700
Thereafter	800,000
Subtotal	1,882,015
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.