v3.26.1
Debt Guaranteed by the Company (Tables)
 6 Months Ended
Jun. 30, 2026
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
June 30, 2026December 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 ofAs of
June 30, 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 $349,917 $350,000 $349,631 
Senior notes3.875%3.9%July 2027300,000 299,579 300,000 299,370 
Senior notes2.750%2.9%Sept. 2031400,000 395,062 400,000 394,608 
Senior, unsecured exchangeable notes:
Exchangeable senior notes2.375%2.4%Jan. 2031250,000 243,150 — — 
Unsecured term loans:
Unsecured term loan (3)
SOFR+0.95%4.7%Dec. 2030250,000 246,557 325,000 323,978 
Unsecured term loan (3)
SOFR+1.25%5.0%Jan. 2033150,000 148,047 — — 
Mortgages payable:
Atlantic City (4) (5)
6.44%Dec. 2026— — 5,705 5,760 
Kansas City (5)
7.57%6.0%Nov. 2027115,000 117,433 115,000 118,317 
Southaven (3) (6)
SOFR+2.00%5.5%April 203061,700 61,218 61,700 61,157 
Unsecured lines of credit SOFR+0.85%4.5%April 2028April 2029— — 44,000 44,000 
Total
$1,876,700 $1,860,963 $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 $15.7 million and $4.6 million as of June 30, 2026 and December 31, 2025, respectively. This excludes $4.8 million and $5.7 million of unamortized debt origination costs related to the unsecured lines of credit at June 30, 2026 and December 31, 2025, respectively, recorded in prepaids and other assets in the condensed 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 Atlantic City mortgage was repaid during the second quarter of 2026. 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.