| Schedule of Debt |
he debt of the Operating Partnership consisted of the following (in thousands):
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As of |
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As of |
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March 31, 2013 |
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December 31, 2012 |
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Stated Interest Rate(s) |
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Maturity Date |
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Principal |
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Premium
(Discount)
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Principal |
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Premium
(Discount)
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Senior, unsecured notes: |
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Senior notes |
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6.15 |
% |
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November 2015 |
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$ |
250,000 |
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$ |
(291 |
) |
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$ |
250,000 |
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$ |
(317 |
) |
Senior notes |
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6.125 |
% |
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June 2020 |
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300,000 |
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(1,606 |
) |
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300,000 |
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(1,650 |
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Mortgages payable (1):
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Atlantic City |
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5.14%-7.65% |
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November 2021- December 2026 |
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50,346 |
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4,385 |
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52,212 |
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4,495 |
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Ocean City |
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5.24 |
% |
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January 2016 |
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18,451 |
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263 |
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18,540 |
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285 |
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Hershey |
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5.17%-8.00% |
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August 2015 |
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30,464 |
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1,437 |
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30,631 |
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1,581 |
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Note payable (1)
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1.50 |
% |
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June 2016 |
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10,000 |
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(509 |
) |
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10,000 |
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(546 |
) |
Unsecured term loan (2)
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LIBOR + 1.80% |
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February 2019 |
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250,000 |
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— |
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250,000 |
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— |
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Unsecured lines of credit (3)
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LIBOR + 1.25% |
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November 2015 |
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174,917 |
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— |
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178,306 |
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— |
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$ |
1,084,178 |
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$ |
3,679 |
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$ |
1,089,689 |
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$ |
3,848 |
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(1) |
The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05%, Ocean City 4.68%, Hershey 3.40% and note payable 3.15%.
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(2) |
Our unsecured term loan is pre-payable without penalty beginning in February of 2015. |
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(3) |
Our unsecured lines of credit as of March 31, 2013 bear interest at a rate of LIBOR + 1.25% and expire on November 10, 2015. We have the option to extend the lines for one additional year to November 10, 2016. These lines require a facility fee payment of 0.25% annually based on the total amount of the commitment. The credit spread and facility fee can vary depending on our investment grade rating.
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| Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of March 31, 2013 are as follows (in thousands):
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Calendar Year |
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Amount |
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2013 |
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$ |
2,564 |
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2014 |
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3,603 |
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2015 |
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457,260 |
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2016 |
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30,283 |
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2017 |
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3,008 |
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Thereafter |
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587,460 |
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Subtotal |
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1,084,178 |
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Net premiums |
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3,679 |
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Total |
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$ |
1,087,857 |
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