Schedule of Debt |
The 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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June 30, 2014 |
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December 31, 2013 |
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Stated Interest Rate(s) |
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Maturity Date |
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Principal |
|
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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$ |
(156 |
) |
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$ |
250,000 |
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$ |
(211 |
) |
Senior notes |
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6.125 |
% |
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June 2020 |
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300,000 |
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(1,374 |
) |
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300,000 |
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(1,469 |
) |
Senior notes |
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3.875 |
% |
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December 2023 |
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250,000 |
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(3,903 |
) |
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250,000 |
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(4,072 |
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Mortgages payable: |
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Atlantic City (1)
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5.14%-7.65% |
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November 2021- December 2026 |
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47,284 |
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3,893 |
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48,535 |
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4,091 |
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Deer Park |
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LIBOR + 1.50% |
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August 2018 |
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150,000 |
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(1,319 |
) |
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150,000 |
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(1,478 |
) |
Hershey (1)
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5.17%-8.00% |
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August 2015 |
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29,623 |
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698 |
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29,970 |
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993 |
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Ocean City (1)
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5.24 |
% |
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January 2016 |
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18,011 |
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146 |
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18,193 |
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193 |
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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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(320 |
) |
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10,000 |
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(396 |
) |
Unsecured term loan (2)
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LIBOR + 1.60% |
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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 term note |
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LIBOR + 1.30% |
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August 2017 |
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7,500 |
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— |
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7,500 |
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— |
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Unsecured lines of credit |
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LIBOR + 1.00% |
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November 2015 |
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91,200 |
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— |
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16,200 |
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— |
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$ |
1,403,618 |
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$ |
(2,335 |
) |
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$ |
1,330,398 |
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$ |
(2,349 |
) |
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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) |
In July 2014, we completed an amendment to this loan which reduced the interest rate from LIBOR + 1.60% to LIBOR + 1.05%.
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Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of June 30, 2014 are as follows (in thousands):
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Calendar Year |
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Amount |
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2014 |
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$ |
1,823 |
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2015 |
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282,343 |
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2016 |
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30,283 |
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2017 |
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101,708 |
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2018 |
|
153,183 |
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Thereafter |
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834,278 |
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Subtotal |
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1,403,618 |
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Net discount |
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(2,335 |
) |
Total |
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$ |
1,401,283 |
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