| 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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September 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 |
|
Premium
(Discount)
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Senior, unsecured notes: |
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Senior notes |
|
6.15 |
% |
|
November 2015 |
|
$ |
250,000 |
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|
$ |
(128 |
) |
|
$ |
250,000 |
|
|
$ |
(211 |
) |
Senior notes |
|
6.125 |
% |
|
June 2020 |
|
300,000 |
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|
(1,325 |
) |
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300,000 |
|
|
(1,469 |
) |
Senior notes |
|
3.875 |
% |
|
December 2023 |
|
250,000 |
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(3,818 |
) |
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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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46,645 |
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3,793 |
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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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(1,240 |
) |
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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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29,450 |
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|
548 |
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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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17,921 |
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|
123 |
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18,193 |
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|
193 |
|
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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|
(281 |
) |
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10,000 |
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|
(396 |
) |
Unsecured term loan |
|
LIBOR + 1.05% |
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February 2019 |
|
250,000 |
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|
— |
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250,000 |
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|
— |
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Unsecured term note |
|
LIBOR + 1.30% |
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August 2017 |
|
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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139,800 |
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— |
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16,200 |
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— |
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$ |
1,451,316 |
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$ |
(2,328 |
) |
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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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| Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of September 30, 2014 are as follows (in thousands):
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Calendar Year |
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Amount |
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2014 |
|
$ |
921 |
|
2015 |
|
282,343 |
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2016 |
|
30,283 |
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2017 |
|
150,308 |
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2018 |
|
153,183 |
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Thereafter |
|
834,278 |
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Subtotal |
|
1,451,316 |
|
Net discount |
|
(2,328 |
) |
Total |
|
$ |
1,448,988 |
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