Schedule of Debt |
The debt of the Operating Partnership as of December 31, 2016 and 2015 consisted of the following (in thousands):
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2016 |
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2015 |
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Stated Interest Rate(s) |
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Maturity Date |
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Principal |
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Book Value(1)
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Principal |
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Book Value(1)
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Senior, unsecured notes: |
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Senior notes |
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6.125 |
% |
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June 2020 |
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$ |
300,000 |
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$ |
298,226 |
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$ |
300,000 |
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$ |
297,739 |
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Senior notes |
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3.875 |
% |
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December 2023 |
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250,000 |
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245,425 |
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250,000 |
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244,829 |
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Senior notes |
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3.750 |
% |
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December 2024 |
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250,000 |
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247,058 |
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250,000 |
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246,717 |
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Senior notes |
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3.125 |
% |
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September 2026 |
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350,000 |
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344,600 |
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— |
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— |
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Mortgages payable: |
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Atlantic City (2) (3)
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5.14%-7.65% |
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November 2021- December 2026 |
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40,471 |
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43,286 |
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43,312 |
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46,605 |
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Deer Park |
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LIBOR + 1.50% |
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— |
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— |
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— |
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150,000 |
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149,145 |
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Foxwoods |
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LIBOR + 1.55% |
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December 2017 |
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70,250 |
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69,902 |
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70,250 |
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69,564 |
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Southaven |
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LIBOR + 1.75% |
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April 2018 |
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59,277 |
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58,957 |
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45,824 |
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45,273 |
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Unsecured note payable (2)
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1.50 |
% |
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June 2016 |
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— |
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— |
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10,000 |
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9,919 |
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Unsecured term loan |
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LIBOR + 0.95% |
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April 2021 |
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325,000 |
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322,410 |
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250,000 |
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248,443 |
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Unsecured term note |
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LIBOR + 1.30% |
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— |
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— |
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— |
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7,500 |
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7,470 |
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Unsecured lines of credit |
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LIBOR + .90% |
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October 2019 |
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61,000 |
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58,002 |
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190,300 |
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186,220 |
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$ |
1,705,998 |
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$ |
1,687,866 |
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$ |
1,567,186 |
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$ |
1,551,924 |
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(1) |
Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were 14.0 million and $11.9 million for the years ended December 31, 2016 and 2015, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2016, 2015 and 2014 was $3.2 million, $2.7 million and $2.4 million, respectively.
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(2) |
The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and note payable 3.15%.
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Schedule of Maturities of Long-term Debt |
Maturities of the existing long-term debt as of December 31, 2016 for the next five years and thereafter are as follows (in thousands):
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Calendar Year |
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Amount |
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2017 |
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$ |
73,258 |
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2018 |
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62,460 |
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2019 |
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64,369 |
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2020 |
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303,566 |
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2021 |
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330,793 |
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Thereafter |
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871,552 |
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Subtotal |
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1,705,998 |
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Net discount and debt origination costs |
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(18,132 |
) |
Total |
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$ |
1,687,866 |
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