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Debt of the Operating Partnership (Tables) | 9 Months Ended
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Sep. 30, 2025
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
|  | September 30, 2025 |  | December 31, 2024
Unsecured lines of credit |  | $ | 60,000 |  |  | $ | — |
Unsecured term loan |  | $ | 325,000 |  |  | $ | 325,000 |
Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands):
|  |  |  |  |  |  |  |  |  |  | As of |  | As of
|  |  |  |  |  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
|  | Stated Interest Rate(s) |  | Effective Rate (1) |  | Maturity Date |  | Maturity Date With Extension Option |  | Principal |  | Book Value(2) |  | Principal |  | Book Value(2)
Senior, unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | 3.125% |  | 3.2% |  | Sept. 2026 |  |  |  | $ | 350,000 |  |  | $ | 349,484 |  |  | $ | 350,000 |  |  | $ | 349,045 |
Senior notes |  | 3.875% |  | 3.9% |  | July 2027 |  |  |  | 300,000 |  |  | 299,266 |  |  | 300,000 |  |  | 298,956 |
Senior notes |  | 2.750% |  | 2.9% |  | Sept. 2031 |  |  |  | 400,000 |  |  | 394,381 |  |  | 400,000 |  |  | 393,710 |
Unsecured term loan (3) |  | Adj SOFR+ | 0.94% |  | 4.9% |  | Jan. 2027 |  | Jan. 2028 |  | 325,000 |  |  | 323,831 |  |  | 325,000 |  |  | 323,182 |
Mortgages payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlantic City (3) (4) |  | 6.44% |  | 5.1% |  | Dec. 2026 |  |  |  | 6,090 |  |  | 6,165 |  |  | 7,206 |  |  | 7,341 |
Kansas City (5) |  | 7.57% |  | 6.0% |  | Nov. 2027 |  |  |  | 115,000 |  |  | 118,760 |  |  | — |  |  | — |
Southaven (3) (6) |  | Adj SOFR+ | 2.00% |  | 5.6% |  | April 2030 |  |  |  | 61,700 |  |  | 61,125 |  |  | 51,700 |  |  | 51,525 |
Unsecured lines of credit |  | Adj SOFR+ | 0.85% |  | 5.1% |  | April 2028 |  | April 2029 |  | 60,000 |  |  | 60,000 |  |  | — |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  | $ | 1,617,790 |  |  | $ | 1,613,012 |  |  | $ | 1,433,906 |  |  | $ | 1,423,759 |
(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 $4.8 million and $10.1 million as of September 30, 2025 and December 31, 2024, respectively. This excludes $6.1 million and $7.4 million of unamortized debt origination costs related to the unsecured lines of credit at September 30, 2025 and December 31, 2024, respectively, recorded in prepaids and other assets in the consolidated balance sheet. (3)We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 8). (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 5.1%. 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. In April 2025, the Southaven, Mississippi consolidated joint venture amended its mortgage increasing the outstanding borrowings from $51.7 million to $61.7 million and extending the maturity date from October 2026 to April 2030 with no extension options. The stated interest rate remained unchanged at the Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) + 2.0%. In September 2025, we assumed a $115.0 million 7.57% interest only mortgage that matures in November 2027 in conjunction with the acquisition of the Legends Outlets in Kansas City, Kansas. The effective interest rate calculated as part of the purchase price allocation was 6.0%. Certain of our properties, which had a net book value of approximately $258.7 million at September 30, 2025, serve as collateral for mortgages payable. As of September 30, 2025, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million which had $60.0 million borrowed. The unsecured lines of credit as of September 30, 2025 included a $20.0 million liquidity line and a $600.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of September 30, 2025, we believe we were in compliance with all of our debt covenants. Debt Maturities Maturities and principal amortization of the existing long-term debt as of September 30, 2025 for the next five years and thereafter are as follows (in thousands):
Calendar Year |  | Amount
For the remainder of 2025 |  | $ | 385 |
2026 |  | 355,705 |
2027 (1) |  | 740,000 |
2028 (1) |  | 60,000 |
2029 |  | — |
Thereafter |  | 461,700 |
Subtotal |  | 1,617,790 |
Net discount and debt origination costs |  | (4,778) |
Total |  | $ | 1,613,012 |
(1)Excludes one year extension options on our $325.0 million unsecured term loan which matures in 2027 and our $620.0 million unsecured lines of credit which has $60.0 million outstanding at September 30, 2025 which matures in 2028. With extension options, these debt maturities would mature in 2028 and 2029, respectively. We have considered our short-term (one-year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions, and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs.
Schedule of Maturities of Long-term Debt | Maturities and principal amortization of the existing long-term debt as of September 30, 2025 for the next five years and thereafter are as follows (in thousands):
Calendar Year |  | Amount
For the remainder of 2025 |  | $ | 385 |
2026 |  | 355,705 |
2027 (1) |  | 740,000 |
2028 (1) |  | 60,000 |
2029 |  | — |
Thereafter |  | 461,700 |
Subtotal |  | 1,617,790 |
Net discount and debt origination costs |  | (4,778) |
Total |  | $ | 1,613,012 |

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