XML 101 R16.htm IDEA: XBRL DOCUMENT v3.25.4
Debt of the Operating Partnership
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt of the Operating Partnership Debt of the Company
All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries.

The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $620.0 million, of which $576.0 million remains available as of December 31, 2025. The Company also guarantees the Operating Partnership's unsecured term loan.

The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2025 and 2024 (in thousands):
20252024
Unsecured lines of credit$44,000 $— 
Unsecured term loan$325,000 $325,000 
Debt of the Operating Partnership
The debt of the Operating Partnership as of December 31, 2025 and 2024 consisted of the following (in thousands):
20252024
Stated Interest Rate(s)
Effective Rate (1)
Maturity DateMaturity Date With Extension OptionPrincipal
Book Value(2)
Principal
Book Value(2)
Senior, unsecured notes: 
Senior notes3.125%3.2%Sept. 2026$350,000 $349,631 $350,000 $349,045 
Senior notes3.875%3.9%July 2027300,000 299,370 300,000 298,956 
Senior notes2.750%2.9%Sept. 2031400,000 394,608 400,000 393,710 
Unsecured term loanAdj SOFR+0.94%4.9%Jan. 2027Jan. 2028325,000 323,978 325,000 323,182 
Mortgages payable:
Atlantic City (3) (4)
6.44%5.1%Dec. 20265,705 5,760 7,206 7,341 
Kansas City (5)
7.57%6.0%Nov. 2027115,000 118,317 — — 
Southaven (3) (6)
SOFR+2.00%5.5%April 203061,700 61,157 51,700 51,525 
Unsecured lines of creditAdj SOFR+0.85%4.8%April 2028April 202944,000 44,000 — — 
Total$1,601,405 $1,596,821 $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 $4.6 million and $10.1 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, and 2024, excludes $5.7 million and $7.4 million, respectively, of unamortized debt origination costs related to unsecured lines of credit, recorded in prepaids and other assets in the Consolidated Balance Sheet. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2025, 2024 and 2023 was $3.7 million, $3.5 million and $3.2 million, respectively.
(3)We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 9).
(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 mortgages assumed during the acquisition in 2011 was 5.05%. 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%.
(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.

Certain of our properties, which had a net book value of approximately $197.5 million at December 31, 2025, serve as collateral for mortgages payable. As of December 31, 2025, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million, which had $44.0 million borrowed. The unsecured lines of credit as of December 31, 2025 included a $20.0 million liquidity line and a $600.0 million syndicated line. As of December 31, 2025, 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 December 31, 2025, we believe we were in compliance with all of our debt covenants.

2025 Transactions

Memphis Consolidated Joint Venture
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 December 2025, the mortgage was amended to remove the SOFR spread, making the interest rate Daily SOFR + 2.0%. In May 2025, we entered into an interest rate swap transaction to fix the interest rate at 3.5% through April 2029.

Kansas City, Kansas Mortgage Assumption
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%.

2024 Transactions

Unsecured Lines of Credit Amendments and Extension
In April 2024, we entered into amendments to our unsecured line of credit, which, among other things, increased the borrowing capacity from $520.0 million to $620.0 million, with an accordion feature to increase total borrowing capacity to $1.2 billion, extended the maturity date from July 14, 2025 to April 12, 2028 (which may be extended by one additional year by exercising extension options), and reduced the applicable pricing margin from Adjusted SOFR plus 100 basis points to Adjusted SOFR plus 85 basis points based on the Company's current credit rating.

Debt Maturities

Maturities and principal amortization of our consolidated existing debt as of December 31, 2025 for the next five years and thereafter are as follows (in thousands):
Calendar YearAmount
2026$355,705 
2027740,000 
202844,000 
2029— 
203061,700 
Thereafter400,000 
Subtotal1,601,405 
Net discount and debt origination costs(4,584)
Total$1,596,821 

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.