Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]

12 Months Ended

Dec. 31, 2019

The debt of the Operating Partnership as of December 31, 2019 and 2018 consisted of the following (in thousands):




						2019				2018
	Stated Interest Rate(s)				Maturity Date	Principal		Book Value⁽¹⁾		Principal		Book Value⁽¹⁾
Senior, unsecured notes:
Senior notes	3.875	%			December 2023	250,000		247,308		250,000		246,664
Senior notes	3.750	%			December 2024	250,000		248,127		250,000		247,765
Senior notes	3.125	%			September 2026	350,000		346,215		350,000		345,669
Senior notes	3.875	%			July 2027	300,000		296,953		300,000		296,565

Mortgages payable:
Atlantic City ^{(2) (3)}	5.14	%	-	7.65%	November 2021- December 2026	30,909		32,531		34,279		36,298
Southaven	LIBOR		+	1.80%	April 2021	51,400		51,272		51,400		51,173
Unsecured term loan	LIBOR		+	0.90%	April 2024	350,000		347,367		350,000		346,799
Unsecured lines of credit	LIBOR		+	0.875%	October 2021	—		—		145,100		141,985
						$	1,582,309	$	1,569,773	$	1,730,779	$	1,712,918

(1)

Includes premiums and net of debt discount and unamortized debt origination costs. Excludes $2.0 million of unamortized debt origination costs related to unsecured lines of credit as of December 31, 2019 recorded in prepaids and other assets in the Consolidated Balance Sheet. Unamortized debt origination costs were $11.2 million and $14.1 million as of December 31, 2019 and 2018, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2019, 2018 and 2017 was $3.0 million, $3.1 million and $3.3 million, respectively.


(2)	The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05%.

(3)

Principal and interest due monthly with remaining principal due at maturity.

Schedule of Maturities of Long-term Debt

Maturities of the existing long-term debt as of December 31, 2019 for the next five years and thereafter are as follows (in thousands):



Calendar Year	Amount
2020	$	3,566
2021	57,193
2022	4,436
2023	254,768
2024	605,140
Thereafter	657,206
Subtotal	1,582,309
Net discount and debt origination costs	(12,536		)
Total	$	1,569,773