Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

v3.20.2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
 9 Months Ended
Sep. 30, 2020
Schedule of Debt
The debt of the Operating Partnership consisted of the following (in thousands):
As of As of
September 30, 2020 December 31, 2019
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  $ 247,801  $ 250,000  $ 247,308 
Senior notes 3.750  % December 2024 250,000  248,401  250,000  248,127 
Senior notes 3.125  % September 2026 350,000  346,630  350,000  346,215 
Senior notes 3.875  % July 2027 300,000  297,248  300,000  296,953 
Mortgages payable:
Atlantic City (2)(3)
5.14  % - 7.65% November 2021- December 2026 28,253  29,578  30,909  32,531 
     Southaven LIBOR + 1.80% April 2021 51,400  51,346  51,400  51,272 
Unsecured term loan
LIBOR(4)
+ 1.00% April 2024 350,000  347,213  350,000  347,367 
Unsecured lines of credit
LIBOR(4)
+ 1.00%
October 2021 (5)
—  —  —  — 
  $ 1,579,653  $ 1,568,217  $ 1,582,309  $ 1,569,773 
(1)Including premiums and net of debt discount and debt origination costs.
(2)The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.
(3)Principal and interest due monthly with remaining principal due at maturity.
(4)Beginning in June 2020, if LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25% for the portions of the lines of credit and bank term loan that are not fixed with an interest rate swap.
(5)Unsecured lines of credit have a one-year extension option to extend maturity to October 2022.
Schedule of Maturities of Long-term Debt
Maturities of the existing long-term debt as of September 30, 2020 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2020 $ 910 
2021 57,193 
2022 4,436 
2023 254,768 
2024 605,140 
Thereafter 657,206 
Subtotal 1,579,653 
Net discount and debt origination costs (11,436)
Total $ 1,568,217