Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

v3.22.2.2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
12 Months Ended
Dec. 31, 2021
Schedule of Debt
The debt of the Operating Partnership as of December 31, 2021 and 2020 consisted of the following (in thousands):
2021 2020
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  $ 247,967 
Senior notes 3.750  % December 2024 —  —  250,000  248,493 
Senior notes 3.125  % September 2026 350,000  347,329  350,000  346,770 
Senior notes 3.875  % July 2027 300,000  297,742  300,000  297,346 
Senior notes 2.750  % September 2031 400,000  391,110  —  — 
Mortgages payable:
Atlantic City (2) (3)
6.44  % - 7.65% December 2024- December 2026 21,550  22,387  27,343  28,569 
Southaven LIBOR + 1.80% April 2023 40,144  40,087  51,400  51,371 
Unsecured term loan LIBOR + 1.25% April 2024 300,000  298,421  350,000  347,370 
Unsecured lines of credit LIBOR + 1.20% July 2025 —  —  —  — 
  $ 1,411,694  $ 1,397,076  $ 1,578,743  $ 1,567,886 
(1)Includes premiums and net of debt discount and unamortized debt origination costs. Excludes $4.8 million and $1.5 million of unamortized debt origination costs related to unsecured lines of credit as of December 31, 2021 and 2020, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. Unamortized debt origination costs were $12.9 million and $9.5 million as of December 31, 2021 and 2020, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2021, 2020 and 2019 was $4.0 million, $3.6 million and $3.0 million, respectively.
(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.
Schedule of Maturities of Long-term Debt
Maturities of our consolidated existing long-term debt as of December 31, 2021 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
2022 $ 4,436 
2023 44,912 
2024 305,140 
2025 1,501 
2026 355,705 
Thereafter 700,000 
Subtotal 1,411,694 
Net discount and debt origination costs (14,618)
Total $ 1,397,076