Tanger Inc. Current report filing

Current report filing

Debt of the Operating Partnership (Tables)

Debt of the Operating Partnership (Tables)

9 Months Ended

Sep. 30, 2023

The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands):


	As of
	September 30, 2023		December 31, 2022
Unsecured lines of credit	$	—	$	—
Unsecured term loan	$	325,000	$	325,000

The debt of the Operating Partnership consisted of the following (in thousands):


						As of				As of
						September 30, 2023				December 31, 2022
	Stated Interest Rate(s)				Maturity Date	Principal		Book Value(1)		Principal		Book Value(1)
Senior, unsecured notes:


Senior notes	3.125	%			September 2026	$	350,000	$	348,323	$	350,000	$	347,894
Senior notes	3.875	%			July 2027	300,000		298,444		300,000		298,142
Senior notes	2.750	%			September 2031	400,000		392,610		400,000		391,962

Mortgages payable:
Atlantic City (2) (3)	6.44	%	-	7.65%	December 2024- December 2026	13,562		13,889		17,109		17,625
Southaven	Adj SOFR		+	2.00%	October 2026	51,700		51,404		51,700		51,346
Unsecured term loan	Adj SOFR		+	0.95%	January 2027	325,000		322,162		325,000		321,525
Unsecured lines of credit	Adj SOFR		+	1.00%	July 2025	—		—		—		—
						$	1,440,262	$	1,426,832	$	1,443,809	$	1,428,494

(1)Including premiums and net of debt discount and debt origination costs. Excludes $2.8 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended September 30, 2023 and December 31, 2022, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet.

(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 and principal amortization of the existing long-term debt as of September 30, 2023 for the next five years and thereafter are as follows (in thousands):


Calendar Year	Amount
For the remainder of 2023	$	1,226
2024	5,130
2025	1,501
2026	407,405
2027	625,000
Thereafter	400,000
Subtotal	1,440,262
Net discount and debt origination costs	(13,430)
Total	$	1,426,832