Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

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Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
 3 Months Ended
Mar. 31, 2021
Schedule of Debt
The debt of the Operating Partnership consisted of the following (in thousands):
As of As of
March 31, 2021 December 31, 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  $ 248,136  $ 250,000  $ 247,967 
Senior notes 3.750  % December 2024 250,000  248,585  250,000  248,493 
Senior notes 3.125  % September 2026 350,000  346,909  350,000  346,770 
Senior notes 3.875  % July 2027 300,000  297,444  300,000  297,346 
Mortgages payable:
Atlantic City (2)(3)
5.14  % - 7.65% November 2021- December 2026 26,420  27,547  27,343  28,569 
     Southaven (4)
LIBOR + 1.80% April 2021 51,400  51,386  51,400  51,371 
Unsecured term loan
LIBOR(5)
+ 1.00% April 2024 325,000  322,753  350,000  347,370 
Unsecured lines of credit
LIBOR(5)
+ 1.00%
October 2021 (6)
—  —  —  — 
  $ 1,552,820  $ 1,542,760  $ 1,578,743  $ 1,567,886 
(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)In April 2021 we extended the maturity date 90 days to explore other financing options however, we may extend the loan using our two-year extension option to April 2023, which could require reductions in principal or additional guarantees to comply with extension requirements.
(5)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.
(6)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 March 31, 2021 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2021 $ 56,270 
2022 4,436 
2023 254,768 
2024 580,140 
2025 1,501 
Thereafter 655,705 
Subtotal 1,552,820 
Net discount and debt origination costs (10,060)
Total $ 1,542,760