Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

v3.22.4
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
 12 Months Ended
Dec. 31, 2022
Schedule of Debt
The debt of the Operating Partnership as of December 31, 2022 and 2021 consisted of the following (in thousands):
2022 2021
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  $ 347,894  $ 350,000  $ 347,329 
Senior notes 3.875  % July 2027 300,000  298,142  300,000  297,742 
Senior notes 2.750  % September 2031 400,000  391,962  400,000  391,110 
Mortgages payable:
Atlantic City (2) (3)
6.44  % - 7.65% December 2024- December 2026 17,109  17,625  21,550  22,387 
Southaven Adj SOFR + 2.00% October 2026 51,700  51,346  40,144  40,087 
Unsecured term loan Adj SOFR + 1.20% January 2027 325,000  321,525  300,000  298,421 
Unsecured lines of credit Adj SOFR + 1.20% July 2025 —  —  —  — 
  $ 1,443,809  $ 1,428,494  $ 1,411,694  $ 1,397,076 
(1)Includes premiums and net of debt discount and unamortized debt origination costs. Excludes $3.5 million and $4.8 million of unamortized debt origination costs related to unsecured lines of credit as of December 31, 2022 and 2021, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. Unamortized debt origination costs were $12.8 million and $12.9 million as of December 31, 2022 and 2021, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2022, 2021 and 2020 was $3.1 million, $4.0 million and $3.6 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 and principal amortization of our consolidated existing debt as of December 31, 2022 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
2023 $ 4,773 
2024 5,130 
2025 1,501 
2026 407,405 
2027 625,000 
Thereafter 400,000 
Subtotal 1,443,809 
Net discount and debt origination costs (15,315)
Total $ 1,428,494