Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

v3.25.0.1
Debt of the Operating Partnership (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Debt
The debt of the Operating Partnership as of December 31, 2024 and 2023 consisted of the following (in thousands):
2024 2023
Stated Interest Rate(s) Maturity Date Maturity Date With Extension Option Principal
Book Value(1)
Principal
Book Value(1)
Senior, unsecured notes:  
Senior notes 3.125% September 2026 $ 350,000  $ 349,045  $ 350,000  $ 348,467 
Senior notes 3.875% July 2027 300,000  298,956  300,000  298,546 
Senior notes 2.750% September 2031 400,000  393,710  400,000  392,827 
Unsecured term loan Adj SOFR + 0.94% January 2027 January 2028 325,000  323,182  325,000  322,322 
Mortgages payable:
Atlantic City (2) (3)
6.440% December 2026 7,206  7,341  12,336  12,613 
Southaven Adj SOFR + 2.00% October 2026 October 2027 51,700  51,525  51,700  51,428 
Unsecured lines of credit Adj SOFR + 0.85% April 2028 April 2029 —  —  13,000  13,000 
Total $ 1,433,906  $ 1,423,759  $ 1,452,036  $ 1,439,203 
(1)Includes premiums, discounts and unamortized debt origination costs. These costs were $10.1 million and $12.8 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, and 2023, excludes $7.4 million and $2.1 million, respectively, of unamortized debt origination costs related to unsecured lines of credit, recorded in prepaids and other assets in the Consolidated Balance Sheet. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2024, 2023 and 2022 was $3.5 million, $3.2 million and $3.1 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.
Tanger Properties Limited Partnership [Member]  
Schedule of Maturities of Long-term Debt
Maturities and principal amortization of our consolidated existing debt as of December 31, 2024 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
2025 $ 1,501 
2026 407,405 
2027 625,000 
2028 — 
2029 — 
Thereafter 400,000 
Subtotal 1,433,906 
Net discount and debt origination costs (10,147)
Total $ 1,423,759