Tanger Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]

6 Months Ended

Jun. 30, 2021

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


						As of				As of
						June 30, 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	$	100,000	$	99,322	$	250,000	$	247,967
Senior notes	3.750	%			December 2024	250,000		248,678		250,000		248,493
Senior notes	3.125	%			September 2026	350,000		347,049		350,000		346,770
Senior notes	3.875	%			July 2027	300,000		297,543		300,000		297,346

Mortgages payable:
Atlantic City (2)(3)	5.14	%	-	7.65%	November 2021- December 2026	25,481		26,511		27,343		28,569
Southaven (4)	LIBOR		+	1.80%	July 2021	51,400		51,393		51,400		51,371
Unsecured term loan	LIBOR(5)		+	1.25%	April 2024	300,000		298,106		350,000		347,370
Unsecured lines of credit (6)	LIBOR(5)		+	1.20%	October 2021	—		—		—		—
						$	1,376,881	$	1,368,602	$	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 July 2021, we extended the maturity date 90 days to explore other financing options; however, the loan may be extended using the original two-year extension option to April 2023. Such extension may require a reduction in principal.

(5)As of June 30, 2021 until we amended our credit facilities in July 2021, if LIBOR was less than 0.25% per annum, the rate was deemed to be 0.25% for the portions of the lines of credit and bank term loan that were not fixed with an interest rate swap.

(6)In July 2021, we amended our unsecured lines of credit and extended the maturity date from October 2021 to July 2025, which may be extended by an additional year by exercising two six-month extension options. The amendment eliminated the LIBOR floor, which was previously 0.25%, and entitles us to a one basis point annual reduction in the interest rate if we meet certain sustainability thresholds. Other pricing terms remained the same. The lines provide for borrowings of up to $520.0 million, including a $20.0 million liquidity line and a $500.0 million syndicated line. A 0.25% facility fee is due annually on the entire committed amount of each facility. In certain circumstances, total line capacity may be increased to $1.2 billion through an accordion feature in the syndicated line.

Schedule of Maturities of Long-term Debt

Maturities of the existing long-term debt as of June 30, 2021 for the next five years and thereafter are as follows (in thousands):


Calendar Year	Amount
For the remainder of 2021	$	55,331
2022	4,436
2023	104,768
2024	555,140
2025	1,501
Thereafter	655,705
Subtotal	1,376,881
Net discount and debt origination costs	(8,279)
Total	$	1,368,602