Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

v3.20.2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
6 Months Ended
Jun. 30, 2020
Schedule of Debt

The debt of the Operating Partnership consisted of the following (in thousands):
 
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
 
 
June 30, 2020
 
December 31, 2019
 
 
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

 
$
247,635

 
$
250,000

 
$
247,308

Senior notes
 
3.750
%
 
 
 
December 2024
 
250,000

 
248,309

 
250,000

 
248,127

Senior notes
 
3.125
%
 
 
 
September 2026
 
350,000

 
346,492

 
350,000

 
346,215

Senior notes
 
3.875
%
 
 
 
July 2027
 
300,000

 
297,149

 
300,000

 
296,953

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages payable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic City (2)(3)
 
5.14
%
-
7.65%
 
November 2021- December 2026
 
29,151

 
30,575

 
30,909

 
32,531

     Southaven
 
LIBOR

+
1.80%
 
April 2021
 
51,400

 
51,322

 
51,400

 
51,272

Unsecured term loan
 
LIBOR(4)

+
1.00%
 
April 2024
 
350,000

 
347,003

 
350,000

 
347,367

Unsecured lines of credit
 
LIBOR(4)

+
1.00%
 
October 2021 (5)
 
399,830

 
397,407

 

 

 
 
 
 
 
 
 
 
$
1,980,381

 
$
1,965,892

 
$
1,582,309

 
$
1,569,773

(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)
If the LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25%.
(5)
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 June 30, 2020 for the next five years and thereafter are as follows (in thousands):
Calendar Year
 
Amount

For the remainder of 2020
 
$
1,808

2021
 
457,023

2022
 
4,436

2023
 
254,768

2024
 
605,140

Thereafter
 
657,206

Subtotal
 
1,980,381

Net discount and debt origination costs
 
(14,489
)
Total
 
$
1,965,892