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]
 9 Months Ended
Sep. 30, 2021
Schedule of Debt
The debt of the Operating Partnership consisted of the following (in thousands):
As of As of
September 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 $ —  $ —  $ 250,000  $ 247,967 
Senior notes 3.750  % December 2024 —  —  250,000  248,493 
Senior notes 3.125  % September 2026 350,000  347,189  350,000  346,770 
Senior notes 3.875  % July 2027 300,000  297,642  300,000  297,346 
Senior notes 2.750  % September 2031 400,000  390,839  —  — 
Mortgages payable:
Atlantic City (2)(3)(4)
5.14  % - 7.65% November 2021- December 2026 24,531  25,463  27,343  28,569 
     Southaven (5)
LIBOR + 1.80% October 2021 51,400  51,344  51,400  51,371 
Unsecured term loan LIBOR + 1.25% April 2024 300,000  298,288  350,000  347,370 
Unsecured lines of credit LIBOR + 1.20% July 2025 —  —  —  — 
  $ 1,425,931  $ 1,410,765  $ 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 October 2021, we repaid a $2.1 million mortgage note secured by the Atlantic City property, which was scheduled to mature in December 2021. The effective interest rate for the remaining notes remains 5.05% as established upon acquisition. The stated rates for the remaining secured notes ranged from 5.14% to 7.65% with maturity dates between November 2021 and December 2026.
(5)In October 2021, the joint venture that owns the Southaven, MS outlet center exercised its option to extend the maturity of the Southaven, MS mortgage to April 2023 and paid down the principal balance by $11.3 million to $40.1 million. The interest rate remains LIBOR + 1.80%. The outlet center is consolidated for financial reporting purposes and we funded the entire $11.3 million.
Schedule of Maturities of Long-term Debt
Maturities of the existing long-term debt as of September 30, 2021 for the next five years and thereafter are as follows (in thousands):
Calendar Year Amount
For the remainder of 2021 $ 54,381 
2022 4,436 
2023 4,768 
2024 305,140 
2025 1,501 
Thereafter 1,055,705 
Subtotal 1,425,931 
Net discount and debt origination costs (15,166)
Total $ 1,410,765