Tanger Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

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

12 Months Ended

Dec. 31, 2012

Tanger Properties Limited Partnership [Member]

Debt as of December 31, 2012 and 2011 consists of the following (in thousands):



			As of					As of
			December 31, 2012					December 31, 2011
	Stated Interest Rate(s)	Maturity Date	Principal		Premium (Discount)			Principal		Premium (Discount)
Senior, unsecured notes:
Senior notes	6.15%	November 2015	$	250,000	$	(317	)	$	250,000	$	(417	)
Senior notes	6.125%	June 2020	300,000		(1,650		)	300,000		(1,820		)

Mortgages payable ⁽¹⁾:
Atlantic City	5.14%-7.65%	November 2021-December 2026	52,212		4,495			53,826		4,894
Ocean City	5.24%	January 2016	18,540		285			18,867		375
Hershey	5.17%-8.00%	August 2015	30,631		1,581			31,252		2,165
Note payable ⁽¹⁾	1.50%	June 2016	10,000		(546		)	10,000		(692		)
Unsecured term loan ⁽²⁾	LIBOR + 1.80%	February 2019	250,000		—			—		—
Unsecured lines of credit ⁽³⁾	LIBOR + 1.25%	November 2015	178,306		—			357,092		—
			$	1,089,689	$	3,848		$	1,021,037	$	4,505


(1)	The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05%, Ocean City 4.68%, Hershey 3.40% and note payable 3.15%.


(2)	Our unsecured term loan is pre-payable without penalty beginning in February of 2015.

(3)

Our unsecured lines of credit as of December 31, 2012 bear interest at a rate of LIBOR + 1.25% and expire on November 10, 2015. We have the option to extend the lines for one additional year to November 10, 2016. These lines require a facility fee payment of 0.25% annually based on the total amount of the commitment. The credit spread and facility fee can vary depending on our investment grade rating.

Schedule of Maturities of Long-term Debt

Maturities of the existing long-term debt as of December 31, 2012 are as follows (in thousands):



Calendar Year	Amount
2013	$	4,633
2014	3,599
2015	460,645
2016	30,279
2017	3,004
Thereafter	587,529
Subtotal	1,089,689
Net premiums	3,848
Total	$	1,093,537