Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership

v2.4.0.8
Debt of the Operating Partnership (Tanger Properties Limited Partnership [Member])
6 Months Ended
Jun. 30, 2013
Tanger Properties Limited Partnership [Member]
 
Debt of the Operating Partnership
Debt of the Operating Partnership

The debt of the Operating Partnership consisted of the following (in thousands):
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
 
Stated Interest Rate(s)
 
Maturity Date
 
Principal
 
Premium
 (Discount)
 
Principal
 
Premium
 (Discount)
Senior, unsecured notes:
 
 
 
 
 
 

 
 
 
 
 
 

Senior notes
 
6.15
%
 
November 2015
 
$
250,000

 
$
(265
)
 
$
250,000

 
$
(317
)
Senior notes
 
6.125
%
 
June 2020
 
300,000

 
(1,561
)
 
300,000

 
(1,650
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages payable (1):
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic City
 
5.14%-7.65%

 
November 2021- December 2026
 
49,751

 
4,287

 
52,212

 
4,495

Ocean City
 
5.24
%
 
January 2016
 
18,367

 
240

 
18,540

 
285

Hershey
 
5.17%-8.00%

 
August 2015
 
30,303

 
1,289

 
30,631

 
1,581

Note payable (1)
 
1.50
%
 
June 2016
 
10,000

 
(472
)
 
10,000

 
(546
)
Unsecured term loan (2)
 
LIBOR + 1.60%

 
February 2019
 
250,000

 

 
250,000

 

Unsecured lines of credit (3)
 
LIBOR + 1.10%

 
November 2015
 
213,100

 

 
178,306

 

 
 
 
 
 
 
$
1,121,521

 
$
3,518

 
$
1,089,689

 
$
3,848

(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)
We have the option to extend the lines for one additional year to November 10, 2016. These lines require a facility fee payment of 0.175% annually based on the total amount of the commitment. The credit spread and facility fee can vary depending on our investment grade rating.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of June 30, 2013 we were in compliance with all of our debt covenants.

Debt Maturities

Maturities of the existing long-term debt as of June 30, 2013 are as follows (in thousands):
Calendar Year
 
Amount

2013
 
$
1,723

2014
 
3,603

2015
 
495,443

2016
 
30,283

2017
 
3,008

Thereafter
 
587,461

Subtotal
 
1,121,521

Net premiums
 
3,518

Total
 
$
1,125,039