Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership

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Debt of the Operating Partnership (Tanger Properties Limited Partnership [Member])
 3 Months Ended
Mar. 31, 2014
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
 
 
 
 
 
 
March 31, 2014
 
December 31, 2013
 
 
Stated Interest Rate(s)
 
Maturity Date
 
Principal
 
Premium
 (Discount)
 
Principal
 
Premium
 (Discount)
Senior, unsecured notes:
 
 
 
 
 
 

 
 
 
 
 
 

Senior notes
 
6.15
%
 
November 2015
 
$
250,000

 
$
(184
)
 
$
250,000

 
$
(211
)
Senior notes
 
6.125
%
 
June 2020
 
300,000

 
(1,421
)
 
300,000

 
(1,469
)
Senior notes
 
3.875
%
 
December 2023
 
250,000

 
(3,988
)
 
250,000

 
(4,072
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages payable:
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic City (1)
 
5.14%-7.65%

 
November 2021- December 2026
 
47,914

 
3,992

 
48,535

 
4,091

Deer Park
 
LIBOR + 1.50%

 
August 2018
 
150,000

 
(1,398
)
 
150,000

 
(1,478
)
Hershey (1)
 
5.17%-8.00%

 
August 2015
 
29,793

 
847

 
29,970

 
993

Ocean City (1)
 
5.24
%
 
January 2016
 
18,100

 
170

 
18,193

 
193

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

 
(359
)
 
10,000

 
(396
)
Unsecured term loan (2)
 
LIBOR + 1.60%

 
February 2019
 
250,000

 
—

 
250,000

 
—

Unsecured term note
 
LIBOR + 1.30%

 
August 2017
 
7,500

 
—

 
7,500

 
—

Unsecured lines of credit
 
LIBOR + 1.00%

 
November 2015
 
46,900

 
—

 
16,200

 
—

 
 
 
 
 
 
$
1,360,207

 
$
(2,341
)
 
$
1,330,398

 
$
(2,349
)
(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)
This unsecured term loan is pre-payable without penalty beginning in February of 2015.

Certain of our properties, which had a net book value of approximately $545.0 million at March 31, 2014 and $566.7 million at December 31, 2013, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased to $750.0 million through an accordion feature in certain circumstances.

We provide guaranties to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal.  The principal guaranties include terms for release based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests.

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 March 31, 2014, we were in compliance with all of our debt covenants.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2014 are as follows (in thousands):
Calendar Year
 
Amount

2014
 
$
2,712

2015
 
282,343

2016
 
30,283

2017
 
57,408

2018
 
153,183

Thereafter
 
834,278

Subtotal
 
1,360,207

Net premiums
 
(2,341
)
Total
 
$
1,357,866