Quarterly report pursuant to Section 13 or 15(d)

Debt of the Operating Partnership (Tables)

v2.4.0.8
Debt of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member])
6 Months Ended
Jun. 30, 2014
Tanger Properties Limited Partnership [Member]
 
Schedule of Debt
The debt of the Operating Partnership consisted of the following (in thousands):
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
June 30, 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

 
$
(156
)
 
$
250,000

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

 
(1,374
)
 
300,000

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

 
(3,903
)
 
250,000

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

 
November 2021- December 2026
 
47,284

 
3,893

 
48,535

 
4,091

Deer Park
 
LIBOR + 1.50%

 
August 2018
 
150,000

 
(1,319
)
 
150,000

 
(1,478
)
Hershey (1)
 
5.17%-8.00%

 
August 2015
 
29,623

 
698

 
29,970

 
993

Ocean City (1)
 
5.24
%
 
January 2016
 
18,011

 
146

 
18,193

 
193

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

 
(320
)
 
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
 
91,200

 

 
16,200

 

 
 
 
 
 
 
$
1,403,618

 
$
(2,335
)
 
$
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)
In July 2014, we completed an amendment to this loan which reduced the interest rate from LIBOR + 1.60% to LIBOR + 1.05%.

Schedule of Maturities of Long-term Debt
Maturities of the existing long-term debt as of June 30, 2014 are as follows (in thousands):
Calendar Year
 
Amount

2014
 
$
1,823

2015
 
282,343

2016
 
30,283

2017
 
101,708

2018
 
153,183

Thereafter
 
834,278

Subtotal
 
1,403,618

Net discount
 
(2,335
)
Total
 
$
1,401,283