Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

v3.10.0.1
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member]
12 Months Ended
Dec. 31, 2018
Schedule of Debt
The debt of the Operating Partnership as of December 31, 2018 and 2017 consisted of the following (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
2017
 
 
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

 
246,664

 
250,000

 
246,036

Senior notes
 
3.750
%
 
December 2024
 
250,000

 
247,765

 
250,000

 
247,410

Senior notes
 
3.125
%
 
September 2026
 
350,000

 
345,669

 
350,000

 
345,128

Senior notes
 
3.875
%
 
July 2027
 
300,000

 
296,565

 
300,000

 
296,182

 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages payable:
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic City (2) (3)
 
5.14%-7.65%

 
November 2021- December 2026
 
34,279

 
36,298

 
37,462

 
39,879

     Southaven
 
LIBOR + 1.80%

 
April 2021
 
51,400

 
51,173

 
60,000

 
59,881

Unsecured term loan
 
LIBOR + 0.90%

 
April 2024
 
350,000

 
346,799

 
325,000

 
322,975

Unsecured lines of credit
 
LIBOR + 0.875%

 
October 2021
 
145,100

 
141,985

 
208,100

 
206,160

 
 
 
 
 
 
$
1,730,779

 
$
1,712,918

 
$
1,780,562

 
$
1,763,651

(1)
Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $14.1 million and $12.7 million as of December 31, 2018 and 2017, respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2018, 2017 and 2016 was $3.1 million, $3.3 million and $3.2 million, respectively.
(2)
The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05%.
(3)
Principal and interest due monthly with remaining principal due at maturity.
Schedule of Maturities of Long-term Debt
Maturities of the existing long-term debt as of December 31, 2018 for the next five years and thereafter are as follows (in thousands):
Calendar Year
 
Amount

2019
 
$
3,370

2020
 
3,566

2021
 
202,293

2022
 
4,436

2023
 
254,768

Thereafter
 
1,262,346

Subtotal
 
1,730,779

Net discount and debt origination costs
 
(17,861
)
Total
 
$
1,712,918