Annual report pursuant to Section 13 and 15(d)

Debt of the Operating Partnership (Tables)

v2.4.0.6
Debt of the Operating Partnership (Tables) (Tanger Properties Limited Partnership)
 12 Months Ended
Dec. 31, 2011
Tanger Properties Limited Partnership
  
Schedule of Debt [Table Text Block]
Debt as of December 31, 2011 and 2010 consists of the following (in thousands):
 
 
 
 
 
 
December 31, 2011
 
December 31, 2010
 
 
Stated Interest Rate(s)
 
Maturity Date
 
Principal
 
Premium (Discount)
 
Principal
 
Premium (Discount)
Senior, unsecured notes:
 
 
 
 
 
 

 
 
 
 
 
 

Senior notes
 
6.15
%
 
November 2015
 
$
250,000

 
(417
)
 
$
250,000

 
$
(510
)
Senior notes
 
6.125
%
 
June 2020
 
300,000

 
(1,820
)
 
300,000

 
(1,981
)
Senior exchangeable notes
 
3.75
%
 
August 2011
 
—

 
—

 
7,210

 
(103
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages payable (1):
 
 
 
 
 
 
 
 
 
 
 
 
Atlantic City
 
5.14%-7.65%

 
November 2021-November 2026
 
53,826

 
4,894

 
—

 
—

Ocean City
 
5.24
%
 
December 2015
 
18,867

 
375

 
—

 
—

Hershey
 
5.17%-8.00%

 
July 2015
 
31,252

 
2,165

 
—

 
—

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

 
(692
)
 
—

 
—

Unsecured lines of credit (2)
 
LIBOR + 1.25%

 
November 2015
 
357,092

 
—

 
160,000

 
—

 
 
 
 
 
 
$
1,021,037

 
$
4,505

 
$
717,210

 
$
(2,594
)
(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 lines of credit as of December 31, 2011 bear interest at a rate of LIBOR + 1.25% and expire on November 10, 2015. We have the option to extend the lines for an additional one 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 [Table Text Block]
Maturities of the existing long-term debt as of December 31, 2011 are as follows (in thousands):
Year
 
Amount
2012
 
$
2,563

2013
 
4,633

2014
 
3,599

2015
 
639,431

2016
 
30,279

Thereafter
 
340,532

Subtotal
 
1,021,037

Net premiums
 
4,505

Total
 
$
1,025,542