Debt of the Operating Partnership (Notes) (Tanger Properties Limited Partnership)

3 Months Ended

Mar. 31, 2011

Tanger Properties Limited Partnership

Debt of the Operating Partnership

As of September 30, 2011 and December 31, 2010, the debt of the Operating Partnership consisted of the following (in thousands):



				September 30, 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	(441		)	$	250,000	$	(510	)
Senior notes	6.125	%	June 2020	300,000		(1,861		)	300,000		(1,981		)
Senior exchangeable notes	3.75	%	August 2011	—		—			7,210		(103		)

Mortgages payable:
Atlantic City	5.14%-7.65%		November 2021-November 2026	54,217		4,991			—		—
Ocean City	5.24	%	December 2015	18,947		393			—		—
Hershey	5.17%-8.00%		July 2015	31,405		2,282			—		—
Senior, unsecured bridge loan ⁽¹⁾	LIBOR + 1.60%		December 2011	150,000		—			—		—
Unsecured lines of credit ⁽²⁾	LIBOR + 1.90%		November 2013	172,300		—			160,000		—
				$	976,869	$	5,364		$	717,210	$	(2,594	)


(1)	Our senior, unsecured bridge loan bears interest at a rate of LIBOR + 1.60% and has a maturity date of December 26, 2011. At our discretion we may extend the maturity to June 22, 2012 by exercising each of the two remaining ninety-day extension options.


(2)	Our unsecured lines of credit as of September 30, 2011 bear interest at a rate of LIBOR + 1.90% and expire in November 2013. These lines require a facility fee payment of 0.40% annually based on the total amount of the commitment. The credit spread and facility fee can vary depending on our investment grade rating.

2011 Transactions

On July 18, 2011, the Operating Partnership issued a notice that it would redeem all outstanding senior exchangeable notes on August 18, 2011, the five year anniversary of the issuance of the notes. In response to this notice, all of the remaining noteholders exercised their exchange rights. In total during 2011, bonds in the amount of $7.2 million were exchanged and 136,360 Company common shares were issued to note holders in addition to the principal repayments.

In association with the acquisitions during the third quarter of 2011 described in Note 4, the Operating Partnership assumed mortgage debt in the amount of $112.6 million, including total fair value premiums of $7.7 million.

Debt Maturities

Maturities of the existing long-term debt as of September 30, 2011 are as follows (in thousands):



Year	Amount
2011	$	150,623
2012	2,563
2013	176,933
2014	3,599
2015	282,339
Thereafter	360,812
Subtotal	976,869
Net premiums	5,364
Total	$	982,233