Debt of the Operating Partnership (Notes) (Tanger Properties Limited Partnership [Member])

9 Months Ended

Sep. 30, 2012

Tanger Properties Limited Partnership [Member]

The debt of the Operating Partnership consisted of the following (in thousands):



			As of					As of
			September 30, 2012					December 31, 2011
	Stated Interest Rate(s)	Maturity Date	Principal		Premium (Discount)			Principal		Premium (Discount)
Senior, unsecured notes:
Senior notes	6.15%	November 2015	$	250,000	$	(343	)	$	250,000	$	(417	)
Senior notes	6.125%	June 2020	300,000		(1,693		)	300,000		(1,820		)

Mortgages payable⁽¹⁾:
Atlantic City	5.14%-7.65%	November 2021- December 2026	52,624		4,596			53,826		4,894
Ocean City	5.24%	January 2016	18,625		308			18,867		375
Hershey	5.17%-8.00%	August 2015	30,792		1,727			31,252		2,165
Note payable ⁽¹⁾	1.50%	June 2016	10,000		(584		)	10,000		(692		)
Unsecured term loan ⁽²⁾	LIBOR + 1.80%	February 2019	250,000		—			—		—
Unsecured lines of credit ⁽³⁾	LIBOR + 1.25%	November 2015	136,769		—			357,092		—
			$	1,048,810	$	4,011		$	1,021,037	$	4,505


(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 term loan is pre-payable without penalty beginning in February of 2015.


(3)	We have the option to extend the lines for one additional 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.

2012 Transactions

On February 24, 2012, the Operating Partnership closed on a seven-year $250.0 million unsecured term loan. The term loan is interest only, matures in the first quarter of 2019 and is pre-payable without penalty beginning in February of 2015. Based on our current credit ratings, the loan has an interest rate of LIBOR + 1.80%. We used the net proceeds of the term loan to reduce the outstanding balances on our unsecured lines of credit.

Debt Maturities

Maturities of the existing long-term debt as of September 30, 2012 are as follows (in thousands):



Calendar Year	Amount
2012	$	657
2013	4,633
2014	3,600
2015	419,108
2016	30,279
Thereafter	590,533
Subtotal	1,048,810
Net premiums	4,011
Total	$	1,052,821

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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