Debt of the Operating Partnership

3 Months Ended

Mar. 31, 2021

Tanger Properties Limited Partnership [Member]

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


						As of				As of
						March 31, 2021				December 31, 2020
	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	$	248,136	$	250,000	$	247,967
Senior notes	3.750	%			December 2024	250,000		248,585		250,000		248,493
Senior notes	3.125	%			September 2026	350,000		346,909		350,000		346,770
Senior notes	3.875	%			July 2027	300,000		297,444		300,000		297,346

Mortgages payable:
Atlantic City (2)(3)	5.14	%	-	7.65%	November 2021- December 2026	26,420		27,547		27,343		28,569
Southaven (4)	LIBOR		+	1.80%	April 2021	51,400		51,386		51,400		51,371
Unsecured term loan	LIBOR(5)		+	1.00%	April 2024	325,000		322,753		350,000		347,370
Unsecured lines of credit	LIBOR(5)		+	1.00%	October 2021 (6)	—		—		—		—
						$	1,552,820	$	1,542,760	$	1,578,743	$	1,567,886

(1)Including premiums and net of debt discount and debt origination costs.

(2)The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%.

(3)Principal and interest due monthly with remaining principal due at maturity.

(4)In April 2021 we extended the maturity date 90 days to explore other financing options however, we may extend the loan using our two-year extension option to April 2023, which could require reductions in principal or additional guarantees to comply with extension requirements.

(5)Beginning in June 2020, if LIBOR is less than 0.25% per annum, the rate will be deemed to be 0.25% for the portions of the lines of credit and bank term loan that are not fixed with an interest rate swap.

(6)Unsecured lines of credit have a one-year extension option to extend maturity to October 2022.

Certain of our properties, which had a net book value of approximately $161.7 million at March 31, 2021, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances.

We provide guarantees to lenders for our joint ventures, which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. As of March 31, 2021, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $21.9 million.

The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2021, we believe we were in compliance with all of our debt covenants.

Unsecured term loan

In March 2021, we paid down $25.0 million of borrowings under our $350.0 million unsecured term loan with cash on hand.

Debt Maturities

Maturities of the existing long-term debt as of March 31, 2021 for the next five years and thereafter are as follows (in thousands):


Calendar Year	Amount
For the remainder of 2021	$	56,270
2022	4,436
2023	254,768
2024	580,140
2025	1,501
Thereafter	655,705
Subtotal	1,552,820
Net discount and debt origination costs	(10,060)
Total	$	1,542,760

Given the financial implications of the COVID-19 pandemic, we have considered our short-term (one year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs.