XML 91 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 12 Months Ended
--- | ---
Dec. 31, 2012
Tanger Properties Limited Partnership [Member] |
Debt of the Operating Partnership | Debt of the Operating Partnership Debt as of December 31, 2012 and 2011 consists of the following (in thousands):
|  |  |  |  |  | As of |  | As of
|  |  |  |  |  | December 31, 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 |  |  | $ | (317 | ) |  | $ | 250,000 |  |  | $ | (417 | )
Senior notes |  | 6.125% |  | June 2020 |  | 300,000 |  |  | (1,650 | ) |  | 300,000 |  |  | (1,820 | )
Mortgages payable (1): |  |  |  |  |  |  |  |  |  |  |  |
Atlantic City |  | 5.14%-7.65% |  | November 2021-December 2026 |  | 52,212 |  |  | 4,495 |  |  | 53,826 |  |  | 4,894 |
Ocean City |  | 5.24% |  | January 2016 |  | 18,540 |  |  | 285 |  |  | 18,867 |  |  | 375 |
Hershey |  | 5.17%-8.00% |  | August 2015 |  | 30,631 |  |  | 1,581 |  |  | 31,252 |  |  | 2,165 |
Note payable (1) |  | 1.50% |  | June 2016 |  | 10,000 |  |  | (546 | ) |  | 10,000 |  |  | (692 | )
Unsecured term loan (2) |  | LIBOR + 1.80% |  | February 2019 |  | 250,000 |  |  | — |  |  | — |  |  | — |
Unsecured lines of credit (3) |  | LIBOR + 1.25% |  | November 2015 |  | 178,306 |  |  | — |  |  | 357,092 |  |  | — |
|  |  |  |  |  | $ | 1,089,689 |  |  | $ | 3,848 |  |  | $ | 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 unsecured term loan is pre-payable without penalty beginning in February of 2015.
(3) | Our unsecured lines of credit as of December 31, 2012 bear interest at a rate of LIBOR + 1.25% and expire on November 10, 2015. 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.
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 December 31, 2012 we were in compliance with all of our debt covenants. 2012 Transactions In February 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. 2011 Transactions $150.0 Million Senior Unsecured Bridge Loan In June 2011, the Operating Partnership closed on a $150.0 million senior, unsecured bridge loan at an interest rate of LIBOR + 1.60% and used the proceeds from the loan to fund the acquisition of the Jeffersonville, Ohio outlet center. In November 2011, the Operating Partnership repaid this bridge loan in conjunction with the recast of its unsecured lines of credit, as discussed below. Exchangeable Notes In July 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. Assumption of Mortgages Payable In association with the acquisitions during the third and fourth quarters of 2011 described in Note 4, the Operating Partnership assumed mortgage debt in the amount of $112.7 million, including total fair value premiums of $7.8 million. Increase In Unsecured Lines of Credit to $520.0 Million In November 2011, the Operating Partnership amended its $400.0 million of unsecured lines of credit, increasing the total capacity to $520.0 million (of which up to $100.0 million may be borrowed in Canadian dollars) and extending the maturity through November 10, 2015. The unsecured lines of credit include a $20.0 million liquidity line as well as a $500.0 million syndicated line. The syndicated line may be increased to $750.0 million through an accordion feature in certain circumstances. We have the option to extend the lines for an additional one year to November 10, 2016. As of the date of this filing, based on the Operating Partnership's long-term debt rating, the lines bear interest at a credit spread over LIBOR + 1.25% and require the payment of an annual facility fee of 0.25% on the total committed amount. Previously, the credit spread over LIBOR was 1.90% and the annual facility fee was 0.40%. The Company guarantees the Operating Partnership's obligations under these lines. 2010 Transactions $300.0 million senior notes In June 2010, the Operating Partnership completed a public offering of $300.0 million of 6.125% senior notes due 2020 (the "2020 Notes"). The 2020 Notes pay interest semi-annually and were priced at 99.310% of the principal amount to yield 6.219% to maturity. Net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $295.5 million. We used the net proceeds from the sale of the 2020 Notes to (i) repay our $235.0 million unsecured term loan due in June 2011, (ii) pay approximately $6.1 million to terminate two interest rate swap agreements associated with the term loan, (iii) repay borrowings under our unsecured lines of credit and (iv) for general working capital purposes. No prepayment or early termination penalty was paid as a result of the repayment of the term loan; however, unamortized loan origination costs of approximately $563,000 were written-off during the second quarter of 2010. $400.0 million unsecured lines of credit In November 2010, the Operating Partnership entered into a $385.0 million syndicated, unsecured revolving line of credit. In addition, the Operating Partnership simultaneously entered into a $15.0 million liquidity line of credit with Bank of America, N.A. providing total revolving line capacity of $400.0 million. The liquidity line's terms were substantially the same as the syndicated line, including maturity date. Debt Maturities Maturities of the existing long-term debt as of December 31, 2012 are as follows (in thousands):
Calendar Year |  | Amount
2013 |  | $ | 4,633 |
2014 |  | 3,599 |
2015 |  | 460,645 |
2016 |  | 30,279 |
2017 |  | 3,004 |
Thereafter |  | 587,529 |
Subtotal |  | 1,089,689 |
Net premiums |  | 3,848 |
Total |  | $ | 1,093,537 |

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration