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Debt of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 3 Months Ended
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Mar. 31, 2013
Tanger Properties Limited Partnership [Member] |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands):
|  |  |  |  |  | As of |  | As of
|  |  |  |  |  | March 31, 2013 |  | December 31, 2012
|  | Stated Interest Rate(s) |  | Maturity Date |  | Principal |  | Premium (Discount) |  | Principal |  | Premium (Discount)
Senior, unsecured notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | 6.15 | % |  | November 2015 |  | $ | 250,000 |  |  | $ | (291 | ) |  | $ | 250,000 |  |  | $ | (317 | )
Senior notes |  | 6.125 | % |  | June 2020 |  | 300,000 |  |  | (1,606 | ) |  | 300,000 |  |  | (1,650 | )
Mortgages payable (1): |  |  |  |  |  |  |  |  |  |  |  |
Atlantic City |  | 5.14%-7.65% |  |  | November 2021- December 2026 |  | 50,346 |  |  | 4,385 |  |  | 52,212 |  |  | 4,495 |
Ocean City |  | 5.24 | % |  | January 2016 |  | 18,451 |  |  | 263 |  |  | 18,540 |  |  | 285 |
Hershey |  | 5.17%-8.00% |  |  | August 2015 |  | 30,464 |  |  | 1,437 |  |  | 30,631 |  |  | 1,581 |
Note payable (1) |  | 1.50 | % |  | June 2016 |  | 10,000 |  |  | (509 | ) |  | 10,000 |  |  | (546 | )
Unsecured term loan (2) |  | LIBOR + 1.80% |  |  | February 2019 |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
Unsecured lines of credit (3) |  | LIBOR + 1.25% |  |  | November 2015 |  | 174,917 |  |  | — |  |  | 178,306 |  |  | — |
|  |  |  |  |  | $ | 1,084,178 |  |  | $ | 3,679 |  |  | $ | 1,089,689 |  |  | $ | 3,848 |
(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 March 31, 2013 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 March 31, 2013 we were in compliance with all of our debt covenants. Debt Maturities Maturities of the existing long-term debt as of March 31, 2013 are as follows (in thousands):
Calendar Year |  | Amount |
2013 |  | $ | 2,564 |
2014 |  | 3,603 |
2015 |  | 457,260 |
2016 |  | 30,283 |
2017 |  | 3,008 |
Thereafter |  | 587,460 |
Subtotal |  | 1,084,178 |
Net premiums |  | 3,679 |
Total |  | $ | 1,087,857 |

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- 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
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