TANGER INC.SKT
TANGER INC. Debt Disclosure
Debt of the Company
Debt of the Operating Partnership
All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries.
The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $620.0 million, of which $576.0 million remains available as of December 31, 2025. The Company also guarantees the Operating Partnership's unsecured term loan.
The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2025 and 2024 (in thousands):
| 2025 | 2024 | |||||||||||||
| Unsecured lines of credit | $ | 44,000 | $ | — | ||||||||||
| Unsecured term loan | $ | 325,000 | $ | 325,000 | ||||||||||
The debt of the Operating Partnership as of December 31, 2025 and 2024 consisted of the following (in thousands):
| 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stated Interest Rate(s) | Effective Rate (1) | Maturity Date | Maturity Date With Extension Option | Principal | Book Value(2) | Principal | Book Value(2) | |||||||||||||||||||||||||||||||||||||||||||
| Senior, unsecured notes: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Senior notes | 3.125% | 3.2% | Sept. 2026 | $ | 350,000 | $ | 349,631 | $ | 350,000 | $ | 349,045 | |||||||||||||||||||||||||||||||||||||||
| Senior notes | 3.875% | 3.9% | July 2027 | 300,000 | 299,370 | 300,000 | 298,956 | |||||||||||||||||||||||||||||||||||||||||||
| Senior notes | 2.750% | 2.9% | Sept. 2031 | 400,000 | 394,608 | 400,000 | 393,710 | |||||||||||||||||||||||||||||||||||||||||||
| Unsecured term loan | Adj SOFR+ | 0.94% | 4.9% | Jan. 2027 | Jan. 2028 | 325,000 | 323,978 | 325,000 | 323,182 | |||||||||||||||||||||||||||||||||||||||||
| Mortgages payable: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Atlantic City (3) (4) | 6.44% | 5.1% | Dec. 2026 | 5,705 | 5,760 | 7,206 | 7,341 | |||||||||||||||||||||||||||||||||||||||||||
Kansas City (5) | 7.57% | 6.0% | Nov. 2027 | 115,000 | 118,317 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Southaven (3) (6) | SOFR+ | 2.00% | 5.5% | April 2030 | 61,700 | 61,157 | 51,700 | 51,525 | ||||||||||||||||||||||||||||||||||||||||||
| Unsecured lines of credit | Adj SOFR+ | 0.85% | 4.8% | April 2028 | April 2029 | 44,000 | 44,000 | — | — | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,601,405 | $ | 1,596,821 | $ | 1,433,906 | $ | 1,423,759 | ||||||||||||||||||||||||||||||||||||||||||
(1)Includes the impact of discounts and premiums, mark-to-market adjustments for mortgages assumed in conjunction with property acquisitions and interest rate swap agreements, as applicable.
(2)Includes premiums, discounts and unamortized debt origination costs. These costs were $4.6 million and $10.1 million as of December 31, 2025 and 2024, respectively. As of December 31, 2025, and 2024, excludes $5.7 million and $7.4 million, respectively, of unamortized debt origination costs related to unsecured lines of credit, recorded in prepaids and other assets in the Consolidated Balance Sheet. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2025, 2024 and 2023 was $3.7 million, $3.5 million and $3.2 million, respectively.
(3)We have entered into various interest rate swap agreements to effectively fix variable interest costs (see Note 9).
(4)Principal and interest due monthly with remaining principal due at maturity.
(5)The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05%. The effective interest rate assigned during the purchase price allocation to the Kansas City mortgage assumed as part of the acquisition in 2025 was 6%.
(6)The Operating Partnership provides a 10% guarantee of this mortgage, which is held at a joint venture that is consolidated for financial reporting purposes.
Certain of our properties, which had a net book value of approximately $197.5 million at December 31, 2025, serve as collateral for mortgages payable. As of December 31, 2025, we maintained unsecured lines of credit that provided for borrowings of up to $620.0 million, which had $44.0 million borrowed. The unsecured lines of credit as of December 31, 2025 included a $20.0 million liquidity line and a $600.0 million syndicated line. As of December 31, 2025, the syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances.
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 FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of December 31, 2025, we believe we were in compliance with all of our debt covenants.
2025 Transactions
Memphis Consolidated Joint Venture
In April 2025, the Southaven, Mississippi consolidated joint venture amended its mortgage increasing the outstanding borrowings from $51.7 million to $61.7 million and extending the maturity date from October 2026 to April 2030 with no extension options. The stated interest rate remained unchanged at the Adjusted Secured Overnight Financing Rate (“Adjusted SOFR”) + 2.0%. In December 2025, the mortgage was amended to remove the SOFR spread, making the interest rate Daily SOFR + 2.0%. In May 2025, we entered into an interest rate swap transaction to fix the interest rate at 3.5% through April 2029.
Kansas City, Kansas Mortgage Assumption
In September 2025, we assumed a $115.0 million 7.57% interest only mortgage that matures in November 2027 in conjunction with the acquisition of the Legends Outlets in Kansas City, Kansas. The effective interest rate calculated as part of the purchase price allocation was 6%.
2024 Transactions
Unsecured Lines of Credit Amendments and Extension
In April 2024, we entered into amendments to our unsecured line of credit, which, among other things, increased the borrowing capacity from $520.0 million to $620.0 million, with an accordion feature to increase total borrowing capacity to $1.2 billion, extended the maturity date from July 14, 2025 to April 12, 2028 (which may be extended by one additional year by exercising extension options), and reduced the applicable pricing margin from Adjusted SOFR plus 100 basis points to Adjusted SOFR plus 85 basis points based on the Company's current credit rating.
Debt Maturities
Maturities and principal amortization of our consolidated existing debt as of December 31, 2025 for the next five years and thereafter are as follows (in thousands):
| Calendar Year | Amount | |||||||
| 2026 | $ | 355,705 | ||||||
| 2027 | 740,000 | |||||||
| 2028 | 44,000 | |||||||
| 2029 | — | |||||||
| 2030 | 61,700 | |||||||
| Thereafter | 400,000 | |||||||
| Subtotal | 1,601,405 | |||||||
| Net discount and debt origination costs | (4,584) | |||||||
| Total | $ | 1,596,821 | ||||||
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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 23, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.