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, 2018 December 31, 2017 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 $ 246,192 $ 250,000 $ 246,036 Senior notes 3.750 % December 2024 250,000 247,498 250,000 247,410 Senior notes 3.125 % September 2026 350,000 345,263 350,000 345,128 Senior notes 3.875 % July 2027 300,000 296,277 300,000 296,182 Mortgages payable: Atlantic City (2)(3) 5.14%-7.65% November 2021- December 2026 36,682 39,001 37,462 39,879 Southaven LIBOR + 1.80% April 2021 51,400 51,108 60,000 59,881 Unsecured term loan LIBOR + 0.95% April 2021 325,000 323,082 325,000 322,975 Unsecured lines of credit LIBOR + 0.875% October 2021 227,600 223,634 208,100 206,160 $ 1,790,682 $ 1,772,055 $ 1,780,562 $ 1,763,651 (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. Certain of our properties, which had a net book value of approximately $189.3 million at March 31, 2018 , 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. As of March 31, 2018 , letters of credit totaling approximately $6.0 million were issued under the lines of credit. 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, 2018 , the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $32.7 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, 2018 , we were in compliance with all of our debt covenants. Increased Borrowing Capacity and Extension of Unsecured Lines of Credit In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one -year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875% , and increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion . Loan origination costs associated with the amendments totaled approximately $2.3 million . Southaven Mortgage In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million , increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two -year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 2021. Debt Maturities Maturities of the existing long-term debt as of March 31, 2018 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2018 $ 2,404 2019 3,369 2020 3,566 2021 609,793 2022 4,436 Thereafter 1,167,114 Subtotal 1,790,682 Net discount and debt origination costs (18,627 ) Total $ 1,772,055 |