QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
North Carolina | (Tanger Factory Outlet Centers, Inc.) | 56-1815473 | ||||||
North Carolina | (Tanger Properties Limited Partnership) | 56-1822494 | ||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
Trading Symbol(s) | Name of each exchange on which registered | |||||||
Common Shares, $0.01 par value | SKT | |||||||
Tanger Factory Outlet Centers, Inc. | Yes | ☒ | No | ☐ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
Tanger Factory Outlet Centers, Inc. | Yes | ☒ | No | ☐ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☒ | No | ☐ |
Tanger Factory Outlet Centers, Inc. | ||||||||||||||
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||
Tanger Properties Limited Partnership | ||||||||||||||
Large Accelerated Filer | ☐ | Accelerated Filer | ☐ | |||||||||||
Non-accelerated Filer | ☒ | Smaller Reporting Company | ☐ | |||||||||||
Tanger Factory Outlet Centers, Inc. | |||||
Tanger Properties Limited Partnership |
Tanger Factory Outlet Centers, Inc. | Yes | ☐ | No | ☒ | ||||||||||
Tanger Properties Limited Partnership | Yes | ☐ | No | ☒ |
Page Number | |||||
Part I. Financial Information | |||||
Item 1. | |||||
FINANCIAL STATEMENTS OF TANGER FACTORY OUTLET CENTERS, INC. (Unaudited) | |||||
Consolidated Balance Sheets - as of September 30, | |||||
Consolidated Statements of Operations - for the three and nine months ended September 30, | |||||
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, | |||||
Consolidated Statements of | |||||
Consolidated Statements of Cash Flows - for the nine months ended September 30, | |||||
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |||||
Consolidated Balance Sheets - as of September 30, | |||||
Consolidated Statements of Operations - for the three and nine months ended September 30, | |||||
Consolidated Statements of Comprehensive Income - for the three and nine months ended September 30, | |||||
Consolidated Statements of Shareholders’ Equity - for the three and nine months ended September 30, | |||||
Consolidated Statements of Cash Flows - for the nine months ended September 30, | |||||
Item 2. | |||||
Item 3. Quantitative and Qualitative Disclosures about Market Risk | |||||
Item 4. Controls and Procedures (Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership) | |||||
Part II. Other Information | |||||
Item 1. Legal Proceedings | |||||
Item 1A. Risk Factors | |||||
Item | |||||
September 30, 2017 | December 31, 2016 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 268,243 | $ | 265,968 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,520,492 | 2,527,404 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | ||||||||||||||||||||
3,051,132 | 2,965,907 | 2,788,735 | 2,793,372 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,125,883) | (1,054,993) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,662,852 | 1,738,379 | |||||||||||||||||
Cash and cash equivalents | 8,773 | 12,222 | Cash and cash equivalents | 143,116 | 84,832 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 85,421 | 94,579 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 76,980 | 84,960 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 80,658 | 81,499 | |||||||||||||||||||
Prepaids and other assets | 95,075 | 82,985 | Prepaids and other assets | 100,134 | 105,282 | |||||||||||||||||
Total assets | $ | 2,541,446 | $ | 2,526,214 | Total assets | $ | 2,149,161 | $ | 2,189,531 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,035,670 | $ | 1,140,576 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 298,288 | 347,370 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 76,807 | 79,940 | |||||||||||||||||
Unsecured lines of credit, net | 146,013 | 58,002 | ||||||||||||||||||||
Unsecured lines of credit | Unsecured lines of credit | — | — | |||||||||||||||||||
Total debt | 1,773,981 | 1,687,866 | Total debt | 1,410,765 | 1,567,886 | |||||||||||||||||
Accounts payable and accrued expenses | 84,091 | 78,143 | Accounts payable and accrued expenses | 90,053 | 88,253 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 89,364 | 90,105 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 78,819 | 84,404 | |||||||||||||||||
Total liabilities | 1,932,411 | 1,820,773 | Total liabilities | 1,669,001 | 1,830,648 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Tanger Factory Outlet Centers, Inc.: | Tanger Factory Outlet Centers, Inc.: | |||||||||||||||||||||
Common shares, $.01 par value, 300,000,000 shares authorized, 94,528,188 and 96,095,891 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 945 | 961 | ||||||||||||||||||||
Common shares, $0.01 par value, 300,000,000 shares authorized, 103,984,234 and 93,569,801 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | Common shares, $0.01 par value, 300,000,000 shares authorized, 103,984,234 and 93,569,801 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 1,040 | 936 | |||||||||||||||||||
Paid in capital | 781,020 | 820,251 | Paid in capital | 975,137 | 787,143 | |||||||||||||||||
Accumulated distributions in excess of net income | (183,975 | ) | (122,701 | ) | Accumulated distributions in excess of net income | (496,495) | (420,104) | |||||||||||||||
Accumulated other comprehensive loss | (19,713 | ) | (28,295 | ) | Accumulated other comprehensive loss | (20,686) | (26,585) | |||||||||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 578,277 | 670,216 | Equity attributable to Tanger Factory Outlet Centers, Inc. | 458,996 | 341,390 | |||||||||||||||||
Equity attributable to noncontrolling interests: | Equity attributable to noncontrolling interests: | |||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 30,758 | 35,066 | Noncontrolling interests in Operating Partnership | 21,164 | 17,493 | |||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | 159 | Noncontrolling interests in other consolidated partnerships | — | — | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 480,160 | 358,883 | |||||||||||||||||
Total liabilities and equity | $ | 2,541,446 | $ | 2,526,214 | Total liabilities and equity | $ | 2,149,161 | $ | 2,189,531 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||
Base rentals | $ | 80,349 | $ | 79,569 | $ | 241,467 | $ | 227,195 | ||||||||||||||||||||||||||||||||||
Percentage rentals | 3,138 | 2,995 | 6,798 | 7,471 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements | 34,180 | 33,125 | 104,801 | 97,121 | ||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 | |||||||||||||||||||||||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | Management, leasing and other services | 1,641 | 1,194 | 4,372 | 3,362 | |||||||||||||||||||||||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 3,559 | 1,768 | 8,504 | 4,392 | |||||||||||||||||||||||||||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | Total revenues | 112,465 | 103,213 | 314,432 | 278,836 | |||||||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | Property operating | 37,186 | 35,206 | 103,747 | 101,991 | |||||||||||||||||||||||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | General and administrative | 14,817 | 11,181 | 47,310 | 35,331 | |||||||||||||||||||||||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||||||||||||||||||||||||||||
Impairment charge | Impairment charge | — | — | — | 45,675 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | |||||||||||||||||||||||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | Total expenses | 78,947 | 76,290 | 233,883 | 270,963 | |||||||||||||||||||||||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | Interest expense | (13,282) | (15,647) | (40,982) | (47,786) | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | Loss on early extinguishment of debt | (33,821) | — | (47,860) | — | |||||||||||||||||||||||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | Gain on sale of assets | — | 2,324 | — | 2,324 | |||||||||||||||||||||||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||||||||||||||||||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | 253 | 161 | (2,598) | 789 | |||||||||||||||||||||||||||||||||||||
Total other income (expense) | Total other income (expense) | (46,850) | (13,162) | (91,440) | (44,673) | |||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (13,332) | 13,761 | (10,891) | (36,800) | ||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | Equity in earnings (losses) of unconsolidated joint ventures | 2,261 | (42) | 6,758 | (1,490) | |||||||||||||||||||||||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | Net income (loss) | (11,071) | 13,719 | (4,133) | (38,290) | ||||||||||||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 815 | (3,668 | ) | (1,920 | ) | (9,009 | ) | Noncontrolling interests in Operating Partnership | 492 | (690) | 165 | 1,939 | ||||||||||||||||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | (2 | ) | — | (13 | ) | Noncontrolling interests in other consolidated partnerships | — | — | — | (190) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (15,219 | ) | $ | 69,104 | $ | 36,507 | $ | 169,671 | Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (10,579) | $ | 13,029 | $ | (3,968) | $ | (36,541) | ||||||||||||||||||||||||
Basic earnings per common share: | Basic earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||||||||
Diluted earnings per common share: | Diluted earnings per common share: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 | Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||||||||
Dividends declared per common share | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | Foreign currency translation adjustments | (2,142) | 1,870 | 3,862 | (2,506) | ||||||||||||||||||||||||||||||||
Change in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | Change in fair value of cash flow hedges | 108 | 1,463 | 2,343 | (4,711) | ||||||||||||||||||||||||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (2,034) | 3,333 | 6,205 | (7,217) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | Comprehensive income (loss) | (13,105) | 17,052 | 2,072 | (45,507) | ||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 573 | (3,695 | ) | (2,376 | ) | (9,294 | ) | Comprehensive (income) loss attributable to noncontrolling interests | 583 | (857) | (141) | 2,114 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (10,685 | ) | $ | 69,576 | $ | 45,089 | $ | 174,768 | Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (12,522) | $ | 16,195 | $ | 1,931 | $ | (43,393) |
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2015 | $ | 959 | $ | 806,379 | $ | (195,486 | ) | $ | (36,715 | ) | $ | 575,137 | $ | 30,309 | $ | 586 | $ | 606,032 | |||||||
Net income | — | — | 169,671 | — | 169,671 | 9,009 | 13 | 178,693 | |||||||||||||||||
Other comprehensive income | — | — | — | 5,097 | 5,097 | 272 | — | 5,369 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 12,556 | — | — | 12,556 | — | — | 12,556 | |||||||||||||||||
Issuance of 57,700 common shares upon exercise of options | — | 1,693 | — | — | 1,693 | — | — | 1,693 | |||||||||||||||||
Grant of 173,124 restricted common share awards, net of forfeitures | 2 | (2 | ) | — | — | — | — | — | — | ||||||||||||||||
Issuance of 24,040 deferred shares | — | — | — | — | — | — | — | — | |||||||||||||||||
Withholding of 66,427 common shares for employee income taxes | — | (2,164 | ) | — | — | (2,164 | ) | — | — | (2,164 | ) | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (385 | ) | — | — | (385 | ) | 385 | — | — | |||||||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | — | 4 | — | — | 4 | — | (4 | ) | — | ||||||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | (1,617 | ) | — | — | (1,617 | ) | — | (325 | ) | (1,942 | ) | |||||||||||||
Common dividends ($.935 per share) | — | — | (89,750 | ) | — | (89,750 | ) | — | — | (89,750 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (4,725 | ) | (145 | ) | (4,870 | ) | ||||||||||||||
Balance, September 30, 2016 | $ | 961 | $ | 816,464 | $ | (115,565 | ) | $ | (31,618 | ) | $ | 670,242 | $ | 35,250 | $ | 160 | $ | 705,652 | |||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In thousands, except share and per share data, unaudited) | |||||||||||||||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2016 | $ | 961 | $ | 820,251 | $ | (122,701 | ) | $ | (28,295 | ) | $ | 670,216 | $ | 35,066 | $ | 159 | $ | 705,441 | |||||||
Net income | — | — | 36,507 | — | 36,507 | 1,920 | — | 38,427 | |||||||||||||||||
Other comprehensive income | — | — | — | 8,582 | 8,582 | 456 | — | 9,038 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | — | 10,891 | — | — | 10,891 | |||||||||||||||||
Issuance of 1,800 common shares upon exercise of options | — | 54 | — | — | 54 | — | — | 54 | |||||||||||||||||
Grant of 411,968 restricted common share awards, net of forfeitures | 4 | (4 | ) | — | — | — | — | — | — | ||||||||||||||||
Repurchase of 1,911,585 common shares, including transaction costs | (19 | ) | (49,343 | ) | — | — | (49,362 | ) | — | — | (49,362 | ) | |||||||||||||
Withholding of 69,886 common shares for employee income taxes | (1 | ) | (2,435 | ) | — | — | (2,436 | ) | — | — | (2,436 | ) | |||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | 1,606 | — | — | 1,606 | (1,606 | ) | — | — | ||||||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | — | — | (159 | ) | (159 | ) | |||||||||||||||
Common dividends ($1.01 per share) | — | — | (97,781 | ) | — | (97,781 | ) | — | — | (97,781 | ) | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (5,078 | ) | — | (5,078 | ) | |||||||||||||||
Balance, September 30, 2017 | $ | 945 | $ | 781,020 | $ | (183,975 | ) | $ | (19,713 | ) | $ | 578,277 | $ | 30,758 | $ | — | $ | 609,035 |
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||||||
Balance, June 30, 2020 | $ | 935 | $ | 781,485 | $ | (433,396) | $ | (35,513) | $ | 313,511 | $ | 16,472 | $ | — | $ | 329,983 | |||||||||||||
Net income | — | — | 13,029 | — | 13,029 | 690 | — | 13,719 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 3,166 | 3,166 | 167 | — | 3,333 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 2,450 | — | — | 2,450 | — | — | 2,450 | |||||||||||||||||||||
Forfeitures of 18,996 restricted common share awards | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (120) | — | — | (120) | 120 | — | — | |||||||||||||||||||||
Balance, September 30, 2020 | $ | 935 | $ | 783,815 | $ | (420,367) | $ | (32,347) | $ | 332,036 | $ | 17,449 | $ | — | $ | 349,485 | |||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||||||
Balance, December 31, 2019 | $ | 929 | $ | 775,035 | $ | (317,263) | $ | (25,495) | $ | 433,206 | $ | 22,903 | $ | — | $ | 456,109 | |||||||||||||
Net income (loss) | — | — | (36,541) | — | (36,541) | (1,939) | 190 | (38,290) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (6,852) | (6,852) | (365) | — | (7,217) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 9,871 | — | — | 9,871 | — | — | 9,871 | |||||||||||||||||||||
Grant of 611,350 restricted common share awards, net of forfeitures | 6 | (6) | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of 6,258 deferred shares | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Withholding of 56,597 common shares for employee income taxes | — | (736) | — | — | (736) | — | — | (736) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 72 | 72 | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (349) | — | — | (349) | 349 | — | — | |||||||||||||||||||||
Common dividends ($0.7125 per share) | — | — | (66,563) | — | (66,563) | — | — | (66,563) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (3,499) | (262) | (3,761) | |||||||||||||||||||||
Balance, September 30, 2020 | $ | 935 | $ | 783,815 | $ | (420,367) | $ | (32,347) | $ | 332,036 | $ | 17,449 | $ | — | $ | 349,485 | |||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands, except share and per share data, unaudited) | |||||||||||||||||||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||||||
Balance, June 30, 2021 | $ | 1,036 | $ | 966,409 | $ | (448,368) | $ | (18,743) | $ | 500,334 | $ | 23,151 | $ | — | $ | 523,485 | |||||||||||||
Net loss | — | — | (10,579) | — | (10,579) | (492) | — | (11,071) | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (1,943) | (1,943) | (91) | — | (2,034) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 3,012 | — | — | 3,012 | — | — | 3,012 | |||||||||||||||||||||
Issuance of 17,240 common shares upon exercise of options | — | 99 | — | — | 99 | — | — | 99 | |||||||||||||||||||||
Grant of 23,488 restricted common share awards, net of forfeitures | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of 331,682 common shares | 4 | 6,089 | — | — | 6,093 | — | — | 6,093 | |||||||||||||||||||||
Withholding of 8,756 common shares for employee income taxes | — | (150) | — | — | (150) | — | — | (150) | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (322) | — | — | (322) | 322 | — | — | |||||||||||||||||||||
Common dividends ($0.3600 per share) (1) | — | — | (37,548) | — | (37,548) | — | — | (37,548) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (1,726) | — | (1,726) | |||||||||||||||||||||
Balance, September 30, 2021 | $ | 1,040 | $ | 975,137 | $ | (496,495) | $ | (20,686) | $ | 458,996 | $ | 21,164 | $ | — | $ | 480,160 | |||||||||||||
Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Equity attributable to Tanger Factory Outlet Centers, Inc. | Noncontrolling interests in Operating Partnership | Noncontrolling interests in other consolidated partnerships | Total equity | ||||||||||||||||||||||
Balance, December 31, 2020 | $ | 936 | $ | 787,143 | $ | (420,104) | $ | (26,585) | $ | 341,390 | $ | 17,493 | $ | — | $ | 358,883 | |||||||||||||
Net loss | — | — | (3,968) | — | (3,968) | (165) | — | (4,133) | |||||||||||||||||||||
Other comprehensive income | — | — | — | 5,899 | 5,899 | 306 | — | 6,205 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 9,686 | — | — | 9,686 | — | — | 9,686 | |||||||||||||||||||||
Issuance of 32,740 common shares upon exercise of options | — | 188 | — | — | 188 | — | — | 188 | |||||||||||||||||||||
Grant of 493,163 restricted common share awards, net of forfeitures | 5 | (5) | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of 10,009,263 common shares | 100 | 186,869 | — | — | 186,969 | — | — | 186,969 | |||||||||||||||||||||
Withholding of 120,733 common shares for employee income taxes | (1) | (1,786) | — | — | (1,787) | — | — | (1,787) | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (6,958) | — | — | (6,958) | 6,958 | — | — | |||||||||||||||||||||
Common dividends ($0.7150 per share) (2) | — | — | (72,423) | — | (72,423) | — | — | (72,423) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (3,428) | — | (3,428) | |||||||||||||||||||||
Balance, September 30, 2021 | $ | 1,040 | $ | 975,137 | $ | (496,495) | $ | (20,686) | $ | 458,996 | $ | 21,164 | $ | — | $ | 480,160 |
Nine months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
2017 | 2016 | 2021 | 2020 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||||||
Net income | $ | 38,427 | $ | 178,693 | ||||||||||||||||||
Net loss | Net loss | $ | (4,133) | $ | (38,290) | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | 95,175 | 82,078 | Depreciation and amortization | 82,826 | 87,966 | |||||||||||||||||
Impairment charge | Impairment charge | — | 45,675 | |||||||||||||||||||
Amortization of deferred financing costs | 2,640 | 2,350 | Amortization of deferred financing costs | 3,170 | 2,586 | |||||||||||||||||
Gain on sale of assets | (6,943 | ) | (6,305 | ) | Gain on sale of assets | — | (2,324) | |||||||||||||||
Gain on previously held interest in acquired joint venture | — | (95,516 | ) | |||||||||||||||||||
Loss on early extinguishment of debt | 35,626 | — | Loss on early extinguishment of debt | 47,860 | — | |||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 1,201 | (7,680 | ) | Equity in (earnings) losses of unconsolidated joint ventures | (6,758) | 1,490 | ||||||||||||||||
Equity-based compensation expense | 10,114 | 11,815 | Equity-based compensation expense | 9,602 | 9,566 | |||||||||||||||||
Amortization of debt (premiums) and discounts, net | 363 | 1,160 | Amortization of debt (premiums) and discounts, net | 333 | 359 | |||||||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 2,107 | 2,087 | Amortization (accretion) of market rent rate adjustments, net | 151 | 2,560 | |||||||||||||||||
Straight-line rent adjustments | (4,749 | ) | (5,092 | ) | Straight-line rent adjustments | 1,137 | 2,418 | |||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 8,128 | 10,571 | Distributions of cumulative earnings from unconsolidated joint ventures | 7,068 | 2,309 | |||||||||||||||||
Other non-cash | Other non-cash | 3,638 | — | |||||||||||||||||||
Changes in other assets and liabilities: | Changes in other assets and liabilities: | |||||||||||||||||||||
Other assets | (1,131 | ) | 1,093 | Other assets | 5,908 | (23,249) | ||||||||||||||||
Accounts payable and accrued expenses | 653 | 2,512 | Accounts payable and accrued expenses | (6,852) | 895 | |||||||||||||||||
Net cash provided by operating activities | 181,611 | 177,766 | Net cash provided by operating activities | 143,950 | 91,961 | |||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||||||
Additions to rental property | (132,612 | ) | (112,213 | ) | Additions to rental property | (23,685) | (23,072) | |||||||||||||||
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | — | (45,219 | ) | |||||||||||||||||||
Additions to investments in unconsolidated joint ventures | (4,033 | ) | (27,851 | ) | Additions to investments in unconsolidated joint ventures | (7,000) | (5,601) | |||||||||||||||
Net proceeds from sale of assets | 39,213 | 28,706 | Net proceeds from sale of assets | 8,129 | 7,626 | |||||||||||||||||
Change in restricted cash | — | 118,370 | ||||||||||||||||||||
Additions to non-real estate assets | (8,384 | ) | (8,982 | ) | Additions to non-real estate assets | (1,664) | (1,541) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,019 | 14,193 | Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,023 | 4,717 | |||||||||||||||||
Additions to deferred lease costs | (4,218 | ) | (5,273 | ) | Additions to deferred lease costs | (5,333) | (2,755) | |||||||||||||||
Other investing activities | 4,963 | (1,221 | ) | Other investing activities | 11,602 | 8,339 | ||||||||||||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | Net cash used in investing activities | (1,928) | (12,287) | |||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||||||
Cash dividends paid | (97,781 | ) | (109,879 | ) | Cash dividends paid | (53,385) | (66,563) | |||||||||||||||
Distributions to noncontrolling interests in Operating Partnership | (5,078 | ) | (5,786 | ) | Distributions to noncontrolling interests in Operating Partnership | (2,553) | (3,499) | |||||||||||||||
Proceeds from revolving credit facility | 543,866 | 733,450 | Proceeds from revolving credit facility | — | 641,630 | |||||||||||||||||
Repayments of revolving credit facility | (456,666 | ) | (727,750 | ) | Repayments of revolving credit facility | — | (641,630) | |||||||||||||||
Proceeds from notes, mortgages and loans | 299,460 | 338,270 | Proceeds from notes, mortgages and loans | 394,208 | — | |||||||||||||||||
Repayments of notes, mortgages and loans | (302,240 | ) | (329,603 | ) | Repayments of notes, mortgages and loans | (552,811) | (2,656) | |||||||||||||||
Payment of make-whole premium related to early extinguishment of debt | (34,143 | ) | — | Payment of make-whole premium related to early extinguishment of debt | (44,872) | — | ||||||||||||||||
Repayment of deferred financing obligation | — | (28,388 | ) | |||||||||||||||||||
Repurchase of common shares, including transaction costs | (49,362 | ) | — | |||||||||||||||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436 | ) | (2,164 | ) | Employee income taxes paid related to shares withheld upon vesting of equity awards | (1,787) | (736) | |||||||||||||||
Additions to deferred financing costs | (2,900 | ) | (4,243 | ) | Additions to deferred financing costs | (8,703) | (1,841) | |||||||||||||||
Proceeds from exercise of options | 54 | 1,693 | Proceeds from exercise of options | 188 | — | |||||||||||||||||
Proceeds from common share offering | Proceeds from common share offering | 186,969 | — | |||||||||||||||||||
Proceeds from other financing activities | 12,054 | 35 | Proceeds from other financing activities | — | 72 | |||||||||||||||||
Payment for other financing activities | (782 | ) | (99 | ) | Payment for other financing activities | (861) | (1,122) | |||||||||||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | Net cash used in financing activities | (83,607) | (76,345) | |||||||||||||||
Effect of foreign currency rate changes on cash and cash equivalents | (54 | ) | 532 | Effect of foreign currency rate changes on cash and cash equivalents | (131) | (208) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,449 | ) | 4,344 | |||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 58,284 | 3,121 | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 12,222 | 21,558 | Cash and cash equivalents, beginning of period | 84,832 | 16,672 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,773 | $ | 25,902 | Cash and cash equivalents, end of period | $ | 143,116 | $ | 19,793 |
September 30, 2017 | December 31, 2016 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 268,243 | $ | 265,968 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,520,492 | 2,527,404 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | ||||||||||||||||||||
3,051,132 | 2,965,907 | 2,788,735 | 2,793,372 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,125,883) | (1,054,993) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,662,852 | 1,738,379 | |||||||||||||||||
Cash and cash equivalents | 8,669 | 12,199 | Cash and cash equivalents | 142,813 | 84,750 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 85,421 | 94,579 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 76,980 | 84,960 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 80,658 | 81,499 | |||||||||||||||||||
Prepaids and other assets | 94,550 | 82,481 | Prepaids and other assets | 100,054 | 104,800 | |||||||||||||||||
Total assets | $ | 2,540,817 | $ | 2,525,687 | Total assets | $ | 2,148,778 | $ | 2,188,967 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,035,670 | $ | 1,140,576 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 298,288 | 347,370 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 76,807 | 79,940 | |||||||||||||||||
Unsecured lines of credit, net | 146,013 | 58,002 | ||||||||||||||||||||
Unsecured lines of credit | Unsecured lines of credit | — | — | |||||||||||||||||||
Total debt | 1,773,981 | 1,687,866 | Total debt | 1,410,765 | 1,567,886 | |||||||||||||||||
Accounts payable and accrued expenses | 83,462 | 77,616 | Accounts payable and accrued expenses | 89,670 | 87,689 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 89,364 | 90,105 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 78,819 | 84,404 | |||||||||||||||||
Total liabilities | 1,931,782 | 1,820,246 | Total liabilities | 1,668,618 | 1,830,084 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | 0 | 0 | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Partners' Equity: | ||||||||||||||||||||||
General partner, 1,000,000 units outstanding at September 30, 2017 and December 31, 2016 | 5,854 | 6,485 | ||||||||||||||||||||
Limited partners, 5,027,781 and 5,027,781 Class A common units, and 93,528,188 and 95,095,891 Class B common units outstanding at September 30, 2017 and December 31, 2016, respectively | 623,977 | 728,631 | ||||||||||||||||||||
Partners’ Equity: | Partners’ Equity: | |||||||||||||||||||||
General partner, 1,100,000 units outstanding at September 30, 2021 and 1,000,000 at December 31, 2020, respectively | General partner, 1,100,000 units outstanding at September 30, 2021 and 1,000,000 at December 31, 2020, respectively | 4,401 | 3,334 | |||||||||||||||||||
Limited partners, 4,794,643 and 4,794,643 Class A common units, and 102,884,234 and 92,569,801 Class B common units outstanding at September 30, 2021 and December 31, 2020, respectively | Limited partners, 4,794,643 and 4,794,643 Class A common units, and 102,884,234 and 92,569,801 Class B common units outstanding at September 30, 2021 and December 31, 2020, respectively | 497,593 | 383,588 | |||||||||||||||||||
Accumulated other comprehensive loss | (20,796 | ) | (29,834 | ) | Accumulated other comprehensive loss | (21,834) | (28,039) | |||||||||||||||
Total partners' equity | 609,035 | 705,282 | ||||||||||||||||||||
Total partners’ equity | Total partners’ equity | 480,160 | 358,883 | |||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | 159 | Noncontrolling interests in consolidated partnerships | — | — | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 480,160 | 358,883 | |||||||||||||||||
Total liabilities and equity | $ | 2,540,817 | $ | 2,525,687 | Total liabilities and equity | $ | 2,148,778 | $ | 2,188,967 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||
Base rentals | $ | 80,349 | $ | 79,569 | $ | 241,467 | $ | 227,195 | ||||||||||||||||||||||||||||||||||
Percentage rentals | 3,138 | 2,995 | 6,798 | 7,471 | ||||||||||||||||||||||||||||||||||||||
Expense reimbursements | 34,180 | 33,125 | 104,801 | 97,121 | ||||||||||||||||||||||||||||||||||||||
Rental revenues | Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 | |||||||||||||||||||||||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | Management, leasing and other services | 1,641 | 1,194 | 4,372 | 3,362 | |||||||||||||||||||||||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||||||||||||||||||||||||||||
Other revenues | Other revenues | 3,559 | 1,768 | 8,504 | 4,392 | |||||||||||||||||||||||||||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | Total revenues | 112,465 | 103,213 | 314,432 | 278,836 | |||||||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | Property operating | 37,186 | 35,206 | 103,747 | 101,991 | |||||||||||||||||||||||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | General and administrative | 14,817 | 11,181 | 47,310 | 35,331 | |||||||||||||||||||||||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||||||||||||||||||||||||||||
Impairment charge | Impairment charge | — | — | — | 45,675 | |||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | |||||||||||||||||||||||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | Total expenses | 78,947 | 76,290 | 233,883 | 270,963 | |||||||||||||||||||||||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | Interest expense | (13,282) | (15,647) | (40,982) | (47,786) | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | Loss on early extinguishment of debt | (33,821) | — | (47,860) | — | |||||||||||||||||||||||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | Gain on sale of assets | — | 2,324 | — | 2,324 | |||||||||||||||||||||||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||||||||||||||||||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | 253 | 161 | (2,598) | 789 | |||||||||||||||||||||||||||||||||||||
Total other income (expense) | Total other income (expense) | (46,850) | (13,162) | (91,440) | (44,673) | |||||||||||||||||||||||||||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (13,332) | 13,761 | (10,891) | (36,800) | ||||||||||||||||||||||||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | Equity in earnings (losses) of unconsolidated joint ventures | 2,261 | (42) | 6,758 | (1,490) | |||||||||||||||||||||||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | Net income (loss) | (11,071) | 13,719 | (4,133) | (38,290) | ||||||||||||||||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | Noncontrolling interests in consolidated partnerships | — | — | — | (190) | |||||||||||||||||||||||||||||||
Net income (loss) available to partners | (16,034 | ) | 72,772 | 38,427 | 178,680 | Net income (loss) available to partners | (11,071) | 13,719 | (4,133) | (38,480) | ||||||||||||||||||||||||||||||||
Net income (loss) available to limited partners | (15,874 | ) | 72,052 | 38,048 | 176,912 | Net income (loss) available to limited partners | (10,959) | 13,580 | (4,095) | (38,089) | ||||||||||||||||||||||||||||||||
Net income (loss) available to general partner | $ | (160 | ) | $ | 720 | $ | 379 | $ | 1,768 | Net income (loss) available to general partner | $ | (112) | $ | 139 | $ | (38) | $ | (391) | ||||||||||||||||||||||||
Basic earnings per common unit: | Basic earnings per common unit: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||||||||
Diluted earnings per common unit: | Diluted earnings per common unit: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 | Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||||||||
Distribution declared per common unit | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended September 30, | Nine months ended September 30, | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | Foreign currency translation adjustments | (2,142) | 1,870 | 3,862 | (2,506) | ||||||||||||||||||||||||||||||||
Changes in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | Changes in fair value of cash flow hedges | 108 | 1,463 | 2,343 | (4,711) | ||||||||||||||||||||||||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (2,034) | 3,333 | 6,205 | (7,217) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | Comprehensive income (loss) | (13,105) | 17,052 | 2,072 | (45,507) | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | ||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests in consolidated partnerships | Comprehensive (income) loss attributable to noncontrolling interests in consolidated partnerships | — | — | — | (190) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Operating Partnership | $ | (11,258 | ) | $ | 73,269 | $ | 47,465 | $ | 184,049 | Comprehensive income (loss) attributable to the Operating Partnership | $ | (13,105) | $ | 17,052 | $ | 2,072 | $ | (45,697) |
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, June 30, 2020 | $ | 3,192 | $ | 364,229 | $ | (37,438) | $ | 329,983 | $ | — | $ | 329,983 | |||||||||||
Net income | 139 | 13,580 | — | 13,719 | — | 13,719 | |||||||||||||||||
Other comprehensive income | — | — | 3,333 | 3,333 | — | 3,333 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 2,450 | — | 2,450�� | — | 2,450 | |||||||||||||||||
Forfeitures of 18,996 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Balance, September 30, 2020 | $ | 3,331 | $ | 380,259 | $ | (34,105) | $ | 349,485 | $ | — | $ | 349,485 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2019 | $ | 4,435 | $ | 478,562 | $ | (26,888) | $ | 456,109 | $ | — | $ | 456,109 | |||||||||||
Net income (loss) | (391) | (38,089) | — | (38,480) | 190 | (38,290) | |||||||||||||||||
Other comprehensive loss | — | — | (7,217) | (7,217) | — | (7,217) | |||||||||||||||||
Compensation under Incentive Award Plan | — | 9,871 | — | 9,871 | — | 9,871 | |||||||||||||||||
Grant of 611,350 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Issuance of 6,258 deferred units | — | — | — | — | — | — | |||||||||||||||||
Withholding of 56,597 common units for employee income taxes | — | (736) | — | (736) | — | (736) | |||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 72 | 72 | |||||||||||||||||
Common distributions ($0.7125 per common unit) | (713) | (69,349) | — | (70,062) | — | (70,062) | |||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (262) | (262) | |||||||||||||||||
Balance, September 30, 2020 | $ | 3,331 | $ | 380,259 | $ | (34,105) | $ | 349,485 | $ | — | $ | 349,485 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2015 | $ | 5,726 | $ | 638,422 | $ | (38,702 | ) | $ | 605,446 | $ | 586 | $ | 606,032 | ||||||
Net income | 1,768 | 176,912 | — | 178,680 | 13 | 178,693 | |||||||||||||
Other comprehensive income | — | — | 5,369 | 5,369 | — | 5,369 | |||||||||||||
Compensation under Incentive Award Plan | — | 12,556 | — | 12,556 | — | 12,556 | |||||||||||||
Issuance of 57,700 common units upon exercise of options | — | 1,693 | — | 1,693 | — | 1,693 | |||||||||||||
Grant of 173,124 restricted common share awards by the Company, net of forfeitures | — | — | — | — | — | — | |||||||||||||
Issuance of 24,040 deferred units | — | — | — | — | — | — | |||||||||||||
Withholding of 66,427 common units for employee income taxes | — | (2,164 | ) | — | (2,164 | ) | — | (2,164 | ) | ||||||||||
Contributions from noncontrolling interests | — | — | — | — | 35 | 35 | |||||||||||||
Adjustments for noncontrolling interests in consolidated partnerships | — | 4 | — | 4 | (4 | ) | — | ||||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | (1,617 | ) | — | (1,617 | ) | (325 | ) | (1,942 | ) | |||||||||
Common distributions ($.935 per common unit) | (935 | ) | (93,540 | ) | — | (94,475 | ) | — | (94,475 | ) | |||||||||
Distributions to noncontrolling interests | — | — | — | — | (145 | ) | (145 | ) | |||||||||||
Balance, September 30, 2016 | $ | 6,559 | $ | 732,266 | $ | (33,333 | ) | $ | 705,492 | $ | 160 | $ | 705,652 | ||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners' equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||
Balance, December 31, 2016 | $ | 6,485 | $ | 728,631 | $ | (29,834 | ) | $ | 705,282 | $ | 159 | $ | 705,441 | ||||||
Net income | 379 | 38,048 | — | 38,427 | — | 38,427 | |||||||||||||
Other comprehensive income | — | — | 9,038 | 9,038 | — | 9,038 | |||||||||||||
Compensation under Incentive Award Plan | — | 10,891 | — | 10,891 | — | 10,891 | |||||||||||||
Issuance of 1,800 common units upon exercise of options | — | 54 | — | 54 | — | 54 | |||||||||||||
Grant of 411,968 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||
Repurchase of 1,911,585 units, including transaction costs | — | (49,362 | ) | — | (49,362 | ) | — | (49,362 | ) | ||||||||||
Withholding of 69,886 common units for employee income taxes | — | (2,436 | ) | — | (2,436 | ) | — | (2,436 | ) | ||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | — | — | — | — | (159 | ) | (159 | ) | |||||||||||
Common distributions ($1.01 per common unit) | (1,010 | ) | (101,849 | ) | — | (102,859 | ) | — | (102,859 | ) | |||||||||
Balance, September 30, 2017 | $ | 5,854 | $ | 623,977 | $ | (20,796 | ) | $ | 609,035 | $ | — | $ | 609,035 | ||||||
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (In thousands, except unit and per unit data, unaudited) | |||||||||||||||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, June 30, 2021 | $ | 4,909 | $ | 538,376 | $ | (19,800) | $ | 523,485 | $ | — | $ | 523,485 | |||||||||||
Net loss | (112) | (10,959) | — | (11,071) | — | (11,071) | |||||||||||||||||
Other comprehensive loss | — | — | (2,034) | (2,034) | — | (2,034) | |||||||||||||||||
Compensation under Incentive Award Plan | — | 3,012 | — | 3,012 | — | 3,012 | |||||||||||||||||
Issuance of 17,240 common units upon exercise of options | — | 99 | — | 99 | — | 99 | |||||||||||||||||
Issuance of 331,682 common units | — | 6,093 | — | 6,093 | — | 6,093 | |||||||||||||||||
Withholding of 8,756 common units for employee income taxes | — | (150) | — | (150) | — | (150) | |||||||||||||||||
Grant of 23,488 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Common distributions ($0.3600 per unit)(1) | (396) | (38,878) | — | (39,274) | — | (39,274) | |||||||||||||||||
Balance, September 30, 2021 | $ | 4,401 | $ | 497,593 | $ | (21,834) | $ | 480,160 | $ | — | $ | 480,160 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2020 | $ | 3,334 | $ | 383,588 | $ | (28,039) | $ | 358,883 | $ | — | $ | 358,883 | |||||||||||
Net loss | (38) | (4,095) | — | (4,133) | — | (4,133) | |||||||||||||||||
Other comprehensive income | — | — | 6,205 | 6,205 | — | 6,205 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 9,686 | — | 9,686 | — | 9,686 | |||||||||||||||||
Issuance of 32,740 common units upon exercise of options | — | 188 | — | 188 | — | 188 | |||||||||||||||||
Issuance of 10,009,263 common units | 1,874 | 185,095 | — | 186,969 | — | 186,969 | |||||||||||||||||
Withholding of 120,733 common units for employee income taxes | — | (1,787) | — | (1,787) | — | (1,787) | |||||||||||||||||
Grant of 493,163 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Common distributions ($0.7150 per unit)(2) | (769) | (75,082) | — | (75,851) | — | (75,851) | |||||||||||||||||
Balance, September 30, 2021 | $ | 4,401 | $ | 497,593 | $ | (21,834) | $ | 480,160 | $ | — | $ | 480,160 |
Nine months ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net income | $ | 38,427 | $ | 178,693 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 95,175 | 82,078 | ||||||
Amortization of deferred financing costs | 2,640 | 2,350 | ||||||
Gain on sale of assets | (6,943 | ) | (6,305 | ) | ||||
Gain on previously held interest in acquired joint venture | — | (95,516 | ) | |||||
Loss on early extinguishment of debt | 35,626 | — | ||||||
Equity in (earnings) losses of unconsolidated joint ventures | 1,201 | (7,680 | ) | |||||
Equity-based compensation expense | 10,114 | 11,815 | ||||||
Amortization of debt (premiums) and discounts, net | 363 | 1,160 | ||||||
Amortization (accretion) of market rent rate adjustments, net | 2,107 | 2,087 | ||||||
Straight-line rent adjustments | (4,749 | ) | (5,092 | ) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 8,128 | 10,571 | ||||||
Changes in other assets and liabilities: | ||||||||
Other assets | (1,110 | ) | 780 | |||||
Accounts payable and accrued expenses | 551 | 2,782 | ||||||
Net cash provided by operating activities | 181,530 | 177,723 | ||||||
INVESTING ACTIVITIES | ||||||||
Additions to rental property | (132,612 | ) | (112,213 | ) | ||||
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | — | (45,219 | ) | |||||
Additions to investments in unconsolidated joint ventures | (4,033 | ) | (27,851 | ) | ||||
Net proceeds from sale of assets | 39,213 | 28,706 | ||||||
Change in restricted cash | — | 118,370 | ||||||
Additions to non-real estate assets | (8,384 | ) | (8,982 | ) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,019 | 14,193 | ||||||
Additions to deferred lease costs | (4,218 | ) | (5,273 | ) | ||||
Other investing activities | 4,963 | (1,221 | ) | |||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Cash distributions paid | (102,859 | ) | (115,665 | ) | ||||
Proceeds from revolving credit facility | 543,866 | 733,450 | ||||||
Repayments of revolving credit facility | (456,666 | ) | (727,750 | ) | ||||
Proceeds from notes, mortgages and loans | 299,460 | 338,270 | ||||||
Repayments of notes, mortgages and loans | (302,240 | ) | (329,603 | ) | ||||
Payment of make-whole premium related to early extinguishment of debt | (34,143 | ) | — | |||||
Repayment of deferred financing obligation | — | (28,388 | ) | |||||
Repurchase of units, including transaction costs | (49,362 | ) | — | |||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,436 | ) | (2,164 | ) | ||||
Additions to deferred financing costs | (2,900 | ) | (4,243 | ) | ||||
Proceeds from exercise of options | 54 | 1,693 | ||||||
Proceeds from other financing activities | 12,054 | 35 | ||||||
Payment for other financing activities | (782 | ) | (99 | ) | ||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | ||||
Effect of foreign currency on cash and cash equivalents | (54 | ) | 532 | |||||
Net increase (decrease) in cash and cash equivalents | (3,530 | ) | 4,301 | |||||
Cash and cash equivalents, beginning of period | 12,199 | 21,552 | ||||||
Cash and cash equivalents, end of period | $ | 8,669 | $ | 25,853 |
Nine months ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net loss | $ | (4,133) | $ | (38,290) | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 82,826 | 87,966 | ||||||||||||
Impairment charge | — | 45,675 | ||||||||||||
Amortization of deferred financing costs | 3,170 | 2,586 | ||||||||||||
Gain on sale of assets | — | (2,324) | ||||||||||||
Loss on early extinguishment of debt | 47,860 | — | ||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (6,758) | 1,490 | ||||||||||||
Equity-based compensation expense | 9,602 | 9,566 | ||||||||||||
Amortization of debt (premiums) and discounts, net | 333 | 359 | ||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 151 | 2,560 | ||||||||||||
Straight-line rent adjustments | 1,137 | 2,418 | ||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 7,068 | 2,309 | ||||||||||||
Other non-cash | 3,638 | — | ||||||||||||
Changes in other assets and liabilities: | ||||||||||||||
Other assets | 5,506 | (23,326) | ||||||||||||
Accounts payable and accrued expenses | (6,671) | 1,044 | ||||||||||||
Net cash provided by operating activities | 143,729 | 92,033 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Additions to rental property | (23,685) | (23,072) | ||||||||||||
Additions to investments in unconsolidated joint ventures | (7,000) | (5,601) | ||||||||||||
Net proceeds from sale of assets | 8,129 | 7,626 | ||||||||||||
Additions to non-real estate assets | (1,664) | (1,541) | ||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,023 | 4,717 | ||||||||||||
Additions to deferred lease costs | (5,333) | (2,755) | ||||||||||||
Other investing activities | 11,602 | 8,339 | ||||||||||||
Net cash used in investing activities | (1,928) | (12,287) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Cash distributions paid | (55,938) | (70,062) | ||||||||||||
Proceeds from revolving credit facility | — | 641,630 | ||||||||||||
Repayments of revolving credit facility | — | (641,630) | ||||||||||||
Proceeds from notes, mortgages and loans | 394,208 | — | ||||||||||||
Repayments of notes, mortgages and loans | (552,811) | (2,656) | ||||||||||||
Payment of make-whole premium related to early extinguishment of debt | (44,872) | — | ||||||||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (1,787) | (736) | ||||||||||||
Additions to deferred financing costs | (8,703) | (1,841) | ||||||||||||
Proceeds from exercise of options | 188 | — | ||||||||||||
Proceeds from the Company’s common share offering | 186,969 | — | ||||||||||||
Proceeds from other financing activities | — | 72 | ||||||||||||
Payment for other financing activities | (861) | (1,122) | ||||||||||||
Net cash used in financing activities | (83,607) | (76,345) | ||||||||||||
Effect of foreign currency on cash and cash equivalents | (131) | (208) | ||||||||||||
Net increase in cash and cash equivalents | 58,063 | 3,193 | ||||||||||||
Cash and cash equivalents, beginning of period | 84,750 | 16,519 | ||||||||||||
Cash and cash equivalents, end of period | $ | 142,813 | $ | 19,712 |
Property (1) | Location | Date Sold | Square Feet (in 000’s) | Net Sales Proceeds (in 000’s) | Gain on Sale (in 000’s) | |||||||||||||||||||||||||||
2021 Disposition: | ||||||||||||||||||||||||||||||||
Jeffersonville | Jeffersonville, Ohio | January 2021 | 412 | $ | 8,100 | $ | — | |||||||||||||||||||||||||
2020 Disposition: | ||||||||||||||||||||||||||||||||
Terrell | Terrell, Texas | August 2020 | 178 | $ | 7,626 | $ | 2,324 | |||||||||||||||||||||||||
Property | Location | Date Sold | Square Feet (in 000's) | Net Sales Proceeds (in 000's) | Gain on Sale(in 000's) | ||||||||||
Westbrook | Westbrook, CT | May 2017 | 290 | $ | 39,212 | $ | 6,943 |
Project | Approximate square feet (in 000's) | Costs Incurred to Date (in millions) | Projected Opening | ||||||
New development: | |||||||||
Fort Worth | 352 | $ | 74.7 | October 2017 |
As of September 30, 2021 | ||||||||||||||||||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000’s) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||||||||||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||||||||||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 1.1 | $ | 70.9 | ||||||||||||||||||||||||
RioCan Canada | Various | 50.0�� | % | 665 | 84.3 | — | ||||||||||||||||||||||||||
$ | 85.4 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | $ | (16.8) | $ | 99.6 | ||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (10.1) | 94.5 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (13.7) | 64.4 | ||||||||||||||||||||||||||
$ | (40.6) |
As of September 30, 2017 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.8 | $ | 84.4 | ||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 2.4 | 86.4 | ||||||||||
RioCan Canada | Various | 50.0 | % | 924 | 116.6 | 11.4 | ||||||||||
Investments included in total assets | $ | 125.8 | ||||||||||||||
Charlotte(3) | Charlotte, NC | 50.0 | % | 398 | $ | (3.6 | ) | $ | 89.8 | |||||||
Galveston/Houston (2)(3) | Texas City, TX | 50.0 | % | 353 | (12.5 | ) | 79.4 | |||||||||
Investments included in other liabilities | $ | (16.1 | ) |
As of December 31, 2020 | ||||||||||||||||||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000’s) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||||||||||||||||||
Investments included in investments in unconsolidated joint ventures: | ||||||||||||||||||||||||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 2.0 | $ | 70.8 | ||||||||||||||||||||||||
RioCan Canada | Various | 50.0 | % | 765 | 92.6 | — | ||||||||||||||||||||||||||
$ | 94.6 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | $ | (12.8) | $ | 99.6 | ||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (8.4) | 94.5 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (19.5) | 80.0 | ||||||||||||||||||||||||||
$ | (40.7) |
As of December 31, 2016 | ||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | Total Joint Venture Debt, Net (in millions)(1) | |||||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.7 | $ | 84.2 | ||||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 4.1 | 86.1 | ||||||||||
RioCan Canada | Various | 50.0 | % | 901 | 117.3 | 11.1 | ||||||||||
Investments included in total assets | $ | 128.1 | ||||||||||||||
Charlotte(3) | Charlotte, NC | 50.0 | % | 398 | $ | (2.5 | ) | $ | 89.7 | |||||||
Galveston/Houston (2)(3) | Texas City, TX | 50.0 | % | 353 | (3.8 | ) | 64.9 | |||||||||
Investments included in other liabilities | $ | (6.3 | ) |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Fee: | ||||||||||||||||||||||||||
Management and marketing | $ | 530 | $ | 471 | $ | 1,575 | $ | 1,156 | ||||||||||||||||||
Leasing and other fees | 72 | 15 | 231 | 50 | ||||||||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 1,039 | 708 | 2,566 | 2,156 | ||||||||||||||||||||||
Total Fees | $ | 1,641 | $ | 1,194 | $ | 4,372 | $ | 3,362 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 564 | $ | 656 | 1,676 | 2,199 | ||||||||||
Development and leasing | 20 | 65 | $ | 87 | $ | 611 | ||||||||||
Loan guarantee | 4 | 85 | 13 | 449 | ||||||||||||
Total Fees | $ | 588 | $ | 806 | $ | 1,776 | $ | 3,259 |
Impairment Charge(1) | ||||||||||||||||||||
Outlet Center | Total | Our Share | ||||||||||||||||||
2020 | Saint-Sauveur | $ | 6,181 | $ | 3,091 | |||||||||||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | September 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Land | $ | 83,114 | $ | 86,861 | ||||||||||
Buildings, improvements and fixtures | 466,670 | 471,798 | ||||||||||||
Construction in progress | 847 | 2,976 | ||||||||||||
550,631 | 561,635 | |||||||||||||
Accumulated depreciation | (160,900) | (145,810) | ||||||||||||
Total rental property, net | 389,731 | 415,825 | ||||||||||||
Cash and cash equivalents | 15,760 | 21,471 | ||||||||||||
Deferred lease costs and other intangibles, net | 3,785 | 4,849 | ||||||||||||
Prepaids and other assets | 15,850 | 20,478 | ||||||||||||
Total assets | $ | 425,126 | $ | 462,623 | ||||||||||
Liabilities and Owners’ Equity | ||||||||||||||
Mortgages payable, net | $ | 329,381 | $ | 344,856 | ||||||||||
Accounts payable and other liabilities | 13,459 | 17,427 | ||||||||||||
Total liabilities | 342,840 | 362,283 | ||||||||||||
Owners’ equity | 82,286 | 100,340 | ||||||||||||
Total liabilities and owners’ equity | $ | 425,126 | $ | 462,623 |
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | September 30, 2017 | December 31, 2016 | ||||||
Assets | ||||||||
Land | $ | 95,998 | $ | 88,015 | ||||
Buildings, improvements and fixtures | 514,865 | 503,548 | ||||||
Construction in progress, including land under development | 2,849 | 13,037 | ||||||
613,712 | 604,600 | |||||||
Accumulated depreciation | (88,163 | ) | (67,431 | ) | ||||
Total rental property, net | 525,549 | 537,169 | ||||||
Cash and cash equivalents | 23,769 | 27,271 | ||||||
Deferred lease costs and other intangibles, net | 11,436 | 13,612 | ||||||
Prepaids and other assets | 16,262 | 12,567 | ||||||
Total assets | $ | 577,016 | $ | 590,619 | ||||
Liabilities and Owners' Equity | ||||||||
Mortgages payable, net | $ | 351,322 | $ | 335,971 | ||||
Accounts payable and other liabilities | 13,463 | 20,011 | ||||||
Total liabilities | 364,785 | 355,982 | ||||||
Owners' equity | 212,231 | 234,637 | ||||||
Total liabilities and owners' equity | $ | 577,016 | $ | 590,619 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
Condensed Combined Statements of Operations | September 30, | September 30, | ||||||||||||||||||||||||
- Unconsolidated Joint Ventures | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 22,071 | $ | 16,959 | $ | 65,664 | $ | 55,470 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 8,735 | 8,035 | 25,597 | 24,023 | ||||||||||||||||||||||
General and administrative | 87 | 82 | 173 | 344 | ||||||||||||||||||||||
Asset impairment | — | — | — | 6,181 | ||||||||||||||||||||||
Depreciation and amortization | 5,749 | 5,877 | 17,413 | 17,686 | ||||||||||||||||||||||
Total expenses | 14,571 | 13,994 | 43,183 | 48,234 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (2,913) | (3,024) | (8,769) | (9,991) | ||||||||||||||||||||||
Gain on sale of assets | — | — | 503 | — | ||||||||||||||||||||||
Other income | 2 | 104 | 157 | 165 | ||||||||||||||||||||||
Total other expense | (2,911) | (2,920) | (8,109) | (9,826) | ||||||||||||||||||||||
Net income (loss) | $ | 4,589 | $ | 45 | $ | 14,372 | $ | (2,590) | ||||||||||||||||||
The Company and Operating Partnership’s share of: | ||||||||||||||||||||||||||
Net income (loss) | $ | 2,261 | $ | (42) | $ | 6,758 | $ | (1,490) | ||||||||||||||||||
Depreciation and amortization (real estate related) | $ | 2,908 | $ | 3,003 | $ | 8,817 | $ | 9,038 |
Three months ended | Nine months ended | |||||||||||||||
Condensed Combined Statements of Operations | September 30, | September 30, | ||||||||||||||
- Unconsolidated Joint Ventures | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 25,241 | $ | 25,654 | $ | 72,588 | $ | 82,693 | ||||||||
Expenses: | ||||||||||||||||
Property operating | 8,987 | 9,103 | 27,242 | 30,499 | ||||||||||||
General and administrative | 72 | 95 | 289 | 390 | ||||||||||||
Asset impairment | 18,042 | 5,838 | 18,042 | 5,838 | ||||||||||||
Depreciation and amortization | 6,998 | 8,001 | 21,453 | 26,208 | ||||||||||||
Total expenses | 34,099 | 23,037 | 67,026 | 62,935 | ||||||||||||
Operating income (loss) | (8,858 | ) | 2,617 | 5,562 | 19,758 | |||||||||||
Interest expense | (2,776 | ) | (1,925 | ) | (7,497 | ) | (7,161 | ) | ||||||||
Other non-operating income | 20 | 2 | 23 | 5 | ||||||||||||
Net income (loss) | $ | (11,614 | ) | $ | 694 | $ | (1,912 | ) | $ | 12,602 | ||||||
The Company and Operating Partnership's share of: | ||||||||||||||||
Net income (loss) | $ | (5,893 | ) | $ | 715 | $ | (1,201 | ) | $ | 7,680 | ||||||
Depreciation and amortization expense (real estate related) | $ | 3,583 | $ | 4,325 | $ | 10,971 | $ | 15,472 |
As of | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Unsecured lines of credit | $ | — | $ | — | ||||||||||
Unsecured term loan | $ | 300,000 | $ | 350,000 |
September 30, 2017 | December 31, 2016 | |||||||
Unsecured lines of credit | $ | 148,200 | $ | 61,000 | ||||
Unsecured term loan | $ | 325,000 | $ | 325,000 |
As of | As of | |||||||||||||||||||||||||||||||||||||||||||
September 30, 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 | $ | 247,967 | |||||||||||||||||||||||||||||||||
Senior notes | 3.750 | % | December 2024 | — | — | 250,000 | 248,493 | |||||||||||||||||||||||||||||||||||||
Senior notes | 3.125 | % | September 2026 | 350,000 | 347,189 | 350,000 | 346,770 | |||||||||||||||||||||||||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 297,642 | 300,000 | 297,346 | |||||||||||||||||||||||||||||||||||||
Senior notes | 2.750 | % | September 2031 | 400,000 | 390,839 | — | — | |||||||||||||||||||||||||||||||||||||
Mortgages payable: | ||||||||||||||||||||||||||||||||||||||||||||
Atlantic City (2)(3)(4) | 5.14 | % | - | 7.65% | November 2021- December 2026 | 24,531 | 25,463 | 27,343 | 28,569 | |||||||||||||||||||||||||||||||||||
Southaven (5) | LIBOR | + | 1.80% | October 2021 | 51,400 | 51,344 | 51,400 | 51,371 | ||||||||||||||||||||||||||||||||||||
Unsecured term loan | LIBOR | + | 1.25% | April 2024 | 300,000 | 298,288 | 350,000 | 347,370 | ||||||||||||||||||||||||||||||||||||
Unsecured lines of credit | LIBOR | + | 1.20% | July 2025 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
$ | 1,425,931 | $ | 1,410,765 | $ | 1,578,743 | $ | 1,567,886 |
As of | As of | ||||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | ||||||||||||||||
Senior, unsecured notes: | |||||||||||||||||||||
Senior notes | 6.125 | % | June 2020 | $ | — | $ | — | $ | 300,000 | $ | 298,226 | ||||||||||
Senior notes | 3.875 | % | December 2023 | 250,000 | 245,882 | 250,000 | 245,425 | ||||||||||||||
Senior notes | 3.750 | % | December 2024 | 250,000 | 247,321 | 250,000 | 247,058 | ||||||||||||||
Senior notes | 3.125 | % | September 2026 | 350,000 | 344,993 | 350,000 | 344,600 | ||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 295,985 | — | — | ||||||||||||||
Mortgages payable: | |||||||||||||||||||||
Atlantic City (2) | 5.14%-7.65% | November 2021- December 2026 | 38,230 | 40,747 | 40,471 | 43,286 | |||||||||||||||
Foxwoods | LIBOR + 1.55% | December 2017 | 70,250 | 70,174 | 70,250 | 69,902 | |||||||||||||||
Southaven | LIBOR + 1.75% | April 2018 | 60,000 | 59,855 | 59,277 | 58,957 | |||||||||||||||
Unsecured term loan | LIBOR + 0.95% | April 2021 | 325,000 | 323,011 | 325,000 | 322,410 | |||||||||||||||
Unsecured lines of credit | LIBOR + 0.90% | October 2019 | 148,200 | 146,013 | 61,000 | 58,002 | |||||||||||||||
$ | 1,791,680 | $ | 1,773,981 | $ | 1,705,998 | $ | 1,687,866 |
Calendar Year | Amount | |||||||
For the remainder of 2021 | $ | 54,381 | ||||||
2022 | 4,436 | |||||||
2023 | 4,768 | |||||||
2024 | 305,140 | |||||||
2025 | 1,501 | |||||||
Thereafter | 1,055,705 | |||||||
Subtotal | 1,425,931 | |||||||
Net discount and debt origination costs | (15,166) | |||||||
Total | $ | 1,410,765 |
Calendar Year | Amount | |||
2017 | $ | 71,017 | ||
2018 | 63,183 | |||
2019 | 151,569 | |||
2020 | 3,566 | |||
2021 | 330,793 | |||
Thereafter | 1,171,552 | |||
Subtotal | 1,791,680 | |||
Net discount and debt origination costs | (17,699 | ) | ||
Total | $ | 1,773,981 |
Fair Value | |||||||||||||||||||||||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Assets (Liabilities)(1): | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
April 13, 2016 | January 1, 2021 | 175,000 | 1 | month LIBOR | 1.03 | % | $ | — | $ | (17) | |||||||||||||||||||||||||||||||
March 1, 2018 | January 31, 2021 | 40,000 | 1 | month LIBOR | 2.47 | % | — | (75) | |||||||||||||||||||||||||||||||||
August 14, 2018 | January 1, 2021 | 150,000 | 1 | month LIBOR | 2.20 | % | — | (34) | |||||||||||||||||||||||||||||||||
July 1, 2019 | February 1, 2024 | 25,000 | 1 | month LIBOR | 1.75 | % | (785) | (1,192) | |||||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 150,000 | 1 | month LIBOR | 0.60 | % | (718) | (1,901) | |||||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 100,000 | 1 | month LIBOR | 0.22 | % | 396 | (139) | |||||||||||||||||||||||||||||||||
March 1, 2021 | February 1, 2024 | 25,000 | 1 | month LIBOR | 0.24 | % | 92 | — | |||||||||||||||||||||||||||||||||
Total | $ | (1,015) | $ | (3,358) |
Fair Value | |||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | September 30, 2017 | December 31, 2016 | |||||||||||||
Assets (Liabilities): | |||||||||||||||||||
November 14, 2013 | August 14, 2018 | $ | 50,000 | 1 month LIBOR | 1.3075 | % | $ | 52 | $ | (119 | ) | ||||||||
November 14, 2013 | August 14, 2018 | 50,000 | 1 month LIBOR | 1.2970 | % | 56 | (110 | ) | |||||||||||
November 14, 2013 | August 14, 2018 | 50,000 | 1 month LIBOR | 1.3025 | % | 54 | (115 | ) | |||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0390 | % | 1,147 | 1,227 | ||||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0395 | % | 1,146 | 1,226 | ||||||||||||
April 13, 2016 | January 1, 2021 | 50,000 | 1 month LIBOR | 1.0400 | % | 1,145 | 1,222 | ||||||||||||
April 13, 2016 | January 1, 2021 | 25,000 | 1 month LIBOR | 0.9915 | % | 611 | 662 | ||||||||||||
Total | $ | 325,000 | $ | 4,211 | $ | 3,993 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||
Amount of gain (loss) recognized in other comprehensive income (loss) | $ | 108 | $ | 1,463 | $ | 2,343 | $ | (4,711) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest Rate Swaps (Effective Portion): | ||||||||||||||||
Amount of gain (loss) recognized in OCI on derivative | $ | 39 | $ | 2,228 | $ | 217 | $ | (1,601 | ) |
Tier | Description | |||||||
Level 1 | Observable inputs such as quoted prices in active markets | |||||||
Level 2 | Inputs other than quoted prices in active markets that are either directly or indirectly observable | |||||||
Level 3 | Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Fair value as of September 30, 2021: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | 139,089 | $ | 139,089 | $ | — | $ | — | ||||||||||||||||||
Interest rate swaps (prepaids and other assets) | 488 | — | 488 | — | ||||||||||||||||||||||
Total assets | $ | 139,577 | $ | 139,089 | $ | 488 | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps (other liabilities) | $ | 1,503 | $ | — | $ | 1,503 | $ | — | ||||||||||||||||||
Total liabilities | $ | 1,503 | $ | — | $ | 1,503 | $ | — |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Fair value as of December 31, 2020: | ||||||||||||||||||||||||||
Asset: | ||||||||||||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | 87,081 | $ | 87,081 | $ | — | $ | — | ||||||||||||||||||
Total assets | $ | 87,081 | $ | 87,081 | $ | — | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps (other liabilities) | $ | 3,358 | $ | — | $ | 3,358 | $ | — | ||||||||||||||||||
Total liabilities | $ | 3,358 | $ | — | $ | 3,358 | $ | — |
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Total | ||||||||||||||||
Fair value as of September 30, 2017: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 4,211 | $ | — | $ | 4,211 | $ | — | ||||||||
Total assets | $ | 4,211 | $ | — | $ | 4,211 | $ | — |
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||
Total | ||||||||||||||||
Fair value as of December 31, 2016: | ||||||||||||||||
Asset: | ||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 3,993 | $ | — | $ | 3,993 | $ | — | ||||||||
Total assets | $ | 3,993 | $ | — | $ | 3,993 | $ | — |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets or Liabilities | Significant Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Fair value as of March 31, 2020: | ||||||||||||||||||||||||||
Asset: | ||||||||||||||||||||||||||
Long-lived assets | $ | 60,000 | $ | — | $ | — | $ | 60,000 |
September 30, 2021 | December 31, 2020 | |||||||||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | — | $ | — | ||||||||||
Level 2 Significant Observable Inputs | 1,082,058 | 1,207,531 | ||||||||||||
Level 3 Significant Unobservable Inputs | 378,588 | 432,272 | ||||||||||||
Total fair value of debt | $ | 1,460,646 | $ | 1,639,803 | ||||||||||
Recorded value of debt | $ | 1,410,765 | $ | 1,567,886 |
September 30, 2017 | December 31, 2016 | |||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | — | $ | — | ||||
Level 2 Significant Observable Inputs | 1,153,778 | 1,137,976 | ||||||
Level 3 Significant Unobservable Inputs | 647,877 | 566,668 | ||||||
Total fair value of debt | $ | 1,801,655 | $ | 1,704,644 | ||||
Recorded value of debt | $ | 1,773,981 | $ | 1,687,866 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Number of common shares settled during the period | 331,682 | — | 10,009,263 | — | ||||||||||||||||||||||
Average price per share | $ | 18.85 | $ | — | $ | 18.97 | $ | — | ||||||||||||||||||
Aggregate gross proceeds (in thousands) | $ | 6,253 | $ | — | $ | 189,868 | $ | — | ||||||||||||||||||
Aggregate net proceeds after commissions and fees (in thousands) | $ | 6,092 | $ | — | $ | 186,969 | $ | — |
Limited Partnership Units | ||||||||||||||||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||||||||||||||||
Balance June 30, 2020 | 1,000,000 | 4,911,173 | 92,472,267 | 97,383,440 | ||||||||||||||||||||||
Forfeitures of restricted common share awards | — | — | (18,996) | (18,996) | ||||||||||||||||||||||
Balance September 30, 2020 | 1,000,000 | 4,911,173 | 92,453,271 | 97,364,444 | ||||||||||||||||||||||
Balance December 31, 2019 | 1,000,000 | 4,911,173 | 91,892,260 | 96,803,433 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 611,350 | 611,350 | ||||||||||||||||||||||
Issuance of deferred units | — | — | 6,258 | 6,258 | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (56,597) | (56,597) | ||||||||||||||||||||||
Balance September 30, 2020 | 1,000,000 | 4,911,173 | 92,453,271 | 97,364,444 | ||||||||||||||||||||||
Balance June 30, 2021 | 1,100,000 | 4,794,643 | 102,520,580 | 107,315,223 | ||||||||||||||||||||||
Options exercised | — | — | 17,240 | 17,240 | ||||||||||||||||||||||
Issuance of units | — | — | 331,682 | 331,682 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 23,488 | 23,488 | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (8,756) | (8,756) | ||||||||||||||||||||||
Balance September 30, 2021 | 1,100,000 | 4,794,643 | 102,884,234 | 107,678,877 | ||||||||||||||||||||||
Balance December 31, 2020 | 1,000,000 | 4,794,643 | 92,569,801 | 97,364,444 | ||||||||||||||||||||||
Options exercised | — | — | 32,740 | 32,740 | ||||||||||||||||||||||
Issuance of units | 100,000 | — | 9,909,263 | 9,909,263 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 493,163 | 493,163 | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (120,733) | (120,733) | ||||||||||||||||||||||
Balance September 30, 2021 | 1,100,000 | 4,794,643 | 102,884,234 | 107,678,877 |
Limited Partnership Units | ||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||
Balance December 31, 2015 | 1,000,000 | 5,052,743 | 94,880,825 | 99,933,568 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 173,124 | 173,124 | ||||||||
Issuance of deferred units | — | — | 24,040 | 24,040 | ||||||||
Units issued upon exercise of options | — | — | 57,700 | 57,700 | ||||||||
Units withheld for employee income taxes | — | — | (66,427 | ) | (66,427 | ) | ||||||
Balance September 30, 2016 | 1,000,000 | 5,052,743 | 95,069,262 | 100,122,005 | ||||||||
Balance December 31, 2016 | 1,000,000 | 5,027,781 | 95,095,891 | 100,123,672 | ||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 411,968 | 411,968 | ||||||||
Repurchase of units | — | — | (1,911,585 | ) | (1,911,585 | ) | ||||||
Units issued upon exercise of options | — | — | 1,800 | 1,800 | ||||||||
Units withheld for employee income taxes | — | — | (69,886 | ) | (69,886 | ) | ||||||
Balance September 30, 2017 | 1,000,000 | 5,027,781 | 93,528,188 | 98,555,969 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (10,579) | $ | 13,029 | $ | (3,968) | $ | (36,541) | ||||||||||||||||||
Less allocation of earnings to participating securities | (401) | (146) | (804) | (692) | ||||||||||||||||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (10,980) | $ | 12,883 | $ | (4,772) | $ | (37,233) | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,269 | 92,649 | 99,446 | 92,569 | ||||||||||||||||||||||
Diluted weighted average common shares | 103,269 | 92,649 | 99,446 | 92,569 | ||||||||||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||
Diluted earnings per common share: | ||||||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (15,219 | ) | $ | 69,104 | $ | 36,507 | $ | 169,671 | |||||||
Less allocation of earnings to participating securities | (306 | ) | (627 | ) | (907 | ) | (1,649 | ) | ||||||||
Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | (15,525 | ) | $ | 68,477 | $ | 35,600 | $ | 168,022 | |||||||
Denominator: | ||||||||||||||||
Basic weighted average common shares | 93,923 | 95,156 | 94,781 | 95,075 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and certain restricted common shares | — | 90 | 23 | 69 | ||||||||||||
Diluted weighted average common shares | 93,923 | 95,672 | 94,804 | 95,537 | ||||||||||||
Basic earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | |||||||
Diluted earnings per common share: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,480) | ||||||||||||||||||
Less allocation of earnings to participating securities | (401) | (147) | (804) | (692) | ||||||||||||||||||||||
Net income (loss) available to common unitholders of the Operating Partnership | $ | (11,472) | $ | 13,572 | $ | (4,937) | $ | (39,172) | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common units | 108,063 | 97,560 | 104,241 | 97,507 | ||||||||||||||||||||||
Diluted weighted average common units | 108,063 | 97,560 | 104,241 | 97,507 | ||||||||||||||||||||||
Basic earnings per common unit: | ||||||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) | ||||||||||||||||||
Diluted earnings per common unit: | ||||||||||||||||||||||||||
Net income (loss) | $ | (0.11) | $ | 0.14 | $ | (0.05) | $ | (0.40) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to partners of the Operating Partnership | $ | (16,034 | ) | $ | 72,772 | $ | 38,427 | $ | 178,680 | |||||||
Less allocation of earnings to participating securities | (306 | ) | (629 | ) | (907 | ) | (1,651 | ) | ||||||||
Net income (loss) available to common unitholders of the Operating Partnership | $ | (16,340 | ) | $ | 72,143 | $ | 37,520 | $ | 177,029 | |||||||
Denominator: | ||||||||||||||||
Basic weighted average common units | 98,951 | 100,209 | 99,809 | 100,127 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and certain restricted common units | — | 90 | 23 | 69 | ||||||||||||
Diluted weighted average common units | 98,951 | 100,725 | 99,832 | 100,589 | ||||||||||||
Basic earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.77 | |||||||
Diluted earnings per common unit: | ||||||||||||||||
Net income (loss) | $ | (0.17 | ) | $ | 0.72 | $ | 0.38 | $ | 1.76 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Restricted common shares (1) | $ | 1,937 | $ | 1,610 | $ | 6,050 | $ | 5,731 | ||||||||||||||||||
Notional unit performance awards (1) | 962 | 624 | 3,257 | 3,606 | ||||||||||||||||||||||
Options | 95 | 113 | 296 | 229 | ||||||||||||||||||||||
Total equity-based compensation | $ | 2,994 | $ | 2,347 | $ | 9,603 | $ | 9,566 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Restricted common shares | $ | 2,302 | $ | 3,020 | $ | 7,039 | $ | 8,527 | ||||||||
Notional unit performance awards | 939 | 1,057 | 2,870 | 2,967 | ||||||||||||
Options | 77 | 83 | 205 | 321 | ||||||||||||
Total equity-based compensation | $ | 3,318 | $ | 4,160 | $ | 10,114 | $ | 11,815 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Equity-based compensation expense capitalized | $ | 18 | $ | 103 | $ | 84 | $ | 305 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Equity-based compensation expense capitalized | $ | 267 | $ | 244 | $ | 777 | $ | 741 |
Performance targets (1) | ||||||||||||||
Absolute portion of award: | ||||||||||||||
Percent of total award | 33.3% | |||||||||||||
Absolute total shareholder return range | 26.0 | % | - | 40.5% | ||||||||||
Percentage of units to be earned | 20 | % | - | 100% | ||||||||||
Relative portion of award: | ||||||||||||||
Percent of total award | 66.7% | |||||||||||||
Percentile rank of peer group range(2) | 30 | th | - | 80th | ||||||||||
Percentage of units to be earned | 20 | % | - | 100% | ||||||||||
Maximum number of restricted common shares that may be earned | 668,824 | |||||||||||||
February grant date fair value per share | $ | 9.65 | ||||||||||||
August grant date fair value per share | $ | 12.44 |
Performance targets (1) | ||||
Absolute portion of award: | ||||
Percent of total award | 50% | |||
Absolute share price appreciation range | 18% - 35% | |||
Percentage of units to be earned | 20%-100% | |||
Relative portion of award: | ||||
Percent of total award | 50% | |||
Percentile rank of peer group range(2) | 40th - 70th | |||
Percentage of units to be earned | 20%-100% | |||
Maximum number of restricted common shares that may be earned | 296,400 | |||
Grant date fair value per share | $ | 16.60 |
Risk free interest rate (1) | % | |||||||
Expected dividend yield (2) | % | |||||||
Expected volatility (3) | % |
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | (17,685) | $ | (1,058) | $ | (18,743) | $ | (991) | $ | (66) | $ | (1,057) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (2,047) | (222) | (2,269) | (95) | (11) | (106) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 326 | 326 | — | 15 | 15 | ||||||||||||||||||||||||||||||||
Balance September 30, 2021 | $ | (19,732) | $ | (954) | $ | (20,686) | $ | (1,086) | $ | (62) | $ | (1,148) | ||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||||||||||||||||
Balance December 31, 2020 | $ | (23,399) | $ | (3,186) | $ | (26,585) | $ | (1,281) | $ | (173) | $ | (1,454) | ||||||||||||||||||||||||||
Other comprehensive income before reclassifications | 204 | 1,200 | 1,404 | 28 | 60 | 88 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,463 | 1,032 | 4,495 | 167 | 51 | 218 | ||||||||||||||||||||||||||||||||
Balance September 30, 2021 | $ | (19,732) | $ | (954) | $ | (20,686) | $ | (1,086) | $ | (62) | $ | (1,148) |
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||
Balance June 30, 2017 | $ | (28,209 | ) | $ | 3,962 | $ | (24,247 | ) | $ | (1,534 | ) | $ | 209 | $ | (1,325 | ) | ||||||||
Other comprehensive income before reclassifications | 4,497 | 89 | 4,586 | 240 | 5 | 245 | ||||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (52 | ) | (52 | ) | — | (3 | ) | (3 | ) | ||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) | ||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||
Balance December 31, 2016 | $ | (32,087 | ) | $ | 3,792 | $ | (28,295 | ) | $ | (1,740 | ) | $ | 201 | $ | (1,539 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | 8,375 | (154 | ) | 8,221 | 446 | (9 | ) | 437 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 361 | 361 | — | 19 | 19 | ||||||||||||||||||
Balance September 30, 2017 | $ | (23,712 | ) | $ | 3,999 | $ | (19,713 | ) | $ | (1,294 | ) | $ | 211 | $ | (1,083 | ) |
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||||||||||||||||
Balance June 30, 2020 | $ | (29,249) | $ | (6,264) | $ | (35,513) | $ | (1,590) | $ | (335) | $ | (1,925) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,776 | (42) | 1,734 | 94 | (3) | 91 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 1,432 | 1,432 | — | 76 | 76 | ||||||||||||||||||||||||||||||||
Balance September 30, 2020 | $ | (27,473) | $ | (4,874) | $ | (32,347) | $ | (1,496) | $ | (262) | $ | (1,758) | ||||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||||||||||||||||
Balance December 31, 2019 | $ | (25,094) | $ | (401) | $ | (25,495) | $ | (1,369) | $ | (24) | $ | (1,393) | ||||||||||||||||||||||||||
Other comprehensive loss before reclassifications | (2,379) | (6,995) | (9,374) | (127) | (372) | (499) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 2,522 | 2,522 | — | 134 | 134 | ||||||||||||||||||||||||||||||||
Balance September 30, 2020 | $ | (27,473) | $ | (4,874) | $ | (32,347) | $ | (1,496) | $ | (262) | $ | (1,758) |
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||
Balance June 30, 2016 | $ | (27,869 | ) | $ | (4,221 | ) | $ | (32,090 | ) | $ | (1,516 | ) | $ | (224 | ) | $ | (1,740 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (1,644 | ) | 1,596 | (48 | ) | (87 | ) | 84 | (3 | ) | ||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 520 | 520 | — | 28 | 28 | ||||||||||||||||||
Balance September 30, 2016 | $ | (29,513 | ) | $ | (2,105 | ) | $ | (31,618 | ) | $ | (1,603 | ) | $ | (112 | ) | $ | (1,715 | ) | ||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | |||||||||||||||||||
Balance December 31, 2015 | $ | (36,130 | ) | $ | (585 | ) | $ | (36,715 | ) | $ | (1,956 | ) | $ | (31 | ) | $ | (1,987 | ) | ||||||
Other comprehensive income (loss) before reclassifications | 6,617 | (2,885 | ) | 3,732 | 353 | (154 | ) | 199 | ||||||||||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 1,365 | 1,365 | — | 73 | 73 | ||||||||||||||||||
Balance September 30, 2016 | $ | (29,513 | ) | $ | (2,105 | ) | $ | (31,618 | ) | $ | (1,603 | ) | $ | (112 | ) | $ | (1,715 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance June 30, 2021 | $ | (18,676) | $ | (1,124) | $ | (19,800) | ||||||||||||||
Other comprehensive loss before reclassifications | (2,142) | (233) | (2,375) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 341 | 341 | |||||||||||||||||
Balance September 30, 2021 | $ | (20,818) | $ | (1,016) | $ | (21,834) | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance December 31, 2020 | $ | (24,680) | $ | (3,359) | $ | (28,039) | ||||||||||||||
Other comprehensive income before reclassifications | 232 | 1,260 | 1,492 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,630 | 1,083 | 4,713 | |||||||||||||||||
Balance September 30, 2021 | $ | (20,818) | $ | (1,016) | $ | (21,834) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2017 | $ | (29,743 | ) | $ | 4,171 | $ | (25,572 | ) | ||||
Other comprehensive income before reclassifications | 4,737 | 94 | 4,831 | |||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | (55 | ) | (55 | ) | |||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) | ||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2016 | $ | (33,827 | ) | $ | 3,993 | $ | (29,834 | ) | ||||
Other comprehensive income (loss) before reclassifications | 8,821 | (163 | ) | 8,658 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 380 | 380 | |||||||||
Balance September 30, 2017 | $ | (25,006 | ) | $ | 4,210 | $ | (20,796 | ) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance June 30, 2020 | $ | (30,839) | $ | (6,599) | $ | (37,438) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,870 | (45) | 1,825 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 1,508 | 1,508 | |||||||||||||||||
Balance September 30, 2020 | $ | (28,969) | $ | (5,136) | $ | (34,105) | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance December 31, 2019 | $ | (26,463) | $ | (425) | $ | (26,888) | ||||||||||||||
Other comprehensive loss before reclassifications | (2,506) | (7,367) | (9,873) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 2,656 | 2,656 | |||||||||||||||||
Balance September 30, 2020 | $ | (28,969) | $ | (5,136) | $ | (34,105) |
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance June 30, 2016 | $ | (29,385 | ) | $ | (4,445 | ) | $ | (33,830 | ) | |||
Other comprehensive income (loss) before reclassifications | (1,731 | ) | 1,680 | (51 | ) | |||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 548 | 548 | |||||||||
Balance September 30, 2016 | $ | (31,116 | ) | $ | (2,217 | ) | $ | (33,333 | ) | |||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2015 | $ | (38,086 | ) | $ | (616 | ) | $ | (38,702 | ) | |||
Other comprehensive income (loss) before reclassifications | 6,970 | (3,039 | ) | 3,931 | ||||||||
Reclassification out of accumulated other comprehensive income into interest expense | — | 1,438 | 1,438 | |||||||||
Balance September 30, 2016 | $ | (31,116 | ) | $ | (2,217 | ) | $ | (33,333 | ) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Rental revenues - fixed | $ | 76,295 | $ | 78,312 | $ | 223,062 | $ | 213,760 | |||||||||||||||
Rental revenues - variable (1) | 30,970 | 21,939 | 78,494 | 57,322 | |||||||||||||||||||
Rental revenues | $ | 107,265 | $ | 100,251 | $ | 301,556 | $ | 271,082 |
As of | As of | |||||||||||||
September 30, 2021 | September 30, 2020 | |||||||||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 10,018 | $ | 21,416 |
As of | As of | |||||||||||||
September 30, 2021 | September 30, 2020 | |||||||||||||
Dividends payable | $ | 19,913 | $ | — |
Nine months ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest paid | $ | 42,806 | $ | 44,990 |
September 30, 2017 | September 30, 2016 | |||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 27,090 | $ | 20,340 |
Consolidated Outlet Centers | Unconsolidated Joint Venture Outlet Centers | |||||||||||||||||||||||||||||||
Outlet Center | Quarter Opened/Disposed | Square Feet | Number of Outlet Centers | Square Feet | Number of Outlet Centers | |||||||||||||||||||||||||||
As of January 1, 2020 | 12,048 | 32 | 2,212 | 7 | ||||||||||||||||||||||||||||
Disposition: | ||||||||||||||||||||||||||||||||
Terrell | Third Quarter | (178) | (1) | — | — | |||||||||||||||||||||||||||
Other | 3 | — | — | — | ||||||||||||||||||||||||||||
As of December 31, 2020 | 11,873 | 31 | 2,212 | 7 | ||||||||||||||||||||||||||||
Dispositions: | ||||||||||||||||||||||||||||||||
Jeffersonville | First Quarter | (412) | (1) | — | — | |||||||||||||||||||||||||||
Saint-Saveur | First Quarter | — | — | (99) | (1) | |||||||||||||||||||||||||||
Other | (8) | — | — | — | ||||||||||||||||||||||||||||
As of September 30, 2021 | 11,453 | 30 | 2,113 | 6 |
Consolidated Outlet Centers | Unconsolidated Joint Venture Outlet Centers | |||||||||||||
Outlet Center | Quarter Acquired/Opened/Disposed | Square Feet | Outlet Centers | Square Feet | Outlet Centers | |||||||||
As of January 1, 2016 | 11,746 | 34 | 2,747 | 9 | ||||||||||
New Developments: | ||||||||||||||
Columbus | Second Quarter | — | — | 355 | 1 | |||||||||
Daytona Beach | Fourth Quarter | 349 | 1 | — | — | |||||||||
Acquisitions: | ||||||||||||||
Westgate | Second Quarter | 408 | 1 | (408 | ) | (1 | ) | |||||||
Savannah | Third Quarter | 419 | 1 | (419 | ) | (1 | ) | |||||||
Expansions: | ||||||||||||||
Ottawa | First Quarter | — | — | 32 | — | |||||||||
Savannah | Second Quarter | — | — | 42 | — | |||||||||
Dispositions: | ||||||||||||||
Fort Myers | First Quarter | (199 | ) | (1 | ) | — | — | |||||||
Demolition: | ||||||||||||||
Lancaster | Various | (25 | ) | — | — | — | ||||||||
Other | 12 | — | (1 | ) | — | |||||||||
As of December 31, 2016 | 12,710 | 36 | 2,348 | 8 | ||||||||||
Expansion: | ||||||||||||||
Ottawa | Second Quarter | — | — | 39 | — | |||||||||
Lancaster | Third Quarter | 148 | — | — | — | |||||||||
Dispositions: | ||||||||||||||
Westbrook | Second Quarter | (290 | ) | (1 | ) | — | — | |||||||
Other | 7 | — | (16 | ) | — | |||||||||
As of September 30, 2017 | 12,575 | 35 | 2,371 | 8 |
Consolidated Outlet Centers | Legal | Square | % | ||||||||||||||||||||
Location | Ownership % | Feet | Occupied | ||||||||||||||||||||
Deer Park, New York | 100 | 739,148 | 93.8 | ||||||||||||||||||||
Riverhead, New York (1) | 100 | 729,558 | 91.1 | ||||||||||||||||||||
Foley, Alabama | 100 | 554,649 | 89.1 | ||||||||||||||||||||
Rehoboth Beach, Delaware (1) | 100 | 549,890 | 91.7 | ||||||||||||||||||||
Atlantic City, New Jersey (1) (3) | 100 | 487,718 | 80.8 | ||||||||||||||||||||
San Marcos, Texas | 100 | 471,816 | 94.0 | ||||||||||||||||||||
Sevierville, Tennessee (1) | 100 | 447,810 | 99.4 | ||||||||||||||||||||
Savannah, Georgia | 100 | 429,089 | 99.5 | ||||||||||||||||||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 97.5 | ||||||||||||||||||||
Glendale, Arizona (Westgate) | 100 | 410,753 | 98.7 | ||||||||||||||||||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 404,710 | 99.4 | ||||||||||||||||||||
Charleston, South Carolina | 100 | 386,328 | 100.0 | ||||||||||||||||||||
Lancaster, Pennsylvania | 100 | 375,883 | 99.7 | ||||||||||||||||||||
Pittsburgh, Pennsylvania | 100 | 373,863 | 94.7 | ||||||||||||||||||||
Commerce, Georgia | 100 | 371,408 | 96.9 | ||||||||||||||||||||
Grand Rapids, Michigan | 100 | 357,127 | 88.6 | ||||||||||||||||||||
Fort Worth, Texas | 100 | 351,741 | 97.0 | ||||||||||||||||||||
Daytona Beach, Florida | 100 | 351,721 | 100.0 | ||||||||||||||||||||
Branson, Missouri | 100 | 329,861 | 99.2 | ||||||||||||||||||||
Southaven, Mississippi (2) (3) | 50 | 324,720 | 100.0 | ||||||||||||||||||||
Locust Grove, Georgia | 100 | 321,082 | 98.8 | ||||||||||||||||||||
Gonzales, Louisiana | 100 | 321,066 | 96.0 | ||||||||||||||||||||
Mebane, North Carolina | 100 | 318,886 | 100.0 | ||||||||||||||||||||
Howell, Michigan | 100 | 314,438 | 78.4 | ||||||||||||||||||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,229 | 78.8 | ||||||||||||||||||||
Tilton, New Hampshire | 100 | 250,139 | 86.0 | ||||||||||||||||||||
Hershey, Pennsylvania | 100 | 249,696 | 98.4 | ||||||||||||||||||||
Hilton Head II, South Carolina | 100 | 206,564 | 100.0 | ||||||||||||||||||||
Hilton Head I, South Carolina | 100 | 181,670 | 95.8 | ||||||||||||||||||||
Blowing Rock, North Carolina | 100 | 104,009 | 89.8 | ||||||||||||||||||||
Totals | 11,453,095 | 94.3 |
Consolidated Outlet Centers | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Deer Park, New York | 100 | 749,074 | 95 | |||||
Riverhead, New York (1) | 100 | 729,706 | 98 | |||||
Rehoboth Beach, Delaware (1) | 100 | 557,404 | 99 | |||||
Foley, Alabama | 100 | 556,677 | 99 | |||||
Atlantic City, New Jersey (1) (4) | 99 | 489,706 | 87 | |||||
San Marcos, Texas | 100 | 471,816 | 97 | |||||
Sevierville, Tennessee (1) | 100 | 448,355 | 100 | |||||
Savannah, Georgia | 100 | 429,089 | 97 | |||||
Myrtle Beach Hwy 501, South Carolina | 100 | 425,334 | 94 | |||||
Jeffersonville, Ohio | 100 | 411,849 | 95 | |||||
Glendale, Arizona (Westgate) | 100 | 407,673 | 97 | |||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 403,339 | 100 | |||||
Charleston, South Carolina | 100 | 382,117 | 97 | |||||
Lancaster, Pennsylvania | 100 | 377,299 | 93 | |||||
Pittsburgh, Pennsylvania | 100 | 372,958 | 100 | |||||
Commerce, Georgia | 100 | 371,408 | 97 | |||||
Grand Rapids, Michigan | 100 | 357,080 | 97 | |||||
Daytona Beach, Florida | 100 | 351,704 | 97 | |||||
Branson, Missouri | 100 | 329,861 | 100 | |||||
Locust Grove, Georgia | 100 | 321,070 | 97 | |||||
Gonzales, Louisiana | 100 | 321,066 | 99 | |||||
Southaven, Mississippi (2) (4) | 50 | 320,341 | 97 | |||||
Park City, Utah | 100 | 319,661 | 97 | |||||
Mebane, North Carolina | 100 | 318,910 | 100 | |||||
Howell, Michigan | 100 | 314,459 | 98 | |||||
Mashantucket, Connecticut (Foxwoods) (1) (2) (4) | 67 | 311,614 | 94 | |||||
Williamsburg, Iowa | 100 | 276,331 | 97 | |||||
Tilton, New Hampshire | 100 | 250,107 | 93 | |||||
Hershey, Pennsylvania | 100 | 247,500 | 100 | |||||
Hilton Head II, South Carolina | 100 | 206,564 | 96 | |||||
Ocean City, Maryland (1) | 100 | 198,800 | 98 | |||||
Hilton Head I, South Carolina | 100 | 181,670 | 99 | |||||
Terrell, Texas | 100 | 177,800 | 96 | |||||
Blowing Rock, North Carolina | 100 | 104,009 | 98 | |||||
Nags Head, North Carolina | 100 | 82,161 | 100 | |||||
Totals | 12,574,512 | 97 | (3) |
Unconsolidated joint venture properties | Legal | Square | % | ||||||||||||||||||||
Location | Ownership % | Feet | Occupied | ||||||||||||||||||||
Charlotte, North Carolina (1) | 50 | 398,649 | 99.1 | ||||||||||||||||||||
Ottawa, Ontario | 50 | 357,209 | 96.4 | ||||||||||||||||||||
Columbus, Ohio (1) | 50 | 355,245 | 96.6 | ||||||||||||||||||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 94.2 | ||||||||||||||||||||
National Harbor, Maryland (1) | 50 | 341,156 | 98.4 | ||||||||||||||||||||
Cookstown, Ontario | 50 | 307,883 | 91.9 | ||||||||||||||||||||
Total | 2,112,847 | 96.3 |
Unconsolidated joint venture properties | Legal | Square | % | |||||
Location | Ownership % | Feet | Occupied | |||||
Charlotte, North Carolina (1) | 50 | 397,844 | 99 | |||||
Ottawa, Ontario | 50 | 355,497 | 93 | |||||
Columbus, Ohio (1) | 50 | 355,220 | 96 | |||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 99 | |||||
National Harbor, Maryland (1) | 50 | 341,156 | 98 | |||||
Cookstown, Ontario | 50 | 307,779 | 98 | |||||
Bromont, Quebec | 50 | 161,307 | 72 | |||||
Saint-Sauveur, Quebec (1) | 50 | 99,405 | 96 | |||||
Total | 2,370,913 | 95 | (2) |
Trailing twelve months ended September 30, 2021(1) (2) (3) | ||||||||||||||||||||
# of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (4) | |||||||||||||||
Re-tenant | 84 | 327 | $ | 28.72 | $ | 27.04 | 5.85 | $ | 24.10 | |||||||||||
Renewal | 245 | 1,248 | $ | 26.45 | $ | 1.60 | 3.22 | $ | 25.95 | |||||||||||
Trailing twelve months ended September 30, 2020(1) (2) | ||||||||||||||||||||
# of Leases | Square Feet (in 000’s) | Average Annual Straight-line Rent (psf) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (4) | |||||||||||||||
Re-tenant | 83 | 387 | $ | 32.85 | $ | 63.66 | 7.17 | $ | 23.97 | |||||||||||
Renewal | 177 | 889 | $ | 27.32 | $ | 0.90 | 3.85 | $ | 27.09 |
Trailing twelve months ended September 30, 2017(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf)(2) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||
Re-tenant | 87 | 380 | $ | 34.76 | $ | 55.47 | 8.94 | $ | 28.56 | ||||||
Renewal | 253 | 1,126 | $ | 32.56 | $ | 0.24 | 4.50 | $ | 32.51 | ||||||
Trailing twelve months ended September 30, 2016(1) | |||||||||||||||
# of Leases | Square Feet (in 000's) | Average Annual Straight-line Rent (psf)(2) | Average Tenant Allowance (psf) | Average Initial Term (in years) | Net Average Annual Straight-line Rent (psf) (3) | ||||||||||
Re-tenant | 103 | 401 | $ | 41.47 | $ | 57.04 | 8.54 | $ | 34.79 | ||||||
Renewal | 290 | 1,337 | $ | 32.22 | $ | 0.41 | 4.71 | $ | 32.13 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 105,346 | $ | 96,199 | $ | 9,147 | ||||||||||||||
Rental revenues from properties disposed | 145 | 1,527 | (1,382) | |||||||||||||||||
Straight-line rent adjustments | 383 | (1,741) | 2,124 | |||||||||||||||||
Lease termination fees | 1,424 | 6,323 | (4,899) | |||||||||||||||||
Amortization of above and below market rent adjustments, net | (33) | (2,057) | 2,024 | |||||||||||||||||
$ | 107,265 | $ | 100,251 | $ | 7,014 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Base rentals from existing properties | $ | 73,217 | $ | 73,523 | $ | (306 | ) | |||||
Base rentals from new development | 1,978 | — | 1,978 | |||||||||
Base rentals from acquisitions | 5,294 | �� | 4,131 | 1,163 | ||||||||
Base rentals from property disposed | — | 1,134 | (1,134 | ) | ||||||||
Termination fees | 162 | 1,450 | (1,288 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (302 | ) | (669 | ) | 367 | |||||||
$ | 80,349 | $ | 79,569 | $ | 780 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 2,738 | $ | 2,698 | $ | 40 | ||||||
Percentage rentals from new development | 99 | — | 99 | |||||||||
Percentage rentals from acquisitions | 301 | 285 | 16 | |||||||||
Percentage rentals from property disposed | — | 12 | (12 | ) | ||||||||
$ | 3,138 | $ | 2,995 | $ | 143 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Expense reimbursements from existing properties | $ | 30,504 | $ | 30,538 | $ | (34 | ) | |||||
Expense reimbursements from new development | 825 | 49 | 776 | |||||||||
Expense reimbursements from acquisitions | 2,851 | 1,952 | 899 | |||||||||
Expense reimbursements from property disposed | — | 586 | (586 | ) | ||||||||
$ | 34,180 | $ | 33,125 | $ | 1,055 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 530 | $ | 471 | $ | 59 | ||||||||||||||
Leasing and other fees | 72 | 15 | 57 | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 1,039 | 708 | 331 | |||||||||||||||||
$ | 1,641 | $ | 1,194 | $ | 447 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Management and marketing | $ | 564 | $ | 656 | $ | (92 | ) | |||||
Development and leasing | 20 | 65 | (45 | ) | ||||||||
Loan guarantee | 4 | 85 | (81 | ) | ||||||||
$ | 588 | $ | 806 | $ | (218 | ) |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 3,559 | $ | 1,730 | $ | 1,829 | ||||||||||||||
Other revenues from properties disposed | — | 38 | (38) | |||||||||||||||||
$ | 3,559 | $ | 1,768 | $ | 1,791 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 35,040 | $ | 32,361 | $ | 2,679 | ||||||||||||||
Properties operating expenses from properties disposed | — | 1,127 | (1,127) | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 1,039 | 708 | 331 | |||||||||||||||||
Other property operating expenses | 1,107 | 1,010 | 97 | |||||||||||||||||
$ | 37,186 | $ | 35,206 | $ | 1,980 |
2017 | 2016 | Change | ||||||||||
Other income from existing properties | $ | 2,283 | $ | 2,434 | $ | (151 | ) | |||||
Other income from new developments | 34 | 62 | (28 | ) | ||||||||
Other income from acquisitions | 193 | 146 | 47 | |||||||||
$ | 2,510 | $ | 2,642 | $ | (132 | ) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Property operating expenses from existing properties | $ | 34,315 | $ | 34,932 | $ | (617 | ) | |||||
Property operating expenses from new development | 846 | 55 | 791 | |||||||||
Property operating expenses from acquisitions | 2,410 | 1,673 | 737 | |||||||||
Property operating expenses from property disposed | — | 782 | (782 | ) | ||||||||
$ | 37,571 | $ | 37,442 | $ | 129 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Depreciation and amortization from existing properties | $ | 26,944 | $ | 29,714 | $ | (2,770) | ||||||||||||||
Depreciation and amortization from properties disposed | — | 189 | (189) | |||||||||||||||||
$ | 26,944 | $ | 29,903 | $ | (2,959) |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Depreciation and amortization from existing properties | $ | 25,912 | $ | 26,514 | $ | (602 | ) | |||||
Depreciation and amortization from new development | 1,236 | — | 1,236 | |||||||||
Depreciation and amortization from acquisitions | 3,828 | 2,340 | 1,488 | |||||||||
Depreciation and amortization from properties disposed | — | 351 | (351 | ) | ||||||||
$ | 30,976 | $ | 29,205 | $ | 1,771 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Equity in earnings (losses) from existing properties | $ | 2,261 | $ | (12) | $ | 2,273 | ||||||||||||||
Equity in losses from property disposed | — | (30) | 30 | |||||||||||||||||
$ | 2,261 | $ | (42) | $ | 2,303 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 299,823 | $ | 262,234 | $ | 37,589 | ||||||||||||||
Rental revenues from properties disposed | 519 | 5,547 | (5,028) | |||||||||||||||||
Straight-line rent adjustments | (1,137) | (2,417) | 1,280 | |||||||||||||||||
Lease termination fees | 2,224 | 8,000 | (5,776) | |||||||||||||||||
Amortization of above and below market rent adjustments, net | 127 | (2,282) | 2,409 | |||||||||||||||||
$ | 301,556 | $ | 271,082 | $ | 30,474 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Equity in earnings (losses) from existing properties | $ | (5,893 | ) | $ | (3 | ) | $ | (5,890 | ) | |||
Equity in earnings from properties previously held in unconsolidated joint ventures | — | 718 | (718 | ) | ||||||||
$ | (5,893 | ) | $ | 715 | $ | (6,608 | ) |
2017 | 2016 | Change | ||||||||||
Base rentals from existing properties | $ | 216,954 | $ | 217,861 | $ | (907 | ) | |||||
Base rentals from new development | 5,836 | — | 5,836 | |||||||||
Base rentals from acquisitions | 16,042 | 4,131 | 11,911 | |||||||||
Base rentals from properties disposed | 1,605 | 3,457 | (1,852 | ) | ||||||||
Termination fees | 2,796 | 3,492 | (696 | ) | ||||||||
Amortization of above and below market rent adjustments, net | (1,766 | ) | (1,746 | ) | (20 | ) | ||||||
$ | 241,467 | $ | 227,195 | $ | 14,272 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Percentage rentals from existing properties | $ | 5,998 | $ | 7,129 | $ | (1,131 | ) | |||||
Percentage rentals from new development | 106 | — | 106 | |||||||||
Percentage rentals from acquisitions | 629 | 285 | 344 | |||||||||
Percentage rentals from properties disposed | 65 | 57 | 8 | |||||||||
$ | 6,798 | $ | 7,471 | $ | (673 | ) |
2017 | 2016 | Change | ||||||||||
Expense reimbursements from existing properties | $ | 93,141 | $ | 93,296 | $ | (155 | ) | |||||
Expense reimbursements from new development | 2,856 | 156 | 2,700 | |||||||||
Expense reimbursements from acquisitions | 8,052 | 1,952 | 6,100 | |||||||||
Expense reimbursements from properties disposed | 752 | 1,717 | (965 | ) | ||||||||
$ | 104,801 | $ | 97,121 | $ | 7,680 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 1,575 | $ | 1,156 | $ | 419 | ||||||||||||||
Leasing and other fees | 231 | 50 | 181 | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 2,566 | 2,156 | 410 | |||||||||||||||||
Total Fees | $ | 4,372 | $ | 3,362 | $ | 1,010 |
2017 | 2016 | Change | ||||||||||
Management and marketing | $ | 1,676 | $ | 2,199 | $ | (523 | ) | |||||
Development and leasing | 87 | 611 | (524 | ) | ||||||||
Loan guarantee | 13 | 449 | (436 | ) | ||||||||
$ | 1,776 | $ | 3,259 | $ | (1,483 | ) |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 8,486 | $ | 4,285 | $ | 4,201 | ||||||||||||||
Other revenues from property disposed | 18 | 107 | (89) | |||||||||||||||||
$ | 8,504 | $ | 4,392 | $ | 4,112 |
2017 | 2016 | Change | ||||||||||
Other income from existing properties | $ | 6,043 | $ | 6,004 | $ | 39 | ||||||
Other income from new development | 148 | — | 148 | |||||||||
Other income from acquisitions | 613 | 162 | 451 | |||||||||
Other income from properties disposed | 101 | 63 | 38 | |||||||||
$ | 6,905 | $ | 6,229 | $ | 676 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 100,546 | $ | 93,796 | $ | 6,750 | ||||||||||||||
Property operating expenses from property disposed | (1,163) | 4,069 | (5,232) | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 2,566 | 2,156 | 410 | |||||||||||||||||
Other property operating expense | 1,798 | 1,970 | (172) | |||||||||||||||||
$ | 103,747 | $ | 101,991 | $ | 1,756 |
2017 | 2016 | Change | ||||||||||
Property operating expenses from existing properties | $ | 104,135 | $ | 106,147 | $ | (2,012 | ) | |||||
Property operating expenses from new development | 3,139 | 163 | 2,976 | |||||||||
Property operating expenses from acquisitions | 6,801 | 1,689 | 5,112 | |||||||||
Property operating expenses from properties disposed | 999 | 2,329 | (1,330 | ) | ||||||||
$ | 115,074 | $ | 110,328 | $ | 4,746 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Depreciation and amortization expenses from existing properties | $ | 82,788 | $ | 87,215 | $ | (4,427) | ||||||||||||||
Depreciation and amortization from property disposed | 38 | 751 | (713) | |||||||||||||||||
$ | 82,826 | $ | 87,966 | $ | (5,140) |
2017 | 2016 | Change | ||||||||||
Depreciation and amortization expenses from existing properties | $ | 79,537 | $ | 78,690 | $ | 847 | ||||||
Depreciation and amortization expenses from new development | 3,524 | — | 3,524 | |||||||||
Depreciation and amortization expenses from acquisitions | 11,437 | 2,340 | 9,097 | |||||||||
Depreciation and amortization from properties disposed | 677 | 1,048 | (371 | ) | ||||||||
$ | 95,175 | $ | 82,078 | $ | 13,097 |
2021 | 2020 | Increase/(Decrease) | ||||||||||||||||||
Equity in earnings from existing properties | $ | 6,758 | $ | 1,521 | $ | 5,237 | ||||||||||||||
Equity in losses from property disposed | — | (3,011) | 3,011 | |||||||||||||||||
$ | 6,758 | $ | (1,490) | $ | 8,248 |
2017 | 2016 | Change | ||||||||||
Equity in earnings (losses) from existing properties | $ | (2,293 | ) | $ | 3,671 | $ | (5,964 | ) | ||||
Equity in earnings from new development | 1,092 | 366 | 726 | |||||||||
Equity in earnings from properties previously held in unconsolidated joint ventures | — | 3,643 | (3,643 | ) | ||||||||
$ | (1,201 | ) | $ | 7,680 | $ | (8,881 | ) |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Number of common shares settled during the period | 331,682 | — | 10,009,263 | — | ||||||||||||||||||||||
Average price per share | $ | 18.85 | $ | — | $ | 18.97 | $ | — | ||||||||||||||||||
Aggregate gross proceeds (in thousands) | $ | 6,253 | $ | — | $ | 189,868 | $ | — | ||||||||||||||||||
Aggregate net proceeds after selling commissions and fees (in thousands) | $ | 6,092 | $ | — | $ | 186,969 | $ | — |
Nine months ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
Net cash provided by operating activities | $ | 143,729 | $ | 92,033 | $ | 51,696 | ||||||||||||||
Net cash used in investing activities | (1,928) | (12,287) | 10,359 | |||||||||||||||||
Net cash used in financing activities | (83,607) | (76,345) | (7,262) | |||||||||||||||||
Effect of foreign currency rate changes on cash and equivalents | (131) | (208) | 77 | |||||||||||||||||
Net increase in cash and cash equivalents | $ | 58,063 | $ | 3,193 | $ | 54,870 |
Nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Net cash provided by operating activities | $ | 181,530 | $ | 177,723 | $ | 3,807 | ||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | (49,562 | ) | ||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | 38,510 | |||||||
Effect of foreign currency rate changes on cash and equivalents | (54 | ) | 532 | (586 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | $ | (3,530 | ) | $ | 4,301 | $ | (7,831 | ) |
Nine months ended September 30, | ||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
Capital expenditures analysis: | ||||||||||||||||||||
New outlet center developments and expansions(1) | $ | 2,626 | $ | 1,967 | $ | 659 | ||||||||||||||
Major outlet center renovations (2) | 227 | 5,217 | (4,990) | |||||||||||||||||
Second generation tenant allowances(3) | (5) | 8,549 | (8,554) | |||||||||||||||||
Other capital expenditures (4) | 11,137 | 7,437 | 3,700 | |||||||||||||||||
13,985 | 23,170 | (9,185) | ||||||||||||||||||
Conversion from accrual to cash basis | 9,700 | (98) | 9,798 | |||||||||||||||||
Additions to rental property-cash basis | $ | 23,685 | $ | 23,072 | $ | 613 |
Nine months ended September 30, | ||||||||||||
2017 | 2016 | Change | ||||||||||
Capital expenditures analysis: | ||||||||||||
New center developments | $ | 87,376 | $ | 74,441 | $ | 12,935 | ||||||
Major center renovations | 13,813 | 13,908 | (95 | ) | ||||||||
Second generation tenant allowances | 15,815 | 6,963 | 8,852 | |||||||||
Other capital expenditures | 19,791 | 8,576 | 11,215 | |||||||||
136,795 | 103,888 | 32,907 | ||||||||||
Conversion from accrual to cash basis | (4,183 | ) | 8,325 | (12,508 | ) | |||||||
Additions to rental property-cash basis | $ | 132,612 | $ | 112,213 | $ | 20,399 |
Project | Approximate square feet (in 000's) | Projected Total Net Cost per Square Foot (in dollars) | Projected Total Net Cost (in millions) | Costs Incurred to Date (in millions) | Projected Opening | ||||||||||||
New development: | |||||||||||||||||
Fort Worth | 352 | $ | 256 | $ | 90.2 | $ | 74.7 | October 2017 |
Senior unsecured notes financial covenants | Required | Actual | |||||||
Total consolidated debt to adjusted total assets | <60% | % | |||||||
Total secured debt to adjusted total assets | <40% | % | |||||||
Total unencumbered assets to unsecured debt | >150% | % |
Required | Actual | |||||||
Total Liabilities to Total Adjusted Asset Value | <60% | 41 | % | |||||
Secured Indebtedness to Adjusted Unencumbered Asset Value | <35% | 6 | % | |||||
EBITDA to Fixed Charges | >1.5 | 4.1 | ||||||
Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value | <60% | 35 | % | |||||
Unencumbered Interest Coverage Ratio | >1.5 | 4.7 |
Contractual Obligations | Remainder of 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Debt (1) | $ | 54,381 | $ | 4,436 | $ | 4,768 | $ | 305,140 | $ | 1,501 | $ | 1,055,705 | $ | 1,425,931 | ||||||||||||||||||||||||||||||
Interest payments (2) | $ | 10,545 | $ | 41,586 | $ | 41,255 | $ | 37,320 | $ | 34,741 | $ | 87,868 | $ | 253,315 |
Joint Venture | Outlet Center Location | Ownership % | Square Feet (in 000's) | Carrying Value of Investment (in millions) | ||||||||
Columbus | Columbus, OH | 50.0 | % | 355 | $ | 6.8 | ||||||
National Harbor | National Harbor, MD | 50.0 | % | 341 | 2.4 | |||||||
RioCan Canada | Various | 50.0 | % | 924 | 116.6 | |||||||
Investments included in total assets | $ | 125.8 | ||||||||||
Charlotte(1) | Charlotte, NC | 50.0 | % | 398 | $ | (3.6 | ) | |||||
Galveston/Houston(1) | Texas City, TX | 50.0 | % | 353 | (12.5 | ) | ||||||
Investments included in other liabilities | $ | (16.1 | ) |
Joint Venture | Total Joint Venture Debt | Maturity Date | Interest Rate | Percent Guaranteed by the Operating Partnership | Maximum Guaranteed Amount by the Company | |||||||||||||||||||||||||||
Charlotte | $ | 100.0 | July 2028 | 4.27% | — | % | $ | — | ||||||||||||||||||||||||
Columbus | 71.0 | November 2022 | LIBOR + 1.85% | 16.8 | % | 11.9 | ||||||||||||||||||||||||||
Galveston/Houston (1) | 64.5 | July 2023 | LIBOR + 1.85% | 15.5 | % | 10.0 | ||||||||||||||||||||||||||
National Harbor | 95.0 | January 2030 | 4.63 | % | — | % | — | |||||||||||||||||||||||||
Debt origination costs | (1.1) | |||||||||||||||||||||||||||||||
$ | 329.4 | $ | 21.9 |
Joint Venture | Total Joint Venture Debt | Maturity Date | Interest Rate | Percent Guaranteed by the Operating Partnership | Maximum Guaranteed Amount by the Company | ||||||||||
Charlotte | $ | 90.0 | November 2018 | LIBOR + 1.45% | 5.0 | % | $ | 4.5 | |||||||
Columbus | 85.0 | November 2019 | LIBOR + 1.65% | 7.5 | % | 6.4 | |||||||||
Galveston/Houston(1) | 80.0 | July 2020 | LIBOR + 1.65% | 12.5 | % | 10.0 | |||||||||
National Harbor(2) | 87.0 | November 2019 | LIBOR + 1.65% | 10.0 | % | 8.7 | |||||||||
RioCan Canada(3) | 11.4 | May 2020 | 5.75% | 28.1 | % | 3.2 | |||||||||
Debt origination costs | (2.0 | ) | |||||||||||||
$ | 351.4 | $ | 32.8 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Fee: | ||||||||||||||||
Management and marketing | $ | 564 | $ | 656 | 1,676 | 2,199 | ||||||||||
Development and leasing | 20 | 65 | $ | 87 | $ | 611 | ||||||||||
Loan Guarantee | 4 | 85 | 13 | 449 | ||||||||||||
Total Fees | $ | 588 | $ | 806 | $ | 1,776 | $ | 3,259 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 26,367 | 28,676 | 81,106 | 85,534 | ||||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 2,908 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
FFO | 18,204 | 43,074 | 89,494 | 102,724 | ||||||||||||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | — | — | (190) | ||||||||||||||||||||||
Allocation of earnings to participating securities | (401) | (461) | (1,095) | (1,153) | ||||||||||||||||||||||
FFO available to common shareholders (2) | $ | 17,803 | $ | 42,613 | $ | 88,399 | $ | 101,381 | ||||||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (3) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (4) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Impact of above adjustment to the allocation of earnings to participating securities | (97) | — | (225) | — | ||||||||||||||||||||||
Core FFO available to common shareholders (2) | $ | 51,821 | $ | 42,613 | $ | 138,746 | $ | 101,381 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (2) | $ | 0.16 | $ | 0.44 | $ | 0.84 | $ | 1.04 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (2) | $ | 0.47 | $ | 0.44 | $ | 1.32 | $ | 1.04 | ||||||||||||||||||
Weighted Average Shares: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 103,269 | 92,649 | 99,446 | 92,596 | ||||||||||||||||||||||
Effect of notional units | 583 | — | 518 | — | ||||||||||||||||||||||
Effect of outstanding options | 753 | — | 736 | — | ||||||||||||||||||||||
Exchangeable operating partnership units | 4,795 | 4,911 | 4,795 | 4,911 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO per share computations) (2) | 109,400 | 97,560 | 105,495 | 97,507 |
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Adjusted for: | ||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 30,396 | 28,850 | 93,634 | 80,992 | ||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 3,583 | 4,325 | 10,971 | 15,472 | ||||||||||||
Impairment charges - unconsolidated joint ventures | 9,021 | 2,919 | 9,021 | 2,919 | ||||||||||||
Gain on sale of assets | — | — | (6,943 | ) | (4,887 | ) | ||||||||||
Gain on previously held interests in acquired joint ventures | — | (46,258 | ) | — | (95,516 | ) | ||||||||||
FFO | 26,966 | 62,610 | 145,110 | 177,673 | ||||||||||||
FFO attributable to noncontrolling interests in other consolidated partnerships | — | (3 | ) | — | (62 | ) | ||||||||||
Allocation of earnings to participating securities | (306 | ) | (539 | ) | (1,346 | ) | (1,675 | ) | ||||||||
FFO available to common shareholders (1) | $ | 26,660 | $ | 62,068 | $ | 143,764 | $ | 175,936 | ||||||||
As further adjusted for: | ||||||||||||||||
Compensation related to director and executive officer terminations(2) | — | 887 | — | 1,180 | ||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Demolition costs | — | 259 | — | 441 | ||||||||||||
Gain on sale of outparcel | — | (1,418 | ) | — | (1,418 | ) | ||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Make-whole premium due to early extinguishment of debt (3) | 34,143 | — | 34,143 | — | ||||||||||||
Write-off of debt discount and debt origination costs due to early extinguishment of debt (3) | 1,483 | — | 1,483 | 882 | ||||||||||||
Impact of above adjustments to the allocation of earnings to participating securities | (249 | ) | (2 | ) | (254 | ) | (15 | ) | ||||||||
AFFO available to common shareholders (1) | $ | 61,938 | $ | 62,281 | $ | 179,664 | $ | 177,493 | ||||||||
FFO available to common shareholders per share - diluted (1) | $ | 0.27 | $ | 0.62 | $ | 1.44 | $ | 1.75 | ||||||||
AFFO available to common shareholders per share - diluted (1) | $ | 0.63 | $ | 0.62 | $ | 1.80 | $ | 1.76 | ||||||||
Weighted Average Shares: | ||||||||||||||||
Basic weighted average common shares | 93,923 | 95,156 | 94,781 | 95,075 | ||||||||||||
Effect of notional units | — | 426 | — | 393 | ||||||||||||
Effect of outstanding options and restricted common shares | — | 90 | 23 | 68 | ||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 93,923 | 95,672 | 94,804 | 95,536 | ||||||||||||
Exchangeable operating partnership units | 5,028 | 5,053 | 5,028 | 5,053 | ||||||||||||
Diluted weighted average common shares (for FFO and AFFO per share computations) (1) | 98,951 | 100,725 | 99,832 | 100,589 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | (2,261) | 42 | (6,758) | 1,490 | ||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Loss on early extinguishment of debt (1) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Other (income) expense | (253) | (161) | 2,598 | (789) | ||||||||||||||||||||||
Impairment charge | — | — | — | 45,675 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Other non-property (income) expense | 113 | 704 | 22 | 1,162 | ||||||||||||||||||||||
Corporate general and administrative expenses | 14,951 | 11,463 | 47,468 | 35,759 | ||||||||||||||||||||||
Non-cash adjustments (2) | (244) | 3,913 | 1,326 | 5,032 | ||||||||||||||||||||||
Lease termination fees | (1,424) | (6,323) | (2,224) | (8,000) | ||||||||||||||||||||||
Portfolio NOI | 73,858 | 66,583 | 209,967 | 175,467 | ||||||||||||||||||||||
Non-same center NOI (3) | (106) | (435) | (1,751) | (1,582) | ||||||||||||||||||||||
Same Center NOI | $ | 73,752 | $ | 66,148 | $ | 208,216 | $ | 173,885 | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Adjusted to exclude: | ||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 5,893 | (715 | ) | 1,201 | (7,680 | ) | ||||||||||
Interest expense | 16,489 | 15,516 | 49,496 | 44,200 | ||||||||||||
Gain on sale of assets | — | (1,418 | ) | (6,943 | ) | (6,305 | ) | |||||||||
Gain on previously held interests in acquired joint ventures | — | (46,258 | ) | — | (95,516 | ) | ||||||||||
Loss on early extinguishment of debt | 35,626 | — | 35,626 | — | ||||||||||||
Other non-operating (income) expense | (591 | ) | (24 | ) | (683 | ) | (378 | ) | ||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | ||||||||||||
Other non-property (income) expenses | 372 | (47 | ) | 993 | (437 | ) | ||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Demolition Costs | — | 259 | — | 441 | ||||||||||||
Corporate general and administrative expenses | 11,020 | 12,076 | 33,499 | 34,989 | ||||||||||||
Non-cash adjustments(1) | (1,020 | ) | (967 | ) | (2,580 | ) | (2,938 | ) | ||||||||
Termination rents | (162 | ) | (1,450 | ) | (2,796 | ) | (3,491 | ) | ||||||||
Portfolio NOI | 82,470 | 79,438 | 241,943 | 224,143 | ||||||||||||
Non-same center NOI(2) | (9,813 | ) | (7,320 | ) | (29,643 | ) | (13,514 | ) | ||||||||
Same Center NOI | $ | 72,657 | $ | 72,118 | $ | 212,300 | $ | 210,629 |
Outlet centers sold: | ||||||||||||||||
Jeffersonville | January 2021 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | 63,270 | $ | 56,945 | $ | 173,951 | $ | 143,904 |
Three months ended | Nine months ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (11,071) | $ | 13,719 | $ | (4,133) | $ | (38,290) | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 13,282 | 15,647 | 40,982 | 47,786 | ||||||||||||||||||||||
Depreciation and amortization | 26,944 | 29,903 | 82,826 | 87,966 | ||||||||||||||||||||||
Impairment charge - consolidated | — | — | — | 45,675 | ||||||||||||||||||||||
Impairment charge - unconsolidated joint ventures | — | — | — | 3,091 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | 3,704 | — | ||||||||||||||||||||||
Gain on sale of assets | — | (2,324) | — | (2,324) | ||||||||||||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,457 | 1,512 | 4,384 | 4,995 | ||||||||||||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 2,907 | 3,003 | 8,817 | 9,038 | ||||||||||||||||||||||
EBITDAre | $ | 33,519 | $ | 61,460 | $ | 136,580 | $ | 157,937 | ||||||||||||||||||
Compensation related to executive officer retirement (2) | 294 | — | 2,712 | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (3) | 33,821 | — | 47,860 | — | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 67,634 | $ | 61,460 | $ | 187,152 | $ | 157,937 |
September 30, 2021 | December 31, 2020 | |||||||||||||
Fair value of debt | $ | 1,460,646 | $ | 1,639,803 | ||||||||||
Recorded value of debt | $ | 1,410,765 | $ | 1,567,886 |
September 30, 2017 | December 31, 2016 | |||||||
Fair value of debt | $ | 1,801,655 | $ | 1,704,644 | ||||
Recorded value of debt | $ | 1,773,981 | $ | 1,687,866 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) | ||||||||||
July 1, 2017 to July 31, 2017 | — | $ | — | — | $ | 85.7 | ||||||||
August 1, 2017 to August 31, 2017 | 413,604 | 24.18 | 413,604 | 75.7 | ||||||||||
September 1, 2017 to September 30, 2017 | — | — | — | 75.7 | ||||||||||
Total | 413,604 | $ | 24.18 | 413,604 | $ | 75.7 |
Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions) | ||||||||||||||||||||||||
July 1, 2021 to July 31, 2021 | — | $ | — | — | $ | 80.0 | ||||||||||||||||||||
— | — | — | 80.0 | |||||||||||||||||||||||
September 1, 2021 to September 30, 2021 | — | — | — | 80.0 | ||||||||||||||||||||||
Total | — | $ | — | — | $ | 80.0 |
TANGER FACTORY OUTLET CENTERS, INC. | |||||
By: | /s/ James F. Williams | ||||
James F. Williams | |||||
TANGER PROPERTIES LIMITED PARTNERSHIP | |||||
By: TANGER GP TRUST, its sole general partner | |||||
By: | /s/ James F. Williams | ||||
James F. Williams | |||||
Vice President and Treasurer (Principal Financial |