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 | |||||
Consolidated Statements of Operations - for the three and | |||||
Consolidated Statements of Comprehensive Income - for the three and | |||||
Consolidated Statements of | |||||
Consolidated Statements of Cash Flows - for the | |||||
FINANCIAL STATEMENTS OF TANGER PROPERTIES LIMITED PARTNERSHIP (Unaudited) | |||||
Consolidated Balance Sheets - as of | |||||
Consolidated Statements of Operations - for the three and | |||||
Consolidated Statements of Comprehensive Income - for the three and | |||||
Consolidated Statements of Equity - for the | |||||
Consolidated Statements of Cash Flows - for the | |||||
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 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 277,041 | $ | 268,269 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,537,507 | 2,532,489 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | Construction in progress | 13,346 | — | |||||||||||||||||
3,051,132 | 2,965,907 | 2,827,894 | 2,800,758 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,189,576) | (1,145,388) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,638,318 | 1,655,370 | |||||||||||||||||
Cash and cash equivalents | 8,773 | 12,222 | Cash and cash equivalents | 194,190 | 161,255 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 80,041 | 82,647 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 67,482 | 73,720 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 79,228 | 79,807 | |||||||||||||||||||
Prepaids and other assets | 95,075 | 82,985 | Prepaids and other assets | 95,986 | 104,585 | |||||||||||||||||
Total assets | $ | 2,541,446 | $ | 2,526,214 | Total assets | $ | 2,155,245 | $ | 2,157,384 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,037,086 | $ | 1,036,181 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 298,783 | 298,421 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 60,146 | 62,474 | |||||||||||||||||
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 | 1,396,015 | 1,397,076 | |||||||||||||||||
Accounts payable and accrued expenses | 84,091 | 78,143 | Accounts payable and accrued expenses | 76,512 | 92,995 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 88,330 | 88,874 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 81,813 | 78,650 | |||||||||||||||||
Total liabilities | 1,932,411 | 1,820,773 | Total liabilities | 1,642,670 | 1,657,595 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||
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, 104,394,792 and 104,084,734 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | Common shares, $0.01 par value, 300,000,000 shares authorized, 104,394,792 and 104,084,734 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 1,044 | 1,041 | |||||||||||||||||||
Paid in capital | 781,020 | 820,251 | Paid in capital | 981,833 | 978,054 | |||||||||||||||||
Accumulated distributions in excess of net income | (183,975 | ) | (122,701 | ) | Accumulated distributions in excess of net income | (483,241) | (483,409) | |||||||||||||||
Accumulated other comprehensive loss | (19,713 | ) | (28,295 | ) | Accumulated other comprehensive loss | (9,420) | (17,761) | |||||||||||||||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 578,277 | 670,216 | Equity attributable to Tanger Factory Outlet Centers, Inc. | 490,216 | 477,925 | |||||||||||||||||
Equity attributable to noncontrolling interests: | Equity attributable to noncontrolling interests: | |||||||||||||||||||||
Noncontrolling interests in Operating Partnership | 30,758 | 35,066 | Noncontrolling interests in Operating Partnership | 22,359 | 21,864 | |||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | 159 | Noncontrolling interests in other consolidated partnerships | — | — | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 512,575 | 499,789 | |||||||||||||||||
Total liabilities and equity | $ | 2,541,446 | $ | 2,526,214 | Total liabilities and equity | $ | 2,155,245 | $ | 2,157,384 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
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 | ||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | ||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | ||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | ||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | ||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | ||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | ||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | ||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | ||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | |||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | ||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | |||||||||||
Noncontrolling interests in Operating Partnership | 815 | (3,668 | ) | (1,920 | ) | (9,009 | ) | |||||||||
Noncontrolling interests in other consolidated partnerships | — | (2 | ) | — | (13 | ) | ||||||||||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (15,219 | ) | $ | 69,104 | $ | 36,507 | $ | 169,671 | |||||||
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 | |||||||
Dividends declared per common share | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues | $ | 101,409 | $ | 96,824 | $ | 206,018 | $ | 194,291 | ||||||||||||||||||
Management, leasing and other services | 1,436 | 1,359 | 2,963 | 2,731 | ||||||||||||||||||||||
Other revenues | 2,993 | 3,090 | 5,725 | 4,945 | ||||||||||||||||||||||
Total revenues | 105,838 | 101,273 | 214,706 | 201,967 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 32,697 | 31,250 | 69,455 | 66,561 | ||||||||||||||||||||||
General and administrative | 19,329 | 15,700 | 34,796 | 32,493 | ||||||||||||||||||||||
Depreciation and amortization | 26,220 | 27,732 | 52,463 | 55,882 | ||||||||||||||||||||||
Total expenses | 78,246 | 74,682 | 156,714 | 154,936 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (11,576) | (13,338) | (23,210) | (27,700) | ||||||||||||||||||||||
Loss on early extinguishment of debt | — | (14,039) | — | (14,039) | ||||||||||||||||||||||
Other income (expense) | 2,576 | 654 | 2,759 | (2,851) | ||||||||||||||||||||||
Total other income (expense) | (9,000) | (26,723) | (20,451) | (44,590) | ||||||||||||||||||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | 18,592 | (132) | 37,541 | 2,441 | ||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | 2,227 | 2,728 | 4,740 | 4,497 | ||||||||||||||||||||||
Net income | 20,819 | 2,596 | 42,281 | 6,938 | ||||||||||||||||||||||
Noncontrolling interests in Operating Partnership | (914) | (118) | (1,858) | (327) | ||||||||||||||||||||||
Noncontrolling interests in other consolidated partnerships | — | — | — | — | ||||||||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 19,905 | $ | 2,478 | $ | 40,423 | $ | 6,611 | ||||||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.39 | $ | 0.06 | ||||||||||||||||||
Diluted earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.38 | $ | 0.06 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | |||||||||||
Change in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | |||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | |||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | 573 | (3,695 | ) | (2,376 | ) | (9,294 | ) | |||||||||
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ | (10,685 | ) | $ | 69,576 | $ | 45,089 | $ | 174,768 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | (2,441) | 1,365 | (1,215) | 6,004 | ||||||||||||||||||||||
Change in fair value of cash flow hedges | 2,265 | 237 | 9,939 | 2,235 | ||||||||||||||||||||||
Other comprehensive income (loss) | (176) | 1,602 | 8,724 | 8,239 | ||||||||||||||||||||||
Comprehensive income | 20,643 | 4,198 | 51,005 | 15,177 | ||||||||||||||||||||||
Comprehensive (income) attributable to noncontrolling interests | (906) | (195) | (2,241) | (724) | ||||||||||||||||||||||
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $ | 19,737 | $ | 4,003 | $ | 48,764 | $ | 14,453 |
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, March 31, 2021 | $ | 1,008 | $ | 913,236 | $ | (432,895) | $ | (20,268) | $ | 461,081 | $ | 21,933 | $ | — | $ | 483,014 | |||||||||||||
Net income | — | — | 2,478 | — | 2,478 | 118 | — | 2,596 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 1,525 | 1,525 | 77 | — | 1,602 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 2,765 | — | — | 2,765 | — | — | 2,765 | |||||||||||||||||||||
Issuance of 15,500 common shares upon exercise of options | — | 89 | — | — | 89 | — | — | 89 | |||||||||||||||||||||
Issuance of 2,810,503 common shares | 28 | 52,193 | — | — | 52,221 | — | — | 52,221 | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (1,874) | — | — | (1,874) | 1,874 | — | — | |||||||||||||||||||||
Common dividends ($0.1775 per share) | — | — | (17,951) | — | (17,951) | — | — | (17,951) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (851) | — | (851) | |||||||||||||||||||||
Balance, June 30, 2021 | $ | 1,036 | $ | 966,409 | $ | (448,368) | $ | (18,743) | $ | 500,334 | $ | 23,151 | $ | — | $ | 523,485 | |||||||||||||
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, 2020 | $ | 936 | $ | 787,143 | $ | (420,104) | $ | (26,585) | $ | 341,390 | $ | 17,493 | $ | — | $ | 358,883 | |||||||||||||
Net income | — | — | 6,611 | — | 6,611 | 327 | — | 6,938 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 7,842 | 7,842 | 397 | — | 8,239 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 6,674 | — | — | 6,674 | — | — | 6,674 | |||||||||||||||||||||
Issuance of 15,500 common shares upon exercise of options | — | 89 | — | — | 89 | — | — | 89 | |||||||||||||||||||||
Grant of 469,675 restricted common share awards, net of forfeitures | 5 | (5) | — | — | — | — | — | — | |||||||||||||||||||||
Issuance of 9,677,581 common shares | 96 | 180,780 | — | — | 180,876 | — | — | 180,876 | |||||||||||||||||||||
Withholding of 111,977 common shares for employee income taxes | (1) | (1,636) | — | — | (1,637) | — | — | (1,637) | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (6,636) | — | — | (6,636) | 6,636 | — | — | |||||||||||||||||||||
Common dividends ($0.3550 per share) | — | — | (34,875) | — | (34,875) | — | — | (34,875) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (1,702) | — | (1,702) | |||||||||||||||||||||
Balance, June 30, 2021 | $ | 1,036 | $ | 966,409 | $ | (448,368) | $ | (18,743) | $ | 500,334 | $ | 23,151 | $ | — | $ | 523,485 | |||||||||||||
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, March 31, 2022 | $ | 1,044 | $ | 978,734 | $ | (482,206) | $ | (9,252) | $ | 488,320 | $ | 22,257 | $ | — | $ | 510,577 | |||||||||||||
Net income | — | — | 19,905 | — | 19,905 | 914 | — | 20,819 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | (168) | (168) | (8) | — | (176) | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 4,299 | — | — | 4,299 | — | — | 4,299 | |||||||||||||||||||||
Issuance of 800 common shares upon exercise of options | — | 5 | — | — | 5 | — | — | 5 | |||||||||||||||||||||
Forfeiture of 13,062 restricted common share awards | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Withholding of 62,007 common shares for employee income taxes | — | (1,057) | — | — | (1,057) | — | — | (1,057) | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (148) | — | — | (148) | 148 | — | — | |||||||||||||||||||||
Common dividends ($0.20 per share) | — | — | (20,940) | — | (20,940) | — | — | (20,940) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (952) | — | (952) | |||||||||||||||||||||
Balance, June 30, 2022 | $ | 1,044 | $ | 981,833 | $ | (483,241) | $ | (9,420) | $ | 490,216 | $ | 22,359 | $ | — | $ | 512,575 | |||||||||||||
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, 2021 | $ | 1,041 | $ | 978,054 | $ | (483,409) | $ | (17,761) | $ | 477,925 | $ | 21,864 | $ | — | $ | 499,789 | |||||||||||||
Net income | — | — | 40,423 | — | 40,423 | 1,858 | — | 42,281 | |||||||||||||||||||||
Other comprehensive income | — | — | — | 8,341 | 8,341 | 383 | — | 8,724 | |||||||||||||||||||||
Compensation under Incentive Award Plan | — | 7,045 | — | — | 7,045 | — | — | 7,045 | |||||||||||||||||||||
Issuance of 2,700 common shares upon exercise of options | — | 15 | — | — | 15 | — | — | 15 | |||||||||||||||||||||
Grant of 499,336 restricted common share awards, net of forfeitures | 4 | (4) | — | — | — | — | — | — | |||||||||||||||||||||
Withholding of 191,978 common shares for employee income taxes | (1) | (3,202) | — | — | (3,203) | — | — | (3,203) | |||||||||||||||||||||
Adjustment for noncontrolling interests in Operating Partnership | — | (75) | — | — | (75) | 75 | — | — | |||||||||||||||||||||
Common dividends ($0.3825 per share) | — | — | (40,255) | — | (40,255) | — | — | (40,255) | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (1,821) | — | (1,821) | |||||||||||||||||||||
Balance, June 30, 2022 | $ | 1,044 | $ | 981,833 | $ | (483,241) | $ | (9,420) | $ | 490,216 | $ | 22,359 | $ | — | $ | 512,575 |
Nine months ended September 30, | Six months ended June 30, | |||||||||||||||||||||
2017 | 2016 | 2022 | 2021 | |||||||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||||||
Net income | $ | 38,427 | $ | 178,693 | Net income | $ | 42,281 | $ | 6,938 | |||||||||||||
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 | 52,463 | 55,882 | |||||||||||||||||
Amortization of deferred financing costs | 2,640 | 2,350 | Amortization of deferred financing costs | 1,541 | 2,320 | |||||||||||||||||
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 | — | Loss on early extinguishment of debt | — | 14,039 | |||||||||||||||||
Equity in (earnings) losses of unconsolidated joint ventures | 1,201 | (7,680 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | Equity in earnings of unconsolidated joint ventures | (4,740) | (4,497) | |||||||||||||||||||
Equity-based compensation expense | 10,114 | 11,815 | Equity-based compensation expense | 6,959 | 6,608 | |||||||||||||||||
Amortization of debt (premiums) and discounts, net | 363 | 1,160 | Amortization of debt (premiums) and discounts, net | 241 | 210 | |||||||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 2,107 | 2,087 | Amortization (accretion) of market rent rate adjustments, net | 314 | 25 | |||||||||||||||||
Straight-line rent adjustments | (4,749 | ) | (5,092 | ) | Straight-line rent adjustments | 1,035 | 1,521 | |||||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 8,128 | 10,571 | Distributions of cumulative earnings from unconsolidated joint ventures | 4,775 | 4,774 | |||||||||||||||||
Other non-cash | Other non-cash | (2,418) | 3,638 | |||||||||||||||||||
Changes in other assets and liabilities: | Changes in other assets and liabilities: | |||||||||||||||||||||
Other assets | (1,131 | ) | 1,093 | Other assets | 7,072 | 12,619 | ||||||||||||||||
Accounts payable and accrued expenses | 653 | 2,512 | Accounts payable and accrued expenses | (20,448) | (12,472) | |||||||||||||||||
Net cash provided by operating activities | 181,611 | 177,766 | Net cash provided by operating activities | 89,075 | 91,605 | |||||||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||||||
Additions to rental property | (132,612 | ) | (112,213 | ) | Additions to rental property | (25,717) | (11,836) | |||||||||||||||
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) | |||||||||||||||
Net proceeds from sale of assets | 39,213 | 28,706 | ||||||||||||||||||||
Change in restricted cash | — | 118,370 | ||||||||||||||||||||
Net proceeds from sale of real estate assets | Net proceeds from sale of real estate assets | — | 8,129 | |||||||||||||||||||
Net proceeds on sale of non-real estate assets | Net proceeds on sale of non-real estate assets | 14,610 | — | |||||||||||||||||||
Additions to non-real estate assets | (8,384 | ) | (8,982 | ) | Additions to non-real estate assets | (4,176) | (781) | |||||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 16,019 | 14,193 | Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,536 | 13,364 | |||||||||||||||||
Additions to deferred lease costs | (4,218 | ) | (5,273 | ) | Additions to deferred lease costs | (1,076) | (4,562) | |||||||||||||||
Other investing activities | 4,963 | (1,221 | ) | Other investing activities | 1,728 | 6,695 | ||||||||||||||||
Net cash used in investing activities | (89,052 | ) | (39,490 | ) | ||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (8,095) | 4,009 | |||||||||||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||||||
Cash dividends paid | (97,781 | ) | (109,879 | ) | Cash dividends paid | (40,255) | (34,875) | |||||||||||||||
Distributions to noncontrolling interests in Operating Partnership | (5,078 | ) | (5,786 | ) | Distributions to noncontrolling interests in Operating Partnership | (1,821) | (1,702) | |||||||||||||||
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 | Proceeds from notes, mortgages and loans | — | — | |||||||||||||||||
Repayments of notes, mortgages and loans | (302,240 | ) | (329,603 | ) | Repayments of notes, mortgages and loans | (2,180) | (201,861) | |||||||||||||||
Payment of make-whole premium related to early extinguishment of debt | (34,143 | ) | — | Payment of make-whole premium related to early extinguishment of debt | — | (12,954) | ||||||||||||||||
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 | (3,203) | (1,637) | |||||||||||||||
Additions to deferred financing costs | (2,900 | ) | (4,243 | ) | Additions to deferred financing costs | — | (123) | |||||||||||||||
Proceeds from exercise of options | 54 | 1,693 | Proceeds from exercise of options | 15 | 89 | |||||||||||||||||
Proceeds from other financing activities | 12,054 | 35 | ||||||||||||||||||||
Proceeds from common share offering | Proceeds from common share offering | — | 180,876 | |||||||||||||||||||
Payment for other financing activities | (782 | ) | (99 | ) | Payment for other financing activities | (574) | (574) | |||||||||||||||
Net cash used in financing activities | (95,954 | ) | (134,464 | ) | ||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (48,018) | (72,761) | |||||||||||||||||||
Effect of foreign currency rate changes on cash and cash equivalents | (54 | ) | 532 | Effect of foreign currency rate changes on cash and cash equivalents | (27) | (73) | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,449 | ) | 4,344 | Net increase (decrease) in cash and cash equivalents | 32,935 | 22,780 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 12,222 | 21,558 | Cash and cash equivalents, beginning of period | 161,255 | 84,832 | |||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,773 | $ | 25,902 | Cash and cash equivalents, end of period | $ | 194,190 | $ | 107,612 |
September 30, 2017 | December 31, 2016 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Rental property: | Rental property: | |||||||||||||||||||||
Land | $ | 268,821 | $ | 272,153 | Land | $ | 277,041 | $ | 268,269 | |||||||||||||
Buildings, improvements and fixtures | 2,694,549 | 2,647,477 | Buildings, improvements and fixtures | 2,537,507 | 2,532,489 | |||||||||||||||||
Construction in progress | 87,762 | 46,277 | Construction in progress | 13,346 | — | |||||||||||||||||
3,051,132 | 2,965,907 | 2,827,894 | 2,800,758 | |||||||||||||||||||
Accumulated depreciation | (875,121 | ) | (814,583 | ) | Accumulated depreciation | (1,189,576) | (1,145,388) | |||||||||||||||
Total rental property, net | 2,176,011 | 2,151,324 | Total rental property, net | 1,638,318 | 1,655,370 | |||||||||||||||||
Cash and cash equivalents | 8,669 | 12,199 | Cash and cash equivalents | 194,208 | 161,152 | |||||||||||||||||
Investments in unconsolidated joint ventures | 125,819 | 128,104 | Investments in unconsolidated joint ventures | 80,041 | 82,647 | |||||||||||||||||
Deferred lease costs and other intangibles, net | 135,768 | 151,579 | Deferred lease costs and other intangibles, net | 67,482 | 73,720 | |||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 79,228 | 79,807 | |||||||||||||||||||
Prepaids and other assets | 94,550 | 82,481 | Prepaids and other assets | 95,641 | 104,362 | |||||||||||||||||
Total assets | $ | 2,540,817 | $ | 2,525,687 | Total assets | $ | 2,154,918 | $ | 2,157,058 | |||||||||||||
Liabilities and Equity | Liabilities and Equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Debt: | Debt: | |||||||||||||||||||||
Senior, unsecured notes, net | $ | 1,134,181 | $ | 1,135,309 | Senior, unsecured notes, net | $ | 1,037,086 | $ | 1,036,181 | |||||||||||||
Unsecured term loan, net | 323,011 | 322,410 | Unsecured term loan, net | 298,783 | 298,421 | |||||||||||||||||
Mortgages payable, net | 170,776 | 172,145 | Mortgages payable, net | 60,146 | 62,474 | |||||||||||||||||
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 | 1,396,015 | 1,397,076 | |||||||||||||||||
Accounts payable and accrued expenses | 83,462 | 77,616 | Accounts payable and accrued expenses | 76,185 | 92,669 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 88,330 | 88,874 | |||||||||||||||||||
Other liabilities | 74,339 | 54,764 | Other liabilities | 81,813 | 78,650 | |||||||||||||||||
Total liabilities | 1,931,782 | 1,820,246 | Total liabilities | 1,642,343 | 1,657,269 | |||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||
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 June 30, 2022 and 1,100,000 units at December 31, 2021, respectively | General partner, 1,100,000 units outstanding at June 30, 2022 and 1,100,000 units at December 31, 2021, respectively | 4,543 | 4,539 | |||||||||||||||||||
Limited partners, 4,761,559 and 4,761,559 Class A common units, and 103,294,792 and 102,984,734 Class B common units outstanding at June 30, 2022 and December 31, 2021, respectively | Limited partners, 4,761,559 and 4,761,559 Class A common units, and 103,294,792 and 102,984,734 Class B common units outstanding at June 30, 2022 and December 31, 2021, respectively | 518,081 | 514,023 | |||||||||||||||||||
Accumulated other comprehensive loss | (20,796 | ) | (29,834 | ) | Accumulated other comprehensive loss | (10,049) | (18,773) | |||||||||||||||
Total partners' equity | 609,035 | 705,282 | ||||||||||||||||||||
Total partners’ equity | Total partners’ equity | 512,575 | 499,789 | |||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | 159 | Noncontrolling interests in consolidated partnerships | — | — | |||||||||||||||||
Total equity | 609,035 | 705,441 | Total equity | 512,575 | 499,789 | |||||||||||||||||
Total liabilities and equity | $ | 2,540,817 | $ | 2,525,687 | Total liabilities and equity | $ | 2,154,918 | $ | 2,157,058 |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
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 | ||||||||||||
Management, leasing and other services | 588 | 806 | 1,776 | 3,259 | ||||||||||||
Other income | 2,510 | 2,642 | 6,905 | 6,229 | ||||||||||||
Total revenues | 120,765 | 119,137 | 361,747 | 341,275 | ||||||||||||
Expenses: | ||||||||||||||||
Property operating | 37,571 | 37,442 | 115,074 | 110,328 | ||||||||||||
General and administrative | 10,934 | 12,128 | 33,846 | 35,368 | ||||||||||||
Acquisition costs | — | 487 | — | 487 | ||||||||||||
Abandoned pre-development costs | (99 | ) | — | 528 | — | |||||||||||
Depreciation and amortization | 30,976 | 29,205 | 95,175 | 82,078 | ||||||||||||
Total expenses | 79,382 | 79,262 | 244,623 | 228,261 | ||||||||||||
Operating income | 41,383 | 39,875 | 117,124 | 113,014 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (16,489 | ) | (15,516 | ) | (49,496 | ) | (44,200 | ) | ||||||||
Loss on early extinguishment of debt | (35,626 | ) | — | (35,626 | ) | — | ||||||||||
Gain on sale of assets | — | 1,418 | 6,943 | 6,305 | ||||||||||||
Gain on previously held interest in acquired joint venture | — | 46,258 | — | 95,516 | ||||||||||||
Other non-operating income (expense) | 591 | 24 | 683 | 378 | ||||||||||||
Income (loss) before equity in earnings (losses) of unconsolidated joint ventures | (10,141 | ) | 72,059 | 39,628 | 171,013 | |||||||||||
Equity in earnings (losses) of unconsolidated joint ventures | (5,893 | ) | 715 | (1,201 | ) | 7,680 | ||||||||||
Net income (loss) | (16,034 | ) | 72,774 | 38,427 | 178,693 | |||||||||||
Noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | ||||||||||
Net income (loss) available to partners | (16,034 | ) | 72,772 | 38,427 | 178,680 | |||||||||||
Net income (loss) available to limited partners | (15,874 | ) | 72,052 | 38,048 | 176,912 | |||||||||||
Net income (loss) available to general partner | $ | (160 | ) | $ | 720 | $ | 379 | $ | 1,768 | |||||||
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 | |||||||
Distribution declared per common unit | $ | 0.3425 | $ | 0.3250 | $ | 1.01 | $ | 0.9350 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues | $ | 101,409 | $ | 96,824 | $ | 206,018 | $ | 194,291 | ||||||||||||||||||
Management, leasing and other services | 1,436 | 1,359 | 2,963 | 2,731 | ||||||||||||||||||||||
Other revenues | 2,993 | 3,090 | 5,725 | 4,945 | ||||||||||||||||||||||
Total revenues | 105,838 | 101,273 | 214,706 | 201,967 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 32,697 | 31,250 | 69,455 | 66,561 | ||||||||||||||||||||||
General and administrative | 19,329 | 15,700 | 34,796 | 32,493 | ||||||||||||||||||||||
Depreciation and amortization | 26,220 | 27,732 | 52,463 | 55,882 | ||||||||||||||||||||||
Total expenses | 78,246 | 74,682 | 156,714 | 154,936 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (11,576) | (13,338) | (23,210) | (27,700) | ||||||||||||||||||||||
Loss on early extinguishment of debt | — | (14,039) | — | (14,039) | ||||||||||||||||||||||
Other income (expense) | 2,576 | 654 | 2,759 | (2,851) | ||||||||||||||||||||||
Total other income (expense) | (9,000) | (26,723) | (20,451) | (44,590) | ||||||||||||||||||||||
Income (loss) before equity in earnings of unconsolidated joint ventures | 18,592 | (132) | 37,541 | 2,441 | ||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | 2,227 | 2,728 | 4,740 | 4,497 | ||||||||||||||||||||||
Net income | 20,819 | 2,596 | 42,281 | 6,938 | ||||||||||||||||||||||
Noncontrolling interests in consolidated partnerships | — | — | — | — | ||||||||||||||||||||||
Net income available to partners | 20,819 | 2,596 | 42,281 | 6,938 | ||||||||||||||||||||||
Net income available to limited partners | 24,706 | 2,569 | 41,856 | 6,864 | ||||||||||||||||||||||
Net income available to general partner | $ | (3,887) | $ | 27 | $ | 425 | $ | 74 | ||||||||||||||||||
Basic earnings per common unit: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.39 | $ | 0.06 | ||||||||||||||||||
Diluted earnings per common unit: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.38 | $ | 0.06 | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) | $ | (16,034 | ) | $ | 72,774 | $ | 38,427 | $ | 178,693 | |||||||
Other comprehensive income: | ||||||||||||||||
Foreign currency translation adjustments | 4,737 | (1,731 | ) | 8,821 | 6,970 | |||||||||||
Changes in fair value of cash flow hedges | 39 | 2,228 | 217 | (1,601 | ) | |||||||||||
Other comprehensive income | 4,776 | 497 | 9,038 | 5,369 | ||||||||||||
Comprehensive income (loss) | (11,258 | ) | 73,271 | 47,465 | 184,062 | |||||||||||
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | — | (2 | ) | — | (13 | ) | ||||||||||
Comprehensive income (loss) attributable to the Operating Partnership | $ | (11,258 | ) | $ | 73,269 | $ | 47,465 | $ | 184,049 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | (2,441) | 1,365 | (1,215) | 6,004 | ||||||||||||||||||||||
Changes in fair value of cash flow hedges | 2,265 | 237 | 9,939 | 2,235 | ||||||||||||||||||||||
Other comprehensive income (loss) | (176) | 1,602 | 8,724 | 8,239 | ||||||||||||||||||||||
Comprehensive income | 20,643 | 4,198 | 51,005 | 15,177 | ||||||||||||||||||||||
Comprehensive (income) attributable to noncontrolling interests in consolidated partnerships | — | — | — | — | ||||||||||||||||||||||
Comprehensive income attributable to the Operating Partnership | $ | 20,643 | $ | 4,198 | $ | 51,005 | $ | 15,177 |
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, March 31, 2021 | $ | 5,077 | $ | 499,339 | $ | (21,402) | $ | 483,014 | $ | — | $ | 483,014 | |||||||||||
Net income | 27 | 2,569 | — | 2,596 | — | 2,596 | |||||||||||||||||
Other comprehensive income | — | — | 1,602 | 1,602 | — | 1,602 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 2,765 | — | 2,765 | — | 2,765 | |||||||||||||||||
Issuance of 15,500 common units upon exercise of options | — | 89 | — | 89 | — | 89 | |||||||||||||||||
Issuance of 2,810,503 common units | — | 52,221 | — | 52,221 | — | 52,221 | |||||||||||||||||
Common distributions ($0.1775 per unit) | (195) | (18,607) | — | (18,802) | — | (18,802) | |||||||||||||||||
Balance, June 30, 2021 | $ | 4,909 | $ | 538,376 | $ | (19,800) | $ | 523,485 | $ | — | $ | 523,485 | |||||||||||
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 income | 74 | 6,864 | — | 6,938 | — | 6,938 | |||||||||||||||||
Other comprehensive income | — | — | 8,239 | 8,239 | — | 8,239 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 6,674 | — | 6,674 | — | 6,674 | |||||||||||||||||
Issuance of 15,500 common units upon exercise of options | — | 89 | — | 89 | — | 89 | |||||||||||||||||
Grant of 469,675 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Issuance of 9,677,581 common units | 1,874 | 179,002 | — | 180,876 | — | 180,876 | |||||||||||||||||
Withholding of 111,977 common units for employee income taxes | — | (1,637) | — | (1,637) | — | (1,637) | |||||||||||||||||
Common distributions ($0.3550 per unit) | (373) | (36,204) | — | (36,577) | — | (36,577) | |||||||||||||||||
Balance, June 30, 2021 | $ | 4,909 | $ | 538,376 | $ | (19,800) | $ | 523,485 | $ | — | $ | 523,485 | |||||||||||
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, March 31, 2022 | $ | 8,650 | $ | 511,800 | $ | (9,873) | $ | 510,577 | $ | — | $ | 510,577 | |||||||||||
Net loss | (3,887) | 24,706 | — | 20,819 | — | 20,819 | |||||||||||||||||
Other comprehensive loss | — | — | (176) | (176) | — | (176) | |||||||||||||||||
Compensation under Incentive Award Plan | — | 4,299 | — | 4,299 | — | 4,299 | |||||||||||||||||
Grant of 800 restricted common share awards by the Company | — | 5 | — | 5 | — | 5 | |||||||||||||||||
Forfeiture of 13,062 common units | — | — | — | — | — | — | |||||||||||||||||
Withholding of 62,007 common units for employee income taxes | — | (1,057) | — | (1,057) | — | (1,057) | |||||||||||||||||
Common distributions ($0.20 per unit) | (220) | (21,672) | — | (21,892) | — | (21,892) | |||||||||||||||||
Balance, June 30, 2022 | $ | 4,543 | $ | 518,081 | $ | (10,049) | $ | 512,575 | $ | — | $ | 512,575 | |||||||||||
General partner | Limited partners | Accumulated other comprehensive loss | Total partners’ equity | Noncontrolling interests in consolidated partnerships | Total equity | ||||||||||||||||||
Balance, December 31, 2021 | $ | 4,539 | $ | 514,023 | $ | (18,773) | $ | 499,789 | $ | — | $ | 499,789 | |||||||||||
Net income | 425 | 41,856 | — | 42,281 | — | 42,281 | |||||||||||||||||
Other comprehensive income | — | — | 8,724 | 8,724 | — | 8,724 | |||||||||||||||||
Compensation under Incentive Award Plan | — | 7,045 | — | 7,045 | — | 7,045 | |||||||||||||||||
Issuance of 2,700 common units upon exercise of options | — | 15 | — | 15 | — | 15 | |||||||||||||||||
Withholding of 191,978 common units for employee income taxes | — | (3,203) | — | (3,203) | — | (3,203) | |||||||||||||||||
Grant of 499,336 restricted common share awards by the Company | — | — | — | — | — | — | |||||||||||||||||
Common distributions ($0.3825 per unit) | (421) | (41,655) | — | (42,076) | — | (42,076) | |||||||||||||||||
Balance, June 30, 2022 | $ | 4,543 | $ | 518,081 | $ | (10,049) | $ | 512,575 | $ | — | $ | 512,575 |
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 |
Six months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | 42,281 | $ | 6,938 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 52,463 | 55,882 | ||||||||||||
Amortization of deferred financing costs | 1,541 | 2,320 | ||||||||||||
Loss on early extinguishment of debt | — | 14,039 | ||||||||||||
Equity in earnings of unconsolidated joint ventures | (4,740) | (4,497) | ||||||||||||
Equity-based compensation expense | 6,959 | 6,608 | ||||||||||||
Amortization of debt (premiums) and discounts, net | 241 | 210 | ||||||||||||
Amortization (accretion) of market rent rate adjustments, net | 314 | 25 | ||||||||||||
Straight-line rent adjustments | 1,035 | 1,521 | ||||||||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 4,775 | 4,774 | ||||||||||||
Other non-cash | (2,418) | 3,638 | ||||||||||||
Changes in other assets and liabilities: | ||||||||||||||
Other assets | 7,194 | 12,454 | ||||||||||||
Accounts payable and accrued expenses | (20,449) | (12,633) | ||||||||||||
Net cash provided by operating activities | 89,196 | 91,279 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Additions to rental property | (25,717) | (11,836) | ||||||||||||
Additions to investments in unconsolidated joint ventures | — | (7,000) | ||||||||||||
Net proceeds from sale of real estate assets | — | 8,129 | ||||||||||||
Net proceeds on sale of non-real estate assets | 14,610 | — | ||||||||||||
Additions to non-real estate assets | (4,176) | (781) | ||||||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,536 | 13,364 | ||||||||||||
Additions to deferred lease costs | (1,076) | (4,562) | ||||||||||||
Other investing activities | 1,728 | 6,695 | ||||||||||||
Net cash provided by (used in) investing activities | (8,095) | 4,009 | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Cash distributions paid | (42,076) | (36,577) | ||||||||||||
Proceeds from notes, mortgages and loans | — | — | ||||||||||||
Repayments of notes, mortgages and loans | (2,180) | (201,861) | ||||||||||||
Payment of make-whole premium related to early extinguishment of debt | — | (12,954) | ||||||||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | (3,203) | (1,637) | ||||||||||||
Additions to deferred financing costs | — | (123) | ||||||||||||
Proceeds from exercise of options | 15 | 89 | ||||||||||||
Proceeds from the Company’s common share offering | — | 180,876 | ||||||||||||
Payment for other financing activities | (574) | (574) | ||||||||||||
Net cash provided by (used in) financing activities | (48,018) | (72,761) | ||||||||||||
Effect of foreign currency on cash and cash equivalents | (27) | (73) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 33,056 | 22,454 | ||||||||||||
Cash and cash equivalents, beginning of period | 161,152 | 84,750 | ||||||||||||
Cash and cash equivalents, end of period | $ | 194,208 | $ | 107,204 |
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 | $ | — | |||||||||||||||||||||||||
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: | ||||||||||||||||||||
Nashville | 290 | $ | 18.3 | Fall 2023 | ||||||||||||||||
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 June 30, 2022 | ||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
RioCan Canada | Various | 50.0 | % | 665 | $ | 80.0 | — | |||||||||||||||||||||||||
$ | 80.0 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Columbus(2) | Columbus, OH | 50.0 | % | 355 | $ | (1.2) | $ | 70.9 | ||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | (17.7) | 99.6 | ||||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (12.3) | 94.6 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (15.0) | 64.4 | ||||||||||||||||||||||||||
$ | (46.2) |
As of December 31, 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 | $ | 0.2 | $ | 70.9 | ||||||||||||||||||||||||
RioCan Canada | Various | 50.0 | % | 665 | 82.4 | — | ||||||||||||||||||||||||||
$ | 82.6 | |||||||||||||||||||||||||||||||
Investments included in other liabilities: | ||||||||||||||||||||||||||||||||
Charlotte(2) | Charlotte, NC | 50.0 | % | 399 | $ | (16.2) | $ | 99.6 | ||||||||||||||||||||||||
National Harbor(2) | National Harbor, MD | 50.0 | % | 341 | (11.2) | 94.5 | ||||||||||||||||||||||||||
Galveston/Houston (2) | Texas City, TX | 50.0 | % | 353 | (14.0) | 64.4 | ||||||||||||||||||||||||||
$ | (41.4) |
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, 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 | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Fee: | ||||||||||||||||||||||||||
Management and marketing | $ | 552 | $ | 537 | $ | 1,088 | $ | 1,045 | ||||||||||||||||||
Leasing and other fees | — | 103 | 35 | 159 | ||||||||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 884 | 719 | 1,840 | 1,527 | ||||||||||||||||||||||
Total Fees | $ | 1,436 | $ | 1,359 | $ | 2,963 | $ | 2,731 |
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 |
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | June 30, 2022 | December 31, 2021 | ||||||||||||
Assets | ||||||||||||||
Land | $ | 83,641 | $ | 83,568 | ||||||||||
Buildings, improvements and fixtures | 465,644 | 467,918 | ||||||||||||
Construction in progress | 231 | 744 | ||||||||||||
549,516 | 552,230 | |||||||||||||
Accumulated depreciation | (175,431) | (166,096) | ||||||||||||
Total rental property, net | 374,085 | 386,134 | ||||||||||||
Cash and cash equivalents | 14,856 | 19,030 | ||||||||||||
Deferred lease costs and other intangibles, net | 3,190 | 3,517 | ||||||||||||
Prepaids and other assets | 10,432 | 13,109 | ||||||||||||
Total assets | $ | 402,563 | $ | 421,790 | ||||||||||
Liabilities and Owners’ Equity | ||||||||||||||
Mortgages payable, net | $ | 329,535 | $ | 329,460 | ||||||||||
Accounts payable and other liabilities | 13,128 | 15,231 | ||||||||||||
Total liabilities | 342,663 | 344,691 | ||||||||||||
Owners’ equity | 59,900 | 77,099 | ||||||||||||
Total liabilities and owners’ equity | $ | 402,563 | $ | 421,790 |
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 | Six months ended | |||||||||||||||||||||||||
Condensed Combined Statements of Operations - Unconsolidated Joint Ventures | June 30, | June 30, | ||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | $ | 21,666 | $ | 22,601 | $ | 43,507 | $ | 43,594 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Property operating | 8,435 | 8,448 | 16,738 | 16,862 | ||||||||||||||||||||||
General and administrative | 40 | 58 | 133 | 86 | ||||||||||||||||||||||
Depreciation and amortization | 5,540 | 5,763 | 11,021 | 11,664 | ||||||||||||||||||||||
Total expenses | 14,015 | 14,269 | 27,892 | 28,612 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (3,158) | (2,910) | (6,073) | (5,855) | ||||||||||||||||||||||
Gain on sale of assets | — | — | — | 503 | ||||||||||||||||||||||
Other income | 3 | 96 | 6 | 154 | ||||||||||||||||||||||
Total other expense | (3,155) | (2,814) | (6,067) | (5,198) | ||||||||||||||||||||||
Net income | $ | 4,496 | $ | 5,518 | $ | 9,548 | $ | 9,784 | ||||||||||||||||||
The Company and Operating Partnership’s share of: | ||||||||||||||||||||||||||
Net income | $ | 2,227 | $ | 2,728 | $ | 4,740 | $ | 4,497 | ||||||||||||||||||
Depreciation and amortization (real estate related) | $ | 2,791 | $ | 2,913 | $ | 5,545 | $ | 5,909 |
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 | ||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
Unsecured lines of credit | $ | — | $ | — | ||||||||||
Unsecured term loan | $ | 300,000 | $ | 300,000 |
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 | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Book Value(1) | Principal | Book Value(1) | |||||||||||||||||||||||||||||||||||||||
Senior, unsecured notes: | ||||||||||||||||||||||||||||||||||||||||||||
Senior notes | 3.125 | % | September 2026 | $ | 350,000 | $ | 347,611 | $ | 350,000 | $ | 347,329 | |||||||||||||||||||||||||||||||||
Senior notes | 3.875 | % | July 2027 | 300,000 | 297,941 | 300,000 | 297,742 | |||||||||||||||||||||||||||||||||||||
Senior notes | 2.750 | % | September 2031 | 400,000 | 391,534 | 400,000 | 391,110 | |||||||||||||||||||||||||||||||||||||
Mortgages payable: | ||||||||||||||||||||||||||||||||||||||||||||
Atlantic City (2) (3) | 6.44 | % | - | 7.65% | December 2024- December 2026 | 19,369 | 20,034 | 21,550 | 22,387 | |||||||||||||||||||||||||||||||||||
Southaven | LIBOR | + | 1.80% | April 2023 | 40,144 | 40,112 | 40,144 | 40,087 | ||||||||||||||||||||||||||||||||||||
Unsecured term loan | LIBOR | + | 1.25% | April 2024 | 300,000 | 298,783 | 300,000 | 298,421 | ||||||||||||||||||||||||||||||||||||
Unsecured lines of credit | LIBOR | + | 1.20% | July 2025 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
$ | 1,409,513 | $ | 1,396,015 | $ | 1,411,694 | $ | 1,397,076 |
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 2022 | $ | 2,260 | ||||||
2023 | 44,917 | |||||||
2024 | 305,130 | |||||||
2025 | 1,501 | |||||||
2026 | 355,705 | |||||||
Thereafter | 700,000 | |||||||
Subtotal | 1,409,513 | |||||||
Net discount and debt origination costs | (13,498) | |||||||
Total | $ | 1,396,015 |
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 | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Assets (Liabilities)(1): | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | |||||||||||||||||||||||||||||||||||||||||
July 1, 2019 | February 1, 2024 | $ | 25,000 | 1 | month LIBOR | 1.75 | % | $ | 525 | $ | (459) | ||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 150,000 | 1 | month LIBOR | 0.60 | % | 5,847 | 828 | |||||||||||||||||||||||||||||||||
January 1, 2021 | February 1, 2024 | 100,000 | 1 | month LIBOR | 0.22 | % | 4,476 | 1,331 | |||||||||||||||||||||||||||||||||
March 1, 2021 | February 1, 2024 | 25,000 | 1 | month LIBOR | 0.24 | % | 1,117 | 326 | |||||||||||||||||||||||||||||||||
Total | $ | 11,965 | $ | 2,026 |
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Interest Rate Swaps: | ||||||||||||||||||||||||||
Amount of gain (loss) recognized in other comprehensive income (loss) | $ | 2,265 | $ | 237 | $ | 9,939 | $ | 2,235 |
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 June 30, 2022: | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | 185,803 | $ | 185,803 | $ | — | $ | — | ||||||||||||||||||
Interest rate swaps (prepaids and other assets) | 11,965 | — | 11,965 | — | ||||||||||||||||||||||
Total assets | $ | 197,768 | $ | 185,803 | $ | 11,965 | $ | — | ||||||||||||||||||
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, 2021: | ||||||||||||||||||||||||||
Asset: | ||||||||||||||||||||||||||
Short-term government securities (cash and cash equivalents) | $ | 158,197 | $ | 158,197 | $ | — | $ | — | ||||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 2,485 | $ | — | $ | 2,485 | $ | — | ||||||||||||||||||
Total assets | $ | 160,682 | $ | 158,197 | $ | 2,485 | $ | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Interest rate swaps (other liabilities) | $ | 459 | $ | — | $ | 459 | $ | — | ||||||||||||||||||
Total liabilities | $ | 459 | $ | — | $ | 459 | $ | — |
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 | $ | — |
June 30, 2022 | December 31, 2021 | |||||||||||||
Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities | $ | — | $ | — | ||||||||||
Level 2 Significant Observable Inputs | 911,714 | 1,079,234 | ||||||||||||
Level 3 Significant Unobservable Inputs | 360,442 | 366,103 | ||||||||||||
Total fair value of debt | $ | 1,272,156 | $ | 1,445,337 | ||||||||||
Recorded value of debt | $ | 1,396,015 | $ | 1,397,076 |
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Number of common shares settled during the period (1) | — | 2,810,503 | — | 9,677,581 | ||||||||||||||||||||||
Average price per share (1) | $ | — | $ | 18.85 | $ | — | $ | 18.97 | ||||||||||||||||||
Aggregate gross proceeds (in thousands) | $ | — | $ | 52,977 | $ | — | $ | 183,615 | ||||||||||||||||||
Aggregate net proceeds after commissions and fees (in thousands) (1) | $ | — | $ | 52,221 | $ | — | $ | 180,876 |
Limited Partnership Units | ||||||||||||||||||||||||||
General Partnership Units | Class A | Class B | Total | |||||||||||||||||||||||
Balance March 31, 2021 | 1,100,000 | 4,794,643 | 99,694,577 | 104,489,220 | ||||||||||||||||||||||
Options exercised | — | — | 15,500 | 15,500 | ||||||||||||||||||||||
Issuance of units | — | — | 2,810,503 | 2,810,503 | ||||||||||||||||||||||
Balance June 30, 2021 | 1,100,000 | 4,794,643 | 102,520,580 | 107,315,223 | ||||||||||||||||||||||
Balance December 31, 2020 | 1,000,000 | 4,794,643 | 92,569,801 | 97,364,444 | ||||||||||||||||||||||
Options exercised | — | — | 15,500 | 15,500 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 469,675 | 469,675 | ||||||||||||||||||||||
Issuance of units | 100,000 | — | 9,577,581 | 9,577,581 | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (111,977) | (111,977) | ||||||||||||||||||||||
Balance June 30, 2021 | 1,100,000 | 4,794,643 | 102,520,580 | 107,315,223 | ||||||||||||||||||||||
Balance March 31, 2022 | 1,100,000 | 4,761,559 | 103,369,061 | 108,130,620 | ||||||||||||||||||||||
Options exercised | — | — | 800 | 800 | ||||||||||||||||||||||
Forfeitures of restricted common share awards by the Company | — | — | (13,062) | (13,062) | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (62,007) | (62,007) | ||||||||||||||||||||||
Balance June 30, 2022 | 1,100,000 | 4,761,559 | 103,294,792 | 108,056,351 | ||||||||||||||||||||||
Balance December 31, 2021 | 1,100,000 | 4,761,559 | 102,984,734 | 107,746,293 | ||||||||||||||||||||||
Grant of restricted common share awards by the Company, net of forfeitures | — | — | 499,336 | 499,336 | ||||||||||||||||||||||
Options exercised | — | — | 2,700 | 2,700 | ||||||||||||||||||||||
Units withheld for employee income taxes | — | — | (191,978) | (191,978) | ||||||||||||||||||||||
Balance June 30, 2022 | 1,100,000 | 4,761,559 | 103,294,792 | 108,056,351 |
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 19,905 | $ | 2,478 | $ | 40,423 | $ | 6,611 | ||||||||||||||||||
Less allocation of earnings to participating securities | (222) | (196) | (437) | (403) | ||||||||||||||||||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 19,683 | $ | 2,282 | $ | 39,986 | $ | 6,208 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,630 | 100,409 | 103,607 | 97,504 | ||||||||||||||||||||||
Effect of notional units | 421 | 818 | 413 | 685 | ||||||||||||||||||||||
Effect of outstanding options | 703 | 771 | 720 | 728 | ||||||||||||||||||||||
Diluted weighted average common shares | 104,754 | 101,998 | 104,740 | 98,917 | ||||||||||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.39 | $ | 0.06 | ||||||||||||||||||
Diluted earnings per common share: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.38 | $ | 0.06 |
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income attributable to partners of the Operating Partnership | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Less allocation of earnings to participating securities | (222) | (196) | (437) | (403) | ||||||||||||||||||||||
Net income available to common unitholders of the Operating Partnership | $ | 20,597 | $ | 2,400 | $ | 41,844 | $ | 6,535 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Basic weighted average common units | 108,391 | 105,204 | 108,369 | 102,299 | ||||||||||||||||||||||
Effect of notional units | 421 | 818 | 413 | 685 | ||||||||||||||||||||||
Effect of outstanding options | 703 | 771 | 720 | 728 | ||||||||||||||||||||||
Diluted weighted average common units | 109,515 | 106,793 | 109,502 | 103,712 | ||||||||||||||||||||||
Basic earnings per common unit: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.39 | $ | 0.06 | ||||||||||||||||||
Diluted earnings per common unit: | ||||||||||||||||||||||||||
Net income | $ | 0.19 | $ | 0.02 | $ | 0.38 | $ | 0.06 |
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 | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Restricted common shares (1) | $ | 2,644 | $ | 1,539 | $ | 4,213 | $ | 4,112 | ||||||||||||||||||
Notional unit performance awards (1) | 1,529 | 1,147 | 2,574 | 2,296 | ||||||||||||||||||||||
Options | 78 | 77 | 172 | 200 | ||||||||||||||||||||||
Total equity-based compensation | $ | 4,251 | $ | 2,763 | $ | 6,959 | $ | 6,608 |
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 | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Equity-based compensation expense capitalized | $ | 47 | $ | 2 | $ | 86 | $ | 66 |
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 | 555,349 | |||||||||||||
February grant date fair value per share | $ | 11.68 | ||||||||||||
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 March 31, 2022 | $ | (18,541) | $ | 9,289 | $ | (9,252) | $ | (1,030) | $ | 409 | $ | (621) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,334) | 1,885 | (449) | (107) | 86 | (21) | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 281 | 281 | — | 13 | 13 | ||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | (20,875) | $ | 11,455 | $ | (9,420) | $ | (1,137) | $ | 508 | $ | (629) | ||||||||||||||||||||||||||
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, 2021 | $ | (19,713) | $ | 1,952 | $ | (17,761) | $ | (1,084) | $ | 72 | $ | (1,012) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (1,162) | 8,941 | 7,779 | (53) | 410 | 357 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 562 | 562 | — | 26 | 26 | ||||||||||||||||||||||||||||||||
Balance June 30, 2022 | $ | (20,875) | $ | 11,455 | $ | (9,420) | $ | (1,137) | $ | 508 | $ | (629) |
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 March 31, 2021 | $ | (18,984) | $ | (1,284) | $ | (20,268) | $ | (1,057) | $ | (77) | $ | (1,134) | ||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,299 | (86) | 1,213 | 66 | (5) | 61 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 312 | 312 | — | 16 | 16 | ||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | (17,685) | $ | (1,058) | $ | (18,743) | $ | (991) | $ | (66) | $ | (1,057) | ||||||||||||||||||||||||||
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 | 2,251 | 1,422 | 3,673 | 123 | 71 | 194 | ||||||||||||||||||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,463 | 706 | 4,169 | 167 | 36 | 203 | ||||||||||||||||||||||||||||||||
Balance June 30, 2021 | $ | (17,685) | $ | (1,058) | $ | (18,743) | $ | (991) | $ | (66) | $ | (1,057) |
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 March 31, 2022 | $ | (19,571) | $ | 9,698 | $ | (9,873) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | (2,441) | 1,971 | (470) | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 294 | 294 | |||||||||||||||||
Balance June 30, 2022 | $ | (22,012) | $ | 11,963 | $ | (10,049) | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance December 31, 2021 | $ | (20,797) | $ | 2,024 | $ | (18,773) | ||||||||||||||
Other comprehensive income (loss)before reclassifications | (1,215) | 9,351 | 8,136 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 588 | 588 | |||||||||||||||||
Balance June 30, 2022 | $ | (22,012) | $ | 11,963 | $ | (10,049) |
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 March 31, 2021 | $ | (20,041) | $ | (1,361) | $ | (21,402) | ||||||||||||||
Other comprehensive income (loss) before reclassifications | 1,365 | (91) | 1,274 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | — | 328 | 328 | |||||||||||||||||
Balance June 30, 2021 | $ | (18,676) | $ | (1,124) | $ | (19,800) | ||||||||||||||
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 | 2,374 | 1,493 | 3,867 | |||||||||||||||||
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,630 | 742 | 4,372 | |||||||||||||||||
Balance June 30, 2021 | $ | (18,676) | $ | (1,124) | $ | (19,800) |
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 | Six months ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Rental revenues - fixed | $ | 78,682 | $ | 71,847 | $ | 159,991 | $ | 146,766 | |||||||||||||||
Rental revenues - variable (1) | 22,727 | 24,977 | 46,027 | 47,525 | |||||||||||||||||||
Rental revenues | $ | 101,409 | $ | 96,824 | $ | 206,018 | $ | 194,291 |
As of | As of | |||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
Costs relating to construction included in accounts payable and accrued expenses | $ | 15,223 | $ | 16,790 |
Six months ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Interest paid | $ | 21,586 | $ | 25,559 |
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, 2021 | 11,873 | 31 | 2,212 | 7 | ||||||||||||||||||||||||||||
Dispositions: | ||||||||||||||||||||||||||||||||
Jeffersonville | First Quarter | (412) | (1) | — | — | |||||||||||||||||||||||||||
Saint-Saveur | First Quarter | — | — | (99) | (1) | |||||||||||||||||||||||||||
Other | (8) | — | — | — | ||||||||||||||||||||||||||||
As of December 31, 2021 | 11,453 | 30 | 2,113 | 6 | ||||||||||||||||||||||||||||
Other | 1 | — | — | — | ||||||||||||||||||||||||||||
As of June 30, 2022 | 11,454 | 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 | 95.6 | ||||||||||||||||||||
Riverhead, New York (1) | 100 | 729,281 | 91.8 | ||||||||||||||||||||
Foley, Alabama | 100 | 554,649 | 92.3 | ||||||||||||||||||||
Rehoboth Beach, Delaware (1) | 100 | 549,890 | 94.1 | ||||||||||||||||||||
Atlantic City, New Jersey (1) (3) | 100 | 487,718 | 78.6 | ||||||||||||||||||||
San Marcos, Texas | 100 | 471,816 | 96.1 | ||||||||||||||||||||
Sevierville, Tennessee (1) | 100 | 447,810 | 100.0 | ||||||||||||||||||||
Savannah, Georgia | 100 | 429,089 | 99.5 | ||||||||||||||||||||
Myrtle Beach Hwy 501, South Carolina | 100 | 426,523 | 95.8 | ||||||||||||||||||||
Glendale, Arizona (Westgate) | 100 | 410,753 | 99.1 | ||||||||||||||||||||
Myrtle Beach Hwy 17, South Carolina (1) | 100 | 404,710 | 100.0 | ||||||||||||||||||||
Charleston, South Carolina | 100 | 386,328 | 100.0 | ||||||||||||||||||||
Lancaster, Pennsylvania | 100 | 375,883 | 100.0 | ||||||||||||||||||||
Pittsburgh, Pennsylvania | 100 | 373,863 | 95.9 | ||||||||||||||||||||
Commerce, Georgia | 100 | 371,408 | 99.5 | ||||||||||||||||||||
Grand Rapids, Michigan | 100 | 357,133 | 88.7 | ||||||||||||||||||||
Fort Worth, Texas | 100 | 351,741 | 95.0 | ||||||||||||||||||||
Daytona Beach, Florida | 100 | 351,721 | 99.4 | ||||||||||||||||||||
Branson, Missouri | 100 | 329,861 | 98.5 | ||||||||||||||||||||
Southaven, Mississippi (2) (3) | 50 | 324,801 | 98.8 | ||||||||||||||||||||
Locust Grove, Georgia | 100 | 321,082 | 99.3 | ||||||||||||||||||||
Gonzales, Louisiana | 100 | 321,066 | 95.4 | ||||||||||||||||||||
Mebane, North Carolina | 100 | 319,762 | 96.9 | ||||||||||||||||||||
Howell, Michigan | 100 | 314,438 | 78.6 | ||||||||||||||||||||
Mashantucket, Connecticut (Foxwoods) (1) | 100 | 311,229 | 79.5 | ||||||||||||||||||||
Tilton, New Hampshire | 100 | 250,558 | 88.4 | ||||||||||||||||||||
Hershey, Pennsylvania | 100 | 249,696 | 97.6 | ||||||||||||||||||||
Hilton Head II, South Carolina | 100 | 206,564 | 97.1 | ||||||||||||||||||||
Hilton Head I, South Carolina | 100 | 181,687 | 99.4 | ||||||||||||||||||||
Blowing Rock, North Carolina | 100 | 104,009 | 100.0 | ||||||||||||||||||||
Totals | 11,454,217 | 94.8 |
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 | 398,698 | 98.9 | ||||||||||||||||||||
Ottawa, Ontario | 50 | 357,209 | 95.4 | ||||||||||||||||||||
Columbus, Ohio (1) | 50 | 355,245 | 96.0 | ||||||||||||||||||||
Texas City, Texas (Galveston/Houston) (1) | 50 | 352,705 | 95.1 | ||||||||||||||||||||
National Harbor, Maryland (1) | 50 | 341,156 | 100.0 | ||||||||||||||||||||
Cookstown, Ontario | 50 | 307,883 | 89.8 | ||||||||||||||||||||
Total | 2,112,896 | 96.0 |
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) |
Comparable Space for Executed Leases (1) (2) | ||||||||||||||||||||
Leasing Transactions | Square Feet (in 000’s) | New Initial Rent (psf) (3) | Rent Spread % (4) | Tenant Allowance (psf) (5) | Average Initial Term (in years) | |||||||||||||||
Total space | ||||||||||||||||||||
2022 | 267 | 1,455 | $ | 30.62 | 4.0 | % | $ | 4.24 | 3.76 | |||||||||||
2021 | 296 | 1,390 | $ | 26.09 | (5.7) | % | $ | 4.58 | 2.71 | |||||||||||
Comparable and Non-Comparable Space for Executed Leases (1) (2) | ||||||||||||||||||||
Leasing Transactions | Square Feet (in 000’s) | New Initial Rent (psf) (3) | Tenant Allowance (psf) (5) | Average Initial Term (in years) | ||||||||||||||||
Total space | ||||||||||||||||||||
2022 | 318 | 1,653 | $ | 31.35 | $ | 13.30 | 4.31 | |||||||||||||
2021 | 334 | 1,529 | $ | 25.99 | $ | 5.72 | 2.95 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 101,058 | $ | 97,405 | $ | 3,653 | ||||||||||||||
Rental revenues from properties disposed | 59 | (85) | 144 | |||||||||||||||||
Straight-line rent adjustments | 302 | (478) | 780 | |||||||||||||||||
Lease termination fees | 35 | 127 | (92) | |||||||||||||||||
Amortization of above and below market rent adjustments, net | (45) | (145) | 100 | |||||||||||||||||
$ | 101,409 | $ | 96,824 | $ | 4,585 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 552 | $ | 537 | $ | 15 | ||||||||||||||
Leasing and other fees | — | 103 | (103) | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 884 | 719 | 165 | |||||||||||||||||
$ | 1,436 | $ | 1,359 | $ | 77 |
2017 | 2016 | Increase/(Decrease) | ||||||||||
Management and marketing | $ | 564 | $ | 656 | $ | (92 | ) | |||||
Development and leasing | 20 | 65 | (45 | ) | ||||||||
Loan guarantee | 4 | 85 | (81 | ) | ||||||||
$ | 588 | $ | 806 | $ | (218 | ) |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 2,993 | $ | 3,088 | $ | (95) | ||||||||||||||
Other revenues from properties disposed | — | 2 | (2) | |||||||||||||||||
$ | 2,993 | $ | 3,090 | $ | (97) |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 31,255 | $ | 31,562 | $ | (307) | ||||||||||||||
Properties operating expenses from properties disposed | — | (1,726) | 1,726 | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 884 | 719 | 165 | |||||||||||||||||
Other property operating expenses | 558 | 695 | (137) | |||||||||||||||||
$ | 32,697 | $ | 31,250 | $ | 1,447 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Rental revenues from existing properties | $ | 204,548 | $ | 194,476 | $ | 10,072 | ||||||||||||||
Rental revenues from properties disposed | 2 | 375 | (373) | |||||||||||||||||
Straight-line rent adjustments | (1,035) | (1,521) | 486 | |||||||||||||||||
Lease termination fees | 2,631 | 800 | 1,831 | |||||||||||||||||
Amortization of above and below market rent adjustments, net | (128) | 161 | (289) | |||||||||||||||||
$ | 206,018 | $ | 194,291 | $ | 11,727 |
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 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Management and marketing | $ | 1,088 | $ | 1,045 | $ | 43 | ||||||||||||||
Leasing and other fees | 35 | 159 | (124) | |||||||||||||||||
Expense reimbursements from unconsolidated joint ventures | 1,840 | 1,527 | 313 | |||||||||||||||||
Total Fees | $ | 2,963 | $ | 2,731 | $ | 232 |
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 | ) |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Other revenues from existing properties | $ | 5,725 | $ | 4,929 | $ | 796 | ||||||||||||||
Other revenues from property disposed | — | 16 | (16) | |||||||||||||||||
$ | 5,725 | $ | 4,945 | $ | 780 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Property operating expenses from existing properties | $ | 66,396 | $ | 65,506 | $ | 890 | ||||||||||||||
Property operating expenses from property disposed | — | (1,155) | 1,155 | |||||||||||||||||
Expenses related to unconsolidated joint ventures | 1,840 | 1,527 | 313 | |||||||||||||||||
Other property operating expense | 1,219 | 683 | 536 | |||||||||||||||||
$ | 69,455 | $ | 66,561 | $ | 2,894 |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Depreciation and amortization expenses from existing properties | $ | 52,463 | $ | 55,844 | $ | (3,381) | ||||||||||||||
Depreciation and amortization from property disposed | — | 38 | (38) | |||||||||||||||||
$ | 52,463 | $ | 55,882 | $ | (3,419) |
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 |
2022 | 2021 | Increase/(Decrease) | ||||||||||||||||||
Equity in earnings from existing properties | $ | 4,740 | $ | 4,307 | $ | 433 | ||||||||||||||
Equity in earnings from property disposed | — | 190 | (190) | |||||||||||||||||
$ | 4,740 | $ | 4,497 | $ | 243 |
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Number of common shares settled during the period (1) | — | 2,810,503 | — | 9,677,581 | ||||||||||||||||||||||
Average price per share (1) | $ | — | $ | 18.85 | $ | — | $ | 18.97 | ||||||||||||||||||
Aggregate gross proceeds (in thousands) | $ | — | $ | 52,977 | $ | — | $ | 183,615 | ||||||||||||||||||
Aggregate net proceeds after selling commissions and fees (in thousands) (1) | $ | — | $ | 52,221 | $ | — | $ | 180,876 |
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 | ) |
Six months ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Capital expenditures analysis: | ||||||||||||||||||||
New outlet center developments and expansions (1) | $ | 18,596 | $ | 174 | $ | 18,422 | ||||||||||||||
Renovations | — | 75 | (75) | |||||||||||||||||
Second generation tenant allowances | 3,160 | 2,194 | 966 | |||||||||||||||||
Other capital expenditures (2) | 9,158 | 6,446 | 2,712 | |||||||||||||||||
30,914 | 8,889 | 22,025 | ||||||||||||||||||
Conversion from accrual to cash basis | (5,197) | 2,947 | (8,144) | |||||||||||||||||
Additions to rental property-cash basis | $ | 25,717 | $ | 11,836 | $ | 13,881 |
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 |
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 | ) |
Six months ended June 30, | ||||||||||||||||||||
2022 | 2021 | Change | ||||||||||||||||||
Net cash provided by operating activities | $ | 89,196 | $ | 91,279 | $ | (2,083) | ||||||||||||||
Net cash provided by (used in) investing activities | (8,095) | 4,009 | (12,104) | |||||||||||||||||
Net cash used in financing activities | (48,018) | (72,761) | 24,743 | |||||||||||||||||
Effect of foreign currency rate changes on cash and equivalents | (27) | (73) | 46 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 33,056 | $ | 22,454 | $ | 10,602 |
Senior unsecured notes financial covenants | Required | Actual | ||||||
Total consolidated debt to adjusted total assets | < 60% | 41 | % | |||||
Total secured debt to adjusted total assets | < 40% | 2 | % | |||||
Total unencumbered assets to unsecured debt | > 150% | 236 | % | |||||
Consolidated Income Available for Debt Service to Annual Debt Service Charge | > 1.5 x | 5.7 |
Required | Actual | |||||||
Total Liabilities to Total Adjusted Asset Value | <60% | 37 | % | |||||
Secured Indebtedness to Adjusted Unencumbered Asset Value | < 35% | 5 | % | |||||
EBITDA to Fixed Charges | > 1.5 x | 4.5 | ||||||
Total Unsecured Indebtedness to Adjusted Unencumbered Asset Value | <60% | 33 | % | |||||
Unencumbered Interest Coverage Ratio | > 1.5 x | 5.5 |
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 | 64.5 | July 2023 | LIBOR + 1.85% | 15.5 | % | 10.0 | ||||||||||||||||||||||||||
National Harbor | 95.0 | January 2030 | 4.63 | % | — | % | — | |||||||||||||||||||||||||
Debt origination costs | (1.0) | |||||||||||||||||||||||||||||||
$ | 329.5 | $ | 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 | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Adjusted for: | ||||||||||||||||||||||||||
Depreciation and amortization of real estate assets - consolidated | 25,615 | 27,185 | 51,276 | 54,739 | ||||||||||||||||||||||
Depreciation and amortization of real estate assets - unconsolidated joint ventures | 2,791 | 2,913 | 5,545 | 5,909 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | — | 3,704 | ||||||||||||||||||||||
FFO | 49,225 | 32,694 | 99,102 | 71,290 | ||||||||||||||||||||||
Allocation of earnings to participating securities | (424) | (302) | (858) | (694) | ||||||||||||||||||||||
FFO available to common shareholders (2) | $ | 48,801 | $ | 32,392 | $ | 98,244 | $ | 70,596 | ||||||||||||||||||
As further adjusted for: | ||||||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (3) | 2,447 | — | 2,447 | 2,418 | ||||||||||||||||||||||
Gain on sale of non-real estate asset (4) | (2,418) | — | (2,418) | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (5) | — | 14,039 | — | 14,039 | ||||||||||||||||||||||
Impact of above adjustment to the allocation of earnings to participating securities | — | (106) | — | (128) | ||||||||||||||||||||||
Core FFO available to common shareholders (2) | $ | 48,830 | $ | 46,325 | $ | 98,273 | $ | 86,925 | ||||||||||||||||||
FFO available to common shareholders per share - diluted (2) | $ | 0.45 | $ | 0.30 | $ | 0.90 | $ | 0.68 | ||||||||||||||||||
Core FFO available to common shareholders per share - diluted (2) | $ | 0.45 | $ | 0.43 | $ | 0.90 | $ | 0.84 | ||||||||||||||||||
Weighted Average Shares: | ||||||||||||||||||||||||||
Basic weighted average common shares | 103,630 | 100,409 | 103,607 | 97,504 | ||||||||||||||||||||||
Effect of notional units | 421 | 818 | 413 | 685 | ||||||||||||||||||||||
Effect of outstanding options and restricted common shares | 703 | 771 | 720 | 728 | ||||||||||||||||||||||
Diluted weighted average common shares (for earnings per share computations) | 104,754 | 101,998 | 104,740 | 98,917 | ||||||||||||||||||||||
Exchangeable operating partnership units | 4,762 | 4,795 | 4,762 | 4,795 | ||||||||||||||||||||||
Diluted weighted average common shares (for FFO per share computations) (2) | 109,516 | 106,793 | 109,502 | 103,712 |
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 | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | (2,227) | (2,728) | (4,740) | (4,497) | ||||||||||||||||||||||
Interest expense | 11,576 | 13,338 | 23,210 | 27,700 | ||||||||||||||||||||||
Loss on early extinguishment of debt (1) | — | 14,039 | — | 14,039 | ||||||||||||||||||||||
Other (income) expense | (2,576) | (654) | (2,759) | 2,851 | ||||||||||||||||||||||
Depreciation and amortization | 26,220 | 27,732 | 52,463 | 55,882 | ||||||||||||||||||||||
Other non-property (income) expense | 63 | 307 | 234 | (93) | ||||||||||||||||||||||
Corporate general and administrative expenses | 19,328 | 15,746 | 34,813 | 32,517 | ||||||||||||||||||||||
Non-cash adjustments (2) | (157) | 728 | 1,363 | 1,571 | ||||||||||||||||||||||
Lease termination fees | (35) | (127) | (2,631) | (800) | ||||||||||||||||||||||
Portfolio NOI - Consolidated | 73,011 | 70,977 | 144,234 | 136,108 | ||||||||||||||||||||||
Non-same center NOI - Consolidated | 20 | (1,562) | 83 | (1,645) | ||||||||||||||||||||||
Same Center NOI - Consolidated (3) | $ | 73,031 | $ | 69,415 | $ | 144,317 | $ | 134,463 | ||||||||||||||||||
Portfolio NOI - Consolidated | $ | 73,011 | $ | 70,977 | $ | 144,234 | $ | 136,108 | ||||||||||||||||||
Pro rata share of unconsolidated joint ventures | 6,804 | 6,871 | 13,707 | 12,952 | ||||||||||||||||||||||
Portfolio NOI - total portfolio at pro rata share | 79,815 | 77,848 | 157,941 | 149,060 | ||||||||||||||||||||||
Non-same center NOI - total portfolio at pro rata share | 20 | (1,900) | 83 | (1,985) | ||||||||||||||||||||||
Same Center NOI - total portfolio at pro rata share (3) | $ | 79,835 | $ | 75,948 | $ | 158,024 | $ | 147,075 | ||||||||||||||||||
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 | Consolidated | |||||||||||||||||
Saint-Sauveur, Quebec | Unconsolidated JV |
Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 11,576 | 13,338 | 23,210 | 27,700 | ||||||||||||||||||||||
Depreciation and amortization | 26,220 | 27,732 | 52,463 | 55,882 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | — | 3,704 | ||||||||||||||||||||||
Compensation related to voluntary retirement plan and other executive severance (2) | 2,447 | — | 2,447 | 2,418 | ||||||||||||||||||||||
Gain on sale of non-real estate asset (3) | (2,418) | — | (2,418) | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (4) | — | 14,039 | — | 14,039 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 58,644 | $ | 57,705 | $ | 117,983 | $ | 110,681 |
Three months ended | Six months ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | 20,819 | $ | 2,596 | $ | 42,281 | $ | 6,938 | ||||||||||||||||||
Adjusted to exclude: | ||||||||||||||||||||||||||
Interest expense | 11,576 | 13,338 | 23,210 | 27,700 | ||||||||||||||||||||||
Depreciation and amortization | 26,220 | 27,732 | 52,463 | 55,882 | ||||||||||||||||||||||
Loss on sale of joint venture property, including foreign currency effect (1) | — | — | — | 3,704 | ||||||||||||||||||||||
Pro-rata share of interest expense - unconsolidated joint ventures | 1,579 | 1,455 | 3,037 | 2,928 | ||||||||||||||||||||||
Pro-rata share of depreciation and amortization - unconsolidated joint ventures | 2,791 | 2,913 | 5,545 | 5,909 | ||||||||||||||||||||||
EBITDAre | $ | 62,985 | $ | 48,034 | $ | 126,536 | $ | 103,061 | ||||||||||||||||||
Compensation related to voluntary retirement plan and other executive officer severance (2) | 2,447 | — | 2,447 | 2,418 | ||||||||||||||||||||||
Gain on sale of non-real estate asset (3) | (2,418) | — | (2,418) | — | ||||||||||||||||||||||
Loss on early extinguishment of debt (4) | — | 14,039 | — | 14,039 | ||||||||||||||||||||||
Adjusted EBITDAre | $ | 63,014 | $ | 62,073 | $ | 126,565 | $ | 119,518 |
June 30, 2022 | December 31, 2021 | |||||||||||||
Fair value of debt | $ | 1,272,156 | $ | 1,445,337 | ||||||||||
Recorded value of debt | $ | 1,396,015 | $ | 1,397,076 |
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 |
Exhibit Number | Exhibit Descriptions | ||||||||
22.1 | |||||||||
31.1* | |||||||||
31.2* | |||||||||
31.3* | |||||||||
31.4* | |||||||||
32.1** | |||||||||
32.2** | |||||||||
32.3** | |||||||||
32.4** | |||||||||
101.INS* | Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||
* Filed herewith. | |||||||||
** Furnished herewith. |
TANGER FACTORY OUTLET CENTERS, INC. | |||||
By: | /s/ | ||||
Senior Vice President and Chief Accounting Officer (Principal Financial | |||||
TANGER PROPERTIES LIMITED PARTNERSHIP | |||||
By: TANGER | |||||
By: | /s/ | ||||
Senior Vice President and |