Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 01, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | ||
Entity Central Index Key | 899715 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 95,510,381 | ||
Entity Public Float | $3,421,910,003 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rental property | ||||
Rental property held for sale | $46,005,000 | |||
Tanger Factory Outlet Centers, Inc [Member] | ||||
Rental property | ||||
Land | 217,994,000 | 230,415,000 | ||
Buildings, improvements and fixtures | 1,947,083,000 | 2,009,971,000 | ||
Construction in progress | 98,526,000 | 9,433,000 | ||
Real Estate Investment Property, at Cost, Total | 2,263,603,000 | 2,249,819,000 | ||
Accumulated depreciation | -662,236,000 | -654,631,000 | ||
Total rental property, net | 1,601,367,000 | 1,595,188,000 | ||
Cash and cash equivalents | 16,875,000 | 15,241,000 | 10,335,000 | 7,894,000 |
Rental property held for sale | 46,005,000 | 0 | ||
Investments in unconsolidated joint ventures | 208,050,000 | 140,214,000 | ||
Deferred lease costs and other intangibles, net | 140,883,000 | 163,581,000 | ||
Deferred debt origination costs, net | 12,126,000 | 10,818,000 | ||
Prepaids and other assets | 72,354,000 | 81,414,000 | ||
Total assets | 2,097,660,000 | 2,006,456,000 | ||
Debt | ||||
Senior, unsecured notes (net of discount of $6,426 and $5,752, respectively) | 793,574,000 | 794,248,000 | ||
Unsecured term loans (net of discount of $241 and $396, respectively) | 267,259,000 | 267,104,000 | ||
Mortgages payable (including premiums of $3,031 and $3,799, respectively) | 271,361,000 | 250,497,000 | ||
Unsecured lines of credit | 111,000,000 | 16,200,000 | ||
Total debt | 1,443,194,000 | 1,328,049,000 | ||
Accounts payable and accrued expenses | 69,558,000 | 59,462,000 | ||
Deferred financing obligation | 28,388,000 | 28,388,000 | ||
Other liabilities | 32,634,000 | 32,962,000 | ||
Total liabilities | 1,573,774,000 | 1,448,861,000 | ||
Commitments and contingencies | 0 | 0 | ||
Common shares, $.01 par value, 300,000,000 authorized, 95,509,781 and 94,505,685 shares issued and outstanding at December 31, 2014 and 2013, respectively | 955,000 | 945,000 | ||
Paid in capital | 791,566,000 | 788,984,000 | ||
Accumulated distributions in excess of net income | -281,679,000 | -265,242,000 | ||
Accumulated other comprehensive loss | -14,023,000 | -2,428,000 | ||
Equity attributable to Tanger Factory Outlet Centers, Inc. | 496,819,000 | 522,259,000 | ||
Noncontrolling interests in Operating Partnership | 26,417,000 | 28,432,000 | ||
Noncontrolling interests in other consolidated partnerships | 650,000 | 6,904,000 | ||
Total equity | 523,886,000 | 557,595,000 | 513,875,000 | 528,432,000 |
Total liabilities and equity | 2,097,660,000 | 2,006,456,000 | ||
Tanger Properties Limited Partnership [Member] | ||||
Rental property | ||||
Land | 217,994,000 | 230,415,000 | ||
Buildings, improvements and fixtures | 1,947,083,000 | 2,009,971,000 | ||
Construction in progress | 98,526,000 | 9,433,000 | ||
Real Estate Investment Property, at Cost, Total | 2,263,603,000 | 2,249,819,000 | ||
Accumulated depreciation | -662,236,000 | -654,631,000 | ||
Total rental property, net | 1,601,367,000 | 1,595,188,000 | ||
Cash and cash equivalents | 15,806,000 | 14,984,000 | 10,295,000 | 7,866,000 |
Rental property held for sale | 46,005,000 | 0 | ||
Investments in unconsolidated joint ventures | 208,050,000 | 140,214,000 | ||
Deferred lease costs and other intangibles, net | 140,883,000 | 163,581,000 | ||
Deferred debt origination costs, net | 12,126,000 | 10,818,000 | ||
Prepaids and other assets | 71,848,000 | 81,165,000 | ||
Total assets | 2,096,085,000 | 2,005,950,000 | ||
Debt | ||||
Senior, unsecured notes (net of discount of $6,426 and $5,752, respectively) | 793,574,000 | 794,248,000 | ||
Unsecured term loans (net of discount of $241 and $396, respectively) | 267,259,000 | 267,104,000 | ||
Mortgages payable (including premiums of $3,031 and $3,799, respectively) | 271,361,000 | 250,497,000 | ||
Unsecured lines of credit | 111,000,000 | 16,200,000 | ||
Total debt | 1,443,194,000 | 1,328,049,000 | ||
Accounts payable and accrued expenses | 67,983,000 | 58,956,000 | ||
Deferred financing obligation | 28,388,000 | 28,388,000 | ||
Other liabilities | 32,634,000 | 32,962,000 | ||
Total liabilities | 1,572,199,000 | 1,448,355,000 | ||
Commitments and contingencies | 0 | 0 | ||
General partner, 1,000,000 units outstanding at December 31, 2014 and 2013 | 4,828,000 | 4,988,000 | ||
Limited partners, 5,078,406 and 5,145,012 Class A units and 94,509,781 and 93,505,685 Class B units outstanding at December 31, 2014 and 2013, respectively | 533,199,000 | 548,424,000 | ||
Accumulated other comprehensive loss | -14,791,000 | -2,721,000 | 1,107,000 | 1,463,000 |
Total partners' equity | 523,236,000 | 550,691,000 | ||
Noncontrolling interests in other consolidated partnerships | 650,000 | 6,904,000 | ||
Total equity | 523,886,000 | 557,595,000 | 513,875,000 | 528,432,000 |
Total liabilities and equity | $2,096,085,000 | $2,005,950,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Tanger Factory Outlet Centers, Inc [Member] | ||
Common shares, par value (in dollars per share) | 0.01 | 0.01 |
Common shares, authorized | 300,000,000 | 300,000,000 |
Common shares, issued | 95,509,781 | 94,505,685 |
Common shares, outstanding | 95,509,781 | 94,505,685 |
Tanger Factory Outlet Centers, Inc [Member] | Senior Notes [Member] | ||
Discount (Premium), Net | 6,426 | 5,752 |
Tanger Factory Outlet Centers, Inc [Member] | Unsecured Term Loan [Member] | ||
Discount (Premium), Net | 241 | 396 |
Tanger Factory Outlet Centers, Inc [Member] | Mortgages [Member] | ||
Discount (Premium), Net | -3,031 | -3,799 |
Tanger Properties Limited Partnership [Member] | ||
Discount (Premium), Net | 3,636 | 2,349 |
General partnership units | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | ||
Discount (Premium), Net | 6,426 | 5,752 |
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||
Discount (Premium), Net | 241 | 396 |
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||
Discount (Premium), Net | -3,031 | -3,799 |
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | ||
Limited partnership units | 5,078,406 | 5,145,012 |
Class B Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | ||
Limited partnership units | 94,509,781 | 93,505,685 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | |||
Management, leasing and other services | $3,591 | $3,080 | $2,007 |
OTHER INCOME/(EXPENSE) | |||
Gain on sale of real estate | 7,513 | ||
Tanger Factory Outlet Centers, Inc [Member] | |||
REVENUES | |||
Base rentals | 274,480 | 253,402 | 235,233 |
Percentage rentals | 10,307 | 11,251 | 11,172 |
Expense reimbursements | 122,532 | 109,654 | 101,110 |
Management, leasing and other services | 3,591 | 3,080 | 2,007 |
Other income | 7,648 | 7,432 | 7,480 |
Total revenues | 418,558 | 384,819 | 357,002 |
EXPENSES | |||
Property operating | 137,422 | 121,046 | 111,160 |
General and administrative | 44,469 | 39,119 | 37,452 |
Acquisition costs | 7 | 1,203 | 117 |
Abandoned development costs | 2,365 | 0 | 0 |
Depreciation and amortization | 102,432 | 95,746 | 98,683 |
Total expenses | 286,695 | 257,114 | 247,412 |
Operating income | 131,863 | 127,705 | 109,590 |
OTHER INCOME/(EXPENSE) | |||
Interest expense | -57,931 | -51,616 | -49,814 |
Loss on early extinguishment of debt | -13,140 | 0 | 0 |
Gain on sale of real estate | 7,513 | 0 | 0 |
Gain on previously held interest in acquired joint venture | 0 | 26,002 | 0 |
Interest and other income (expense) | 794 | 190 | -5 |
Income before equity in earnings (losses) of unconsolidated joint ventures | 69,099 | 102,281 | 59,771 |
Equity in earnings (losses) of unconsolidated joint ventures | 9,053 | 11,040 | -3,295 |
Net income (loss) | 78,152 | 113,321 | 56,476 |
Noncontrolling interests in Operating Partnership | -4,037 | -5,643 | -3,267 |
Noncontrolling interests in other consolidated partnerships | -104 | -121 | 19 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 74,011 | 107,557 | 53,228 |
Basic earnings per common share | |||
Net income (in dollars per share) | $0.77 | $1.14 | $0.57 |
Diluted earnings per common share | |||
Net income (in dollars per share) | $0.77 | $1.13 | $0.57 |
Tanger Properties Limited Partnership [Member] | |||
REVENUES | |||
Base rentals | 274,480 | 253,402 | 235,233 |
Percentage rentals | 10,307 | 11,251 | 11,172 |
Expense reimbursements | 122,532 | 109,654 | 101,110 |
Management, leasing and other services | 3,591 | 3,080 | 2,007 |
Other income | 7,648 | 7,432 | 7,480 |
Total revenues | 418,558 | 384,819 | 357,002 |
EXPENSES | |||
Property operating | 137,422 | 121,046 | 111,160 |
General and administrative | 44,469 | 39,119 | 37,452 |
Acquisition costs | 7 | 1,203 | 117 |
Abandoned development costs | 2,365 | 0 | 0 |
Depreciation and amortization | 102,432 | 95,746 | 98,683 |
Total expenses | 286,695 | 257,114 | 247,412 |
Operating income | 131,863 | 127,705 | 109,590 |
OTHER INCOME/(EXPENSE) | |||
Interest expense | -57,931 | -51,616 | -49,814 |
Loss on early extinguishment of debt | -13,140 | 0 | 0 |
Gain on sale of real estate | 7,513 | 0 | 0 |
Gain on previously held interest in acquired joint venture | 0 | 26,002 | 0 |
Interest and other income (expense) | 794 | 190 | -5 |
Income before equity in earnings (losses) of unconsolidated joint ventures | 69,099 | 102,281 | 59,771 |
Equity in earnings (losses) of unconsolidated joint ventures | 9,053 | 11,040 | -3,295 |
Net income (loss) | 78,152 | 113,321 | 56,476 |
Noncontrolling interests in consolidated partnerships | -104 | -121 | 19 |
Net income available to partners | 78,048 | 113,200 | 56,495 |
Net income available to limited partners | 77,263 | 112,047 | 55,917 |
Net income available to general partner | $785 | $1,153 | $578 |
Basic earnings per common share | |||
Net income (in dollars per share) | $0.77 | $1.14 | $0.57 |
Diluted earnings per common share | |||
Net income (in dollars per share) | $0.77 | $1.13 | $0.57 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tanger Factory Outlet Centers, Inc [Member] | |||
Net income | $78,152 | $113,321 | $56,476 |
Reclassification adjustments for amounts recognized in net income | -741 | -242 | -351 |
Foreign currency translation adjustments | -10,042 | -4,968 | -5 |
Change in fair value of cash flow hedges | -1,287 | 1,382 | 0 |
Other comprehensive loss | -12,070 | -3,828 | -356 |
Comprehensive income | 66,082 | 109,493 | 56,120 |
Comprehensive income attributable to noncontrolling interests | -3,666 | -5,564 | -3,227 |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | 62,416 | 103,929 | 52,893 |
Tanger Properties Limited Partnership [Member] | |||
Net income | 78,152 | 113,321 | 56,476 |
Reclassification adjustments for amounts recognized in net income | -741 | -242 | -351 |
Foreign currency translation adjustments | -10,042 | -4,968 | -5 |
Change in fair value of cash flow hedges | -1,287 | 1,382 | 0 |
Other comprehensive loss | -12,070 | -3,828 | -356 |
Comprehensive income | 66,082 | 109,493 | 56,120 |
Comprehensive income attributable to noncontrolling interests | -104 | -121 | 19 |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $65,978 | $109,372 | $56,139 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Factory Outlet Centers, Inc [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member] | |
In Thousands, unless otherwise specified | Total shareholders' equity [Member] | Common Stock [Member] | Paid in capital [Member] | Distributions in excess of earnings [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interest in Operating Partnership [Member] | Noncontrolling interest in other consolidated partnerships [Member] | Total shareholders' equity [Member] | General Partner [Member] | Limited partners [Member] | Accumulated other comprehensive income (loss) [Member] | Noncontrolling interest in other consolidated partnerships [Member] | |||
Balance at Dec. 31, 2011 | $528,432 | ||||||||||||||
Balance at Dec. 31, 2011 | 521,589 | 4,972 | 515,154 | 1,463 | 6,843 | ||||||||||
Balance at Dec. 31, 2011 | 528,432 | 460,562 | 867 | 720,073 | -261,913 | 1,535 | 61,027 | 6,843 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 56,476 | 53,228 | 53,228 | 3,267 | -19 | 56,476 | 56,495 | 578 | 55,917 | -19 | |||||
Other comprehensive income (loss) | -356 | -335 | -335 | -21 | -356 | -356 | -356 | ||||||||
Compensation under Incentive Award Plan | 10,676 | 10,676 | 10,676 | 10,676 | 10,676 | 10,676 | |||||||||
Issuance of common shares upon exercise of options | 481 | 481 | 481 | ||||||||||||
Issuance of common units upon exercise of options | 481 | 481 | 481 | ||||||||||||
Issuance of restricted shares/units, net of forfeitures | 6 | -6 | |||||||||||||
Adjustment for noncotrolling interest in Operating Partnership | 34,910 | 34,910 | -34,910 | ||||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | -10 | -10 | 10 | -10 | -10 | 10 | |||||||||
Exchange of Operating Partnership units for common shares | 68 | -68 | |||||||||||||
Common distributions | -81,834 | -81,834 | -830 | -81,004 | |||||||||||
Common dividends | -76,903 | -76,903 | -76,903 | ||||||||||||
Distributions to noncontrolling interests | -4,931 | -4,931 | |||||||||||||
Balance at Dec. 31, 2012 | 513,875 | ||||||||||||||
Balance at Dec. 31, 2012 | 507,041 | 4,720 | 501,214 | 1,107 | 6,834 | ||||||||||
Balance at Dec. 31, 2012 | 513,875 | 482,609 | 941 | 766,056 | -285,588 | 1,200 | 24,432 | 6,834 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | [1] | 16,229 | |||||||||||||
Balance at Mar. 31, 2013 | |||||||||||||||
Balance at Dec. 31, 2012 | 513,875 | ||||||||||||||
Balance at Dec. 31, 2012 | 507,041 | 4,720 | 501,214 | 1,107 | 6,834 | ||||||||||
Balance at Dec. 31, 2012 | 513,875 | 482,609 | 941 | 766,056 | -285,588 | 1,200 | 24,432 | 6,834 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 113,321 | 107,557 | 0 | 107,557 | 5,643 | 121 | 113,321 | 113,200 | 1,153 | 112,047 | 121 | ||||
Other comprehensive income (loss) | -3,828 | -3,628 | -3,628 | -200 | -3,828 | -3,828 | -3,828 | ||||||||
Compensation under Incentive Award Plan | 11,743 | 11,743 | 11,743 | 11,743 | 11,743 | 11,743 | |||||||||
Issuance of common shares upon exercise of options | 635 | 635 | 635 | ||||||||||||
Issuance of common units upon exercise of options | 635 | 635 | 635 | ||||||||||||
Issuance of Operating Partnership limited partner units | 13,981 | 13,981 | 13,981 | 13,981 | 13,981 | ||||||||||
Issuance of restricted shares/units, net of forfeitures | 3 | -3 | |||||||||||||
Adjustment for noncotrolling interest in Operating Partnership | 11,130 | 11,130 | -11,130 | ||||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | -576 | -576 | 576 | -576 | -576 | 576 | |||||||||
Acquisition of noncontrolling interests in other consolidated partnerships | -525 | -525 | -525 | -525 | |||||||||||
Exchange of Operating Partnership units for common shares | 1 | -1 | |||||||||||||
Common distributions | -91,505 | -91,505 | -885 | -90,620 | |||||||||||
Common dividends | -87,211 | -87,211 | -87,211 | ||||||||||||
Distributions to noncontrolling interests | -4,396 | -4,294 | -102 | -102 | -102 | ||||||||||
Balance at Dec. 31, 2013 | 557,595 | ||||||||||||||
Balance at Dec. 31, 2013 | 550,691 | 550,691 | 4,988 | 548,424 | -2,721 | 6,904 | |||||||||
Balance at Dec. 31, 2013 | 557,595 | 522,259 | 945 | 788,984 | -265,242 | -2,428 | 28,432 | 6,904 | |||||||
Balance at Sep. 30, 2013 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | [1] | 23,136 | |||||||||||||
Balance at Dec. 31, 2013 | 557,595 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | [1] | 15,440 | |||||||||||||
Balance at Mar. 31, 2014 | |||||||||||||||
Balance at Dec. 31, 2013 | 557,595 | ||||||||||||||
Balance at Dec. 31, 2013 | 550,691 | 550,691 | 4,988 | 548,424 | -2,721 | 6,904 | |||||||||
Balance at Dec. 31, 2013 | 557,595 | 522,259 | 945 | 788,984 | -265,242 | -2,428 | 28,432 | 6,904 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 78,152 | 74,011 | 74,011 | 4,037 | 104 | 78,152 | 78,048 | 785 | 77,263 | 104 | |||||
Other comprehensive income (loss) | -12,070 | -11,595 | -11,595 | -475 | -12,070 | -12,070 | -12,070 | ||||||||
Compensation under Incentive Award Plan | 15,459 | 15,459 | 15,459 | 15,459 | 15,459 | 15,459 | |||||||||
Issuance of common shares upon exercise of options | 903 | 903 | 903 | ||||||||||||
Issuance of common units upon exercise of options | 903 | 903 | 903 | ||||||||||||
Issuance of restricted shares/units, net of forfeitures | 13 | -13 | |||||||||||||
Withholding of 412,239 common units for employee income taxes | -15,520 | -15,520 | -4 | -15,516 | -15,520 | -15,520 | -15,520 | ||||||||
Adjustment for noncotrolling interest in Operating Partnership | 741 | 741 | -741 | ||||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 1,004 | 1,009 | 1,009 | -5 | 1,004 | 1,009 | 1,009 | -5 | |||||||
Acquisition of noncontrolling interests in other consolidated partnerships | -6,226 | -6,226 | -6,226 | -6,226 | |||||||||||
Exchange of Operating Partnership units for common shares | 1 | -1 | |||||||||||||
Common distributions | -95,284 | -95,284 | -945 | -94,339 | |||||||||||
Common dividends | -90,448 | -90,448 | -90,448 | ||||||||||||
Distributions to noncontrolling interests | -4,963 | -4,836 | -127 | -127 | -127 | ||||||||||
Balance at Dec. 31, 2014 | 523,886 | ||||||||||||||
Balance at Dec. 31, 2014 | 523,236 | 523,236 | 4,828 | 533,199 | -14,791 | 650 | |||||||||
Balance at Dec. 31, 2014 | 523,886 | 496,819 | 955 | 791,566 | -281,679 | -14,023 | 26,417 | 650 | |||||||
Balance at Sep. 30, 2014 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | [1],[2] | 18,520 | |||||||||||||
Balance at Dec. 31, 2014 | $523,886 | ||||||||||||||
[1] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||
[2] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. |
CONSOLIDATED_STATEMENT_OF_SHAR1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tanger Factory Outlet Centers, Inc [Member] | |||
Common shares/units issued upon exercise of options, in shares/units | 47,000 | 44,500 | 37,700 |
Issuance of limited partner units | 450,576 | ||
Issuance of restricted shares, net of forfeitures (in shares) | 1,302,729 | 332,373 | 566,000 |
Exchange of Operating Partnership units for common shares (in units) | 66,606 | 67,428 | 6,730,028 |
Common shares issued in exchange for Operating Partnership units (in shares) | 66,606 | 67,428 | 6,730,028 |
Common dividends per share (in dollars per share) | $0.95 | $0.89 | $0.83 |
Shares Paid for Tax Withholding for Share Based Compensation | 412,239 | 0 | 0 |
Tanger Properties Limited Partnership [Member] | |||
Common shares/units issued upon exercise of options, in shares/units | 47,000 | 44,500 | 37,700 |
Issuance of limited partner units | 450,576 | ||
Issuance of restricted shares, net of forfeitures (in shares) | 1,302,729 | 332,373 | 566,000 |
Common distributions (in dollars per share) | 0.945 | 0.885 | 0.83 |
Shares Paid for Tax Withholding for Share Based Compensation | 412,239 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Gain on sale of real estate | ($7,513) | |||
INVESTING ACTIVITIES: | ||||
Net proceeds on sale of real estate | 38,993 | |||
Tanger Factory Outlet Centers, Inc [Member] | ||||
OPERATING ACTIVITIES: | ||||
Net income | 78,152 | 113,321 | 56,476 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 102,432 | 95,746 | 98,683 | |
Amortization of deferred financing costs | 2,382 | 2,194 | 2,313 | |
Abandoned development costs | 2,365 | 0 | 0 | |
Casualty gain | -486 | 0 | 0 | |
Gain on sale of real estate | -7,513 | 0 | 0 | |
Gain on previously held interest in acquired joint venture | 0 | -26,002 | 0 | |
Equity in (earnings) losses of unconsolidated joint ventures | -9,053 | -11,040 | 3,295 | |
Equity-based compensation expense | 14,750 | 11,376 | 10,676 | [1] |
Amortization of debt (premiums) and discounts, net | -601 | -886 | -1,007 | |
Net amortization (accretion) of market rent rate adjustments | 3,209 | 1,141 | -348 | |
Straight-line rent adjustments | -6,073 | -5,529 | -3,649 | |
Payment of discount on extinguishment of debt | -913 | 0 | 0 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 9,586 | 5,853 | 1,005 | |
Changes in other asset and liabilities: | ||||
Other assets | 4,160 | -7,676 | -5,557 | |
Accounts payable and accrued expenses | -3,626 | 8,988 | 3,863 | |
Net cash provided by operating activities | 188,771 | 187,486 | 165,750 | |
INVESTING ACTIVITIES: | ||||
Additions to rental property | -147,976 | -47,436 | -41,283 | |
Acquisition of interest in unconsolidated joint venture, net of cash acquired | 0 | -11,271 | 0 | |
Additions to investments in and notes receivable from unconsolidated joint ventures | -142,268 | -150,854 | -103,041 | |
Net proceeds on sale of real estate | 38,993 | 0 | 0 | |
Proceeds from insurance reimbursements | 1,964 | 0 | 0 | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 65,336 | 47,149 | 1,471 | |
Additions to non-real estate assets | -1,053 | -7,768 | 0 | |
Additions to deferred lease costs | -5,664 | -4,046 | -5,056 | |
Net cash used in investing activities | -190,668 | -174,226 | -147,909 | |
FINANCING ACTIVITIES: | ||||
Cash dividends paid | -90,448 | -87,211 | -76,903 | |
Distributions to noncontrolling interests in Operating Partnership | -4,836 | -4,294 | -4,931 | |
Proceeds from debt issuances | 931,608 | 785,803 | 585,800 | |
Repayments of debt | -815,690 | -697,377 | -517,271 | |
Employee income taxes paid related to shares withheld upon vesting of equity awards | -15,520 | 0 | 0 | |
Acquisition of noncontrolling interests in other consolidated partnerships | 0 | -525 | 0 | |
Distributions to noncontrolling interests in other consolidated partnerships | -127 | -102 | 0 | |
Proceeds from tax increment financing | 2,080 | 0 | 0 | |
Additions to deferred financing costs | -3,913 | -4,001 | -2,591 | |
Proceeds from exercise of options | 903 | 635 | 481 | |
Net cash provided (used in) by financing activities | 4,057 | -7,072 | -15,415 | |
Effect of foreign currency rate changes on cash and cash equivalents | -526 | -1,282 | 15 | |
Net increase in cash and cash equivalents | 1,634 | 4,906 | 2,441 | |
Cash and cash equivalents, beginning of year | 15,241 | 10,335 | 7,894 | |
Cash and cash equivalents, end of year | 16,875 | 15,241 | 10,335 | |
Tanger Properties Limited Partnership [Member] | ||||
OPERATING ACTIVITIES: | ||||
Net income | 78,152 | 113,321 | 56,476 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 102,432 | 95,746 | 98,683 | |
Amortization of deferred financing costs | 2,382 | 2,194 | 2,313 | |
Abandoned development costs | 2,365 | 0 | 0 | |
Casualty gain | -486 | 0 | 0 | |
Gain on sale of real estate | -7,513 | 0 | 0 | |
Gain on previously held interest in acquired joint venture | 0 | -26,002 | 0 | |
Equity in (earnings) losses of unconsolidated joint ventures | -9,053 | -11,040 | 3,295 | |
Equity-based compensation expense | 14,750 | 11,376 | 10,676 | |
Amortization of debt (premiums) and discounts, net | -601 | -886 | -1,007 | |
Net amortization (accretion) of market rent rate adjustments | 3,209 | 1,141 | -348 | |
Straight-line rent adjustments | -6,073 | -5,529 | -3,649 | |
Payment of discount on extinguishment of debt | -913 | 0 | 0 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 9,586 | 5,853 | 1,005 | |
Changes in other asset and liabilities: | ||||
Other assets | 4,417 | -7,861 | -5,447 | |
Accounts payable and accrued expenses | -4,695 | 8,956 | 3,741 | |
Net cash provided by operating activities | 187,959 | 187,269 | 165,738 | |
INVESTING ACTIVITIES: | ||||
Additions to rental property | -147,976 | -47,436 | -41,283 | |
Acquisition of interest in unconsolidated joint venture, net of cash acquired | 0 | -11,271 | 0 | |
Additions to investments in and notes receivable from unconsolidated joint ventures | -142,268 | -150,854 | -103,041 | |
Net proceeds on sale of real estate | 38,993 | 0 | 0 | |
Proceeds from insurance reimbursements | 1,964 | 0 | 0 | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 65,336 | 47,149 | 1,471 | |
Additions to non-real estate assets | -1,053 | -7,768 | 0 | |
Additions to deferred lease costs | -5,664 | -4,046 | -5,056 | |
Net cash used in investing activities | -190,668 | -174,226 | -147,909 | |
FINANCING ACTIVITIES: | ||||
Cash dividends paid | -95,284 | -91,505 | -81,834 | |
Proceeds from debt issuances | 931,608 | 810,803 | 585,800 | |
Repayments of debt | -815,690 | -722,377 | -517,271 | |
Employee income taxes paid related to shares withheld upon vesting of equity awards | -15,520 | 0 | 0 | |
Acquisition of noncontrolling interests in other consolidated partnerships | 0 | -525 | 0 | |
Distributions to noncontrolling interests in other consolidated partnerships | -127 | -102 | 0 | |
Proceeds from tax increment financing | 2,080 | 0 | 0 | |
Additions to deferred financing costs | -3,913 | -4,001 | -2,591 | |
Proceeds from exercise of options | 903 | 635 | 481 | |
Net cash provided (used in) by financing activities | 4,057 | -7,072 | -15,415 | |
Effect of foreign currency rate changes on cash and cash equivalents | -526 | -1,282 | 15 | |
Net increase in cash and cash equivalents | 822 | 4,689 | 2,429 | |
Cash and cash equivalents, beginning of year | 14,984 | 10,295 | 7,866 | |
Cash and cash equivalents, end of year | $15,806 | $14,984 | $10,295 | |
[1] | For the year ended DecemberB 31, 2012, includes approximately $1.3 million of compensation expense related to 45,000 common shares that vested immediately upon grant related to the Employment Agreement described above. |
Organization_of_the_Company
Organization of the Company | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization of the Company | Organization of the Company |
Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of December 31, 2014, we owned and operated 36 outlet centers, with a total gross leasable area of approximately 11.3 million square feet. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited. These outlet centers were 98% occupied and contained over 2,400 stores, representing approximately 380 store brands. We also had partial ownership interests in 9 outlet centers totaling approximately 2.6 million square feet, including 4 outlet centers in Canada. | |
Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term “Operating Partnership” refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires. | |
The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of December 31, 2014, the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 95,509,781 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,078,406 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's status as a REIT. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | ||||||||||||
Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||
We evaluate our real estate joint ventures in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC"). As a result of our qualitative assessment, we concluded that our Westgate and Savannah joint ventures are Variable Interest Entities ("VIE") and none of our other joint ventures are VIEs. Westgate and Savannah are each considered a VIE because the voting rights are disproportionate to the economic interests. | |||||||||||||
After making the determination that Westgate and Savannah are VIEs, we performed an assessment to determine if we would be considered the primary beneficiary and thus be required to consolidate the balance sheets and results of operations. This assessment was based upon whether we had the following: | |||||||||||||
a. | The power to direct the activities of the VIE that most significantly impact the entity's economic performance | ||||||||||||
b. | The obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE | ||||||||||||
The operating, development, leasing, and management agreements of Westgate and Savannah provide that the activities that most significantly impact the economic performance of the ventures require unanimous consent. Accordingly, we determined that we do not have the power to direct the significant activities that affect the economic performance of the ventures and therefore, have applied the equity method of accounting. Our investment in Westgate was approximately $14.3 million and in Savannah was approximately $46.5 million as of December 31, 2014. We are unable to estimate our maximum exposure to loss at this time because our guarantees are limited and based on the future operating performance of Westgate and Savannah. | |||||||||||||
Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LPs percentage ownership of the Operating Partnership's units. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on their respective ownership interest. | |||||||||||||
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. | |||||||||||||
Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers. | |||||||||||||
Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. | |||||||||||||
The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are charged to operations when the project is no longer probable. | |||||||||||||
We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and salaries and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of salaries and related costs capitalized for the construction and development of properties, which during 2014, 2013 and 2012 amounted to $1.6 million, $2.2 million and $1.8 million, respectively, is based on our estimate of the amount of costs directly related to the construction or development of these assets. | |||||||||||||
Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. Interest costs capitalized during 2014, 2013 and 2012 amounted to approximately $5.1 million, $1.6 million and $1.2 million, respectively. | |||||||||||||
Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2014, 2013 and 2012 was $80.1 million, $74.7 million and $73.7 million, respectively. | |||||||||||||
In accordance with accounting guidance for business combinations, we allocate the purchase price of acquisitions based on the fair value of land, building, tenant improvements, debt and deferred lease costs and other intangibles, such as the value of leases with above or below market rents, origination costs associated with the in-place leases, the value of in-place leases and tenant relationships, if any. We depreciate the amount allocated to building, deferred lease costs and other intangible assets over their estimated useful lives, which range up to 33 years. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The values of below market leases that are considered to have renewal periods with below market rents are amortized over the remaining term of the associated lease plus the renewal periods when the renewal is deemed probable to occur. The value associated with in-place leases is amortized over the remaining lease term and tenant relationships is amortized over the expected term, which includes an estimated probability of the lease renewal. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangibles is written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. These cash flow projections may be derived from various observable and unobservable inputs and assumptions. Also, we may utilize third-party valuation specialists. As a part of acquisition accounting, the amount by which the fair value of our previously held equity method investment exceeds the carrying book value is recorded as a gain on previously held interest in acquired joint venture. Direct costs to acquire existing outlet centers are expensed as incurred. | |||||||||||||
Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. Recoverability of investments is dependent upon the performance of the issuer. At December 31, 2014 and 2013, respectively, we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $671,000 and $670,000, respectively. | |||||||||||||
Deferred Charges - Deferred charges includes deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and salaries and related costs of employees directly involved in originating leases, during 2014, 2013 and 2012 were approximately $6.2 million, $4.0 million and $5.1 million, respectively. Of the amounts capitalized during 2014, 2013 and 2012, approximately $5.1 million, $2.9 million, and $4.5 million, respectively, were related to salaries and related costs. The amount of salaries and related costs capitalized is based on our estimate of the time and amount of costs directly related to originating leases. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. | |||||||||||||
Deferred financing costs include fees and costs incurred to obtain long-term financing and are amortized over the terms of the respective loans. Unamortized deferred financing costs are charged to expense when debt is retired before the maturity date. | |||||||||||||
Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. | |||||||||||||
Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. Fair value is determined using a market approach whereby we consider the prevailing market income capitalization rates and sales data for transactions involving similar assets. We recognized no impairment losses during the years ended December 31, 2014, 2013, and 2012, respectively. We believe there are no unrecorded impairment losses as of December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. | |||||||||||||
Impairment of Investments - On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. As of December 31, 2014 and 2013, we do not believe that any of our equity investments were impaired. | |||||||||||||
Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. | |||||||||||||
We recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at their fair value. We also measure the effectiveness, as defined by the relevant accounting guidance, of all derivatives. We formally document our derivative transactions, including identifying the hedge instruments and hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. At inception and on a quarterly basis thereafter, we assess the effectiveness of derivatives used to hedge transactions. If a cash flow hedge is deemed effective, we record the change in fair value in other comprehensive income. If after assessment it is determined that a portion of the derivative is ineffective, then that portion of the derivative's change in fair value will be immediately recognized in earnings. | |||||||||||||
Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2011 - 2014 remain open to examination by the major tax jurisdictions to which we are subject. | |||||||||||||
With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under GAAP that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe none of the deferred tax assets will be realized. | |||||||||||||
For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2014, 2013 and 2012 were taxable as follows: | |||||||||||||
Common dividends per share: | 2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.7645 | $ | 0.7894 | $ | 0.8293 | |||||||
Capital gain | — | 0.0115 | — | ||||||||||
Return of capital | 0.1805 | 0.0841 | 0.0007 | ||||||||||
$ | 0.945 | $ | 0.885 | $ | 0.83 | ||||||||
The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income available to the Company's shareholders | $ | 74,011 | $ | 107,557 | $ | 53,228 | |||||||
Book/tax difference on: | |||||||||||||
Depreciation and amortization | 20,575 | (10,697 | ) | 16,034 | |||||||||
Loss on sale or disposal of real estate | (9,524 | ) | (1,805 | ) | (1,543 | ) | |||||||
Equity in earnings from unconsolidated joint ventures | 12,910 | 5,601 | 5,037 | ||||||||||
Share-based payment compensation | (37,193 | ) | (3,818 | ) | (6,298 | ) | |||||||
Gain on previously held interest in acquired joint venture | — | (24,710 | ) | — | |||||||||
Other differences | 1,205 | (5,823 | ) | (850 | ) | ||||||||
Taxable income available to common shareholders | $ | 61,984 | $ | 66,305 | $ | 65,608 | |||||||
Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded in other assets were approximately $34.6 million and $30.9 million as of December 31, 2014 and 2013, respectively. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. Substantially all leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Expense reimbursements are recognized in the period the applicable expenses are incurred. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. | |||||||||||||
We receive development, leasing, loan guarantee, management and marketing fees from third parties and unconsolidated affiliates for services provided to properties held in joint ventures. Development fees are recognized as revenue when earned over the development period. Leasing fees are charged for newly executed leases and lease renewals, and are recognized as revenue when earned. Profits from development and leasing fees received from unconsolidated affiliates are recognized as revenue to the extent of the third-party partners' ownership interest. Profits earned to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate. Loan guarantee fees are recognized over the term of the guarantee. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Marketing fees are charged as a percentage of marketing expenses incurred by the property. Fees recognized from these activities are shown as management, leasing and other services in our consolidated statements of operations. Fees received from consolidated joint ventures are eliminated in consolidation. | |||||||||||||
Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental income or gross leasable area during 2014, 2013 or 2012. | |||||||||||||
Supplemental Cash Flow Information - We purchase capital equipment and incur costs relating to construction of new facilities, including tenant finishing allowances. Expenditures for these items included in trade payables as of December 31, 2014, 2013 and 2012 amounted to $23.0 million, $9.8 million and $7.1 million, respectively. | |||||||||||||
Non-cash investing activities that occurred during 2014 related to the acquisition of the remaining non-controlling interest in The Outlets at Hershey, as discussed in Note 3. In the In September 2011, we purchased substantially all of the economic interests in The Outlets at Hershey, a 248,000 square foot outlet center. A portion of the cash consideration paid to the buyer included a $6.2 million loan, which was included in other assets in the consolidated balance sheets, collateralized by their remaining ownership interest in the property. In October 2014, the loan was canceled in exchange for this remaining ownership interest in the property. | |||||||||||||
Non-cash financing activities that occurred during the 2013 period related to the acquisition of a controlling interest in Deer Park, as discussed in Note 3, included the assumption of debt totaling $237.9 million, and the issuance of $14.0 million in Class A common limited partnership units of the Operating Partnership as a portion of the consideration given. In addition, rental property and lease related intangible assets increased by $27.9 million related to the fair value of the one-third interest owned by Deer Park's other remaining partner and $26.0 million related to the fair value of our previously held interest in excess of carrying amount. | |||||||||||||
Interest paid, net of interest capitalized, in 2014, 2013 and 2012 was $55.4 million, $48.0 million and $46.8 million, respectively. | |||||||||||||
Accounting for Equity-Based Compensation - We may issue non-qualified options and other equity-based awards under the Amended and Restated Incentive Award Plan (the "Incentive Award Plan"). We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance. | |||||||||||||
Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in shareholders' equity as a component of accumulated other comprehensive loss in the Company's consolidated balance sheets. | |||||||||||||
New Accounting Pronouncements - In November 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-17, "Business Combinations (Topic 805): Pushdown Accounting" ("ASU 2014-17"). ASU 2014-17 provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period as a change in accounting principle in accordance with ASC Topic 250, "Accounting Changes and Error Corrections". If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. ASU 2014-17 also requires an acquired entity that elects the option to apply pushdown accounting in its separate financial statements to disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. We have adopted the amendments in ASU 2014-17, effective November 18, 2014, as the amendments in the update are effective upon issuance. The adoption did not have an impact on our consolidated financial statements. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | |||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (the "Final Standard"). Under the Final Standard, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Under current GAAP, companies that sell a single investment property are generally required to report the sale as a discontinued operation, which requires the companies to reclassify earnings from continuing operations for all periods presented.The Final Standard is effective in the first quarter of 2015 for public entities with calendar year ends. The FASB will permit early adoption of the Final Standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We early adopted the standard in the first quarter of 2014. In the fourth quarter of 2014, we entered into an agreement with a private buyer to sell our outlet center in Lincoln City, Oregon along with an option agreement for the buyer to purchase an additional four properties. Subsequently, the buyer purchased the Lincoln City outlet center in December 2014. The buyer now has the option to purchase three properties during the first quarter of 2015 and, should it acquire those properties, one additional property during the first quarter of 2016. The four additional properties subject to the option agreement have been classified as rental property held for sale in our consolidated balance sheets as of December 31, 2014 and their results of operations have remained in continuing operations for both the sold and held for sale rental properties. See Note 4 Disposition of Properties and Properties Held for Sale for further information. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2017 using one of two retrospective application methods. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | |||||||||||||
Operating Partnership Unit Split - In August 2013, the Operating Partnership's operating agreement was amended to, among other things, effect a four-for-one split of the outstanding partnership units After the effect of the split, each Class A common limited partnership unit held by Non-Company LPs may be exchanged for one common share of the Company. Prior to the split, each unit held by the Non-Company LPs was exchangeable for four common shares of the Company. All references to the number of units outstanding and per unit amounts reflect the effect of the split for all periods presented. | |||||||||||||
Reclassifications - The amount related to construction trade payables on the consolidated balance sheets as of December 31, 2013 has been reclassified to the caption "accounts payable and accrued expenses" from the caption "construction trade payables" to conform to the presentation of the consolidated balance sheets as of December 31, 2014. | |||||||||||||
We have reclassified $3.1 million and $2.0 million related to management, leasing and other services in the consolidated statement of operations for the years ended December 31, 2013 and 2012, respectively, to the caption "management, leasing and other services" from the caption "other income" to conform to the presentation of the consolidated statement of operations for the year ended December 31, 2014. | |||||||||||||
In addition, we have reclassified certain amounts related to interest income and other income (expense) in the consolidated statement of operations for the years ended December 31, 2013 and 2012 to the caption "interest and other income" from the caption "other income" to conform to the presentation of the consolidated statement of operations for the year ended December 31, 2014. |
Acquisition_of_Rental_Property
Acquisition of Rental Property | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquisition of Rental Property [Abstract] | |||||||||
Acquisition of Rental Property | Acquisition of Rental Property | ||||||||
2014 Acquisitions | |||||||||
In September 2011, we purchased substantially all of the economic interests in The Outlets at Hershey, a 248,000 square foot outlet center. A portion of the cash consideration paid to the buyer included a $6.2 million loan, which was included in other assets in the consolidated balance sheets, collateralized by their remaining ownership interest in the property. In October 2014, the loan was canceled in exchange for this remaining ownership interest in the property. | |||||||||
2013 Acquisitions | |||||||||
In August 2013, Deer Park completed a refinancing of its existing debt and then immediately restructured the ownership whereby we acquired an additional ownership interest in the property from one of the partners which gave us a controlling interest. With the acquisition of this additional interest, we have consolidated the property for financial reporting purposes since the acquisition date, and remeasured our previously held interest that was accounted for as an equity method investment. | |||||||||
Prior to the acquisition, Deer Park successfully negotiated new financing of the debt obligations for the previous mortgage and mezzanine loans totaling approximately $238.5 million, with a $150.0 million mortgage loan. The new five year mortgage loan bears interest at a 150 basis point spread over LIBOR. The previous mortgage and mezzanine loans were in default, and as part of the refinancing, all default interest associated with the loans was waived. Utilizing funding from our existing unsecured lines of credit, we loaned approximately $89.5 million at a rate of LIBOR plus 3.25% and due on August 30, 2020 to the Deer Park joint venture representing the remaining amount necessary to repay the previous mortgage and mezzanine loans. As a result of the refinancing, Deer Park recorded a gain on early extinguishment of debt of approximately $13.8 million. Our share of this gain along with our share of the income from the settlement of a lawsuit by Deer Park with a third party totaled approximately $7.8 million, which has been included in equity in earnings (losses) of unconsolidated joint ventures in the consolidated statement of operations for the year ended December 31, 2013. | |||||||||
Subsequent to the debt extinguishment, we acquired an additional one-third interest in the Deer Park property from one of the owners, bringing our total ownership to a two-thirds interest, for total consideration of approximately $27.9 million, including $13.9 million in cash and 450,576 in Class A common limited partnership units of Tanger Properties Limited Partnership, which are exchangeable for an equivalent number of the Company's common shares. This transaction was accounted for as a business combination resulting in the assets acquired and liabilities assumed being recorded at fair value as a result of the step acquisition. Prior to the acquisition, the joint venture was considered a variable interest entity and was accounted for under the equity method of accounting since we did not have the ability to direct the significant activities that affect the economic performance of the venture as a one-third owner. Upon acquiring an additional one-third interest, we determined, based on the acquisition agreement and other transaction documents which amended our rights with respect to the property and our obligations with respect to the additional one-third interest, that we control the property assets and direct the property’s significant activities and therefore, consolidate the property’s assets and liabilities. | |||||||||
The following table illustrates the fair value of the total consideration transferred and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands): | |||||||||
Cash transferred | $ | 13,939 | |||||||
Common limited partnership units issued | 13,981 | ||||||||
Fair value of total consideration transferred to acquire one-third interest | 27,920 | ||||||||
Fair value of our previously held one-third interest | 27,920 | ||||||||
Fair value of noncontrolling interest | 27,920 | ||||||||
Fair value of net assets acquired | $ | 83,760 | |||||||
The aggregate purchase price of the property was allocated as follows: | |||||||||
Fair Value | Weighted-Average Amortization Period (in years) | ||||||||
(in thousands) | |||||||||
Land | $ | 82,413 | |||||||
Buildings, improvements and fixtures | 172,694 | ||||||||
Deferred lease costs and other intangibles | |||||||||
Above market lease value | 18,807 | 11.9 | |||||||
Below market lease value | (12,658 | ) | 18.5 | ||||||
Lease in place value | 28,846 | 7.6 | |||||||
Tenant relationships | 27,594 | 19 | |||||||
Lease and legal costs | 1,724 | 8.9 | |||||||
Total deferred lease costs and other intangibles, net | 64,313 | ||||||||
Other identifiable assets acquired and liabilities assumed, net | 2,265 | ||||||||
Debt | (237,925 | ) | |||||||
Total fair value of net assets acquired | $ | 83,760 | |||||||
There was no contingent consideration associated with this acquisition. We incurred approximately $1.0 million in third-party acquisition costs which were expensed as incurred. As a part of the acquisition accounting, we recorded a gain of $26.0 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in Deer Park. | |||||||||
Following the acquisition, we and the noncontrolling interest restructured certain aspects of our ownership of the property, whereby we receive substantially all of the economics generated by the property and would have substantial control over the property's financial activities. We and the noncontrolling interest entered into a triple net lease agreement with a different wholly-owned subsidiary of ours which operates the property as lessee. Under the new structure, we will serve as property manager and control the management, leasing, marketing and other operations of the property. We and the noncontrolling interest will receive, in proportion to our respective ownership interests, fixed annual lease payments of approximately $2.5 million, plus an amount necessary to pay the interest expense on debt related to the property. In addition, we and the noncontrolling interest have entered into an agreement whereby they may require us to acquire their ownership interest in the property on the second anniversary of the acquisition date for a price of $28.4 million, and we have the option to acquire their ownership interest on the fourth anniversary of the acquisition date at the same price. Due to the noncontrolling interest's ability to require us to purchase their interest, we have recorded an obligation to redeem their interest at the redemption price as a deferred financing obligation in the other liabilities section of the consolidated balance sheet. | |||||||||
The results of operations from the property are included in the consolidated statements of operations beginning on the acquisition date. The aggregate revenues and net loss from the property from the acquisition date through December 31, 2013, were $11.1 million and $3.5 million, respectively. The following unaudited condensed pro forma financial information for the years ended December 31, 2013 and 2012 is presented as if the acquisition had been consummated as of January 1, 2012, the beginning of the previous reporting period (in thousands, except per share data): | |||||||||
(unaudited) | |||||||||
(Pro forma) | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Total Revenue | $ | 408,333 | $ | 381,388 | |||||
Income from continuing operations | 85,836 | 78,347 | |||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 80,621 | 73,219 | |||||||
Basic earnings per common share | 0.86 | 0.8 | |||||||
Diluted earnings per common share | 0.86 | 0.79 | |||||||
Supplemental pro forma earnings for 2013 were adjusted to exclude $1.0 million of third-party acquisition costs incurred in 2013 and $26.0 million of nonrecurring gain related to the fair value adjustment. Supplemental pro forma earnings for 2012 were adjusted to include those items. |
Disposition_of_Properties_and_
Disposition of Properties and Properties Held for Sale | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disposition of Properties and Properties Held for Sale [Abstract] | |||||||||||||||||
Disposition of Properties and Properties Held for Sale | Disposition of Properties and Properties Held for Sale | ||||||||||||||||
In the fourth quarter of 2014, we entered into an agreement with a private buyer to acquire our outlet center in Lincoln City, Oregon along with an option agreement to purchase an additional four properties. Subsequently, the buyer purchased the Lincoln City outlet center in December 2014. The buyer now has the option to purchase three properties during the first quarter of 2015 and, should they acquire those properties, one property during the first quarter of 2016. | |||||||||||||||||
Property | Location | Date Sold | Square Feet | Net Sales Price | Gain on Sale(in 000's) | ||||||||||||
(in 000's) | (in 000's) | ||||||||||||||||
Lincoln City | Lincoln City, OR | 12/22/14 | 270 | $ | 38,993 | $ | 7,513 | ||||||||||
Properties held for sale | Various | — | 712 | — | — | ||||||||||||
982 | $ | 38,993 | $ | 7,513 | |||||||||||||
The sold and held for sale rental properties did not meet the criteria set forth in the newly-adopted guidance for reporting discontinued operations (See Note 2—Summary of Significant Accounting Policies), thus their results of operations have remained in continuing operations. The held for sale rental properties have been classified as rental property held for sale as of December 31, 2014 on the consolidated balance sheets. | |||||||||||||||||
The carrying values of the assets of those properties that remained unsold at December 31, 2014 totaled $46.0 million and were comprised of the following (in thousands): | |||||||||||||||||
2014 | |||||||||||||||||
Rental property, net | $ | 43,532 | |||||||||||||||
Deferred lease costs and other intangibles, net | 757 | ||||||||||||||||
Prepaids and other assets | 1,716 | ||||||||||||||||
Rental property held for sale | $ | 46,005 | |||||||||||||||
Development_of_Consolidated_Re
Development of Consolidated Rental Properties | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate [Abstract] | |
Development of Consolidated Rental Properties | Development of Consolidated Rental Properties |
Foxwoods, Connecticut | |
At the Foxwoods Resort Casino in Mashantucket, Connecticut, construction continued throughout 2014 on Tanger Outlets at Foxwoods. We own a controlling interest in the joint venture which is consolidated for financial reporting purposes. The outlet center will contain approximately 313,000 square feet and will be suspended above ground to join the casino floors of the two major hotels located within the resort. Construction originally commenced in September 2013 and currently we anticipate the outlet center will open during the second quarter of 2015. As of December 31, 2014, our partner’s equity contributions totaled approximately $1.0 million and our equity contributions totaled approximately $45.8 million. Our contributions have been funded with borrowings under our lines of credit and cash flow from operations. | |
In addition, the joint venture has a mortgage loan with the ability to borrow up to $70.3 million at an interest rate of LIBOR + 1.65%. The loan initially matures in December 2017, with two one-year extension options. The balance of this loan as of December 31, 2014 was $25.2 million. | |
Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than our legal ownership percentage of 67%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. | |
Grand Rapids, Michigan | |
In July 2014, we purchased land for approximately $8.0 million and commenced construction on the development of an approximately 350,000 square foot wholly-owned outlet center near Grand Rapids, Michigan. The site is located 11 miles south of downtown Grand Rapids at the southwest quadrant of US-131 and 84th Street in Byron Township, Michigan, with visibility from both roads. The outlet center will be located approximately 30 miles east of Lake Michigan and its lakeside communities. Currently, we anticipate the outlet center will open in the second half of 2015. Costs incurred as of December 31, 2014, which have been funded with borrowings under our lines of credit and cash flow from operations, totaled approximately $19.7 million. | |
West Branch, Michigan | |
During the first quarter of 2014, we incurred property damage to our West Branch, Michigan outlet center due to a severe snow storm. Our insurance policy provides us with reimbursement for the replacement cost for the damage done to this property. As a result, we wrote off the damaged assets which had a net book value of approximately $455,000 and incurred approximately $567,000 of demolition costs. Through December 31, 2014, we received a total of approximately $1.3 million in insurance proceeds related to our property damage claim. During fiscal 2014, a casualty gain of $486,000 was recorded in interest and other income in the consolidated statements of operations, reflecting total expected replacement insurance proceeds in excess of the net book value written off and demolition costs incurred. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures | ||||||||||||||||
Our investments in unconsolidated joint ventures as of December 31, 2014 and 2013 aggregated $208.0 million and $140.2 million respectively. We have evaluated the accounting treatment for each of the joint ventures and have concluded based on the current facts and circumstances that the equity method of accounting should be used to account for the individual joint ventures. At December 31, 2014 and 2013, we were members of the following unconsolidated real estate joint ventures: | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt | ||||||||||||
(in 000's) | (in millions) | ||||||||||||||||
Galveston/Houston | Texas City, TX | 50 | % | 353 | $ | 1.3 | $ | 65 | |||||||||
National Harbor | National Harbor, MD | 50 | % | 339 | 9.5 | 83.7 | |||||||||||
RioCan Canada | Various | 50 | % | 870 | 132.5 | 15.7 | |||||||||||
Savannah (1) | Savannah, GA | 50 | % | — | 46.5 | 25.5 | |||||||||||
Westgate | Glendale, AZ | 58 | % | 381 | 14.3 | 54 | |||||||||||
Wisconsin Dells | Wisconsin Dells, WI | 50 | % | 265 | 2.4 | 24.3 | |||||||||||
Other | — | 1.5 | — | ||||||||||||||
$ | 208 | $ | 268.2 | ||||||||||||||
Charlotte(2) | Charlotte, NC | 50 | % | 398 | $ | (2.2 | ) | $ | 90 | ||||||||
$ | (2.2 | ) | $ | 90 | |||||||||||||
-1 | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. | ||||||||||||||||
-2 | The negative carrying value is due to the distributions of proceeds from a mortgage loan, as well as quarterly distributions of excess cash flow, exceeding the original contributions from the partners. | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt | ||||||||||||
(in 000's) | (in millions) | ||||||||||||||||
Charlotte | Charlotte, NC | 50 | % | — | $ | 11.6 | $ | — | |||||||||
Galveston/Houston | Texas City, TX | 50 | % | 353 | 7.4 | 65 | |||||||||||
National Harbor | National Harbor, MD | 50 | % | 336 | 16.7 | 52.4 | |||||||||||
RioCan Canada | Various | 50 | % | 433 | 85.7 | 17.9 | |||||||||||
Westgate | Glendale, AZ | 58 | % | 332 | 16.1 | 43.1 | |||||||||||
Wisconsin Dells | Wisconsin Dells, WI | 50 | % | 265 | 2.5 | 24.3 | |||||||||||
Other | — | 0.2 | — | ||||||||||||||
$ | 140.2 | $ | 202.7 | ||||||||||||||
These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income (loss), cash contributions, distributions and other adjustments required by the equity method of accounting as described below. | |||||||||||||||||
Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Fees: | |||||||||||||||||
Development and leasing | $ | 725 | $ | 595 | $ | 193 | |||||||||||
Loan guarantee | 463 | 161 | 80 | ||||||||||||||
Management | 1,897 | 1,831 | 1,301 | ||||||||||||||
Marketing | 506 | 493 | 433 | ||||||||||||||
Total Fees | $ | 3,591 | $ | 3,080 | $ | 2,007 | |||||||||||
Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Summary Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $4.4 million and $1.6 million as of December 31, 2014 and 2013, respectively) are amortized over the various useful lives of the related assets. | |||||||||||||||||
Charlotte, North Carolina | |||||||||||||||||
In July 2014, we opened a 398,000 square foot outlet center in Charlotte, NC that was developed through, and is owned by, a joint venture formed in May 2013. The outlet center is located eight miles southwest of uptown Charlotte at the interchange of I-485 and Steele Creek Road (North Carolina Highway 160). Construction of the outlet center, which commenced during the third quarter of 2013, was initially funded with equal equity contributions by the partners. In November 2014, the joint venture closed on an interest only mortgage closed on an interest only mortgage loan for $90.0 million at an interest rate of LIBOR + 1.45%. The loan initially matures in November 2018, with the option to extend the maturity for one additional year. The joint venture received net loan proceeds of $89.4 million and distributed them equally to the partners. The loan balance as of December 31, 2014 was approximately $90.0 million. During construction, we provided development services to the joint venture and joint leasing services with our partner. Subsequent to the outlet center opening, our partner is providing property management, marketing and leasing services to the joint venture. | |||||||||||||||||
Deer Park, Long Island, New York | |||||||||||||||||
As described in Note 3, we acquired an additional one-third ownership interest in Deer Park and have consolidated the property for financial reporting purposes since the acquisition date. Prior to August 30, 2013, this was an unconsolidated joint venture. | |||||||||||||||||
Galveston/Houston, Texas | |||||||||||||||||
In October 2012, we opened an approximately 353,000 square foot outlet center in Texas City, Texas that was developed through, and is owned by, a joint venture formed in June 2011. The development was initially fully funded with equity contributed to the joint venture by Tanger and its partner. In July 2013, the joint venture closed on a $70.0 million mortgage loan with a rate of LIBOR + 1.50% and a maturity date of July 2017, with the option to extend the maturity for one additional year. The joint venture received total loan proceeds of $65.0 million and distributed the net proceeds equally to the partners. We used our share of the proceeds to reduce amounts outstanding under our unsecured lines of credit. We are providing property management, marketing and leasing services to the outlet center. | |||||||||||||||||
National Harbor, Maryland | |||||||||||||||||
In November 2013, we opened an approximately 339,000 square foot outlet center at National Harbor in the Washington, D.C. Metro area that was developed through, and is owned by, a joint venture formed in May 2011. In November 2014, the joint venture amended the initial construction loan to increase the amount available to borrow from $62.0 million to $87.0 million and extended the maturity date until November 2019. The loan still carries an interest rate of LIBOR + 1.65%. At the closing of the amendment, the joint venture distributed approximately $19.0 million equally between the partners. The loan balance as of December 31, 2014 was approximately $83.7 million. We are providing property management, marketing and leasing services to the joint venture. | |||||||||||||||||
RioCan Canada | |||||||||||||||||
We have entered into a 50/50 co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada. Under the agreement, any outlet centers developed or acquired will be branded as Tanger Outlet Centers. We have agreed to provide leasing and marketing services for the outlet centers and RioCan has agreed to provide development and property management services. | |||||||||||||||||
In October 2014, the co-owners opened Tanger Outlets Ottawa, the first ground up development of a Tanger Outlet Center in Canada. Located in suburban Kanata off the TransCanada Highway (Highway 417) at Palladium Drive, the outlet center currently contains approximately 288,000 square feet, with additional square footage totaling approximately 28,000 square feet related to an anchor tenant expected to be completed and opened in early 2016. During the second quarter of 2013, the co-owners purchased the land for $28.7 million and broke ground on construction. As of December 31, 2014, our share of the costs incurred to date for the development of the outlet center, which was funded with equity, totaled approximately $45.3 million. | |||||||||||||||||
In November 2014, the co-owners opened an approximately 149,000 square foot expansion to the existing Cookstown Outlet Mall, bringing the total square feet of the outlet center to approximately 305,000 square feet. The co-owners acquired land adjacent to the existing Cookstown Outlet Mall in March 2013 for $13.8 million and commenced construction of the expansion in May 2013. As of December 31, 2014, our share of the incurred costs related to the expansion and renovation of the existing outlet center, which was funded with equity, totaled approximately $27.1 million. | |||||||||||||||||
Other properties owned by the RioCan Canada co-owners include Les Factoreries Saint-Sauveur and Bromont Outlet Mall. Les Factoreries Saint-Sauveur, is located northwest of Montreal adjacent to Highway 15 in the town of Saint-Sauveur, Quebec and is approximately 116,000 square feet. The Bromont Outlet Mall, is located east of Montreal near the eastern townships adjacent to Highway 10 in the town of Bromont, Quebec and is approximately 161,000 square feet | |||||||||||||||||
During the first quarter of 2012, the co-owners terminated an option contract to develop a outlet center in Halton Hills, Ontario and accordingly wrote-off pre-development costs of approximately $1.4 million. | |||||||||||||||||
Savannah, Georgia | |||||||||||||||||
In January 2014, we announced a joint venture arrangement to develop Tanger Outlets Savannah. The outlet center will include approximately 377,000 square feet, and is located on I-95, just north of I-16 in Pooler, Georgia, adjacent to the City of Savannah, and near the Savannah International Airport. As of December 31, 2014, our equity contributions totaled $45.2 million and our partner’s equity contributions totaled $7.4 million. Contributions we make in excess of our partners' equity contributions will earn a preferred rate of return equal to 8% from the date the contributions are made until the outlet center’s grand opening date, and then 10% annually thereafter. | |||||||||||||||||
The joint venture has an interest only mortgage loan with the ability to borrow up to $93.0 million at an interest rate of LIBOR + 1.65%. The loan initially matures on May 21, 2017, with two, one -year extension options. As of December 31, 2014, the balance on the loan was $25.5 million. We are providing development, management and marketing services to the joint venture; and with our partner, are jointly providing leasing services to the outlet center. | |||||||||||||||||
Westgate, Glendale, Arizona | |||||||||||||||||
In November 2014, the joint venture completed approximately 50,000 square feet of a 78,000 square foot expansion of the existing property which upon completion will bring the total square feet of the outlet center to approximately 409,000 square feet. The remaining square footage is expected to be completed and opened in the first quarter of 2015. Construction commenced on the expansion during the second quarter of 2014 and was funded with borrowings under the amended Westgate mortgage loan. In May 2014, the joint venture amended and restated the initial construction loan to increase the amount available to borrow from $48.3 million to $62.0 million. The amended and restated loan matures in June 2015 with the option to extend the maturity date for two additional years. As of December 31, 2014, the balance on the loan was $54.0 million. | |||||||||||||||||
The Westgate outlet center opened in November 2012 and was developed through, and currently owned by, a joint venture that was formed in May 2012. We are providing property management, construction supervision, marketing and leasing services to the joint venture. | |||||||||||||||||
Wisconsin Dells, Wisconsin | |||||||||||||||||
The Wisconsin Dells outlet center opened in August 2006 as was developed through, and is currently owned by, a joint venture that was formed in March 2005. In December 2012, the joint venture closed on the refinance of its $24.3 million mortgage loan. The refinanced interest-only, non-recourse mortgage loan has a 10 year term and carries an interest rate of LIBOR + 2.25%. We are providing property management, leasing and marketing services to the joint venture. | |||||||||||||||||
In February 2015, we closed on the sale of our equity interest in the joint venture that owned an outlet center in Wisconsin Dells, Wisconsin for approximately $15.6 million. As a result of this transaction, we expect to record a gain of approximately $13.9 million in the first quarter of 2015, which represents the difference between the carrying value of our equity method investment and the purchase price. | |||||||||||||||||
Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2014 and 2013 is as follows (in thousands): | |||||||||||||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | 2014 | 2013 | |||||||||||||||
Assets | |||||||||||||||||
Land | $ | 102,601 | $ | 66,020 | |||||||||||||
Buildings, improvements and fixtures | 542,501 | 327,972 | |||||||||||||||
Construction in progress, including land | 104,780 | 86,880 | |||||||||||||||
749,882 | 480,872 | ||||||||||||||||
Accumulated depreciation | (48,233 | ) | (29,523 | ) | |||||||||||||
Total rental property, net | 701,649 | 451,349 | |||||||||||||||
Cash and cash equivalents | 46,917 | 22,704 | |||||||||||||||
Deferred lease costs, net | 21,234 | 19,281 | |||||||||||||||
Deferred debt origination costs, net | 5,995 | 1,737 | |||||||||||||||
Prepaids and other assets | 12,766 | 9,107 | |||||||||||||||
Total assets | $ | 788,561 | $ | 504,178 | |||||||||||||
Liabilities and Owners' Equity | |||||||||||||||||
Mortgages payable | $ | 358,219 | $ | 222,058 | |||||||||||||
Accounts payable and other liabilities | 70,795 | 8,540 | |||||||||||||||
Total liabilities | 429,014 | 230,598 | |||||||||||||||
Owners' equity | 359,547 | 273,580 | |||||||||||||||
Total liabilities and owners' equity | $ | 788,561 | $ | 504,178 | |||||||||||||
Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: | Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenues (1) | $ | 78,625 | $ | 85,682 | $ | 54,936 | |||||||||||
Expenses: | |||||||||||||||||
Property operating | 30,986 | 31,610 | 24,678 | ||||||||||||||
General and administrative | 621 | 977 | 970 | ||||||||||||||
Acquisition costs | — | 477 | 1,437 | ||||||||||||||
Abandoned development costs | 472 | 153 | 1,447 | ||||||||||||||
Impairment charge | — | — | 420 | ||||||||||||||
Depreciation and amortization | 23,426 | 26,912 | 19,914 | ||||||||||||||
Total expenses | 55,505 | 60,129 | 48,866 | ||||||||||||||
Operating income | 23,120 | 25,553 | 6,070 | ||||||||||||||
Gain on early extinguishment of debt (2) | — | 13,820 | — | ||||||||||||||
Interest expense | (5,459 | ) | (11,602 | ) | (14,760 | ) | |||||||||||
Net income (loss) | $ | 17,661 | $ | 27,771 | $ | (8,690 | ) | ||||||||||
The Company and Operating Partnership's share of: | |||||||||||||||||
Net income (loss) | $ | 9,053 | $ | 11,040 | $ | (3,295 | ) | ||||||||||
Depreciation and asset impairments (real estate related) (2) | 12,212 | 12,419 | 8,245 | ||||||||||||||
-1 | Note that revenues for the year ended December 31, 2013 include approximately $9.5 million of other income from the settlement of a lawsuit at Deer Park prior to our acquisition of an additional one-third interest in and the consolidation of the property. | ||||||||||||||||
-2 | Represents a gain on early extinguishment of debt that was recorded as part of the refinancing of the debt at Deer Park in August 2013 (See Note 3). |
Deferred_Charges
Deferred Charges | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs [Abstract] | |||||||||
Deferred Charges | Deferred Charges | ||||||||
Deferred lease costs and other intangibles, net as of December 31, 2014 and 2013 consist of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Deferred lease costs | $ | 61,205 | $ | 60,657 | |||||
Intangible assets: | |||||||||
Above market leases | 44,144 | 49,584 | |||||||
Lease in place value | 69,893 | 102,085 | |||||||
Tenant relationships | 57,230 | 62,438 | |||||||
Other intangibles | 42,789 | 45,534 | |||||||
275,261 | 320,298 | ||||||||
Accumulated amortization | (134,378 | ) | (156,717 | ) | |||||
Deferred lease costs and other intangibles, net | $ | 140,883 | $ | 163,581 | |||||
Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2014 and 2013 were $12.9 million and $15.7 million, respectively. | |||||||||
Amortization of deferred lease costs and other intangibles, excluding above and below market leases, included in depreciation and amortization for the years ended December 31, 2014, 2013 and 2012 was $20.9 million, $19.8 million and $24.1 million, respectively. | |||||||||
Amortization of above and below market lease intangibles recorded as an increase or (decrease) in base rentals for the years ended December 31, 2014, 2013 and 2012 was $(2.8) million, $(686,000) and $803,000, respectively. | |||||||||
Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): | |||||||||
Year | Above/below market leases, net | Deferred lease costs and other intangibles | |||||||
2015 | $ | 2,324 | $ | 11,478 | |||||
2016 | 1,957 | 9,977 | |||||||
2017 | 1,997 | 8,195 | |||||||
2018 | 1,880 | 7,220 | |||||||
2019 | 466 | 4,922 | |||||||
Total | $ | 8,624 | $ | 41,792 | |||||
Deferred debt origination costs, net as of December 31, 2014 and 2013 consist of the following (in thousands): | |||||||||
2014 | 2013 | ||||||||
Deferred debt origination costs | $ | 22,126 | $ | 20,112 | |||||
Accumulated amortization | (10,000 | ) | (9,294 | ) | |||||
Deferred debt origination costs, net | $ | 12,126 | $ | 10,818 | |||||
Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2014, 2013 and 2012 was $2.4 million, $2.2 million and $2.3 million, respectively. |
Debt_of_the_Company
Debt of the Company (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Debt of the Company | Debt of the Company |
All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. | |
The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $520.0 million. As of December 31, 2014 and December 31, 2013, the Operating Partnership had amounts outstanding on these lines totaling $111.0 million and $16.2 million, respectively. | |
The Company also guarantees the Operating Partnership's unsecured term loan as well as its obligation with respect to the mortgage assumed in connection with the acquisition of the outlet center in Ocean City, Maryland in July 2011. As of December 31, 2014, the amounts outstanding on the term loan and mortgage were $250.0 million and $17.9 million, respectively. |
Debt_of_the_Operating_Partners
Debt of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||||||||||||
Debt of the Operating Partnership | Debt of the Operating Partnership | |||||||||||||||||||||
Debt as of December 31, 2014 and 2013 consists of the following (in thousands): | ||||||||||||||||||||||
As of | As of | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Premium | Principal | Premium | |||||||||||||||||
(Discount) | (Discount) | |||||||||||||||||||||
Senior, unsecured notes: | ||||||||||||||||||||||
Senior notes | 6.15 | % | Nov-15 | $ | — | $ | — | $ | 250,000 | $ | (211 | ) | ||||||||||
Senior notes | 6.125 | % | Jun-20 | 300,000 | (1,276 | ) | 300,000 | (1,469 | ) | |||||||||||||
Senior notes | 3.875 | % | Dec-23 | 250,000 | (3,732 | ) | 250,000 | (4,072 | ) | |||||||||||||
Senior notes | 3.75 | % | Dec-24 | $ | 250,000 | $ | (1,418 | ) | — | — | ||||||||||||
Mortgages payable: | ||||||||||||||||||||||
Atlantic City (1) | 5.14%-7.65% | November 2021- December 2026 | 45,997 | 3,694 | 48,535 | 4,091 | ||||||||||||||||
Deer Park | LIBOR + 1.50% | Aug-18 | 150,000 | (1,161 | ) | 150,000 | (1,478 | ) | ||||||||||||||
Hershey (1) | 5.17%-8.00% | Aug-15 | 29,271 | 399 | 29,970 | 993 | ||||||||||||||||
Ocean City (1) | 5.24 | % | Jan-16 | 17,827 | 99 | 18,193 | 193 | |||||||||||||||
Foxwoods | LIBOR + 1.65% | Dec-17 | 25,235 | — | — | — | ||||||||||||||||
Note payable (1) | 1.5 | % | Jun-16 | 10,000 | (241 | ) | 10,000 | (396 | ) | |||||||||||||
Unsecured term loan | LIBOR + 1.05% | Feb-19 | 250,000 | — | 250,000 | — | ||||||||||||||||
Unsecured term note | LIBOR + 1.30% | Aug-17 | 7,500 | — | 7,500 | — | ||||||||||||||||
Unsecured lines of credit | LIBOR + 1.00% | Oct-17 | 111,000 | — | 16,200 | — | ||||||||||||||||
$ | 1,446,830 | $ | (3,636 | ) | $ | 1,330,398 | $ | (2,349 | ) | |||||||||||||
-1 | The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05%, Ocean City 4.68%, Hershey 3.40% and note payable 3.15%. | |||||||||||||||||||||
Certain of our properties, which had a net book value of approximately $602.7 million at December 31, 2014, serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million. The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased to $750.0 million through an accordion feature in certain circumstances. | ||||||||||||||||||||||
We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. | ||||||||||||||||||||||
The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of December 31, 2014, we were in compliance with all of our debt covenants. | ||||||||||||||||||||||
2014 Transactions | ||||||||||||||||||||||
Foxwoods Mortgage | ||||||||||||||||||||||
In December 2014, the joint venture closed on a mortgage loan with the ability to borrow up to $70.3 million at an interest rate of LIBOR + 1.65%. The loan initially matures in December 2017, with two one -year extension options. The balance of this loan as of December 31, 2014 was $25.2 million. | ||||||||||||||||||||||
Amendment of $250.0 Million Unsecured Term Loan | ||||||||||||||||||||||
In July 2014, we entered into an amendment of our $250.0 million unsecured term loan which matures in February 2019. The amendment reduced the interest rate on the loan from LIBOR + 1.60% to LIBOR + 1.05%. No other material terms of the loan were amended. | ||||||||||||||||||||||
$250.0 Million Unsecured Senior Notes | ||||||||||||||||||||||
In November 2014, Tanger Properties Limited Partnership completed a public offering of $250.0 million in senior notes due 2024 in an underwritten public offering. The notes were priced at 99.429% of the principal amount to yield 3.819% to maturity. The notes will pay interest semi-annually at a rate of 3.750% per annum and mature on December 1, 2024. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $246.2 million. We used the net proceeds from the sale of the notes to redeem our $250.0 million 6.15% senior notes due November 2015. We recorded a charge of approximately $13.1 million for the make-whole premium related to the early redemption, which was completed in December 2014. | ||||||||||||||||||||||
2013 Transactions | ||||||||||||||||||||||
Assumption of $150.0 Mortgage and Entrance into Derivatives | ||||||||||||||||||||||
In August 2013, as part of the acquisition of a controlling ownership interest in Deer Park, we assumed an $150.0 million interest only mortgage loan, including a fair value discount of $1.6 million. The loan has a five year term and carries an interest rate of LIBOR + 1.50%. In October 2013, we entered into interest rate swap agreements to reduce our floating rate debt exposure by locking the interest rate on the $150.0 million mortgage. The interest rate swap agreements fix the base LIBOR rate at an average of 1.30%, creating a contractual interest rate for the loan of 2.80% through August 2018. | ||||||||||||||||||||||
Extension of Unsecured Lines of Credit | ||||||||||||||||||||||
In October 2013, we closed on amendments to our unsecured lines of credit, extending the maturity, and reducing the overall borrowing costs. The maturity of these facilities was extended from November 10, 2015 to October 24, 2017 with the ability to further extend the maturity for an additional year at our option. The annual commitment fee, which is payable on the full $520.0 million in loan commitments, was reduced from 0.175% to 0.15%, and the interest rate spread over LIBOR was reduced from 1.10% to 1.00% based on our current credit rating. Loan origination costs associated with the amendments totaled approximately $1.5 million. | ||||||||||||||||||||||
$250.0 Million Unsecured Senior Notes | ||||||||||||||||||||||
In November 2013, Tanger Properties Limited Partnership completed a public offering of $250.0 million in senior notes due 2023 in an underwritten public offering. The notes were priced at 98.360% of the principal amount to yield 4.076% to maturity. The notes will pay interest semi-annually at a rate of 3.875% per annum and mature on December 1, 2023. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $243.6 million. We used the net proceeds from the sale of the notes to repay borrowings under our unsecured lines of credit. | ||||||||||||||||||||||
2012 Transactions | ||||||||||||||||||||||
In February 2012, the Operating Partnership closed on a seven-year $250.0 million unsecured term loan. The term loan is interest only, matures in the first quarter of 2019 and is pre-payable without penalty beginning in February of 2015. Based on our credit ratings at that time, and until amended in July 2014, the loan had an interest rate of LIBOR + 1.60%. We used the net proceeds of the term loan to reduce the outstanding balances on our unsecured lines of credit. | ||||||||||||||||||||||
Debt Maturities | ||||||||||||||||||||||
Maturities of the existing long-term debt as of December 31, 2014 are as follows (in thousands): | ||||||||||||||||||||||
Calendar Year | Amount | |||||||||||||||||||||
2015 | $ | 32,343 | ||||||||||||||||||||
2016 | 30,283 | |||||||||||||||||||||
2017 | 146,743 | |||||||||||||||||||||
2018 | 153,183 | |||||||||||||||||||||
2019 | 253,369 | |||||||||||||||||||||
Thereafter | 830,909 | |||||||||||||||||||||
Subtotal | 1,446,830 | |||||||||||||||||||||
Net discount | (3,636 | ) | ||||||||||||||||||||
Total | $ | 1,443,194 | ||||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||
The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | 2014 | 2013 | ||||||||||||||
Assets: | ||||||||||||||||||||
14-Nov-13 | 14-Aug-18 | $ | 50,000 | 1 month LIBOR | 1.3075 | % | $ | 26 | $ | 455 | ||||||||||
14-Nov-13 | 14-Aug-18 | 50,000 | 1 month LIBOR | 1.297 | % | 40 | 440 | |||||||||||||
14-Nov-13 | 14-Aug-18 | 50,000 | 1 month LIBOR | 1.3025 | % | 29 | 487 | |||||||||||||
Total | $ | 150,000 | $ | 95 | $ | 1,382 | ||||||||||||||
The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges. | ||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, if any, is recognized directly in earnings. | ||||||||||||||||||||
The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012, respectively (in thousands): | ||||||||||||||||||||
Location of Reclassification from Accumulated Other Comprehensive Income Into Income | December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Interest Rate Swaps (Effective Portion): | ||||||||||||||||||||
Amount of (gain) loss recognized in other comprehensive income on derivative | $ | (1,287 | ) | $ | 1,382 | $ | — | |||||||||||||
Treasury Rate Lock (Effective Portion): | ||||||||||||||||||||
Amount of gain reclassified from accumulated other comprehensive income into income | Interest Expense | $ | 741 | $ | 371 | $ | 351 | |||||||||||||
In 2005, we settled two US treasury rate lock agreements associated with a 10 year senior, unsecured bond offering and received approximately $3.2 million. The unamortized balance of the settled agreements as of December 31, 2013 was $741,000. We fully amortized the remaining balance during 2014 in connection with the early redemption of the associated 10 year senior, unsecured notes in December 2014. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows: | |||||||||||||||||
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 | ||||||||||||||||
The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): | |||||||||||||||||
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, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 95 | $ | — | $ | 95 | $ | — | |||||||||
Total assets | $ | 95 | $ | — | $ | 95 | $ | — | |||||||||
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, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 1,382 | $ | — | $ | 1,382 | $ | — | |||||||||
Total assets | $ | 1,382 | $ | — | $ | 1,382 | $ | — | |||||||||
The estimated fair value of our debt, consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit, at December 31, 2014 and December 31, 2013, was $1.5 billion and $1.4 billion, respectively, and its recorded value was $1.4 billion and $1.3 billion, respectively. With the exception of the unsecured term loan and unsecured lines of credit, that have variable rates and considered at market value, fair values of the senior notes and mortgage loans are determined using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements. Because the Company's senior unsecured notes are publicly traded with limited trading volume, these instruments are classified as Level 2 in the hierarchy. In contrast, mortgage loans are classified as Level 3 given the unobservable inputs utilized in the valuation. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on the disposition of the financial instruments. | |||||||||||||||||
The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. |
Shareholders_Equity_of_the_Com
Shareholders' Equity of the Company (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Stockholders' Equity of the Company | Shareholders' Equity of the Company |
2014 Transactions | |
For the year ended December 31, 2014, Non-Company LPs exchanged a total of 66,606 Class A common limited partnership units of the Operating Partnership for an equal number of common shares of the Company. After the above described exchanges, the Non-Company LPs owned 5,078,406 Class A common limited partnership units. Each Class A common limited partnership unit is exchangeable for one common share of the Company. | |
2013 Transactions | |
For the year ended December 31, 2013, Non-Company LPs exchanged a total of 67,428 Class A common limited partnership units of the Operating Partnership for an equal number of common shares of the Company. After the above described exchanges, the Non-Company LPs owned 5,145,012 Class A common limited partnership units. | |
2012 Transactions | |
For the year ended December 31, 2012, Non-Company LPs exchanged a total of 6,730,028 Class A common limited partnership units of the Operating Partnership for an equal number of common shares of the Company. |
Partners_Equity_of_the_Operati
Partners' Equity of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |||||||||||||
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership | ||||||||||||
In August 2013, the Operating Partnership's operating agreement was amended to, among other things, effect a four-for-one split of the outstanding partnership units. After the effect of the split, each Class A common limited partnership unit held by Non-Company LPs may be exchanged for one common share of the Company. Prior to the split, each unit held by the Non-Company LPs was exchangeable for four common shares of the Company. All references to the number of units outstanding and per unit amounts reflect the effect of the split for all periods presented. | |||||||||||||
All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the issuance of restricted share awards or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP trust, a wholly owned subsidiary of the Company. | |||||||||||||
Also, in August 2013 as disclosed in Note 3, the Operating Partnership issued 450,576 Class A common limited partnership units as partial consideration for the acquisition of an additional one-third interest in Deer Park. | |||||||||||||
The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Limited Partnership Units | |||||||||||||
General partnership units | Class A | Class B | Total | ||||||||||
Balance December 31, 2011 | 1,000,000 | 11,491,892 | 85,727,656 | 97,219,548 | |||||||||
Exchange of Class A limited partnership units | — | (6,730,028 | ) | 6,730,028 | — | ||||||||
Issuance of restricted units | — | — | 566,000 | 566,000 | |||||||||
Units issued upon exercise of options | — | — | 37,700 | 37,700 | |||||||||
Balance December 31, 2012 | 1,000,000 | 4,761,864 | 93,061,384 | 97,823,248 | |||||||||
Exchange of Class A limited partnership units | — | (67,428 | ) | 67,428 | — | ||||||||
Issuance of restricted units | — | — | 332,373 | 332,373 | |||||||||
Units issued upon exercise of options | — | — | 44,500 | 44,500 | |||||||||
Units issued as consideration for business acquisition (see Note 3) | — | 450,576 | — | 450,576 | |||||||||
Balance December 31, 2013 | 1,000,000 | 5,145,012 | 93,505,685 | 98,650,697 | |||||||||
Units withheld for employee income taxes | — | — | (412,239 | ) | (412,239 | ) | |||||||
Exchange of Class A limited partnership units | — | (66,606 | ) | 66,606 | — | ||||||||
Issuance of restricted units | — | — | 1,302,729 | 1,302,729 | |||||||||
Units issued upon exercise of options | — | — | 47,000 | 47,000 | |||||||||
Balance December 31, 2014 | 1,000,000 | 5,078,406 | 94,509,781 | 99,588,187 | |||||||||
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Noncontrolling Interests | Noncontrolling Interests | ||||||||
Noncontrolling interests in the Operating Partnership relate to the interests in the Operating Partnership owned by Non-Company LPs as discussed in Note 2. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships not wholly owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. | |||||||||
As discussed in Note 12, Non-Company LPs exchanged during 2014 a total of 66,606 Class A Common limited partnership units for an equal number of common shares of the Company, and during 2013 a total of 67,428 Class A common limited partnership units for an equal number of common shares of the Company. Therefore, the Company recorded an increase to additional paid-in capital of $741,000 during 2014 and $11.1 million in 2013 to reflect the transfer of ownership interests from a noncontrolling unit holder to a shareholder of the Company's common shares. The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows: | |||||||||
2014 | 2013 | ||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 74,011 | $ | 107,557 | |||||
Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (1) | 741 | 11,130 | |||||||
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $ | 74,752 | $ | 118,687 | |||||
-1 | In 2014 and 2013, adjustments of the noncontrolling interest were made as a result of increases in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon exercise of options, share-based compensation and the issuance of common shares upon exchange of Class A common limited partnership units. |
Earnings_Per_Share_of_the_Comp
Earnings Per Share of the Company (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||
Earnings Per Share of the Company | Earnings Per Share of the Company | ||||||||||||
The following table sets forth a reconciliation of the numerators and denominators in computing earnings per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
NUMERATOR | |||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 74,011 | $ | 107,557 | $ | 53,228 | |||||||
Less allocation of earnings to participating securities | (1,872 | ) | (1,126 | ) | (784 | ) | |||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 72,139 | $ | 106,431 | $ | 52,444 | |||||||
DENOMINATOR | |||||||||||||
Basic weighted average common shares | 93,769 | 93,311 | 91,733 | ||||||||||
Effect of notional units | — | 849 | 846 | ||||||||||
Effect of outstanding options and certain restricted common shares | 70 | 87 | 82 | ||||||||||
Diluted weighted average common shares | 93,839 | 94,247 | 92,661 | ||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 0.77 | $ | 1.14 | $ | 0.57 | |||||||
Diluted earnings per common share: | |||||||||||||
Net income | $ | 0.77 | $ | 1.13 | $ | 0.57 | |||||||
The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method. Notional units granted in 2010 were converted into 933,769 restricted common shares in January 2014. The restricted common shares vested on December 31, 2014 and were considered participating securities through the vesting date. | |||||||||||||
The computation of diluted earnings per share excludes options to purchase common shares when the exercise price is greater than the average market price of the common shares for the period. For the years ended December 31, 2014 and 2012, 259,000 options and 17,600 options were excluded from the computation, respectively. There were no options excluded from the computation for the year end December 31, 2013. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share. | |||||||||||||
Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares' participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method. |
Earnings_Per_Unit_of_the_Opera
Earnings Per Unit of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership | ||||||||||||
The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per unit amounts). Note that all per unit amounts reflect a four-for-one split of the Operating Partnership's units in August 2013: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income attributable to partners of the Operating Partnership | $ | 78,048 | $ | 113,200 | $ | 56,495 | |||||||
Allocation of earnings to participating securities | (1,873 | ) | (1,129 | ) | (784 | ) | |||||||
Net income available to common unitholders of the Operating Partnership | $ | 76,175 | $ | 112,071 | $ | 55,711 | |||||||
Denominator | |||||||||||||
Basic weighted average common units | 98,883 | 98,193 | 97,677 | ||||||||||
Effect of notional units | — | 849 | 846 | ||||||||||
Effect of outstanding options and certain restricted common units | 70 | 87 | 82 | ||||||||||
Diluted weighted average common units | 98,953 | 99,129 | 98,605 | ||||||||||
Basic earnings per common unit: | |||||||||||||
Net income | $ | 0.77 | $ | 1.14 | $ | 0.57 | |||||||
Diluted earnings per common unit: | |||||||||||||
Net income | $ | 0.77 | $ | 1.13 | $ | 0.57 | |||||||
The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method. Notional units granted in 2010 were converted into 933,769 restricted common units in January 2014. The restricted common units vested on December 31, 2014 and were considered participating securities through the vesting date. | |||||||||||||
The computation of diluted earnings per unit excludes options to purchase common units when the exercise price is greater than the average market price of the common units for the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the years ended December 31, 2014 and 2012, 259,000 options and 17,600 options were excluded from the computation, respectively. There were no options excluded from the computation for the year end December 31, 2013. | |||||||||||||
Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
EquityBased_Compensation
Equity-Based Compensation (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||
Equity-Based Compensation | Equity-Based Compensation | ||||||||||||||||||
We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers and our employees. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. | |||||||||||||||||||
We may issue up to 15.4 million common shares under the Plan. Through December 31, 2014, we had granted 7,583,960 options, net of options forfeited; 4,573,683 restricted common share awards, net of restricted common shares forfeited or withheld for employees' tax obligations; and notional units which may result in the issuance of a maximum of 644,850 common shares. Shares remaining available for future issuance totaled 2,597,507 common shares. The amount and terms of the awards granted under the Plan were determined by the Board of Directors (or the Compensation Committee of the Board of Directors). | |||||||||||||||||||
In February 2014, the Company granted 282,500 options to non-executive employees of the Company. The exercise price of the options granted during the first quarter of 2014 was $32.02 which equaled the closing market price of the Company's common shares on the day prior to the grant date. The options expire 10 years from the date of grant and 20% of the options become exercisable in each of the first five years commencing one year from the date of grant. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: expected dividend yield 2.8%; expected life of 7 years; expected volatility of 32%; a risk-free rate of 2.46%; and forfeiture rates of 3.0% to 13.5% dependent upon the employee's position within the Company. | |||||||||||||||||||
In February 2014 and 2013, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2014 Outperformance Plan (the “2014 OPP") and the 2013 Outperformance Plan (the “2013 OPP"). The 2014 OPP and 2013 OPP are long-term performance based incentive compensation plans pursuant to which award recipients may earn up to an aggregate of 329,700 and 315,150 restricted common shares, respectively, of the Company based on the Company’s absolute share price appreciation (or total shareholder return) and its share price appreciation relative to its peer group over a three year measurement period. The measurement period for the 2014 OPP is January 1, 2014 through December 31, 2016 and for the 2013 OPP is January 1, 2013 through December 31, 2015. | |||||||||||||||||||
Any shares earned at the end of the three year measurement period are subject to a time based vesting schedule, with 50% of the shares vesting in the January immediately following the measurement period, and the remaining 50% vesting in January one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability. | |||||||||||||||||||
The maximum number of shares will be earned under these plans if the Company both (a) achieves 35% or higher share price appreciation, inclusive of all dividends paid, over the respective three-year measurement periods and (b) is in the 70th or greater percentile of its peer group for total shareholder return over the respective three-year measurement periods. The maximum value of the awards that could be earned on December 31, 2015 and December 31, 2016, if the Company achieves or exceeds the 35% share price appreciation and is in the 70th or greater percentile of its peer group for total shareholder return over the applicable three-year measurement period, will equal approximately $13.3 million and $14.3 million, respectively. | |||||||||||||||||||
With respect to 70% of the performance shares, 33.33% of this portion of the award will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 25% over the three-year measurement period, 66.67% of the award will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period equals 30%, and 100% of this portion of the award will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 35% or higher. | |||||||||||||||||||
With respect to 30% of the performance shares, 33.33% of this portion of the award will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 50th percentile of its peer group over the three-year measurement period, 66.67% of this portion of the award will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 60th percentile of its peer group during this period, and 100% of this portion of the award will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 70th percentile of its peer group or greater during this period. The peer group will be based on the SNL Equity REIT index. | |||||||||||||||||||
The performance shares will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute share price appreciation and for relative share price appreciation amongst the Company's peer group. The share price targets will be reduced on a penny-for-penny basis with respect to any dividend payments made during the measurement period. The compensation expense is amortized using the graded vesting attribution method over the requisite service period. The fair value of the awards are calculated using a Monte Carlo simulation pricing model. | |||||||||||||||||||
During 2014, 2013 and 2012, the Company granted 373,960, 349,373 and 346,000 restricted common shares, respectively, to the independent directors and the senior executive officers. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted common shares vest ratably over a five year period. For the restricted shares issued to our chief executive officer during 2014 and 2013, the restricted share agreement requires him to hold the shares for a minimum of three years following each applicable vesting date thereof. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares. For all of the restricted common share awards described above, the grant date fair value of the award was determined based upon the closing market price of the Company's common shares on the day prior to the grant date and the associated compensation expense is being recognized in accordance with the vesting schedule of each grant. | |||||||||||||||||||
In addition, during February 2012, the Company granted 225,000 restricted common shares with a grant date fair value of $25.44 to Steven B. Tanger, our President and Chief Executive Officer, under the terms of his amended and restated Employment Agreement (the "Employment Agreement") signed on February 28, 2012. Under the terms of the Employment Agreement, the Company granted Mr. Tanger the following: 45,000 fully-vested common shares; 90,000 restricted common shares that vest ratably over five years based on Mr. Tanger's continued employment with the Company and 90,000 restricted common shares that vest ratably over five years based on Mr. Tanger's continued employment with the Company and the Company achieving certain minimum total returns to shareholders. | |||||||||||||||||||
During the first quarter of 2010, the Company's Compensation Committee approved the general terms of the Tanger Factory Outlet Centers, Inc. 2010 Multi-Year Performance Plan, (the "2010 Multi Year Performance Plan"). Under the 2010 Multi-Year Performance Plan, we granted 392,000 notional units, net of notional units forfeited, to award recipients as a group, which would convert into restricted common shares on a one-for one basis, one-for two basis, or one-for-three basis depending upon the amount by which the Company's common shares appreciated above a minimum level over a four year performance period ending December 31, 2013, not to exceed a total value of approximately $32.2 million. Based on the Company's performance over the four year measurement period, we issued 933,769 restricted common shares in January 2014 which vested on December 31, 2014 contingent on continued employment through the vesting date. In accordance with the plan, on December 31, 2013, we accrued approximately $3.8 million which represented cumulative dividends that would have been paid to the award recipients had the number of earned common shares been issued at the beginning of the performance period. The amount accrued was paid in January 2014. | |||||||||||||||||||
We recorded share based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively, as follows (in thousands): | |||||||||||||||||||
2014 | 2013 | 2012(1) | |||||||||||||||||
Restricted common shares | $ | 9,978 | $ | 8,354 | $ | 8,497 | |||||||||||||
Notional unit performance awards | 4,313 | 2,847 | 1,970 | ||||||||||||||||
Options | 459 | 175 | 209 | ||||||||||||||||
Total share based compensation | $ | 14,750 | $ | 11,376 | $ | 10,676 | |||||||||||||
-1 | For the year ended December 31, 2012, includes approximately $1.3 million of compensation expense related to 45,000 common shares that vested immediately upon grant related to the Employment Agreement described above. | ||||||||||||||||||
Share-based compensation expense capitalized as a part of rental property and deferred lease costs during the years ended December 31, 2014, 2013 and 2012 was $709,000, $367,000 and $368,000, respectively. | |||||||||||||||||||
Options outstanding at December 31, 2014 had the following weighted average exercise prices and weighted average remaining contractual lives: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Exercise prices | Options | Weighted average exercise price | Weighted remaining contractual life in years | Options | Weighted average exercise price | ||||||||||||||
$ | 26.06 | 113,000 | $ | 26.06 | 6.09 | 52,600 | $ | 26.06 | |||||||||||
32.02 | 257,500 | 32.02 | 9.01 | — | — | ||||||||||||||
370,500 | $ | 30.2 | 8.12 | 52,600 | $ | 26.06 | |||||||||||||
A summary of option activity under our Amended and Restated Incentive Award Plan as of December 31, 2014 and changes during the year then ended is presented below (aggregate intrinsic value amount in thousands): | |||||||||||||||||||
Options | Shares | Weighted-average exercise price | Weighted-average remaining contractual life in years | Aggregate intrinsic value | |||||||||||||||
Outstanding as of December 31, 2013 | 166,300 | $ | 24.13 | ||||||||||||||||
Granted | 282,500 | 32.02 | |||||||||||||||||
Exercised | (47,000 | ) | 19.22 | ||||||||||||||||
Forfeited | (31,300 | ) | 31.11 | ||||||||||||||||
Outstanding as of December 31, 2014 | 370,500 | $ | 30.2 | 8.12 | $ | 2,759 | |||||||||||||
Vested and Expected to Vest as of | |||||||||||||||||||
31-Dec-14 | 291,661 | $ | 30.07 | 8.05 | $ | 2,212 | |||||||||||||
Exercisable as of December 31, 2014 | 52,600 | $ | 26.06 | 6.02 | $ | 610 | |||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $724,000, $905,000 and $716,000, respectively. | |||||||||||||||||||
The following table summarizes information related to unvested restricted common shares outstanding as of December 31, 2014: | |||||||||||||||||||
Unvested Restricted Common Shares | Number of shares | Weighted average grant date fair value | |||||||||||||||||
Outstanding at December 31, 2013 | 1,057,966 | $ | 26.91 | ||||||||||||||||
Granted | 1,307,729 | 26.5 | |||||||||||||||||
Vested | (1,266,245 | ) | 24.67 | ||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Outstanding at December 31, 2014 | 1,099,450 | $ | 29.01 | ||||||||||||||||
The total value of restricted common shares vested during the years ended 2014, 2013 and 2012 was $46.6 million, $10.9 million and $10.6 million, respectively. We withheld shares with value equivalent to the employees' minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total number of shares withheld was 412,239 for 2014, and was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. No shares were withheld during 2013 and 2012. Total amounts paid for the employees' tax obligation to taxing authorities was $15.5 million for 2014 and is reflected as a financing activity within the consolidated statements of cash flows. | |||||||||||||||||||
As of December 31, 2014, there was $30.9 million of total unrecognized compensation cost related to unvested common share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.9 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income of the Company (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income of the Company | Accumulated Other Comprehensive Income of the Company | ||||||||||||||||||||||||
The following table presents changes in the balances of each component of accumulated comprehensive income for the year ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | ||||||||||||||||||||
Balance December 31, 2011 | $ | — | $ | 1,535 | $ | 1,535 | $ | — | $ | (72 | ) | $ | (72 | ) | |||||||||||
Amortization of cash flow hedges | — | (330 | ) | (330 | ) | — | (21 | ) | (21 | ) | |||||||||||||||
Unrealized loss on foreign currency translation adjustments | (5 | ) | — | (5 | ) | — | — | — | |||||||||||||||||
Balance December 31, 2012 | (5 | ) | 1,205 | 1,200 | — | (93 | ) | (93 | ) | ||||||||||||||||
Amortization of cash flow hedges | — | (353 | ) | (353 | ) | — | (18 | ) | (18 | ) | |||||||||||||||
Unrealized loss on foreign currency translation adjustments | (4,708 | ) | — | (4,708 | ) | (260 | ) | — | (260 | ) | |||||||||||||||
Change in fair value of cash flow hedges | — | 1,310 | 1,310 | — | — | — | |||||||||||||||||||
Realized loss on foreign currency | 123 | — | 123 | 6 | 72 | 78 | |||||||||||||||||||
Balance December 31, 2013 | (4,590 | ) | 2,162 | (2,428 | ) | (254 | ) | (39 | ) | (293 | ) | ||||||||||||||
Amortization of cash flow hedges | — | (852 | ) | (852 | ) | — | 111 | 111 | |||||||||||||||||
Unrealized loss on foreign currency translation adjustments | (9,523 | ) | — | (9,523 | ) | (519 | ) | — | (519 | ) | |||||||||||||||
Change in fair value of cash flow hedges | — | (1,220 | ) | (1,220 | ) | — | (67 | ) | (67 | ) | |||||||||||||||
Balance December 31, 2014 | $ | (14,113 | ) | $ | 90 | $ | (14,023 | ) | $ | (773 | ) | $ | 5 | $ | (768 | ) | |||||||||
The following represents amounts reclassified out of accumulated other comprehensive income into earnings during the years ended December 31, 2014, 2013, and 2012, respectively: | |||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in Statement of Operations | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amortization of cash flow hedges | $ | (852 | ) | $ | (353 | ) | $ | (330 | ) | Interest expense | |||||||||||||||
Realized loss on foreign currency | — | 123 | — | Interest expense | |||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income of the Operating Partnership (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||
Accumulated Other Comprehensive Income of the Operating Partnership | Accumulated Other Comprehensive Income of the Operating Partnership | ||||||||||||||
The following table presents changes in the balances of each component of accumulated comprehensive income for the year ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance December 31, 2011 | $ | — | $ | 1,463 | $ | 1,463 | |||||||||
Amortization of cash flow hedges | — | (351 | ) | (351 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (5 | ) | — | (5 | ) | ||||||||||
Balance December 31, 2012 | (5 | ) | 1,112 | 1,107 | |||||||||||
Amortization of cash flow hedges | — | (371 | ) | (371 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (4,968 | ) | — | (4,968 | ) | ||||||||||
Change in fair value of cash flow hedges | — | 1,382 | 1,382 | ||||||||||||
Realized loss on foreign currency | 129 | — | 129 | ||||||||||||
Balance December 31, 2013 | (4,844 | ) | 2,123 | (2,721 | ) | ||||||||||
Amortization of cash flow hedges | — | (741 | ) | (741 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (10,042 | ) | — | (10,042 | ) | ||||||||||
Change in fair value of cash flow hedges | — | (1,287 | ) | (1,287 | ) | ||||||||||
Balance December 31, 2014 | $ | (14,886 | ) | $ | 95 | $ | (14,791 | ) | |||||||
The following represents amounts reclassified out of accumulated other comprehensive income into earnings during the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in Statement of Operations | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Amortization of cash flow hedges | $ | (741 | ) | $ | (371 | ) | $ | (351 | ) | Interest expense | |||||
Realized loss on foreign currency | — | 129 | — | Interest expense | |||||||||||
Supplementary_Income_Statement
Supplementary Income Statement Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplementary Income Statement Information [Abstract] | |||||||||||||
Supplementary Income Statement Information | Supplementary Income Statement Information | ||||||||||||
The following amounts are included in property operating expenses in income from continuing operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Advertising and promotion | $ | 25,431 | $ | 24,035 | $ | 23,051 | |||||||
Common area maintenance | 65,980 | 57,693 | 53,179 | ||||||||||
Real estate taxes | 25,644 | 21,976 | 19,842 | ||||||||||
Other operating expenses | 20,367 | 17,342 | 15,088 | ||||||||||
$ | 137,422 | $ | 121,046 | $ | 111,160 | ||||||||
Lease_Agreements
Lease Agreements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Lease Agreements | Lease Agreements | ||||
We are the lessor to over 2,400 stores in our 36 consolidated outlet centers, under operating leases with initial terms that expire from 2015 to 2032. Future minimum lease receipts under non-cancellable operating leases as of December 31, 2014, excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): | |||||
2015 | $ | 243,870 | |||
2016 | 219,461 | ||||
2017 | 190,130 | ||||
2018 | 156,436 | ||||
2019 | 119,864 | ||||
Thereafter | 359,049 | ||||
$ | 1,288,810 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Our non-cancelable operating leases, with initial terms in excess of one year, have terms that expire from 2014 to 2101. Annual rental payments for these leases totaled approximately $6.0 million, $5.8 million and $5.8 million, for the years ended December 31, 2014, 2013 and 2012, respectively. Minimum lease payments for the next five years and thereafter are as follows (in thousands): | |||||
2015 | $ | 5,807 | |||
2016 | 5,871 | ||||
2017 | 5,590 | ||||
2018 | 5,567 | ||||
2019 | 5,734 | ||||
Thereafter | 301,040 | ||||
$ | 329,609 | ||||
Commitments to complete construction of our ongoing capital projects and other capital expenditure requirements amounted to approximately $80.3 million at December 31, 2014. Commitments for construction represent only those costs contractually required to be paid by us. Our portion of contractual commitments for ongoing capital projects and other capital expenditure requirements related to our unconsolidated joint ventures amounted to approximately $33.5 million at December 31, 2014. | |||||
We are also subject to legal proceedings and claims which have arisen in the ordinary course of our business and have not been finally adjudicated. In our opinion, the ultimate resolution of these matters is not expected to have a material effect on our results of operations, financial condition or cash flows. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
In January 2015, we purchased land for approximately $14.8 million and commenced construction on the development of an approximately 310,000 square foot outlet center. The outlet center will be located less than five miles south of Memphis in Southaven, Mississippi at the northeast quadrant of I-69/55 and Church Road, with visibility on I-69/55. The outlet center is being developed through a joint venture in which we own a controlling interest and is consolidated for financial reporting purposes. |
Quarterly_Financial_Data_of_th
Quarterly Financial Data of the Company Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data of the Company (Unaudited) | Quarterly Financial Data of the Company (Unaudited) | ||||||||||||||||
The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2014 and 2013 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership. Amounts presented for "total revenues" and "operating income" for all quarters presented, except the fourth quarter of 2014 which had not been previously disclosed, have been modified from original amounts disclosed in our Form 10-Qs due to reclassifications of certain amounts related to interest income and other income (expense) in the consolidated statement of operations from the caption "other income" to the caption "interest and other income" which is not included in total revenues or operating income: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth | ||||||||||||||
Quarter(2) | |||||||||||||||||
Total revenues | $ | 102,783 | $ | 102,212 | $ | 105,189 | $ | 108,374 | |||||||||
Operating income | 28,368 | 32,625 | 35,283 | 35,587 | |||||||||||||
Net income | 15,440 | 19,895 | 24,297 | 18,520 | |||||||||||||
Income attributable to Tanger Factory Outlet Centers, Inc. | 14,616 | 18,850 | 23,003 | 17,542 | |||||||||||||
Income available to common shareholders of Tanger Factory Outlet Centers, Inc. | 14,187 | 18,369 | 22,522 | 17,061 | |||||||||||||
Basic earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.15 | $ | 0.2 | $ | 0.24 | $ | 0.18 | |||||||||
Diluted earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.15 | $ | 0.2 | $ | 0.24 | $ | 0.18 | |||||||||
-1 | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||
-2 | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter (2) | Fourth Quarter | ||||||||||||||
Total revenues | $ | 88,688 | $ | 91,002 | $ | 97,804 | $ | 107,325 | |||||||||
Operating income | 28,515 | 29,843 | 33,431 | 35,916 | |||||||||||||
Net income | 16,229 | 17,776 | 56,180 | 23,136 | |||||||||||||
Income attributable to Tanger Factory Outlet Centers, Inc. | 15,439 | 16,888 | 53,294 | 21,936 | |||||||||||||
Income available to common shareholders of Tanger Factory Outlet Centers, Inc. | 15,245 | 16,657 | 52,685 | 21,706 | |||||||||||||
Basic earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.16 | $ | 0.18 | $ | 0.56 | $ | 0.23 | |||||||||
Diluted earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.16 | $ | 0.18 | $ | 0.56 | $ | 0.23 | |||||||||
-1 | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||
-2 | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Schedule_III
Schedule III | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure | |||||||||||||||||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||||
Description | Initial cost to Company | Costs Capitalized | Gross Amount Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | December 31, 2014 (1) | ||||||||||||||||||||||||||||||||||||||
(Improvements) | |||||||||||||||||||||||||||||||||||||||
Outlet Center Name | Location | Encum-brances | Land | Buildings, | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date of | Life Used to | |||||||||||||||||||||||||||
Improve-ments & Fixtures | Improve-ments & Fixtures | Improve-ments & Fixtures | Depreciation | Construction or Acquisition | Compute | ||||||||||||||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||||||||||||||||||
in Income | |||||||||||||||||||||||||||||||||||||||
Statement | |||||||||||||||||||||||||||||||||||||||
Atlantic City | Atlantic City, NJ | $ | 49,691 | $ | — | $ | 125,988 | $ | — | $ | 3,142 | $ | — | $ | 129,130 | $ | 129,130 | $ | 16,019 | 2011 (3) | (2) | ||||||||||||||||||
Barstow | Barstow, CA | — | 3,281 | 12,533 | — | 21,831 | 3,281 | 34,364 | 37,645 | 18,948 | 1995 | (2) | |||||||||||||||||||||||||||
Blowing Rock | Blowing Rock, NC | — | 1,963 | 9,424 | — | 8,116 | 1,963 | 17,540 | 19,503 | 8,287 | 1997 (3) | (2) | |||||||||||||||||||||||||||
Branson | Branson, MO | — | 4,407 | 25,040 | 396 | 20,774 | 4,803 | 45,814 | 50,617 | 25,996 | 1994 | (2) | |||||||||||||||||||||||||||
Charleston | Charleston, SC | — | 10,353 | 48,877 | — | 12,532 | 10,353 | 61,409 | 71,762 | 21,405 | 2006 | (2) | |||||||||||||||||||||||||||
Commerce II | Commerce, GA | — | 1,262 | 14,046 | 707 | 33,474 | 1,969 | 47,520 | 49,489 | 27,230 | 1995 | (2) | |||||||||||||||||||||||||||
Deer Park | Deer Park, NY | 148,839 | 82,413 | 173,044 | — | 2,534 | 82,413 | 175,578 | 257,991 | 9,925 | 2013 (3) | (2) | |||||||||||||||||||||||||||
Foley | Foley, AL | — | 4,400 | 82,410 | 693 | 40,769 | 5,093 | 123,179 | 128,272 | 42,731 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Foxwoods | Mashantucket, CT | 25,235 | — | 9,371 | — | 67,727 | — | 77,098 | 77,098 | — | (4) | (4) | |||||||||||||||||||||||||||
Gonzales | Gonzales, LA | — | 679 | 15,895 | — | 35,438 | 679 | 51,333 | 52,012 | 25,757 | 1992 | (2) | |||||||||||||||||||||||||||
Grand Rapids | Grand Rapids, MI | — | — | 21,119 | — | — | — | 21,119 | 21,119 | — | (4) | (4) | |||||||||||||||||||||||||||
Hershey | Hershey, PA | 29,670 | 3,673 | 48,186 | — | 2,144 | 3,673 | 50,330 | 54,003 | 6,903 | 2011(3) | (2) | |||||||||||||||||||||||||||
Hilton Head I | Bluffton, SC | — | 4,753 | — | — | 32,959 | 4,753 | 32,959 | 37,712 | 7,155 | 2011 | (2) | |||||||||||||||||||||||||||
Hilton Head II | Bluffton, SC | — | 5,128 | 20,668 | — | 9,303 | 5,128 | 29,971 | 35,099 | 11,611 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Howell | Howell, MI | — | 2,250 | 35,250 | — | 11,306 | 2,250 | 46,556 | 48,806 | 18,526 | 2002 (3) | (2) | |||||||||||||||||||||||||||
Jeffersonville | Jeffersonville, OH | — | 2,752 | 111,276 | — | 6,241 | 2,752 | 117,517 | 120,269 | 14,170 | 2011(3) | (2) | |||||||||||||||||||||||||||
Kittery I | Kittery, ME | — | 1,242 | 2,961 | 229 | 2,380 | 1,471 | 5,341 | 6,812 | 4,452 | 1986 | (2) | |||||||||||||||||||||||||||
Kittery II | Kittery, ME | — | 1,451 | 1,835 | — | 874 | 1,451 | 2,709 | 4,160 | 2,354 | 1989 | (2) | |||||||||||||||||||||||||||
Lancaster | Lancaster, PA | — | 3,691 | 19,907 | — | 17,534 | 3,691 | 37,441 | 41,132 | 24,256 | 1994 (3) | (2) | |||||||||||||||||||||||||||
Locust Grove | Locust Grove, GA | — | 2,558 | 11,801 | — | 26,837 | 2,558 | 38,638 | 41,196 | 22,279 | 1994 | (2) | |||||||||||||||||||||||||||
Mebane | Mebane, NC | — | 8,821 | 53,362 | — | 1,286 | 8,821 | 54,648 | 63,469 | 14,046 | 2010 | (2) | |||||||||||||||||||||||||||
Myrtle Beach Hwy 17 | Myrtle Beach, SC | — | — | 80,733 | — | 5,968 | — | 86,701 | 86,701 | 20,728 | 2009 (3) | (2) | |||||||||||||||||||||||||||
Myrtle Beach Hwy 501 | Myrtle Beach, SC | — | 10,236 | 57,094 | — | 36,438 | 10,236 | 93,532 | 103,768 | 31,510 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Nags Head | Nags Head, NC | — | 1,853 | 6,679 | — | 5,212 | 1,853 | 11,891 | 13,744 | 7,107 | 1997 (3) | (2) | |||||||||||||||||||||||||||
Ocean City | Ocean City, MD | 17,926 | — | 16,334 | — | 7,822 | — | 24,156 | 24,156 | 3,788 | 2011(3) | (2) | |||||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||||
Description | Initial cost to Company | Costs Capitalized | Gross Amount Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | December 31, 2014 (1) | ||||||||||||||||||||||||||||||||||||||
(Improvements) | |||||||||||||||||||||||||||||||||||||||
Outlet Center Name | Location | Encum-brances | Land | Buildings, | Land | Buildings, | Land | Buildings, | Total | Accumulated | Date of | Life Used to | |||||||||||||||||||||||||||
Improve-ments & Fixtures | Improve-ments & Fixtures | Improve-ments & Fixtures | Depreciation | Construction | Compute | ||||||||||||||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||||||||||||||||||
in Income | |||||||||||||||||||||||||||||||||||||||
Statement | |||||||||||||||||||||||||||||||||||||||
Park City | Park City, UT | — | 6,900 | 33,597 | 343 | 25,592 | 7,243 | 59,189 | 66,432 | 19,135 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Pittsburgh | Pittsburgh, PA | — | 5,528 | 91,288 | 3 | 13,385 | 5,531 | 104,673 | 110,204 | 34,884 | 2008 | (2) | |||||||||||||||||||||||||||
Rehoboth Beach | Rehoboth Beach, DE | — | 20,600 | 74,209 | 1,875 | 33,799 | 22,475 | 108,008 | 130,483 | 36,318 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Riverhead | Riverhead, NY | — | — | 36,374 | 6,152 | 104,446 | 6,152 | 140,820 | 146,972 | 74,904 | 1993 | (2) | |||||||||||||||||||||||||||
San Marcos | San Marcos, TX | — | 1,801 | 9,440 | 16 | 48,488 | 1,817 | 57,928 | 59,745 | 35,861 | 1993 | (2) | |||||||||||||||||||||||||||
Sanibel | Sanibel, FL | — | 4,916 | 23,196 | — | 12,563 | 4,916 | 35,759 | 40,675 | 19,505 | 1998 (3) | (2) | |||||||||||||||||||||||||||
Sevierville | Sevierville, TN | — | — | 18,495 | — | 46,766 | — | 65,261 | 65,261 | 30,671 | 1997 (3) | (2) | |||||||||||||||||||||||||||
Seymour | Seymour, IN | — | 200 | — | — | — | 200 | — | 200 | — | 1994 | (2) | |||||||||||||||||||||||||||
Terrell | Terrell, TX | — | 523 | 13,432 | — | 9,519 | 523 | 22,951 | 23,474 | 16,802 | 1994 | (2) | |||||||||||||||||||||||||||
Tilton | Tilton, NH | — | 1,800 | 24,838 | 29 | 10,360 | 1,829 | 35,198 | 37,027 | 13,454 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Tuscola | Tuscola, IL | — | 1,600 | 15,428 | 43 | 3,697 | 1,643 | 19,125 | 20,768 | 7,477 | 2003 (3) | (2) | |||||||||||||||||||||||||||
West Branch | West Branch, MI | — | 319 | 3,428 | 120 | 7,796 | 439 | 11,224 | 11,663 | 6,792 | 1991 | (2) | |||||||||||||||||||||||||||
Westbrook | Westbrook, CT | — | 6,264 | 26,991 | 4,233 | 5,706 | 10,497 | 32,697 | 43,194 | 12,628 | 2003 (3) | (2) | |||||||||||||||||||||||||||
Williamsburg | Williamsburg, IA | — | 706 | 6,781 | 718 | 17,187 | 1,424 | 23,968 | 25,392 | 18,641 | 1991 | (2) | |||||||||||||||||||||||||||
$ | 271,361 | $ | 208,323 | $ | 1,381,330 | $ | 15,557 | $ | 751,945 | $ | 223,880 | $ | 2,133,275 | $ | 2,357,155 | $ | 712,255 | ||||||||||||||||||||||
-1 | Aggregate cost for federal income tax purposes is approximately $2.4 billion. | ||||||||||||||||||||||||||||||||||||||
-2 | We generally use estimated lives of 33 years for buildings and 15 years for land improvements. Tenant finishing allowances are depreciated over the initial lease term. Building, improvements & fixtures includes amounts included in construction in progress on the consolidated balance sheet. | ||||||||||||||||||||||||||||||||||||||
-3 | Represents year acquired. | ||||||||||||||||||||||||||||||||||||||
-4 | Under construction. | ||||||||||||||||||||||||||||||||||||||
TANGER FACTORY OUTLET CENTERS, INC. and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
TANGER PROPERTIES LIMITED PARTNERSHIP and SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||
SCHEDULE III - (Continued) | |||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||
The changes in total real estate for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 2,249,819 | $ | 1,947,352 | $ | 1,916,045 | |||||||||||||||||||||||||||||||||
Acquisitions | — | 255,107 | — | ||||||||||||||||||||||||||||||||||||
Improvements | 160,560 | 50,283 | 34,633 | ||||||||||||||||||||||||||||||||||||
Dispositions and reclasses to rental property held for sale | (146,776 | ) | (2,923 | ) | (3,326 | ) | |||||||||||||||||||||||||||||||||
Balance, end of year | $ | 2,263,603 | $ | 2,249,819 | $ | 1,947,352 | |||||||||||||||||||||||||||||||||
The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 654,631 | $ | 582,859 | $ | 512,485 | |||||||||||||||||||||||||||||||||
Depreciation for the period | 80,057 | 74,695 | 73,700 | ||||||||||||||||||||||||||||||||||||
Dispositions and reclasses to rental property held for sale | (72,452 | ) | (2,923 | ) | (3,326 | ) | |||||||||||||||||||||||||||||||||
Balance, end of year | $ | 662,236 | $ | 654,631 | $ | 582,859 | |||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements of the Company include its accounts and its consolidated subsidiaries, as well as the Operating Partnership and its consolidated subsidiaries. The consolidated financial statements of the Operating Partnership include its accounts and its consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
We evaluate our real estate joint ventures in accordance with the Consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC"). As a result of our qualitative assessment, we concluded that our Westgate and Savannah joint ventures are Variable Interest Entities ("VIE") and none of our other joint ventures are VIEs. Westgate and Savannah are each considered a VIE because the voting rights are disproportionate to the economic interests. | |||||||||||||
After making the determination that Westgate and Savannah are VIEs, we performed an assessment to determine if we would be considered the primary beneficiary and thus be required to consolidate the balance sheets and results of operations. This assessment was based upon whether we had the following: | |||||||||||||
a. | The power to direct the activities of the VIE that most significantly impact the entity's economic performance | ||||||||||||
b. | The obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE | ||||||||||||
The operating, development, leasing, and management agreements of Westgate and Savannah provide that the activities that most significantly impact the economic performance of the ventures require unanimous consent. Accordingly, we determined that we do not have the power to direct the significant activities that affect the economic performance of the ventures and therefore, have applied the equity method of accounting. Our investment in Westgate was approximately $14.3 million and in Savannah was approximately $46.5 million as of December 31, 2014. We are unable to estimate our maximum exposure to loss at this time because our guarantees are limited and based on the future operating performance of Westgate and Savannah. | |||||||||||||
Noncontrolling interests | Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LPs percentage ownership of the Operating Partnership's units. The noncontrolling interests in other consolidated partnerships consist of outside equity interests in partnerships not wholly-owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on their respective ownership interest. | ||||||||||||
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used in the calculations of impairment losses, costs capitalized to originate operating leases, costs incurred for the construction and development of properties, and the values of deferred lease costs and other intangibles related to the acquisition of properties. Actual results could differ from those estimates. | ||||||||||||
Operating Segments | Operating Segments - We focus exclusively on developing, acquiring, owning, operating, and managing outlet shopping centers. We aggregate the financial information of all outlet centers into one reportable operating segment because the outlet centers all have similar economic characteristics and provide similar products and services to similar types and classes of customers | ||||||||||||
Rental Property | Rental Property - Rental properties are recorded at cost less accumulated depreciation. Buildings, improvements and fixtures consist primarily of permanent buildings and improvements made to land such as infrastructure and costs incurred in providing rental space to tenants. | ||||||||||||
The pre-construction stage of project development involves certain costs to secure land control and zoning and complete other initial tasks essential to the development of the project. These costs are transferred from other assets to construction in progress when the pre-construction tasks are completed. Costs of unsuccessful pre-construction efforts are charged to operations when the project is no longer probable. | |||||||||||||
We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and salaries and related costs associated with employees directly involved. Capitalization of costs commences at the time the development of the property becomes probable and ceases when the property is substantially completed and ready for its intended use. We consider a construction project as substantially completed and ready for its intended use upon the completion of tenant improvements. We cease capitalization on the portion that is substantially completed and occupied or held available for occupancy, and capitalize only those costs associated with the portion under construction. The amount of salaries and related costs capitalized for the construction and development of properties, which during 2014, 2013 and 2012 amounted to $1.6 million, $2.2 million and $1.8 million, respectively, is based on our estimate of the amount of costs directly related to the construction or development of these assets. | |||||||||||||
Interest costs are capitalized during periods of active construction for qualified expenditures based upon interest rates in place during the construction period until construction is substantially complete. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. Interest costs capitalized during 2014, 2013 and 2012 amounted to approximately $5.1 million, $1.6 million and $1.2 million, respectively. | |||||||||||||
Depreciation is computed on the straight-line basis over the estimated useful lives of the assets. We generally use estimated lives of 33 years for buildings and improvements, 15 years for land improvements and 7 years for equipment. Tenant finishing allowances are amortized over the life of the associated lease. Capitalized interest costs are amortized over lives which are consistent with the constructed assets. Expenditures for ordinary maintenance and repairs are charged to operations as incurred while significant renovations and improvements which improve and/or extend the useful life of the asset are capitalized and depreciated over their estimated useful life. Depreciation expense related to rental property included in net income for each of the years ended December 31, 2014, 2013 and 2012 was $80.1 million, $74.7 million and $73.7 million, respectively. | |||||||||||||
In accordance with accounting guidance for business combinations, we allocate the purchase price of acquisitions based on the fair value of land, building, tenant improvements, debt and deferred lease costs and other intangibles, such as the value of leases with above or below market rents, origination costs associated with the in-place leases, the value of in-place leases and tenant relationships, if any. We depreciate the amount allocated to building, deferred lease costs and other intangible assets over their estimated useful lives, which range up to 33 years. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. The values of below market leases that are considered to have renewal periods with below market rents are amortized over the remaining term of the associated lease plus the renewal periods when the renewal is deemed probable to occur. The value associated with in-place leases is amortized over the remaining lease term and tenant relationships is amortized over the expected term, which includes an estimated probability of the lease renewal. If a tenant terminates its lease prior to the contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related intangibles is written off. The tenant improvements and origination costs are amortized as an expense over the remaining life of the lease (or charged against earnings if the lease is terminated prior to its contractual expiration date). We assess fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. These cash flow projections may be derived from various observable and unobservable inputs and assumptions. Also, we may utilize third-party valuation specialists. As a part of acquisition accounting, the amount by which the fair value of our previously held equity method investment exceeds the carrying book value is recorded as a gain on previously held interest in acquired joint venture. Direct costs to acquire existing outlet centers are expensed as incurred. | |||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents - All highly liquid investments with an original maturity of three months or less at the date of purchase are considered to be cash equivalents. Cash balances at a limited number of banks may periodically exceed insurable amounts. We believe that we mitigate our risk by investing in or through major financial institutions. Recoverability of investments is dependent upon the performance of the issuer. At December 31, 2014 and 2013, respectively, we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $671,000 and $670,000, respectively. | ||||||||||||
Deferred Charges | Deferred Charges - Deferred charges includes deferred lease costs and other intangible assets consisting of fees and costs incurred to originate operating leases and are amortized over the expected lease term. Deferred lease costs capitalized, including amounts paid to third-party brokers and salaries and related costs of employees directly involved in originating leases, during 2014, 2013 and 2012 were approximately $6.2 million, $4.0 million and $5.1 million, respectively. Of the amounts capitalized during 2014, 2013 and 2012, approximately $5.1 million, $2.9 million, and $4.5 million, respectively, were related to salaries and related costs. The amount of salaries and related costs capitalized is based on our estimate of the time and amount of costs directly related to originating leases. Deferred lease costs and other intangible assets also include the value of leases and origination costs deemed to have been acquired in real estate acquisitions. | ||||||||||||
Deferred financing costs include fees and costs incurred to obtain long-term financing and are amortized over the terms of the respective loans. Unamortized deferred financing costs are charged to expense when debt is retired before the maturity date. | |||||||||||||
Captive Insurance | Captive Insurance - We have a wholly-owned captive insurance company that is responsible for losses up to certain deductible levels per occurrence for property damage (including wind damage from hurricanes) prior to third-party insurance coverage. Insurance losses are reflected in property operating expenses and include estimates of costs incurred, both reported and unreported. | ||||||||||||
Impairment of Long-Lived Assets and Real Estate Assets Held For Sale | Impairment of Long-Lived Assets - Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. Fair value is determined using a market approach whereby we consider the prevailing market income capitalization rates and sales data for transactions involving similar assets. We recognized no impairment losses during the years ended December 31, 2014, 2013, and 2012, respectively. We believe there are no unrecorded impairment losses as of December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Rental Property Held For Sale - Rental properties designated as held for sale are stated at the lower of their carrying value or their fair value less costs to sell. We classify rental property as held for sale when our Board of Directors approves the sale of the assets and it meets the requirements of current accounting guidance. Subsequent to this classification, no further depreciation is recorded on the assets. | |||||||||||||
Impairment of Investments | Impairment of Investments - On a periodic basis, we assess whether there are any indicators that the value of our investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management's estimate of the value of the investment is less than the carrying value of the investments, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. Our estimates of value for each joint venture investment are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates and operating costs of the property. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the values estimated by us in our impairment analysis may not be realized. As of December 31, 2014 and 2013, we do not believe that any of our equity investments were impaired. | ||||||||||||
Derivatives | Derivatives - We selectively enter into interest rate protection agreements to mitigate the impact of changes in interest rates on our variable rate borrowings. The notional amounts of such agreements are used to measure the interest to be paid or received and do not represent the amount of exposure to loss. None of these agreements are used for speculative or trading purposes. | ||||||||||||
We recognize all derivatives as either assets or liabilities in the consolidated balance sheets and measure those instruments at their fair value. We also measure the effectiveness, as defined by the relevant accounting guidance, of all derivatives. We formally document our derivative transactions, including identifying the hedge instruments and hedged items, as well as our risk management objectives and strategies for entering into the hedge transaction. At inception and on a quarterly basis thereafter, we assess the effectiveness of derivatives used to hedge transactions. If a cash flow hedge is deemed effective, we record the change in fair value in other comprehensive income. If after assessment it is determined that a portion of the derivative is ineffective, then that portion of the derivative's change in fair value will be immediately recognized in earnings | |||||||||||||
Income Taxes | Income Taxes - We operate in a manner intended to enable the Company to qualify as a REIT under the Internal Revenue Code. A REIT which distributes at least 90% of its taxable income to its shareholders each year and which meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. We intend to continue to qualify as a REIT and to distribute substantially all of the Company's taxable income to its shareholders. Accordingly, no provision has been made in the Company's consolidated financial statements for Federal income taxes. As a partnership, the allocated share of income or loss for the year with respect to the Operating Partnership is included in the income tax returns for the partners; accordingly, no provision has been made for Federal income taxes in the Operating Partnership's consolidated financial statements. In addition, we continue to evaluate uncertain tax positions. The tax years 2011 - 2014 remain open to examination by the major tax jurisdictions to which we are subject. | ||||||||||||
With regard to the Company's unconsolidated Canadian joint ventures, deferred tax assets result principally from depreciation deducted under GAAP that exceed capital cost allowances claimed under Canadian tax rules. A valuation allowance is provided if we believe all or some portion of the deferred tax asset may not be realized. We have determined that a full valuation allowance is required as we believe none of the deferred tax assets will be realized. | |||||||||||||
For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2014, 2013 and 2012 were taxable as follows: | |||||||||||||
Common dividends per share: | 2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.7645 | $ | 0.7894 | $ | 0.8293 | |||||||
Capital gain | — | 0.0115 | — | ||||||||||
Return of capital | 0.1805 | 0.0841 | 0.0007 | ||||||||||
$ | 0.945 | $ | 0.885 | $ | 0.83 | ||||||||
Revenue Recognition | Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded in other assets were approximately $34.6 million and $30.9 million as of December 31, 2014 and 2013, respectively. As a provision of a tenant lease, if we make a cash payment to the tenant for purposes other than funding the construction of landlord assets, we defer the amount of such payments as a lease incentive. We amortize lease incentives as a reduction of base rental revenue over the term of the lease. Substantially all leases contain provisions which provide additional rents based on tenants' sales volume (“percentage rentals”) and reimbursement of the tenants' share of advertising and promotion, common area maintenance, insurance and real estate tax expenses. Percentage rentals are recognized when specified targets that trigger the contingent rent are met. Expense reimbursements are recognized in the period the applicable expenses are incurred. Payments received from the early termination of leases are recognized as revenue from the time the payment is receivable until the tenant vacates the space. The values of the above and below market leases are amortized and recorded as either an increase (in the case of below market leases) or a decrease (in the case of above market leases) to rental income over the remaining term of the associated lease. If a tenant terminates its lease prior to the original contractual termination of the lease and no rental payments are being made on the lease, any unamortized balance of the related above or below market lease value will be written off. | ||||||||||||
We receive development, leasing, loan guarantee, management and marketing fees from third parties and unconsolidated affiliates for services provided to properties held in joint ventures. Development fees are recognized as revenue when earned over the development period. Leasing fees are charged for newly executed leases and lease renewals, and are recognized as revenue when earned. Profits from development and leasing fees received from unconsolidated affiliates are recognized as revenue to the extent of the third-party partners' ownership interest. Profits earned to the extent of our ownership interest are recorded as a reduction to our investment in the unconsolidated affiliate. Loan guarantee fees are recognized over the term of the guarantee. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Marketing fees are charged as a percentage of marketing expenses incurred by the property. Fees recognized from these activities are shown as management, leasing and other services in our consolidated statements of operations. Fees received from consolidated joint ventures are eliminated in consolidation. | |||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk - We perform ongoing credit evaluations of our tenants. Although the tenants operate principally in the retail industry, the properties are geographically diverse. No single tenant accounted for 10% or more of combined base and percentage rental income or gross leasable area during 2014, 2013 or 2012. | ||||||||||||
Accounting for Equity-Based Compensation | Accounting for Equity-Based Compensation - We may issue non-qualified options and other equity-based awards under the Amended and Restated Incentive Award Plan (the "Incentive Award Plan"). We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance. | ||||||||||||
Foreign Currency Transactions and Translations Policy | Foreign Currency Translation - We have entered into a co-ownership agreement with RioCan Real Estate Investment Trust to develop and acquire outlet centers in Canada for which the functional currency is the local currency. The assets and liabilities related to our investments in Canada are translated from their functional currency into U.S. Dollars at the rate of exchange in effect on the balance sheet date. Income statement accounts are translated using the average exchange rate for the period. Our share of unrealized gains and losses resulting from the translation of these financial statements are reflected in shareholders' equity as a component of accumulated other comprehensive loss in the Company's consolidated balance sheets. | ||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements - In November 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-17, "Business Combinations (Topic 805): Pushdown Accounting" ("ASU 2014-17"). ASU 2014-17 provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period as a change in accounting principle in accordance with ASC Topic 250, "Accounting Changes and Error Corrections". If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. ASU 2014-17 also requires an acquired entity that elects the option to apply pushdown accounting in its separate financial statements to disclose information in the current reporting period that enables users of financial statements to evaluate the effect of pushdown accounting. We have adopted the amendments in ASU 2014-17, effective November 18, 2014, as the amendments in the update are effective upon issuance. The adoption did not have an impact on our consolidated financial statements. | ||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. | |||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (the "Final Standard"). Under the Final Standard, only disposals representing a strategic shift in operations (e.g., a disposal of a major geographic area, a major line of business or a major equity method investment) will be presented as discontinued operations. Under current GAAP, companies that sell a single investment property are generally required to report the sale as a discontinued operation, which requires the companies to reclassify earnings from continuing operations for all periods presented.The Final Standard is effective in the first quarter of 2015 for public entities with calendar year ends. The FASB will permit early adoption of the Final Standard, beginning in the first quarter of 2014, but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issuance. We early adopted the standard in the first quarter of 2014. In the fourth quarter of 2014, we entered into an agreement with a private buyer to sell our outlet center in Lincoln City, Oregon along with an option agreement for the buyer to purchase an additional four properties. Subsequently, the buyer purchased the Lincoln City outlet center in December 2014. The buyer now has the option to purchase three properties during the first quarter of 2015 and, should it acquire those properties, one additional property during the first quarter of 2016. The four additional properties subject to the option agreement have been classified as rental property held for sale in our consolidated balance sheets as of December 31, 2014 and their results of operations have remained in continuing operations for both the sold and held for sale rental properties. See Note 4 Disposition of Properties and Properties Held for Sale for further information. | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2017 using one of two retrospective application methods. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes | For income tax purposes, distributions paid to the Company's common shareholders consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends per share for the years ended December 31, 2014, 2013 and 2012 were taxable as follows: | ||||||||||||
Common dividends per share: | 2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.7645 | $ | 0.7894 | $ | 0.8293 | |||||||
Capital gain | — | 0.0115 | — | ||||||||||
Return of capital | 0.1805 | 0.0841 | 0.0007 | ||||||||||
$ | 0.945 | $ | 0.885 | $ | 0.83 | ||||||||
The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income available to the Company's shareholders | $ | 74,011 | $ | 107,557 | $ | 53,228 | |||||||
Book/tax difference on: | |||||||||||||
Depreciation and amortization | 20,575 | (10,697 | ) | 16,034 | |||||||||
Loss on sale or disposal of real estate | (9,524 | ) | (1,805 | ) | (1,543 | ) | |||||||
Equity in earnings from unconsolidated joint ventures | 12,910 | 5,601 | 5,037 | ||||||||||
Share-based payment compensation | (37,193 | ) | (3,818 | ) | (6,298 | ) | |||||||
Gain on previously held interest in acquired joint venture | — | (24,710 | ) | — | |||||||||
Other differences | 1,205 | (5,823 | ) | (850 | ) | ||||||||
Taxable income available to common shareholders | $ | 61,984 | $ | 66,305 | $ | 65,608 | |||||||
GAAP Reconciliation of Net Income to Taxable Income | The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income available to the Company's shareholders | $ | 74,011 | $ | 107,557 | $ | 53,228 | |||||||
Book/tax difference on: | |||||||||||||
Depreciation and amortization | 20,575 | (10,697 | ) | 16,034 | |||||||||
Loss on sale or disposal of real estate | (9,524 | ) | (1,805 | ) | (1,543 | ) | |||||||
Equity in earnings from unconsolidated joint ventures | 12,910 | 5,601 | 5,037 | ||||||||||
Share-based payment compensation | (37,193 | ) | (3,818 | ) | (6,298 | ) | |||||||
Gain on previously held interest in acquired joint venture | — | (24,710 | ) | — | |||||||||
Other differences | 1,205 | (5,823 | ) | (850 | ) | ||||||||
Taxable income available to common shareholders | $ | 61,984 | $ | 66,305 | $ | 65,608 | |||||||
Acquisition_of_Rental_Property1
Acquisition of Rental Property (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquisition of Rental Property [Abstract] | |||||||||
Schedule of Business Acquisitions | The following table illustrates the fair value of the total consideration transferred and the amounts of the identifiable assets acquired and liabilities assumed at the acquisition date (in thousands): | ||||||||
Cash transferred | $ | 13,939 | |||||||
Common limited partnership units issued | 13,981 | ||||||||
Fair value of total consideration transferred to acquire one-third interest | 27,920 | ||||||||
Fair value of our previously held one-third interest | 27,920 | ||||||||
Fair value of noncontrolling interest | 27,920 | ||||||||
Fair value of net assets acquired | $ | 83,760 | |||||||
Schedule of Purchase Price Allocation | The aggregate purchase price of the property was allocated as follows: | ||||||||
Fair Value | Weighted-Average Amortization Period (in years) | ||||||||
(in thousands) | |||||||||
Land | $ | 82,413 | |||||||
Buildings, improvements and fixtures | 172,694 | ||||||||
Deferred lease costs and other intangibles | |||||||||
Above market lease value | 18,807 | 11.9 | |||||||
Below market lease value | (12,658 | ) | 18.5 | ||||||
Lease in place value | 28,846 | 7.6 | |||||||
Tenant relationships | 27,594 | 19 | |||||||
Lease and legal costs | 1,724 | 8.9 | |||||||
Total deferred lease costs and other intangibles, net | 64,313 | ||||||||
Other identifiable assets acquired and liabilities assumed, net | 2,265 | ||||||||
Debt | (237,925 | ) | |||||||
Total fair value of net assets acquired | $ | 83,760 | |||||||
Business Acquisition, Pro Forma Information | The following unaudited condensed pro forma financial information for the years ended December 31, 2013 and 2012 is presented as if the acquisition had been consummated as of January 1, 2012, the beginning of the previous reporting period (in thousands, except per share data): | ||||||||
(unaudited) | |||||||||
(Pro forma) | |||||||||
Year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Total Revenue | $ | 408,333 | $ | 381,388 | |||||
Income from continuing operations | 85,836 | 78,347 | |||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | 80,621 | 73,219 | |||||||
Basic earnings per common share | 0.86 | 0.8 | |||||||
Diluted earnings per common share | 0.86 | 0.79 | |||||||
Disposition_of_Properties_and_1
Disposition of Properties and Properties Held for Sale (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disposition of Properties and Properties Held for Sale [Abstract] | |||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale | The carrying values of the assets of those properties that remained unsold at December 31, 2014 totaled $46.0 million and were comprised of the following (in thousands): | ||||||||||||||||
2014 | |||||||||||||||||
Rental property, net | $ | 43,532 | |||||||||||||||
Deferred lease costs and other intangibles, net | 757 | ||||||||||||||||
Prepaids and other assets | 1,716 | ||||||||||||||||
Rental property held for sale | $ | 46,005 | |||||||||||||||
Property | Location | Date Sold | Square Feet | Net Sales Price | Gain on Sale(in 000's) | ||||||||||||
(in 000's) | (in 000's) | ||||||||||||||||
Lincoln City | Lincoln City, OR | 12/22/14 | 270 | $ | 38,993 | $ | 7,513 | ||||||||||
Properties held for sale | Various | — | 712 | — | — | ||||||||||||
982 | $ | 38,993 | $ | 7,513 | |||||||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Schedule of Equity Method Investments | At December 31, 2014 and 2013, we were members of the following unconsolidated real estate joint ventures: | ||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt | ||||||||||||
(in 000's) | (in millions) | ||||||||||||||||
Galveston/Houston | Texas City, TX | 50 | % | 353 | $ | 1.3 | $ | 65 | |||||||||
National Harbor | National Harbor, MD | 50 | % | 339 | 9.5 | 83.7 | |||||||||||
RioCan Canada | Various | 50 | % | 870 | 132.5 | 15.7 | |||||||||||
Savannah (1) | Savannah, GA | 50 | % | — | 46.5 | 25.5 | |||||||||||
Westgate | Glendale, AZ | 58 | % | 381 | 14.3 | 54 | |||||||||||
Wisconsin Dells | Wisconsin Dells, WI | 50 | % | 265 | 2.4 | 24.3 | |||||||||||
Other | — | 1.5 | — | ||||||||||||||
$ | 208 | $ | 268.2 | ||||||||||||||
Charlotte(2) | Charlotte, NC | 50 | % | 398 | $ | (2.2 | ) | $ | 90 | ||||||||
$ | (2.2 | ) | $ | 90 | |||||||||||||
-1 | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. | ||||||||||||||||
-2 | The negative carrying value is due to the distributions of proceeds from a mortgage loan, as well as quarterly distributions of excess cash flow, exceeding the original contributions from the partners. | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||
Joint Venture | Outlet Center Location | Ownership % | Square Feet | Carrying Value of Investment (in millions) | Total Joint Venture Debt | ||||||||||||
(in 000's) | (in millions) | ||||||||||||||||
Charlotte | Charlotte, NC | 50 | % | — | $ | 11.6 | $ | — | |||||||||
Galveston/Houston | Texas City, TX | 50 | % | 353 | 7.4 | 65 | |||||||||||
National Harbor | National Harbor, MD | 50 | % | 336 | 16.7 | 52.4 | |||||||||||
RioCan Canada | Various | 50 | % | 433 | 85.7 | 17.9 | |||||||||||
Westgate | Glendale, AZ | 58 | % | 332 | 16.1 | 43.1 | |||||||||||
Wisconsin Dells | Wisconsin Dells, WI | 50 | % | 265 | 2.5 | 24.3 | |||||||||||
Other | — | 0.2 | — | ||||||||||||||
$ | 140.2 | $ | 202.7 | ||||||||||||||
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Fees: | |||||||||||||||||
Development and leasing | $ | 725 | $ | 595 | $ | 193 | |||||||||||
Loan guarantee | 463 | 161 | 80 | ||||||||||||||
Management | 1,897 | 1,831 | 1,301 | ||||||||||||||
Marketing | 506 | 493 | 433 | ||||||||||||||
Total Fees | $ | 3,591 | $ | 3,080 | $ | 2,007 | |||||||||||
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2014 and 2013 is as follows (in thousands): | ||||||||||||||||
Condensed Combined Balance Sheets - Unconsolidated Joint Ventures | 2014 | 2013 | |||||||||||||||
Assets | |||||||||||||||||
Land | $ | 102,601 | $ | 66,020 | |||||||||||||
Buildings, improvements and fixtures | 542,501 | 327,972 | |||||||||||||||
Construction in progress, including land | 104,780 | 86,880 | |||||||||||||||
749,882 | 480,872 | ||||||||||||||||
Accumulated depreciation | (48,233 | ) | (29,523 | ) | |||||||||||||
Total rental property, net | 701,649 | 451,349 | |||||||||||||||
Cash and cash equivalents | 46,917 | 22,704 | |||||||||||||||
Deferred lease costs, net | 21,234 | 19,281 | |||||||||||||||
Deferred debt origination costs, net | 5,995 | 1,737 | |||||||||||||||
Prepaids and other assets | 12,766 | 9,107 | |||||||||||||||
Total assets | $ | 788,561 | $ | 504,178 | |||||||||||||
Liabilities and Owners' Equity | |||||||||||||||||
Mortgages payable | $ | 358,219 | $ | 222,058 | |||||||||||||
Accounts payable and other liabilities | 70,795 | 8,540 | |||||||||||||||
Total liabilities | 429,014 | 230,598 | |||||||||||||||
Owners' equity | 359,547 | 273,580 | |||||||||||||||
Total liabilities and owners' equity | $ | 788,561 | $ | 504,178 | |||||||||||||
Summary Financial Information Of Unconsolidated JVs Statements of Operations | |||||||||||||||||
Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: | Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Revenues (1) | $ | 78,625 | $ | 85,682 | $ | 54,936 | |||||||||||
Expenses: | |||||||||||||||||
Property operating | 30,986 | 31,610 | 24,678 | ||||||||||||||
General and administrative | 621 | 977 | 970 | ||||||||||||||
Acquisition costs | — | 477 | 1,437 | ||||||||||||||
Abandoned development costs | 472 | 153 | 1,447 | ||||||||||||||
Impairment charge | — | — | 420 | ||||||||||||||
Depreciation and amortization | 23,426 | 26,912 | 19,914 | ||||||||||||||
Total expenses | 55,505 | 60,129 | 48,866 | ||||||||||||||
Operating income | 23,120 | 25,553 | 6,070 | ||||||||||||||
Gain on early extinguishment of debt (2) | — | 13,820 | — | ||||||||||||||
Interest expense | (5,459 | ) | (11,602 | ) | (14,760 | ) | |||||||||||
Net income (loss) | $ | 17,661 | $ | 27,771 | $ | (8,690 | ) | ||||||||||
The Company and Operating Partnership's share of: | |||||||||||||||||
Net income (loss) | $ | 9,053 | $ | 11,040 | $ | (3,295 | ) | ||||||||||
Depreciation and asset impairments (real estate related) (2) | 12,212 | 12,419 | 8,245 | ||||||||||||||
-1 | Note that revenues for the year ended December 31, 2013 include approximately $9.5 million of other income from the settlement of a lawsuit at Deer Park prior to our acquisition of an additional one-third interest in and the consolidation of the property. | ||||||||||||||||
-2 | Represents a gain on early extinguishment of debt that was recorded as part of the refinancing of the debt at Deer Park in August 2013 (See Note 3). |
Deferred_Charges_Tables
Deferred Charges (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs [Abstract] | |||||||||
Schedule of Deferred Charges | Deferred lease costs and other intangibles, net as of December 31, 2014 and 2013 consist of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Deferred lease costs | $ | 61,205 | $ | 60,657 | |||||
Intangible assets: | |||||||||
Above market leases | 44,144 | 49,584 | |||||||
Lease in place value | 69,893 | 102,085 | |||||||
Tenant relationships | 57,230 | 62,438 | |||||||
Other intangibles | 42,789 | 45,534 | |||||||
275,261 | 320,298 | ||||||||
Accumulated amortization | (134,378 | ) | (156,717 | ) | |||||
Deferred lease costs and other intangibles, net | $ | 140,883 | $ | 163,581 | |||||
Schedule of Expected Amortization Expense | Estimated aggregate amortization of net above and below market leases and other intangibles for each of the five succeeding years is as follows (in thousands): | ||||||||
Year | Above/below market leases, net | Deferred lease costs and other intangibles | |||||||
2015 | $ | 2,324 | $ | 11,478 | |||||
2016 | 1,957 | 9,977 | |||||||
2017 | 1,997 | 8,195 | |||||||
2018 | 1,880 | 7,220 | |||||||
2019 | 466 | 4,922 | |||||||
Total | $ | 8,624 | $ | 41,792 | |||||
Schedule of Deferred Financing Fees | Deferred debt origination costs, net as of December 31, 2014 and 2013 consist of the following (in thousands): | ||||||||
2014 | 2013 | ||||||||
Deferred debt origination costs | $ | 22,126 | $ | 20,112 | |||||
Accumulated amortization | (10,000 | ) | (9,294 | ) | |||||
Deferred debt origination costs, net | $ | 12,126 | $ | 10,818 | |||||
Debt_of_the_Operating_Partners1
Debt of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||||||||||||
Schedule of Debt | Debt as of December 31, 2014 and 2013 consists of the following (in thousands): | |||||||||||||||||||||
As of | As of | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Stated Interest Rate(s) | Maturity Date | Principal | Premium | Principal | Premium | |||||||||||||||||
(Discount) | (Discount) | |||||||||||||||||||||
Senior, unsecured notes: | ||||||||||||||||||||||
Senior notes | 6.15 | % | Nov-15 | $ | — | $ | — | $ | 250,000 | $ | (211 | ) | ||||||||||
Senior notes | 6.125 | % | Jun-20 | 300,000 | (1,276 | ) | 300,000 | (1,469 | ) | |||||||||||||
Senior notes | 3.875 | % | Dec-23 | 250,000 | (3,732 | ) | 250,000 | (4,072 | ) | |||||||||||||
Senior notes | 3.75 | % | Dec-24 | $ | 250,000 | $ | (1,418 | ) | — | — | ||||||||||||
Mortgages payable: | ||||||||||||||||||||||
Atlantic City (1) | 5.14%-7.65% | November 2021- December 2026 | 45,997 | 3,694 | 48,535 | 4,091 | ||||||||||||||||
Deer Park | LIBOR + 1.50% | Aug-18 | 150,000 | (1,161 | ) | 150,000 | (1,478 | ) | ||||||||||||||
Hershey (1) | 5.17%-8.00% | Aug-15 | 29,271 | 399 | 29,970 | 993 | ||||||||||||||||
Ocean City (1) | 5.24 | % | Jan-16 | 17,827 | 99 | 18,193 | 193 | |||||||||||||||
Foxwoods | LIBOR + 1.65% | Dec-17 | 25,235 | — | — | — | ||||||||||||||||
Note payable (1) | 1.5 | % | Jun-16 | 10,000 | (241 | ) | 10,000 | (396 | ) | |||||||||||||
Unsecured term loan | LIBOR + 1.05% | Feb-19 | 250,000 | — | 250,000 | — | ||||||||||||||||
Unsecured term note | LIBOR + 1.30% | Aug-17 | 7,500 | — | 7,500 | — | ||||||||||||||||
Unsecured lines of credit | LIBOR + 1.00% | Oct-17 | 111,000 | — | 16,200 | — | ||||||||||||||||
$ | 1,446,830 | $ | (3,636 | ) | $ | 1,330,398 | $ | (2,349 | ) | |||||||||||||
-1 | The effective interest rates assigned during the purchase price allocation to these assumed mortgages and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05%, Ocean City 4.68%, Hershey 3.40% and | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||
Calendar Year | Amount | |||||||||||||||||||||
2015 | $ | 32,343 | ||||||||||||||||||||
2016 | 30,283 | |||||||||||||||||||||
2017 | 146,743 | |||||||||||||||||||||
2018 | 153,183 | |||||||||||||||||||||
2019 | 253,369 | |||||||||||||||||||||
Thereafter | 830,909 | |||||||||||||||||||||
Subtotal | 1,446,830 | |||||||||||||||||||||
Net discount | (3,636 | ) | ||||||||||||||||||||
Total | $ | 1,443,194 | ||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets as of December 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Effective Date | Maturity Date | Notional Amount | Bank Pay Rate | Company Fixed Pay Rate | 2014 | 2013 | ||||||||||||||
Assets: | ||||||||||||||||||||
14-Nov-13 | 14-Aug-18 | $ | 50,000 | 1 month LIBOR | 1.3075 | % | $ | 26 | $ | 455 | ||||||||||
14-Nov-13 | 14-Aug-18 | 50,000 | 1 month LIBOR | 1.297 | % | 40 | 440 | |||||||||||||
14-Nov-13 | 14-Aug-18 | 50,000 | 1 month LIBOR | 1.3025 | % | 29 | 487 | |||||||||||||
Total | $ | 150,000 | $ | 95 | $ | 1,382 | ||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2014, 2013 and 2012, respectively (in thousands): | |||||||||||||||||||
Location of Reclassification from Accumulated Other Comprehensive Income Into Income | December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Interest Rate Swaps (Effective Portion): | ||||||||||||||||||||
Amount of (gain) loss recognized in other comprehensive income on derivative | $ | (1,287 | ) | $ | 1,382 | $ | — | |||||||||||||
Treasury Rate Lock (Effective Portion): | ||||||||||||||||||||
Amount of gain reclassified from accumulated other comprehensive income into income | Interest Expense | $ | 741 | $ | 371 | $ | 351 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): | ||||||||||||||||
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, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 95 | $ | — | $ | 95 | $ | — | |||||||||
Total assets | $ | 95 | $ | — | $ | 95 | $ | — | |||||||||
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, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Interest rate swaps (prepaids and other assets) | $ | 1,382 | $ | — | $ | 1,382 | $ | — | |||||||||
Total assets | $ | 1,382 | $ | — | $ | 1,382 | $ | — | |||||||||
Partners_Equity_of_the_Operati1
Partners' Equity of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |||||||||||||
Schedule of Partners' Equity of the Operating Partnership | The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Limited Partnership Units | |||||||||||||
General partnership units | Class A | Class B | Total | ||||||||||
Balance December 31, 2011 | 1,000,000 | 11,491,892 | 85,727,656 | 97,219,548 | |||||||||
Exchange of Class A limited partnership units | — | (6,730,028 | ) | 6,730,028 | — | ||||||||
Issuance of restricted units | — | — | 566,000 | 566,000 | |||||||||
Units issued upon exercise of options | — | — | 37,700 | 37,700 | |||||||||
Balance December 31, 2012 | 1,000,000 | 4,761,864 | 93,061,384 | 97,823,248 | |||||||||
Exchange of Class A limited partnership units | — | (67,428 | ) | 67,428 | — | ||||||||
Issuance of restricted units | — | — | 332,373 | 332,373 | |||||||||
Units issued upon exercise of options | — | — | 44,500 | 44,500 | |||||||||
Units issued as consideration for business acquisition (see Note 3) | — | 450,576 | — | 450,576 | |||||||||
Balance December 31, 2013 | 1,000,000 | 5,145,012 | 93,505,685 | 98,650,697 | |||||||||
Units withheld for employee income taxes | — | — | (412,239 | ) | (412,239 | ) | |||||||
Exchange of Class A limited partnership units | — | (66,606 | ) | 66,606 | — | ||||||||
Issuance of restricted units | — | — | 1,302,729 | 1,302,729 | |||||||||
Units issued upon exercise of options | — | — | 47,000 | 47,000 | |||||||||
Balance December 31, 2014 | 1,000,000 | 5,078,406 | 94,509,781 | 99,588,187 | |||||||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows: | ||||||||
2014 | 2013 | ||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 74,011 | $ | 107,557 | |||||
Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (1) | 741 | 11,130 | |||||||
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $ | 74,752 | $ | 118,687 | |||||
-1 | In 2014 and 2013, adjustments of the noncontrolling interest were made as a result of increases in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon exercise of options, share-based compensation and the issuance of common shares upon exchange of Class A common limited partnership units. |
Earnings_Per_Share_of_the_Comp1
Earnings Per Share of the Company (Tables) (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share amounts): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
NUMERATOR | |||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ | 74,011 | $ | 107,557 | $ | 53,228 | |||||||
Less allocation of earnings to participating securities | (1,872 | ) | (1,126 | ) | (784 | ) | |||||||
Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ | 72,139 | $ | 106,431 | $ | 52,444 | |||||||
DENOMINATOR | |||||||||||||
Basic weighted average common shares | 93,769 | 93,311 | 91,733 | ||||||||||
Effect of notional units | — | 849 | 846 | ||||||||||
Effect of outstanding options and certain restricted common shares | 70 | 87 | 82 | ||||||||||
Diluted weighted average common shares | 93,839 | 94,247 | 92,661 | ||||||||||
Basic earnings per common share: | |||||||||||||
Net income | $ | 0.77 | $ | 1.14 | $ | 0.57 | |||||||
Diluted earnings per common share: | |||||||||||||
Net income | $ | 0.77 | $ | 1.13 | $ | 0.57 | |||||||
Earnings_Per_Unit_of_the_Opera1
Earnings Per Unit of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per unit amounts). Note that all per unit amounts reflect a four-for-one split of the Operating Partnership's units in August 2013: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income attributable to partners of the Operating Partnership | $ | 78,048 | $ | 113,200 | $ | 56,495 | |||||||
Allocation of earnings to participating securities | (1,873 | ) | (1,129 | ) | (784 | ) | |||||||
Net income available to common unitholders of the Operating Partnership | $ | 76,175 | $ | 112,071 | $ | 55,711 | |||||||
Denominator | |||||||||||||
Basic weighted average common units | 98,883 | 98,193 | 97,677 | ||||||||||
Effect of notional units | — | 849 | 846 | ||||||||||
Effect of outstanding options and certain restricted common units | 70 | 87 | 82 | ||||||||||
Diluted weighted average common units | 98,953 | 99,129 | 98,605 | ||||||||||
Basic earnings per common unit: | |||||||||||||
Net income | $ | 0.77 | $ | 1.14 | $ | 0.57 | |||||||
Diluted earnings per common unit: | |||||||||||||
Net income | $ | 0.77 | $ | 1.13 | $ | 0.57 | |||||||
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded share based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively, as follows (in thousands): | ||||||||||||||||||
2014 | 2013 | 2012(1) | |||||||||||||||||
Restricted common shares | $ | 9,978 | $ | 8,354 | $ | 8,497 | |||||||||||||
Notional unit performance awards | 4,313 | 2,847 | 1,970 | ||||||||||||||||
Options | 459 | 175 | 209 | ||||||||||||||||
Total share based compensation | $ | 14,750 | $ | 11,376 | $ | 10,676 | |||||||||||||
-1 | For the year ended December 31, 2012, includes approximately $1.3 million of compensation expense related to 45,000 common shares that vested immediately upon grant related to the Employment Agreement described above. | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options outstanding at December 31, 2014 had the following weighted average exercise prices and weighted average remaining contractual lives: | ||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Exercise prices | Options | Weighted average exercise price | Weighted remaining contractual life in years | Options | Weighted average exercise price | ||||||||||||||
$ | 26.06 | 113,000 | $ | 26.06 | 6.09 | 52,600 | $ | 26.06 | |||||||||||
32.02 | 257,500 | 32.02 | 9.01 | — | — | ||||||||||||||
370,500 | $ | 30.2 | 8.12 | 52,600 | $ | 26.06 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under our Amended and Restated Incentive Award Plan as of December 31, 2014 and changes during the year then ended is presented below (aggregate intrinsic value amount in thousands): | ||||||||||||||||||
Options | Shares | Weighted-average exercise price | Weighted-average remaining contractual life in years | Aggregate intrinsic value | |||||||||||||||
Outstanding as of December 31, 2013 | 166,300 | $ | 24.13 | ||||||||||||||||
Granted | 282,500 | 32.02 | |||||||||||||||||
Exercised | (47,000 | ) | 19.22 | ||||||||||||||||
Forfeited | (31,300 | ) | 31.11 | ||||||||||||||||
Outstanding as of December 31, 2014 | 370,500 | $ | 30.2 | 8.12 | $ | 2,759 | |||||||||||||
Vested and Expected to Vest as of | |||||||||||||||||||
31-Dec-14 | 291,661 | $ | 30.07 | 8.05 | $ | 2,212 | |||||||||||||
Exercisable as of December 31, 2014 | 52,600 | $ | 26.06 | 6.02 | $ | 610 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information related to unvested restricted common shares outstanding as of December 31, 2014: | ||||||||||||||||||
Unvested Restricted Common Shares | Number of shares | Weighted average grant date fair value | |||||||||||||||||
Outstanding at December 31, 2013 | 1,057,966 | $ | 26.91 | ||||||||||||||||
Granted | 1,307,729 | 26.5 | |||||||||||||||||
Vested | (1,266,245 | ) | 24.67 | ||||||||||||||||
Forfeited | — | — | |||||||||||||||||
Outstanding at December 31, 2014 | 1,099,450 | $ | 29.01 | ||||||||||||||||
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income of the Company (Tables) (Tanger Factory Outlet Centers, Inc [Member]) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income for the year ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income | Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income | ||||||||||||||||||||||||
Foreign Currency | Cash flow hedges | Total | Foreign Currency | Cash flow hedges | Total | ||||||||||||||||||||
Balance December 31, 2011 | $ | — | $ | 1,535 | $ | 1,535 | $ | — | $ | (72 | ) | $ | (72 | ) | |||||||||||
Amortization of cash flow hedges | — | (330 | ) | (330 | ) | — | (21 | ) | (21 | ) | |||||||||||||||
Unrealized loss on foreign currency translation adjustments | (5 | ) | — | (5 | ) | — | — | — | |||||||||||||||||
Balance December 31, 2012 | (5 | ) | 1,205 | 1,200 | — | (93 | ) | (93 | ) | ||||||||||||||||
Amortization of cash flow hedges | — | (353 | ) | (353 | ) | — | (18 | ) | (18 | ) | |||||||||||||||
Unrealized loss on foreign currency translation adjustments | (4,708 | ) | — | (4,708 | ) | (260 | ) | — | (260 | ) | |||||||||||||||
Change in fair value of cash flow hedges | — | 1,310 | 1,310 | — | — | — | |||||||||||||||||||
Realized loss on foreign currency | 123 | — | 123 | 6 | 72 | 78 | |||||||||||||||||||
Balance December 31, 2013 | (4,590 | ) | 2,162 | (2,428 | ) | (254 | ) | (39 | ) | (293 | ) | ||||||||||||||
Amortization of cash flow hedges | — | (852 | ) | (852 | ) | — | 111 | 111 | |||||||||||||||||
Unrealized loss on foreign currency translation adjustments | (9,523 | ) | — | (9,523 | ) | (519 | ) | — | (519 | ) | |||||||||||||||
Change in fair value of cash flow hedges | — | (1,220 | ) | (1,220 | ) | — | (67 | ) | (67 | ) | |||||||||||||||
Balance December 31, 2014 | $ | (14,113 | ) | $ | 90 | $ | (14,023 | ) | $ | (773 | ) | $ | 5 | $ | (768 | ) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | The following represents amounts reclassified out of accumulated other comprehensive income into earnings during the years ended December 31, 2014, 2013, and 2012, respectively: | ||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in Statement of Operations | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Amortization of cash flow hedges | $ | (852 | ) | $ | (353 | ) | $ | (330 | ) | Interest expense | |||||||||||||||
Realized loss on foreign currency | — | 123 | — | Interest expense | |||||||||||||||||||||
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income of the Operating Partnership (Tables) (Tanger Properties Limited Partnership [Member]) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive income for the year ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||
Foreign Currency | Cash flow hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Balance December 31, 2011 | $ | — | $ | 1,463 | $ | 1,463 | |||||||||
Amortization of cash flow hedges | — | (351 | ) | (351 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (5 | ) | — | (5 | ) | ||||||||||
Balance December 31, 2012 | (5 | ) | 1,112 | 1,107 | |||||||||||
Amortization of cash flow hedges | — | (371 | ) | (371 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (4,968 | ) | — | (4,968 | ) | ||||||||||
Change in fair value of cash flow hedges | — | 1,382 | 1,382 | ||||||||||||
Realized loss on foreign currency | 129 | — | 129 | ||||||||||||
Balance December 31, 2013 | (4,844 | ) | 2,123 | (2,721 | ) | ||||||||||
Amortization of cash flow hedges | — | (741 | ) | (741 | ) | ||||||||||
Unrealized loss on foreign currency translation adjustments | (10,042 | ) | — | (10,042 | ) | ||||||||||
Change in fair value of cash flow hedges | — | (1,287 | ) | (1,287 | ) | ||||||||||
Balance December 31, 2014 | $ | (14,886 | ) | $ | 95 | $ | (14,791 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | The following represents amounts reclassified out of accumulated other comprehensive income into earnings during the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in Statement of Operations | |||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Amortization of cash flow hedges | $ | (741 | ) | $ | (371 | ) | $ | (351 | ) | Interest expense | |||||
Realized loss on foreign currency | — | 129 | — | Interest expense | |||||||||||
Supplementary_Income_Statement1
Supplementary Income Statement Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplementary Income Statement Information [Abstract] | |||||||||||||
Schedule of Supplementary Income Statement Information | The following amounts are included in property operating expenses in income from continuing operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Advertising and promotion | $ | 25,431 | $ | 24,035 | $ | 23,051 | |||||||
Common area maintenance | 65,980 | 57,693 | 53,179 | ||||||||||
Real estate taxes | 25,644 | 21,976 | 19,842 | ||||||||||
Other operating expenses | 20,367 | 17,342 | 15,088 | ||||||||||
$ | 137,422 | $ | 121,046 | $ | 111,160 | ||||||||
Lease_Agreements_Tables
Lease Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | Future minimum lease receipts under non-cancellable operating leases as of December 31, 2014, excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): | ||||
2015 | $ | 243,870 | |||
2016 | 219,461 | ||||
2017 | 190,130 | ||||
2018 | 156,436 | ||||
2019 | 119,864 | ||||
Thereafter | 359,049 | ||||
$ | 1,288,810 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum lease payments for the next five years and thereafter are as follows (in thousands): | ||||
2015 | $ | 5,807 | |||
2016 | 5,871 | ||||
2017 | 5,590 | ||||
2018 | 5,567 | ||||
2019 | 5,734 | ||||
Thereafter | 301,040 | ||||
$ | 329,609 | ||||
Quarterly_Financial_Data_of_th1
Quarterly Financial Data of the Company (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | The following table sets forth the Company's summarized quarterly financial information for the years ended December 31, 2014 and 2013 (unaudited and in thousands, except per common share data)(1). This information is not required for the Operating Partnership. Amounts presented for "total revenues" and "operating income" for all quarters presented, except the fourth quarter of 2014 which had not been previously disclosed, have been modified from original amounts disclosed in our Form 10-Qs due to reclassifications of certain amounts related to interest income and other income (expense) in the consolidated statement of operations from the caption "other income" to the caption "interest and other income" which is not included in total revenues or operating income: | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth | ||||||||||||||
Quarter(2) | |||||||||||||||||
Total revenues | $ | 102,783 | $ | 102,212 | $ | 105,189 | $ | 108,374 | |||||||||
Operating income | 28,368 | 32,625 | 35,283 | 35,587 | |||||||||||||
Net income | 15,440 | 19,895 | 24,297 | 18,520 | |||||||||||||
Income attributable to Tanger Factory Outlet Centers, Inc. | 14,616 | 18,850 | 23,003 | 17,542 | |||||||||||||
Income available to common shareholders of Tanger Factory Outlet Centers, Inc. | 14,187 | 18,369 | 22,522 | 17,061 | |||||||||||||
Basic earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.15 | $ | 0.2 | $ | 0.24 | $ | 0.18 | |||||||||
Diluted earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.15 | $ | 0.2 | $ | 0.24 | $ | 0.18 | |||||||||
-1 | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||
-2 | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter (2) | Fourth Quarter | ||||||||||||||
Total revenues | $ | 88,688 | $ | 91,002 | $ | 97,804 | $ | 107,325 | |||||||||
Operating income | 28,515 | 29,843 | 33,431 | 35,916 | |||||||||||||
Net income | 16,229 | 17,776 | 56,180 | 23,136 | |||||||||||||
Income attributable to Tanger Factory Outlet Centers, Inc. | 15,439 | 16,888 | 53,294 | 21,936 | |||||||||||||
Income available to common shareholders of Tanger Factory Outlet Centers, Inc. | 15,245 | 16,657 | 52,685 | 21,706 | |||||||||||||
Basic earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.16 | $ | 0.18 | $ | 0.56 | $ | 0.23 | |||||||||
Diluted earnings per share available to common shareholders: | |||||||||||||||||
Net income | $ | 0.16 | $ | 0.18 | $ | 0.56 | $ | 0.23 | |||||||||
-1 | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||
-2 | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Organization_of_the_Company_De
Organization of the Company (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Entity Information [Line Items] | ||
Number of operating partnership units owned by wholly-owned subsidiaries | 95,509,781 | |
Consolidated Properties [Member] | ||
Entity Information [Line Items] | ||
Number of Outlet Centers | 36 | |
Total gross leaseable area | 11,300,000 | |
Outlet center occupancy percentage | 98.00% | |
Number of stores | 2,400 | |
Number of store brands | 380 | |
Unconsolidated Properties [Member] | ||
Entity Information [Line Items] | ||
Number of Outlet Centers | 9 | |
Total gross leaseable area | 2,600,000 | |
CANADA | Unconsolidated Properties [Member] | ||
Entity Information [Line Items] | ||
Number of Outlet Centers | 4 | |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Entity Information [Line Items] | ||
Number of operating partnership units owned by family limited partners | 5,078,406 | 5,145,012 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Principles of Consolidation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Equity method investments | $208 | $140.20 | |
Westgate [Member] | |||
Equity method investments | 14.3 | 16.1 | |
Savannah [Member] | |||
Equity method investments | $46.50 | [1] | |
[1] | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Rental Property (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Internal development costs, capitalized | $1.60 | $2.20 | $1.80 |
Interest costs incurred, capitalized | 5.1 | 1.6 | 1.2 |
Buildings and improvements, estimated useful life | 33 years | ||
Land improvements, estimated useful life | 15 years | ||
Property, plant and equipment, estimated useful life, minimum | 7 years | ||
Real estate depreciation | $80.10 | $74.70 | $73.70 |
Purchase price allocated to assets, useful life, maximum | 33 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Money market funds, at carrying value | $671 | $670 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Deferred Charges (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Deferred Lease Costs Capitalized | $6.20 | $4 | $5.10 |
Deferred lease costs amount related to salaries and related costs | $5.10 | $2.90 | $4.50 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Abstract] | |||
Impairment charges | $0 | $0 | $0 |
Unrecorded impairment losses | $0 | $0 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Common Dividends Per Share [Line Items] | |||
REIT annual taxable income distribution requirement percentage | 90.00% | ||
Tanger Factory Outlet Centers, Inc [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $0.95 | $0.89 | $0.83 |
Tanger Factory Outlet Centers, Inc [Member] | Ordinary Income [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $0.76 | $0.79 | $0.83 |
Tanger Factory Outlet Centers, Inc [Member] | Capital Gain [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $0 | $0.01 | $0 |
Tanger Factory Outlet Centers, Inc [Member] | Return Of Captial [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $0.18 | $0.08 | $0.00 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Income Taxes - Schedule of Taxable Income Available to Common Shareholders (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||
Schedule of Taxable Income Available to Common Shareholders [Line Items] | |||||||||||||||||||
Net income available to the Company's shareholders | $17,542 | [1],[2] | $23,003 | [1] | $18,850 | [1] | $14,616 | [1] | $21,936 | [1] | $53,294 | [1],[3] | $16,888 | [1] | $15,439 | [1] | $74,011 | $107,557 | $53,228 |
Depreciation and amortization | 20,575 | -10,697 | 16,034 | ||||||||||||||||
Loss on sale or disposal of real estate | -9,524 | -1,805 | -1,543 | ||||||||||||||||
Equity in earnings from unconsolidated joint ventures | 12,910 | 5,601 | 5,037 | ||||||||||||||||
Share-based payment compensation | -37,193 | -3,818 | -6,298 | ||||||||||||||||
Gain on previously held interest in acquired joint venture | 0 | -24,710 | 0 | ||||||||||||||||
Other differences | 1,205 | -5,823 | -850 | ||||||||||||||||
Taxable income available to common shareholders | $61,984 | $66,305 | $65,608 | ||||||||||||||||
[1] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||||
[2] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||||
[3] | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Recovered_Sheet1
Summary of Significant Accounting Policies - Revenue Recognition (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Straight-line rent adjustments | $34.60 | $30.90 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) (Consolidated Gross Revenues [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Consolidated Gross Revenues [Member] | |||
Concentration risk, customer | 0 | 0 | 0 |
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Recovered_Sheet3
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 |
sqft | ||||
Expenditures included in construction trade payables | $23 | $9.80 | $7.10 | |
Square Feet | 982,000 | |||
Interest paid, net | 55.4 | 48 | 46.8 | |
Deer Park [Member] | ||||
Noncash or part noncash acquisition, debt assumed | 237.9 | |||
Noncash or part noncash acquisition, increase in assets related to step acquisition | 27.9 | |||
Noncash or part noncash acquisition, increase in assets related to the fair market valuation of previously held interest | 26 | |||
Hershey [Member] | ||||
Square Feet | 248,000 | |||
Loan included in other assets | $6.20 | |||
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | Deer Park [Member] | ||||
Noncash or part noncash acquisition, noncash financial or equity instrument consideration, shares issued | 14 |
Recovered_Sheet4
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity method investments | $208,000,000 | $140,200,000 | ||
Number of properties held for sale | 4 | |||
Management, leasing and other services | 3,591,000 | 3,080,000 | 2,007,000 | |
Tanger Properties Limited Partnership [Member] | ||||
Stock split, conversion ratio | 4 | |||
Exchange ratio of partnership units for common shares | 1 | |||
Partnership unit exchange ratio | 4 | |||
Management, leasing and other services | $3,591,000 | $3,080,000 | $2,007,000 | |
Potential Sale in first quarter of 2015 [Member] | ||||
Number of properties held for sale | 3 | |||
Potential Sale in first quarter of fiscal 2016 [Member] | ||||
Number of properties held for sale | 1 |
Acquisition_of_Rental_Property2
Acquisition of Rental Property - Schedule of Consideration Transferred (Details) (Deer Park [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Deer Park [Member] | |
Schedule of Consideration Transferred [Line Items] | |
Cash transferred | $13,939 |
Common limited partnership units issued | 13,981 |
Fair value of total consideration transferred to acquire one-third interest | 27,920 |
Fair value of our previously held one-third interest | 27,920 |
Fair value of noncontrolling interest | 27,920 |
Fair value of net assets acquired | $83,760 |
Acquisition_of_Rental_Property3
Acquisition of Rental Property - Schedule of Assets and Liabilities (Details) (Deer Park [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Business Acquisition [Line Items] | |
Land | $82,413 |
Buildings, improvements and fixtures | 172,694 |
Deferred lease costs and other intangibles | 64,313 |
Other identifiable assets acquired and liabilities assumed, net | 2,265 |
Debt | -237,925 |
Total fair value of net assets acquired | 83,760 |
Above market lease value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | 18,807 |
Weighted-Average Amortization Period (in years) | 11 years 10 months 24 days |
Below market lease value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | -12,658 |
Weighted-Average Amortization Period (in years) | 18 years 6 months |
Lease in place value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | 28,846 |
Weighted-Average Amortization Period (in years) | 7 years 7 months 18 days |
Tenant Relationships [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | 27,594 |
Weighted-Average Amortization Period (in years) | 19 years 0 months 11 days |
Lease and Legal Costs [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $1,724 |
Weighted-Average Amortization Period (in years) | 8 years 10 months 24 days |
Acquisition_of_Rental_Property4
Acquisition of Rental Property - Pro Forma Information (Details) (Deer Park [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deer Park [Member] | ||
Business Acquisiton, Pro Forma Information [Line Items] | ||
Total Revenue | $408,333 | $381,388 |
Income from continuing operations | 85,836 | 78,347 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $80,621 | $73,219 |
Basic earnings per common share | $0.86 | $0.80 |
Diluted earnings per common share | $0.86 | $0.79 |
Acquisition_of_Rental_Property5
Acquisition of Rental Property - Narrative (Details) (USD $) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||
Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | |
Acquistion of Rental Property [Line Items] | ||||||
Square Feet | 982,000 | |||||
Deer Park [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Consideration transferred to equity partner | $27,900,000 | |||||
Payments to acquire equity method investments | 13,900,000 | |||||
Contingent consideration associated with acquisition | 0 | |||||
Acquisition costs | 1,000,000 | |||||
Gain on previously held interest in acquired joint venture | 26,000,000 | |||||
Fixed annual lease payments to property owners | 2,500,000 | |||||
Pre-acquisition value of redeemable noncontrolling interest | 28,400,000 | |||||
Pro forma information, revenue of acquiree since acquisition date, actual | 11,100,000 | |||||
Pro forma information, earnings or (loss) of acquiree since acquisition date, actual | -3,500,000 | |||||
Deer Park [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Principal | 150,000,000 | |||||
Basis spread on variable rate, basis points | 150.00% | |||||
Amount borrowed under existing lines of credit to fund acquisition | 89,500,000 | |||||
Basis spread on variable rate | 3.25% | |||||
Gain on early extinguishment of debt (2) | 13,800,000 | |||||
Gain (loss) on extinguishment of debt and litigation settlement | 7,800,000 | |||||
Additional Ownership Percentage Acquired | 33.30% | |||||
Ownership % | 66.70% | |||||
Hershey [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Square Feet | 248,000 | |||||
Loan included in other assets | 6,200,000 | |||||
Mezzanine and Senior Loans Combined [Member] | Deer Park [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Secured debt | 238,500,000 | |||||
Tanger Properties Limited Partnership [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Principal | 1,330,398,000 | 1,446,830,000 | 1,330,398,000 | |||
Gain on early extinguishment of debt (2) | -13,140,000 | 0 | 0 | |||
Acquisition costs | 7,000 | 1,203,000 | 117,000 | |||
Gain on previously held interest in acquired joint venture | $0 | $26,002,000 | $0 | |||
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | Deer Park [Member] | ||||||
Acquistion of Rental Property [Line Items] | ||||||
Consideration paid number of shares | 450,576 |
Disposition_of_Properties_and_2
Disposition of Properties and Properties Held for Sale (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
sqft | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square Feet | 982,000 |
Net Sales Price | $38,993 |
Gain on sale of real estate | 7,513 |
Lincoln City [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square Feet | 270,000 |
Net Sales Price | 38,993 |
Gain on sale of real estate | 7,513 |
Various [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square Feet | 712,000 |
Net Sales Price | 0 |
Gain on sale of real estate | $0 |
Disposition_of_Properties_and_3
Disposition of Properties and Properties Held for Sale - Components of Assets Held for Sale (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long Lived Assets Held-for-sale [Line Items] | |
Rental property held for sale | $46,005 |
Rental property, net | |
Long Lived Assets Held-for-sale [Line Items] | |
Rental property held for sale | 43,532 |
Deferred lease costs and other intangibles, net | |
Long Lived Assets Held-for-sale [Line Items] | |
Rental property held for sale | 757 |
Prepaids and other assets | |
Long Lived Assets Held-for-sale [Line Items] | |
Rental property held for sale | $1,716 |
Disposition_of_Properties_and_4
Disposition of Properties and Properties Held for Sale - Narrative (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | OutletCenter |
Number of properties held for sale | 4 |
Rental property held for sale | $46,005 |
Potential Sale in first quarter of 2015 [Member] | |
Number of properties held for sale | 3 |
Potential Sale in first quarter of fiscal 2016 [Member] | |
Number of properties held for sale | 1 |
Development_of_Consolidated_Re1
Development of Consolidated Rental Properties (Details) (USD $) | 16 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Hotel | mi | Extension | |||||
sqft | sqft | ||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Area of real estate property | 982,000 | 982,000 | 982,000 | ||||
Foxwoods [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Area of real estate property | 313,000 | 313,000 | 313,000 | ||||
Number of Hotels | 2 | 2 | 2 | ||||
Partner's Portion of Contributed Capital to the Joint Venture | $1,000,000 | ||||||
Contributions for construction in process | 45,800,000 | ||||||
Grand Rapids [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Area of real estate property | 350,000 | 350,000 | 350,000 | ||||
Contributions for construction in process | 19,700,000 | ||||||
Payments to Acquire Land | 8,000,000 | ||||||
Number of miles from major city | 11 | 11 | 11 | ||||
Number of miles from vacation destination | 30 | 30 | 30 | ||||
West Branch [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Net book value of damaged assets written off | 455,000 | ||||||
Demolition costs | 567,000 | ||||||
Total insurance proceeds received or expected to be received | 1,300,000 | ||||||
Casualty gain | 486,000 | ||||||
Tanger Properties Limited Partnership [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Principal | 1,446,830,000 | 1,446,830,000 | 1,330,398,000 | 1,446,830,000 | |||
Casualty gain | 486,000 | 0 | 0 | ||||
Tanger Properties Limited Partnership [Member] | Foxwoods [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Ownership % | 67.00% | 67.00% | 67.00% | ||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Foxwoods [Member] | |||||||
Development of Consolidated Rental Properties [Line Items] | |||||||
Maximum Borrowing Capacity | 70,300,000 | 70,300,000 | 70,300,000 | ||||
Basis spread on variable rate | 1.65% | ||||||
Number of mortgage extensions | 2 | ||||||
Term of mortgage extension | 1 year | ||||||
Principal | $25,200,000 | $25,200,000 | $0 | $25,200,000 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | sqft | ||
Schedule of Equity Method Investments [Line Items] | |||
Square Feet | 982,000 | ||
Carrying Value of Investment | $208 | $140.20 | |
Carrying Value of Investment | -2.2 | ||
Total Joint Venture Debt | 268.2 | 202.7 | |
Partnership Interest [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value of Investment | 208 | 140.2 | |
Charlotte [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | [1] | 50.00% |
Square Feet | 398,000 | [1] | 0 |
Carrying Value of Investment | 11.6 | ||
Carrying Value of Investment | -2.2 | [1] | |
Total Joint Venture Debt | 90 | [1] | 0 |
Galveston/Houston [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | 50.00% | |
Square Feet | 353,000 | 353,000 | |
Carrying Value of Investment | 1.3 | 7.4 | |
Total Joint Venture Debt | 65 | 65 | |
National Harbor [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | 50.00% | |
Square Feet | 339,000 | 336,000 | |
Carrying Value of Investment | 9.5 | 16.7 | |
Total Joint Venture Debt | 83.7 | 52.4 | |
RioCan Canda [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | 50.00% | |
Square Feet | 870,000 | 433,000 | |
Carrying Value of Investment | 132.5 | 85.7 | |
Total Joint Venture Debt | 15.7 | 17.9 | |
Savannah [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | [2] | |
Square Feet | 0 | [2] | |
Carrying Value of Investment | 46.5 | [2] | |
Westgate [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 58.00% | 58.00% | |
Square Feet | 381,000 | 332,000 | |
Carrying Value of Investment | 14.3 | 16.1 | |
Total Joint Venture Debt | 54 | 43.1 | |
Wisconsin Dells [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership % | 50.00% | 50.00% | |
Square Feet | 265,000 | 265,000 | |
Carrying Value of Investment | 2.4 | 2.5 | |
Total Joint Venture Debt | 24.3 | ||
Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Square Feet | 0 | 0 | |
Carrying Value of Investment | 1.5 | 0.2 | |
Total Joint Venture Debt | $0 | $0 | |
[1] | The negative carrying value is due to the distributions of proceeds from a mortgage loan, as well as quarterly distributions of excess cash flow, exceeding the original contributions from the partners. | ||
[2] | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures - Management, Leasing and Marketing Fees (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $3,591 | $3,080 | $2,007 |
Development and Leasing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 725 | 595 | 193 |
Loan Guarantee Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 463 | 161 | 80 |
Management and Leasing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 1,897 | 1,831 | 1,301 |
Marketing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $506 | $493 | $433 |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures - Summary Balance Sheets for Unconsolidated Joint Ventures (Details) (Partnership Interest [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Partnership Interest [Member] | ||
Summary Balance Sheets of Unconsolidated Joint Ventures [Line Items] | ||
Land | $102,601 | $66,020 |
Buildings, improvements and fixtures | 542,501 | 327,972 |
Construction in progress, including land | 104,780 | 86,880 |
Real Estate Investment Property, at Cost, Total | 749,882 | 480,872 |
Accumulated depreciation | -48,233 | -29,523 |
Total rental property, net | 701,649 | 451,349 |
Cash and cash equivalents | 46,917 | 22,704 |
Deferred lease costs, net | 21,234 | 19,281 |
Deferred debt origination costs, net | 5,995 | 1,737 |
Prepaids and other assets | 12,766 | 9,107 |
Total assets | 788,561 | 504,178 |
Mortgages payable | 358,219 | 222,058 |
Accounts payable and other liabilities | 70,795 | 8,540 |
Total liabilities | 429,014 | 230,598 |
Owners' equity | 359,547 | 273,580 |
Total liabilities and owners' equity | $788,561 | $504,178 |
Investments_in_Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | ||||||||||||
Partnership Interest [Member] | |||||||||||||||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||||||||||||||
Revenues | $78,625,000 | $85,682,000 | [1] | $54,936,000 | |||||||||||||||||||
Property operating | 30,986,000 | 31,610,000 | 24,678,000 | ||||||||||||||||||||
General and administrative | 621,000 | 977,000 | 970,000 | ||||||||||||||||||||
Acquisition costs | 0 | 477,000 | 1,437,000 | ||||||||||||||||||||
Abandoned development costs | 472,000 | 153,000 | 1,447,000 | ||||||||||||||||||||
Impairment charge | 0 | 0 | 420,000 | ||||||||||||||||||||
Depreciation and amortization | 23,426,000 | 26,912,000 | 19,914,000 | ||||||||||||||||||||
Total expenses | 55,505,000 | 60,129,000 | 48,866,000 | ||||||||||||||||||||
Operating income | 23,120,000 | 25,553,000 | 6,070,000 | ||||||||||||||||||||
Gain on early extinguishment of debt (2) | 0 | 13,820,000 | [2] | 0 | |||||||||||||||||||
Interest expense | -5,459,000 | -11,602,000 | -14,760,000 | ||||||||||||||||||||
Net income (loss) | 17,661,000 | 27,771,000 | -8,690,000 | ||||||||||||||||||||
Deer Park [Member] | |||||||||||||||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||||||||||||||
Gain on early extinguishment of debt (2) | 13,800,000 | ||||||||||||||||||||||
Other income, settlement of lawsuit | 9,500,000 | ||||||||||||||||||||||
Ownership % | 66.70% | ||||||||||||||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||||||||||||||
Revenues | 418,558,000 | 384,819,000 | 357,002,000 | 108,374,000 | [3],[4] | 105,189,000 | [3] | 102,212,000 | [3] | 102,783,000 | [3] | 107,325,000 | [3] | 97,804,000 | [3],[5] | 91,002,000 | [3] | 88,688,000 | [3] | ||||
Property operating | 137,422,000 | 121,046,000 | 111,160,000 | ||||||||||||||||||||
General and administrative | 44,469,000 | 39,119,000 | 37,452,000 | ||||||||||||||||||||
Acquisition costs | 7,000 | 1,203,000 | 117,000 | ||||||||||||||||||||
Abandoned development costs | 2,365,000 | 0 | 0 | ||||||||||||||||||||
Depreciation and amortization | 102,432,000 | 95,746,000 | 98,683,000 | ||||||||||||||||||||
Total expenses | 286,695,000 | 257,114,000 | 247,412,000 | ||||||||||||||||||||
Operating income | 131,863,000 | 127,705,000 | 109,590,000 | 35,587,000 | [3],[4] | 35,283,000 | [3] | 32,625,000 | [3] | 28,368,000 | [3] | 35,916,000 | [3] | 33,431,000 | [3],[5] | 29,843,000 | [3] | 28,515,000 | [3] | ||||
Gain on early extinguishment of debt (2) | -13,140,000 | 0 | 0 | 13,100,000 | |||||||||||||||||||
Interest expense | -57,931,000 | -51,616,000 | -49,814,000 | ||||||||||||||||||||
Net income (loss) | 78,152,000 | 113,321,000 | 56,476,000 | 18,520,000 | [3],[4] | 24,297,000 | [3] | 19,895,000 | [3] | 15,440,000 | [3] | 23,136,000 | [3] | 56,180,000 | [3],[5] | 17,776,000 | [3] | 16,229,000 | [3] | ||||
Net income (loss) | 9,053,000 | 11,040,000 | -3,295,000 | ||||||||||||||||||||
Depreciation and asset impairments (real estate related) (2) | $12,212,000 | [2] | $12,419,000 | [2] | $8,245,000 | [2] | |||||||||||||||||
[1] | Note that revenues for the year ended December 31, 2013 include approximately $9.5 million of other income from the settlement of a lawsuit at Deer Park prior to our acquisition of an additional one-third interest in and the consolidation of the property. | ||||||||||||||||||||||
[2] | Represents a gain on early extinguishment of debt that was recorded as part of the refinancing of the debt at Deer Park in August 2013 (See Note 3). | ||||||||||||||||||||||
[3] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||||||||
[4] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||||||||
[5] | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Investments_in_Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2014 | Aug. 31, 2013 | Nov. 30, 2014 | Mar. 31, 2012 | Jun. 30, 2013 | 31-May-14 | Jul. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Dec. 31, 2013 | Mar. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2014 | ||
sqft | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | $208,000,000 | $140,200,000 | ||||||||||||
Difference in basis | 4,400,000 | 1,600,000 | ||||||||||||
Area of real estate property | 982,000 | |||||||||||||
Joint venture debt outstanding | 268,200,000 | 202,700,000 | ||||||||||||
Net proceeds on sale of real estate | 38,993,000 | |||||||||||||
Gain on sale of real estate | 7,513,000 | |||||||||||||
Charlotte [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 11,600,000 | |||||||||||||
Area of real estate property | 398,000 | [1] | 0 | |||||||||||
Number of miles from major city | 8 | |||||||||||||
Joint venture debt outstanding | 90,000,000 | [1] | 0 | |||||||||||
Ownership % | 50.00% | [1] | 50.00% | |||||||||||
Deer Park [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 3.25% | |||||||||||||
Additional Ownership Percentage Acquired | 33.30% | |||||||||||||
Ownership % | 66.70% | |||||||||||||
Galveston/Houston [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 1,300,000 | 7,400,000 | ||||||||||||
Area of real estate property | 353,000 | 353,000 | ||||||||||||
Joint venture debt outstanding | 65,000,000 | 65,000,000 | ||||||||||||
Ownership % | 50.00% | 50.00% | ||||||||||||
National Harbor [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 9,500,000 | 16,700,000 | ||||||||||||
Area of real estate property | 339,000 | 336,000 | ||||||||||||
Proceeds from joint venture debt | 19,000,000 | |||||||||||||
Joint venture debt outstanding | 83,700,000 | 52,400,000 | ||||||||||||
Ownership % | 50.00% | 50.00% | ||||||||||||
RioCan Canda [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 132,500,000 | 85,700,000 | ||||||||||||
Area of real estate property | 870,000 | 433,000 | ||||||||||||
Joint venture debt outstanding | 15,700,000 | 17,900,000 | ||||||||||||
Ownership % | 50.00% | 50.00% | ||||||||||||
Abandoned development costs | 1,400,000 | |||||||||||||
Cookstown [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Area of real estate property | 305,000 | |||||||||||||
Company portion of contributed capital to the joint venture | 27,100,000 | |||||||||||||
Estimated square feet of expansion | 149,000 | |||||||||||||
Business acquisition, contingent consideration, potential cash payment | 13,800,000 | |||||||||||||
Les Factoreries St. Sauveur Property [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Area of real estate property | 116,000 | |||||||||||||
Bromont Outlet Mall Property [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Area of real estate property | 161,000 | |||||||||||||
Ottawa [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Area of real estate property | 288,000 | |||||||||||||
Square feet of anchor tenant | 28,000 | |||||||||||||
Company portion of contributed capital to the joint venture | 45,300,000 | |||||||||||||
Payments to acquire real estate | 28,700,000 | |||||||||||||
Savannah [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 46,500,000 | [2] | ||||||||||||
Area of real estate property | 0 | [2] | ||||||||||||
Ownership % | 50.00% | [2] | ||||||||||||
Company portion of contributed capital to the joint venture | 45,200,000 | |||||||||||||
Estimated Square Footage of Real Estate Property When Completed | 377,000 | |||||||||||||
Partner's Portion of Contributed Capital to the Joint Venture | 7,400,000 | |||||||||||||
Preferred return percentage prior to grand opening date | 8.00% | |||||||||||||
Preferred return percentage after grand opening date | 10.00% | |||||||||||||
Westgate [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 14,300,000 | 16,100,000 | ||||||||||||
Area of real estate property | 381,000 | 332,000 | ||||||||||||
Term of mortgage extension | 2 years | |||||||||||||
Joint venture debt outstanding | 54,000,000 | 43,100,000 | ||||||||||||
Joint venture debt, maximum borrowings | 62,000,000 | 48,300,000 | ||||||||||||
Ownership % | 58.00% | 58.00% | ||||||||||||
Estimated square feet of expansion | 50,000 | |||||||||||||
Estimated Square Feet of Expansion when completed | 78,000 | |||||||||||||
Estimated Square Footage of Real Estate Property When Completed | 409,000 | |||||||||||||
Wisconsin Dells [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | 2,400,000 | 2,500,000 | ||||||||||||
Area of real estate property | 265,000 | 265,000 | ||||||||||||
Joint venture debt outstanding | 24,300,000 | |||||||||||||
Ownership % | 50.00% | 50.00% | ||||||||||||
Mortgages [Member] | Charlotte [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.45% | |||||||||||||
Term of mortgage extension | 1 year | |||||||||||||
Proceeds from joint venture debt | 89,400,000 | |||||||||||||
Joint venture debt outstanding | 90,000,000 | |||||||||||||
Mortgages [Member] | Galveston/Houston [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||||
Term of mortgage extension | 1 year | |||||||||||||
Proceeds from joint venture debt | 65,000,000 | |||||||||||||
Joint venture debt, maximum borrowings | 70,000,000 | |||||||||||||
Mortgages [Member] | National Harbor [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.65% | |||||||||||||
Joint venture debt outstanding | 83,700,000 | |||||||||||||
Joint venture debt, maximum borrowings | 87,000,000 | 62,000,000 | ||||||||||||
Mortgages [Member] | Savannah [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.65% | |||||||||||||
Term of mortgage extension | 1 year | |||||||||||||
Joint venture debt outstanding | 25,500,000 | [2] | ||||||||||||
Joint venture debt, maximum borrowings | 93,000,000 | |||||||||||||
Number of mortgage extensions | 2 | |||||||||||||
Mortgages [Member] | Wisconsin Dells [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||
Joint venture debt outstanding | 24,300,000 | |||||||||||||
Joint venture debt, maximum borrowings | 24,300,000 | |||||||||||||
Debt instrument, term | 10 years | |||||||||||||
Subsequent Event [Member] | Wisconsin Dells [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net proceeds on sale of real estate | 15,600,000 | |||||||||||||
Gain on sale of real estate | $13,900,000 | |||||||||||||
[1] | The negative carrying value is due to the distributions of proceeds from a mortgage loan, as well as quarterly distributions of excess cash flow, exceeding the original contributions from the partners. | |||||||||||||
[2] | Based on capital contribution and distribution provisions in the joint venture agreement, we expect our economic interest in the venture's cash flow to be greater than the ownership percentage indicated above, which in this case, states our legal interest in this venture. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Deferred_Charges_Details
Deferred Charges (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $275,261 | $320,298 |
Accumulated amortization | -134,378 | -156,717 |
Deferred lease costs and other intangibles, net | 140,883 | 163,581 |
Deferred Lease Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 61,205 | 60,657 |
Above market lease value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 44,144 | 49,584 |
Leases, Acquired-in-Place [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 69,893 | 102,085 |
Tenant Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 57,230 | 62,438 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $42,789 | $45,534 |
Deferred_Charges_Schedule_of_E
Deferred Charges - Schedule of Expected Amortization Expense (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Above and Below Market Lease Value [Member] | |
2015 | $2,324 |
2016 | 1,957 |
2017 | 1,997 |
2018 | 1,880 |
2019 | 466 |
Total | 8,624 |
Deferred Lease Costs and Other Intangibles [Member] | |
2015 | 11,478 |
2016 | 9,977 |
2017 | 8,195 |
2018 | 7,220 |
2019 | 4,922 |
Total | $41,792 |
Deferred_Charges_Schedule_of_D
Deferred Charges - Schedule of Deferred Debt Origination Costs (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tanger Factory Outlet Centers, Inc [Member] | ||
Deferred Debt Origination Costs [Line Items] | ||
Deferred debt origination costs | $22,126 | $20,112 |
Accumulated amortization | -10,000 | -9,294 |
Deferred debt origination costs, net | $12,126 | $10,818 |
Deferred_Charges_Narrative_Det
Deferred Charges - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Amortization of above and below Market Leases | ($2,800,000) | ($686,000) | $803,000 |
Deferred Lease Costs and Other Intangibles [Member] | |||
Amortization of Intangible Assets | 20,900,000 | 19,800,000 | 24,100,000 |
Other Liabilities [Member] | |||
Below Market Lease, Net | 12,900,000 | 15,700,000 | |
Tanger Factory Outlet Centers, Inc [Member] | |||
Amortization of Financing Costs | $2,382,000 | $2,194,000 | $2,313,000 |
Debt_of_the_Company_Details
Debt of the Company (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Tanger Factory Outlet Centers, Inc [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured lines of credit | $111,000,000 | $16,200,000 |
Tanger Properties Limited Partnership [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured lines of credit | 111,000,000 | 16,200,000 |
Debt [Member] | Tanger Factory Outlet Centers, Inc [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured lines of credit total borrowing capacity | 520,000,000 | |
Debt [Member] | Tanger Factory Outlet Centers, Inc [Member] | Unsecured Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligations, current carrying value | 250,000,000 | |
Debt [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured lines of credit | 111,000,000 | 16,200,000 |
Ocean City Factory Outlets [Member] | Debt [Member] | Tanger Factory Outlet Centers, Inc [Member] | Mortgages [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligations, current carrying value | $17,900,000 |
Debt_of_the_Operating_Partners2
Debt of the Operating Partnership (Details) (Tanger Properties Limited Partnership [Member], USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Jul. 31, 2014 | Feb. 29, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2014 | Oct. 31, 2013 | Sep. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Principal | $1,446,830,000 | $1,330,398,000 | $1,446,830,000 | |||||||
Premium (Discount), Net | -3,636,000 | -2,349,000 | -3,636,000 | |||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium (Discount), Net | -6,426,000 | -5,752,000 | -6,426,000 | |||||||
Senior Notes [Member] | 6.15% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 6.15% | 6.15% | 6.15% | 6.15% | ||||||
Principal | 0 | 250,000,000 | 0 | 250,000,000 | ||||||
Discount | 0 | -211,000 | 0 | |||||||
Senior Notes [Member] | 6.125% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 6.13% | 6.13% | 6.13% | |||||||
Principal | 300,000,000 | 300,000,000 | 300,000,000 | |||||||
Discount | -1,276,000 | -1,469,000 | -1,276,000 | |||||||
Senior Notes [Member] | 3.875% Senior Notes [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 3.88% | 3.88% | 3.88% | 3.88% | ||||||
Principal | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||
Discount | -3,732,000 | -4,072,000 | -3,732,000 | |||||||
Senior Notes [Member] | 3.75% Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 3.75% | 3.75% | 3.75% | |||||||
Principal | 250,000,000 | 0 | 250,000,000 | 250,000,000 | ||||||
Discount | -1,418,000 | 0 | -1,418,000 | |||||||
Notes Payable, Other Payables [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 1.50% | 1.50% | 1.50% | |||||||
Principal | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Discount | -241,000 | -396,000 | -241,000 | |||||||
Unsecured Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.05% | 1.60% | 1.05% | 1.60% | ||||||
Principal | 250,000,000 | 250,000,000 | 250,000,000 | |||||||
Discount | 0 | 0 | 0 | |||||||
Premium (Discount), Net | -241,000 | -396,000 | -241,000 | |||||||
Unsecured Term Note [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.30% | 1.30% | ||||||||
Principal | 7,500,000 | 7,500,000 | 7,500,000 | |||||||
Discount | 0 | 0 | 0 | |||||||
Mortgages [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Premium (Discount), Net | 3,031,000 | 3,799,000 | 3,031,000 | |||||||
Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s), Minimum | 5.14% | 5.14% | ||||||||
Stated Interest Rate(s), Maximum | 7.65% | 7.65% | ||||||||
Principal | 45,997,000 | 48,535,000 | 45,997,000 | |||||||
Premium | 3,694,000 | 4,091,000 | 3,694,000 | |||||||
Mortgages [Member] | Deer Park [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.50% | 1.50% | 1.50% | |||||||
Principal | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||||||
Discount | -1,161,000 | -1,478,000 | -1,600,000 | -1,161,000 | ||||||
Mortgages [Member] | The Outlets at Hershey [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s), Minimum | 5.17% | 5.17% | ||||||||
Stated Interest Rate(s), Maximum | 8.00% | 8.00% | ||||||||
Principal | 29,271,000 | 29,970,000 | 29,271,000 | |||||||
Premium | 399,000 | 993,000 | 399,000 | |||||||
Mortgages [Member] | Ocean City Factory Outlets [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate(s) | 5.24% | 5.24% | 5.24% | |||||||
Principal | 17,827,000 | 18,193,000 | 17,827,000 | |||||||
Premium | 99,000 | 193,000 | 99,000 | |||||||
Mortgages [Member] | Foxwoods [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.65% | |||||||||
Principal | 25,200,000 | 0 | 25,200,000 | |||||||
Premium | 0 | 0 | 0 | |||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.00% | 1.00% | 1.00% | 1.10% | ||||||
Principal | 111,000,000 | 16,200,000 | 111,000,000 | |||||||
Discount | $0 | $0 | $0 |
Debt_of_the_Operating_Partners3
Debt of the Operating Partnership - Debt Maturities (Details) (Tanger Properties Limited Partnership [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Tanger Properties Limited Partnership [Member] | ||
Schedule of Maturities of Debt [Line Items] | ||
2015 | $32,343,000 | |
2016 | 30,283,000 | |
2017 | 146,743,000 | |
2018 | 153,183,000 | |
2019 | 253,369,000 | |
Thereafter | 830,909,000 | |
Subtotal | 1,446,830,000 | 1,330,398,000 |
Net discount | -3,636,000 | -2,349,000 |
Total debt | $1,443,194,000 | $1,328,049,000 |
Debt_of_the_Operating_Partners4
Debt of the Operating Partnership Debt of the Operating Partnership - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Aug. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Nov. 30, 2014 | Nov. 30, 2013 | Jul. 31, 2014 | Feb. 29, 2012 | Dec. 31, 2011 | |
Extension | ||||||||||||
Tanger Properties Limited Partnership [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal balance of debt | $1,446,830,000 | $1,330,398,000 | $1,446,830,000 | |||||||||
Loss on early extinguishment of debt | -13,140,000 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt | 931,608,000 | 810,803,000 | 585,800,000 | |||||||||
Long-term Debt | 1,443,194,000 | 1,328,049,000 | 1,443,194,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Collateral for mortgages payable | 602,700,000 | 602,700,000 | ||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 5.05% | |||||||||||
Principal balance of debt | 45,997,000 | 48,535,000 | 45,997,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Ocean City Factory Outlets [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 4.68% | |||||||||||
Principal balance of debt | 17,827,000 | 18,193,000 | 17,827,000 | |||||||||
Stated Interest Rate(s) | 5.24% | 5.24% | 5.24% | |||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | The Outlets at Hershey [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 3.40% | |||||||||||
Principal balance of debt | 29,271,000 | 29,970,000 | 29,271,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Foxwoods [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Borrowing Capacity | 70,300,000 | 70,300,000 | ||||||||||
Basis spread on variable rate | 1.65% | |||||||||||
Number of mortgage extensions | 2 | |||||||||||
Term of mortgage extension | 1 year | |||||||||||
Principal balance of debt | 25,200,000 | 0 | 25,200,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 2.80% | |||||||||||
Basis spread on variable rate | 1.50% | 1.50% | 1.50% | |||||||||
Principal balance of debt | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | ||||||||
Discount | 1,161,000 | 1,478,000 | 1,161,000 | 1,600,000 | ||||||||
Term of mortgage | 5 years | |||||||||||
Derivative, Fixed Interest Rate | 1.30% | |||||||||||
Tanger Properties Limited Partnership [Member] | Notes Payable, Other Payables [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Effective interest rate | 3.15% | |||||||||||
Principal balance of debt | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Stated Interest Rate(s) | 1.50% | 1.50% | 1.50% | |||||||||
Discount | 241,000 | 396,000 | 241,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Borrowing Capacity | 520,000,000 | |||||||||||
Liquidity Line, Maximum Borrowings | 20,000,000 | 20,000,000 | ||||||||||
Syndicated Line, Maximum Borrowings | 500,000,000 | 500,000,000 | ||||||||||
Syndicated Line, Amount That The Line May Be Increased | 750,000,000 | 750,000,000 | ||||||||||
Percentage of funds from operations allowed on a cumulative basis required for debt covenants | 95.00% | |||||||||||
Basis spread on variable rate | 1.00% | 1.00% | 1.00% | 1.10% | ||||||||
Principal balance of debt | 111,000,000 | 16,200,000 | 111,000,000 | |||||||||
Discount | 0 | 0 | 0 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | 0.18% | ||||||||||
Debt Issuance Cost | 1,500,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.75% Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal balance of debt | 250,000,000 | 0 | 250,000,000 | 250,000,000 | ||||||||
Debt Instrument, Pricing Percentage of Principal | 99.43% | |||||||||||
Debt Instrument, Percentage Yield to Maturity | 3.82% | |||||||||||
Stated Interest Rate(s) | 3.75% | 3.75% | 3.75% | |||||||||
Proceeds from Issuance of Long-term Debt | 246,200,000 | |||||||||||
Discount | 1,418,000 | 0 | 1,418,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 6.15% Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal balance of debt | 0 | 250,000,000 | 0 | 250,000,000 | ||||||||
Stated Interest Rate(s) | 6.15% | 6.15% | 6.15% | 6.15% | ||||||||
Loss on early extinguishment of debt | 13,100,000 | |||||||||||
Discount | 0 | 211,000 | 0 | |||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.875% Senior Notes [Member] [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal balance of debt | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||
Debt Instrument, Pricing Percentage of Principal | 98.36% | |||||||||||
Debt Instrument, Percentage Yield to Maturity | 4.08% | |||||||||||
Stated Interest Rate(s) | 3.88% | 3.88% | 3.88% | 3.88% | ||||||||
Proceeds from Issuance of Long-term Debt | 243,600,000 | |||||||||||
Discount | 3,732,000 | 4,072,000 | 3,732,000 | |||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.05% | 1.60% | 1.05% | 1.60% | ||||||||
Principal balance of debt | 250,000,000 | 250,000,000 | 250,000,000 | |||||||||
Discount | 0 | 0 | 0 | |||||||||
Term of loan | 7 years | |||||||||||
Debt [Member] | Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 250,000,000 | |||||||||||
Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percent of guaranty of completion and principal guaranty | 5.00% | 5.00% | ||||||||||
Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percent of guaranty of completion and principal guaranty | 100.00% | 100.00% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Classifications on Consolidated Balance Sheets (Details) (Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 150,000 | |
Fair Value | 95 | 1,382 |
Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 50,000 | |
Company Fixed Pay Rate | 1.31% | |
Fair Value | 26 | 455 |
Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 50,000 | |
Company Fixed Pay Rate | 1.30% | |
Fair Value | 40 | 440 |
Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 50,000 | |
Company Fixed Pay Rate | 1.30% | |
Fair Value | 29 | $487 |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Bank Pay Rate | 1 month |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Gain (Loss) Recognized and Reclassified (Details) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ($1,287) | $1,382 | $0 |
Treasury Lock [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $741 | $371 | $351 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Narrative (Details) (Cash Flow Hedging [Member], Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |
Dec. 31, 2005 | Dec. 31, 2013 | |
derivative_agreement | ||
Derivative [Line Items] | ||
Unamortized balance of settled agreements | $741,000 | |
Treasury Lock [Member] | ||
Derivative [Line Items] | ||
Number of derivative agreements | 2 | |
Debt instrument, term | 10 years | |
Proceeds from hedge | $3,200,000 |
Fair_Value_Measurements_Measur
Fair Value Measurements - Measurement Hierarchy (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $95,000 | $1,382,000 |
Total assets | 95,000 | 1,382,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 95,000 | 1,382,000 |
Total assets | 95,000 | 1,382,000 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (Tanger Properties Limited Partnership [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Tanger Properties Limited Partnership [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $1,500,000,000 | $1,400,000,000 |
Long-term debt | $1,443,194,000 | $1,328,049,000 |
Shareholders_Equity_of_the_Com1
Shareholders' Equity of the Company (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tanger Factory Outlet Centers, Inc [Member] | |||
Entity Information [Line Items] | |||
Common shares issued in exchange for Operating Partnership units (in shares) | 66,606 | 67,428 | 6,730,028 |
Convertible units, shares issued upon conversion into common shares | 1 | ||
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | |||
Entity Information [Line Items] | |||
Common shares issued in exchange for Operating Partnership units (in shares) | -66,606 | -67,428 | -6,730,028 |
Number of operating partnership units owned by family limited partners | 5,078,406 | 5,145,012 |
Partners_Equity_of_the_Operati2
Partners' Equity of the Operating Partnership (Details) (Tanger Properties Limited Partnership [Member]) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
General partner (in shares) | 1,000,000 | |||
Shares Paid for Tax Withholding for Share Based Compensation | -412,239 | |||
Issuance of restricted shares (in shares) | 1,302,729 | 332,373 | 566,000 | |
Units issued upon exercise of options | 47,000 | 44,500 | 37,700 | |
Units issued as consideration for business acquisition | 450,576 | 450,576 | ||
General partner (in shares) | 1,000,000 | 1,000,000 | ||
General Partner [Member] | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
General partner (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |
Shares Paid for Tax Withholding for Share Based Compensation | 0 | |||
Exchange of Class A limited partnership units | 0 | 0 | 0 | |
Issuance of restricted shares (in shares) | 0 | 0 | 0 | |
Units issued upon exercise of options | 0 | 0 | 0 | |
Units issued as consideration for business acquisition | 0 | |||
General partner (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | |
Class A Limited Partnership Units [Member] | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited partners (in shares) | 5,145,012 | 4,761,864 | 11,491,892 | |
Shares Paid for Tax Withholding for Share Based Compensation | 0 | |||
Exchange of Class A limited partnership units | -66,606 | -67,428 | -6,730,028 | |
Issuance of restricted shares (in shares) | 0 | 0 | 0 | |
Units issued upon exercise of options | 0 | 0 | 0 | |
Units issued as consideration for business acquisition | 450,576 | |||
Limited partners (in shares) | 5,078,406 | 5,145,012 | 4,761,864 | |
Class B Limited Partnership Units [Member] | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited partners (in shares) | 93,505,685 | 93,061,384 | 85,727,656 | |
Shares Paid for Tax Withholding for Share Based Compensation | -412,239 | |||
Exchange of Class A limited partnership units | 66,606 | 67,428 | 6,730,028 | |
Issuance of restricted shares (in shares) | 1,302,729 | 332,373 | 566,000 | |
Units issued upon exercise of options | 47,000 | 44,500 | 37,700 | |
Units issued as consideration for business acquisition | 0 | |||
Limited partners (in shares) | 94,509,781 | 93,505,685 | 93,061,384 | |
Limited partners [Member] | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited partners (in shares) | 98,650,697 | 97,823,248 | 97,219,548 | |
Shares Paid for Tax Withholding for Share Based Compensation | -412,239 | |||
Exchange of Class A limited partnership units | 0 | 0 | 0 | |
Issuance of restricted shares (in shares) | 1,302,729 | 332,373 | 566,000 | |
Units issued upon exercise of options | 47,000 | 44,500 | 37,700 | |
Units issued as consideration for business acquisition | 450,576 | |||
Limited partners (in shares) | 99,588,187 | 98,650,697 | 97,823,248 |
Partners_Equity_of_the_Operati3
Partners' Equity of the Operating Partnership - Narrative (Details) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Dec. 31, 2013 | |
Tanger Properties Limited Partnership [Member] | ||
Schedule of Partners' Equity of the Operating Partnership [Line Items] | ||
Stock split, conversion ratio | 4 | |
Exchange ratio of partnership units for common shares | 1 | |
Partnership unit exchange ratio | 4 | |
Units issued as consideration for business acquisition | 450,576 | 450,576 |
Deer Park [Member] | ||
Schedule of Partners' Equity of the Operating Partnership [Line Items] | ||
Additional Ownership Percentage Acquired | 33.30% |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||||||||||||
Common shares issued in exchange for Operating Partnership units (in shares) | 66,606 | 67,428 | 6,730,028 | ||||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $17,542 | [1],[2] | $23,003 | [1] | $18,850 | [1] | $14,616 | [1] | $21,936 | [1] | $53,294 | [1],[3] | $16,888 | [1] | $15,439 | [1] | $74,011 | $107,557 | $53,228 | ||
Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests (1) | 741 | [4] | 11,130 | [4] | |||||||||||||||||
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $74,752 | $118,687 | |||||||||||||||||||
[1] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||||||
[2] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||||||
[3] | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. | ||||||||||||||||||||
[4] | In 2014 and 2013, adjustments of the noncontrolling interest were made as a result of increases in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon exercise of options, share-based compensation and the issuance of common shares upon exchange of Class A common limited partnership units. |
Earnings_Per_Share_of_the_Comp2
Earnings Per Share of the Company (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Tanger Factory Outlet Centers, Inc [Member] | ||||||||||||||||||||
Numerator | ||||||||||||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $17,542 | [1],[2] | $23,003 | [1] | $18,850 | [1] | $14,616 | [1] | $21,936 | [1] | $53,294 | [1],[3] | $16,888 | [1] | $15,439 | [1] | $74,011 | $107,557 | $53,228 | |
Less allocation of earnings to participating securities | -1,872 | -1,126 | -784 | |||||||||||||||||
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $17,061 | [1],[2] | $22,522 | [1] | $18,369 | [1] | $14,187 | [1] | $21,706 | [1] | $52,685 | [1],[3] | $16,657 | [1] | $15,245 | [1] | $72,139 | $106,431 | $52,444 | |
Denominator | ||||||||||||||||||||
Basic weighted average common shares (in shares) | 93,769,000 | 93,311,000 | 91,733,000 | |||||||||||||||||
Effect of notional units (in shares) | 0 | 849,000 | 846,000 | |||||||||||||||||
Effect of outstanding options and restricted common shares (in shares) | 70,000 | 87,000 | 82,000 | |||||||||||||||||
Diluted weighted average common shares (in shares) | 93,839,000 | 94,247,000 | 92,661,000 | |||||||||||||||||
Basic earnings per common share: | ||||||||||||||||||||
Net income, basic (in dollars per share) | $0.18 | [1],[2] | $0.24 | [1] | $0.20 | [1] | $0.15 | [1] | $0.23 | [1] | $0.56 | [1],[3] | $0.18 | [1] | $0.16 | [1] | $0.77 | $1.14 | $0.57 | |
Diluted earnings per common share: | ||||||||||||||||||||
Net income, diluted (in dollars per share) | $0.18 | [1],[2] | $0.24 | [1] | $0.20 | [1] | $0.15 | [1] | $0.23 | [1] | $0.56 | [1],[3] | $0.18 | [1] | $0.16 | [1] | $0.77 | $1.13 | $0.57 | |
Number of notional units converted to restricted common shares | 933,769 | |||||||||||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 259,000 | 0 | 17,600 | |||||||||||||||||
[1] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | |||||||||||||||||||
[2] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | |||||||||||||||||||
[3] | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Earnings_Per_Unit_of_the_Opera2
Earnings Per Unit of the Operating Partnership (Details) (Tanger Properties Limited Partnership [Member], USD $) | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tanger Properties Limited Partnership [Member] | |||||
Numerator | |||||
Net income attributable to partners of the Operating Partnership | $78,048 | $113,200 | $56,495 | ||
Less allocation of earnings to participating securities | -1,873 | -1,129 | -784 | ||
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $76,175 | $112,071 | $55,711 | ||
Denominator | |||||
Basic weighted average common shares (in shares) | 98,883,000 | 98,193,000 | 97,677,000 | ||
Effect of notional units (in shares) | 0 | 849,000 | 846,000 | ||
Effect of outstanding options and restricted common shares (in shares) | 70,000 | 87,000 | 82,000 | ||
Diluted weighted average common shares (in shares) | 98,953,000 | 99,129,000 | 98,605,000 | ||
Basic earnings per common unit: | |||||
Net income, basic (in dollars per share) | $0.77 | $1.14 | $0.57 | ||
Diluted earnings per common unit: | |||||
Net income, diluted (in dollars per share) | $0.77 | $1.13 | $0.57 | ||
Stock split, conversion ratio | 4 | ||||
Number of notional units converted to restricted common units | 933,769 | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 259,000 | 0 | 17,600 |
EquityBased_Compensation_Optio
Equity-Based Compensation - Options Narrative (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 04, 2014 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common shares that may be issued | 15,400,000 | |||
Total Options Granted, to Date, Net of Forfeitures | 7,583,960 | |||
Total Restricted Shares Granted, To Date, Net of Forfeitures | 4,573,683 | |||
Total Number of Common Shares The Could Be Issued Upon Vesting of Notional Units Granted, to Date | 644,850 | |||
Shares remaining available for future issuance | 2,597,507 | |||
Grants of options to non-executive employees | 282,500 | 282,500 | ||
Options granted price (in dollars per share) | $32.02 | $32.02 | ||
Options expiration period from date of grant | 10 years | |||
Percentage of Options Becoming Exercisable Each Year | 20.00% | |||
Share-based compensation period in which option is exercisable | 5 years | |||
Award Vesting Period | 1 year | |||
Expected Dividend Rate | 2.80% | |||
Expected Life Term | 7 years | |||
Expected Volatility Rate | 32.00% | |||
Risk Free Interest Rate | 2.46% | |||
Forfeiture Rate Used, Minimum | 3.00% | |||
Forfeiture Rate Used, Maximum | 13.50% |
EquityBased_Compensation_Outpe
Equity-Based Compensation - Outperformance Plan Narrative (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | 48 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Award Measurement Period | 4 years | |||||||
Maximum Potential Share-Based Compensation | $32.20 | $32.20 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 412,239 | 0 | 0 | |||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number Of Shares That May Be Earned | 329,700 | 315,150 | ||||||
Share-based Award Measurement Period | 3 years | 3 years | ||||||
Percent of share price appreciation | 35.00% | 35.00% | ||||||
Threshold Percentage for Performance Target | 70.00% | 70.00% | ||||||
Seventy percent of the performance shares [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of Total Shares Available to be Awarded | 70.00% | 70.00% | ||||||
Seventy percent of the performance shares [Member] | Price appreciation minimum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 25.00% | 25.00% | ||||||
Percent of Shares Earned if Threshold Met | 33.33% | 33.33% | ||||||
Seventy percent of the performance shares [Member] | Price appreciation middle [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 30.00% | 30.00% | ||||||
Percent of Shares Earned if Threshold Met | 66.67% | 66.67% | ||||||
Seventy percent of the performance shares [Member] | Price appreciation maximum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 35.00% | 35.00% | ||||||
Percent of Shares Earned if Threshold Met | 100.00% | 100.00% | ||||||
Thirty percent of the performance shares [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of Total Shares Available to be Awarded | 30.00% | 30.00% | ||||||
Thirty percent of the performance shares [Member] | Price appreciation minimum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 50.00% | 50.00% | ||||||
Percent of Shares Earned if Threshold Met | 33.33% | 33.33% | ||||||
Thirty percent of the performance shares [Member] | Price appreciation middle [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 60.00% | 60.00% | ||||||
Percent of Shares Earned if Threshold Met | 66.67% | 66.67% | ||||||
Thirty percent of the performance shares [Member] | Price appreciation maximum [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of share price appreciation | 70.00% | 70.00% | ||||||
Percent of Shares Earned if Threshold Met | 100.00% | 100.00% | ||||||
Scenario, Forecast [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Maximum Potential Share-Based Compensation | $14.30 | $13.30 | ||||||
December 31, 2015 [Member] | January 4, 2016 [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Percentage | 50.00% | |||||||
December 31, 2015 [Member] | January 3, 2017 [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting Percentage | 50.00% |
EquityBased_Compensation_Restr
Equity-Based Compensation - Restricted Common Shares Narrative (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||
Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Feb. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 933,769 | 1,307,729 | ||||
Award Vesting Period | 1 year | |||||
Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 373,960 | 349,373 | 346,000 | |||
Independent Director's Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 3 years | |||||
Senior Executive Officer's Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award Vesting Period | 5 years | |||||
Chief Executive Officer's Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement award holding period | 3 years | |||||
Restricted Shares CEO [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Restricted Common Shares Granted to Company CEO | 225,000 | |||||
Grant Date Fair Value | $25.44 | |||||
Fully Vested [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Restricted Common Shares Granted to Company CEO | 45,000 | |||||
Service Condition [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Restricted Common Shares Granted to Company CEO | 90,000 | |||||
Vesting Period of Restricted Shares Granted to Company CEO | 5 years | |||||
Service and Performance Conditions [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Restricted Common Shares Granted to Company CEO | 90,000 | |||||
Vesting Period of Restricted Shares Granted to Company CEO | 5 years |
EquityBased_Compensation_Multi
Equity-Based Compensation - Multi Year Performance Plan Narrative (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 48 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2014 | Mar. 31, 2010 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Notional Units, Grants in Period | 392,000 | |||
Share-based Compensation, performance period | 4 years | |||
Maximum Potential Share-Based Compensation | $32.20 | |||
Share-based Award Measurement Period | 4 years | |||
Granted | 933,769 | 1,307,729 | ||
Cumulative Dividends | $3.80 | |||
Price appreciation minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Notional Units Conversion Ratio | 1 | |||
Price appreciation middle [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Notional Units Conversion Ratio | 2 | |||
Price appreciation maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Notional Units Conversion Ratio | 3 |
EquityBased_Compensation_Share
Equity-Based Compensation - Share-Based Compensation Expense (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $14,750 | $11,376 | $10,676 | [1] | |
Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 9,978 | 8,354 | 8,497 | [1] | |
Notional Unit Performance Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 4,313 | 2,847 | 1,970 | [1] | |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | 459 | 175 | 209 | [1] | |
Fully Vested [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of Restricted Common Shares Granted to Company CEO | 45,000 | ||||
Fully Vested [Member] | Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $1,300 | ||||
[1] | For the year ended DecemberB 31, 2012, includes approximately $1.3 million of compensation expense related to 45,000 common shares that vested immediately upon grant related to the Employment Agreement described above. |
EquityBased_Compensation_Exerc
Equity-Based Compensation - Exercise Price (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | 370,500 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $30.20 |
Weighted remaining contractual life in years | 8 years 1 month 15 days |
Options Exercisable, Options | 52,600 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $26.06 |
Exercise price 26.06 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | 113,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $26.06 |
Weighted remaining contractual life in years | 6 years 1 month 3 days |
Options Exercisable, Options | 52,600 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $26.06 |
Exercise price 32.02 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | 257,500 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $32.02 |
Weighted remaining contractual life in years | 9 years 0 months 5 days |
Options Exercisable, Options | 0 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $0 |
EquityBased_Compensation_Optio1
Equity-Based Compensation - Option Activity (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tanger Factory Outlet Centers, Inc [Member] | |||||
Shares | |||||
Beginning balance | 166,300 | 166,300 | |||
Granted | 282,500 | 282,500 | |||
Exercised | -47,000 | -44,500 | -37,700 | ||
Forfeited | -31,300 | ||||
Ending balance | 370,500 | 166,300 | |||
Weighted-average exercise price | |||||
Beginning balance (in dollars per share) | $24.13 | $24.13 | |||
Granted (in dollars per share) | $32.02 | $32.02 | |||
Exercised (in dollars per share) | $19.22 | ||||
Forfeited (in dollars per share) | $31.11 | ||||
Ending balance (in dollars per share) | $30.20 | $24.13 | |||
Weighted-average remaining contractual life in years, outstanding | 8 years 1 month 15 days | ||||
Aggregate intrinsic value, outstanding | $2,759 | ||||
Vested and Expected to Vest | |||||
Vested and Expected to Vest, Shares | 291,661 | ||||
Vested and Expected to Vest, Weighted-average exercise price (in dollars per share) | $30.07 | ||||
Vested and Expected to Vest, Weighted-average remaining contractual life in years | 8 years 0 months 17 days | ||||
Vested and Expected to Vest, Aggregate intrinsic value | 2,212 | ||||
Exercisable | |||||
Exercisable, Shares | 52,600 | ||||
Exercisable, Weighted-average exercise price (in dollars per share) | $26.06 | ||||
Exercisable, Weighted-average remaining contractual life in years | 6 years 0 months 9 days | ||||
Exercisable, Aggregate intrinsic value | $610 |
EquityBased_Compensation_Restr1
Equity-Based Compensation - Restricted Share Activity (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2014 | Dec. 31, 2014 | |
Tanger Factory Outlet Centers, Inc [Member] | ||
Number of shares | ||
Beginning balance | 1,057,966 | 1,057,966 |
Granted | 933,769 | 1,307,729 |
Vested | -1,266,245 | |
Forfeited | 0 | |
Ending balance | 1,099,450 | |
Weighted-average grant date fair value | ||
Beginning balance (in dollars per share) | $26.91 | $26.91 |
Granted (in dollars per share) | $26.50 | |
Vested (in dollars per share) | $24.67 | |
Forfeited (in dollars per share) | $0 | |
Ending balance (in dollars per share) | $29.01 |
EquityBased_Compensation_Narra
Equity-Based Compensation - Narrative (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocation of recognized period costs, capitalized amount | $709,000 | $367,000 | $368,000 | |
Intrinsic value of options exercised during the period | 724,000 | 905,000 | 716,000 | |
Total value of restricted common shares vested | 46,600,000 | 10,900,000 | 10,600,000 | |
Shares Paid for Tax Withholding for Share Based Compensation | 412,239 | 0 | 0 | |
Payments for the employees' tax obligations to taxing authorities | 15,520,000 | 0 | 0 | |
Compensation cost not yet recognized | $30,900,000 | |||
Period for recognition or unrecognized compensation costs | 2 years 11 months 5 days | |||
Service Condition [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period of Restricted Shares Granted to Company CEO | 5 years | |||
Service and Performance Conditions [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period of Restricted Shares Granted to Company CEO | 5 years |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income of the Company - Balances of Each Component of AOCI (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | ($2,428) | ||
Unrealized loss on foreign currency translation adjustments | -10,042 | -4,968 | -5 |
Change in fair value of cash flow hedges | -1,287 | 1,382 | 0 |
Accumulated other comprehensive income (loss), ending balance | -14,023 | -2,428 | |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -2,428 | 1,200 | 1,535 |
Amortization of cash flow hedges | -852 | -353 | -330 |
Unrealized loss on foreign currency translation adjustments | -9,523 | -4,708 | -5 |
Change in fair value of cash flow hedges | -1,220 | 1,310 | |
Realized loss on foreign currency | 123 | ||
Accumulated other comprehensive income (loss), ending balance | -14,023 | -2,428 | 1,200 |
Parent [Member] | Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -4,590 | -5 | 0 |
Unrealized loss on foreign currency translation adjustments | -9,523 | -4,708 | -5 |
Realized loss on foreign currency | 123 | ||
Accumulated other comprehensive income (loss), ending balance | -14,113 | -4,590 | -5 |
Parent [Member] | Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | 2,162 | 1,205 | 1,535 |
Amortization of cash flow hedges | -852 | -353 | -330 |
Change in fair value of cash flow hedges | -1,220 | 1,310 | |
Realized loss on foreign currency | 0 | ||
Accumulated other comprehensive income (loss), ending balance | 90 | 2,162 | 1,205 |
Noncontrolling interest in Operating Partnership [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -293 | -93 | -72 |
Amortization of cash flow hedges | 111 | -18 | -21 |
Unrealized loss on foreign currency translation adjustments | -519 | -260 | 0 |
Change in fair value of cash flow hedges | -67 | 0 | |
Realized loss on foreign currency | 78 | ||
Accumulated other comprehensive income (loss), ending balance | -768 | -293 | -93 |
Noncontrolling interest in Operating Partnership [Member] | Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -254 | 0 | 0 |
Unrealized loss on foreign currency translation adjustments | -519 | -260 | 0 |
Realized loss on foreign currency | 6 | ||
Accumulated other comprehensive income (loss), ending balance | -773 | -254 | 0 |
Noncontrolling interest in Operating Partnership [Member] | Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -39 | -93 | -72 |
Amortization of cash flow hedges | 111 | -18 | -21 |
Change in fair value of cash flow hedges | -67 | 0 | |
Realized loss on foreign currency | 72 | ||
Accumulated other comprehensive income (loss), ending balance | $5 | ($39) | ($93) |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Income of the Company - Reclassification Out of AOCI (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | ($741) | ($242) | ($351) |
Interest Expense [Member] | Cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | -852 | -353 | -330 |
Interest Expense [Member] | Foreign Currency [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | $0 | $123 | $0 |
Accumulated_Other_Comprehensiv6
Accumulated Other Comprehensive Income of the Operating Partnership - Balances of Each Component (Details) (Tanger Properties Limited Partnership [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | ($2,721) | $1,107 | $1,463 |
Amortization of cash flow hedges | -741 | -371 | -351 |
Unrealized loss on foreign currency translation adjustments | -10,042 | -4,968 | -5 |
Change in fair value of cash flow hedges | -1,287 | 1,382 | 0 |
Realized loss on foreign currency | 129 | ||
Accumulated other comprehensive income (loss), ending balance | -14,791 | -2,721 | 1,107 |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | -4,844 | -5 | 0 |
Unrealized loss on foreign currency translation adjustments | -10,042 | -4,968 | -5 |
Realized loss on foreign currency | 129 | ||
Accumulated other comprehensive income (loss), ending balance | -14,886 | -4,844 | -5 |
Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Accumulated other comprehensive income (loss), beginning balance | 2,123 | 1,112 | 1,463 |
Amortization of cash flow hedges | -741 | -371 | -351 |
Change in fair value of cash flow hedges | -1,287 | 1,382 | |
Realized loss on foreign currency | 0 | ||
Accumulated other comprehensive income (loss), ending balance | $95 | $2,123 | $1,112 |
Accumulated_Other_Comprehensiv7
Accumulated Other Comprehensive Income of the Operating Partnership - Reclassification out of AOCI (Detail) (Tanger Properties Limited Partnership [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | ($741) | ($242) | ($351) |
Interest Expense [Member] | Cash flow hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | -741 | -371 | -351 |
Interest Expense [Member] | Foreign Currency [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | $0 | $129 | $0 |
Supplementary_Income_Statement2
Supplementary Income Statement Information (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tanger Factory Outlet Centers, Inc [Member] | |||
Supplementary Income Statement Information [Line Items] | |||
Advertising and promotion | $25,431 | $24,035 | $23,051 |
Common area maintenance | 65,980 | 57,693 | 53,179 |
Real estate taxes | 25,644 | 21,976 | 19,842 |
Other operating expenses | 20,367 | 17,342 | 15,088 |
Operating Costs and Expenses | $137,422 | $121,046 | $111,160 |
Lease_Agreements_Details
Lease Agreements (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Line Items] | |
2015 | $243,870 |
2016 | 219,461 |
2017 | 190,130 |
2018 | 156,436 |
2019 | 119,864 |
Thereafter | 359,049 |
Future lease payment receivables | $1,288,810 |
Consolidated Properties [Member] | |
Operating Leases, Future Minimum Payments Receivable [Line Items] | |
Number of stores | 2,400 |
Number of Outlet Centers | 36 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Commitments [Line Items] | |
2015 | $5,807 |
2016 | 5,871 |
2017 | 5,590 |
2018 | 5,567 |
2019 | 5,734 |
Thereafter | 301,040 |
Operating leases, future minimum payments due | $329,609 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $6 | $5.80 | $5.80 |
Purchase commitments to complete construction | 80.3 | ||
Partnership Interest [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase commitments to complete construction | $33.50 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Dec. 31, 2014 |
mi | sqft | |
sqft | ||
Subsequent Event [Line Items] | ||
Square Feet | 982,000 | |
Southhaven [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price of land | $14.80 | |
Square Feet | 310,000 | |
Number of miles from major city | 5 |
Quarterly_Financial_Data_of_th2
Quarterly Financial Data of the Company (Unaudited) (Details) (Tanger Factory Outlet Centers, Inc [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||
Total revenues | $108,374 | [1],[2] | $105,189 | [1] | $102,212 | [1] | $102,783 | [1] | $107,325 | [1] | $97,804 | [1],[3] | $91,002 | [1] | $88,688 | [1] | $418,558 | $384,819 | $357,002 |
Operating income | 35,587 | [1],[2] | 35,283 | [1] | 32,625 | [1] | 28,368 | [1] | 35,916 | [1] | 33,431 | [1],[3] | 29,843 | [1] | 28,515 | [1] | 131,863 | 127,705 | 109,590 |
Net income | 18,520 | [1],[2] | 24,297 | [1] | 19,895 | [1] | 15,440 | [1] | 23,136 | [1] | 56,180 | [1],[3] | 17,776 | [1] | 16,229 | [1] | 78,152 | 113,321 | 56,476 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 17,542 | [1],[2] | 23,003 | [1] | 18,850 | [1] | 14,616 | [1] | 21,936 | [1] | 53,294 | [1],[3] | 16,888 | [1] | 15,439 | [1] | 74,011 | 107,557 | 53,228 |
Income available to common shareholders of Tanger Factory Outlet Centers, Inc. | $17,061 | [1],[2] | $22,522 | [1] | $18,369 | [1] | $14,187 | [1] | $21,706 | [1] | $52,685 | [1],[3] | $16,657 | [1] | $15,245 | [1] | $72,139 | $106,431 | $52,444 |
Basic earnings per common share | |||||||||||||||||||
Net income (in dollars per share) | $0.18 | [1],[2] | $0.24 | [1] | $0.20 | [1] | $0.15 | [1] | $0.23 | [1] | $0.56 | [1],[3] | $0.18 | [1] | $0.16 | [1] | $0.77 | $1.14 | $0.57 |
Diluted earnings per common share | |||||||||||||||||||
Net income (in dollars per share) | $0.18 | [1],[2] | $0.24 | [1] | $0.20 | [1] | $0.15 | [1] | $0.23 | [1] | $0.56 | [1],[3] | $0.18 | [1] | $0.16 | [1] | $0.77 | $1.13 | $0.57 |
[1] | Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. | ||||||||||||||||||
[2] | For the fourth quarter, net income includes a $7.5 million gain on the sale of our Lincoln City outlet center and a $13.1 million loss on early extinguishment of debt related to the early redemption of senior notes due November 2015. | ||||||||||||||||||
[3] | For the third quarter, net income includes a $26.0 million gain on our previously held interest in Deer Park upon the acquisition of an additional one-third interest in August 2013, and the consolidation of Deer Park into our financial statements. |
Quarterly_Financial_Data_of_th3
Quarterly Financial Data of the Company (Unaudited) - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||||
Gain on sale of real estate | $7,513 | ||||
Tanger Factory Outlet Centers, Inc [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain on sale of real estate | 7,500 | 7,513 | 0 | 0 | |
Loss on early extinguishment of debt | 13,100 | -13,140 | 0 | 0 | |
Gain on previously held interest in acquired joint venture | $26,000 | $0 | $26,002 | $0 |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | $271,361,000 |
Initial cost to Company, Land | 208,323,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 1,381,330,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 15,557,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 751,945,000 |
Gross Amount Carried at Close of Period, Land | 223,880,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 2,133,275,000 |
Total | 2,357,155,000 |
Accumulated Depreciation | 712,255,000 |
Real estate, Federal income tax basis | 2,400,000,000 |
Buildings and improvements, estimated useful life | 33 years |
Land improvements, estimated useful life | 15 years |
Atlantic City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 49,691,000 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 125,988,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,142,000 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 129,130,000 |
Total | 129,130,000 |
Accumulated Depreciation | 16,019,000 |
Barstow [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 3,281,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 12,533,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 21,831,000 |
Gross Amount Carried at Close of Period, Land | 3,281,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 34,364,000 |
Total | 37,645,000 |
Accumulated Depreciation | 18,948,000 |
Blowing Rock [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,963,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 9,424,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 8,116,000 |
Gross Amount Carried at Close of Period, Land | 1,963,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 17,540,000 |
Total | 19,503,000 |
Accumulated Depreciation | 8,287,000 |
Branson [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,407,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 25,040,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 396,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 20,774,000 |
Gross Amount Carried at Close of Period, Land | 4,803,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 45,814,000 |
Total | 50,617,000 |
Accumulated Depreciation | 25,996,000 |
Charleston [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 10,353,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 48,877,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 12,532,000 |
Gross Amount Carried at Close of Period, Land | 10,353,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 61,409,000 |
Total | 71,762,000 |
Accumulated Depreciation | 21,405,000 |
Commerce II [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,262,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 14,046,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 707,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 33,474,000 |
Gross Amount Carried at Close of Period, Land | 1,969,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 47,520,000 |
Total | 49,489,000 |
Accumulated Depreciation | 27,230,000 |
Deer Park [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 148,839,000 |
Initial cost to Company, Land | 82,413,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 173,044,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,534,000 |
Gross Amount Carried at Close of Period, Land | 82,413,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 175,578,000 |
Total | 257,991,000 |
Accumulated Depreciation | 9,925,000 |
Foley [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,400,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 82,410,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 693,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 40,769,000 |
Gross Amount Carried at Close of Period, Land | 5,093,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 123,179,000 |
Total | 128,272,000 |
Accumulated Depreciation | 42,731,000 |
Foxwoods [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 25,235,000 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 9,371,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 67,727,000 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 77,098,000 |
Total | 77,098,000 |
Accumulated Depreciation | 0 |
Gonzales [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 679,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 15,895,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 35,438,000 |
Gross Amount Carried at Close of Period, Land | 679,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 51,333,000 |
Total | 52,012,000 |
Accumulated Depreciation | 25,757,000 |
Grand Rapids [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 21,119,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 21,119,000 |
Total | 21,119,000 |
Accumulated Depreciation | 0 |
Hershey [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 29,670,000 |
Initial cost to Company, Land | 3,673,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 48,186,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,144,000 |
Gross Amount Carried at Close of Period, Land | 3,673,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,330,000 |
Total | 54,003,000 |
Accumulated Depreciation | 6,903,000 |
Hilton Head I [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,753,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 32,959,000 |
Gross Amount Carried at Close of Period, Land | 4,753,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 32,959,000 |
Total | 37,712,000 |
Accumulated Depreciation | 7,155,000 |
Hilton Head II [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 5,128,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 20,668,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 9,303,000 |
Gross Amount Carried at Close of Period, Land | 5,128,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 29,971,000 |
Total | 35,099,000 |
Accumulated Depreciation | 11,611,000 |
Howell [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,250,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 35,250,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 11,306,000 |
Gross Amount Carried at Close of Period, Land | 2,250,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 46,556,000 |
Total | 48,806,000 |
Accumulated Depreciation | 18,526,000 |
Jeffersonville [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,752,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 111,276,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 6,241,000 |
Gross Amount Carried at Close of Period, Land | 2,752,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 117,517,000 |
Total | 120,269,000 |
Accumulated Depreciation | 14,170,000 |
Kittery I [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,242,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 2,961,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 229,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,380,000 |
Gross Amount Carried at Close of Period, Land | 1,471,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 5,341,000 |
Total | 6,812,000 |
Accumulated Depreciation | 4,452,000 |
Kittery II [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,451,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 1,835,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 874,000 |
Gross Amount Carried at Close of Period, Land | 1,451,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 2,709,000 |
Total | 4,160,000 |
Accumulated Depreciation | 2,354,000 |
Lancaster [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 3,691,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 19,907,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 17,534,000 |
Gross Amount Carried at Close of Period, Land | 3,691,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 37,441,000 |
Total | 41,132,000 |
Accumulated Depreciation | 24,256,000 |
Locust Grove [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 2,558,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 11,801,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 26,837,000 |
Gross Amount Carried at Close of Period, Land | 2,558,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 38,638,000 |
Total | 41,196,000 |
Accumulated Depreciation | 22,279,000 |
Mebane [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 8,821,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 53,362,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 1,286,000 |
Gross Amount Carried at Close of Period, Land | 8,821,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 54,648,000 |
Total | 63,469,000 |
Accumulated Depreciation | 14,046,000 |
Mytrle Beach Hwy 17 [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 80,733,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 5,968,000 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 86,701,000 |
Total | 86,701,000 |
Accumulated Depreciation | 20,728,000 |
Myrtle Beach Hwy 501 [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 10,236,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 57,094,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 36,438,000 |
Gross Amount Carried at Close of Period, Land | 10,236,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 93,532,000 |
Total | 103,768,000 |
Accumulated Depreciation | 31,510,000 |
Nags Head [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,853,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 6,679,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 5,212,000 |
Gross Amount Carried at Close of Period, Land | 1,853,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 11,891,000 |
Total | 13,744,000 |
Accumulated Depreciation | 7,107,000 |
Ocean City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 17,926,000 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 16,334,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 7,822,000 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 24,156,000 |
Total | 24,156,000 |
Accumulated Depreciation | 3,788,000 |
Park City [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 6,900,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 33,597,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 343,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 25,592,000 |
Gross Amount Carried at Close of Period, Land | 7,243,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 59,189,000 |
Total | 66,432,000 |
Accumulated Depreciation | 19,135,000 |
Pittsburgh [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 5,528,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 91,288,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 3,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 13,385,000 |
Gross Amount Carried at Close of Period, Land | 5,531,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 104,673,000 |
Total | 110,204,000 |
Accumulated Depreciation | 34,884,000 |
Rehoboth Beach [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 20,600,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 74,209,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 1,875,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 33,799,000 |
Gross Amount Carried at Close of Period, Land | 22,475,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 108,008,000 |
Total | 130,483,000 |
Accumulated Depreciation | 36,318,000 |
Riverhead [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 36,374,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 6,152,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 104,446,000 |
Gross Amount Carried at Close of Period, Land | 6,152,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 140,820,000 |
Total | 146,972,000 |
Accumulated Depreciation | 74,904,000 |
San Marcos [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,801,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 9,440,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 16,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 48,488,000 |
Gross Amount Carried at Close of Period, Land | 1,817,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 57,928,000 |
Total | 59,745,000 |
Accumulated Depreciation | 35,861,000 |
Sanibel [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 4,916,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 23,196,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 12,563,000 |
Gross Amount Carried at Close of Period, Land | 4,916,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 35,759,000 |
Total | 40,675,000 |
Accumulated Depreciation | 19,505,000 |
Sevierville [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 0 |
Initial cost to Company, Buildings, Improvements & Fixtures | 18,495,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 46,766,000 |
Gross Amount Carried at Close of Period, Land | 0 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 65,261,000 |
Total | 65,261,000 |
Accumulated Depreciation | 30,671,000 |
Seymour [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 200,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 0 |
Gross Amount Carried at Close of Period, Land | 200,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 0 |
Total | 200,000 |
Accumulated Depreciation | 0 |
Terrell [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 523,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 13,432,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 9,519,000 |
Gross Amount Carried at Close of Period, Land | 523,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 22,951,000 |
Total | 23,474,000 |
Accumulated Depreciation | 16,802,000 |
Tilton [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,800,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 24,838,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 29,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 10,360,000 |
Gross Amount Carried at Close of Period, Land | 1,829,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 35,198,000 |
Total | 37,027,000 |
Accumulated Depreciation | 13,454,000 |
Tuscola [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 1,600,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 15,428,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 43,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,697,000 |
Gross Amount Carried at Close of Period, Land | 1,643,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 19,125,000 |
Total | 20,768,000 |
Accumulated Depreciation | 7,477,000 |
West Branch [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 319,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 3,428,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 120,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 7,796,000 |
Gross Amount Carried at Close of Period, Land | 439,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 11,224,000 |
Total | 11,663,000 |
Accumulated Depreciation | 6,792,000 |
Westbrook [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 6,264,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 26,991,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 4,233,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 5,706,000 |
Gross Amount Carried at Close of Period, Land | 10,497,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 32,697,000 |
Total | 43,194,000 |
Accumulated Depreciation | 12,628,000 |
Williamsburg [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Encumbrances | 0 |
Initial cost to Company, Land | 706,000 |
Initial cost to Company, Buildings, Improvements & Fixtures | 6,781,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 718,000 |
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 17,187,000 |
Gross Amount Carried at Close of Period, Land | 1,424,000 |
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 23,968,000 |
Total | 25,392,000 |
Accumulated Depreciation | $18,641,000 |
Schedule_III_Reconciliation_of
Schedule III - Reconciliation of Real Estate Property (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $2,249,819 | $1,947,352 | $1,916,045 |
Acquisitions | 0 | 255,107 | 0 |
Improvements | 160,560 | 50,283 | 34,633 |
Dispositions and reclasses to rental property held for sale | -146,776 | -2,923 | -3,326 |
Balance, end of year | $2,263,603 | $2,249,819 | $1,947,352 |
Schedule_III_Reconciliation_of1
Schedule III - Reconciliation of Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $654,631 | $582,859 | $512,485 |
Depreciation for the period | 80,057 | 74,695 | 73,700 |
Dispositions and reclasses to rental property held for sale | -72,452 | -2,923 | -3,326 |
Balance, end of year | $662,236 | $654,631 | $582,859 |