Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 14, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | ||
Entity Central Index Key | 899,715 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 93,941,783 | ||
Entity Public Float | $ 2,167,615,999 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Tanger Properties Limited Partnership [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 1,004,036 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Rental property: | ||
Land | $ 278,428 | $ 279,978 |
Buildings, improvements and fixtures | 2,764,649 | 2,793,638 |
Construction in progress | 3,102 | 14,854 |
Total rental property, at cost | 3,046,179 | 3,088,470 |
Accumulated depreciation | (981,305) | (901,967) |
Total rental property, net | 2,064,874 | 2,186,503 |
Cash and cash equivalents | 9,083 | 6,101 |
Investments in unconsolidated joint ventures | 95,969 | 119,436 |
Deferred lease costs and other intangibles, net | 116,874 | 132,061 |
Prepaids and other assets | 98,102 | 96,004 |
Total assets | 2,384,902 | 2,540,105 |
Debt: | ||
Senior, unsecured notes, net | 1,136,663 | 1,134,755 |
Unsecured term loans, net | 346,799 | 322,975 |
Mortgages payable, net | 87,471 | 99,761 |
Unsecured lines of credit, net | 141,985 | 206,160 |
Total debt | 1,712,918 | 1,763,651 |
Accounts payable and accrued expenses | 82,676 | 90,416 |
Other liabilities | 83,773 | 73,736 |
Total liabilities | 1,879,367 | 1,927,803 |
Commitments and contingencies (Note 23) | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,941,783 and 94,560,536 shares issued and outstanding at December 31, 2018 and 2017, respectively | 939 | 946 |
Paid in capital | 778,845 | 784,782 |
Accumulated distributions in excess of net income | (272,454) | (184,865) |
Partners' Equity | ||
Accumulated other comprehensive loss | (27,151) | (19,285) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 480,179 | 581,578 |
Noncontrolling interests in Operating Partnership | 25,356 | 30,724 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 505,535 | 612,302 |
Total liabilities and equity | 2,384,902 | 2,540,105 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 278,428 | 279,978 |
Buildings, improvements and fixtures | 2,764,649 | 2,793,638 |
Construction in progress | 3,102 | 14,854 |
Total rental property, at cost | 3,046,179 | 3,088,470 |
Accumulated depreciation | (981,305) | (901,967) |
Total rental property, net | 2,064,874 | 2,186,503 |
Cash and cash equivalents | 8,991 | 6,050 |
Investments in unconsolidated joint ventures | 95,969 | 119,436 |
Deferred lease costs and other intangibles, net | 116,874 | 132,061 |
Prepaids and other assets | 97,832 | 95,384 |
Total assets | 2,384,540 | 2,539,434 |
Debt: | ||
Senior, unsecured notes, net | 1,136,663 | 1,134,755 |
Unsecured term loans, net | 346,799 | 322,975 |
Mortgages payable, net | 87,471 | 99,761 |
Unsecured lines of credit, net | 141,985 | 206,160 |
Total debt | 1,712,918 | 1,763,651 |
Accounts payable and accrued expenses | 82,314 | 89,745 |
Other liabilities | 83,773 | 73,736 |
Total liabilities | 1,879,005 | 1,927,132 |
Commitments and contingencies (Note 23) | ||
Partners' Equity | ||
General partner, 1,000,000 units outstanding at December 31, 2018 and 2017 | 4,914 | 5,844 |
Limited partners, 4,960,684 and 4,995,433 Class A units and 92,941,783 and 93,560,536 Class B units outstanding at December 31, 2018 and 2017, respectively | 529,252 | 626,803 |
Accumulated other comprehensive loss | (28,631) | (20,345) |
Total partners' equity | 505,535 | 612,302 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 505,535 | 612,302 |
Total liabilities and equity | $ 2,384,540 | $ 2,539,434 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 93,941,783 | 94,560,536 |
Common shares, outstanding | 93,941,783 | 94,560,536 |
Tanger Properties Limited Partnership [Member] | ||
General partnership units | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partnership units | 4,960,684 | 4,995,433 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partnership units | 92,941,783 | 93,560,536 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Management, leasing and other services | $ 2,496,000 | $ 2,452,000 | $ 3,847,000 |
Expenses: | |||
Impairment charge | 0 | 0 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Revenues: | |||
Base rentals | 327,960,000 | 323,985,000 | 308,353,000 |
Percentage rentals | 10,040,000 | 9,853,000 | 11,221,000 |
Expense reimbursements | 145,356,000 | 142,817,000 | 133,818,000 |
Management, leasing and other services | 2,496,000 | 2,452,000 | 3,847,000 |
Other revenues | 8,829,000 | 9,127,000 | 8,595,000 |
Total revenues | 494,681,000 | 488,234,000 | 465,834,000 |
Expenses: | |||
Property operating | 160,457,000 | 155,235,000 | 152,017,000 |
General and administrative | 44,167,000 | 44,004,000 | 46,696,000 |
Acquisition costs | 0 | 0 | 487,000 |
Abandoned pre-development costs | 0 | 528,000 | 0 |
Impairment charge | 49,739,000 | 0 | 0 |
Depreciation and amortization | 131,722,000 | 127,744,000 | 115,357,000 |
Total expenses | 386,085,000 | 327,511,000 | 314,557,000 |
Other income (expense): | |||
Interest expense | (64,821,000) | (64,825,000) | (60,669,000) |
Loss on early extinguishment of debt | 0 | (35,626,000) | 0 |
Gain on sale of assets | 0 | 6,943,000 | 6,305,000 |
Gain on previously held interest in acquired joint ventures | 0 | 0 | 95,516,000 |
Other Nonoperating Income (Expense) | 864,000 | 2,724,000 | 1,028,000 |
Total other income (expense) | (63,957,000) | (90,784,000) | 42,180,000 |
Income before equity in earnings of unconsolidated joint ventures | 44,639,000 | 69,939,000 | 193,457,000 |
Equity in earnings of unconsolidated joint ventures | 924,000 | 1,937,000 | 10,872,000 |
Net income | 45,563,000 | 71,876,000 | 204,329,000 |
Noncontrolling interests in Operating Partnership | (2,329,000) | (3,609,000) | (10,287,000) |
Noncontrolling interests in other consolidated partnerships | 421,000 | (265,000) | (298,000) |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 43,655,000 | $ 68,002,000 | $ 193,744,000 |
Basic earnings per common share: | |||
Net income (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.02 |
Diluted earnings per common share: | |||
Net income (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.01 |
Tanger Properties Limited Partnership [Member] | |||
Revenues: | |||
Base rentals | $ 327,960,000 | $ 323,985,000 | $ 308,353,000 |
Percentage rentals | 10,040,000 | 9,853,000 | 11,221,000 |
Expense reimbursements | 145,356,000 | 142,817,000 | 133,818,000 |
Management, leasing and other services | 2,496,000 | 2,452,000 | 3,847,000 |
Other revenues | 8,829,000 | 9,127,000 | 8,595,000 |
Total revenues | 494,681,000 | 488,234,000 | 465,834,000 |
Expenses: | |||
Property operating | 160,457,000 | 155,235,000 | 152,017,000 |
General and administrative | 44,167,000 | 44,004,000 | 46,696,000 |
Acquisition costs | 0 | 0 | 487,000 |
Abandoned pre-development costs | 0 | 528,000 | 0 |
Impairment charge | 49,739,000 | 0 | 0 |
Depreciation and amortization | 131,722,000 | 127,744,000 | 115,357,000 |
Total expenses | 386,085,000 | 327,511,000 | 314,557,000 |
Other income (expense): | |||
Interest expense | (64,821,000) | (64,825,000) | (60,669,000) |
Loss on early extinguishment of debt | 0 | (35,626,000) | 0 |
Gain on sale of assets | 0 | 6,943,000 | 6,305,000 |
Gain on previously held interest in acquired joint ventures | 0 | 0 | 95,516,000 |
Other Nonoperating Income (Expense) | 864,000 | 2,724,000 | 1,028,000 |
Total other income (expense) | (63,957,000) | (90,784,000) | 42,180,000 |
Income before equity in earnings of unconsolidated joint ventures | 44,639,000 | 69,939,000 | 193,457,000 |
Equity in earnings of unconsolidated joint ventures | 924,000 | 1,937,000 | 10,872,000 |
Net income | 45,563,000 | 71,876,000 | 204,329,000 |
Noncontrolling interests in consolidated partnerships | 421,000 | (265,000) | (298,000) |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 45,984,000 | 71,611,000 | 204,031,000 |
Net income available to limited partners | 45,522,000 | 70,900,000 | 202,012,000 |
Net income available to general partner | $ 462,000 | $ 711,000 | $ 2,019,000 |
Basic earnings per common share: | |||
Net income (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.02 |
Diluted earnings per common share: | |||
Net income (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.01 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Net income | $ 45,563 | $ 71,876 | $ 204,329 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (8,691) | 8,138 | 4,259 |
Change in fair value of cash flow hedges | 405 | 1,351 | 4,609 |
Other comprehensive income (loss) | (8,286) | 9,489 | 8,868 |
Comprehensive income | 37,277 | 81,365 | 213,197 |
Comprehensive income attributable to noncontrolling interests | (1,488) | (4,353) | (11,033) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | 35,789 | 77,012 | 202,164 |
Tanger Properties Limited Partnership [Member] | |||
Net income | 45,563 | 71,876 | 204,329 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (8,691) | 8,138 | 4,259 |
Change in fair value of cash flow hedges | 405 | 1,351 | 4,609 |
Other comprehensive income (loss) | (8,286) | 9,489 | 8,868 |
Comprehensive income | 37,277 | 81,365 | 213,197 |
Comprehensive income attributable to noncontrolling interests | 421 | (265) | (298) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc. | $ 37,698 | $ 81,100 | $ 212,899 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Tanger Factory Outlet Centers, Inc. [Member] | Tanger Factory Outlet Centers, Inc. [Member]Common shares [Member] | Tanger Factory Outlet Centers, Inc. [Member]Paid in capital [Member] | Tanger Factory Outlet Centers, Inc. [Member]Accumulated distributions in excess of earnings [Member] | Tanger Factory Outlet Centers, Inc. [Member]Accumulated other comprehensive loss [Member] | Tanger Factory Outlet Centers, Inc. [Member]Total shareholders'/partners equity [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Limited partners [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Other Ownership Interest [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member]Accumulated other comprehensive loss [Member] | Tanger Properties Limited Partnership [Member]Total shareholders'/partners equity [Member] | Tanger Properties Limited Partnership [Member]Noncontrolling interests [Member] | Tanger Properties Limited Partnership [Member]General partner [Member] | Tanger Properties Limited Partnership [Member]Limited partners [Member] |
Beginning balance at Dec. 31, 2015 | $ 606,032 | $ 959 | $ 806,379 | $ (195,486) | $ (36,715) | $ 575,137 | $ 30,309 | $ 586 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2015 | $ 606,032 | $ (38,702) | $ 605,446 | $ 586 | $ 5,726 | $ 638,422 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 204,329 | 193,744 | 193,744 | 10,287 | 298 | 204,329 | 204,031 | 298 | 2,019 | 202,012 | ||||
Other comprehensive income (loss) | 8,868 | 8,420 | 8,420 | 448 | 8,868 | 8,868 | 8,868 | |||||||
Compensation under Incentive Award Plan | 16,304 | 16,304 | 16,304 | 16,304 | 16,304 | 16,304 | ||||||||
Issuance of common shares upon exercise of options | 1,749 | 1,749 | 1,749 | |||||||||||
Issuance of common units upon exercise of options | 1,749 | 1,749 | 1,749 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 2 | (2) | ||||||||||||
Withholding of common shares/units for employee income taxes | (2,177) | (2,177) | (2,177) | (2,177) | (2,177) | (2,177) | ||||||||
Contributions from noncontrolling interests | 35 | 35 | 35 | 35 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (389) | (389) | 389 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 4 | 4 | (4) | 0 | 4 | (4) | 4 | |||||||
Acquisition of noncontrolling interest in other consolidated partnership | (1,942) | (1,617) | (1,617) | (325) | (1,942) | (1,617) | (325) | (1,617) | ||||||
Common distributions | (127,326) | (127,326) | (1,260) | (126,066) | ||||||||||
Common dividends | (120,959) | (120,959) | (120,959) | |||||||||||
Distributions to noncontrolling interests | (6,798) | (6,367) | (431) | (431) | (431) | |||||||||
Ending balance at Dec. 31, 2016 | 705,441 | 961 | 820,251 | (122,701) | (28,295) | 670,216 | 35,066 | 159 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2016 | 705,441 | (29,834) | 705,282 | 159 | 6,485 | 728,631 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 71,876 | 68,002 | 68,002 | 3,609 | 265 | 71,876 | 71,611 | 265 | 711 | 70,900 | ||||
Other comprehensive income (loss) | 9,489 | 9,010 | 9,010 | 479 | 9,489 | 9,489 | 9,489 | |||||||
Compensation under Incentive Award Plan | 14,629 | 14,629 | 14,629 | 14,629 | 14,629 | 14,629 | ||||||||
Issuance of common shares upon exercise of options | 54 | 54 | 54 | |||||||||||
Issuance of common units upon exercise of options | 54 | 54 | 54 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 4 | (4) | ||||||||||||
Repurchase of common shares, including transaction costs | (49,361) | (18) | (49,343) | (49,361) | (49,361) | (49,361) | (49,361) | |||||||
Withholding of common shares/units for employee income taxes | (2,436) | (1) | (2,435) | (2,436) | (2,436) | (2,436) | (2,436) | |||||||
Contributions from noncontrolling interests | 13 | 13 | 13 | 13 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | 1,630 | 1,630 | (1,630) | |||||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (159) | (159) | (159) | (159) | ||||||||||
Common distributions | (136,966) | (136,966) | (1,352) | (135,614) | ||||||||||
Common dividends | (130,166) | (130,166) | (130,166) | |||||||||||
Distributions to noncontrolling interests | (7,078) | (6,800) | (278) | (278) | (278) | |||||||||
Ending balance at Dec. 31, 2017 | 612,302 | 946 | 784,782 | (184,865) | (19,285) | 581,578 | 30,724 | 0 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2017 | 612,302 | (20,345) | 612,302 | 0 | 5,844 | 626,803 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 45,563 | 43,655 | 43,655 | 2,329 | (421) | 45,563 | 45,984 | (421) | 462 | 45,522 | ||||
Other comprehensive income (loss) | (8,286) | (7,866) | (7,866) | (420) | (8,286) | (8,286) | (8,286) | |||||||
Compensation under Incentive Award Plan | 15,800 | 15,800 | 15,800 | 15,800 | 15,800 | 15,800 | ||||||||
Grant of restricted common shares awards, net of forfeitures | 3 | (3) | ||||||||||||
Repurchase of common shares, including transaction costs | (19,998) | (9) | (19,989) | (19,998) | (19,998) | (19,998) | (19,998) | |||||||
Withholding of common shares/units for employee income taxes | (2,068) | (1) | (2,067) | (2,068) | (2,068) | (2,068) | (2,068) | |||||||
Contributions from noncontrolling interests | 626 | 626 | 626 | 626 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | 322 | 322 | (322) | |||||||||||
Common distributions | (138,199) | (138,199) | (1,392) | (136,807) | ||||||||||
Common dividends | (131,244) | (131,244) | (131,244) | |||||||||||
Distributions to noncontrolling interests | (7,160) | (6,955) | (205) | (205) | (205) | |||||||||
Ending balance at Dec. 31, 2018 | $ 505,535 | $ 939 | $ 778,845 | $ (272,454) | $ (27,151) | $ 480,179 | $ 25,356 | $ 0 | ||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2018 | $ 505,535 | $ (28,631) | $ 505,535 | $ 0 | $ 4,914 | $ 529,252 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2018$ / shares$ / Unitsshares | Dec. 31, 2017$ / shares$ / Unitsshares | Dec. 31, 2016$ / shares$ / Unitsshares | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Shares/Units issued upon exercise of options (in shares) | 0 | 1,800 | 59,700 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 355,184 | 411,968 | 173,124 |
Repurchase of shares (in shares) | 919,249 | 1,911,585 | |
Issuance of deferred shares (in shares) | 24,040 | ||
Shares paid for tax withholding for share based compensation (in shares) | 89,437 | 69,886 | 66,760 |
Exchange of Operating Partnership units for common shares (in units) | 34,749 | 32,348 | 24,962 |
Common shares issued in exchange for Operating Partnership units (in shares) | 34,749 | 32,348 | 24,962 |
Dividends declared per common share (in dollars per share) | $ / shares | $ 1.3925 | $ 1.3525 | $ 1.2600 |
Tanger Properties Limited Partnership [Member] | |||
Shares/Units issued upon exercise of options (in shares) | 0 | 1,800 | 59,700 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 355,184 | 411,968 | 173,124 |
Repurchase of shares (in shares) | 919,249 | 1,911,585 | |
Issuance of deferred shares (in shares) | 24,040 | ||
Shares paid for tax withholding for share based compensation (in shares) | 89,437 | 69,886 | 66,760 |
Common distributions (in dollars per unit) | $ / Units | 1.3925 | 1.3525 | 1.260 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairment charge | $ 0 | $ 0 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||
Operating Activities | |||
Net income | $ 45,563,000 | 71,876,000 | 204,329,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 131,722,000 | 127,744,000 | 115,357,000 |
Impairment charge | 49,739,000 | 0 | 0 |
Amortization of deferred financing costs | 3,058,000 | 3,263,000 | 3,237,000 |
Loss on early extinguishment of debt | 0 | 35,626,000 | 0 |
Gain on sale of assets | 0 | (6,943,000) | (6,305,000) |
Gain on previously held interest in acquired joint ventures | 0 | 0 | (95,516,000) |
Equity in earnings of unconsolidated joint ventures | (924,000) | (1,937,000) | (10,872,000) |
Equity-based compensation expense | 14,669,000 | 13,585,000 | 15,319,000 |
Amortization of debt (premiums) and discounts, net | 416,000 | 462,000 | 1,290,000 |
Amortization (accretion) of market rent rate adjustments, net | 2,577,000 | 2,829,000 | 3,302,000 |
Straight-line rent adjustments | (5,844,000) | (5,632,000) | (7,002,000) |
Distributions of cumulative earnings from unconsolidated joint ventures | 7,941,000 | 10,697,000 | 13,662,000 |
Changes in other asset and liabilities: | |||
Other assets | 2,079,000 | 365,000 | (544,000) |
Accounts payable and accrued expenses | 7,322,000 | 1,224,000 | 3,059,000 |
Net cash provided by operating activities | 258,318,000 | 253,159,000 | 239,316,000 |
Investing Activities | |||
Additions to rental property | (64,253,000) | (166,231,000) | (165,060,000) |
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired | 0 | 0 | (45,219,000) |
Additions to investments in unconsolidated joint ventures | (1,916,000) | (5,892,000) | (32,968,000) |
Net proceeds on sale of assets | 0 | 39,213,000 | 28,706,000 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 25,232,000 | 25,084,000 | 60,267,000 |
Additions to non-real estate assets | (1,330,000) | (8,909,000) | (6,503,000) |
Additions to deferred lease costs | (6,703,000) | (6,584,000) | (7,013,000) |
Other investing activities | 8,947,000 | 5,774,000 | 983,000 |
Net cash used in investing activities | (40,023,000) | (117,545,000) | (166,807,000) |
Financing Activities | |||
Cash dividends paid | (131,244,000) | (130,166,000) | (141,088,000) |
Distributions to noncontrolling interests in Operating Partnership | (6,955,000) | (6,800,000) | (7,428,000) |
Proceeds from revolving credit facility | 491,900,000 | 719,521,000 | 845,650,000 |
Repayments of revolving credit facility | (554,900,000) | (572,421,000) | (974,950,000) |
Proceeds from notes, mortgages and loans | 25,000,000 | 299,460,000 | 437,420,000 |
Repayments of notes, mortgages and loans | (11,783,000) | (373,258,000) | (330,329,000) |
Payment of make-whole premium related to early extinguishment of debt | 0 | (34,143,000) | 0 |
Repayment of deferred financing obligation | 0 | 0 | (28,388,000) |
Repurchase of common shares, including transaction costs | (19,998,000) | (49,361,000) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,068,000) | (2,436,000) | (2,177,000) |
Additions to deferred financing costs | (4,428,000) | (2,850,000) | (5,496,000) |
Proceeds from exercise of options | 0 | 54,000 | 1,749,000 |
Proceeds from other financing activities | 626,000 | 12,054,000 | 3,897,000 |
Payment for other financing activities | (1,353,000) | (1,333,000) | (2,327,000) |
Net cash provided (used in) by financing activities | (215,203,000) | (141,679,000) | (203,467,000) |
Effect of foreign currency rate changes on cash and cash equivalents | (110,000) | (56,000) | 316,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,982,000 | (6,121,000) | (130,642,000) |
Cash, cash equivalents and restricted cash, beginning of year | 6,101,000 | 12,222,000 | 142,864,000 |
Cash, cash equivalents and restricted cash, end of year | 9,083,000 | 6,101,000 | 12,222,000 |
Tanger Properties Limited Partnership [Member] | |||
Operating Activities | |||
Net income | 45,563,000 | 71,876,000 | 204,329,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 131,722,000 | 127,744,000 | 115,357,000 |
Impairment charge | 49,739,000 | 0 | 0 |
Amortization of deferred financing costs | 3,058,000 | 3,263,000 | 3,237,000 |
Loss on early extinguishment of debt | 0 | 35,626,000 | 0 |
Gain on sale of assets | 0 | (6,943,000) | (6,305,000) |
Gain on previously held interest in acquired joint ventures | 0 | 0 | (95,516,000) |
Equity in earnings of unconsolidated joint ventures | (924,000) | (1,937,000) | (10,872,000) |
Equity-based compensation expense | 14,669,000 | 13,585,000 | 15,319,000 |
Amortization of debt (premiums) and discounts, net | 416,000 | 462,000 | 1,290,000 |
Amortization (accretion) of market rent rate adjustments, net | 2,577,000 | 2,829,000 | 3,302,000 |
Straight-line rent adjustments | (5,844,000) | (5,632,000) | (7,002,000) |
Distributions of cumulative earnings from unconsolidated joint ventures | 7,941,000 | 10,697,000 | 13,662,000 |
Changes in other asset and liabilities: | |||
Other assets | 1,729,000 | 481,000 | (705,000) |
Accounts payable and accrued expenses | 7,631,000 | 1,080,000 | 3,203,000 |
Net cash provided by operating activities | 258,277,000 | 253,131,000 | 239,299,000 |
Investing Activities | |||
Additions to rental property | (64,253,000) | (166,231,000) | (165,060,000) |
Acquisitions of interest in unconsolidated joint ventures, net of cash acquired | 0 | 0 | (45,219,000) |
Additions to investments in unconsolidated joint ventures | (1,916,000) | (5,892,000) | (32,968,000) |
Net proceeds on sale of assets | 0 | 39,213,000 | 28,706,000 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 25,232,000 | 25,084,000 | 60,267,000 |
Additions to non-real estate assets | (1,330,000) | (8,909,000) | (6,503,000) |
Additions to deferred lease costs | (6,703,000) | (6,584,000) | (7,013,000) |
Other investing activities | 8,947,000 | 5,774,000 | 983,000 |
Net cash used in investing activities | (40,023,000) | (117,545,000) | (166,807,000) |
Financing Activities | |||
Cash dividends paid | (138,199,000) | (136,966,000) | (148,516,000) |
Proceeds from revolving credit facility | 491,900,000 | 719,521,000 | 845,650,000 |
Repayments of revolving credit facility | (554,900,000) | (572,421,000) | (974,950,000) |
Proceeds from notes, mortgages and loans | 25,000,000 | 299,460,000 | 437,420,000 |
Repayments of notes, mortgages and loans | (11,783,000) | (373,258,000) | (330,329,000) |
Payment of make-whole premium related to early extinguishment of debt | 0 | (34,143,000) | 0 |
Repayment of deferred financing obligation | 0 | 0 | (28,388,000) |
Repurchase of common shares, including transaction costs | (19,998,000) | (49,361,000) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,068,000) | (2,436,000) | (2,177,000) |
Additions to deferred financing costs | (4,428,000) | (2,850,000) | (5,496,000) |
Proceeds from exercise of options | 0 | 54,000 | 1,749,000 |
Proceeds from other financing activities | 626,000 | 12,054,000 | 3,897,000 |
Payment for other financing activities | (1,353,000) | (1,333,000) | (2,327,000) |
Net cash provided (used in) by financing activities | (215,203,000) | (141,679,000) | (203,467,000) |
Effect of foreign currency rate changes on cash and cash equivalents | (110,000) | (56,000) | 316,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,941,000 | (6,149,000) | (130,659,000) |
Cash, cash equivalents and restricted cash, beginning of year | 6,050,000 | 12,199,000 | 142,858,000 |
Cash, cash equivalents and restricted cash, end of year | $ 8,991,000 | $ 6,050,000 | $ 12,199,000 |
Organization of the Company
Organization of the Company | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization of the Company | Organization of the Company Tanger Factory Outlet Centers, Inc. and subsidiaries, which we refer to as the Company, 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, 2018 , we owned and operated 36 consolidated outlet centers, with a total gross leasable area of approximately 12.9 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 97% occupied and contained over 2,600 stores, representing approximately 400 store brands. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.4 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, which we refer to as the Operating Partnership. 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, 2018 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,941,783 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 4,960,684 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) 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. Our determination of the primary beneficiary considers various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2018, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture’s net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures. The carrying amount of our investments in the Charlotte, Columbus, Galveston/Houston and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures 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 or losses are allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. 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, as well as 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 expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll 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 payroll and related costs capitalized for the construction and development of properties 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 for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Payroll and related costs capitalized $ 1,521 $ 2,345 $ 2,095 Interest costs capitalized $ 93 $ 2,289 $ 2,259 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, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 2016 Depreciation expense related to rental property $ 114,198 $ 107,845 $ 96,813 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 are 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. Cash, Cash Equivalents and Restricted Cash - 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. At December 31, 2018 and 2017 , we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $2.9 million and $3.0 million , respectively. Deferred Charges - Deferred charges include 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 payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Deferred lease costs capitalized- payroll and related costs $ 6,007 $ 6,098 $ 6,210 Total deferred lease costs capitalized $ 6,703 $ 6,584 $ 7,013 The amount of payroll 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 - 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 than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. During the third quarter 2018, we recorded a non-cash impairment charge of $49.7 million at our Jeffersonville, Ohio outlet center due to a decline in operating results at the center likely resulting from increased competition from the Company's center in Columbus, Ohio and store closures from bankruptcy filings and brand-wide restructurings. The non-cash impairment charge equaled the excess of the property's carrying value over its estimated fair value. See Note 12 for additional information on the fair market value calculation. We recognized no impairment losses for our consolidated properties during the years ended December 31, 2017 and 2016 , respectively. See Note 6 for discussion of the impairment of our unconsolidated joint ventures at the Bromont, Quebec and Saint Sauveur, Quebec outlet centers during the years ended December 31, 2018, 2017 and 2016. 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 an other than temporary 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, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, discount and capitalization rates, 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. Sales of Real Estate - For sales of real estate where we have consideration to which we are entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period the transaction closes. Any post sale involvement is accounted for as a separate performance obligations and when the separate performance obligations are satisfied, the sales price allocated to each is recognized. For transactions that do not meet the criteria for a sale, we evaluate the nature of the continuing involvement, including put and call provisions, if present, and account for the transaction as a financing arrangement, profit-sharing arrangement, leasing arrangement or other alternate method of accounting, rather than as a sale, based on the nature and extent of the continuing involvement. Some transactions may have numerous forms of continuing involvement. In those cases, we determine which method is most appropriate based on the substance of the transaction. Discontinued Operations - Properties that are sold or classified as held for sale are classified as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). 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 (loss). 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 2015 - 2018 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 United States Generally Accepted Accounting Principles ("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 it is not probable that 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, 2018 , 2017 and 2016 were taxable as follows: Common dividends per share: 2018 2017 2016 Ordinary income $ 1.3919 $ 1.1660 $ 1.2459 Capital gain 0.0006 — 0.0141 Return of capital — 0.1865 — $ 1.3925 $ 1.3525 $ 1.2600 The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Net income available to the Company's shareholders $ 43,655 $ 68,002 $ 193,744 Book/tax difference on: Depreciation and amortization 58,208 10,685 1,666 Sale of assets and interests in unconsolidated entities (3,243 ) (8,718 ) (8,688 ) Equity in earnings from unconsolidated joint ventures 18,444 15,662 4,305 Share-based payment compensation 6,269 221 4,596 Gain on previously held interest in acquired joint venture — — (91,467 ) Other differences (630 ) (1,089 ) 6,294 Taxable income available to common shareholders $ 122,703 $ 84,763 $ 110,450 Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $57.5 million and $51.9 million as of December 31, 2018 and 2017 , 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. The majority of our 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. For certain tenants, we receive a fixed payment for common area maintenance ("CAM") which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. 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 and leasing fees received from unconsolidated affiliates are recognized as revenue when earned to the extent of the third party partners' ownership interest. Development and leasing fees 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 and marketing fees are recognized as revenue when earned. 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 2018 , 2017 or 2016 . Supplemental Cash Flow Information - We purchase capital equipment and incur costs relating to construction of new facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Costs relating to construction included in accounts payable and accrued expenses $ 15,772 $ 32,060 $ 22,908 See Note 3 for additional non-cash information associated with our acquisitions of rental property. A non-cash financing activity that occurred during the 2015 period related to a special dividend of $21.2 million that was declared in December 2015 and paid in January 2016. Interest paid, net of interest capitalized was as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Interest paid, net of interest capitalized $ 60,529 $ 56,730 $ 50,270 A reconciliation of the Company's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018 , 2017 , 2016 and 2015 were as follows (in thousands): 2018 2017 2016 2015 Cash and cash equivalents $ 9,083 $ 6,101 $ 12,222 $ 21,558 Restricted cash (1) — — — 121,306 Cash, cash equivalents and restricted cash $ 9,083 $ 6,101 $ 12,222 $ 142,864 (1) The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. A reconciliation of the Operating Partnership's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018 , 2017 , 2016 and 2015 were as follows (in thousands): 2018 2017 2016 2015 Cash and cash equivalents $ 8,991 $ 6,050 $ 12,199 $ 21,552 Restricted cash (1) — — — 121,306 Cash, cash equivalents and restricted cash $ 8,991 $ 6,050 $ 12,199 $ 142,858 (1) The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. Accounting for Equity-Based Compensation - We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. 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 equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. Recently adopted accounting standards - In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. We adopted this pronouncement on January 1, 2018, and the pronouncement resulted in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals. The December 31, 2016 statement of cash flow was restated to include restricted cash of $121.3 million in the beginning-of-period cash and cash equivalents total. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that were not completed contracts as of January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Re |
Acquisition of Rental Property
Acquisition of Rental Property | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition of Rental Property [Abstract] | |
Acquisition of Rental Property | Acquisition of Rental Property 2017 Acquisition Foxwoods In November 2017, we successfully settled litigation with the estate of our former partner in the Foxwoods, Connecticut joint venture. In return for mutual releases and no cash consideration, the estate tendered its partnership interest to the Company. Prior to this settlement, we had a 100% economic interest in the consolidated joint venture as a result of our preferred equity interest and the capital and distribution provisions in the joint venture agreement. 2016 Acquisitions Savannah In August 2016, the Savannah joint venture, which owned the outlet center in Pooler, Georgia, distributed all outparcels along with $15.0 million in cash consideration to the other partner in exchange for the partner's ownership interest. We contributed the $15.0 million in cash consideration to the joint venture, which we funded with borrowings under our unsecured lines of credit. At the time of acquisition, the property was subject to a $96.9 million construction loan, with an interest rate of LIBOR + 1.65% , that would have matured in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. The former joint venture is now wholly-owned by us and was consolidated in our financial results as of the acquisition date. Prior to this transaction, we owned a 50% legal interest in the joint venture since its formation and accounted for it under the equity method of accounting. However, due to preferred equity contributions we made to the joint venture, and the returns earned on those contributions, our estimated economic interest in the book value of the assets was approximately 98% . Therefore, substantially all of the earnings of the joint venture were previously recognized by us as equity in earnings of unconsolidated joint ventures. There was no contingent consideration associated with this acquisition. The joint venture incurred approximately $260,000 in third-party acquisition related costs for the acquisition of the venture partner's interest that were expensed as incurred. As a result of acquiring the remaining interest in the Savannah joint venture, we recorded a gain of $46.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Savannah joint venture, include the assumption of debt totaling $96.9 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $46.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased $250,000 and accounts payable and accrued expenses increased $2.1 million from the assumption of current assets and liabilities. Westgate In June 2016, we completed the purchase of our partners' interest in the Westgate joint venture, which owned the outlet center in Glendale, Arizona, for a total cash price of approximately $40.9 million . Prior to the transaction, we owned a 58% interest in the Westgate joint venture since its formation in 2012 and accounted for it under the equity method of accounting. The former joint venture is now wholly-owned by us and was consolidated in our financial results as of June 30, 2016. The total cash price included $39.0 million to acquire the 40% ownership interest held by the equity partner in the joint venture. We also purchased the remaining 2% noncontrolling ownership interests in the Westgate outlet center held in a consolidated partnership for a purchase price of $1.9 million . The acquisition of the noncontrolling ownership interest was recorded as an equity transaction and, as a result, the carrying balances of the noncontrolling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional-paid-in-capital. We funded the total purchase price with borrowings under our unsecured lines of credit. At the time of the acquisition, the property was subject to a $62.0 million mortgage loan, with an interest rate of LIBOR + 1.75% and a maturity in June 2017. In August 2016, we repaid the mortgage loan in full with proceeds from the public offering of $250.0 million in senior notes due 2026. There was no contingent consideration associated with this acquisition. We incurred approximately $127,000 in third-party acquisition related costs for the acquisition of our partners' interest in the Westgate joint venture that were expensed as incurred. As a result of acquiring the remaining interest in the Westgate joint venture, we recorded a gain of $49.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Westgate joint venture, include the assumption of debt totaling $62.0 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $49.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased $227,000 and accounts payable and accrued expenses increased $5.0 million from the assumption of current assets and liabilities. The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the year ended 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the year ended 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 The fair values were determined based on an income approach, using a rental growth rate of 3.0% , a discount rate between 7.50% and 8.25% , and a terminal capitalization rate between 5.75% and 7.0% . The estimated fair values were determined to have primarily relied upon Level 3 inputs, as defined in Note 12. |
Disposition of Properties
Disposition of Properties | 12 Months Ended |
Dec. 31, 2018 | |
Disposition of Properties [Abstract] | |
Disposition of Properties | Disposition of Properties The following table sets forth the properties sold for the years ended 2017 and 2016 (in thousands): Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2017 Dispositions: (1) Westbrook Westbrook, CT May 2017 290 $ 39,213 $ 6,943 2016 Dispositions: (1) Fort Myers Fort Myers, FL January 2016 199 $ 25,785 $ 4,887 Land outparcel Myrtle Beach, SC September 2016 — 2,921 1,418 $ 6,305 (1) The rental properties did not meet the criteria to be reported as discontinued operations (See Note 2), thus their results of operations were not reclassified to discontinued operations. |
Development of Consolidated Ren
Development of Consolidated Rental Properties | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Development of Consolidated Rental Properties | Development of Consolidated Rental Properties 2017 Developments Fort Worth In October 2017, we opened a 352,000 square foot wholly-owned outlet center in the greater Fort Worth, Texas area. The outlet center is located within the 279-acre Champions Circle mixed-use development adjacent to Texas Motor Speedway. Lancaster Expansion In September 2017, we opened a 123,000 square foot expansion of our outlet center in Lancaster, Pennsylvania. 2016 Developments Daytona Beach In November 2016, we opened an approximately 352,000 square foot, wholly-owned, outlet center in Daytona Beach, Florida. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of December 31, 2018 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 96.0 $ 9.3 $ 96.0 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (1.6 ) $ 84.7 Charlotte (2) Charlotte, NC 50.0 % 398 (10.8 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.1 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.0 ) 79.6 $ (32.5 ) As of December 31, 2017 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: Columbus Columbus, OH 50.0 % 355 $ 1.1 $ 84.4 National Harbor National Harbor, MD 50.0 % 341 2.5 86.4 RioCan Canada Various 50.0 % 923 115.8 11.1 $ 119.4 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 398 $ (4.1 ) $ 89.8 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0 ) 79.4 $ (17.1 ) (1) Net of debt origination costs and including premiums of $1.4 million and $1.4 million as of December 31, 2018 and December 31, 2017, respectively. (2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures. 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, 2018 2017 2016 Fees: Management and marketing $ 2,334 $ 2,310 $ 2,744 Leasing and other fees 162 142 1,103 Total Fees $ 2,496 $ 2,452 $ 3,847 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 “Condensed Combined 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 $4.1 million and $4.2 million as of December 31, 2018 and 2017 , respectively) are amortized over the various useful lives of the related assets. Charlotte In July 2014, we opened an approximately 398,000 square foot outlet center in Charlotte, North Carolina that was developed through, and is owned by, a joint venture formed in May 2013. In June 2018, the Charlotte joint venture closed on a $100.0 million mortgage loan with a fixed interest rate of approximately 4.3% and a maturity date of July 2028. The proceeds from the loan were used to pay off the existing $90.0 million mortgage loan with an interest rate of LIBOR + 1.45% , which had an original maturity date of November 2018. The joint venture distributed the incremental net loan proceeds of $9.3 million equally to the partners. Our partner is providing property management, marketing and leasing services to the joint venture. Columbus In June 2016, we opened an approximately 355,000 square foot outlet center in Columbus, Ohio. The development was initially fully funded with equity contributed to the joint venture by Tanger and its partner. In November 2016, the joint venture closed on an interest-only mortgage loan of $85.0 million at an interest rate of LIBOR + 1.65% . The loan initially matures in November 2019, with two one -year extension options. The joint venture received net loan proceeds of $84.2 million and distributed them equally to the partners. We are providing property management, marketing and leasing services to the joint venture. Galveston/Houston 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. In July 2017, the joint venture amended and restated the initial construction loan, which had an outstanding balance of $65.0 million , to increase the amount available to borrow from $70.0 million to $80.0 million and extended the maturity date until July 2020 with two one -year options. The amended and restated loan also changed the interest rate from LIBOR + 1.50% to LIBOR + 1.65% . At the closing of the amendment, the joint venture distributed the net proceeds of approximately $14.5 million equally between the partners. We are providing property management, marketing and leasing services to the outlet center. National Harbor In November 2013, we opened an approximately 341,000 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 December 2018, the National Harbor joint venture closed on a $95.0 million mortgage loan with a fixed interest rate of approximately 4.6% and a maturity date of January 2030. The proceeds from the loan were used to pay off the $87.0 million construction loan with an interest rate of LIBOR + 1.65% , which had an original maturity date of November 2019. The joint venture distributed the incremental net loan proceeds of $7.4 million equally to the partners. RioCan Canada We have a 50 /50 co-ownership agreement with RioCan Real Estate Investment Trust to operate and manage outlet centers in Canada. We provide leasing and marketing services for the outlet centers and RioCan provides 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. In March 2016, the co-owners opened an approximately 28,000 square foot expansion related to an anchor tenant bringing the total square feet of the outlet center to approximately 316,000 square feet. In 2016, the co-owners commenced construction on a 39,000 square foot expansion, which opened during the second quarter of 2017. Other properties owned by the RioCan Canada co-owners include Cookstown, Les Factoreries Saint-Sauveur and Bromont Outlet Mall. Cookstown Outlet Mall is approximately 308,000 square feet, Les Factoreries Saint-Sauveur is approximately 116,000 square feet and the Bromont Outlet Mall is approximately 161,000 square feet. Rental property held and used by our joint ventures are 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, the estimated future undiscounted cash flows associated with the asset are compared to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During 2018, 2017 and 2016, the Rio-Can joint venture recognized impairment charges related to its Bromont and Saint Sauveur properties. The impairment charges were primarily driven by, among other things, new competition in the market and changes in market capitalization rates. The table below summarizes the impairment charges taken during 2018, 2017 and 2016 (in thousands): Impairment Charge (1) Outlet Center Total Our Share 2018 Bromont and Saint Sauveur $ 14,359 $ 7,180 2017 Bromont and Saint Sauveur 18,042 9,021 2016 Bromont 5,838 2,919 (1) The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets. Condensed combined summary financial information of joint ventures accounted for using the equity method as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2018 2017 Assets Land $ 91,443 $ 95,686 Buildings, improvements and fixtures 469,834 505,618 Construction in progress 2,841 3,005 564,118 604,309 Accumulated depreciation (113,713 ) (93,837 ) Total rental property, net 450,405 510,472 Cash and cash equivalents 16,216 25,061 Deferred lease costs, net 8,437 10,985 Prepaids and other assets 25,648 15,073 Total assets $ 500,706 $ 561,591 Liabilities and Owners' Equity Mortgages payable, net $ 367,865 $ 351,259 Accounts payable and other liabilities 13,414 14,680 Total liabilities 381,279 365,939 Owners' equity 119,427 195,652 Total liabilities and owners' equity $ 500,706 $ 561,591 Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2018 2017 2016 Revenues $ 94,509 $ 96,776 $ 106,766 Expenses: Property operating 37,121 36,507 39,576 General and administrative 266 350 349 Impairment charges 14,359 18,042 5,838 Depreciation and amortization 26,262 28,162 32,930 Total expenses 78,008 83,061 78,693 Other income (expense): Interest expense (14,518 ) (10,365 ) (8,946 ) Other non-operating income 234 71 6 Total other income (expense) $ (14,284 ) $ (10,294 ) $ (8,940 ) Net income $ 2,217 $ 3,421 $ 19,133 The Company and Operating Partnership's share of: Net income $ 924 $ 1,937 $ 10,872 Depreciation, amortization and asset impairments (real estate related) $ 20,494 $ 22,878 $ 21,829 |
Deferred Charges
Deferred Charges | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs [Abstract] | |
Deferred Charges | Deferred Charges Deferred lease costs and other intangibles, net as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Deferred lease costs $ 87,590 $ 81,888 Intangible assets: Above market leases 49,869 54,763 Lease in place value 64,152 71,801 Tenant relationships 40,690 49,184 Other intangibles 48,639 49,730 290,940 307,366 Accumulated amortization (174,066 ) (175,305 ) Deferred lease costs and other intangibles, net $ 116,874 $ 132,061 Below market lease intangibles, net of accumulated amortization, included in other liabilities on the consolidated balance sheets as of December 31, 2018 and 2017 were $21.7 million and $24.5 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, 2018 , 2017 and 2016 was $15.1 million , $17.8 million and $16.8 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, 2018 , 2017 and 2016 was $(2.1) million , $(2.4) million and $(2.8) million , 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 (1) Deferred Lease Costs and Other Intangibles (2) 2019 $ 865 $ 6,565 2020 434 5,625 2021 309 4,984 2022 286 4,640 2023 423 3,915 Total $ 2,317 $ 25,729 (1) These net amounts are recorded as a reduction of base rentals. (2) These amounts are recorded as an increase in depreciation and amortization. |
Debt of the Company
Debt of the Company | 12 Months Ended |
Dec. 31, 2018 | |
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 $600.0 million . The Company also guarantees the Operating Partnership's unsecured term loan. The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2018 and 2017 (in thousands): 2018 2017 Unsecured lines of credit $ 145,100 $ 208,100 Unsecured term loan $ 350,000 $ 325,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership as of December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 250,000 246,664 250,000 246,036 Senior notes 3.750 % December 2024 250,000 247,765 250,000 247,410 Senior notes 3.125 % September 2026 350,000 345,669 350,000 345,128 Senior notes 3.875 % July 2027 300,000 296,565 300,000 296,182 Mortgages payable: Atlantic City (2) (3) 5.14%-7.65% November 2021- December 2026 34,279 36,298 37,462 39,879 Southaven LIBOR + 1.80% April 2021 51,400 51,173 60,000 59,881 Unsecured term loan LIBOR + 0.90% April 2024 350,000 346,799 325,000 322,975 Unsecured lines of credit LIBOR + 0.875% October 2021 145,100 141,985 208,100 206,160 $ 1,730,779 $ 1,712,918 $ 1,780,562 $ 1,763,651 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $14.1 million and $12.7 million as of December 31, 2018 and 2017 , respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2018 , 2017 and 2016 was $3.1 million , $3.3 million and $3.2 million , respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. Certain of our properties, which had a net book value of approximately $182.0 million at December 31, 2018 , serve as collateral for mortgages payable. We maintain unsecured lines of credit that, as of December 31, 2018 , provided for borrowings of up to $600.0 million , including a separate $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of December 31, 2018 , letters of credit totaling $170,000 were issued under the lines of credit. 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, 2018 , we believe we were in compliance with all of our debt covenants. 2018 Transactions Increased Borrowing Capacity and Extension of Unsecured Lines of Credit In January 2018, we closed on amendments to our unsecured lines of credit, which increased the borrowing capacity from $520.0 million to $600.0 million and extended the maturity date from October 2019 to October 2021, with a one -year extension option. We also reduced the interest rate spread over LIBOR from 0.90% to 0.875% , and increased the incremental borrowing availability through an accordion feature on the syndicated line from $1.0 billion to $1.2 billion . Loan origination costs associated with the amendments totaled approximately $2.3 million . Southaven Mortgage In February 2018, the consolidated joint venture that owns the Tanger outlet center in Southaven, Mississippi amended and restated the $60.0 million mortgage loan secured by the property that was scheduled to mature in April 2018. The amended and restated loan reduced the principal balance to $51.4 million , increased the interest rate from LIBOR + 1.75% to LIBOR + 1.80% and extended the maturity to April 2021, with a two -year extension option. In March 2018, the consolidated joint venture entered into an interest rate swap, effective March 1, 2018, that fixed the base LIBOR rate at 2.47% on a notional amount of $40.0 million through January 31, 2021. Unsecured Term Loan In October 2018, we amended and restated our unsecured term loan, increasing the size of the loan from $325.0 million to $350.0 million , extending the maturity from April 2021 to April 2024, and reducing the interest rate spread over LIBOR from 0.95% to 0.90% . The $25.0 million of proceeds were used to pay down the balances outstanding under our unsecured lines of credit. 2017 Transactions $300.0 Million Unsecured Senior Notes due 2027 In July 2017, we completed an underwritten public offering of $300.0 million of 3.875% senior notes due 2027 (the "2027 Notes"). The 2027 Notes priced at 99.579% of the principal amount to yield 3.926% to maturity. The 2027 Notes pay interest semi-annually at a rate of 3.875% per annum and mature on July 15, 2027. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $295.9 million . In August 2017, we used the net proceeds from the sale of the 2027 Notes, together with borrowings under our unsecured lines of credit, to redeem all of our 6.125% senior notes due 2020 (the "2020 Notes") (approximately $300.0 million in aggregate principal amount outstanding). The 2020 Notes were redeemed at par plus a “make-whole” premium of approximately $34.1 million . In addition, we wrote off approximately $1.5 million of unamortized debt discount and debt origination costs related to the 2020 Notes. Foxwoods Debt Repayment In November 2017, we repaid the $70.3 million floating rate mortgage loan secured by the Foxwoods property with borrowings under its unsecured floating rate lines of credit. 2016 Transactions Deer Park Debt Repayment In January 2016, we repaid our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018 and was related to our Deer Park outlet center. Unsecured Term Note Repayment In February 2016, we repaid our $7.5 million unsecured term note, which had an original maturity date in August 2017. In June 2016, our $10.0 million unsecured note payable became due and was repaid in June 2016. Unsecured Term Loan In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million , extend the maturity date from February 2019 to April 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95% , and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million . Aggregate $350.0 Million Unsecured Senior Notes due 2026 and Westgate Debt Repayment In August 2016, we completed a public offering of $250.0 million in senior notes due 2026 in an underwritten public offering. The notes were priced at 99.605% of the principal amount to yield 3.171% to maturity. In October 2016, we sold an additional $100.0 million of our senior notes due 2026. The notes priced at 98.962% of the principal amount to yield 3.248% to maturity. The notes pay interest semi-annually at a rate of 3.125% per annum and mature on September 1, 2026. The aggregate net proceeds from the offerings, after deducting the underwriting discount and offering expenses, were approximately $344.5 million . We used the net proceeds from the sale of the notes to repay a $62.0 million floating rate mortgage loan related to the outlet center in Glendale (Westgate), Arizona, repay borrowings under our unsecured lines of credit, and for general corporate purposes. Savannah Debt Repayment At the time of acquisition, the Savannah outlet center was subject to a $96.9 million mortgage loan, with an interest rate of LIBOR + 1.65% and maturity date in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. Debt Maturities Maturities of the existing long-term debt as of December 31, 2018 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2019 $ 3,370 2020 3,566 2021 202,293 2022 4,436 2023 254,768 Thereafter 1,262,346 Subtotal 1,730,779 Net discount and debt origination costs (17,861 ) Total $ 1,712,918 |
Deferred Financing Obligation
Deferred Financing Obligation | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Deferred Financing Obligation | Deferred Financing Obligation In September 2015, the noncontrolling interest in our outlet center in Deer Park, New York exercised its right to require us to acquire their ownership interest in the property for $28.4 million . We closed on the transaction in January 2016 and repaid the deferred financing obligation. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2018 2017 Assets (Liabilities) (1) : November 14, 2013 August 14, 2018 $ 150,000 1 month LIBOR 1.30 % $ — $ 326 April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % 4,948 5,207 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (6 ) — August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % 807 (188 ) Total $ 5,749 $ 5,345 (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. 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 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 significant, is recognized directly in earnings. For the years ended December 31, 2018 , 2017 and 2016, the ineffective portion was not significant. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements for the years ended December 31, 2018 , 2017 and 2016 , respectively (in thousands): 2018 2017 2016 Interest Rate Swaps (Effective Portion): Amount of gain recognized in OCI $ 405 $ 1,351 $ 4,609 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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 Fair Value Measurements on a 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, 2018: Asset: Interest rate swaps (prepaids and other assets) $ 5,755 $ — $ 5,755 $ — Total assets $ 5,755 $ — $ 5,755 $ — Liabilities: Interest rate swaps (other liabilities) $ 6 $ — $ 6 $ — Total liabilities $ 6 $ — $ 6 $ — 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, 2017: Assets: Interest rate swaps (prepaids and other assets) $ 5,533 $ — $ 5,533 $ — Total assets $ 5,533 $ — $ 5,533 $ — Liabilities: Interest rate swaps (other liabilities) $ 188 $ — $ 188 $ — Total liabilities $ 188 $ — $ 188 $ — Fair values of interest rate swaps are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions. Fair Value Measurements on a Nonrecurring Basis The following table sets forth our assets that are measured at fair value on a nonrecurring basis 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 September 30, 2018: Asset: Long-lived assets $ 50,000 $ — $ — $ 50,000 During the third quarter 2018, we recorded a $49.7 million impairment charge in our consolidated statement of operations which equaled the excess of the carrying value of our Jeffersonville outlet center over its estimated fair value. The estimated fair value is based on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. The terminal capitalization rate and discount rate are significant unobservable inputs in determining the fair value. The terminal capitalization rate used in the calculation was 10% and the discount rate used was 10% . These inputs are classified under Level 3 in the fair value hierarchy above. Other Fair Value Disclosures The estimated fair value and recorded value of our debt as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,085,138 1,139,064 Level 3 Significant Unobservable Inputs 583,337 636,476 Total fair value of debt $ 1,668,475 $ 1,775,540 Recorded value of debt $ 1,712,918 $ 1,763,651 Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the hierarchy. Our other debt is classified as Level 3 given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all LIBOR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Shareholders' Equity of the Company | Shareholders' Equity of the Company As discussed in Note 14, each Class A common limited partnership unit is exchangeable for one common share of the Company. The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Exchange of Class A limited partnership units 34,749 32,348 24,962 Share Repurchase Program In May 2017, the Company announced that our Board of Directors authorized the repurchase of up to $125.0 million of its outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. Shares repurchased during the years ended December 31, 2018 and 2017 were as follows: Year Ended December 31, 2018 2017 Total number of shares purchased 919,249 1,911,585 Average price paid per share $ 21.74 $ 25.80 Total price paid exclusive of commissions and related fees (in thousands) $ 19,980 $ 49,324 The remaining amount authorized to be repurchased under the program as of December 31, 2018 was approximately $55.7 million . |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 12 Months Ended |
Dec. 31, 2018 | |
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 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. Likewise, when the Company repurchases its outstanding common shares, the Operating Partnership repurchases a corresponding Class B common limited partnership unit held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the years ended December 31, 2018 , 2017 and 2016 : Limited Partnership Units General partnership units Class A Class B Total Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Units withheld for employee income taxes — — (66,760 ) (66,760 ) Exchange of Class A limited partnership units — (24,962 ) 24,962 — Grant of restricted common share awards by the Company, net of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 59,700 59,700 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Exchange of Class A limited partnership units — (32,348 ) 32,348 — Grant of restricted common share awards by the Company, net of forfeitures — — 411,968 411,968 Repurchase of units — — (1,911,585 ) (1,911,585 ) Units issued upon exercise of options — — 1,800 1,800 Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 Units withheld for employee income taxes — — (89,437 ) (89,437 ) Exchange of Class A limited partnership units — (34,749 ) 34,749 — Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (919,249 ) (919,249 ) Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
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. In 2018 and 2017 , adjustments of the noncontrolling interest in the Operating Partnership were made as a result of the changes in the Company's ownership of the Operating Partnership from additional units received in connection with the Company's issuance of common shares upon the exercise of options and grants of share-based compensation awards, additional units received upon the exchange of Class A common limited partnership units of the Operating Partnership into an equal number of common shares of the Company, and units repurchased by the Operating Partnership as a result of the Company's repurchase of its outstanding common shares. As discussed in Note 13, for the years ended December 31, 2018 and 2017 , Non-Company LPs exchanged 34,749 and 32,348 Class A common limited partnership units of the Operating Partnership, respectively, for an equal number of common shares of the Company. In addition, for the years ended December 31, 2018 and 2017 , the Company repurchased approximately 919,249 and 1.9 million common shares, respectively, on the open market and the Operating Partnership repurchased an equal number of units held by the Company. The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2018 2017 Net income attributable to Tanger Factory Outlet Centers, Inc. $ 43,655 $ 68,002 Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests 322 1,630 Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ 43,977 $ 69,632 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 43,655 $ 68,002 $ 193,744 Less allocation of earnings to participating securities (1,211 ) (1,209 ) (1,926 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 42,444 $ 66,793 $ 191,818 Denominator Basic weighted average common shares 93,309 94,506 95,102 Effect of notional units — — 175 Effect of outstanding options and certain restricted common shares 1 16 68 Diluted weighted average common shares 93,310 94,522 95,345 Basic earnings per common share: Net income $ 0.45 $ 0.71 $ 2.02 Diluted earnings per common share: Net income $ 0.45 $ 0.71 $ 2.01 We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the years ended December 31, 2018 , 2017 , and 2016 , approximately 1.0 million , 603,000 and 501,000 units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the years ended December 31, 2018 , 2017 and 2016 , approximately 535,000 , 169,000 and 141,000 options were excluded from the computation, respectively, as they were anti-dilutive. 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 Operat
Earnings Per Unit of the Operating Partnership | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (in thousands, except per unit amounts): 2018 2017 2016 Numerator Net income attributable to partners of the Operating Partnership $ 45,984 $ 71,611 $ 204,031 Allocation of earnings to participating securities (1,211 ) (1,209 ) (1,928 ) Net income available to common unitholders of the Operating Partnership $ 44,773 $ 70,402 $ 202,103 Denominator Basic weighted average common units 98,302 99,533 100,155 Effect of notional units — — 175 Effect of outstanding options and certain restricted common units 1 16 68 Diluted weighted average common units 98,303 99,549 100,398 Basic earnings per common unit: Net income $ 0.45 $ 0.71 $ 2.02 Diluted earnings per common unit: Net income $ 0.45 $ 0.71 $ 2.01 We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the years ended December 31, 2018 , 2017 , and 2016 , approximately 1.0 million , 603,000 and 501,000 units were excluded from the computation, respectively, because these units would not have been issuable if the end of the reporting period were the end of the contingency period or because they were anti-dilutive. 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. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during 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, 2018 , 2017 and 2016 , approximately 535,000 , 169,000 and 141,000 options were excluded from the computation, respectively. 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. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Equity-Based Compensation | Equity-Based Compensation When a common share is 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. Shares remaining available for future issuance totaled approximately 849,000 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). We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 , respectively, as follows (in thousands): 2018 2017 2016 Restricted common shares $ 9,870 $ 9,395 $ 10,976 Notional unit performance awards 4,356 3,913 3,967 Options 443 277 376 Total equity-based compensation $ 14,669 $ 13,585 $ 15,319 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2018 2017 2016 Equity-based compensation expense capitalized $ 1,131 $ 1,044 $ 985 As of December 31, 2018 , there was $22.1 million of total unrecognized compensation cost related to unvested common equity-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.1 years. Restricted Common Share and Restricted Share Unit Awards During 2018 , 2017 and 2016 , the Company gra nted approximately 407,000 , 253,000 and 287,000 restricted common shares and restricted share units, respectively, to the independent directors and the senior executive officers. The non-employee directors' restricted common shares generally vest ratably over a three year period and the senior executive officers' restricted common shares (other than our chief executive officer's) generally vest ratably over periods ranging from three to five years. For the restricted shares and units issued to our chief executive officer during 2018, 2017 and 2016, the award agreements generally require him to hold the shares or units issued to him for a minimum of three years following each applicable vesting date or the share issuance date, as applicable. Compensation expense related to the amortization of the deferred compensation is being recognized in accordance with the vesting schedule of the restricted shares and units. For all of the restricted common share and unit awards described above, the grant date fair value of the awards were determined based upon the closing market price of the Company's common shares on the day prior to the grant date. The following table summarizes information related to unvested restricted common shares and restricted share units outstanding for the years ended December 31, 2018 , 2017 , and 2016 : Unvested Restricted Common Shares and Units Number of shares Weighted average grant date fair value Outstanding at December 31, 2015 1,085,995 $ 31.84 Granted 286,524 29.64 Vested (388,851 ) 31.30 Forfeited (104,400 ) 34.13 Outstanding at December 31, 2016 879,268 $ 31.09 Granted 253,431 33.07 Vested (368,043 ) 29.87 Forfeited (14,750 ) 34.39 Outstanding at December 31, 2017 749,906 $ 32.30 Granted (1) 407,156 21.13 Vested (314,982 ) 31.43 Forfeited — — Outstanding at December 31, 2018 842,080 $ 27.56 (1) Includes 44,452 restricted share units. The table above excludes restricted common shares earned under the 2014 Outperformance Plan. In connection with the 2014 Outperformance Plan, we issued approximately 184,000 restricted common shares in January 2017, with approximately 94,000 vesting immediately and the remaining 90,000 vesting in January 2018, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). The total value of restricted common shares vested during the years ended 2018 , 2017 and 2016 was $9.2 million , $12.4 million and $12.7 million , respectively. During 2018 , 2017 and 2016 , 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 were approximately 89,000 , 70,000 and 67,000 for 2018 , 2017 and 2016 , respectively, and were 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. Total amounts paid for the employees' tax obligation to taxing authorities were $2.1 million , $2.4 million and $2.2 million for 2018 , 2017 and 2016 , respectively, which are reflected as a financing activity within the consolidated statements of cash flows. Notional Unit Performance Awards Outperformance Plan Each year, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approves the terms and the number of awards to be granted under the Tanger Factory Outlet Centers, Inc. Outperformance Plan (the “OPP"). The OPP is a long-term incentive compensation plan. Recipients may earn units which may convert, subject to the achievement of the goals described below, into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three -year measurement period. For all recipients (other than our chief executive officer), 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 immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability. For our chief executive officer, any shares earned at the end of the three-year measurement period remain subject to a time-based vesting schedule and are issued following vesting, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting 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 due to retirement or (c) due to death or disability). The following table sets forth OPP performance targets and other relevant information about each plan: 2018 OPP (1) 2017 OPP (2) 2016 OPP (2) 2015 OPP (2),(3) 2014 OPP (2),(4) Performance targets Absolute portion of award: Percent of total award 33% 50% 50% 60% 70% Absolute total shareholder return range 19.1% - 29.5% 18% - 35% 18% - 35% 25% - 35% 25% - 35% Percentage of units to be earned 20%-100% 20%-100% 20%-100% 33%-100% 33%-100% Relative portion of award: Percent of total award 67% 50% 50% 40% 30% Percentile rank of peer group range 30th - 80th 40th - 70th 40th - 70th 50th - 70th 50th - 70th Percentage of units to be earned 20%-100% 20%-100% 20%-100% 33%-100% 33%-100% Maximum number of restricted common shares that may be earned 409,972 296,400 321,900 306,600 329,700 Grant date fair value per share $ 12.42 $ 16.60 $ 15.10 $ 15.85 $ 14.71 (1) The number of restricted common shares received under the 2018 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group. The peer group is based on companies included in the FTSE NAREIT Retail Index. (2) The performance shares for the 2017, 2016, 2015 and 2014 OPP will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute total shareholder return and for relative total shareholder return. The share price for the purposes of calculation of share price appreciation will be adjusted on a penny-for-penny basis with respect to any dividend payments made during the measurement period. The peer group is based on companies included in the SNL Equity REIT index. (3) On December 31, 2017, the measurement period for the 2015 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2015 OPP performance awards were automatically forfeited. (4) On December 31, 2016, the measurement period for the 2014 OPP expired. Based on the Company’s absolute total shareholder return over the three-year measurement period, we issued 184,000 restricted common shares in January 2017, with 94,000 vesting immediately and the remaining 90,000 vesting in January one year thereafter , contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). Our relative total shareholder return for the 2014 OPP did not meet the minimum share price appreciation and no shares were earned under this component of the 2014 OPP. The fair values of the OPP awards granted during the years ended December 31, 2018 , 2017 , and 2016 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2018 2017 2016 Risk free interest rate (1) 2.40 % 1.52 % 1.05 % Expected dividend yield (2) 4.8 % 3.4 % 3.1 % Expected volatility (3) 27 % 19 % 21 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. The following table sets forth OPP activity for the years ended December 31, 2018 , 2017 , and 2016 : Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2015 544,300 $ 15.26 Awarded 321,900 15.10 Forfeited (107,024 ) 14.77 Outstanding as of December 31, 2016 759,176 $ 15.36 Awarded 296,400 16.60 Earned (1) (184,455 ) 14.71 Forfeited (267,710 ) 15.84 Outstanding as of December 31, 2017 603,411 $ 15.83 Awarded 409,972 12.42 Earned — — Forfeited — — Outstanding as of December 31, 2018 1,013,383 $ 14.44 (1) Represents the units under the 2014 OPP that are no longer outstanding and have been settled in restricted common shares. Option Awards Options outstanding at December 31, 2018 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 $ 21.94 306,000 $ 21.94 9.20 — $ — $ 26.06 61,700 26.06 2.15 61,700 26.06 $ 32.02 166,800 32.02 5.00 128,100 32.02 534,500 $ 25.56 7.08 189,800 $ 30.08 A summary of option activity under the Plan for the years ended December 31, 2018 , 2017 , and 2016 (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, 2015 318,400 $ 30.32 Granted — — Exercised (59,700 ) 29.31 Forfeited (16,500 ) 31.86 Outstanding as of December 31, 2016 242,200 $ 30.46 6.26 $ 1,287 Granted — — Exercised (1,800 ) 29.70 Forfeited (9,200 ) 31.83 Outstanding as of December 31, 2017 231,200 $ 30.42 5.24 $ 28 Granted 331,000 21.94 Exercised — — Forfeited (27,700 ) 22.62 Outstanding as of December 31, 2018 534,500 $ 25.56 7.08 $ — Vested and Expected to Vest as of December 31, 2018 492,889 $ 25.87 6.90 $ — Exercisable as of December 31, 2018 189,800 $ 30.08 4.08 $ — During February 2018, the Company granted 331,000 options to non-executive employees of the Company. The exercise price of the options granted during the first quarter of 2018 was $21.94 per share 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, which resulted in a weighted average grant date fair value per share of $3.62 and included the following weighted-average assumptions: expected dividend yield 6.24% ; expected life of 7.1 years; expected volatility of 32.47% ; a risk-free rate of 2.8% ; and forfeiture rates of 3.0% to 10.0% dependent upon the employee's position within the Company. There were no options exercised in 2018. The total intrinsic value of options exercised during the years ended December 31, 2017 and 2016 was $8,000 and $469,000 , respectively. 401(k) Retirement Savings Plan We have a 401(k) Retirement Savings Plan covering substantially all employees who meet certain age and employment criteria. An employee may invest pretax earnings in the 401(k) plan up to the maximum legal limits (as defined by Federal regulations). This plan allows participants to defer a portion of their compensation and to receive matching contributions for a portion of the deferred amounts. During the years ended December 31, 2018 , 2017 and 2016 , we contributed approximately $872,000 , $862,000 and $828,000 , respectively, to the 401(k) Retirement Savings Plan. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss of the Company | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Loss of the Company | Accumulated Other Comprehensive Loss of the Company The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive (Income) Loss Foreign currency Cash flow hedges Total Foreign currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Other comprehensive income before reclassifications 4,043 2,539 6,582 216 135 351 Reclassification out of accumulated other comprehensive income into interest expense — 1,838 1,838 — 97 97 Balance December 31, 2016 (32,087 ) 3,792 (28,295 ) (1,740 ) 201 (1,539 ) Other comprehensive income before reclassifications 7,727 1,020 8,747 411 55 466 Reclassification out of accumulated other comprehensive income into interest expense — 263 263 — 13 13 Balance December 31, 2017 (24,360 ) 5,075 (19,285 ) (1,329 ) 269 (1,060 ) Other comprehensive income (loss) before reclassifications (8,250 ) 2,335 (5,915 ) (441 ) 126 (315 ) Reclassification out of accumulated other comprehensive income into interest expense — (1,951 ) (1,951 ) — (105 ) (105 ) Balance December 31, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $2.9 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of December 31, 2018 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss of the Operating Partnership | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Loss of the Operating Partnership | Accumulated Other Comprehensive Loss of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Foreign currency Cash flow hedges Accumulated other comprehensive income (loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Other comprehensive income before reclassifications 4,259 2,674 6,933 Reclassification out of accumulated other comprehensive income into interest expense — 1,935 1,935 Balance December 31, 2016 (33,827 ) 3,993 (29,834 ) Other comprehensive income before reclassifications 8,138 1,075 9,213 Reclassification out of accumulated other comprehensive income into interest expense — 276 276 Balance December 31, 2017 (25,689 ) 5,344 (20,345 ) Other comprehensive income (loss) before reclassifications (8,691 ) 2,461 (6,230 ) Reclassification out of accumulated other comprehensive income into interest expense — (2,056 ) (2,056 ) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $2.9 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of December 31, 2018 . |
Supplementary Income Statement
Supplementary Income Statement Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Income Statement Information [Abstract] | |
Supplementary Income Statement Information | Supplementary Income Statement Information The following amounts are included in property operating expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Advertising and promotion $ 27,066 $ 29,046 $ 29,108 Common area maintenance 73,367 71,195 70,616 Real estate taxes 32,836 30,695 28,542 Other operating expenses 27,188 24,299 23,751 $ 160,457 $ 155,235 $ 152,017 |
Lease Agreements
Lease Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of December 31, 2018 , we were the lessor to over 2,600 stores in our 36 consolidated outlet centers, under operating leases with initial terms that expire from 2019 to 2033 . Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018 , excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): 2019 $ 285,343 2020 265,361 2021 229,553 2022 195,808 2023 164,845 Thereafter 364,844 $ 1,505,754 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Contingencies of Consolidated Properties Leases and capital expenditure commitments Our non-cancelable operating leases, with initial terms in excess of one year, have terms that expire from 2019 to 2101 . Annual rental payments for these leases totaled approximately $7.2 million , $7.1 million and $7.0 million , for the years ended December 31, 2018 , 2017 and 2016 , respectively. The majority of our rental payments are related to ground leases at the following outlet centers: Myrtle Beach Hwy 17, Atlantic City, Ocean City, Sevierville, Riverhead, Foxwoods and Rehoboth Beach. Minimum lease payments for the next five years and thereafter are as follows (in thousands): Operating Leases 2019 $ 7,526 2020 7,311 2021 7,140 2022 7,127 2023 7,167 Thereafter 258,438 Total minimum payment $ 294,709 Commitments to complete construction of our ongoing capital projects and other capital expenditure requirements amounted to approximately $9.8 million at December 31, 2018 . Litigation We are also subject to legal proceedings and claims, which arise from time to time 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 consolidated financial statements. We record a liability in our consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. We review these estimates each accounting period as additional information is known and adjust the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, we estimate and disclose the possible loss or range of loss to the extent necessary to make the consolidated financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in our consolidated financial statements. Employment Agreements We are party to employment agreements with certain executives that provide for compensation and certain other benefits. The agreements also provide for severance payments under certain circumstances. Commitments and Contingencies of Unconsolidated Properties Capital expenditure commitments Contractual commitments for ongoing capital projects and other capital expenditure requirements related to our unconsolidated joint ventures amounted to approximately $4.4 million at December 31, 2018 , of which our portion was approximately $2.2 million . Contractual commitments represent only those costs subject to contracts which are legal binding agreements as of December 31, 2018 and do not necessary represent the total cost to complete the projects. Debt 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 mortgage 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. Our joint ventures may contain make whole provisions in the event that demands are made on any existing guarantees. As of December 31, 2018 , the maximum amount of joint venture debt guaranteed by the Company is $19.3 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividends In January 2019, the Company's Board of Directors declared a $0.35 cash dividend per common share payable on February 15, 2019 to each shareholder of record on January 31, 2019, and the Trustees of Tanger GP Trust declared a $0.35 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. In February 2019, the Company's Board of Directors declared a $0.355 cash dividend per common share payable on May 15, 2019 to each shareholder of record on April 30, 2019, and the Trustees of Tanger GP Trust declared a $0.355 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. Notional Unit Performance Awards In February 2019, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2019 Outperformance Plan (the “2019 OPP"). The 2019 OPP is a long-term incentive compensation plan. Recipients may earn units which may convert, into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three -year measurement period. 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 immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). For our chief executive officer, any shares earned at the end of the three-year measurement period remain subject to a time-based vesting schedule and are issued following vesting, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting 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 due to retirement or (c) due to death or disability). Share repurchase program In February 2019, the Company's Board of Directors authorized the repurchase of up to an additional $44.3 million of its outstanding common shares, in addition to approximately $55.7 million remaining available under the prior share repurchase authorization for a total authorized amount of $100.0 million . The Board of Directors also extended the expiration of the existing plan by two years to May 2021. |
Quarterly Financial Data of the
Quarterly Financial Data of the Company (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (unaudited and in thousands, except per common share data) (1) . This information is not required for the Operating Partnership: Year Ended December 31, 2018 (1) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenues $ 123,535 $ 119,711 $ 124,236 $ 127,199 Net income (loss) 23,685 24,290 (23,031 ) 20,619 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,838 22,969 (21,859 ) 19,707 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 22,575 $ 22,656 $ (22,172 ) $ 19,385 Basic earnings per common share: Net income (loss) $ 0.24 $ 0.24 $ (0.24 ) $ 0.21 Diluted earnings per common share: Net income (loss) $ 0.24 $ 0.24 $ (0.24 ) $ 0.21 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the third quarter of 2018, net income includes a $49.7 million impairment charge related to our Jeffersonville, Ohio outlet center. (3) In the fourth quarter of 2018, net income includes a $7.2 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. Year Ended December 31, 2017 (1) First Quarter Second Quarter (2) Third Quarter (3) Fourth Quarter Total revenues $ 121,368 $ 119,614 $ 120,765 $ 126,487 Net income (loss) 23,514 30,947 (16,034 ) 33,449 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,336 29,390 (15,219 ) 31,495 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 22,041 $ 29,084 $ (15,525 ) $ 31,193 Basic earnings per common share : Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 Diluted earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the second quarter of 2017, net income includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut. (3) In the third quarter of 2017, net income includes a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020 a nd a $9.0 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | 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, 2018 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) (1) Gross Amount Carried at Close of Period December 31, 2018 (2) Outlet Center Name Location Encum-brances (3) Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Total Accumulated Depreciation (1) Date of Construction or Acquisition Life Used to Compute Depreciation in Income Statement Atlantic City Atlantic City, NJ $ 36,298 $ — $ 125,988 $ — $ 6,191 $ — $ 132,179 $ 132,179 $ 32,806 2011 (5) (4) Blowing Rock Blowing Rock, NC — 1,963 9,424 — 8,822 1,963 18,246 20,209 10,627 1997 (5) (4) Branson Branson, MO — 4,407 25,040 396 23,715 4,803 48,755 53,558 31,565 1994 (4) Charleston Charleston, SC — 10,353 48,877 — 15,127 10,353 64,004 74,357 30,701 2006 (4) Commerce Commerce, GA — 1,262 14,046 707 35,911 1,969 49,957 51,926 33,105 1995 (4) Daytona Beach Daytona Beach, FL — 9,913 80,610 — 791 9,913 81,401 91,314 10,087 2016 (4) Deer Park Deer Park, NY — 82,413 173,044 — 15,318 82,413 188,362 270,775 40,365 2013 (5) (4) Foley Foley, AL — 4,400 82,410 693 41,665 5,093 124,075 129,168 58,478 2003 (5) (4) Fort Worth Fort Worth, TX — 11,157 87,885 — — 11,157 87,885 99,042 5,413 2017 (4) Foxwoods Mashantucket, CT — — 130,941 — 943 — 131,884 131,884 20,300 2015 (4) Gonzales Gonzales, LA — 679 15,895 — 35,079 679 50,974 51,653 33,695 1992 (4) Grand Rapids Grand Rapids, MI — 8,180 75,420 — 339 8,180 75,759 83,939 14,310 2015 (4) Hershey Hershey, PA — 3,673 48,186 — 6,282 3,673 54,468 58,141 14,590 2011 (5) (4) Hilton Head I Bluffton, SC — 4,753 — — 33,289 4,753 33,289 38,042 14,222 2011 (4) Hilton Head II Bluffton, SC — 5,128 20,668 — 12,881 5,128 33,549 38,677 16,727 2003 (5) (4) Howell Howell, MI — 2,250 35,250 — 15,178 2,250 50,428 52,678 25,134 2002 (5) (4) Jeffersonville (6) Jeffersonville, OH — 2,752 111,276 (1,347 ) (62,683 ) 1,405 48,593 49,998 704 2011 (5) (4) Lancaster Lancaster, PA — 3,691 19,907 6,656 56,653 10,347 76,560 86,907 30,837 1994 (5) (4) Locust Grove Locust Grove, GA — 2,558 11,801 — 30,868 2,558 42,669 45,227 26,792 1994 (4) Mebane Mebane, NC — 8,821 53,362 — 5,092 8,821 58,454 67,275 25,806 2010 (4) Myrtle Beach Hwy 17 Myrtle Beach, SC — — 80,733 — 27,607 — 108,340 108,340 33,850 2009 (5) (4) Myrtle Beach Hwy 501 Myrtle Beach, SC — 8,781 56,798 — 40,562 8,781 97,360 106,141 44,849 2003 (5) (4) Nags Head Nags Head, NC — 1,853 6,679 — 6,589 1,853 13,268 15,121 8,313 1997 (5) (4) Ocean City Ocean City, MD — — 16,334 — 13,835 — 30,169 30,169 8,633 2011 (5) (4) 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, 2018 (in thousands) Description Initial cost to Company Costs Capitalized Subsequent to Acquisition (Improvements) (1) Gross Amount Carried at Close of Period (2) Outlet Center Name Location Encum-brances (3) Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Land Buildings, Improve-ments & Fixtures Total Accumulated Depreciation (1) Date of Life Used to Compute Depreciation in Income Statement Park City Park City, UT — 6,900 33,597 343 28,376 7,243 61,973 69,216 27,991 2003 (5) (4) Pittsburgh Pittsburgh, PA — 5,528 91,288 3 13,975 5,531 105,263 110,794 54,224 2008 (4) Rehoboth Beach Rehoboth Beach, DE — 20,600 74,209 1,875 54,866 22,475 129,075 151,550 51,382 2003 (5) (4) Riverhead Riverhead, NY — — 36,374 6,152 131,467 6,152 167,841 173,993 95,269 1993 (4) San Marcos San Marcos, TX — 1,801 9,440 2,301 58,839 4,102 68,279 72,381 43,628 1993 (4) Savannah Pooler, GA — 8,556 167,780 — 3,257 8,556 171,037 179,593 14,938 2016 (5) (4) Sevierville Sevierville, TN — — 18,495 — 49,984 — 68,479 68,479 39,362 1997 (5) (4) Southaven Southaven, MS 51,173 14,959 60,263 — 2,656 14,959 62,919 77,878 12,521 2015 (4) Terrell Terrell, TX — 523 13,432 — 9,926 523 23,358 23,881 18,666 1994 (4) Tilton Tilton, NH — 1,800 24,838 29 13,909 1,829 38,747 40,576 18,331 2003 (5) (4) Westgate Glendale, AZ — 19,037 140,337 — 3,547 19,037 143,884 162,921 11,864 2016 (5) (4) Williamsburg Williamsburg, IA — 706 6,781 717 17,993 1,423 24,774 26,197 21,013 1991 (4) Other Various — 506 1,494 — — 506 1,494 2,000 207 Various (4) $ 87,471 $ 259,903 $ 2,008,902 $ 18,525 $ 758,849 $ 278,428 $ 2,767,751 $ 3,046,179 $ 981,305 (1) Includes impairments. (2) Aggregate cost for federal income tax purposes is approximately $3.1 billion . (3) Including premiums and net of debt origination costs. (4) 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. (5) Represents year acquired. (6) Amounts net of $47.9 million impairment charge taken during 2018 consisting of a write-off of approximately $1.3 million of land, $76.6 million of building and improvement cost and $30.0 million of accumulated depreciation. 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, 2018 (in thousands) The changes in total real estate for the years ended December 31, 2018 , 2017 and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 3,088,470 $ 2,965,907 $ 2,513,217 Acquisitions — — 335,710 Improvements 48,357 175,868 163,187 Impairment charge (77,958 ) — — Dispositions and other (12,690 ) (53,305 ) (46,207 ) Balance, end of year $ 3,046,179 $ 3,088,470 $ 2,965,907 The changes in accumulated depreciation for the years ended December 31, 2018 , 2017 and 2016 are as follows: 2018 2017 2016 Balance, beginning of year $ 901,967 $ 814,583 $ 748,341 Depreciation for the period 114,198 107,845 96,813 Impairment charge (30,050 ) — — Dispositions and other (4,810 ) (20,461 ) (30,571 ) Balance, end of year $ 981,305 $ 901,967 $ 814,583 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly-owned or properties where we own less than 100% but control such properties. Control is determined using an evaluation based on accounting standards related to the consolidation of voting interest entities and variable interest entities ("VIE"). For joint ventures that are determined to be a VIE, we consolidate the entity where we are deemed to be the primary beneficiary. Determination of the primary beneficiary is based on whether an entity has (1) the power to direct the activities of the VIE that most significantly impact the entity's economic performance, and (2) 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. Our determination of the primary beneficiary considers various factors including the form of our ownership interest, our representation in an entity's governance, the size of our investment, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process to replace us as manager and or liquidate the venture, if applicable. As of December 31, 2018, we did not have a joint venture that was a VIE. Investments in real estate joint ventures that we do not control but may exercise significant influence on are accounted for using the equity method of accounting. These investments are recorded initially at cost and subsequently adjusted for our equity in the venture's net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture’s net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures. The carrying amount of our investments in the Charlotte, Columbus, Galveston/Houston and National Harbor joint ventures are less than zero because of financing or operating distributions that were greater than net income, as net income includes non-cash charges for depreciation and amortization. |
Noncontrolling interests | Noncontrolling interests - In the Company's consolidated financial statements, the “Noncontrolling interests in Operating Partnership” reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures 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 or losses are allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. |
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, as well as 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 expensed when the project is no longer probable and, if significant, are recorded as abandoned pre-development costs in the consolidated statement of operations. We also capitalize other costs incurred for the construction and development of properties, including interest, real estate taxes and payroll 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 payroll and related costs capitalized for the construction and development of properties 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 for qualifying development activities until placed in service. Payroll and related costs and interest costs capitalized for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Payroll and related costs capitalized $ 1,521 $ 2,345 $ 2,095 Interest costs capitalized $ 93 $ 2,289 $ 2,259 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, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 2016 Depreciation expense related to rental property $ 114,198 $ 107,845 $ 96,813 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 are 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash - 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. At December 31, 2018 and 2017 , we had cash equivalent investments in highly liquid money market accounts at major financial institutions of $2.9 million and $3.0 million , respectively. |
Deferred Charges | Deferred Charges - Deferred charges include 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 payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Deferred lease costs capitalized- payroll and related costs $ 6,007 $ 6,098 $ 6,210 Total deferred lease costs capitalized $ 6,703 $ 6,584 $ 7,013 The amount of payroll 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 - 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 | 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 than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. During the third quarter 2018, we recorded a non-cash impairment charge of $49.7 million at our Jeffersonville, Ohio outlet center due to a decline in operating results at the center likely resulting from increased competition from the Company's center in Columbus, Ohio and store closures from bankruptcy filings and brand-wide restructurings. The non-cash impairment charge equaled the excess of the property's carrying value over its estimated fair value. See Note 12 for additional information on the fair market value calculation. We recognized no impairment losses for our consolidated properties during the years ended December 31, 2017 and 2016 , respectively. See Note 6 for discussion of the impairment of our unconsolidated joint ventures at the Bromont, Quebec and Saint Sauveur, Quebec outlet centers during the years ended December 31, 2018, 2017 and 2016. |
Rental Property Held For Sale | 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 an other than temporary 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, estimated hold period, terminal capitalization rates, demand for space, competition for tenants, discount and capitalization rates, 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. |
Sales of Real Estate | Sales of Real Estate - For sales of real estate where we have consideration to which we are entitled in exchange for transferring the real estate, the related assets and liabilities are removed from the balance sheet and the resultant gain or loss is recorded in the period the transaction closes. Any post sale involvement is accounted for as a separate performance obligations and when the separate performance obligations are satisfied, the sales price allocated to each is recognized. For transactions that do not meet the criteria for a sale, we evaluate the nature of the continuing involvement, including put and call provisions, if present, and account for the transaction as a financing arrangement, profit-sharing arrangement, leasing arrangement or other alternate method of accounting, rather than as a sale, based on the nature and extent of the continuing involvement. Some transactions may have numerous forms of continuing involvement. In those cases, we determine which method is most appropriate based on the substance of the transaction. |
Discontinued Operations | Discontinued Operations - Properties that are sold or classified as held for sale are classified as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). |
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 (loss). 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 2015 - 2018 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 United States Generally Accepted Accounting Principles ("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 it is not probable that 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. |
Revenue Recognition | Revenue Recognition - Base rentals are recognized on a straight-line basis over the term of the lease. Straight-line rent adjustments recorded as a receivable in other assets on the consolidated balance sheets were approximately $57.5 million and $51.9 million as of December 31, 2018 and 2017 , 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. The majority of our 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. For certain tenants, we receive a fixed payment for common area maintenance ("CAM") which is recognized as revenue when earned. When not reimbursed by the fixed-CAM component, CAM expense reimbursements are based on the tenant's proportionate share of the allocable operating expenses for the property. 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 and leasing fees received from unconsolidated affiliates are recognized as revenue when earned to the extent of the third party partners' ownership interest. Development and leasing fees 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 and marketing fees are recognized as revenue when earned. 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 2018 , 2017 or 2016 . |
Accounting for Equity-Based Compensation | Accounting for Equity-Based Compensation - We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers and our employees. We may issue non-qualified options and other equity-based awards under the Plan. We account for our equity-based compensation plan under the fair value provisions of the relevant accounting guidance and we estimate expected forfeitures in determining compensation cost. |
Foreign Currency Translation | 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 equity as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. |
New Accounting Pronouncements | Recently adopted accounting standards - In November 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. We adopted this pronouncement on January 1, 2018, and the pronouncement resulted in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals. The December 31, 2016 statement of cash flow was restated to include restricted cash of $121.3 million in the beginning-of-period cash and cash equivalents total. In February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We adopted ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach only to contracts that were not completed contracts as of January 1, 2018. The adoption of this standard did not have a material impact on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic 606, as amended, (collectively, Topic 606). Topic 606 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. Topic 606 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property, including real estate. We adopted Topic 606 effective January 1, 2018 using the modified retrospective approach. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Revenue Recognition (Topic 605). The new guidance provides a unified model to determine how revenue is recognized. To determine the proper amount of revenue to be recognized, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied. As of December 31, 2018, the Company has no outstanding contract assets or contract liabilities and we did not have a cumulative catch-up upon the adoption of this standard. The adoption of this standard did not result in any material changes to our revenue recognition as compared to the previous guidance. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard, except for the lease component relating to common area maintenance (“CAM”) reimbursement revenue, which will be within the scope of this standard upon the effective date of ASU 2016-02, Leases (Topic 842). The revenues which were impacted by the initial adoption of Topic 606 include revenues from management, leasing and other services provided to our unconsolidated joint ventures that we manage and other income earned at our properties. We receive management, leasing and other services revenue for services provided to our unconsolidated joint ventures that we manage and recognize this revenue as the services are transferred. Our other income earned at our properties consist primarily of revenues from vending and other on-site services or products provided to shoppers or tenants. The other income earned at our properties is recorded as the goods are transferred at a point in time or as the service is transferred over time. Recently issued accounting standards to be adopted - In October 2018, the FASB issued ASU 2018-16, Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes to ASC 815. ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. The mandatory effective date for calendar year-end public companies is January 1, 2019. The adoption of ASU 2018-16 will not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 is intended to improve the effectiveness of disclosures required by entities regarding recurring and nonrecurring fair value measurements. ASU 2018-13 is effective for reporting periods beginning after December 15, 2019, with early adoption permitted. The adoption of ASU 2018-13 will not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU 2018-07 are effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption is permitted. The adoption of ASU 2018-07 will not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance will make more financial and nonfinancial hedging strategies eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess effectiveness. It is intended to more closely align hedge accounting with companies’ risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The amendments can be adopted immediately in any interim or annual period (including the current period). The mandatory effective date for calendar year-end public companies is January 1, 2019. The adoption of ASU 2017-12 will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13 to amend the accounting for credit losses for certain financial instruments. Under the new guidance, an entity recognizes its estimate of expected credit losses as an allowance, which the FASB believes will result in more timely recognition of such losses. In November 2018, the FASB released ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments - Credit Losses.” This ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20“Financial Instruments - Credit Losses.” Instead, impairment of receivables arising from operating leases should be accounted for under Subtopic 842-30 “Leases - Lessor.” ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this new guidance will not have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in September 2017 within ASU 2017-13, January 2018 within ASU 2018-01 and July 2018 within ASU 2018-11(collectively, Topic 842). Topic 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Topic 842 will be effective beginning in the first quarter of 2019. Early adoption of Topic 842 as of its issuance is permitted. The new lease standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain practical expedients including the following; not requiring the company to reassess whether any expired or existing contracts are or contain leases, not requiring the company to reassess the lease classification for any expired or existing leases, not requiring the company to reassess initial direct costs for any existing leases, not requiring the company to record operating leases with a term of 12 months or less as an operating lease liability and right-of-use asset on its consolidated balance sheet, and not requiring the company to separate lease and non-lease components, provided certain conditions are met. We will adopt Topic 842 effective January 1, 2019 using the modified retrospective approach and will elect the use of all practical expedients provided by the ASU and related amendments as mentioned above based on our assessment. We expect our significant operating lease commitments, primarily ground leases at seven of our outlet centers, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption equal to the present value of the minimum lease payments required under each lease, resulting in an increase in the assets and liabilities on our consolidated balance sheets. We believe the operating lease liability and right-of-use asset will range from $89.0 million to $96.0 million . See Note 23 for information regarding our lease commitments. Substantially all of our revenues are earned from arrangements that are within the scope of Topic 842. We believe we meet the criteria in the practical expedient in ASU 2018-11 to account for lease and non-lease components as a single component, which would alleviate the requirement upon adoption of Topic 842 that we reallocate or separately present lease and non-lease components. We would, however, recognize consideration received from fixed common area maintenance arrangements on a straight-line basis, which we expect will increase revenues on our consolidated income statement by approximately $5.0 million in 2019. In addition, direct internal leasing costs will continue to be capitalized, however, indirect internal leasing costs previously capitalized will be expensed. For the years ended December 31, 2018 and 2017, based on existing accounting guidance, we capitalized approximately $6.0 million and $6.1 million , respectively, of internal leasing and legal payroll and related costs. Upon adoption of this ASU in 2019, we will only capitalize the portion of these types of costs incurred that are a direct result of an executed lease, which we expect will increase general and administrative expenses on our consolidated income statement between $4.0 million and $5.0 million in 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of cost capitalized | Payroll and related costs and interest costs capitalized for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Payroll and related costs capitalized $ 1,521 $ 2,345 $ 2,095 Interest costs capitalized $ 93 $ 2,289 $ 2,259 |
Schedule of depreciation expense | Depreciation expense related to rental property included in net income for each of the years ended December 31, 2018 , 2017 and 2016 was as follows (in thousands): 2018 2017 2016 Depreciation expense related to rental property $ 114,198 $ 107,845 $ 96,813 |
Schedule of Deferred Charges | eferred lease costs capitalized, including amounts paid to third-party brokers and payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2018 , 2017 and 2016 were as follows (in thousands): 2018 2017 2016 Deferred lease costs capitalized- payroll and related costs $ 6,007 $ 6,098 $ 6,210 Total deferred lease costs capitalized $ 6,703 $ 6,584 $ 7,013 |
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes | Dividends per share for the years ended December 31, 2018 , 2017 and 2016 were taxable as follows: Common dividends per share: 2018 2017 2016 Ordinary income $ 1.3919 $ 1.1660 $ 1.2459 Capital gain 0.0006 — 0.0141 Return of capital — 0.1865 — $ 1.3925 $ 1.3525 $ 1.2600 |
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, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Net income available to the Company's shareholders $ 43,655 $ 68,002 $ 193,744 Book/tax difference on: Depreciation and amortization 58,208 10,685 1,666 Sale of assets and interests in unconsolidated entities (3,243 ) (8,718 ) (8,688 ) Equity in earnings from unconsolidated joint ventures 18,444 15,662 4,305 Share-based payment compensation 6,269 221 4,596 Gain on previously held interest in acquired joint venture — — (91,467 ) Other differences (630 ) (1,089 ) 6,294 Taxable income available to common shareholders $ 122,703 $ 84,763 $ 110,450 |
Schedule of Supplemental Cash Flow Disclosures | Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Costs relating to construction included in accounts payable and accrued expenses $ 15,772 $ 32,060 $ 22,908 Interest paid, net of interest capitalized was as follows for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Interest paid, net of interest capitalized $ 60,529 $ 56,730 $ 50,270 A reconciliation of the Company's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018 , 2017 , 2016 and 2015 were as follows (in thousands): 2018 2017 2016 2015 Cash and cash equivalents $ 9,083 $ 6,101 $ 12,222 $ 21,558 Restricted cash (1) — — — 121,306 Cash, cash equivalents and restricted cash $ 9,083 $ 6,101 $ 12,222 $ 142,864 (1) The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. A reconciliation of the Operating Partnership's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018 , 2017 , 2016 and 2015 were as follows (in thousands): 2018 2017 2016 2015 Cash and cash equivalents $ 8,991 $ 6,050 $ 12,199 $ 21,552 Restricted cash (1) — — — 121,306 Cash, cash equivalents and restricted cash $ 8,991 $ 6,050 $ 12,199 $ 142,858 (1) The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended. |
Acquisition of Rental Property
Acquisition of Rental Property (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisition of Rental Property [Abstract] | |
Schedule of Business Acquisitions | The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the year ended 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 |
Schedule of Purchase Price Allocation | The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the year ended 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 |
Disposition of Property (Tables
Disposition of Property (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disposition of Properties [Abstract] | |
Disposition of Property | The following table sets forth the properties sold for the years ended 2017 and 2016 (in thousands): Properties Locations Date Sold Square Feet Net Sales Proceeds Gain on Sale 2017 Dispositions: (1) Westbrook Westbrook, CT May 2017 290 $ 39,213 $ 6,943 2016 Dispositions: (1) Fort Myers Fort Myers, FL January 2016 199 $ 25,785 $ 4,887 Land outparcel Myrtle Beach, SC September 2016 — 2,921 1,418 $ 6,305 (1) The rental properties did not meet the criteria to be reported as discontinued operations (See Note 2), thus their results of operations were not reclassified to discontinued operations. |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of December 31, 2018 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 924 $ 96.0 $ 9.3 $ 96.0 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (1.6 ) $ 84.7 Charlotte (2) Charlotte, NC 50.0 % 398 (10.8 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.1 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.0 ) 79.6 $ (32.5 ) As of December 31, 2017 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: Columbus Columbus, OH 50.0 % 355 $ 1.1 $ 84.4 National Harbor National Harbor, MD 50.0 % 341 2.5 86.4 RioCan Canada Various 50.0 % 923 115.8 11.1 $ 119.4 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 398 $ (4.1 ) $ 89.8 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0 ) 79.4 $ (17.1 ) (1) Net of debt origination costs and including premiums of $1.4 million and $1.4 million as of December 31, 2018 and December 31, 2017, respectively. (2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures. |
Schedule of fees we received for various services provided to our unconsolidated joint ventures | 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, 2018 2017 2016 Fees: Management and marketing $ 2,334 $ 2,310 $ 2,744 Leasing and other fees 162 142 1,103 Total Fees $ 2,496 $ 2,452 $ 3,847 |
Schedule of Impaired Intangible Assets [Table Text Block] | The table below summarizes the impairment charges taken during 2018, 2017 and 2016 (in thousands): Impairment Charge (1) Outlet Center Total Our Share 2018 Bromont and Saint Sauveur $ 14,359 $ 7,180 2017 Bromont and Saint Sauveur 18,042 9,021 2016 Bromont 5,838 2,919 (1) The fair value was determined using an income approach considering the prevailing market income capitalization rates for similar assets. |
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, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016 is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures 2018 2017 Assets Land $ 91,443 $ 95,686 Buildings, improvements and fixtures 469,834 505,618 Construction in progress 2,841 3,005 564,118 604,309 Accumulated depreciation (113,713 ) (93,837 ) Total rental property, net 450,405 510,472 Cash and cash equivalents 16,216 25,061 Deferred lease costs, net 8,437 10,985 Prepaids and other assets 25,648 15,073 Total assets $ 500,706 $ 561,591 Liabilities and Owners' Equity Mortgages payable, net $ 367,865 $ 351,259 Accounts payable and other liabilities 13,414 14,680 Total liabilities 381,279 365,939 Owners' equity 119,427 195,652 Total liabilities and owners' equity $ 500,706 $ 561,591 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Condensed Combined Statements of Operations- Unconsolidated Joint Ventures: Year Ended December 31, 2018 2017 2016 Revenues $ 94,509 $ 96,776 $ 106,766 Expenses: Property operating 37,121 36,507 39,576 General and administrative 266 350 349 Impairment charges 14,359 18,042 5,838 Depreciation and amortization 26,262 28,162 32,930 Total expenses 78,008 83,061 78,693 Other income (expense): Interest expense (14,518 ) (10,365 ) (8,946 ) Other non-operating income 234 71 6 Total other income (expense) $ (14,284 ) $ (10,294 ) $ (8,940 ) Net income $ 2,217 $ 3,421 $ 19,133 The Company and Operating Partnership's share of: Net income $ 924 $ 1,937 $ 10,872 Depreciation, amortization and asset impairments (real estate related) $ 20,494 $ 22,878 $ 21,829 |
Deferred Charges (Tables)
Deferred Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs [Abstract] | |
Schedule of Deferred Charges | Deferred lease costs and other intangibles, net as of December 31, 2018 and 2017 consist of the following (in thousands): 2018 2017 Deferred lease costs $ 87,590 $ 81,888 Intangible assets: Above market leases 49,869 54,763 Lease in place value 64,152 71,801 Tenant relationships 40,690 49,184 Other intangibles 48,639 49,730 290,940 307,366 Accumulated amortization (174,066 ) (175,305 ) Deferred lease costs and other intangibles, net $ 116,874 $ 132,061 |
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 (1) Deferred Lease Costs and Other Intangibles (2) 2019 $ 865 $ 6,565 2020 434 5,625 2021 309 4,984 2022 286 4,640 2023 423 3,915 Total $ 2,317 $ 25,729 (1) These net amounts are recorded as a reduction of base rentals. (2) These amounts are recorded as an increase in depreciation and amortization. |
Debt of the Company (Tables)
Debt of the Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Debt | The Operating Partnership had the following amounts outstanding on the debt guaranteed by the Company as of December 31, 2018 and 2017 (in thousands): 2018 2017 Unsecured lines of credit $ 145,100 $ 208,100 Unsecured term loan $ 350,000 $ 325,000 |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Debt | The debt of the Operating Partnership as of December 31, 2018 and 2017 consisted of the following (in thousands): 2018 2017 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 250,000 246,664 250,000 246,036 Senior notes 3.750 % December 2024 250,000 247,765 250,000 247,410 Senior notes 3.125 % September 2026 350,000 345,669 350,000 345,128 Senior notes 3.875 % July 2027 300,000 296,565 300,000 296,182 Mortgages payable: Atlantic City (2) (3) 5.14%-7.65% November 2021- December 2026 34,279 36,298 37,462 39,879 Southaven LIBOR + 1.80% April 2021 51,400 51,173 60,000 59,881 Unsecured term loan LIBOR + 0.90% April 2024 350,000 346,799 325,000 322,975 Unsecured lines of credit LIBOR + 0.875% October 2021 145,100 141,985 208,100 206,160 $ 1,730,779 $ 1,712,918 $ 1,780,562 $ 1,763,651 (1) Includes premiums and net of debt discount and unamortized debt origination costs. Unamortized debt origination costs were $14.1 million and $12.7 million as of December 31, 2018 and 2017 , respectively. Amortization of deferred debt origination costs included in interest expense for the years ended December 31, 2018 , 2017 and 2016 was $3.1 million , $3.3 million and $3.2 million , respectively. (2) The effective interest rate assigned during the purchase price allocation to this assumed mortgage during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of December 31, 2018 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2019 $ 3,370 2020 3,566 2021 202,293 2022 4,436 2023 254,768 Thereafter 1,262,346 Subtotal 1,730,779 Net discount and debt origination costs (17,861 ) Total $ 1,712,918 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Average Fixed Pay Rate 2018 2017 Assets (Liabilities) (1) : November 14, 2013 August 14, 2018 $ 150,000 1 month LIBOR 1.30 % $ — $ 326 April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % 4,948 5,207 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (6 ) — August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % 807 (188 ) Total $ 5,749 $ 5,345 (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. |
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, 2018 , 2017 and 2016 , respectively (in thousands): 2018 2017 2016 Interest Rate Swaps (Effective Portion): Amount of gain recognized in OCI $ 405 $ 1,351 $ 4,609 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018: Asset: Interest rate swaps (prepaids and other assets) $ 5,755 $ — $ 5,755 $ — Total assets $ 5,755 $ — $ 5,755 $ — Liabilities: Interest rate swaps (other liabilities) $ 6 $ — $ 6 $ — Total liabilities $ 6 $ — $ 6 $ — 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, 2017: Assets: Interest rate swaps (prepaids and other assets) $ 5,533 $ — $ 5,533 $ — Total assets $ 5,533 $ — $ 5,533 $ — Liabilities: Interest rate swaps (other liabilities) $ 188 $ — $ 188 $ — Total liabilities $ 188 $ — $ 188 $ — |
Fair Value Measurements, Nonrecurring | The following table sets forth our assets that are measured at fair value on a nonrecurring basis 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 September 30, 2018: Asset: Long-lived assets $ 50,000 $ — $ — $ 50,000 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value and recorded value of our debt as of December 31, 2018 and 2017 were as follows (in thousands): 2018 2017 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,085,138 1,139,064 Level 3 Significant Unobservable Inputs 583,337 636,476 Total fair value of debt $ 1,668,475 $ 1,775,540 Recorded value of debt $ 1,712,918 $ 1,763,651 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share repurchase program [Table Text Block] | Shares repurchased during the years ended December 31, 2018 and 2017 were as follows: Year Ended December 31, 2018 2017 Total number of shares purchased 919,249 1,911,585 Average price paid per share $ 21.74 $ 25.80 Total price paid exclusive of commissions and related fees (in thousands) $ 19,980 $ 49,324 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Schedule of Shareholders equity of the Company [Table Text Block] | The following table sets forth the number of Class A common limited partnership units exchanged for an equal number of common shares for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Exchange of Class A limited partnership units 34,749 32,348 24,962 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 : Limited Partnership Units General partnership units Class A Class B Total Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Units withheld for employee income taxes — — (66,760 ) (66,760 ) Exchange of Class A limited partnership units — (24,962 ) 24,962 — Grant of restricted common share awards by the Company, net of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 59,700 59,700 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Exchange of Class A limited partnership units — (32,348 ) 32,348 — Grant of restricted common share awards by the Company, net of forfeitures — — 411,968 411,968 Repurchase of units — — (1,911,585 ) (1,911,585 ) Units issued upon exercise of options — — 1,800 1,800 Balance December 31, 2017 1,000,000 4,995,433 93,560,536 98,555,969 Units withheld for employee income taxes — — (89,437 ) (89,437 ) Exchange of Class A limited partnership units — (34,749 ) 34,749 — Grant of restricted common share awards by the Company, net of forfeitures — — 355,184 355,184 Repurchase of units — — (919,249 ) (919,249 ) Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Changes in the Company's ownership interests in the subsidiaries impacted consolidated equity | The changes in the Company's ownership interests in the subsidiaries impacted consolidated equity during the periods shown as follows (in thousands): 2018 2017 Net income attributable to Tanger Factory Outlet Centers, Inc. $ 43,655 $ 68,002 Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests 322 1,630 Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest $ 43,977 $ 69,632 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (in thousands, except per share amounts): 2018 2017 2016 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 43,655 $ 68,002 $ 193,744 Less allocation of earnings to participating securities (1,211 ) (1,209 ) (1,926 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 42,444 $ 66,793 $ 191,818 Denominator Basic weighted average common shares 93,309 94,506 95,102 Effect of notional units — — 175 Effect of outstanding options and certain restricted common shares 1 16 68 Diluted weighted average common shares 93,310 94,522 95,345 Basic earnings per common share: Net income $ 0.45 $ 0.71 $ 2.02 Diluted earnings per common share: Net income $ 0.45 $ 0.71 $ 2.01 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 2017 and 2016 (in thousands, except per unit amounts): 2018 2017 2016 Numerator Net income attributable to partners of the Operating Partnership $ 45,984 $ 71,611 $ 204,031 Allocation of earnings to participating securities (1,211 ) (1,209 ) (1,928 ) Net income available to common unitholders of the Operating Partnership $ 44,773 $ 70,402 $ 202,103 Denominator Basic weighted average common units 98,302 99,533 100,155 Effect of notional units — — 175 Effect of outstanding options and certain restricted common units 1 16 68 Diluted weighted average common units 98,303 99,549 100,398 Basic earnings per common unit: Net income $ 0.45 $ 0.71 $ 2.02 Diluted earnings per common unit: Net income $ 0.45 $ 0.71 $ 2.01 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in the consolidated statements of operations for the years ended December 31, 2018 , 2017 and 2016 , respectively, as follows (in thousands): 2018 2017 2016 Restricted common shares $ 9,870 $ 9,395 $ 10,976 Notional unit performance awards 4,356 3,913 3,967 Options 443 277 376 Total equity-based compensation $ 14,669 $ 13,585 $ 15,319 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): 2018 2017 2016 Equity-based compensation expense capitalized $ 1,131 $ 1,044 $ 985 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes information related to unvested restricted common shares and restricted share units outstanding for the years ended December 31, 2018 , 2017 , and 2016 : Unvested Restricted Common Shares and Units Number of shares Weighted average grant date fair value Outstanding at December 31, 2015 1,085,995 $ 31.84 Granted 286,524 29.64 Vested (388,851 ) 31.30 Forfeited (104,400 ) 34.13 Outstanding at December 31, 2016 879,268 $ 31.09 Granted 253,431 33.07 Vested (368,043 ) 29.87 Forfeited (14,750 ) 34.39 Outstanding at December 31, 2017 749,906 $ 32.30 Granted (1) 407,156 21.13 Vested (314,982 ) 31.43 Forfeited — — Outstanding at December 31, 2018 842,080 $ 27.56 (1) Includes 44,452 restricted share units. |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth OPP performance targets and other relevant information about each plan: 2018 OPP (1) 2017 OPP (2) 2016 OPP (2) 2015 OPP (2),(3) 2014 OPP (2),(4) Performance targets Absolute portion of award: Percent of total award 33% 50% 50% 60% 70% Absolute total shareholder return range 19.1% - 29.5% 18% - 35% 18% - 35% 25% - 35% 25% - 35% Percentage of units to be earned 20%-100% 20%-100% 20%-100% 33%-100% 33%-100% Relative portion of award: Percent of total award 67% 50% 50% 40% 30% Percentile rank of peer group range 30th - 80th 40th - 70th 40th - 70th 50th - 70th 50th - 70th Percentage of units to be earned 20%-100% 20%-100% 20%-100% 33%-100% 33%-100% Maximum number of restricted common shares that may be earned 409,972 296,400 321,900 306,600 329,700 Grant date fair value per share $ 12.42 $ 16.60 $ 15.10 $ 15.85 $ 14.71 (1) The number of restricted common shares received under the 2018 OPP will be determined on a pro-rata basis by linear interpolation between total shareholder return thresholds, both for absolute total shareholder return and for relative total shareholder return amongst the Company's peer group. The peer group is based on companies included in the FTSE NAREIT Retail Index. (2) The performance shares for the 2017, 2016, 2015 and 2014 OPP will convert on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute total shareholder return and for relative total shareholder return. The share price for the purposes of calculation of share price appreciation will be adjusted on a penny-for-penny basis with respect to any dividend payments made during the measurement period. The peer group is based on companies included in the SNL Equity REIT index. (3) On December 31, 2017, the measurement period for the 2015 OPP expired and neither of the Company’s absolute nor relative total shareholder returns were sufficient for employees to earn, and therefore become eligible to vest in, any restricted shares under the plan. Accordingly, all 2015 OPP performance awards were automatically forfeited. (4) On December 31, 2016, the measurement period for the 2014 OPP expired. Based on the Company’s absolute total shareholder return over the three-year measurement period, we issued 184,000 restricted common shares in January 2017, with 94,000 vesting immediately and the remaining 90,000 vesting in January one year thereafter , contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). Our relative total shareholder return for the 2014 OPP did not meet the minimum share price appreciation and no shares were earned under this component of the 2014 OPP. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the OPP awards granted during the years ended December 31, 2018 , 2017 , and 2016 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: 2018 2017 2016 Risk free interest rate (1) 2.40 % 1.52 % 1.05 % Expected dividend yield (2) 4.8 % 3.4 % 3.1 % Expected volatility (3) 27 % 19 % 21 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. |
Schedule of Other Share-based Compensation, Activity | The following table sets forth OPP activity for the years ended December 31, 2018 , 2017 , and 2016 : Unvested OPP Awards Number of units Weighted average grant date fair value Outstanding as of December 31, 2015 544,300 $ 15.26 Awarded 321,900 15.10 Forfeited (107,024 ) 14.77 Outstanding as of December 31, 2016 759,176 $ 15.36 Awarded 296,400 16.60 Earned (1) (184,455 ) 14.71 Forfeited (267,710 ) 15.84 Outstanding as of December 31, 2017 603,411 $ 15.83 Awarded 409,972 12.42 Earned — — Forfeited — — Outstanding as of December 31, 2018 1,013,383 $ 14.44 (1) Represents the units under the 2014 OPP that are no longer outstanding and have been settled in restricted common shares. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Options outstanding at December 31, 2018 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 $ 21.94 306,000 $ 21.94 9.20 — $ — $ 26.06 61,700 26.06 2.15 61,700 26.06 $ 32.02 166,800 32.02 5.00 128,100 32.02 534,500 $ 25.56 7.08 189,800 $ 30.08 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under the Plan for the years ended December 31, 2018 , 2017 , and 2016 (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, 2015 318,400 $ 30.32 Granted — — Exercised (59,700 ) 29.31 Forfeited (16,500 ) 31.86 Outstanding as of December 31, 2016 242,200 $ 30.46 6.26 $ 1,287 Granted — — Exercised (1,800 ) 29.70 Forfeited (9,200 ) 31.83 Outstanding as of December 31, 2017 231,200 $ 30.42 5.24 $ 28 Granted 331,000 21.94 Exercised — — Forfeited (27,700 ) 22.62 Outstanding as of December 31, 2018 534,500 $ 25.56 7.08 $ — Vested and Expected to Vest as of December 31, 2018 492,889 $ 25.87 6.90 $ — Exercisable as of December 31, 2018 189,800 $ 30.08 4.08 $ — |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss of the Company (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive (Income) Loss Foreign currency Cash flow hedges Total Foreign currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Other comprehensive income before reclassifications 4,043 2,539 6,582 216 135 351 Reclassification out of accumulated other comprehensive income into interest expense — 1,838 1,838 — 97 97 Balance December 31, 2016 (32,087 ) 3,792 (28,295 ) (1,740 ) 201 (1,539 ) Other comprehensive income before reclassifications 7,727 1,020 8,747 411 55 466 Reclassification out of accumulated other comprehensive income into interest expense — 263 263 — 13 13 Balance December 31, 2017 (24,360 ) 5,075 (19,285 ) (1,329 ) 269 (1,060 ) Other comprehensive income (loss) before reclassifications (8,250 ) 2,335 (5,915 ) (441 ) 126 (315 ) Reclassification out of accumulated other comprehensive income into interest expense — (1,951 ) (1,951 ) — (105 ) (105 ) Balance December 31, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (loss) for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Foreign currency Cash flow hedges Accumulated other comprehensive income (loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Other comprehensive income before reclassifications 4,259 2,674 6,933 Reclassification out of accumulated other comprehensive income into interest expense — 1,935 1,935 Balance December 31, 2016 (33,827 ) 3,993 (29,834 ) Other comprehensive income before reclassifications 8,138 1,075 9,213 Reclassification out of accumulated other comprehensive income into interest expense — 276 276 Balance December 31, 2017 (25,689 ) 5,344 (20,345 ) Other comprehensive income (loss) before reclassifications (8,691 ) 2,461 (6,230 ) Reclassification out of accumulated other comprehensive income into interest expense — (2,056 ) (2,056 ) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) |
Supplementary Income Statemen_2
Supplementary Income Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Income Statement Information [Abstract] | |
Schedule of Supplementary Income Statement Information | The following amounts are included in property operating expenses for the years ended December 31, 2018 , 2017 and 2016 (in thousands): 2018 2017 2016 Advertising and promotion $ 27,066 $ 29,046 $ 29,108 Common area maintenance 73,367 71,195 70,616 Real estate taxes 32,836 30,695 28,542 Other operating expenses 27,188 24,299 23,751 $ 160,457 $ 155,235 $ 152,017 |
Lease Agreements (Tables)
Lease Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | Future minimum lease receipts under non-cancelable operating leases as of December 31, 2018 , excluding the effect of straight-line rent and percentage rentals, are as follows (in thousands): 2019 $ 285,343 2020 265,361 2021 229,553 2022 195,808 2023 164,845 Thereafter 364,844 $ 1,505,754 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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): Operating Leases 2019 $ 7,526 2020 7,311 2021 7,140 2022 7,127 2023 7,167 Thereafter 258,438 Total minimum payment $ 294,709 |
Quarterly Financial Data of t_2
Quarterly Financial Data of the Company (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (unaudited and in thousands, except per common share data) (1) . This information is not required for the Operating Partnership: Year Ended December 31, 2018 (1) First Quarter Second Quarter Third Quarter (2) Fourth Quarter (3) Total revenues $ 123,535 $ 119,711 $ 124,236 $ 127,199 Net income (loss) 23,685 24,290 (23,031 ) 20,619 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,838 22,969 (21,859 ) 19,707 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 22,575 $ 22,656 $ (22,172 ) $ 19,385 Basic earnings per common share: Net income (loss) $ 0.24 $ 0.24 $ (0.24 ) $ 0.21 Diluted earnings per common share: Net income (loss) $ 0.24 $ 0.24 $ (0.24 ) $ 0.21 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the third quarter of 2018, net income includes a $49.7 million impairment charge related to our Jeffersonville, Ohio outlet center. (3) In the fourth quarter of 2018, net income includes a $7.2 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. Year Ended December 31, 2017 (1) First Quarter Second Quarter (2) Third Quarter (3) Fourth Quarter Total revenues $ 121,368 $ 119,614 $ 120,765 $ 126,487 Net income (loss) 23,514 30,947 (16,034 ) 33,449 Income (loss) attributable to Tanger Factory Outlet Centers, Inc. 22,336 29,390 (15,219 ) 31,495 Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 22,041 $ 29,084 $ (15,525 ) $ 31,193 Basic earnings per common share : Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 Diluted earnings per common share: Net income (loss) $ 0.23 $ 0.31 $ (0.17 ) $ 0.33 (1) Quarterly amounts may not add to annual amounts due to the effect of rounding on a quarterly basis. (2) In the second quarter of 2017, net income includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut. (3) In the third quarter of 2017, net income includes a $35.6 million loss on early extinguishment of debt related to the early redemption of senior notes due 2020 a nd a $9.0 million impairment charge, associated with our RioCan Canada unconsolidated joint ventures. |
Organization of the Company (De
Organization of the Company (Details) ft² in Millions | Dec. 31, 2018sharesft²OutletCenterstore_brandstoresubsidiary |
Entity Information [Line Items] | |
Number of operating partnership units owned by wholly-owned subsidiaries | shares | 93,941,783 |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Consolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 36 |
Total gross leaseable area | ft² | 12.9 |
Outlet center occupancy percentage | 97.00% |
Number of stores | store | 2,600 |
Number of store brands | store_brand | 400 |
Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 8 |
Total gross leaseable area | ft² | 2.4 |
CANADA | Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 4 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Entity Information [Line Items] | |
Number Of Wholly Owned Subsidiaries | subsidiary | 2 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | |
Entity Information [Line Items] | |
Number of operating partnership units owned by family limited partners | shares | 4,960,684 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Rental Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Payroll and related costs capitalized | $ 1,521 | $ 2,345 | $ 2,095 |
Interest costs capitalized | $ 93 | 2,289 | 2,259 |
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 | ||
Depreciation expense related to rental property | $ 114,198 | $ 107,845 | $ 96,813 |
Purchase price allocated to assets, useful life, maximum | 33 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Money market accounts | $ 2.9 | $ 3 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Deferred lease costs capitalized-payroll and related costs | $ 6,007 | $ 6,098 | $ 6,210 |
Total deferred lease costs capitalized | $ 6,703 | $ 6,584 | $ 7,013 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment charge | $ 0 | $ 0 | ||
Jeffersonville [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charge | $ 49,700,000 | $ 47,900,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Income Taxes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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) | $ 1.3925 | $ 1.3525 | $ 1.2600 |
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) | 1.3919 | 1.1660 | 1.2459 |
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) | 0.0006 | 0 | 0.0141 |
Tanger Factory Outlet Centers, Inc. [Member] | Return Of Capital [Member] | |||
Schedule of Common Dividends Per Share [Line Items] | |||
Common dividends per share (in dollars per share) | $ 0 | $ 0.1865 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Income Taxes - Schedule of Taxable Income Available to Common Shareholders (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Taxable Income Available to Common Shareholders [Line Items] | |||||||||||
Net income available to the Company's shareholders | $ 19,707 | $ (21,859) | $ 22,969 | $ 22,838 | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 43,655 | $ 68,002 | $ 193,744 |
Depreciation and amortization | 58,208 | 10,685 | 1,666 | ||||||||
Sale of assets and interests in unconsolidated entities | (3,243) | (8,718) | (8,688) | ||||||||
Equity in earnings from unconsolidated joint ventures | 18,444 | 15,662 | 4,305 | ||||||||
Share-based payment compensation | 6,269 | 221 | 4,596 | ||||||||
Gain on previously held interest in acquired joint venture | 0 | 0 | (91,467) | ||||||||
Other differences | (630) | (1,089) | 6,294 | ||||||||
Taxable income available to common shareholders | $ 122,703 | $ 84,763 | $ 110,450 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Straight-line rent adjustments recorded as a receivable | $ 57.5 | $ 51.9 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs relating to construction included in accounts payable and accrued expenses | $ 15,772 | $ 32,060 | $ 22,908 | |
Interest paid, net of interest capitalized | 60,529 | 56,730 | 50,270 | |
Dividend Declared [Member] | ||||
Special Dividend | $ 21,200 | |||
Tanger Factory Outlet Centers, Inc. [Member] | ||||
Cash and cash equivalents | 9,083 | 6,101 | 12,222 | 21,558 |
Restricted Cash | 0 | 0 | 0 | 121,300 |
Cash, cash equivalents and restricted cash | 9,083 | 6,101 | 12,222 | 142,864 |
Tanger Properties Limited Partnership [Member] | ||||
Cash and cash equivalents | 8,991 | 6,050 | 12,199 | 21,552 |
Restricted Cash | 0 | 0 | 0 | 121,306 |
Cash, cash equivalents and restricted cash | $ 8,991 | $ 6,050 | $ 12,199 | $ 142,858 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred lease costs amount related to salaries and related costs | $ 6,007 | $ 6,098 | $ 6,210 | ||||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||||
Restricted Cash | $ 0 | $ 0 | 0 | 0 | 0 | $ 121,300 | |||||||
Revenues | 127,199 | $ 124,236 | $ 119,711 | $ 123,535 | $ 126,487 | $ 120,765 | $ 119,614 | $ 121,368 | 494,681 | 488,234 | 465,834 | ||
General and administrative | 44,167 | $ 44,004 | $ 46,696 | ||||||||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Estimated operating lease liability | 89,000 | 89,000 | |||||||||||
Estimated right-of-use asset | 89,000 | 89,000 | |||||||||||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Estimated operating lease liability | 96,000 | 96,000 | |||||||||||
Estimated right-of-use asset | $ 96,000 | $ 96,000 | |||||||||||
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
Revenues | $ 5,000 | ||||||||||||
Scenario, Forecast [Member] | Minimum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
General and administrative | 4,000 | ||||||||||||
Scenario, Forecast [Member] | Maximum [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||
General and administrative | $ 5,000 |
Acquisition of Rental Propert_2
Acquisition of Rental Property - Narrative (Details) - USD ($) | Jul. 31, 2016 | Nov. 30, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 |
Foxwoods [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 0 | |||||||
Economic interest percentage in joint venture | 100.00% | |||||||
Savannah [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Economic interest percentage in joint venture | 98.00% | |||||||
Cash | $ 15,000,000 | |||||||
Mortgage loan | 96,900,000 | |||||||
Ownership % | 50.00% | |||||||
Contingent consideration | 0 | |||||||
Acquisition costs | 260,000 | |||||||
Gain on previously held interest in acquired joint ventures | 46,300,000 | |||||||
Rental property and related intangible increase | 46,300,000 | |||||||
Prepaids and other assets | 250,000 | |||||||
Accounts payable and accrued expense | $ 2,100,000 | |||||||
Westgate [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Cash | $ 39,000,000 | |||||||
Mortgage loan | 62,000,000 | |||||||
Ownership % | 58.00% | |||||||
Contingent consideration | 0 | |||||||
Acquisition costs | 127,000 | |||||||
Gain on previously held interest in acquired joint ventures | 49,300,000 | |||||||
Rental property and related intangible increase | 49,300,000 | |||||||
Prepaids and other assets | 227,000 | |||||||
Accounts payable and accrued expense | 5,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 40,900,000 | |||||||
Percentage of business acquired | 40.00% | |||||||
Mortgages [Member] | Savannah [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Basis spread on variable rate | 1.65% | |||||||
Noncontrolling interests [Member] | Westgate [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 1,900,000 | |||||||
Percentage of business acquired | 2.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Westgate [Member] | Mortgages [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Tanger Properties Limited Partnership [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Cash | $ 0 | $ 0 | $ 45,219,000 | |||||
Acquisition costs | 0 | 0 | 487,000 | |||||
Gain on previously held interest in acquired joint ventures | 0 | 0 | $ 95,516,000 | |||||
Principal | $ 1,730,779,000 | $ 1,780,562,000 | ||||||
Tanger Properties Limited Partnership [Member] | 3.125% Senior Notes $250 million [Member] | Senior Notes [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Principal | $ 250,000,000 | |||||||
Rental growth rate [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Measurement Input | 3.00% | |||||||
Discount rate [Member] | Minimum [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Measurement Input | 7.50% | |||||||
Discount rate [Member] | Maximum [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Measurement Input | 8.25% | |||||||
Terminal capitalization rate [Member] | Minimum [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Measurement Input | 5.75% | |||||||
Terminal capitalization rate [Member] | Maximum [Member] | ||||||||
Acquistion of Rental Property [Line Items] | ||||||||
Recognized Identifiable Assets Acquired and Liabilities Assumed, Measurement Input | 7.00% |
Acquisition of Rental Propert_3
Acquisition of Rental Property - Schedule of Consideration Transferred (Details) - Westgate & Savannah [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Consideration Transferred [Line Items] | |
Cash transferred for equity interests | $ 54,000 |
Fair value of our previously held interests | 145,581 |
Fair value of net assets | $ 199,581 |
Acquisition of Rental Propert_4
Acquisition of Rental Property - Schedule of Assets and Liabilities (Details) - Westgate & Savannah [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Cash | $ 8,781 |
Land | 27,593 |
Buildings, improvements and fixtures | 308,117 |
Deferred lease costs and other intangibles | 40,118 |
Prepaids and other assets | 477 |
Debt | (158,994) |
Accounts payable and accrued expenses | (7,183) |
Total fair value of net assets acquired | 199,581 |
Above market lease value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 15,882 |
Weighted-Average Amortization Period (in years) | 7 years 2 months |
Lease in place value [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 13,972 |
Weighted-Average Amortization Period (in years) | 5 years 11 months |
Lease and Legal Costs [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 10,264 |
Weighted-Average Amortization Period (in years) | 6 years 5 months |
Below market lease value [Member] | |
Business Acquisition [Line Items] | |
Other liabilities (below market lease value) | $ (19,328) |
Weighted-Average Amortization Period (in years) | 12 years |
Disposition of Property (Detail
Disposition of Property (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Jan. 31, 2016USD ($)ft² | Dec. 31, 2016USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | $ 6,305 | |||
Westbrook [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Square Feet | ft² | 290 | |||
Net Sales Price | $ 39,213 | |||
Gain on sale of assets | $ 6,943 | |||
Fort Myers [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Square Feet | ft² | 199 | |||
Net Sales Price | $ 25,785 | |||
Gain on sale of assets | $ 4,887 | |||
Myrtle Beach Hwy 501 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales Price | $ 2,921 | |||
Gain on sale of assets | $ 1,418 |
Development of Consolidated R_2
Development of Consolidated Rental Properties - Narrative (Details) - ft² ft² in Thousands | Oct. 31, 2017 | Sep. 30, 2017 | Nov. 30, 2016 |
Fort Worth [Member] | |||
Development of Consolidated Rental Properties [Line Items] | |||
Square Feet | 352 | ||
Lancaster [Member] | |||
Development of Consolidated Rental Properties [Line Items] | |||
Square Feet | 123 | ||
Daytona Beach [Member] | |||
Development of Consolidated Rental Properties [Line Items] | |||
Square Feet | 352 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures - Unconsolidated Real Estate Joint Ventures (Details) ft² in Thousands, $ in Thousands | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($)ft² | Jun. 30, 2016ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² |
RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 924 | 923 | ||||
Investments included in investments in unconsolidated joint ventures | $ 96,000 | $ 115,800 | ||||
Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 355 | 355 | 355 | |||
Investments included in investments in unconsolidated joint ventures | $ 1,100 | |||||
Investments included in other liabilities | $ (1,600) | |||||
Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 398 | 398 | 398 | |||
Investments included in other liabilities | $ (10,800) | $ (4,100) | ||||
National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 341 | 341 | 341 | |||
Investments included in investments in unconsolidated joint ventures | $ 2,500 | |||||
Investments included in other liabilities | $ (5,100) | |||||
Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 353 | 353 | 353 | |||
Investments included in other liabilities | $ (15,000) | $ (13,000) | ||||
Columbus Charlotte National Harbor and Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in other liabilities | (32,500) | |||||
Columbus National Harbor and RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in investments in unconsolidated joint ventures | 119,400 | |||||
Charlotte and Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments included in other liabilities | (17,100) | |||||
Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 367,865 | 351,259 | ||||
Unconsolidated Properties [Member] | RioCan Canada [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 9,300 | 11,100 | ||||
Unconsolidated Properties [Member] | Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 84,700 | 84,400 | ||||
Unconsolidated Properties [Member] | Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 99,500 | 89,800 | ||||
Unconsolidated Properties [Member] | National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 94,500 | 86,400 | ||||
Unconsolidated Properties [Member] | Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total Joint Venture Debt, Net | 79,600 | 79,400 | ||||
Mortgages [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Debt origination costs and premiums | $ 1,400 | $ 1,400 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures - Management, Leasing and Marketing Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 2,496 | $ 2,452 | $ 3,847 |
Management and Marketing Fee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | 2,334 | 2,310 | 2,744 |
Leasing and other fees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Management, leasing and other services | $ 162 | $ 142 | $ 1,103 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures Investments in Unconsolidated Real Estate Joint Ventures - Impairment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | ||
Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment charges | $ 14,359,000 | 18,042,000 | 5,838,000 | |
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment charges | 14,359,000 | 18,042,000 | ||
Company's share of impairment charge | $ 7,200,000 | $ 7,180,000 | $ 9,021,000 | |
Unconsolidated Properties [Member] | Bromont Outlet Mall Property [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Impairment charges | 5,838,000 | |||
Company's share of impairment charge | $ 2,919,000 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures - Summary Balance Sheets for Unconsolidated Joint Ventures (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||
Land | $ 91,443 | $ 95,686 |
Buildings, improvements and fixtures | 469,834 | 505,618 |
Construction in progress | 2,841 | 3,005 |
Total rental property, at cost | 564,118 | 604,309 |
Accumulated depreciation | (113,713) | (93,837) |
Total rental property, net | 450,405 | 510,472 |
Cash and cash equivalents | 16,216 | 25,061 |
Deferred lease costs, net | 8,437 | 10,985 |
Prepaids and other assets | 25,648 | 15,073 |
Total assets | 500,706 | 561,591 |
Liabilities and Owners' Equity [Abstract] | ||
Mortgages payable, net | 367,865 | 351,259 |
Accounts payable and other liabilities | 13,414 | 14,680 |
Total liabilities | 381,279 | 365,939 |
Owners' equity | 119,427 | 195,652 |
Total liabilities and owners' equity | $ 500,706 | $ 561,591 |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Joint Ventures - Summary Statements of Operations for Unconsolidated Joint Ventures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses: | |||||||||||
Impairment charges | $ 0 | $ 0 | |||||||||
Unconsolidated Properties [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 94,509,000 | 96,776,000 | 106,766,000 | ||||||||
Expenses: | |||||||||||
Property operating | 37,121,000 | 36,507,000 | 39,576,000 | ||||||||
General and administrative | 266,000 | 350,000 | 349,000 | ||||||||
Impairment charges | 14,359,000 | 18,042,000 | 5,838,000 | ||||||||
Depreciation and amortization | 26,262,000 | 28,162,000 | 32,930,000 | ||||||||
Total expenses | 78,008,000 | 83,061,000 | 78,693,000 | ||||||||
Interest expense | (14,518,000) | (10,365,000) | (8,946,000) | ||||||||
Other non-operating income | 234,000 | 71,000 | 6,000 | ||||||||
Total other income (expense) | (14,284,000) | (10,294,000) | (8,940,000) | ||||||||
Net income | 2,217,000 | 3,421,000 | 19,133,000 | ||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | |||||||||||
Revenues | $ 127,199,000 | $ 124,236,000 | $ 119,711,000 | $ 123,535,000 | $ 126,487,000 | $ 120,765,000 | $ 119,614,000 | $ 121,368,000 | 494,681,000 | 488,234,000 | 465,834,000 |
Expenses: | |||||||||||
Property operating | 160,457,000 | 155,235,000 | 152,017,000 | ||||||||
General and administrative | 44,167,000 | 44,004,000 | 46,696,000 | ||||||||
Impairment charges | 49,739,000 | 0 | 0 | ||||||||
Depreciation and amortization | 131,722,000 | 127,744,000 | 115,357,000 | ||||||||
Total expenses | 386,085,000 | 327,511,000 | 314,557,000 | ||||||||
Interest expense | (64,821,000) | (64,825,000) | (60,669,000) | ||||||||
Other non-operating income | 864,000 | 2,724,000 | 1,028,000 | ||||||||
Total other income (expense) | (63,957,000) | (90,784,000) | 42,180,000 | ||||||||
Net income | $ 20,619,000 | $ (23,031,000) | $ 24,290,000 | $ 23,685,000 | $ 33,449,000 | $ (16,034,000) | $ 30,947,000 | $ 23,514,000 | 45,563,000 | 71,876,000 | 204,329,000 |
The Company and Operating Partnership's share of: | |||||||||||
Net income | 924,000 | 1,937,000 | 10,872,000 | ||||||||
Depreciation, amortization and asset impairments (real estate related) | $ 20,494,000 | $ 22,878,000 | $ 21,829,000 |
Investments in Unconsolidated_8
Investments in Unconsolidated Real Estate Joint Ventures - Narrative (Details) ft² in Thousands, $ in Millions | Nov. 30, 2018USD ($) | Jun. 30, 2017USD ($)ft² | Dec. 31, 2018USD ($)ft² | Jun. 30, 2018USD ($) | Jul. 31, 2017USD ($)Extension | Nov. 30, 2016USD ($)Extension | May 31, 2018USD ($) | Dec. 31, 2017USD ($)ft² | Jun. 30, 2016ft² | Mar. 31, 2016ft² | Jul. 31, 2014ft² | Nov. 30, 2013ft² | Oct. 31, 2012ft² |
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Difference in basis | $ | $ 4.1 | $ 4.2 | |||||||||||
Charlotte [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 398 | 398 | 398 | ||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||
Columbus [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 355 | 355 | 355 | ||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||
Galveston/Houston [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 353 | 353 | 353 | ||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||
National Harbor [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 341 | 341 | 341 | ||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||
RioCan Canada [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 924 | 923 | |||||||||||
Ownership % | 50.00% | 50.00% | |||||||||||
Ottawa [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 316 | ||||||||||||
Square feet of anchor tenant | 28 | ||||||||||||
Estimated square feet of expansion | 39 | ||||||||||||
Cookstown [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 308 | ||||||||||||
Les Factoreries St. Sauveur Property [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 116 | ||||||||||||
Bromont Outlet Mall Property [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Square Feet | 161 | ||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Charlotte [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Principal | $ | $ 100 | $ 90 | |||||||||||
Stated Interest Rate(s) | 4.30% | ||||||||||||
Basis spread on variable rate | 1.45% | ||||||||||||
Proceeds from joint venture debt | $ | $ 9.3 | ||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Columbus [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Principal | $ | $ 85 | ||||||||||||
Basis spread on variable rate | 1.65% | ||||||||||||
Number of mortgage extensions | Extension | 2 | ||||||||||||
Term of debt extension | 1 year | ||||||||||||
Proceeds from joint venture debt | $ | $ 84.2 | ||||||||||||
Unconsolidated Properties [Member] | Mortgages [Member] | Galveston/Houston [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Principal | $ | $ 65 | ||||||||||||
Basis spread on variable rate | 1.50% | 1.65% | |||||||||||
Number of mortgage extensions | Extension | 2 | ||||||||||||
Term of debt extension | 1 year | ||||||||||||
Proceeds from joint venture debt | $ | $ 14.5 | ||||||||||||
Borrowing capacity | $ | $ 70 | $ 80 | |||||||||||
Unconsolidated Properties [Member] | National Harbor [Member] | Mortgages [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Principal | $ | $ 87 | $ 95 | |||||||||||
Stated Interest Rate(s) | 4.60% | ||||||||||||
Basis spread on variable rate | 1.65% | ||||||||||||
Proceeds from joint venture debt | $ | $ 7.4 |
Deferred Charges (Details)
Deferred Charges (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 290,940 | $ 307,366 |
Accumulated amortization | (174,066) | (175,305) |
Deferred lease costs and other intangibles, net | 116,874 | 132,061 |
Deferred Lease Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 87,590 | 81,888 |
Above market lease value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 49,869 | 54,763 |
Lease in place value [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 64,152 | 71,801 |
Tenant Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | 40,690 | 49,184 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred lease costs and other intangibles, gross | $ 48,639 | $ 49,730 |
Deferred Charges - Schedule of
Deferred Charges - Schedule of Expected Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Above/Below Market Lease, Net [Member] | |
2,019 | $ 865 |
2,020 | 434 |
2,021 | 309 |
2,022 | 286 |
2,023 | 423 |
Total | 2,317 |
Deferred Lease Costs and Other Intangibles [Member] | |
2,019 | 6,565 |
2,020 | 5,625 |
2,021 | 4,984 |
2,022 | 4,640 |
2,023 | 3,915 |
Total | $ 25,729 |
Deferred Charges - Narrative (D
Deferred Charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of above and below market leases | $ (2.1) | $ (2.4) | $ (2.8) |
Deferred Lease Costs and Other Intangibles [Member] | |||
Amortization of deferred lease costs and other intangibles | 15.1 | 17.8 | $ 16.8 |
Other Liabilities [Member] | |||
Below market lease intangibles, net of accumulated amortization | $ 21.7 | $ 24.5 |
Debt of the Company (Details)
Debt of the Company (Details) - Debt [Member] - USD ($) | Dec. 31, 2018 | Jan. 31, 2018 | Dec. 31, 2017 |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 600,000,000 | $ 600,000,000 | $ 520,000,000 |
Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantor obligations, current carrying value | 145,100,000 | 208,100,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantor obligations, current carrying value | $ 350,000,000 | $ 325,000,000 |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | Sep. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Oct. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Apr. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | Oct. 31, 2016 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ||||||||||||||
Principal | $ 1,780,562,000 | $ 1,730,779,000 | $ 1,780,562,000 | |||||||||||
Book value of debt | 1,763,651,000 | 1,712,918,000 | 1,763,651,000 | |||||||||||
Debt Issuance Costs, Net | 12,700,000 | 14,100,000 | 12,700,000 | |||||||||||
Amortization of Debt Issuance Costs | $ 3,058,000 | 3,263,000 | $ 3,237,000 | |||||||||||
Senior Notes [Member] | 3.875% 2023 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.875% | |||||||||||||
Principal | 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||
Book value of debt | 246,036,000 | $ 246,664,000 | 246,036,000 | |||||||||||
Senior Notes [Member] | 3.75% 2024 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.75% | |||||||||||||
Principal | 250,000,000 | $ 250,000,000 | 250,000,000 | |||||||||||
Book value of debt | 247,410,000 | $ 247,765,000 | 247,410,000 | |||||||||||
Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | ||||||||||||
Principal | 350,000,000 | $ 350,000,000 | 350,000,000 | |||||||||||
Book value of debt | 345,128,000 | $ 345,669,000 | 345,128,000 | |||||||||||
Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | ||||||||||||
Principal | 300,000,000 | $ 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||||||
Book value of debt | 296,182,000 | 296,565,000 | 296,182,000 | |||||||||||
Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 37,462,000 | 34,279,000 | 37,462,000 | |||||||||||
Book value of debt | 39,879,000 | 36,298,000 | 39,879,000 | |||||||||||
Effective interest rate | 5.05% | |||||||||||||
Mortgages [Member] | Southaven [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | $ 60,000,000 | 60,000,000 | $ 51,400,000 | $ 60,000,000 | 51,400,000 | 60,000,000 | ||||||||
Book value of debt | 59,881,000 | 51,173,000 | 59,881,000 | |||||||||||
Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | $ 325,000,000 | 325,000,000 | $ 250,000,000 | $ 350,000,000 | $ 325,000,000 | 350,000,000 | 325,000,000 | |||||||
Book value of debt | 322,975,000 | 346,799,000 | 322,975,000 | |||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 208,100,000 | 145,100,000 | 208,100,000 | |||||||||||
Book value of debt | $ 206,160,000 | $ 141,985,000 | $ 206,160,000 | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Southaven [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | 1.80% | 1.80% | |||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.90% | 0.95% | 0.90% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | 0.875% | 0.875% | |||||||||||
Minimum [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 5.14% | |||||||||||||
Maximum [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | 7.65% |
Debt of the Operating Partner_4
Debt of the Operating Partnership - Debt Maturities (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Maturities of Debt [Line Items] | ||
2,019 | $ 3,370 | |
2,020 | 3,566 | |
2,021 | 202,293 | |
2,022 | 4,436 | |
2,023 | 254,768 | |
Thereafter | 1,262,346 | |
Subtotal | 1,730,779 | $ 1,780,562 |
Net discount and debt origination costs | (17,861) | |
Total debt | $ 1,712,918 | $ 1,763,651 |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Narrative (Details) - USD ($) | Sep. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Oct. 31, 2018 | Feb. 28, 2018 | Jan. 31, 2018 | Aug. 31, 2017 | Jul. 31, 2017 | Oct. 31, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Oct. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | Nov. 30, 2017 |
Mortgages [Member] | Westgate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | $ 1,780,562,000 | $ 1,730,779,000 | $ 1,780,562,000 | ||||||||||||||||||
Debt retirement make whole premium | 0 | 34,143,000 | $ 0 | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Collateral for mortgages payable | 182,000,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Term of debt extension | 2 years | ||||||||||||||||||||
Principal balance of debt | $ 60,000,000 | 60,000,000 | $ 51,400,000 | $ 60,000,000 | $ 51,400,000 | 60,000,000 | |||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Southaven [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 1.75% | 1.80% | 1.80% | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Foxwoods [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | $ 70,300,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of Long-term Debt | $ 150,000,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Westgate [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of Long-term Debt | $ 62,000,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Liquidity Line, Maximum Borrowings | $ 20,000,000 | ||||||||||||||||||||
Syndicated Line, Maximum Borrowings | 580,000,000 | ||||||||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 1,200,000,000 | 1,000,000,000 | $ 1,200,000,000 | 1,200,000,000 | 1,000,000,000 | ||||||||||||||||
Letters of Credit Outstanding, Amount | $ 170,000 | ||||||||||||||||||||
Percentage of funds from operations allowed on a cumulative basis required for debt covenants | 95.00% | ||||||||||||||||||||
Term of debt extension | 1 year | ||||||||||||||||||||
Principal balance of debt | $ 208,100,000 | $ 145,100,000 | 208,100,000 | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 0.90% | 0.875% | 0.875% | ||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Note [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of Long-term Debt | $ 7,500,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | $ 10,000,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 150,000,000 | $ 175,000,000 | |||||||||||||||||||
Principal balance of debt | $ 325,000,000 | $ 325,000,000 | $ 250,000,000 | $ 350,000,000 | $ 325,000,000 | $ 350,000,000 | 325,000,000 | ||||||||||||||
Proceeds from debt | $ 25,000,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.90% | 0.95% | 0.90% | ||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | 300,000,000 | $ 300,000,000 | $ 300,000,000 | 300,000,000 | |||||||||||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | |||||||||||||||||||
Notes price at percentage of the principal amount | 99.579% | ||||||||||||||||||||
Yield to maturity | 3.926% | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 295,900,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 6.125% 2020 Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | $ 300,000,000 | ||||||||||||||||||||
Stated Interest Rate(s) | 6.125% | ||||||||||||||||||||
Debt retirement make whole premium | $ 34,100,000 | ||||||||||||||||||||
Write off of debt discount and deferred debt issuance costs | $ 1,500,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% Senior Notes $250 million [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | $ 250,000,000 | ||||||||||||||||||||
Notes price at percentage of the principal amount | 99.605% | ||||||||||||||||||||
Yield to maturity | 3.171% | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% Senior Notes 100 million [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Notes price at percentage of the principal amount | 98.962% | ||||||||||||||||||||
Yield to maturity | 3.248% | ||||||||||||||||||||
Additional principal amount | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Principal balance of debt | 350,000,000 | $ 350,000,000 | 350,000,000 | ||||||||||||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | 3.125% | ||||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 344,500,000 | ||||||||||||||||||||
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 600,000,000 | $ 520,000,000 | $ 600,000,000 | $ 600,000,000 | $ 520,000,000 | ||||||||||||||||
Loan origination costs | $ 2,300,000 | $ 2,300,000 | |||||||||||||||||||
Savannah [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mortgage loan | $ 96,900,000 | ||||||||||||||||||||
Savannah [Member] | Mortgages [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 1.65% | ||||||||||||||||||||
Designated as Hedging Instrument [Member] | Southaven [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Derivative, Fixed Interest Rate | 2.47% | ||||||||||||||||||||
Notional Amount | $ 40,000,000 |
Deferred Financing Obligation (
Deferred Financing Obligation (Details) $ in Millions | Sep. 30, 2015USD ($) |
Deer Park [Member] | |
Deferred financing obligation | $ 28.4 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Classifications on Consolidated Balance Sheets (Details) - Designated as Hedging Instrument [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 5,749,000 | $ 5,345,000 |
Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000,000 | |
Company Average Fixed Pay Rate | 1.30% | |
Fair Value | $ 0 | 326,000 |
Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 175,000,000 | |
Company Average Fixed Pay Rate | 1.03% | |
Fair Value | $ 4,948,000 | 5,207,000 |
Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 40,000,000 | |
Company Average Fixed Pay Rate | 2.47% | |
Fair Value | $ (6,000) | 0 |
Interest Rate Swap Four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 150,000,000 | |
Company Average Fixed Pay Rate | 2.20% | |
Fair Value | $ 807,000 | $ (188,000) |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap Four [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Interest Rate Term | 1 month |
Derivative Financial Instrume_4
Derivative Financial Instruments - Gain (Loss) Recognized and Reclassified (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain recognized in OCI on derivative (Effective Portion) | $ 405 | $ 1,351 | $ 4,609 |
Recurring (Details)
Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 5,755 | $ 5,533 |
Total liabilities | 6 | 188 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 5,755 | 5,533 |
Total liabilities | 6 | 188 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 5,755 | 5,533 |
Interest rate swaps (other liabilities) | 6 | 188 |
Interest Rate Swap [Member] | 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 |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest Rate Swap [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 5,755 | 5,533 |
Interest rate swaps (other liabilities) | 6 | 188 |
Interest Rate Swap [Member] | 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 |
Interest rate swaps (other liabilities) | $ 0 | $ 0 |
Fair Value Measurements Non-rec
Fair Value Measurements Non-recurring (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands | Sep. 30, 2018USD ($) |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | $ 50,000 |
Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | $ 50,000 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charge | $ 0 | $ 0 | ||
Jeffersonville [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment charge | $ 49,700,000 | $ 47,900,000 | ||
Terminal capitalization rate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 10.00% | |||
Discount rate [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Measurement input | 10.00% |
Fair Value Measurements Debt (D
Fair Value Measurements Debt (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 1,668,475 | $ 1,775,540 |
Recorded value of debt | 1,712,918 | 1,763,651 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | 1,085,138 | 1,139,064 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of debt | $ 583,337 | $ 636,476 |
Shareholders' Equity of the C_3
Shareholders' Equity of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2017 | |
Exchange of Class A limited partnership units (in units) | 34,749 | 32,348 | 24,962 | |
Authorized repurchase amount | $ 125,000,000 | |||
Total number of shares purchased (in shares) | 919,249 | 1,911,585 | ||
Stock repurchased average price per share (dollars per share) | $ 21.74 | $ 25.80 | ||
Shares repurchased exclusive of commissions and related fees | $ 19,980,000 | $ 49,324,000 | ||
Remaining amount authorized to be repurchase | $ 55,700,000 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | ||
Units withheld for employee income taxes (in units) | (89,437) | (69,886) | (66,760) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 355,184 | 411,968 | 173,124 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (919,249) | (1,911,585) | |
Units issued upon exercise of options (in units) | 0 | 1,800 | 59,700 |
General partner (in units) | 1,000,000 | 1,000,000 | |
General partner [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | 1,000,000 | 1,000,000 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Issuance of deferred units (in units) | 0 | ||
Repurchase of units (in units) | 0 | 0 | |
Units issued upon exercise of options (in units) | 0 | 0 | |
General partner (in units) | 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 units) | 4,995,433 | 5,027,781 | 5,052,743 |
Units withheld for employee income taxes (in units) | 0 | 0 | 0 |
Exchange of Class A limited partnership units (in units) | (34,749) | (32,348) | (24,962) |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 0 | 0 | 0 |
Issuance of deferred units (in units) | 0 | ||
Repurchase of units (in units) | 0 | 0 | |
Units issued upon exercise of options (in units) | 0 | 0 | |
Limited partners (in units) | 4,960,684 | 4,995,433 | 5,027,781 |
Class B Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 93,560,536 | 95,095,891 | 94,880,825 |
Units withheld for employee income taxes (in units) | (89,437) | (69,886) | (66,760) |
Exchange of Class A limited partnership units (in units) | 34,749 | 32,348 | 24,962 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 355,184 | 411,968 | 173,124 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (919,249) | (1,911,585) | |
Units issued upon exercise of options (in units) | 1,800 | 59,700 | |
Limited partners (in units) | 92,941,783 | 93,560,536 | 95,095,891 |
Limited partners [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 98,555,969 | 100,123,672 | 99,933,568 |
Units withheld for employee income taxes (in units) | (89,437) | (69,886) | (66,760) |
Exchange of Class A limited partnership units (in units) | 0 | 0 | 0 |
Grant of restricted common shares awards by the Company, net of forfeitures (in units) | 355,184 | 411,968 | 173,124 |
Issuance of deferred units (in units) | 24,040 | ||
Repurchase of units (in units) | (919,249) | (1,911,585) | |
Units issued upon exercise of options (in units) | 1,800 | 59,700 | |
Limited partners (in units) | 97,902,467 | 98,555,969 | 100,123,672 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||
Repurchase of shares (in shares) | 919,249 | 1,911,585 | |||||||||
Exchange of Class A limited partnership units (in units) | 34,749 | 32,348 | 24,962 | ||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 19,707 | $ (21,859) | $ 22,969 | $ 22,838 | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 43,655 | $ 68,002 | $ 193,744 |
Increase in Tanger Factory Outlet Centers, Inc. paid-in-capital adjustments to noncontrolling interests | 322 | 1,630 | |||||||||
Changes from net income attributable to Tanger Factory Outlet Centers, Inc. and transfers from noncontrolling interest | $ 43,977 | $ 69,632 |
Earnings Per Share of the Com_3
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator | |||||||||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 19,707 | $ (21,859) | $ 22,969 | $ 22,838 | $ 31,495 | $ (15,219) | $ 29,390 | $ 22,336 | $ 43,655 | $ 68,002 | $ 193,744 |
Less allocation of earnings to participating securities | (1,211) | (1,209) | (1,926) | ||||||||
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 19,385 | $ (22,172) | $ 22,656 | $ 22,575 | $ 31,193 | $ (15,525) | $ 29,084 | $ 22,041 | $ 42,444 | $ 66,793 | $ 191,818 |
Denominator | |||||||||||
Basic weighted average common shares (in shares) | 93,309 | 94,506 | 95,102 | ||||||||
Effect of notional units (in shares) | 0 | 0 | 175 | ||||||||
Effect of outstanding options and restricted common shares (in shares) | 1 | 16 | 68 | ||||||||
Diluted weighted average common shares (in shares) | 93,310 | 94,522 | 95,345 | ||||||||
Basic earnings per common share: | |||||||||||
Net income, basic (in dollars per share) | $ 0.21 | $ (0.24) | $ 0.24 | $ 0.24 | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.45 | $ 0.71 | $ 2.02 |
Diluted earnings per common share: | |||||||||||
Net income, diluted (in dollars per share) | $ 0.21 | $ (0.24) | $ 0.24 | $ 0.24 | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.45 | $ 0.71 | $ 2.01 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 1,000 | 603 | 501 | ||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 535 | 169 | 141 |
Earnings Per Unit of the Oper_3
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator | |||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 45,984 | $ 71,611 | $ 204,031 |
Less allocation of earnings to participating securities | (1,211) | (1,209) | (1,928) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 44,773 | $ 70,402 | $ 202,103 |
Denominator | |||
Basic weighted average common shares (in shares) | 98,302 | 99,533 | 100,155 |
Effect of notional units (in shares) | 0 | 0 | 175 |
Effect of outstanding options and restricted common shares (in shares) | 1 | 16 | 68 |
Diluted weighted average common shares (in shares) | 98,303 | 99,549 | 100,398 |
Basic earnings per common unit: | |||
Net income, basic (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.02 |
Diluted earnings per common unit: | |||
Net income, diluted (in dollars per share) | $ 0.45 | $ 0.71 | $ 2.01 |
Antidilutive Incremental Common Shares Attributable to Notional Units (in units) | 1,000 | 603 | 501 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 535 | 169 | 141 |
Equity-Based Compensation - The
Equity-Based Compensation - The Plan Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exchange Ratio of Partnership Units for Common Shares | 1 |
Tanger Factory Outlet Centers, Inc. [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation Cost Not yet Recognized | $ | $ 22.1 |
Weighted-average period over cost is expected to be recognized related to unvested common equity-based compensation arrangements | 2 years 1 month |
Tanger Factory Outlet Centers, Inc. [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of common shares that may be issued (in shares) | 15,400,000 |
Shares remaining available for future issuance (in shares) | 849,000 |
Equity-Based Compensation - Sha
Equity-Based Compensation - Share-Based Compensation Expense (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 14,669 | $ 13,585 | $ 15,319 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 1,131 | 1,044 | 985 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 9,870 | 9,395 | 10,976 |
Notional Unit Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | 4,356 | 3,913 | 3,967 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity-based compensation expense | $ 443 | $ 277 | $ 376 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Share Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Shares and Restricted Share Units [Member] | |||
Number of shares/units | |||
Beginning balance | 749,906 | 879,268 | 1,085,995 |
Granted | 407,156 | 253,431 | 286,524 |
Vested | (314,982) | (368,043) | (388,851) |
Forfeited | 0 | (14,750) | (104,400) |
Ending balance | 842,080 | 749,906 | 879,268 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 32.30 | $ 31.09 | $ 31.84 |
Granted (in dollars per share) | 21.13 | 33.07 | 29.64 |
Vested (in dollars per share) | 31.43 | 29.87 | 31.30 |
Forfeited (in dollars per share) | 0 | 34.39 | 34.13 |
Ending balance (in dollars per share) | $ 27.56 | $ 32.30 | $ 31.09 |
Restricted Share Units [Member] | |||
Number of shares/units | |||
Granted | 44,452 |
Equity-Based Compensation - R_2
Equity-Based Compensation - Restricted Common Shares Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding for share based compensation (in shares) | 89,437 | 69,886 | 66,760 | |
Payments for the employees' tax obligations to taxing authorities | $ 2,068 | $ 2,436 | $ 2,177 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 409,972 | 296,400 | 321,900 | |
Vested | 0 | 184,455 | ||
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total value of restricted common shares vested | $ 9,200 | $ 12,400 | $ 12,700 | |
Shares paid for tax withholding for share based compensation (in shares) | 89,000 | 70,000 | 67,000 | |
Payments for the employees' tax obligations to taxing authorities | $ 2,100 | $ 2,400 | $ 2,200 | |
Restricted Common Share Award Plan [Member] | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 407,000 | 253,000 | 287,000 | |
Restricted Common Share Award Plan [Member] | Independent director | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Common Share Award Plan [Member] | Chief executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Holding period | 3 years | |||
Restricted Common Share Award Plan [Member] | Minimum [Member] | Senior Executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Common Share Award Plan [Member] | Maximum [Member] | Senior Executive officer | Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 184,000 | |||
Year one [Member] | Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested | 94,000 | |||
Year two [Member] | Absolute portion [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested | 90,000 |
Equity-Based Compensation - Out
Equity-Based Compensation - Outperformance Plan Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - 2018 OPP [Member] - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Award Measurement Period | 3 years |
Year one [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Rights, Percentage | 50.00% |
One year after measurement period [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award Vesting Rights, Percentage | 50.00% |
Equity-Based Compensation - O_2
Equity-Based Compensation - Outperformance Plan (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Granted (in dollars per share) | $ 12.42 | $ 16.60 | $ 15.10 | |||
Granted | 409,972 | 296,400 | 321,900 | |||
Vested | 0 | 184,455 | ||||
2018 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 409,972 | |||||
Granted (in dollars per share) | $ 12.42 | |||||
2017 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 296,400 | |||||
Granted (in dollars per share) | $ 16.60 | |||||
2016 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 321,900 | |||||
Granted (in dollars per share) | $ 15.10 | |||||
2015 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 306,600 | |||||
Granted (in dollars per share) | $ 15.85 | |||||
2014 OPP [Member] | ||||||
Maximum number of restricted common shares that may be earned | 329,700 | |||||
Granted (in dollars per share) | $ 14.71 | |||||
Absolute portion [Member] | 2018 OPP [Member] | ||||||
Percent of total award | 33.30% | |||||
Absolute portion [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Absolute portion [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Absolute portion [Member] | 2015 OPP [Member] | ||||||
Percent of total award | 60.00% | |||||
Absolute portion [Member] | 2014 OPP [Member] | ||||||
Percent of total award | 70.00% | |||||
Granted | 184,000 | |||||
Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percent of total award | 66.70% | |||||
Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percent of total award | 50.00% | |||||
Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percent of total award | 40.00% | |||||
Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percent of total award | 30.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2018 OPP [Member] | ||||||
Absolute share price appreciation range | 19.10% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 18.00% | |||||
Percentage of units to be earned | 20.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2015 OPP [Member] | ||||||
Absolute share price appreciation range | 25.00% | |||||
Percentage of units to be earned | 33.00% | |||||
Minimum [Member] | Absolute portion [Member] | 2014 OPP [Member] | ||||||
Absolute share price appreciation range | 25.00% | |||||
Percentage of units to be earned | 33.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 30.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 20.00% | |||||
Threshold Percentage for Performance Target | 40.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percentage of units to be earned | 33.00% | |||||
Threshold Percentage for Performance Target | 50.00% | |||||
Minimum [Member] | Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percentage of units to be earned | 33.00% | |||||
Threshold Percentage for Performance Target | 50.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2018 OPP [Member] | ||||||
Absolute share price appreciation range | 29.50% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2017 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2016 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2015 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Absolute portion [Member] | 2014 OPP [Member] | ||||||
Absolute share price appreciation range | 35.00% | |||||
Percentage of units to be earned | 100.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2018 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 80.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2017 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2016 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2015 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Maximum [Member] | Relative portion of award [Member] | 2014 OPP [Member] | ||||||
Percentage of units to be earned | 100.00% | |||||
Threshold Percentage for Performance Target | 70.00% | |||||
Immediately following measurement period [Member] | Absolute portion [Member] | 2014 OPP [Member] | ||||||
Vested | 94,000 | |||||
One year after measurement period [Member] | Absolute portion [Member] | 2014 OPP [Member] | ||||||
Vested | 90,000 |
Equity-Based Compensation - O_3
Equity-Based Compensation - Outperformance Plan Assumptions (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
2018 OPP [Member] | |||
Risk Free Interest Rate | 2.40% | ||
Expected Dividend Rate | 4.80% | ||
Expected Volatility Rate | 27.00% | ||
2017 OPP [Member] | |||
Risk Free Interest Rate | 1.52% | ||
Expected Dividend Rate | 3.40% | ||
Expected Volatility Rate | 19.00% | ||
2016 OPP [Member] | |||
Risk Free Interest Rate | 1.05% | ||
Expected Dividend Rate | 3.10% | ||
Expected Volatility Rate | 21.00% |
Equity-Based Compensation - O_4
Equity-Based Compensation - Outperformance Plan Rollforward (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of units | |||
Beginning balance | 603,411 | 759,176 | 544,300 |
Awarded | 409,972 | 296,400 | 321,900 |
Earned | 0 | 184,455 | |
Forfeited | 0 | (267,710) | (107,024) |
Ending balance | 1,013,383 | 603,411 | 759,176 |
Weighted-average grant date fair value | |||
Beginning balance (in dollars per share) | $ 15.83 | $ 15.36 | $ 15.26 |
Awarded (in dollars per share) | 12.42 | 16.60 | 15.10 |
Earned (in dollars per share) | 0 | 14.71 | |
Forfeited (in dollars per share) | 0 | 15.84 | 14.77 |
Ending balance (in dollars per share) | $ 14.44 | $ 15.83 | $ 15.36 |
Equity-Based Compensation - Opt
Equity-Based Compensation - Option Awards (Details) - Tanger Factory Outlet Centers, Inc. [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 534,500 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 25.56 |
Options Outstanding, Weighted remaining contractual life in years | 7 years 29 days |
Options Exercisable, Options | shares | 189,800 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 30.08 |
Exercise price one [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 306,000 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 21.94 |
Options Outstanding, Weighted remaining contractual life in years | 9 years 2 months 13 days |
Options Exercisable, Options | shares | 0 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercise price two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 61,700 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Options Outstanding, Weighted remaining contractual life in years | 2 years 1 month 25 days |
Options Exercisable, Options | shares | 61,700 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 26.06 |
Exercise price three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Options | shares | 166,800 |
Options Outstanding, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Options Outstanding, Weighted remaining contractual life in years | 5 years |
Options Exercisable, Options | shares | 128,100 |
Options Exercisable, Weighted average exercise price (in dollars per share) | $ / shares | $ 32.02 |
Equity-Based Compensation - O_5
Equity-Based Compensation - Options Awards Activity (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Beginning balance | 231,200 | 242,200 | 318,400 |
Granted | 331,000 | 0 | 0 |
Exercised | 0 | (1,800) | (59,700) |
Forfeited | (27,700) | (9,200) | (16,500) |
Ending balance | 534,500 | 231,200 | 242,200 |
Weighted-average exercise price | |||
Beginning balance (in dollars per share) | $ 30.42 | $ 30.46 | $ 30.32 |
Granted (in dollars per share) | 21.94 | 0 | 0 |
Exercised (in dollars per share) | 0 | 29.70 | 29.31 |
Forfeited (in dollars per share) | 22.62 | 31.83 | 31.86 |
Ending balance (in dollars per share) | $ 25.56 | $ 30.42 | $ 30.46 |
Weighted-average remaining contractual life in years, outstanding | 7 years 30 days | 5 years 2 months 27 days | 6 years 2 months 35 days |
Aggregate intrinsic value, outstanding | $ 0 | $ 28 | $ 1,287 |
Vested and Expected to Vest | |||
Vested and Expected to Vest, Shares | 492,889 | ||
Vested and Expected to Vest, Weighted-average exercise price (in dollars per share) | $ 25.87 | ||
Vested and Expected to Vest, Weighted-average remaining contractual life in years | 6 years 10 months 24 days | ||
Vested and Expected to Vest, Aggregate intrinsic value | $ 0 | ||
Exercisable | |||
Exercisable, Shares | 189,800 | ||
Exercisable, Weighted-average exercise price (in dollars per share) | $ 30.08 | ||
Exercisable, Weighted-average remaining contractual life in years | 4 years 28 days | ||
Exercisable, Aggregate intrinsic value | $ 0 |
Equity-Based Compensation - O_6
Equity-Based Compensation - Options Awards Narrative (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding, Weighted average exercise price (in dollars per share) | $ 25.56 | |||
Intrinsic value of options exercised during the period | $ 0 | $ 8,000 | $ 469,000 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted | 331 | |||
Options Outstanding, Weighted average exercise price (in dollars per share) | $ 21.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Award Vesting Rights, Percentage | 20.00% | |||
Vesting period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, vesting period commencement | 1 year | |||
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price | $ 3.62 | |||
Expected Dividend Rate | 6.24% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 1 month 7 days | |||
Expected Volatility Rate | 32.47% | |||
Risk Free Interest Rate | 2.80% | |||
Share-based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Forfeiture Rate Used, Minimum | 3.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Forfeiture Rate Used, Maximum | 10.00% |
Equity-Based Compensation Equit
Equity-Based Compensation Equity-Based Compensation - 401(k) Retirement Savings Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Employer 401(K) retirement savings plan contribution Amount | $ 872 | $ 862 | $ 828 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss of the Company - Balances of Each Component of AOCI (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 612,302 | $ 705,441 | $ 606,032 |
Ending balance | 505,535 | 612,302 | 705,441 |
Interest rate swap gain (loss) to be reclassified within twelve months | 2,900 | ||
Foreign Currency Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (24,360) | (32,087) | (36,130) |
Other comprehensive income (loss) before reclassifications | (8,250) | 7,727 | 4,043 |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 |
Ending balance | (32,610) | (24,360) | (32,087) |
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 5,075 | 3,792 | (585) |
Other comprehensive income (loss) before reclassifications | 2,335 | 1,020 | 2,539 |
Reclassification out of accumulated other comprehensive income into interest expense | (1,951) | 263 | 1,838 |
Ending balance | 5,459 | 5,075 | 3,792 |
Total Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (19,285) | (28,295) | (36,715) |
Other comprehensive income (loss) before reclassifications | (5,915) | 8,747 | 6,582 |
Reclassification out of accumulated other comprehensive income into interest expense | (1,951) | 263 | 1,838 |
Ending balance | (27,151) | (19,285) | (28,295) |
Foreign Currency noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,329) | (1,740) | (1,956) |
Other comprehensive income (loss) before reclassifications | (441) | 411 | 216 |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 |
Ending balance | (1,770) | (1,329) | (1,740) |
Cash Flow Hedges noncontrolling interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 269 | 201 | (31) |
Other comprehensive income (loss) before reclassifications | 126 | 55 | 135 |
Reclassification out of accumulated other comprehensive income into interest expense | (105) | 13 | 97 |
Ending balance | 290 | 269 | 201 |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,060) | (1,539) | (1,987) |
Other comprehensive income (loss) before reclassifications | (315) | 466 | 351 |
Reclassification out of accumulated other comprehensive income into interest expense | (105) | 13 | 97 |
Ending balance | $ (1,480) | $ (1,060) | $ (1,539) |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Loss of the Operating Partnership - Balances of Each Component (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 612,302 | ||
Ending Balance | 505,535 | $ 612,302 | |
Interest rate swap gain (loss) to be reclassified within twelve months | 2,900 | ||
Foreign currency [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (25,689) | (33,827) | $ (38,086) |
Other comprehensive income before reclassifications | (8,691) | 8,138 | 4,259 |
Ending Balance | (34,380) | (25,689) | (33,827) |
Cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 5,344 | 3,993 | (616) |
Other comprehensive income before reclassifications | 2,461 | 1,075 | 2,674 |
Reclassification out of accumulated other comprehensive income into interest expense | (2,056) | 276 | 1,935 |
Ending Balance | 5,749 | 5,344 | 3,993 |
Accumulated other comprehensive income (loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (20,345) | (29,834) | (38,702) |
Other comprehensive income before reclassifications | (6,230) | 9,213 | 6,933 |
Reclassification out of accumulated other comprehensive income into interest expense | (2,056) | 276 | 1,935 |
Ending Balance | $ (28,631) | $ (20,345) | $ (29,834) |
Supplementary Income Statemen_3
Supplementary Income Statement Information (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Advertising and promotion | $ 27,066 | $ 29,046 | $ 29,108 |
Common area maintenance | 73,367 | 71,195 | 70,616 |
Real estate taxes | 32,836 | 30,695 | 28,542 |
Other operating expenses | 27,188 | 24,299 | 23,751 |
Operating Costs and Expenses | $ 160,457 | $ 155,235 | $ 152,017 |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | Dec. 31, 2018USD ($)OutletCenterstore |
Future Minimum Payments Receivable | |
2,019 | $ 285,343 |
2,020 | 265,361 |
2,021 | 229,553 |
2,022 | 195,808 |
2,023 | 164,845 |
Thereafter | 364,844 |
Future lease payment receivables | $ 1,505,754 |
Consolidated Properties [Member] | |
Operating Leased Assets [Line Items] | |
Number of stores | store | 2,600 |
Number of Outlet Centers | OutletCenter | 36 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Annual rental payments | $ 7.2 | $ 7.1 | $ 7 |
Commitments to complete construction of our ongoing capital projects and other capital expenditure requirement | $ 9.8 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 5.00% | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 100.00% | ||
Debt [Member] | Mortgages [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum amount of joint venture debt guaranteed by the Company | $ 19.3 | ||
Unconsolidated Properties [Member] | |||
Loss Contingencies [Line Items] | |||
Commitments to complete construction of our ongoing capital projects and other capital expenditure requirement | 4.4 | ||
Company's share of joint venture purchase commitment | $ 2.2 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2,019 | $ 7,526 |
2,020 | 7,311 |
2,021 | 7,140 |
2,022 | 7,127 |
2,023 | 7,167 |
Thereafter | 258,438 |
Total minimum payment | $ 294,709 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | |||
Feb. 21, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | May 31, 2017 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Remaining amount authorized to be repurchase | $ 55,700,000 | |||
Authorized repurchase amount | $ 125,000,000 | |||
Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.355 | $ 0.35 | ||
Additional share repurchase amount authorized | $ 44,300,000 | |||
Authorized repurchase amount | $ 100,000,000 | |||
Extension of expiration of share repurchase program | 2 years | |||
Tanger Properties Limited Partnership [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Distributions Per Limited Partnership Unit Outstanding, Basic | $ 0.355 | $ 0.35 | ||
2019 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Award Measurement Period | 3 years | |||
Immediately following measurement period [Member] | 2019 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Award Vesting Rights, Percentage | 50.00% | |||
One year after measurement period [Member] | 2019 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Award Vesting Rights, Percentage | 50.00% |
Quarterly Financial Data of t_3
Quarterly Financial Data of the Company (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Diluted earnings per common share: | |||||||||||
Impairment charge | $ 0 | $ 0 | |||||||||
Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||
Entity Information [Line Items] | |||||||||||
Total revenues | $ 127,199,000 | $ 124,236,000 | $ 119,711,000 | $ 123,535,000 | $ 126,487,000 | $ 120,765,000 | $ 119,614,000 | $ 121,368,000 | $ 494,681,000 | 488,234,000 | 465,834,000 |
Net income (loss) | 20,619,000 | (23,031,000) | 24,290,000 | 23,685,000 | 33,449,000 | (16,034,000) | 30,947,000 | 23,514,000 | 45,563,000 | 71,876,000 | 204,329,000 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 19,707,000 | (21,859,000) | 22,969,000 | 22,838,000 | 31,495,000 | (15,219,000) | 29,390,000 | 22,336,000 | 43,655,000 | 68,002,000 | 193,744,000 |
Income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. | $ 19,385,000 | $ (22,172,000) | $ 22,656,000 | $ 22,575,000 | $ 31,193,000 | $ (15,525,000) | $ 29,084,000 | $ 22,041,000 | $ 42,444,000 | $ 66,793,000 | $ 191,818,000 |
Basic earnings per common share: | |||||||||||
Net income (in dollars per share) | $ 0.21 | $ (0.24) | $ 0.24 | $ 0.24 | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.45 | $ 0.71 | $ 2.02 |
Diluted earnings per common share: | |||||||||||
Net income (in dollars per share) | $ 0.21 | $ (0.24) | $ 0.24 | $ 0.24 | $ 0.33 | $ (0.17) | $ 0.31 | $ 0.23 | $ 0.45 | $ 0.71 | $ 2.01 |
Impairment charge | $ 49,739,000 | $ 0 | $ 0 | ||||||||
Gain on sale of assets | $ 6,900,000 | 0 | 6,943,000 | 6,305,000 | |||||||
Loss on early extinguishment of debt | $ 35,600,000 | 0 | 35,626,000 | 0 | |||||||
Unconsolidated Properties [Member] | |||||||||||
Entity Information [Line Items] | |||||||||||
Total revenues | 94,509,000 | 96,776,000 | 106,766,000 | ||||||||
Net income (loss) | 2,217,000 | 3,421,000 | 19,133,000 | ||||||||
Diluted earnings per common share: | |||||||||||
Impairment charge | 14,359,000 | 18,042,000 | $ 5,838,000 | ||||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | |||||||||||
Diluted earnings per common share: | |||||||||||
Impairment charge | 14,359,000 | 18,042,000 | |||||||||
Company's share of impairment charge | $ 7,200,000 | 7,180,000 | $ 9,021,000 | ||||||||
Unconsolidated Properties [Member] | Bromont and Les Factories St. Sauveur [Member] | Tanger Factory Outlet Centers, Inc. [Member] | |||||||||||
Diluted earnings per common share: | |||||||||||
Company's share of impairment charge | $ 9,000,000 | ||||||||||
Jeffersonville [Member] | |||||||||||
Diluted earnings per common share: | |||||||||||
Impairment charge | $ 49,700,000 | $ 47,900,000 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 87,471,000 | |||
Initial cost to Company, Land | 259,903,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 2,008,902,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 18,525,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 758,849,000 | |||
Gross Amount Carried at Close of Period, Land | 278,428,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 2,767,751,000 | |||
Total | 3,046,179,000 | |||
Accumulated Depreciation | 981,305,000 | |||
Real estate, Federal income tax basis | $ 3,100,000,000 | |||
Buildings and improvements, estimated useful life | 33 years | |||
Land improvements, estimated useful life | 15 years | |||
Impairment charge | $ 0 | $ 0 | ||
Impairment write-off | $ 77,958,000 | 0 | 0 | |
Accumulated depreciation written off due to impairment | 30,050,000 | $ 0 | $ 0 | |
Atlantic City [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,298,000 | |||
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 | 6,191,000 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 132,179,000 | |||
Total | 132,179,000 | |||
Accumulated Depreciation | 32,806,000 | |||
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 | 8,822,000 | |||
Gross Amount Carried at Close of Period, Land | 1,963,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 18,246,000 | |||
Total | 20,209,000 | |||
Accumulated Depreciation | 10,627,000 | |||
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 | 23,715,000 | |||
Gross Amount Carried at Close of Period, Land | 4,803,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 48,755,000 | |||
Total | 53,558,000 | |||
Accumulated Depreciation | 31,565,000 | |||
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 | 15,127,000 | |||
Gross Amount Carried at Close of Period, Land | 10,353,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 64,004,000 | |||
Total | 74,357,000 | |||
Accumulated Depreciation | 30,701,000 | |||
Commerce [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 | 35,911,000 | |||
Gross Amount Carried at Close of Period, Land | 1,969,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 49,957,000 | |||
Total | 51,926,000 | |||
Accumulated Depreciation | 33,105,000 | |||
Daytona Beach [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 9,913,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 80,610,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 791,000 | |||
Gross Amount Carried at Close of Period, Land | 9,913,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 81,401,000 | |||
Total | 91,314,000 | |||
Accumulated Depreciation | 10,087,000 | |||
Deer Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | 15,318,000 | |||
Gross Amount Carried at Close of Period, Land | 82,413,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 188,362,000 | |||
Total | 270,775,000 | |||
Accumulated Depreciation | 40,365,000 | |||
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 | 41,665,000 | |||
Gross Amount Carried at Close of Period, Land | 5,093,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 124,075,000 | |||
Total | 129,168,000 | |||
Accumulated Depreciation | 58,478,000 | |||
Fort Worth [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 11,157,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 87,885,000 | |||
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 | 11,157,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 87,885,000 | |||
Total | 99,042,000 | |||
Accumulated Depreciation | 5,413,000 | |||
Foxwoods [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 0 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 130,941,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 943,000 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 131,884,000 | |||
Total | 131,884,000 | |||
Accumulated Depreciation | 20,300,000 | |||
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 | 35,079,000 | |||
Gross Amount Carried at Close of Period, Land | 679,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,974,000 | |||
Total | 51,653,000 | |||
Accumulated Depreciation | 33,695,000 | |||
Grand Rapids [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 8,180,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 75,420,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 339,000 | |||
Gross Amount Carried at Close of Period, Land | 8,180,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 75,759,000 | |||
Total | 83,939,000 | |||
Accumulated Depreciation | 14,310,000 | |||
Hershey [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | 6,282,000 | |||
Gross Amount Carried at Close of Period, Land | 3,673,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 54,468,000 | |||
Total | 58,141,000 | |||
Accumulated Depreciation | 14,590,000 | |||
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 | 33,289,000 | |||
Gross Amount Carried at Close of Period, Land | 4,753,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 33,289,000 | |||
Total | 38,042,000 | |||
Accumulated Depreciation | 14,222,000 | |||
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 | 12,881,000 | |||
Gross Amount Carried at Close of Period, Land | 5,128,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 33,549,000 | |||
Total | 38,677,000 | |||
Accumulated Depreciation | 16,727,000 | |||
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 | 15,178,000 | |||
Gross Amount Carried at Close of Period, Land | 2,250,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 50,428,000 | |||
Total | 52,678,000 | |||
Accumulated Depreciation | 25,134,000 | |||
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 | (1,347,000) | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | (62,683,000) | |||
Gross Amount Carried at Close of Period, Land | 1,405,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 48,593,000 | |||
Total | 49,998,000 | |||
Accumulated Depreciation | 704,000 | |||
Impairment charge | $ 49,700,000 | 47,900,000 | ||
Accumulated depreciation written off due to impairment | 30,000,000 | |||
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 | 6,656,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 56,653,000 | |||
Gross Amount Carried at Close of Period, Land | 10,347,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 76,560,000 | |||
Total | 86,907,000 | |||
Accumulated Depreciation | 30,837,000 | |||
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 | 30,868,000 | |||
Gross Amount Carried at Close of Period, Land | 2,558,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 42,669,000 | |||
Total | 45,227,000 | |||
Accumulated Depreciation | 26,792,000 | |||
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 | 5,092,000 | |||
Gross Amount Carried at Close of Period, Land | 8,821,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 58,454,000 | |||
Total | 67,275,000 | |||
Accumulated Depreciation | 25,806,000 | |||
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 | 27,607,000 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 108,340,000 | |||
Total | 108,340,000 | |||
Accumulated Depreciation | 33,850,000 | |||
Myrtle Beach Hwy 501 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 8,781,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 56,798,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 40,562,000 | |||
Gross Amount Carried at Close of Period, Land | 8,781,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 97,360,000 | |||
Total | 106,141,000 | |||
Accumulated Depreciation | 44,849,000 | |||
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 | 6,589,000 | |||
Gross Amount Carried at Close of Period, Land | 1,853,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 13,268,000 | |||
Total | 15,121,000 | |||
Accumulated Depreciation | 8,313,000 | |||
Ocean City [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
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 | 13,835,000 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 30,169,000 | |||
Total | 30,169,000 | |||
Accumulated Depreciation | 8,633,000 | |||
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 | 28,376,000 | |||
Gross Amount Carried at Close of Period, Land | 7,243,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 61,973,000 | |||
Total | 69,216,000 | |||
Accumulated Depreciation | 27,991,000 | |||
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 | 13,975,000 | |||
Gross Amount Carried at Close of Period, Land | 5,531,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 105,263,000 | |||
Total | 110,794,000 | |||
Accumulated Depreciation | 54,224,000 | |||
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 | 54,866,000 | |||
Gross Amount Carried at Close of Period, Land | 22,475,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 129,075,000 | |||
Total | 151,550,000 | |||
Accumulated Depreciation | 51,382,000 | |||
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 | 131,467,000 | |||
Gross Amount Carried at Close of Period, Land | 6,152,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 167,841,000 | |||
Total | 173,993,000 | |||
Accumulated Depreciation | 95,269,000 | |||
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 | 2,301,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 58,839,000 | |||
Gross Amount Carried at Close of Period, Land | 4,102,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 68,279,000 | |||
Total | 72,381,000 | |||
Accumulated Depreciation | 43,628,000 | |||
Savannah [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 8,556,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 167,780,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,257,000 | |||
Gross Amount Carried at Close of Period, Land | 8,556,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 171,037,000 | |||
Total | 179,593,000 | |||
Accumulated Depreciation | 14,938,000 | |||
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 | 49,984,000 | |||
Gross Amount Carried at Close of Period, Land | 0 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 68,479,000 | |||
Total | 68,479,000 | |||
Accumulated Depreciation | 39,362,000 | |||
Southaven [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 51,173,000 | |||
Initial cost to Company, Land | 14,959,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 60,263,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 2,656,000 | |||
Gross Amount Carried at Close of Period, Land | 14,959,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 62,919,000 | |||
Total | 77,878,000 | |||
Accumulated Depreciation | 12,521,000 | |||
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 | 9,926,000 | |||
Gross Amount Carried at Close of Period, Land | 523,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 23,358,000 | |||
Total | 23,881,000 | |||
Accumulated Depreciation | 18,666,000 | |||
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 | 13,909,000 | |||
Gross Amount Carried at Close of Period, Land | 1,829,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 38,747,000 | |||
Total | 40,576,000 | |||
Accumulated Depreciation | 18,331,000 | |||
Westgate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 19,037,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 140,337,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Land | 0 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 3,547,000 | |||
Gross Amount Carried at Close of Period, Land | 19,037,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 143,884,000 | |||
Total | 162,921,000 | |||
Accumulated Depreciation | 11,864,000 | |||
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 | 717,000 | |||
Costs Capitalized Subsequent to Acquisition (Improvements), Buildings, Improvements & Fixtures | 17,993,000 | |||
Gross Amount Carried at Close of Period, Land | 1,423,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 24,774,000 | |||
Total | 26,197,000 | |||
Accumulated Depreciation | 21,013,000 | |||
Other [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial cost to Company, Land | 506,000 | |||
Initial cost to Company, Buildings, Improvements & Fixtures | 1,494,000 | |||
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 | 506,000 | |||
Gross Amount Carried at Close of Period, Buildings, Improvements & Fixtures | 1,494,000 | |||
Total | 2,000,000 | |||
Accumulated Depreciation | 207,000 | |||
Land [Member] | Jeffersonville [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Impairment write-off | 1,300,000 | |||
Building and Building Improvements [Member] | Jeffersonville [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Impairment write-off | $ 76,600,000 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Property (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $ 3,088,470 | $ 2,965,907 | $ 2,513,217 |
Acquisitions | 0 | 0 | 335,710 |
Improvements | 48,357 | 175,868 | 163,187 |
Impairment charge | (77,958) | 0 | 0 |
Dispositions and other | (12,690) | (53,305) | (46,207) |
Balance, end of year | $ 3,046,179 | $ 3,088,470 | $ 2,965,907 |
Schedule III - Reconciliation_2
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 901,967 | $ 814,583 | $ 748,341 |
Depreciation for the period | 114,198 | 107,845 | 96,813 |
Impairment charge | (30,050) | 0 | 0 |
Dispositions and other | (4,810) | (20,461) | (30,571) |
Balance, end of year | $ 981,305 | $ 901,967 | $ 814,583 |