Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS, INC | |
Entity Central Index Key | 0000899715 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Transition Report | false | |
Entity File Number | 1-11986 | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1815473 | |
Entity Address, Address Line One | 3200 Northline Avenue | |
Entity Address, Address Line Two | Suite 360 | |
Entity Address, City or Town | Greensboro | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27408 | |
City Area Code | 336 | |
Local Phone Number | 292-3010 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Shares, $0.01 par value | |
Trading Symbol | SKT | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 93,466,009 | |
Tanger Properties Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Central Index Key | 0001004036 | |
Entity File Number | 333-3526-01 | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1822494 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Rental property: | ||
Land | $ 266,537 | $ 266,537 |
Buildings, improvements and fixtures | 2,564,224 | 2,630,357 |
Rental property, at cost, total | 2,830,761 | 2,896,894 |
Accumulated depreciation | (1,007,922) | (1,009,951) |
Total rental property, net | 1,822,839 | 1,886,943 |
Cash and cash equivalents | 600,454 | 16,672 |
Investments in unconsolidated joint ventures | 86,478 | 94,691 |
Deferred lease costs and other intangibles, net | 97,560 | 96,712 |
Operating lease right-of-use assets | 83,764 | 86,575 |
Prepaids and other assets | 100,674 | 103,618 |
Total assets | 2,791,769 | 2,285,211 |
Debt: | ||
Senior, unsecured notes, net | 1,139,093 | 1,138,603 |
Unsecured term loan, net | 347,531 | 347,367 |
Mortgages payable, net | 82,856 | 83,803 |
Unsecured lines of credit, net | 598,074 | 0 |
Total debt | 2,167,554 | 1,569,773 |
Accounts payable and accrued expenses | 90,659 | 79,562 |
Operating lease liabilities | 91,017 | 91,237 |
Other liabilities | 94,881 | 88,530 |
Total liabilities | 2,444,111 | 1,829,102 |
Commitments and contingencies | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $.01 par value, 300,000,000 shares authorized, 93,076,701 and 92,892,260 shares issued and outstanding at March 31, 2020 and December 31 2019, respectively | 931 | 929 |
Paid in capital | 778,062 | 775,035 |
Accumulated distributions in excess of net income | (410,532) | (317,263) |
Partners’ Equity: | ||
Accumulated other comprehensive loss | (38,228) | (25,495) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 330,233 | 433,206 |
Noncontrolling interests in Operating Partnership | 17,425 | 22,903 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 347,658 | 456,109 |
Total liabilities and equity | 2,791,769 | 2,285,211 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 266,537 | 266,537 |
Buildings, improvements and fixtures | 2,564,224 | 2,630,357 |
Rental property, at cost, total | 2,830,761 | 2,896,894 |
Accumulated depreciation | (1,007,922) | (1,009,951) |
Total rental property, net | 1,822,839 | 1,886,943 |
Cash and cash equivalents | 600,359 | 16,519 |
Investments in unconsolidated joint ventures | 86,478 | 94,691 |
Deferred lease costs and other intangibles, net | 97,560 | 96,712 |
Operating lease right-of-use assets | 83,764 | 86,575 |
Prepaids and other assets | 100,088 | 103,374 |
Total assets | 2,791,088 | 2,284,814 |
Debt: | ||
Senior, unsecured notes, net | 1,139,093 | 1,138,603 |
Unsecured term loan, net | 347,531 | 347,367 |
Mortgages payable, net | 82,856 | 83,803 |
Unsecured lines of credit, net | 598,074 | 0 |
Total debt | 2,167,554 | 1,569,773 |
Accounts payable and accrued expenses | 89,978 | 79,165 |
Operating lease liabilities | 91,017 | 91,237 |
Other liabilities | 94,881 | 88,530 |
Total liabilities | 2,443,430 | 1,828,705 |
Commitments and contingencies | ||
Partners’ Equity: | ||
General partner, 1,000,000 units outstanding at March 31, 2020 and December 31, 2019 | 3,433 | 4,435 |
Limited partners, 4,911,173 and 4,911,173 Class A common units, and 92,076,701 and 91,892,260 Class B common units outstanding at March 31, 2020 and December 31, 2019, respectively | 384,522 | 478,562 |
Accumulated other comprehensive loss | (40,297) | (26,888) |
Total partners’ equity | 347,658 | 456,109 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 347,658 | 456,109 |
Total liabilities and equity | $ 2,791,088 | $ 2,284,814 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 300,000,000 | 300,000,000 |
Common shares, issued (in shares) | 93,076,701 | 92,892,260 |
Common shares, outstanding (in shares) | 93,076,701 | 92,892,260 |
Tanger Properties Limited Partnership [Member] | ||
General partner units, outstanding (in units) | 1,000,000 | 1,000,000 |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 4,911,173 | 4,911,173 |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | ||
Limited partners units, outstanding (in units) | 92,076,701 | 91,892,260 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Rental revenues | $ 108,558 | $ 119,954 |
Management, leasing and other services | 1,443 | 1,342 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Revenues: | ||
Rental revenues | 108,558 | 119,954 |
Management, leasing and other services | 1,443 | 1,342 |
Other revenues | 1,632 | 1,859 |
Total revenues | 111,633 | 123,155 |
Expenses: | ||
Property operating | 38,627 | 42,377 |
General and administrative | 12,584 | 12,145 |
Impairment charge | 45,675 | 0 |
Depreciation and amortization | 29,417 | 31,760 |
Total expenses | 126,303 | 86,282 |
Other income (expense): | ||
Interest expense | (15,196) | (16,307) |
Gain on sale of assets | 0 | 43,422 |
Other income | 220 | 224 |
Total other income (expense) | (14,976) | 27,339 |
Income (loss) before equity in earnings of unconsolidated joint ventures | (29,646) | 64,212 |
Equity in earnings of unconsolidated joint ventures | 1,527 | 1,629 |
Net income (loss) | (28,119) | 65,841 |
Noncontrolling interests in Operating Partnership | 1,427 | (3,315) |
Noncontrolling interests in other consolidated partnerships | (190) | (195) |
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (26,882) | $ 62,331 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ (0.30) | $ 0.66 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ (0.30) | $ 0.66 |
Tanger Properties Limited Partnership [Member] | ||
Revenues: | ||
Rental revenues | $ 108,558 | $ 119,954 |
Management, leasing and other services | 1,443 | 1,342 |
Other revenues | 1,632 | 1,859 |
Total revenues | 111,633 | 123,155 |
Expenses: | ||
Property operating | 38,627 | 42,377 |
General and administrative | 12,584 | 12,145 |
Impairment charge | 45,675 | 0 |
Depreciation and amortization | 29,417 | 31,760 |
Total expenses | 126,303 | 86,282 |
Other income (expense): | ||
Interest expense | (15,196) | (16,307) |
Gain on sale of assets | 0 | 43,422 |
Other income | 220 | 224 |
Total other income (expense) | (14,976) | 27,339 |
Income (loss) before equity in earnings of unconsolidated joint ventures | (29,646) | 64,212 |
Equity in earnings of unconsolidated joint ventures | 1,527 | 1,629 |
Net income (loss) | (28,119) | 65,841 |
Noncontrolling interests in consolidated partnerships | (190) | (195) |
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | (28,309) | 65,646 |
Net income (loss) available to limited partners | (28,020) | 64,983 |
Net income (loss) available to general partner | $ (289) | $ 663 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ (0.30) | $ 0.66 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ (0.30) | $ 0.66 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Net income (loss) | $ (28,119) | $ 65,841 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (7,733) | 1,949 |
Change in fair value of cash flow hedges | (5,676) | (1,952) |
Other comprehensive income (loss) | (13,409) | (3) |
Comprehensive income (loss) | (41,528) | 65,838 |
Comprehensive (income) loss attributable to noncontrolling interests | 1,913 | (3,509) |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | (39,615) | 62,329 |
Tanger Properties Limited Partnership [Member] | ||
Net income (loss) | (28,119) | 65,841 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (7,733) | 1,949 |
Change in fair value of cash flow hedges | (5,676) | (1,952) |
Other comprehensive income (loss) | (13,409) | (3) |
Comprehensive income (loss) | (41,528) | 65,838 |
Comprehensive (income) loss attributable to noncontrolling interests | (190) | (195) |
Comprehensive income (loss) attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | $ (41,718) | $ 65,643 |
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 parent equity [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Limited partners [Member] | Tanger Factory Outlet Centers, Inc. [Member]Noncontrolling interests [Member]Other consolidated partnerships [Member] | Tanger Properties Limited Partnership [Member] | Tanger Properties Limited Partnership [Member]Accumulated other comprehensive loss [Member] | Tanger Properties Limited Partnership [Member]Total parent 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, 2018 | $ 505,535 | $ 939 | $ 778,845 | $ (272,454) | $ (27,151) | $ 480,179 | $ 25,356 | $ 0 | |||||||
Beginning Balance at Dec. 31, 2018 | $ (28,631) | $ 505,535 | $ 0 | $ 4,914 | $ 529,252 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2018 | $ 505,535 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income (loss) | 65,841 | 62,331 | 62,331 | 3,315 | 195 | 65,841 | 65,646 | 195 | 663 | 64,983 | |||||
Other comprehensive income (loss) | (3) | (2) | (2) | (1) | (3) | (3) | (3) | ||||||||
Compensation under Incentive Award Plan | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | 3,910 | |||||||||
Grant of restricted common share awards, net of forfeitures | 3 | (3) | |||||||||||||
Withholding of common shares/units for employee income taxes | (1,781) | (1) | (1,780) | (1,781) | (1,781) | (1,781) | (1,781) | ||||||||
Contributions from noncontrolling interests | 18 | 18 | 18 | 18 | |||||||||||
Adjustment for noncontrolling interests in Operating Partnership | (36) | (36) | 36 | ||||||||||||
Common distributions declared | [1] | (69,864) | (69,864) | (350) | (69,514) | ||||||||||
Common dividends declared | [2] | (66,368) | (66,368) | (66,368) | |||||||||||
Distributions to noncontrolling interests | (3,709) | (3,496) | (213) | (213) | (213) | ||||||||||
Ending Balance at Mar. 31, 2019 | 503,443 | 941 | 780,936 | (276,491) | (27,153) | 478,233 | 25,210 | 0 | |||||||
Ending Balance at Mar. 31, 2019 | (28,634) | 503,443 | 0 | 5,227 | 526,850 | ||||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2019 | 503,443 | ||||||||||||||
Beginning Balance at Dec. 31, 2019 | 456,109 | 929 | 775,035 | (317,263) | (25,495) | 433,206 | 22,903 | 0 | |||||||
Beginning Balance at Dec. 31, 2019 | 456,109 | (26,888) | 456,109 | 0 | 4,435 | 478,562 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2019 | 456,109 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income (loss) | (28,119) | (26,882) | (26,882) | (1,427) | 190 | (28,119) | (28,309) | 190 | (289) | (28,020) | |||||
Other comprehensive income (loss) | (13,409) | (12,733) | (12,733) | (676) | (13,409) | (13,409) | (13,409) | ||||||||
Compensation under Incentive Award Plan | 3,889 | 3,889 | 3,889 | 3,889 | 3,889 | 3,889 | |||||||||
Grant of restricted common share awards, net of forfeitures | 2 | (2) | |||||||||||||
Withholding of common shares/units for employee income taxes | (736) | (736) | (736) | (736) | (736) | (736) | |||||||||
Contributions from noncontrolling interests | 72 | 72 | 72 | 72 | |||||||||||
Adjustment for noncontrolling interests in Operating Partnership | (124) | (124) | 124 | ||||||||||||
Common distributions declared | [3] | (69,886) | (69,886) | (713) | (69,173) | ||||||||||
Common dividends declared | [4] | (66,387) | (66,387) | (66,387) | |||||||||||
Distributions to noncontrolling interests | (3,761) | (3,499) | (262) | (262) | (262) | ||||||||||
Ending Balance at Mar. 31, 2020 | $ 347,658 | $ 931 | $ 778,062 | $ (410,532) | $ (38,228) | $ 330,233 | $ 17,425 | $ 0 | |||||||
Ending Balance at Mar. 31, 2020 | 347,658 | $ (40,297) | $ 347,658 | $ 0 | $ 3,433 | $ 384,522 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2020 | $ 347,658 | ||||||||||||||
[1] | Includes both a $0.35 cash dividend per common unit declared and paid during the first quarter of 2019 and a cash dividend declared in February 2019 payable in May 2019 of 0.355 per common unit. | ||||||||||||||
[2] | Includes both a $0.35 cash dividend per common share declared and paid during the first quarter of 2019 and a cash dividend declared in February 2019 payable in May 2019 of $0.355 per common share. | ||||||||||||||
[3] | Includes both a $0.355 cash dividend per common unit declared and paid during the first quarter of 2020 and a cash dividend declared in January 2020 payable in May 2020 of $0.3575 per common unit. | ||||||||||||||
[4] | Includes both a $0.355 cash dividend per common share declared and paid during the first quarter of 2020 and a cash dividend declared in January 2020 payable in May 2020 of $0.3575 per common share. |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2020 | Feb. 28, 2019 | Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | |||||
Grant of restricted common share awards, net of forfeitures (in shares) | 241,038 | 242,167 | |||
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 81,284 | |||
Common dividends paid per common share (in dollars per share) | $ 0.355 | $ 0.35 | |||
Common dividends per common share (in dollars per share) | 0.3575 | $ 0.355 | $ 0.7125 | $ 0.705 | |
Tanger Properties Limited Partnership [Member] | |||||
Grant of restricted common share awards, net of forfeitures (in shares) | 241,038 | 242,167 | |||
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 81,284 | |||
Common distributions (in dollars per share) | 0.355 | $ 0.35 | $ 0.7125 | $ 0.705 | |
Cash dividend declared (in dollars per unit) | $ 0.3575 | $ 0.355 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net income (loss) | $ (28,119) | $ 65,841 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,417 | 31,760 |
Impairment charge | 45,675 | 0 |
Amortization of deferred financing costs | 757 | 747 |
Gain on sale of assets | 0 | (43,422) |
Equity in earnings of unconsolidated joint ventures | (1,527) | (1,629) |
Equity-based compensation expense | 3,789 | 3,818 |
Amortization of debt (premiums) and discounts, net | 118 | 109 |
Amortization (accretion) of market rent rate adjustments, net | 362 | 480 |
Straight-line rent adjustments | (1,872) | (1,970) |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,517 | 1,455 |
Changes in other assets and liabilities: | ||
Other assets | 2,210 | 873 |
Accounts payable and accrued expenses | (25,045) | (24,894) |
Net cash provided by operating activities | 27,282 | 33,168 |
INVESTING ACTIVITIES | ||
Additions to rental property | (10,551) | (9,906) |
Additions to investments in unconsolidated joint ventures | (261) | (779) |
Net proceeds from sale of assets | 0 | 128,248 |
Additions to non-real estate assets | (677) | (174) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 3,488 | 8,157 |
Additions to deferred lease costs | (1,220) | (1,209) |
Other investing activities | 2,844 | 2,936 |
Net cash provided by (used) in investing activities | (6,377) | 127,273 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (33,034) | (32,910) |
Distributions to noncontrolling interests in Operating Partnership | (1,744) | (1,735) |
Proceeds from revolving credit facility | 634,030 | 135,200 |
Repayments of revolving credit facility | (34,200) | (265,300) |
Repayments of notes, mortgages and loans | (873) | (825) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (1,781) |
Additions to deferred financing costs | (65) | (65) |
Proceeds from other financing activities | 72 | 18 |
Payment for other financing activities | (549) | (500) |
Net cash provided by (used) in financing activities | 562,901 | (167,898) |
Effect of foreign currency rate changes on cash and cash equivalents | (24) | (10) |
Net increase (decrease) in cash and cash equivalents | 583,782 | (7,467) |
Cash and cash equivalents, beginning of period | 16,672 | 9,083 |
Cash and cash equivalents, end of period | 600,454 | 1,616 |
Tanger Properties Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income (loss) | (28,119) | 65,841 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 29,417 | 31,760 |
Impairment charge | 45,675 | 0 |
Amortization of deferred financing costs | 757 | 747 |
Gain on sale of assets | 0 | (43,422) |
Equity in earnings of unconsolidated joint ventures | (1,527) | (1,629) |
Equity-based compensation expense | 3,789 | 3,818 |
Amortization of debt (premiums) and discounts, net | 118 | 109 |
Amortization (accretion) of market rent rate adjustments, net | 362 | 480 |
Straight-line rent adjustments | (1,872) | (1,970) |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,517 | 1,455 |
Changes in other assets and liabilities: | ||
Other assets | 2,552 | 1,001 |
Accounts payable and accrued expenses | (25,329) | (24,976) |
Net cash provided by operating activities | 27,340 | 33,214 |
INVESTING ACTIVITIES | ||
Additions to rental property | (10,551) | (9,906) |
Additions to investments in unconsolidated joint ventures | (261) | (779) |
Net proceeds from sale of assets | 0 | 128,248 |
Additions to non-real estate assets | (677) | (174) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 3,488 | 8,157 |
Additions to deferred lease costs | (1,220) | (1,209) |
Other investing activities | 2,844 | 2,936 |
Net cash provided by (used) in investing activities | (6,377) | 127,273 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (34,778) | (34,645) |
Proceeds from revolving credit facility | 634,030 | 135,200 |
Repayments of revolving credit facility | (34,200) | (265,300) |
Repayments of notes, mortgages and loans | (873) | (825) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (736) | (1,781) |
Additions to deferred financing costs | (65) | (65) |
Proceeds from other financing activities | 72 | 18 |
Payment for other financing activities | (549) | (500) |
Net cash provided by (used) in financing activities | 562,901 | (167,898) |
Effect of foreign currency rate changes on cash and cash equivalents | (24) | (10) |
Net increase (decrease) in cash and cash equivalents | 583,840 | (7,421) |
Cash and cash equivalents, beginning of period | 16,519 | 8,991 |
Cash and cash equivalents, end of period | $ 600,359 | $ 1,570 |
Business
Business | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust (“REIT”) which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of March 31, 2020 , we owned and operated 32 consolidated outlet centers, with a total gross leasable area of approximately 12.0 million square feet. We also had partial ownership interests in 7 unconsolidated outlet centers totaling approximately 2.2 million square feet, including 3 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, “Operating Partnership”, refers to Tanger Properties Limited Partnership and subsidiaries. The terms “we”, “our” and “us” refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of March 31, 2020 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 93,076,701 units of the Operating Partnership and other limited partners (the “Non-Company LPs”) collectively owned 4,911,173 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2019 . The December 31, 2019 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. 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 and 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 all relationships between us and the VIE, including management agreements and other contractual arrangements. 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 joint venture’s net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, 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. 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 to provide further financial support to these 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 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 is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. Impairment of Long-Lived Assets Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate that the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During the first quarter of 2020, we determined that the estimated future undiscounted cash flows of our Foxwoods outlet center, Mashantucket, Connecticut did not exceed the property's carrying value due to a decline in forecasted operating results. Therefore, we recorded a $45.7 million non-cash impairment charge in our consolidated statement of operations which equaled the excess of the property's carrying value over its estimated fair value. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. We can provide no assurance that material impairment charges with respect to our investment properties will not occur during the remaining quarters in 2020 or future periods. |
COVID-19 Pandemic (Notes)
COVID-19 Pandemic (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
COVID-19 Pandemic | COVID-19 Pandemic The current novel coronavirus (“COVID-19”) pandemic has had, and likely will continue to have, repercussions across local, national and global economies and financial markets. COVID-19 has impacted all states where our tenants operate their businesses or where our properties are located and measures taken to prevent or remediate COVID-19, including “shelter-in place” or “stay-at-home” orders or other quarantine mandates issued by local, state or federal authorities, have had an adverse effect on our business and the businesses of our tenants. The full extent of the adverse impact on, among other things, our results of operations, liquidity (including our ability to access capital markets), the possibility of future impairments of long-lived assets or our investments in unconsolidated joint ventures, our compliance with debt covenants, our ability to renew and re - lease our leased space, the outlook for the retail environment, potential bankruptcies or other store closings and our ability to develop, acquire, dispose or lease properties for our portfolio, is unknown and will depend on future developments, which are highly uncertain and cannot be predicted. Our results of operations, liquidity and cash flows could be materially affected. While our outlet centers have remained open, retailers began closing their stores in our outlet centers in mid-March and by April 6, 2020, substantially all of the stores in our portfolio were closed as a result of mandates by order of local and state authorities. It remains unclear when mandates will be lifted completely or eased in additional locations. A number of our tenants have requested rent deferrals, rent abatements or other types of rent relief during this pandemic. As a response, in late March 2020, we offered all tenants in our consolidated portfolio the option to defer 100% of April and May rents interest free, payable in equal installments due in January and February of 2021. The extent of tenant requests and actions and the impact to our results of operations and cash flows is uncertain and cannot be predicted at this time. Also in March 2020, to increase liquidity, preserve financial flexibility and help ensure that we are able to meet our obligations for a sustained period of time until there is more clarity regarding the impact of the pandemic, we drew down substantially all of the available capacity under our $600.0 million unsecured lines of credit. We have also taken steps to reduce future cash outflows, including the reduction or deferral of certain operating and general and administrative expenses, as well as the deferral of the Nashville project and certain other planned capital expenditures. We intend to pay the dividend that was declared in January as scheduled on May 15, 2020. Going forward, given the current uncertainty related to the pandemic’s near and potential long-term impact, the Company’s Board of Directors will temporarily suspend dividend distributions to conserve approximately $35.0 million in cash per quarter and preserve our balance sheet strength and flexibility. The Board will continue to evaluate the potential for future dividend distributions on a quarterly basis. We expect to remain in compliance with REIT taxable income distribution requirements for the 2020 tax year. |
Disposition of Properties
Disposition of Properties | 3 Months Ended |
Mar. 31, 2020 | |
Disposition of Properties [Abstract] | |
Disposition of Properties and Impairment Charge [Text Block] | Disposition of Properties Disposition of Properties During the three months ended March 31, 2019, we closed on the sale of four non-core outlet centers for total gross proceeds of $130.5 million . The following table sets forth certain summarized information regarding properties and land outparcels sold during the three months ended March 31, 2019: Property Location Date Sold Square Feet (in 000’s) Net Sales Proceeds (in 000’s) Gain on Sale (in 000’s) Nags Head, Ocean City, Park City, and Williamsburg Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA March 2019 878 $ 128,248 $ 43,422 The rental properties sold did not meet the criteria to be reported as discontinued operations. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
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 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2020 December 31, 2019 Assets (Liabilities) (1) : Interest rate swaps: April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % $ (890 ) $ 1,018 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (708 ) (376 ) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % (2,103 ) (896 ) July 1, 2019 February 1, 2024 25,000 1 month LIBOR 1.75 % (1,301 ) (170 ) January 1, 2021 February 1, 2024 150,000 1 month LIBOR 0.60 % (1,098 ) — Total $ 540,000 $ (6,100 ) $ (424 ) (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. 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 following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended March 31, 2020 2019 Interest Rate Swaps: Amount of gain (loss) recognized in other comprehensive income (loss) on derivative $ (5,676 ) $ (1,952 ) |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Unconsolidated Real Estate 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 March 31, 2020 Joint Venture Outlet Center Location Ownership % Square Feet (in 000’s) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 765 $ 86.5 $ 8.3 $ 86.5 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (4.0 ) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.5 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (7.3 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.8 ) 79.9 $ (44.6 ) As of December 31, 2019 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 % 764 $ 94.7 $ 9.2 $ 94.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (3.5 ) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.0 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.9 ) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.7 ) 79.9 $ (42.1 ) (1) Net of debt origination costs and including premiums of $1.1 million for both periods ended March 31, 2020 and December 31, 2019. (2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2020 2019 Fee: Management and marketing $ 541 $ 566 Leasing and other fees 20 31 Expense reimbursements from unconsolidated joint ventures 882 745 Total Fees $ 1,443 $ 1,342 Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Summary Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $3.8 million as of both March 31, 2020 and December 31, 2019 ) are amortized over the various useful lives of the related assets. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures March 31, 2020 December 31, 2019 Assets Land $ 87,015 $ 90,859 Buildings, improvements and fixtures 463,656 477,061 Construction in progress 4,286 4,779 554,957 572,699 Accumulated depreciation (133,948 ) (132,860 ) Total rental property, net 421,009 439,839 Cash and cash equivalents 12,653 19,750 Deferred lease costs and other intangibles, net 6,331 6,772 Prepaids and other assets 15,947 17,789 Total assets $ 455,940 $ 484,150 Liabilities and Owners’ Equity Mortgages payable, net $ 367,171 $ 368,032 Accounts payable and other liabilities 13,252 17,173 Total liabilities 380,423 385,205 Owners’ equity 75,517 98,945 Total liabilities and owners’ equity $ 455,940 $ 484,150 Three months ended Condensed Combined Statements of Operations March 31, - Unconsolidated Joint Ventures 2020 2019 Revenues $ 22,036 $ 23,463 Expenses: Property operating 9,129 9,790 General and administrative 139 90 Depreciation and amortization 5,906 6,110 Total expenses 15,174 15,990 Other income (expense): Interest expense (3,735 ) (4,134 ) Other income 56 66 Total other income (expense) $ (3,679 ) $ (4,068 ) Net income $ 3,183 $ 3,405 The Company and Operating Partnership’s share of: Net income $ 1,527 $ 1,629 Depreciation and amortization (real estate related) $ 3,018 $ 3,130 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt Guaranteed by the Company | Debt Guaranteed by 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 principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2020 December 31, 2019 Unsecured lines of credit $ 599,830 $ — Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2020 December 31, 2019 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 $ 250,000 $ 247,471 $ 250,000 $ 247,308 Senior notes 3.750 % December 2024 250,000 248,218 250,000 248,127 Senior notes 3.125 % September 2026 350,000 346,354 350,000 346,215 Senior notes 3.875 % July 2027 300,000 297,050 300,000 296,953 Mortgages payable: Atlantic City (2)(3) 5.14 % - 7.65% November 2021- December 2026 30,037 31,559 30,909 32,531 Southaven LIBOR + 1.80% April 2021 51,400 51,297 51,400 51,272 Unsecured term loan LIBOR + 1.00% April 2024 350,000 347,531 350,000 347,367 Unsecured lines of credit LIBOR + 1.00% October 2021 599,830 598,074 — — $ 2,181,267 $ 2,167,554 $ 1,582,309 $ 1,569,773 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. Certain of our properties, which had a net book value of approximately $171.7 million at March 31, 2020 , serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $600.0 million . The unsecured lines of credit include a $20.0 million liquidity line and a $580.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. As of March 31, 2020 , letters of credit totaling approximately $170,000 were issued under the lines of credit. We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. As of March 31, 2020 , the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $19.2 million . The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of March 31, 2020 , we believe we were in compliance with all of our debt covenants. Unsecured Lines of Credit As of December 31, 2019, there were no outstanding balances under our unsecured lines of credit. In March 2020, in response to the COVID-19 pandemic, we drew down approximately $599.8 million under our unsecured lines of credit to increase liquidity and preserve financial flexibility to help ensure that the Company is able to meet its obligations for a sustained period of time until there is more clarity regarding the impact of the pandemic. Interest rates In February 2020, due to a change in our credit rating, our interest rate spread over LIBOR on our $600.0 million unsecured line of credit facility increased from 0.875% to 1.0% and our annual facility fee increased from 0.15% to 0.20% . In addition, our interest rate spread over LIBOR on our $350.0 million unsecured term loan increased from 0.90% to 1.0% . Debt Maturities Maturities of the existing long-term debt as of March 31, 2020 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2020 $ 2,694 2021 657,023 2022 4,436 2023 254,768 2024 605,140 Thereafter 657,206 Subtotal 2,181,267 Net discount and debt origination costs (13,713 ) Total $ 2,167,554 Given the financial implications of COVID-19 and potential defaults on our debt covenants associated with our line of credit and term loan, we have considered our short-term (one year or less from the date of filing these financial statements) liquidity needs and the adequacy of our estimated cash flows from operating activities and other financing sources to meet these needs. These other sources include but are not limited to: existing cash, ongoing relationships with certain financial institutions, our ability to sell debt or issue equity subject to market conditions and proceeds from the potential sale of non-core assets. We believe that we have access to the necessary financing to fund our short-term liquidity needs. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020: Assets: Short-term government securities ( cash and cash equivalents) $ 597,140 $ 597,140 $ — $ — Total assets $ 597,140 $ 597,140 $ — $ — Liabilities: Interest rate swaps (other liabilities) $ 6,100 $ — $ 6,100 $ — Total liabilities $ 6,100 $ — $ 6,100 $ — 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, 2019: Asset: Interest rate swaps (prepaids and other assets) $ 1,018 $ — $ 1,018 $ — Total assets $ 1,018 $ — $ 1,018 $ — Liabilities: Interest rate swaps (other liabilities) $ 1,442 $ — $ 1,442 $ — Total liabilities $ 1,442 $ — $ 1,442 $ — Short-term government securities Short-term government securities are highly liquid investments, which are classified as Level 1 in the fair value hierarchy because they are valued using quoted market prices in an active market. Interest rate swaps Fair values of interest rate swaps are estimated 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 March 31, 2020: Asset: Long-lived assets $ 60,000 $ — $ — $ 60,000 During the first quarter 2020, we recorded a $45.7 million impairment charge in our consolidated statement of operations which equaled the excess of the carrying value of our Foxwoods outlet center over its estimated fair value. The estimated fair value was 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 were 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 7.8% and the discount rate used was 8.5% . These inputs are classified under Level 3 in the fair value hierarchy above. Should the significant assumptions utilized above to determine fair value continue to deteriorate, additional impairments in the future could be possible. Other Fair Value Disclosures The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): March 31, 2020 December 31, 2019 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,148,011 1,169,481 Level 3 Significant Unobservable Inputs 1,033,159 434,333 Total fair value of debt $ 2,181,170 $ 1,603,814 Recorded value of debt $ 2,167,554 $ 1,569,773 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 | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Shareholders' Equity of the Company [Line Items] | |
Share Repurchase Program | Shareholders’ Equity of the Company Dividend Declaration In January 2020 , the Company's Board of Directors declared a $0.355 cash dividend per common which was paid during the first quarter of 2020 to each shareholder of record on January 31, 2020, and the Trustees of Tanger GP Trust declared a $0.355 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. Also in January 2020, the Company's Board of Directors declared a $0.3575 cash dividend per common share payable on May 15, 2020 to each shareholder of record on April 30, 2020, and the Trustees of Tanger GP Trust declared a $0.3575 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. A liability in the amount of approximately $35.1 million was recorded in accounts payable and accrued expenses in the consolidated balance sheet as of March 31, 2020. In January 2019, the Company's Board of Directors declared a $0.35 cash dividend per common which was paid during the first quarter of 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. A liability in the amount of approximately $35.2 million was recorded in accounts payable and accrued expenses in the consolidated balance sheet as of March 31, 2019. Share Repurchase Program In February 2019, the Company’s Board of Directors authorized the repurchase of an additional $44.3 million of our outstanding common shares for an aggregate authorization of $169.3 million until May 2021. 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. We did not repurchase any shares for the periods ended March 31, 2020. The remaining amount authorized to be repurchased under the program as of March 31, 2020 was approximately $80.0 million |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 3 Months Ended |
Mar. 31, 2020 | |
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 grant of restricted common 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 three months ended March 31, 2020 and March 31, 2019 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Grant of restricted common share awards by the Company, net of forfeitures — — 242,167 242,167 Units withheld for employee income taxes — — (81,284 ) (81,284 ) Balance March 31, 2019 1,000,000 4,960,684 93,102,666 98,063,350 Balance December 31, 2019 1,000,000 4,911,173 91,892,260 96,803,433 Grant of restricted common share awards by the Company, net of forfeitures — — 241,038 241,038 Units withheld for employee income taxes — — (56,597 ) (56,597 ) Balance March 31, 2020 1,000,000 4,911,173 92,076,701 96,987,874 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 3 Months Ended |
Mar. 31, 2020 | |
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 the Company’s earnings per share (in thousands, except per share amounts): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (26,882 ) $ 62,331 Less allocation of earnings to participating securities (516 ) (611 ) Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (27,398 ) $ 61,720 Denominator: Basic weighted average common shares 92,500 93,303 Diluted weighted average common shares 92,500 93,303 Basic earnings per common share: Net income (loss) $ (0.30 ) $ 0.66 Diluted earnings per common share: Net income (loss) $ (0.30 ) $ 0.66 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. There were no securities which had a dilutive effect on earnings per common share for the three months ended March 31, 2020 and 2019 . 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 three months ended March 31, 2020 and 2019 , approximately 1.5 million and 1.2 million notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as 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 three months ended March 31, 2020 ,and 2019 , approximately 521,000 and 528,000 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 | 3 Months Ended |
Mar. 31, 2020 | |
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 (in thousands, except per unit amounts): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to partners of the Operating Partnership $ (28,309 ) $ 65,646 Less allocation of earnings to participating securities (516 ) (611 ) Net income (loss) available to common unitholders of the Operating Partnership $ (28,825 ) $ 65,035 Denominator: Basic weighted average common units 97,411 98,264 Diluted weighted average common units 97,411 98,264 Basic earnings per common unit: Net income (loss) $ (0.30 ) $ 0.66 Diluted earnings per common unit: Net income (loss) $ (0.30 ) $ 0.66 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. There were no securities which had a dilutive effect on earnings per common unit for the three and three months ended March 31, 2020 and 2019 . 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 units would be issuable if the end of the reporting period were the end of the contingency period. For the three months ended March 31, 2020 and 2019 approximately 1.5 million and 1.2 million notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. 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 three months ended March 31, 2020 , approximately 521,000 options were excluded from the computation, and for the three months ended March 31, 2019 , approximately 528,000 options were excluded from the computation as they were anti-dilutive. 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 of th
Equity-Based Compensation of the Company | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Equity-Based Compensation of the Company | Equity-Based Compensation of the Company We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (as amended and restated on April 4, 2014), as amended (the “Plan”), which covers our non-employee directors, officers, employees and consultants. Per the Operating Partnership agreement, 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 recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended March 31, 2020 2019 Restricted common shares $ 2,227 $ 2,513 Notional unit performance awards 1,520 1,262 Options 41 43 Total equity-based compensation $ 3,788 $ 3,818 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2020 2019 Equity-based compensation expense capitalized $ 101 $ 92 Restricted Common Share and Restricted Share Unit Awards During February 2020 , the Company granted approximately 399,000 restricted common shares and restricted share units to the Company’s non-employee directors and the Company’s senior executive officers. The grant date fair value of the awards ranged from $12.03 to $13.75 per share. The restricted common shares vest ratably over a three year period on January 4th of each year for non-employee directors and on February 15th of each year for senior executive officers. For the restricted shares units issued to our Chief Executive Officer, the award agreements require him to hold shares or units issued to him for a minimum of three years following vesting 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. For certain shares that vest during the period, we withhold shares with value equivalent up to the employees’ maximum statutory obligation for the applicable income and other employment taxes, and remit cash to the appropriate taxing authorities. The total number of shares withheld upon vesting were approximately 57,000 and 81,000 for the three months ended March 31, 2020 and 2019 , respectively. The total number of shares withheld was based on the value of the restricted common shares on the vesting date as determined by our closing share price on the day prior to the vesting date. Total amounts paid for the employees’ tax obligation to taxing authorities were $736,000 and $1.8 million for the three months ended March 31, 2020 and 2019 , respectively. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2020 Outperformance Plan During February 2020, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2020 Outperformance Plan (the “2020 OPP”) covering the Company's senior executive officers whereby a maximum of approximately 697,000 restricted common shares may be earned if certain share price appreciation goals are achieved over a three year measurement period. The 2020 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, with respect to our Chief Executive Officer, retirement or (c) due to death or disability). The following table sets forth 2020 OPP performance targets and other relevant information about the 2020 OPP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 36.8 % - 52.1% Percentage of units to be earned 20 % - 100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30 th - 80th Percentage of units to be earned 20 % - 100% Maximum number of restricted common shares that may be earned 696,687 Grant date fair value per share $ 7.30 (1) The number of restricted common shares received under the 2020 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. (2) The peer group is based on companies included in the FTSE NAREIT Retail Index. The fair values of the 2020 OPP awards granted during the three months ended March 31, 2020 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 1.4 % Expected dividend yield (2) 8.4 % Expected volatility (3) 29 % (1) Represents the interest rate as of the grant date on US 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) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) of the Company | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Company | Accumulated Other Comprehensive Income (Loss) of the Company The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2020 (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, 2019 $ (25,094 ) $ (401 ) $ (25,495 ) $ (1,369 ) $ (24 ) $ (1,393 ) Other comprehensive loss before reclassifications (7,343 ) (5,388 ) (12,731 ) (390 ) (286 ) (676 ) Reclassification out of accumulated other comprehensive income (loss) into interest expense — (2 ) (2 ) — — — Balance March 31, 2020 $ (32,437 ) $ (5,791 ) $ (38,228 ) $ (1,759 ) $ (310 ) $ (2,069 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (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, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) Other comprehensive income (loss) before reclassifications 1,851 (1,166 ) 685 98 (62 ) 36 Reclassification out of accumulated other comprehensive income (loss) into interest expense — (687 ) (687 ) — (37 ) (37 ) Balance March 31, 2019 $ (30,759 ) $ 3,606 $ (27,153 ) $ (1,672 ) $ 191 $ (1,481 ) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.2 million of the amounts recorded within accumulated other comprehensive loss related to the interest rate swap agreements in effect as of March 31, 2020 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2020 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2019 $ (26,463 ) $ (425 ) $ (26,888 ) Other comprehensive loss before reclassifications (7,733 ) (5,674 ) (13,407 ) Reclassification out of accumulated other comprehensive income (loss) into interest expense — (2 ) (2 ) Balance March 31, 2020 $ (34,196 ) $ (6,101 ) $ (40,297 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) Other comprehensive income (loss) before reclassifications 1,949 (1,228 ) 721 Reclassification out of accumulated other comprehensive income (loss) into interest expense — (724 ) (724 ) Balance March 31, 2019 $ (32,431 ) $ 3,797 $ (28,634 ) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.2 million of the amounts recorded within accumulated other comprehensive loss related to the interest rate swap agreements in effect as of March 31, 2020 . |
Leasing Agreements
Leasing Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leasing Agreements | As of March 31, 2020 , we were the lessor to over 2,300 stores in our 32 consolidated outlet centers, under operating leases with initial terms that expire from 2020 to 2035 , with certain agreements containing extension options. We also have certain agreements that require tenants to pay their portion of reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. For the three months ended March 31, 2020 , the components of rental revenues are as follows (in thousands): Three months ended March 31, 2020 2019 Rental revenues - fixed $ 86,933 $ 93,459 Rental revenues - variable (1) 21,625 26,495 Rental revenues $ 108,558 $ 119,954 (1) Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental Cash Flow Information We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2020 March 31, 2019 Costs relating to construction included in accounts payable and accrued expenses $ 18,168 $ 12,791 Dividends payable were as follows (in thousands): As of As of March 31, 2020 March 31, 2019 Dividends payable $ 35,108 $ 35,199 Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2020 2019 Interest paid $ 14,811 $ 16,022 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently issued accounting standards In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. On March 12, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Recently adopted accounting standards 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 did 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. The adoption of this new guidance did not have a material impact on our consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In April 2020, Stephen Yalof became the President and Chief Operating Officer of the Company, the Operating Partnership and the General Partner. As part of his employment, Mr. Yalof was granted 1.0 million options that have an exercise price of $7.15 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 25% of the options become exercisable on December 31, 2020 with the remaining options vesting ratably on each December 31st through 2023, in each case, contingent upon continued employment with the Company through the applicable vesting date (subject to acceleration upon certain terminations of employment). The fair value of each option grant was 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 $0.42 and included the following weighted-average assumptions: expected dividend yield 9.86% ; expected life of 7.9 years; expected volatility of 30.44% ; a risk-free rate of 0.60% ; and forfeiture rate 0.0% . In addition, Mr. Yalof was granted 389,308 restricted common shares with a grant date fair value of $7.15 per share. The restricted common shares vest ratably over a three year period, with one-third of the restricted common shares vesting on each anniversary of the grant date, beginning on April 10, 2021, contingent upon continued employment with the Company through the applicable vesting date (subject to acceleration upon certain terminations of employment). Mr. Yalof was also awarded 205,480 notional units under the 2020 OPP, with a grant date fair value per share of $3.11 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited consolidated financial statements included herein have been prepared pursuant to accounting principles generally accepted in the United States of America and should be read in conjunction with the consolidated financial statements and notes thereto of the Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the year ended December 31, 2019 . The December 31, 2019 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC’s rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. |
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 and 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 all relationships between us and the VIE, including management agreements and other contractual arrangements. 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 joint venture’s net income or loss, cash contributions, distributions and other adjustments required under the equity method of accounting. For certain investments in real estate joint ventures, 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. 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 to provide further financial support to these 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. |
Impairment | Impairment of Long-Lived Assets Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate that the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During the first quarter of 2020, we determined that the estimated future undiscounted cash flows of our Foxwoods outlet center, Mashantucket, Connecticut did not exceed the property's carrying value due to a decline in forecasted operating results. Therefore, we recorded a $45.7 million non-cash impairment charge in our consolidated statement of operations which equaled the excess of the property's carrying value over its estimated fair value. If the effects of the COVID-19 pandemic cause economic and market conditions to continue to deteriorate or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. We can provide no assurance that material impairment charges with respect to our investment properties will not occur during the remaining quarters in 2020 or future periods. |
New Accounting Pronouncements | Recently issued accounting standards In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. We have elected to apply such relief and will avail itself of the election to avoid performing a lease by lease analysis. The Lease Modification Q&A has no material impact on the Company’s consolidated financial statements as of and for the three months ended March 31, 2020, however, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering into such concessions. On March 12, 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. Recently adopted accounting standards 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 did 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. The adoption of this new guidance did not have a material impact on our consolidated financial statements. |
Disposition of Properties (Tabl
Disposition of Properties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposition of Property | The following table sets forth certain summarized information regarding properties and land outparcels sold during the three months ended March 31, 2019: Property Location Date Sold Square Feet (in 000’s) Net Sales Proceeds (in 000’s) Gain on Sale (in 000’s) Nags Head, Ocean City, Park City, and Williamsburg Nags Head, NC, Ocean City, MD, Park City, UT, and Williamsburg, IA March 2019 878 $ 128,248 $ 43,422 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2020 December 31, 2019 Assets (Liabilities) (1) : Interest rate swaps: April 13, 2016 January 1, 2021 175,000 1 month LIBOR 1.03 % $ (890 ) $ 1,018 March 1, 2018 January 31, 2021 40,000 1 month LIBOR 2.47 % (708 ) (376 ) August 14, 2018 January 1, 2021 150,000 1 month LIBOR 2.20 % (2,103 ) (896 ) July 1, 2019 February 1, 2024 25,000 1 month LIBOR 1.75 % (1,301 ) (170 ) January 1, 2021 February 1, 2024 150,000 1 month LIBOR 0.60 % (1,098 ) — Total $ 540,000 $ (6,100 ) $ (424 ) (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 (in thousands): Three months ended March 31, 2020 2019 Interest Rate Swaps: Amount of gain (loss) recognized in other comprehensive income (loss) on derivative $ (5,676 ) $ (1,952 ) |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures: As of March 31, 2020 Joint Venture Outlet Center Location Ownership % Square Feet (in 000’s) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 765 $ 86.5 $ 8.3 $ 86.5 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (4.0 ) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.5 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (7.3 ) 94.5 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.8 ) 79.9 $ (44.6 ) As of December 31, 2019 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 % 764 $ 94.7 $ 9.2 $ 94.7 Investments included in other liabilities: Columbus (2) Columbus, OH 50.0 % 355 $ (3.5 ) $ 85.0 Charlotte (2) Charlotte, NC 50.0 % 399 (13.0 ) 99.5 National Harbor (2) National Harbor, MD 50.0 % 341 (5.9 ) 94.4 Galveston/Houston (2) Texas City, TX 50.0 % 353 (19.7 ) 79.9 $ (42.1 ) (1) Net of debt origination costs and including premiums of $1.1 million for both periods ended March 31, 2020 and December 31, 2019. (2) The negative carrying value is due to distributions exceeding contributions and increases or decreases from our equity in earnings of the joint venture. |
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2020 2019 Fee: Management and marketing $ 541 $ 566 Leasing and other fees 20 31 Expense reimbursements from unconsolidated joint ventures 882 745 Total Fees $ 1,443 $ 1,342 |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures March 31, 2020 December 31, 2019 Assets Land $ 87,015 $ 90,859 Buildings, improvements and fixtures 463,656 477,061 Construction in progress 4,286 4,779 554,957 572,699 Accumulated depreciation (133,948 ) (132,860 ) Total rental property, net 421,009 439,839 Cash and cash equivalents 12,653 19,750 Deferred lease costs and other intangibles, net 6,331 6,772 Prepaids and other assets 15,947 17,789 Total assets $ 455,940 $ 484,150 Liabilities and Owners’ Equity Mortgages payable, net $ 367,171 $ 368,032 Accounts payable and other liabilities 13,252 17,173 Total liabilities 380,423 385,205 Owners’ equity 75,517 98,945 Total liabilities and owners’ equity $ 455,940 $ 484,150 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Condensed Combined Statements of Operations March 31, - Unconsolidated Joint Ventures 2020 2019 Revenues $ 22,036 $ 23,463 Expenses: Property operating 9,129 9,790 General and administrative 139 90 Depreciation and amortization 5,906 6,110 Total expenses 15,174 15,990 Other income (expense): Interest expense (3,735 ) (4,134 ) Other income 56 66 Total other income (expense) $ (3,679 ) $ (4,068 ) Net income $ 3,183 $ 3,405 The Company and Operating Partnership’s share of: Net income $ 1,527 $ 1,629 Depreciation and amortization (real estate related) $ 3,018 $ 3,130 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2020 December 31, 2019 Unsecured lines of credit $ 599,830 $ — Unsecured term loan $ 350,000 $ 350,000 |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2020 December 31, 2019 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.875 % December 2023 $ 250,000 $ 247,471 $ 250,000 $ 247,308 Senior notes 3.750 % December 2024 250,000 248,218 250,000 248,127 Senior notes 3.125 % September 2026 350,000 346,354 350,000 346,215 Senior notes 3.875 % July 2027 300,000 297,050 300,000 296,953 Mortgages payable: Atlantic City (2)(3) 5.14 % - 7.65% November 2021- December 2026 30,037 31,559 30,909 32,531 Southaven LIBOR + 1.80% April 2021 51,400 51,297 51,400 51,272 Unsecured term loan LIBOR + 1.00% April 2024 350,000 347,531 350,000 347,367 Unsecured lines of credit LIBOR + 1.00% October 2021 599,830 598,074 — — $ 2,181,267 $ 2,167,554 $ 1,582,309 $ 1,569,773 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . (3) Principal and interest due monthly with remaining principal due at maturity. |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of March 31, 2020 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2020 $ 2,694 2021 657,023 2022 4,436 2023 254,768 2024 605,140 Thereafter 657,206 Subtotal 2,181,267 Net discount and debt origination costs (13,713 ) Total $ 2,167,554 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020: Assets: Short-term government securities ( cash and cash equivalents) $ 597,140 $ 597,140 $ — $ — Total assets $ 597,140 $ 597,140 $ — $ — Liabilities: Interest rate swaps (other liabilities) $ 6,100 $ — $ 6,100 $ — Total liabilities $ 6,100 $ — $ 6,100 $ — 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, 2019: Asset: Interest rate swaps (prepaids and other assets) $ 1,018 $ — $ 1,018 $ — Total assets $ 1,018 $ — $ 1,018 $ — Liabilities: Interest rate swaps (other liabilities) $ 1,442 $ — $ 1,442 $ — Total liabilities $ 1,442 $ — $ 1,442 $ — |
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 March 31, 2020: Asset: Long-lived assets $ 60,000 $ — $ — $ 60,000 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): March 31, 2020 December 31, 2019 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,148,011 1,169,481 Level 3 Significant Unobservable Inputs 1,033,159 434,333 Total fair value of debt $ 2,181,170 $ 1,603,814 Recorded value of debt $ 2,167,554 $ 1,569,773 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 three months ended March 31, 2020 and March 31, 2019 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2018 1,000,000 4,960,684 92,941,783 97,902,467 Grant of restricted common share awards by the Company, net of forfeitures — — 242,167 242,167 Units withheld for employee income taxes — — (81,284 ) (81,284 ) Balance March 31, 2019 1,000,000 4,960,684 93,102,666 98,063,350 Balance December 31, 2019 1,000,000 4,911,173 91,892,260 96,803,433 Grant of restricted common share awards by the Company, net of forfeitures — — 241,038 241,038 Units withheld for employee income taxes — — (56,597 ) (56,597 ) Balance March 31, 2020 1,000,000 4,911,173 92,076,701 96,987,874 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 the Company’s earnings per share (in thousands, except per share amounts): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. $ (26,882 ) $ 62,331 Less allocation of earnings to participating securities (516 ) (611 ) Net income (loss) available to common shareholders of Tanger Factory Outlet Centers, Inc. $ (27,398 ) $ 61,720 Denominator: Basic weighted average common shares 92,500 93,303 Diluted weighted average common shares 92,500 93,303 Basic earnings per common share: Net income (loss) $ (0.30 ) $ 0.66 Diluted earnings per common share: Net income (loss) $ (0.30 ) $ 0.66 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 (in thousands, except per unit amounts): Three months ended March 31, 2020 2019 Numerator: Net income (loss) attributable to partners of the Operating Partnership $ (28,309 ) $ 65,646 Less allocation of earnings to participating securities (516 ) (611 ) Net income (loss) available to common unitholders of the Operating Partnership $ (28,825 ) $ 65,035 Denominator: Basic weighted average common units 97,411 98,264 Diluted weighted average common units 97,411 98,264 Basic earnings per common unit: Net income (loss) $ (0.30 ) $ 0.66 Diluted earnings per common unit: Net income (loss) $ (0.30 ) $ 0.66 |
Equity-Based Compensation of _2
Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc. [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended March 31, 2020 2019 Restricted common shares $ 2,227 $ 2,513 Notional unit performance awards 1,520 1,262 Options 41 43 Total equity-based compensation $ 3,788 $ 3,818 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2020 2019 Equity-based compensation expense capitalized $ 101 $ 92 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2020 OPP performance targets and other relevant information about the 2020 OPP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 36.8 % - 52.1% Percentage of units to be earned 20 % - 100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30 th - 80th Percentage of units to be earned 20 % - 100% Maximum number of restricted common shares that may be earned 696,687 Grant date fair value per share $ 7.30 (1) The number of restricted common shares received under the 2020 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. (2) The peer group is based on companies included in the FTSE NAREIT Retail Index. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2020 OPP awards granted during the three months ended March 31, 2020 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 1.4 % Expected dividend yield (2) 8.4 % Expected volatility (3) 29 % (1) Represents the interest rate as of the grant date on US 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. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Factory Outlet Centers, Inc. [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2020 (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, 2019 $ (25,094 ) $ (401 ) $ (25,495 ) $ (1,369 ) $ (24 ) $ (1,393 ) Other comprehensive loss before reclassifications (7,343 ) (5,388 ) (12,731 ) (390 ) (286 ) (676 ) Reclassification out of accumulated other comprehensive income (loss) into interest expense — (2 ) (2 ) — — — Balance March 31, 2020 $ (32,437 ) $ (5,791 ) $ (38,228 ) $ (1,759 ) $ (310 ) $ (2,069 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (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, 2018 $ (32,610 ) $ 5,459 $ (27,151 ) $ (1,770 ) $ 290 $ (1,480 ) Other comprehensive income (loss) before reclassifications 1,851 (1,166 ) 685 98 (62 ) 36 Reclassification out of accumulated other comprehensive income (loss) into interest expense — (687 ) (687 ) — (37 ) (37 ) Balance March 31, 2019 $ (30,759 ) $ 3,606 $ (27,153 ) $ (1,672 ) $ 191 $ (1,481 ) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive loss for the three months ended March 31, 2020 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2019 $ (26,463 ) $ (425 ) $ (26,888 ) Other comprehensive loss before reclassifications (7,733 ) (5,674 ) (13,407 ) Reclassification out of accumulated other comprehensive income (loss) into interest expense — (2 ) (2 ) Balance March 31, 2020 $ (34,196 ) $ (6,101 ) $ (40,297 ) The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three months ended March 31, 2019 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2018 $ (34,380 ) $ 5,749 $ (28,631 ) Other comprehensive income (loss) before reclassifications 1,949 (1,228 ) 721 Reclassification out of accumulated other comprehensive income (loss) into interest expense — (724 ) (724 ) Balance March 31, 2019 $ (32,431 ) $ 3,797 $ (28,634 ) |
Leasing Agreements (Tables)
Leasing Agreements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of rental revenues | For the three months ended March 31, 2020 , the components of rental revenues are as follows (in thousands): Three months ended March 31, 2020 2019 Rental revenues - fixed $ 86,933 $ 93,459 Rental revenues - variable (1) 21,625 26,495 Rental revenues $ 108,558 $ 119,954 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2020 March 31, 2019 Costs relating to construction included in accounts payable and accrued expenses $ 18,168 $ 12,791 Dividends payable were as follows (in thousands): As of As of March 31, 2020 March 31, 2019 Dividends payable $ 35,108 $ 35,199 Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2020 2019 Interest paid $ 14,811 $ 16,022 |
Business (Details)
Business (Details) ft² in Millions | Mar. 31, 2020ft²sharesOutletCentersubsidiary |
Entity Information [Line Items] | |
Number of Operating Partnership Units Owned by the Company | shares | 93,076,701 |
Exchange ratio of Partnership Units for common shares | 1 |
Consolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of outlet centers | 32 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 12 |
Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of outlet centers | 7 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 2.2 |
Unconsolidated Properties [Member] | CANADA | |
Entity Information [Line Items] | |
Number of outlet centers | 3 |
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 the Operating Partnership and other limited partners | shares | 4,911,173 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Foxwoods [Member] | |
Impairment charge | $ 45,700 |
COVID-19 Pandemic (Details)
COVID-19 Pandemic (Details) - USD ($) | 1 Months Ended | |
Mar. 31, 2020 | Feb. 29, 2020 | |
Concentration Risk [Line Items] | ||
Percentage of rent deferrals | 100.00% | |
Dividend distributions suspended savings in cash per quarter | $ 35,000,000 | |
Debt [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Concentration Risk [Line Items] | ||
Line of credit borrowing capacity | $ 600,000,000 | $ 600,000,000 |
Disposition of Properties (Deta
Disposition of Properties (Details) - Nags Head, Ocean City, Park City & Williamsburg [Member] - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)ft²property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties sold | property | 4 |
Gross proceeds from sale of assets | $ 130,500 |
Area of Real Estate Property | ft² | 878 |
Net Sales Proceeds | $ 128,248 |
Gain on sale of assets | $ 43,422 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Notional Amount | $ 540,000 | |
Fair Value | (6,100) | $ (424) |
Interest Rate Swap April 13, 2016 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 175,000 | |
Company Fixed Pay Rate | 1.03% | |
Fair Value | $ (890) | 1,018 |
Interest Rate Swap March 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 40,000 | |
Company Fixed Pay Rate | 2.47% | |
Fair Value | $ (708) | (376) |
Interest Rate Swap August 14, 2018 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 150,000 | |
Company Fixed Pay Rate | 2.20% | |
Fair Value | $ (2,103) | (896) |
Interest Rate Swap July 1, 2019 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Company Fixed Pay Rate | 1.75% | |
Fair Value | $ (1,301) | (170) |
Interest Rate Swap January 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 150,000 | |
Company Fixed Pay Rate | 0.60% | |
Fair Value | $ (1,098) | $ 0 |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap April 13, 2016 [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap March 1, 2018 [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap August 14, 2018 [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap July 1, 2019 [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month | |
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap January 1, 2021 [Member] | ||
Derivative [Line Items] | ||
Bank Pay Rate | 1 month |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Mar. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² |
RioCan Canda [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 765 | 764 |
Carrying Value of Investment | $ 86,500 | $ 94,700 |
Columbus, Charlotte, National Harbor and Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment Reported In Liabilities | $ (44,600) | $ (42,100) |
Columbus [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 355 | 355 |
Equity Method Investment Reported In Liabilities | $ (4,000) | $ (3,500) |
Charlotte [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 399 | 399 |
Equity Method Investment Reported In Liabilities | $ (13,500) | $ (13,000) |
National Harbor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 341 | 341 |
Equity Method Investment Reported In Liabilities | $ (7,300) | $ (5,900) |
Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 353 | 353 |
Equity Method Investment Reported In Liabilities | $ (19,800) | $ (19,700) |
Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 367,171 | 368,032 |
Unconsolidated Properties [Member] | RioCan Canda [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 8,300 | 9,200 |
Unconsolidated Properties [Member] | Columbus [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 85,000 | 85,000 |
Unconsolidated Properties [Member] | Charlotte [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 99,500 | 99,500 |
Unconsolidated Properties [Member] | National Harbor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 94,500 | 94,400 |
Unconsolidated Properties [Member] | Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 79,900 | 79,900 |
Mortgages [Member] | Unconsolidated Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate | $ 1,100 | $ 1,100 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income (loss) on derivative | $ (5,676) | $ (1,952) |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Management, Leasing and other services [Line Items] | ||
Fees received | $ 1,443 | $ 1,342 |
Management and Marketing Fee [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | 541 | 566 |
Leasing and other fees [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | 20 | 31 |
Expense reimbursements from unconsolidated joint ventures [Member] | ||
Management, Leasing and other services [Line Items] | ||
Fees received | $ 882 | $ 745 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Unconsolidated Properties [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Land | $ 87,015 | $ 90,859 |
Buildings, improvements and fixtures | 463,656 | 477,061 |
Construction in progress | 4,286 | 4,779 |
Rental property, at cost, total | 554,957 | 572,699 |
Accumulated depreciation | (133,948) | (132,860) |
Total rental property, net | 421,009 | 439,839 |
Cash and cash equivalents | 12,653 | 19,750 |
Deferred lease costs and other intangibles, net | 6,331 | 6,772 |
Prepaids and other assets | 15,947 | 17,789 |
Total assets | 455,940 | 484,150 |
Liabilities and Owners’ Equity | ||
Mortgages payable, net | 367,171 | 368,032 |
Accounts payable and other liabilities | 13,252 | 17,173 |
Total liabilities | 380,423 | 385,205 |
Owners’ equity | 75,517 | 98,945 |
Total liabilities and equity | $ 455,940 | $ 484,150 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Unconsolidated Properties [Member] | ||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | $ 22,036 | $ 23,463 |
Expenses: | ||
Property operating | 9,129 | 9,790 |
General and administrative | 139 | 90 |
Depreciation and amortization | 5,906 | 6,110 |
Total expenses | 15,174 | 15,990 |
Interest expense | (3,735) | (4,134) |
Other income | 56 | 66 |
Total other income (expense) | (3,679) | (4,068) |
Net income (loss) | 3,183 | 3,405 |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | 111,633 | 123,155 |
Expenses: | ||
Property operating | 38,627 | 42,377 |
General and administrative | 12,584 | 12,145 |
Depreciation and amortization | 29,417 | 31,760 |
Total expenses | 126,303 | 86,282 |
Interest expense | (15,196) | (16,307) |
Other income | 220 | 224 |
Total other income (expense) | (14,976) | 27,339 |
Net income (loss) | (28,119) | 65,841 |
The Company and Operating Partnership's share of: | ||
Net income | 1,527 | 1,629 |
Depreciation and amortization (real estate related) | $ 3,018 | $ 3,130 |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Differences in basis | $ 3.8 | $ 3.8 |
Debt Guaranteed by the Compan_2
Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit borrowing capacity | $ 600,000,000 | $ 600,000,000 | |
Tanger Factory Outlet Centers, Inc. [Member] | Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantor obligation | 599,830,000 | $ 0 | |
Tanger Factory Outlet Centers, Inc. [Member] | Unsecured Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Guarantor obligation | $ 350,000,000 | $ 350,000,000 |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | 1 Months Ended | 3 Months Ended | |||
Feb. 29, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||||
Principal | $ 2,181,267,000 | $ 1,582,309,000 | |||
Book value of debt | $ 2,167,554,000 | 1,569,773,000 | |||
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 | |||
Book value of debt | $ 247,471,000 | 247,308,000 | |||
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 | |||
Book value of debt | $ 248,218,000 | 248,127,000 | |||
Senior Notes [Member] | 3.125% 2026 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate(s) | 3.125% | ||||
Principal | $ 350,000,000 | 350,000,000 | |||
Book value of debt | $ 346,354,000 | 346,215,000 | |||
Senior Notes [Member] | 3.875% 2027 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate(s) | 3.875% | ||||
Principal | $ 300,000,000 | 300,000,000 | |||
Book value of debt | 297,050,000 | 296,953,000 | |||
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal | 30,037,000 | 30,909,000 | |||
Book value of debt | 31,559,000 | 32,531,000 | |||
Effective interest rates | 5.05% | ||||
Mortgages Payable [Member] | Southaven [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal | 51,400,000 | 51,400,000 | |||
Book value of debt | 51,297,000 | 51,272,000 | |||
Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 350,000,000 | 350,000,000 | 350,000,000 | ||
Book value of debt | 347,531,000 | 347,367,000 | |||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal | 599,830,000 | 0 | |||
Book value of debt | $ 598,074,000 | $ 0 | |||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Southaven [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.80% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | 0.90% | 1.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.00% | 0.875% | 1.00% | ||
Minimum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Interest Rate(s) | 5.14% | ||||
Maximum [Member] | Mortgages Payable [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 | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Maturities of Debt [Line Items] | ||
For the remainder of 2020 | $ 2,694 | |
2021 | 657,023 | |
2022 | 4,436 | |
2023 | 254,768 | |
2024 | 605,140 | |
Thereafter | 657,206 | |
Subtotal | 2,181,267 | $ 1,582,309 |
Net discount and debt origination costs | (13,713) | |
Total debt | $ 2,167,554 | $ 1,569,773 |
Debt of the Operating Partner_5
Debt of the Operating Partnership (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percent of guaranty of completion and principal guaranty | 5.00% | 5.00% | ||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percent of guaranty of completion and principal guaranty | 100.00% | 100.00% | ||||
Tanger Properties Limited Partnership [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal | $ 2,181,267,000 | $ 2,181,267,000 | $ 1,582,309,000 | |||
Proceeds from revolving credit facility | 634,030,000 | $ 135,200,000 | ||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net book value of collateral for mortgages payable | 171,700,000 | 171,700,000 | ||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Liquidity Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 20,000,000 | 20,000,000 | ||||
Line of Credit Facility, Syndicated Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 580,000,000 | 580,000,000 | ||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | 1,200,000,000 | 1,200,000,000 | ||||
Letters of Credit | 170,000 | $ 170,000 | ||||
Percentage of funds from operations allowed on a cumulative basis to pay dividends | 95.00% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | 0.15% | ||||
Principal | 599,830,000 | $ 599,830,000 | 0 | |||
Proceeds from revolving credit facility | 599,800,000 | |||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal | 350,000,000 | $ 350,000,000 | 350,000,000 | 350,000,000 | ||
Tanger Properties Limited Partnership [Member] | Debt [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit borrowing capacity | 600,000,000 | $ 600,000,000 | 600,000,000 | |||
Tanger Factory Outlet Centers, Inc. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from revolving credit facility | 634,030,000 | $ 135,200,000 | ||||
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | 19,200,000 | 19,200,000 | ||||
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | 599,830,000 | 599,830,000 | 0 | |||
Tanger Factory Outlet Centers, Inc. [Member] | Debt [Member] | Unsecured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | 0.875% | 1.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | 0.90% | 1.00% |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | $ 597,140 | $ 1,018 |
Total liabilities | 6,100 | 1,442 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 597,140 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 0 | 1,018 |
Total liabilities | 6,100 | 1,442 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Short-term government securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term government securities (cash and cash equivalents) | 597,140 | |
Short-term government securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term government securities (cash and cash equivalents) | 597,140 | |
Short-term government securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term government securities (cash and cash equivalents) | 0 | |
Short-term government securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term government securities (cash and cash equivalents) | 0 | |
Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 1,018 | |
Interest rate swaps (other liabilities) | 6,100 | 1,442 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 1,018 | |
Interest rate swaps (other liabilities) | 6,100 | 1,442 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | |
Interest rate swaps (other liabilities) | $ 0 | $ 0 |
Fair Value Measurements Nonrecu
Fair Value Measurements Nonrecurring (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Nonrecurring [Member] | 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 | $ 60,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Long-lived assets | 60,000 |
Foxwoods [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment charge | $ 45,700 |
Terminal capitalization rate | Foxwoods [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 7.80% |
Discount rate | Foxwoods [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 8.50% |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 2,181,170 | $ 1,603,814 |
Recorded value of debt | 2,167,554 | 1,569,773 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,148,011 | 1,169,481 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 1,033,159 | $ 434,333 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2020 | Feb. 28, 2019 | Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends payable | $ 35,108 | $ 35,199 | |||
Tanger Factory Outlet Centers, Inc. [Member] | |||||
Common dividends paid per common share (in dollars per share) | $ 0.355 | $ 0.35 | |||
Common dividends per common share (in dollars per share) | 0.3575 | $ 0.355 | $ 0.7125 | $ 0.705 | |
Additional amount authorized | $ 44,300 | ||||
Authorized repurchase amount | $ 169,300 | ||||
Remaining amount authorized to be repurchase | $ 80,000 | ||||
Tanger Properties Limited Partnership [Member] | |||||
Common distributions (in dollars per share) | 0.355 | $ 0.35 | $ 0.7125 | $ 0.705 | |
Cash dividend declared (in dollars per unit) | $ 0.3575 | $ 0.355 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General partner (in units) | 1,000,000 | |
Grant of restricted common shares awards, net of forfeitures (in units) | 241,038 | 242,167 |
Units withheld for employee income taxes (in units) | (56,597) | (81,284) |
General partner (in units) | 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 |
Grant of restricted common shares awards, net of forfeitures (in units) | 0 | 0 |
Units withheld for employee income taxes (in units) | 0 | 0 |
General partner (in units) | 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) | 4,911,173 | 4,960,684 |
Grant of restricted common shares awards, net of forfeitures (in units) | 0 | 0 |
Units withheld for employee income taxes (in units) | 0 | 0 |
Limited partners (in units) | 4,911,173 | 4,960,684 |
Class B Limited Partnership Units [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in units) | 91,892,260 | 92,941,783 |
Grant of restricted common shares awards, net of forfeitures (in units) | 241,038 | 242,167 |
Units withheld for employee income taxes (in units) | (56,597) | (81,284) |
Limited partners (in units) | 92,076,701 | 93,102,666 |
Limited partners [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in units) | 96,803,433 | 97,902,467 |
Grant of restricted common shares awards, net of forfeitures (in units) | 241,038 | 242,167 |
Units withheld for employee income taxes (in units) | (56,597) | (81,284) |
Limited partners (in units) | 96,987,874 | 98,063,350 |
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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income (loss) attributable to Tanger Factory Outlet Centers, Inc. | $ (26,882) | $ 62,331 |
Less allocation of earnings to participating securities | (516) | (611) |
Net income (loss) available to common shareholders/unitholders | $ (27,398) | $ 61,720 |
Denominator: | ||
Basic weighted average common shares (in shares) | 92,500 | 93,303 |
Diluted weighted average common shares (in shares) | 92,500 | 93,303 |
Basic earnings per common share/unit: | ||
Net income (loss), basic (in dollars per share) | $ (0.30) | $ 0.66 |
Diluted earnings per common share: | ||
Net income (loss), diluted (in dollars per share) | $ (0.30) | $ 0.66 |
Antidilutive Incremental Common Shares Attributable to Notional Units | 1,500 | 1,200 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 521 | 528 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income (loss) attributable to partners of the Operating Partnership | $ (28,309) | $ 65,646 |
Less allocation of earnings to participating securities | (516) | (611) |
Net income (loss) available to common shareholders/unitholders | $ (28,825) | $ 65,035 |
Denominator: | ||
Basic weighted average common shares (in shares) | 97,411 | 98,264 |
Diluted weighted average common shares (in shares) | 97,411 | 98,264 |
Basic earnings per common share/unit: | ||
Net income (loss), basic (in dollars per share) | $ (0.30) | $ 0.66 |
Diluted earnings per common unit: | ||
Net income (loss), diluted (in dollars per share) | $ (0.30) | $ 0.66 |
Antidilutive Incremental Common Shares Attributable to Notional Units | 1,500 | 1,200 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 521 | 528 |
Equity-Based Compensation of _3
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 3,788 | $ 3,818 |
Restricted common shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 2,227 | 2,513 |
Notional unit performance awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | 1,520 | 1,262 |
Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity-based compensation | $ 41 | $ 43 |
Equity-Based Compensation of _4
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Tanger Factory Outlet Centers, Inc. [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Equity-based compensation expense capitalized | $ 101 | $ 92 |
Equity-Based Compensation of _5
Equity-Based Compensation of the Company (Outperformance Plan) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - $ / shares | 1 Months Ended | 3 Months Ended |
Feb. 19, 2020 | Mar. 31, 2020 | |
Shares/Units, granted (in shares/units) | 697,000 | |
2020 OPP [Member] | ||
Maximum number of restricted common shares that may be earned | 696,687 | |
Granted (in dollars per share) | $ 7.30 | |
Absolute portion of award [Member] | 2020 OPP [Member] | ||
Percent of total award | 33.30% | |
Relative portion of award [Member] | 2020 OPP [Member] | ||
Percent of total award | 66.70% | |
Minimum [Member] | Absolute portion of award [Member] | 2020 OPP [Member] | ||
Absolute total shareholder return | 36.80% | |
Percentage of units to be earned | 20.00% | |
Minimum [Member] | Relative portion of award [Member] | 2020 OPP [Member] | ||
Percentage of units to be earned | 20.00% | |
Percentile rank of peer group range | 30.00% | |
Maximum [Member] | Absolute portion of award [Member] | 2020 OPP [Member] | ||
Absolute total shareholder return | 52.10% | |
Percentage of units to be earned | 100.00% | |
Maximum [Member] | Relative portion of award [Member] | 2020 OPP [Member] | ||
Percentage of units to be earned | 100.00% | |
Percentile rank of peer group range | 80.00% |
Equity-Based Compensation of _6
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - Performance Shares [Member] - 2020 OPP [Member] | 3 Months Ended |
Mar. 31, 2020 | |
Risk Free Interest Rate | 1.40% |
Expected Dividend Rate | 8.40% |
Expected Volatility Rate | 29.00% |
Equity-Based Compensation of _7
Equity-Based Compensation of the Company (Narrative) (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Feb. 29, 2020 | Feb. 19, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding for share based compensation (in shares) | 56,597 | 81,284 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 736 | $ 1,781 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units, granted (in shares/units) | 697,000 | |||
Restricted Common Share Award Plan [Member] | Restricted common shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares/Units, granted (in shares/units) | 399,000 | |||
Lower limit, grant date fair value (in dollars per share) | $ 12.03 | |||
Upper limit, grant date fair value (in dollars per share) | $ 13.75 | |||
Restricted Common Share Award Plan [Member] | Director [Member] | Restricted common shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Common Share Award Plan [Member] | Senior Executive Officers [Member] | Restricted common 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 [Member] | Restricted common shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation arrangement award holding period | 3 years | |||
2020 OPP [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Award Measurement Period | 3 years | |||
2020 OPP [Member] | Vesting immediately [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% | |||
2020 OPP [Member] | Vesting one year thereafter [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 50.00% |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) of the Company (Details) - Tanger Factory Outlet Centers, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 456,109 | $ 505,535 |
Ending Balance | 347,658 | 503,443 |
Interest rate swap gain (loss) to be reclassified within twelve months | 3,200 | |
Foreign Currency, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (25,094) | (32,610) |
Other comprehensive income (loss) before reclassifications | (7,343) | 1,851 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | 0 | 0 |
Ending Balance | (32,437) | (30,759) |
Cash flow hedges, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (401) | 5,459 |
Other comprehensive income (loss) before reclassifications | (5,388) | (1,166) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | (2) | (687) |
Ending Balance | (5,791) | 3,606 |
Total, Tanger Factory Outlet Centers, Inc., AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (25,495) | (27,151) |
Other comprehensive income (loss) before reclassifications | (12,731) | 685 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | (2) | (687) |
Ending Balance | (38,228) | (27,153) |
Foreign Currency, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,369) | (1,770) |
Other comprehensive income (loss) before reclassifications | (390) | 98 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | 0 | 0 |
Ending Balance | (1,759) | (1,672) |
Cash flow hedges, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (24) | 290 |
Other comprehensive income (loss) before reclassifications | (286) | (62) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | 0 | (37) |
Ending Balance | (310) | 191 |
Total, noncontrolling interest, AOCI [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,393) | (1,480) |
Other comprehensive income (loss) before reclassifications | (676) | 36 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | 0 | (37) |
Ending Balance | $ (2,069) | $ (1,481) |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 456,109 | |
Ending Balance | 347,658 | |
Interest rate swap gain (loss) to be reclassified within twelve months | 3,200 | |
Foreign Currency [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (26,463) | $ (34,380) |
Other comprehensive income (loss) before reclassifications | (7,733) | 1,949 |
Ending Balance | (34,196) | (32,431) |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (425) | 5,749 |
Other comprehensive income (loss) before reclassifications | (5,674) | (1,228) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | (2) | (724) |
Ending Balance | (6,101) | 3,797 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (26,888) | (28,631) |
Other comprehensive income (loss) before reclassifications | (13,407) | 721 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges | (2) | (724) |
Ending Balance | $ (40,297) | $ (28,634) |
Leasing Agreements - Rental Rev
Leasing Agreements - Rental Revenues (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)OutletCenterstore | Mar. 31, 2019USD ($) | |
Rental revenues - fixed | $ 86,933 | $ 93,459 |
Rental revenues - variable | 21,625 | 26,495 |
Rental revenues | $ 108,558 | $ 119,954 |
Consolidated Properties [Member] | ||
Number of stores | store | 2,300 | |
Number of outlet centers | OutletCenter | 32 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 18,168 | $ 12,791 |
Dividends payable | 35,108 | 35,199 |
Interest paid | $ 14,811 | $ 16,022 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2020 | Feb. 29, 2020 | Feb. 19, 2020 | Mar. 31, 2020 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of years of employment agreement | 3 years | |||
Options [Member] | President and COO [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Options granted | 1,000,000 | |||
Exercise price | $ 7.15 | |||
Options expire (in years) | 10 years | |||
Weighted average grant date fair value | $ 0.42 | |||
Expected Dividend Rate | 9.86% | |||
Expected life | 7 years 10 months 24 days | |||
Expected Volatility Rate | 30.44% | |||
Risk Free Interest Rate | 0.60% | |||
Forfeiture Rate Used | 0.00% | |||
Vesting percentage | 25.00% | |||
Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares/Units, granted (in shares/units) | 697,000 | |||
Restricted Common Share Award Plan [Member] | Restricted common shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares/Units, granted (in shares/units) | 399,000 | |||
Restricted Common Share Award Plan [Member] | Restricted common shares [Member] | President and COO [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Vesting period | 3 years | |||
Shares/Units, granted (in shares/units) | 389,308 | |||
Vesting percentage | 33.00% | |||
Grant Date Fair Value | $ 7.15 | |||
2020 OPP [Member] | Performance Shares [Member] | Tanger Factory Outlet Centers, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Expected Dividend Rate | 8.40% | |||
Expected Volatility Rate | 29.00% | |||
Risk Free Interest Rate | 1.40% | |||
2020 OPP [Member] | Performance Shares [Member] | President and COO [Member] | Tanger Factory Outlet Centers, Inc. [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares/Units, granted (in shares/units) | 205,480 | |||
Grant Date Fair Value | $ 3.11 |