Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-11986 | |
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS, INC | |
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 | |
Title of 12(b) Security | Common Shares, $0.01 par value | |
Trading Symbol | SKT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 105,180,276 | |
Entity Central Index Key | 0000899715 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Tanger Properties Limited Partnership | ||
Entity Information [Line Items] | ||
Entity File Number | 333-3526-01 | |
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1822494 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001004036 |
TANGER FACTORY OUTLET CENTERS,
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Rental property: | ||
Land | $ 275,081 | $ 275,079 |
Buildings, improvements and fixtures | 2,564,722 | 2,553,452 |
Construction in progress | 88,788 | 27,340 |
Rental property, at cost, total | 2,928,591 | 2,855,871 |
Accumulated depreciation | (1,271,635) | (1,224,962) |
Total rental property, net | 1,656,956 | 1,630,909 |
Cash and cash equivalents | 213,002 | 212,124 |
Short-term investments | 15,370 | 52,450 |
Investments in unconsolidated joint ventures | 74,460 | 73,809 |
Deferred lease costs and other intangibles, net | 55,588 | 58,574 |
Operating lease right-of-use assets | 78,025 | 78,636 |
Prepaids and other assets | 102,547 | 111,163 |
Total assets | 2,195,948 | 2,217,665 |
Debt: | ||
Senior, unsecured notes, net | 1,038,915 | 1,037,998 |
Unsecured term loan, net | 321,947 | 321,525 |
Mortgages payable, net | 66,529 | 68,971 |
Unsecured lines of credit | 0 | 0 |
Total debt | 1,427,391 | 1,428,494 |
Accounts payable and accrued expenses | 91,897 | 104,741 |
Operating lease liabilities | 86,929 | 87,528 |
Other liabilities | 81,988 | 82,968 |
Total liabilities | 1,688,205 | 1,703,731 |
Commitments and contingencies | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $0.01 par value, 300,000,000 shares authorized, 105,185,781 and 104,497,920 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 1,052 | 1,045 |
Paid in capital | 986,472 | 987,192 |
Accumulated distributions in excess of net income | (488,273) | (485,557) |
Accumulated other comprehensive loss | (13,342) | (11,037) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 485,909 | 491,643 |
Noncontrolling interests in Operating Partnership | 21,834 | 22,291 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 507,743 | 513,934 |
Total liabilities and equity | $ 2,195,948 | $ 2,217,665 |
TANGER FACTORY OUTLET CENTERS_2
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
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) | 105,185,781 | 104,497,920 |
Common shares outstanding (in shares) | 105,185,781 | 104,497,920 |
TANGER FACTORY OUTLET CENTERS_3
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Rental revenues | $ 104,588 | $ 101,409 | $ 208,170 | $ 206,018 |
Management, leasing and other services | 2,122 | 1,436 | 4,036 | 2,963 |
Other revenues | 3,931 | 2,993 | 7,378 | 5,725 |
Total revenues | 110,641 | 105,838 | 219,584 | 214,706 |
Expenses: | ||||
Property operating | 33,712 | 32,697 | 66,860 | 69,455 |
General and administrative | 18,304 | 19,329 | 35,738 | 34,796 |
Depreciation and amortization | 25,389 | 26,220 | 51,282 | 52,463 |
Total expenses | 77,405 | 78,246 | 153,880 | 156,714 |
Other income (expense): | ||||
Interest expense | (11,966) | (11,576) | (24,309) | (23,210) |
Other income (expense) | 2,324 | 2,576 | 5,124 | 2,759 |
Total other income (expense) | (9,642) | (9,000) | (19,185) | (20,451) |
Income before equity in earnings of unconsolidated joint ventures | 23,594 | 18,592 | 46,519 | 37,541 |
Equity in earnings of unconsolidated joint ventures | 1,706 | 2,227 | 3,641 | 4,740 |
Net income | 25,300 | 20,819 | 50,160 | 42,281 |
Noncontrolling interests in Operating Partnership | (1,098) | (914) | (2,169) | (1,858) |
Noncontrolling interests in other consolidated partnerships | 0 | 0 | (248) | 0 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 24,202 | $ 19,905 | $ 47,743 | $ 40,423 |
Basic earnings per common share/unit | ||||
Net income (in dollars per unit) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common share/unit | ||||
Net income (in dollars per unit) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
TANGER FACTORY OUTLET CENTERS_4
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 25,300 | $ 20,819 | $ 50,160 | $ 42,281 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,227 | (2,441) | 1,389 | (1,215) |
Change in fair value of cash flow hedges | (373) | 2,265 | (3,799) | 9,939 |
Other comprehensive income (loss) | 854 | (176) | (2,410) | 8,724 |
Comprehensive income | 26,154 | 20,643 | 47,750 | 51,005 |
Comprehensive income attributable to noncontrolling interests | (1,135) | (906) | (2,064) | (2,241) |
Comprehensive income attributable to the Operating Partnership | $ 25,019 | $ 19,737 | $ 45,686 | $ 48,764 |
TANGER FACTORY OUTLET CENTERS_5
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Equity attributable to Tanger Factory Outlet Centers, Inc. | Common shares | Paid in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive loss | Noncontrolling Interests Noncontrolling interests in Operating Partnership | Noncontrolling Interests Noncontrolling interests in other consolidated partnerships |
Beginning Balance at Dec. 31, 2021 | $ 499,789 | $ 477,925 | $ 1,041 | $ 978,054 | $ (483,409) | $ (17,761) | $ 21,864 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 42,281 | 40,423 | 40,423 | 1,858 | ||||
Other comprehensive income (loss) | 8,724 | 8,341 | 8,341 | 383 | ||||
Compensation under Incentive Award Plan | 7,045 | 7,045 | 7,045 | |||||
Issuance of common shares upon exercise of options | 15 | 15 | 15 | |||||
Grant of restricted common shares awards, net of forfeitures | 0 | 4 | (4) | |||||
Withholding of common shares for employee income taxes | (3,203) | (3,203) | (1) | (3,202) | ||||
Adjustment for noncontrolling interests in Operating Partnership | 0 | (75) | (75) | 75 | ||||
Common dividends | (40,255) | (40,255) | (40,255) | |||||
Distributions to noncontrolling interests | (1,821) | (1,821) | ||||||
Ending Balance at Jun. 30, 2022 | $ 512,575 | 490,216 | 1,044 | 981,833 | (483,241) | (9,420) | 22,359 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted common share awards, net of forfeitures (in units) | 499,336 | |||||||
Beginning Balance at Mar. 31, 2022 | $ 510,577 | 488,320 | 1,044 | 978,734 | (482,206) | (9,252) | 22,257 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20,819 | 19,905 | 19,905 | 914 | ||||
Other comprehensive income (loss) | (176) | (168) | (168) | (8) | ||||
Compensation under Incentive Award Plan | 4,299 | 4,299 | 4,299 | |||||
Issuance of common shares upon exercise of options | 5 | 5 | 5 | |||||
Forfeiture of restricted common share awards | 0 | 0 | 0 | |||||
Withholding of common shares for employee income taxes | (1,057) | (1,057) | (1,057) | |||||
Adjustment for noncontrolling interests in Operating Partnership | (148) | (148) | 148 | |||||
Common dividends | (20,940) | (20,940) | (20,940) | |||||
Distributions to noncontrolling interests | (952) | (952) | ||||||
Ending Balance at Jun. 30, 2022 | 512,575 | 490,216 | 1,044 | 981,833 | (483,241) | (9,420) | 22,359 | 0 |
Beginning Balance at Dec. 31, 2022 | 513,934 | 491,643 | 1,045 | 987,192 | (485,557) | (11,037) | 22,291 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 50,160 | 47,743 | 47,743 | 2,169 | 248 | |||
Other comprehensive income (loss) | (2,410) | (2,305) | (2,305) | (105) | ||||
Compensation under Incentive Award Plan | 5,775 | 5,775 | 5,775 | |||||
Issuance of common shares upon exercise of options | 43 | 43 | 43 | |||||
Grant of restricted common shares awards, net of forfeitures | (1) | (1) | 10 | (11) | ||||
Withholding of common shares for employee income taxes | (6,843) | (6,843) | (3) | (6,840) | ||||
Adjustment for noncontrolling interests in Operating Partnership | 0 | 313 | 313 | (313) | ||||
Common dividends | (50,459) | (50,459) | (50,459) | 0 | ||||
Distributions to noncontrolling interests | (2,456) | (2,208) | (248) | |||||
Ending Balance at Jun. 30, 2023 | $ 507,743 | 485,909 | 1,052 | 986,472 | (488,273) | (13,342) | 21,834 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Grant of restricted common share awards, net of forfeitures (in units) | 1,042,932 | |||||||
Beginning Balance at Mar. 31, 2023 | $ 506,306 | 484,509 | 1,053 | 984,254 | (486,639) | (14,159) | 21,797 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 25,300 | 24,202 | 24,202 | 1,098 | ||||
Other comprehensive income (loss) | 854 | 817 | 817 | 37 | ||||
Compensation under Incentive Award Plan | 3,452 | 3,452 | 3,452 | |||||
Issuance of common shares upon exercise of options | 28 | 28 | 28 | |||||
Forfeiture of restricted common share awards | (1) | (1) | (1) | |||||
Withholding of common shares for employee income taxes | (1,194) | (1,194) | (1,194) | |||||
Adjustment for noncontrolling interests in Operating Partnership | 0 | (68) | (68) | 68 | ||||
Common dividends | (25,836) | (25,836) | (25,836) | 0 | ||||
Distributions to noncontrolling interests | (1,166) | (1,166) | 0 | |||||
Ending Balance at Jun. 30, 2023 | $ 507,743 | $ 485,909 | $ 1,052 | $ 986,472 | $ (488,273) | $ (13,342) | $ 21,834 | $ 0 |
TANGER FACTORY OUTLET CENTERS_6
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Forfeitures of restricted common share awards by the company (in shares) | 73,440 | 13,062 | ||
Issuance of common units upon exercise of stock options | 4,600 | 800 | 7,200 | 2,700 |
Withholding of common shares for employee income taxes (in shares) | 61,632 | 62,007 | 362,271 | 191,978 |
Grant of restricted common share awards, net of forfeitures (in shares) | 1,042,932 | 499,336 | ||
Issuance of shares (in shares) | 0 | 0 | ||
Common dividends (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 |
TANGER FACTORY OUTLET CENTERS_7
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 50,160 | $ 42,281 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 51,282 | 52,463 |
Amortization of deferred financing costs | 1,599 | 1,541 |
Equity in earnings of unconsolidated joint ventures | (3,641) | (4,740) |
Equity-based compensation expense | 5,652 | 6,959 |
Amortization of debt (premiums) and discounts, net | 294 | 241 |
Amortization (accretion) of market rent rate adjustments, net | 289 | 314 |
Straight-line rent adjustments | 1,001 | 1,035 |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,721 | 4,775 |
Other non-cash | 0 | (2,418) |
Changes in other assets and liabilities: | ||
Other assets | 6,931 | 7,072 |
Accounts payable and accrued expenses | (18,369) | (20,448) |
Net cash provided by operating activities | 98,919 | 89,075 |
INVESTING ACTIVITIES | ||
Additions to rental property | (71,830) | (25,717) |
Additions to investments in unconsolidated joint ventures | (2,633) | 0 |
Net proceeds on sale of non-real estate assets | 0 | 14,610 |
Proceeds from short-term investments | 37,080 | 0 |
Additions to non-real estate assets | (2,135) | (4,176) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,080 | 6,536 |
Additions to deferred lease costs | (1,384) | (1,076) |
Payments for other investing activities | (2,036) | 0 |
Proceeds from other investing activities | 3,821 | 1,728 |
Net cash used in investing activities | (35,037) | (8,095) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (50,459) | (40,255) |
Distributions to noncontrolling interests in Operating Partnership | (2,208) | (1,821) |
Proceeds from notes, mortgages and loans | 0 | 0 |
Repayments of notes, mortgages and loans | (2,343) | (2,180) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (6,843) | (3,203) |
Proceeds from exercise of options | 43 | 15 |
Payment for other financing activities | (590) | (574) |
Distributions to noncontrolling interests in other consolidated partnerships | (248) | 0 |
Net cash used in financing activities | (62,648) | (48,018) |
Effect of foreign currency rate changes on cash and cash equivalents | (356) | (27) |
Net increase in cash and cash equivalents | 878 | 32,935 |
Cash and cash equivalents, beginning of period | 212,124 | 161,255 |
Cash and cash equivalents, end of period | $ 213,002 | $ 194,190 |
TANGER PROPERTIES LIMITED PARTN
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Rental property: | ||
Land | $ 275,081 | $ 275,079 |
Buildings, improvements and fixtures | 2,564,722 | 2,553,452 |
Construction in progress | 88,788 | 27,340 |
Rental property, at cost, total | 2,928,591 | 2,855,871 |
Accumulated depreciation | (1,271,635) | (1,224,962) |
Total rental property, net | 1,656,956 | 1,630,909 |
Cash and cash equivalents | 213,002 | 212,124 |
Short-term investments | 15,370 | 52,450 |
Investments in unconsolidated joint ventures | 74,460 | 73,809 |
Deferred lease costs and other intangibles, net | 55,588 | 58,574 |
Operating lease right-of-use assets | 78,025 | 78,636 |
Prepaids and other assets | 102,547 | 111,163 |
Total assets | 2,195,948 | 2,217,665 |
Debt: | ||
Senior, unsecured notes, net | 1,038,915 | 1,037,998 |
Unsecured term loan, net | 321,947 | 321,525 |
Mortgages payable, net | 66,529 | 68,971 |
Unsecured lines of credit | 0 | 0 |
Total debt | 1,427,391 | 1,428,494 |
Accounts payable and accrued expenses | 91,897 | 104,741 |
Operating lease liabilities | 86,929 | 87,528 |
Other liabilities | 81,988 | 82,968 |
Total liabilities | 1,688,205 | 1,703,731 |
Commitments and contingencies | ||
Partners’ Equity: | ||
Accumulated other comprehensive loss | (13,342) | (11,037) |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total liabilities and equity | 2,195,948 | 2,217,665 |
Tanger Properties Limited Partnership | ||
Rental property: | ||
Land | 275,081 | 275,079 |
Buildings, improvements and fixtures | 2,564,722 | 2,553,452 |
Construction in progress | 88,788 | 27,340 |
Rental property, at cost, total | 2,928,591 | 2,855,871 |
Accumulated depreciation | (1,271,635) | (1,224,962) |
Total rental property, net | 1,656,956 | 1,630,909 |
Cash and cash equivalents | 212,842 | 212,011 |
Short-term investments | 15,370 | 52,450 |
Investments in unconsolidated joint ventures | 74,460 | 73,809 |
Deferred lease costs and other intangibles, net | 55,588 | 58,574 |
Operating lease right-of-use assets | 78,025 | 78,636 |
Prepaids and other assets | 102,277 | 110,622 |
Total assets | 2,195,518 | 2,217,011 |
Debt: | ||
Senior, unsecured notes, net | 1,038,915 | 1,037,998 |
Unsecured term loan, net | 321,947 | 321,525 |
Mortgages payable, net | 66,529 | 68,971 |
Unsecured lines of credit | 0 | 0 |
Total debt | 1,427,391 | 1,428,494 |
Accounts payable and accrued expenses | 91,467 | 104,087 |
Operating lease liabilities | 86,929 | 87,528 |
Other liabilities | 81,988 | 82,968 |
Total liabilities | 1,687,775 | 1,703,077 |
Commitments and contingencies | ||
Partners’ Equity: | ||
General partner, 1,100,000 units outstanding at June 30, 2023 and 1,100,000 units at December 31, 2022, respectively | 4,503 | 4,516 |
Limited partners, 4,737,982 and 4,737,982 Class A common units, and 104,085,781 and 103,397,920 Class B common units outstanding at June 30, 2023 and December 31, 2022, respectively | 517,400 | 521,168 |
Accumulated other comprehensive loss | (14,160) | (11,750) |
Total partners’ equity | 507,743 | 513,934 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 507,743 | 513,934 |
Total liabilities and equity | $ 2,195,518 | $ 2,217,011 |
TANGER PROPERTIES LIMITED PAR_2
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - Tanger Properties Limited Partnership - shares | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
General partner units, outstanding (in units) | 1,100,000 | 1,100,000 | ||||
Class A | ||||||
Limited partners units, outstanding (in units) | 4,737,982 | 4,737,982 | 4,737,982 | 4,761,559 | 4,761,559 | 4,761,559 |
Class B | ||||||
Limited partners units, outstanding (in units) | 104,085,781 | 104,216,253 | 103,397,920 | 103,294,792 | 103,369,061 | 102,984,734 |
TANGER PROPERTIES LIMITED PAR_3
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Rental revenues | $ 104,588 | $ 101,409 | $ 208,170 | $ 206,018 |
Management, leasing and other services | 2,122 | 1,436 | 4,036 | 2,963 |
Other revenues | 3,931 | 2,993 | 7,378 | 5,725 |
Total revenues | 110,641 | 105,838 | 219,584 | 214,706 |
Expenses: | ||||
Property operating | 33,712 | 32,697 | 66,860 | 69,455 |
General and administrative | 18,304 | 19,329 | 35,738 | 34,796 |
Depreciation and amortization | 25,389 | 26,220 | 51,282 | 52,463 |
Total expenses | 77,405 | 78,246 | 153,880 | 156,714 |
Other income (expense): | ||||
Interest expense | (11,966) | (11,576) | (24,309) | (23,210) |
Other income (expense) | 2,324 | 2,576 | 5,124 | 2,759 |
Total other income (expense) | (9,642) | (9,000) | (19,185) | (20,451) |
Income before equity in earnings of unconsolidated joint ventures | 23,594 | 18,592 | 46,519 | 37,541 |
Equity in earnings of unconsolidated joint ventures | 1,706 | 2,227 | 3,641 | 4,740 |
Net income | 25,300 | 20,819 | 50,160 | 42,281 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 24,202 | $ 19,905 | $ 47,743 | $ 40,423 |
Basic earnings per common share/unit | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common share/unit | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
Tanger Properties Limited Partnership | ||||
Revenues: | ||||
Rental revenues | $ 104,588 | $ 101,409 | $ 208,170 | $ 206,018 |
Management, leasing and other services | 2,122 | 1,436 | 4,036 | 2,963 |
Other revenues | 3,931 | 2,993 | 7,378 | 5,725 |
Total revenues | 110,641 | 105,838 | 219,584 | 214,706 |
Expenses: | ||||
Property operating | 33,712 | 32,697 | 66,860 | 69,455 |
General and administrative | 18,304 | 19,329 | 35,738 | 34,796 |
Depreciation and amortization | 25,389 | 26,220 | 51,282 | 52,463 |
Total expenses | 77,405 | 78,246 | 153,880 | 156,714 |
Other income (expense): | ||||
Interest expense | (11,966) | (11,576) | (24,309) | (23,210) |
Other income (expense) | 2,324 | 2,576 | 5,124 | 2,759 |
Total other income (expense) | (9,642) | (9,000) | (19,185) | (20,451) |
Income before equity in earnings of unconsolidated joint ventures | 23,594 | 18,592 | 46,519 | 37,541 |
Equity in earnings of unconsolidated joint ventures | 1,706 | 2,227 | 3,641 | 4,740 |
Net income | 25,300 | 20,819 | 50,160 | 42,281 |
Noncontrolling interests in consolidated partnerships | 0 | 0 | (248) | 0 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 25,300 | 20,819 | 49,912 | 42,281 |
Net income available to limited partners | 25,047 | 24,706 | 49,413 | 41,856 |
Net income (loss) available to general partner | $ 253 | $ (3,887) | $ 499 | $ 425 |
Basic earnings per common share/unit | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common share/unit | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
TANGER PROPERTIES LIMITED PAR_4
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 25,300 | $ 20,819 | $ 50,160 | $ 42,281 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,227 | (2,441) | 1,389 | (1,215) |
Change in fair value of cash flow hedges | (373) | 2,265 | (3,799) | 9,939 |
Other comprehensive income (loss) | 854 | (176) | (2,410) | 8,724 |
Comprehensive income | 26,154 | 20,643 | 47,750 | 51,005 |
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | (1,135) | (906) | (2,064) | (2,241) |
Comprehensive income attributable to the Operating Partnership | 25,019 | 19,737 | 45,686 | 48,764 |
Tanger Properties Limited Partnership | ||||
Net income | 25,300 | 20,819 | 50,160 | 42,281 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1,227 | (2,441) | 1,389 | (1,215) |
Change in fair value of cash flow hedges | (373) | 2,265 | (3,799) | 9,939 |
Other comprehensive income (loss) | 854 | (176) | (2,410) | 8,724 |
Comprehensive income | 26,154 | 20,643 | 47,750 | 51,005 |
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | 0 | 0 | (248) | 0 |
Comprehensive income attributable to the Operating Partnership | $ 26,154 | $ 20,643 | $ 47,502 | $ 51,005 |
TANGER PROPERTIES LIMITED PAR_5
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Tanger Properties Limited Partnership | Tanger Properties Limited Partnership Total partners’ equity | Tanger Properties Limited Partnership Noncontrolling interests in consolidated partnerships | Tanger Properties Limited Partnership General partner | Tanger Properties Limited Partnership Limited partners |
Beginning Balance at Dec. 31, 2021 | $ 499,789 | $ 0 | $ 4,539 | $ 514,023 | ||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2021 | $ 499,789 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 42,281 | 42,281 | 42,281 | 425 | 41,856 | |
Other comprehensive income (loss) | 8,724 | 8,724 | 8,724 | |||
Compensation under Incentive Award Plan | 7,045 | 7,045 | 7,045 | 7,045 | ||
Issuance of common units upon exercise of options | 15 | 15 | 15 | 15 | ||
Withholding of common units for employee income taxes | (3,203) | (3,203) | (3,203) | (3,203) | ||
Grant of restricted common share awards by the Company | 0 | 0 | 0 | 0 | ||
Common distributions | (42,076) | (42,076) | (421) | (41,655) | ||
Ending Balance at Jun. 30, 2022 | 512,575 | 0 | 4,543 | 518,081 | ||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2022 | 512,575 | |||||
Beginning Balance at Mar. 31, 2022 | 510,577 | 8,650 | 511,800 | |||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2022 | 510,577 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 20,819 | 20,819 | 20,819 | (3,887) | 24,706 | |
Other comprehensive income (loss) | (176) | (176) | (176) | |||
Compensation under Incentive Award Plan | 4,299 | 4,299 | 4,299 | 4,299 | ||
Issuance of common units upon exercise of options | 5 | |||||
Withholding of common units for employee income taxes | (1,057) | (1,057) | (1,057) | (1,057) | ||
Grant of restricted common share awards by the Company | 5 | 5 | 5 | |||
Common distributions | (21,892) | (21,892) | (220) | (21,672) | ||
Ending Balance at Jun. 30, 2022 | 512,575 | 0 | 4,543 | 518,081 | ||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2022 | 512,575 | |||||
Beginning Balance at Dec. 31, 2022 | 513,934 | 513,934 | 0 | 4,516 | 521,168 | |
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2022 | 513,934 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 50,160 | 50,160 | 49,912 | 248 | 499 | 49,413 |
Other comprehensive income (loss) | (2,410) | (2,410) | (2,410) | |||
Compensation under Incentive Award Plan | 5,775 | 5,775 | 5,775 | 5,775 | ||
Issuance of common units upon exercise of options | 43 | 43 | 43 | 43 | ||
Withholding of common units for employee income taxes | (6,843) | (6,843) | (6,843) | (6,843) | ||
Grant of restricted common share awards by the Company | (1) | 0 | ||||
Common distributions | (52,916) | (52,668) | (248) | (512) | (52,156) | |
Ending Balance at Jun. 30, 2023 | 507,743 | 507,743 | 0 | 4,503 | 517,400 | |
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2023 | 507,743 | |||||
Beginning Balance at Mar. 31, 2023 | 506,306 | 0 | 4,520 | 516,800 | ||
Balance, partners' capital, including portion attributable to noncontrolling interest at Mar. 31, 2023 | 506,306 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 25,300 | 25,300 | 25,300 | 0 | 253 | 25,047 |
Other comprehensive income (loss) | 854 | 854 | 854 | |||
Compensation under Incentive Award Plan | 3,452 | 3,452 | 3,452 | 3,452 | ||
Issuance of common units upon exercise of options | 28 | 28 | 28 | 28 | ||
Withholding of common units for employee income taxes | $ (1,194) | (1,194) | (1,194) | (1,194) | ||
Common distributions | (27,003) | (27,003) | 0 | (270) | (26,733) | |
Ending Balance at Jun. 30, 2023 | 507,743 | $ 507,743 | $ 0 | $ 4,503 | $ 517,400 | |
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2023 | $ 507,743 |
TANGER PROPERTIES LIMITED PAR_6
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Forfeitures of restricted common share awards by the company (in shares) | 73,440 | 13,062 | ||
Issuance of common units upon exercise of stock options | 4,600 | 800 | 7,200 | 2,700 |
Issuance of shares (in shares) | 0 | 0 | ||
Withholding of common units for employee income taxes (in units) | 61,632 | 62,007 | 362,271 | 191,978 |
Grant of restricted common share awards, net of forfeitures (in units) | 1,042,932 | 499,336 | ||
Common distributions (in dollars per share) | $ 0.245 | |||
Tanger Properties Limited Partnership | ||||
Forfeitures of restricted common share awards by the company (in shares) | 13,062 | |||
Issuance of common units upon exercise of stock options | 4,600 | 7,200 | 2,700 | |
Withholding of common units for employee income taxes (in units) | 61,632 | 62,007 | 362,271 | 191,978 |
Grant of restricted common share awards, net of forfeitures (in units) | 800 | 1,042,932 | 499,336 | |
Common distributions (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 |
TANGER PROPERTIES LIMITED PAR_7
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||
Net income | $ 50,160 | $ 42,281 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 51,282 | 52,463 |
Amortization of deferred financing costs | 1,599 | 1,541 |
Equity in earnings of unconsolidated joint ventures | (3,641) | (4,740) |
Equity-based compensation expense | 5,652 | 6,959 |
Amortization of debt (premiums) and discounts, net | 294 | 241 |
Amortization (accretion) of market rent rate adjustments, net | 289 | 314 |
Straight-line rent adjustments | 1,001 | 1,035 |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,721 | 4,775 |
Other non-cash | 0 | (2,418) |
Changes in other assets and liabilities: | ||
Other assets | 6,931 | 7,072 |
Accounts payable and accrued expenses | (18,369) | (20,448) |
Net cash provided by operating activities | 98,919 | 89,075 |
INVESTING ACTIVITIES | ||
Additions to rental property | (71,830) | (25,717) |
Additions to investments in unconsolidated joint ventures | (2,633) | 0 |
Net proceeds on sale of non-real estate assets | 0 | 14,610 |
Proceeds from short-term investments | (37,080) | 0 |
Additions to non-real estate assets | (2,135) | (4,176) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,080 | 6,536 |
Additions to deferred lease costs | (1,384) | (1,076) |
Payments for other investing activities | (2,036) | 0 |
Proceeds from other investing activities | 3,821 | 1,728 |
Net cash used in investing activities | (35,037) | (8,095) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (50,459) | (40,255) |
Proceeds from notes, mortgages and loans | 0 | 0 |
Repayments of notes, mortgages and loans | (2,343) | (2,180) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (6,843) | (3,203) |
Proceeds from exercise of options | 43 | 15 |
Payment for other financing activities | (590) | (574) |
Net cash used in financing activities | (62,648) | (48,018) |
Effect of foreign currency rate changes on cash and cash equivalents | (356) | (27) |
Net increase in cash and cash equivalents | 878 | 32,935 |
Cash and cash equivalents, beginning of period | 212,124 | 161,255 |
Cash and cash equivalents, end of period | 213,002 | 194,190 |
Distributions to noncontrolling interests in other consolidated partnerships | (248) | 0 |
Tanger Properties Limited Partnership | ||
OPERATING ACTIVITIES | ||
Net income | 50,160 | 42,281 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 51,282 | 52,463 |
Amortization of deferred financing costs | 1,599 | 1,541 |
Equity in earnings of unconsolidated joint ventures | (3,641) | (4,740) |
Equity-based compensation expense | 5,652 | 6,959 |
Amortization of debt (premiums) and discounts, net | 294 | 241 |
Amortization (accretion) of market rent rate adjustments, net | 289 | 314 |
Straight-line rent adjustments | 1,001 | 1,035 |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,721 | 4,775 |
Other non-cash | 0 | (2,418) |
Changes in other assets and liabilities: | ||
Other assets | 6,659 | 7,194 |
Accounts payable and accrued expenses | (18,144) | (20,449) |
Net cash provided by operating activities | 98,872 | 89,196 |
INVESTING ACTIVITIES | ||
Additions to rental property | (71,830) | (25,717) |
Additions to investments in unconsolidated joint ventures | (2,633) | 0 |
Net proceeds on sale of non-real estate assets | 0 | 14,610 |
Proceeds from short-term investments | (37,080) | 0 |
Additions to non-real estate assets | (2,135) | (4,176) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,080 | 6,536 |
Additions to deferred lease costs | (1,384) | (1,076) |
Payments for other investing activities | (2,036) | 0 |
Proceeds from other investing activities | 3,821 | 1,728 |
Net cash used in investing activities | (35,037) | (8,095) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (52,667) | (42,076) |
Proceeds from notes, mortgages and loans | 0 | 0 |
Repayments of notes, mortgages and loans | (2,343) | (2,180) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (6,843) | (3,203) |
Proceeds from exercise of options | 43 | 15 |
Payment for other financing activities | (590) | (574) |
Net cash used in financing activities | (62,648) | (48,018) |
Effect of foreign currency rate changes on cash and cash equivalents | (356) | (27) |
Net increase in cash and cash equivalents | 831 | 33,056 |
Cash and cash equivalents, beginning of period | 212,011 | 161,152 |
Cash and cash equivalents, end of period | 212,842 | 194,208 |
Distributions to noncontrolling interests in other consolidated partnerships | $ (248) | $ 0 |
Business
Business | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, we owned and operated 29 consolidated outlet centers, with a total gross leasable area of approximately 11.3 million square feet, which were 97% occupied and contained approximately 2,300 stores representing approximately 600 store brands, as well as one center under construction. We also had partial ownership interests in six unconsolidated outlet centers totaling approximately 2.1 million square feet, including two outlet centers in Canada. Our portfolio also includes one managed center totaling approximately 500,000 square feet. Each of our outlet centers, except one joint venture property, features the Tanger brand name. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [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 (“GAAP”) 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, 2022. The December 31, 2022 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 U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), 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 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 LPs’ 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. Accounts Receivable Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written-off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the consolidated balance sheets was approximately $50.1 million as of June 30, 2023. Impairment of Long-Lived Assets Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. If economic and market conditions deteriorate beyond our current expectations, or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. For example, the Foxwoods outlet center, which is part of a casino property, continues to face leasing challenges that could lead to further declines in occupancy, rental revenues and cash flows in the future. Such challenges, or a change in our expected holding period, could result in additional impairment charges recognized for the Foxwoods property. In addition, one of our outlet centers has an estimated fair value significantly less than its recorded carrying value of approximately $111.4 million. We continue to monitor facts and circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, to determine whether an impairment charge is necessary. We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods. |
Developments of Consolidated Ou
Developments of Consolidated Outlet Centers | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Developments of Consolidated Outlet Centers | Developments of Consolidated Outlet Centers The table below sets forth our consolidated outlet centers under development as of June 30, 2023: Project Approximate Square Feet Estimated Total Net Cost Costs Incurred to Date (in millions) 1 Projected Opening New Development: Nashville 290 $143 - $147 $89.3 October 2023 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 665 $ 74.5 — $ 74.5 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (19.7) 99.7 National Harbor (2) National Harbor, MD 50.0 % 341 (14.2) 94.0 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.2) 57.0 Columbus (2) Columbus, OH 50.0 % 355 (2.9) 70.3 $ (50.0) As of December 31, 2022 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 665 73.8 — $ 73.8 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 $ (18.8) $ 99.7 National Harbor (2) National Harbor, MD 50.0 % 341 (12.8) 94.6 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.5) 64.5 Columbus (2) Columbus, OH 50.0 % 355 (2.4) 70.3 $ (49.5) (1) Net of debt origination costs of $2.3 million as of June 30, 2023 and $1.5 million as of December 31, 2022. (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 Six months ended June 30, June 30, 2023 2022 2023 2022 Fee: Management and marketing $ 565 $ 552 $ 1,109 $ 1,088 Leasing and other fees 53 — 98 35 Expense reimbursements from unconsolidated joint ventures 1,109 884 2,185 1,840 Total Fees $ 1,727 $ 1,436 $ 3,391 $ 2,963 Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the “Condensed Combined Balance Sheets - Unconsolidated Joint Ventures” shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $3.1 million and $3.2 million as of June 30, 2023 and December 31, 2022, respectively) are amortized over the various useful lives of the related assets. Galveston/Houston In June 2023, the Galveston/Houston joint venture completed the refinance of its mortgage. The new $58.0 million loan has a maturity date of June 2026 and an interest rate of Daily SOFR + 3.00%. In conjunction with this refinance, the joint venture entered into a $29.0 million interest rate swap that fixes Daily SOFR at 4.44% until December 2025. 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 June 30, 2023 December 31, 2022 Assets Land $ 82,648 $ 81,716 Buildings, improvements and fixtures 463,373 458,190 Construction in progress 442 681 546,463 540,587 Accumulated depreciation (193,795) (182,731) Total rental property, net 352,668 357,856 Cash and cash equivalents 10,806 17,372 Deferred lease costs and other intangibles, net 2,613 2,895 Prepaids and other assets 9,140 10,612 Total assets $ 375,227 $ 388,735 Liabilities and Owners’ Equity Mortgages payable, net $ 321,082 $ 329,009 Accounts payable and other liabilities 13,164 15,374 Total liabilities 334,246 344,383 Owners’ equity 40,981 44,352 Total liabilities and owners’ equity $ 375,227 $ 388,735 Three months ended Six months ended Condensed Combined Statements of Operations - Unconsolidated Joint Ventures June 30, June 30, 2023 2022 2023 2022 Revenues $ 21,804 $ 21,666 $ 43,933 $ 43,507 Expenses: Property operating 8,783 8,435 17,255 16,738 General and administrative 47 40 189 133 Depreciation and amortization 5,156 5,540 10,395 11,021 Total expenses 13,986 14,015 27,839 27,892 Other income (expense): Interest expense (4,519) (3,158) (8,920) (6,073) Other income 129 3 268 6 Total other expense (4,390) (3,155) (8,652) (6,067) Net income $ 3,428 $ 4,496 $ 7,442 $ 9,548 The Company and Operating Partnership’s share of: Net income $ 1,706 $ 2,227 $ 3,641 $ 4,740 Depreciation and amortization (real estate related) $ 2,615 $ 2,791 $ 5,285 $ 5,545 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
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 $520.0 million as of June 30, 2023. 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 June 30, 2023 December 31, 2022 Unsecured lines of credit $ — $ — Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.125 % September 2026 $ 350,000 $ 348,179 $ 350,000 $ 347,894 Senior notes 3.875 % July 2027 300,000 298,343 300,000 298,142 Senior notes 2.750 % September 2031 400,000 392,393 400,000 391,962 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 14,765 15,149 17,109 17,625 Southaven Adj SOFR + 2.00% October 2026 51,700 51,380 51,700 51,346 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 321,947 325,000 321,525 Unsecured lines of credit Adj SOFR + 1.00% July 2025 — — — — $ 1,441,465 $ 1,427,391 $ 1,443,809 $ 1,428,494 (1) Including premiums and net of debt discount and debt origination costs. Excludes $2.9 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended June 30, 2023 and December 31, 2022, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. (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 $139.6 million at June 30, 2023, serve as collateral for mortgages payable. As of June 30, 2023, we maintained unsecured lines of credit that provided for borrowings of up to $520.0 million. The unsecured lines of credit as of June 30, 2023 included a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. We provide guarantees to lenders for our joint ventures, which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 0% to 17.2% of principal. As of June 30, 2023, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $10.0 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 June 30, 2023, we believe we were in compliance with all of our debt covenants. In May 2023, Fitch Ratings assigned a first-time ‘BBB’ long-term issuer default rating to the Company and the Operating Partnership, along with a Stable rating outlook. Fitch also assigned a ‘BBB’ rating to Operating Partnership’s senior unsecured debt, which includes our lines of credit, a term loan and senior notes. As a result, the applicable pricing margin on each of our unsecured lines of credit and our term loan was reduced by 25 basis points (including a 5 basis point reduction in the facility fee on the unsecured lines of credit). Debt Maturities Maturities and principal amortization of the existing long-term debt as of June 30, 2023 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2023 $ 2,429 2024 5,130 2025 1,501 2026 407,405 2027 625,000 Thereafter 400,000 Subtotal 1,441,465 Net discount and debt origination costs (14,074) Total $ 1,427,391 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. |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt of the Operating Partnership | 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 $520.0 million as of June 30, 2023. 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 June 30, 2023 December 31, 2022 Unsecured lines of credit $ — $ — Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.125 % September 2026 $ 350,000 $ 348,179 $ 350,000 $ 347,894 Senior notes 3.875 % July 2027 300,000 298,343 300,000 298,142 Senior notes 2.750 % September 2031 400,000 392,393 400,000 391,962 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 14,765 15,149 17,109 17,625 Southaven Adj SOFR + 2.00% October 2026 51,700 51,380 51,700 51,346 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 321,947 325,000 321,525 Unsecured lines of credit Adj SOFR + 1.00% July 2025 — — — — $ 1,441,465 $ 1,427,391 $ 1,443,809 $ 1,428,494 (1) Including premiums and net of debt discount and debt origination costs. Excludes $2.9 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended June 30, 2023 and December 31, 2022, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. (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 $139.6 million at June 30, 2023, serve as collateral for mortgages payable. As of June 30, 2023, we maintained unsecured lines of credit that provided for borrowings of up to $520.0 million. The unsecured lines of credit as of June 30, 2023 included a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased up to $1.2 billion through an accordion feature in certain circumstances. We provide guarantees to lenders for our joint ventures, which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 0% to 17.2% of principal. As of June 30, 2023, the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $10.0 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 June 30, 2023, we believe we were in compliance with all of our debt covenants. In May 2023, Fitch Ratings assigned a first-time ‘BBB’ long-term issuer default rating to the Company and the Operating Partnership, along with a Stable rating outlook. Fitch also assigned a ‘BBB’ rating to Operating Partnership’s senior unsecured debt, which includes our lines of credit, a term loan and senior notes. As a result, the applicable pricing margin on each of our unsecured lines of credit and our term loan was reduced by 25 basis points (including a 5 basis point reduction in the facility fee on the unsecured lines of credit). Debt Maturities Maturities and principal amortization of the existing long-term debt as of June 30, 2023 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2023 $ 2,429 2024 5,130 2025 1,501 2026 407,405 2027 625,000 Thereafter 400,000 Subtotal 1,441,465 Net discount and debt origination costs (14,074) Total $ 1,427,391 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Assets (Liabilities) (1) : Interest rate swaps: July 1, 2019 February 1, 2024 $ 25,000 Daily Adjusted SOFR 1.68 % $ 546 $ 853 January 1, 2021 February 1, 2024 150,000 Daily Adjusted SOFR 0.53 % 4,289 6,966 January 1, 2021 February 1, 2024 100,000 Daily Adjusted SOFR 0.15 % 3,079 5,043 March 1, 2021 February 1, 2024 25,000 Daily Adjusted SOFR 0.18 % 765 1,256 February 1, 2024 (2) February 1, 2026 - August 1, 2026 100,000 Daily Adjusted SOFR 3.33 % 1,615 — Total $ 10,294 $ 14,118 (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. (2) During March and April 2023, we entered into $100.0 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to August 1, 2026. In July 2023, we entered into an additional $25 million forward-starting interest rate swap with an effective date of February 1, 2024 and an adjusted SOFR rate of 3.79%, which is not reflected in the tables above or in our consolidated financial statements as of June 30, 2023. The maturity of this swap is January 1, 2027 . The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, with various counterparties. 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 are 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Interest Rate Swaps: Amount of gain (loss) recognized in other comprehensive income (loss) $ (373) $ 2,265 $ (3,799) $ 9,939 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023: Assets: Interest rate swaps (prepaids and other assets) 10,294 — 10,294 — 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, 2022: Asset: Interest rate swaps (prepaids and other assets) $ 14,118 $ — $ 14,118 $ — 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. 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): June 30, 2023 December 31, 2022 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 868,361 876,542 Level 3 Significant Unobservable Inputs 391,114 391,820 Total fair value of debt $ 1,259,475 $ 1,268,362 Recorded value of debt $ 1,427,391 $ 1,428,494 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 SOFR 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. |
Shareholders' Equity of the Com
Shareholders' Equity of the Company | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Shareholders' Equity of the Company | Shareholders’ Equity of the Company Dividend Declaration In April 2023, the Company's Board of Directors declared a $0.245 cash dividend per common share payable on May 15, 2023 to each shareholder of record on April 28, 2023, and in its capacity as General Partner of the Operating Partnership, a $0.245 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. At-the-Market Offering Under our at-the-market share offering program (“ATM Offering”), which commenced February 2021, we may offer and sell our common shares, $0.01 par value per share, having an aggregate gross sales price of up to $250.0 million (the “Shares”). We may sell the Shares in amounts and at times to be determined by us but we have no obligation to sell any of the Shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the common shares, capital needs and determinations by us of the appropriate sources of funding. We currently intend to use the net proceeds from the sale of shares pursuant to the ATM Offering for working capital and general corporate purposes. As of June 30, 2023, we had approximately $60.1 million remaining available for sale under the ATM Offering program. There were no sales of our shares during the first two quarters of 2023 or for the full year 2022. Share Repurchase Program In May 2023, the Company’s Board of Directors authorized the repurchase of up to $100.0 million of the Company’s outstanding shares through May 31, 2025, replacing the previously authorized plan to repurchase up to $80.0 million of the Company’s outstanding shares through May 31, 2023. |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 6 Months Ended |
Jun. 30, 2023 | |
Partners' Equity of the Operating Partnership [Abstract] | |
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 six months ended June 30, 2023 and June 30, 2022: Limited Partnership Units General Partnership Units Class A Class B Total Balance March 31, 2022 1,100,000 4,761,559 103,369,061 108,130,620 Options exercised — — 800 800 Forfeitures of restricted common share awards by the Company — — (13,062) (13,062) Units withheld for employee income taxes — — (62,007) (62,007) Balance June 30, 2022 1,100,000 4,761,559 103,294,792 108,056,351 Balance December 31, 2021 1,100,000 4,761,559 102,984,734 107,746,293 Options exercised — — 2,700 2,700 Grant of restricted common share awards by the Company, net of forfeitures — — 499,336 499,336 Units withheld for employee income taxes — — (191,978) (191,978) Balance June 30, 2022 1,100,000 4,761,559 103,294,792 108,056,351 Balance March 31, 2023 1,100,000 4,737,982 104,216,253 108,954,235 Options exercised — — 4,600 4,600 Forfeitures of restricted common share awards by the Company — — (73,440) (73,440) Units withheld for employee income taxes — — (61,632) (61,632) Balance June 30, 2023 1,100,000 4,737,982 104,085,781 108,823,763 Balance December 31, 2022 1,100,000 4,737,982 103,397,920 108,135,902 Options exercised — — 7,200 7,200 Grant of restricted common share awards by the Company, net of forfeitures — — 1,042,932 1,042,932 Units withheld for employee income taxes — — (362,271) (362,271) Balance June 30, 2023 1,100,000 4,737,982 104,085,781 108,823,763 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 24,202 $ 19,905 $ 47,743 $ 40,423 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 23,945 $ 19,683 $ 47,287 $ 39,986 Denominator: Basic weighted average common shares 104,367 103,630 104,228 103,607 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common shares 105,862 104,754 105,654 104,740 Basic earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2023, no notional units were excluded from the computation and for the three and six months ended June 30, 2022, approximately 961,000 notional units were excluded from the computation 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 and six months ended June 30, 2023, approximately 499,700 options were excluded from the computation and for the three and six months ended June 30, 2022, approximately 282,000 options were excluded from the computation, 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. 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to partners of the Operating Partnership $ 25,300 $ 20,819 $ 49,912 $ 42,281 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common unitholders of the Operating Partnership $ 25,043 $ 20,597 $ 49,456 $ 41,844 Denominator: Basic weighted average common units 109,105 108,391 108,966 108,369 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common units 110,600 109,515 110,392 109,502 Basic earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2023, no notional units were excluded from the computation and for the three and six months ended June 30, 2022, approximately 961,000 notional units were excluded from the computation 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 and six months ended June 30, 2023, approximately 499,700 options were excluded from the computation and for the three and six months ended June 30, 2022, approximately 282,000 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. |
Earnings Per Unit of the Operat
Earnings Per Unit of the Operating Partnership | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Unit of the Operating Partnership | 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 24,202 $ 19,905 $ 47,743 $ 40,423 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 23,945 $ 19,683 $ 47,287 $ 39,986 Denominator: Basic weighted average common shares 104,367 103,630 104,228 103,607 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common shares 105,862 104,754 105,654 104,740 Basic earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 We determine diluted earnings per share based on the weighted average number of common shares outstanding combined with the incremental weighted average shares that would have been outstanding assuming all potentially dilutive securities were converted into common shares at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2023, no notional units were excluded from the computation and for the three and six months ended June 30, 2022, approximately 961,000 notional units were excluded from the computation 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 and six months ended June 30, 2023, approximately 499,700 options were excluded from the computation and for the three and six months ended June 30, 2022, approximately 282,000 options were excluded from the computation, 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. 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to partners of the Operating Partnership $ 25,300 $ 20,819 $ 49,912 $ 42,281 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common unitholders of the Operating Partnership $ 25,043 $ 20,597 $ 49,456 $ 41,844 Denominator: Basic weighted average common units 109,105 108,391 108,966 108,369 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common units 110,600 109,515 110,392 109,502 Basic earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 We determine diluted earnings per unit based on the weighted average number of common units outstanding combined with the incremental weighted average units that would have been outstanding assuming all potentially dilutive securities were converted into common units at the earliest date possible. Notional units granted under our equity compensation plan are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common units would be issuable if the end of the reporting period were the end of the contingency period. For the three and six months ended June 30, 2023, no notional units were excluded from the computation and for the three and six months ended June 30, 2022, approximately 961,000 notional units were excluded from the computation 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 and six months ended June 30, 2023, approximately 499,700 options were excluded from the computation and for the three and six months ended June 30, 2022, approximately 282,000 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 | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
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 (the “Plan”), which covers our non-employee directors, officers, employees and consultants. Effective May 19, 2023, the Plan was amended and restated to, among other things, increase the number of shares authorized for issuance under the plan to 21.3 million shares and extend the term of the plan by an additional ten years. 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 subsidiary, the Tanger LP Trust. 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 Six months ended June 30, June 30, 2023 2022 2023 2022 Restricted common shares (1) $ 1,982 $ 2,644 $ 3,736 $ 4,213 Notional unit performance awards (1) 1,262 1,529 1,646 2,574 Options 137 78 270 172 Total equity-based compensation $ 3,381 $ 4,251 $ 5,652 $ 6,959 (1) The six months ended June 30, 2023 includes the reversal of compensation costs related to the voluntary resignation of an executive officer. Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Equity-based compensation expense capitalized $ 71 $ 47 $ 123 $ 86 Restricted Common Share and Restricted Share Unit Awards During March 2023, the Company granted approximately 323,829 restricted common shares and restricted share units to the Company’s non-employee directors and the Company’s executive officers. The grant date fair value of the awards was $17.53 per share. The restricted common shares vest ratably over a three year period on March 15th of each year for executive officers and over a one year period on March 15th for non-employee directors. 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 363,000 and 192,000 for the six months ended June 30, 2023 and 2022, 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 $6.8 million and $3.2 million for the six months ended June 30, 2023 and 2022, respectively. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2023 Performance Share Plan During March 2023, the Compensation Committee of the Company approved the general terms of the Tanger Factory Outlet Centers, Inc. 2023 Performance Share Plan (the “2023 PSP”) covering the Company's executive officers whereby a maximum of approximately 489,122 restricted common shares may be earned if certain share price appreciation goals are achieved over a three year measurement period. The 2023 PSP is a long-term incentive compensation plan. Recipients may earn units which may convert into restricted common shares of the Company based on the Company’s absolute share price appreciation (or absolute total shareholder return) and its share price appreciation relative to its peer group (or relative total shareholder return) over a three-year measurement period. Any shares earned at the end of the three-year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following the measurement period, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting date (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or, (c) due to death or disability). The following table sets forth 2023 PSP performance targets and other relevant information about the 2023 PSP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 26.0 % - 40.5% Percentage of units to be earned 20 % - 100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30 th - 80th Percentage of units to be earned 20 % - 100% Maximum number of restricted common shares that may be earned 489,122 March grant date fair value per share $ 12.08 (1) The number of restricted common shares received under the 2023 PSP 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 2023 PSP awards granted during the six months ended June 30, 2023 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 3.9 % Expected dividend yield (2) 4.6 % Expected volatility (3) 62 % (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 average dividend yield over the previous three-year period and the current dividend yield as of the valuation date. (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. 2020 Performance Share Plan On February 10, 2023, the measurement period for the 2020 Performance Share Plan (the “2020 PSP") expired. Based on the Company’s absolute share price appreciation and relative total shareholder return over the three year measurement period, we issued 758,814 restricted common shares in February 2023, with 439,051 vesting immediately and the remaining 319,763 vesting in February 2024, contingent upon continued employment with the Company through the vesting date. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) of the Company | 6 Months Ended |
Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
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 other comprehensive income (loss) for the three and six months ended June 30, 2023 and for three and six months ended June 30, 2022 (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 March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,344) $ 489 $ (855) Other comprehensive income before reclassifications 1,174 — 1,174 53 — 53 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (357) (357) — (16) (16) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) 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, 2022 $ (24,516) $ 13,479 $ (11,037) $ (1,351) $ 638 $ (713) Other comprehensive income before reclassifications 1,329 — 1,329 60 — 60 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,634) (3,634) — (165) (165) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2022 $ (18,541) $ 9,289 $ (9,252) $ (1,030) $ 409 $ (621) Other comprehensive income (loss) before reclassifications (2,334) 1,885 (449) (107) 86 (21) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 281 281 — 13 13 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2021 $ (19,713) $ 1,952 $ (17,761) $ (1,084) $ 72 $ (1,012) Other comprehensive income (loss) before reclassifications (1,162) 8,941 7,779 (53) 410 357 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 562 562 — 26 26 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2023 $ (25,705) $ 10,691 $ (15,014) Other comprehensive income before reclassifications 1,227 — 1,227 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (373) (373) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive income before reclassifications 1,389 — 1,389 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,799) (3,799) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) The following table presents changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2022 $ (19,571) $ 9,698 $ (9,873) Other comprehensive income (loss) before reclassifications (2,441) 1,971 (470) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 294 294 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2021 $ (20,797) $ 2,024 $ (18,773) Other comprehensive income (loss) before reclassifications (1,215) 9,351 8,136 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 588 588 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | 6 Months Ended |
Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Company The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and for three and six months ended June 30, 2022 (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 March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,344) $ 489 $ (855) Other comprehensive income before reclassifications 1,174 — 1,174 53 — 53 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (357) (357) — (16) (16) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) 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, 2022 $ (24,516) $ 13,479 $ (11,037) $ (1,351) $ 638 $ (713) Other comprehensive income before reclassifications 1,329 — 1,329 60 — 60 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,634) (3,634) — (165) (165) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2022 $ (18,541) $ 9,289 $ (9,252) $ (1,030) $ 409 $ (621) Other comprehensive income (loss) before reclassifications (2,334) 1,885 (449) (107) 86 (21) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 281 281 — 13 13 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2021 $ (19,713) $ 1,952 $ (17,761) $ (1,084) $ 72 $ (1,012) Other comprehensive income (loss) before reclassifications (1,162) 8,941 7,779 (53) 410 357 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 562 562 — 26 26 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2023 $ (25,705) $ 10,691 $ (15,014) Other comprehensive income before reclassifications 1,227 — 1,227 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (373) (373) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive income before reclassifications 1,389 — 1,389 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,799) (3,799) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) The following table presents changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2022 $ (19,571) $ 9,698 $ (9,873) Other comprehensive income (loss) before reclassifications (2,441) 1,971 (470) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 294 294 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2021 $ (20,797) $ 2,024 $ (18,773) Other comprehensive income (loss) before reclassifications (1,215) 9,351 8,136 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 588 588 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. |
Lease Agreements
Lease Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of June 30, 2023, we were the lessor to approximately 2,300 stores in our 29 consolidated outlet centers, under operating leases with initial terms that expire from 2023 to 2039, 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. The components of rental revenues are as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Rental revenues - fixed $ 82,815 $ 78,682 $ 164,702 $ 159,991 Rental revenues - variable (1) 21,773 22,727 43,468 46,027 Rental revenues $ 104,588 $ 101,409 $ 208,170 $ 206,018 (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 | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 June 30, 2022 Costs relating to construction included in accounts payable and accrued expenses $ 24,953 $ 15,223 Interest paid, net of interest capitalized was as follows (in thousands): Six months ended June 30, 2023 2022 Interest paid $ 20,527 $ 21,586 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently issued accounting standards 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic 848 and clarifies some of its guidance. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments are effective immediately for all entities. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848, which defers the sunset date on the topic of reference rate reform from December 31, 2022, to December 31, 2024. An entity may elect to apply the amendments on a full retrospective basis. In October 2022 we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. This was done as we modified all of our current interest rate derivative contracts, changing the indexes from LIBOR to Adjusted SOFR. We have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other applicable elections as additional changes in the market and with respect to our debt and derivative instruments occur. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividend Declaration In July 2023, the Company's Board of Directors declared a $0.245 cash dividend per common share payable on August 15, 2023 to each shareholder of record on July 31, 2023, and a $0.245 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 24,202 | $ 19,905 | $ 47,743 | $ 40,423 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 (“GAAP”) 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, 2022. The December 31, 2022 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 U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), 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 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. |
Accounts Receivable | Accounts ReceivableIndividual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are written-off as an adjustment to rental revenue. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends including discussions with tenants for potential lease amendments. Our estimate of the collectability of accrued rents and accounts receivable is based on the best information available to us at the time of preparing the financial statements. Straight-line rent adjustments recorded as a receivable in prepaids and other assets on the consolidated balance sheets was approximately $50.1 million as of June 30, 2023. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Rental property held and used by us is reviewed for impairment in the event that facts and circumstances indicate the carrying amount of an asset may not be recoverable. In such an event, we compare the estimated future undiscounted cash flows associated with the asset to the asset's carrying amount, and if less than such carrying amount, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. The cash flow estimates used both for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental, occupancy, capitalization, and discount rates, and estimated holding periods for the applicable assets. The estimated fair value is based primarily on the income approach. The income approach involves discounting the estimated income stream and reversion (presumed sale) value of a property over an estimated holding period to a present value at a risk-adjusted rate. Discount rates and terminal capitalization rates utilized in this approach are derived from property-specific information, market transactions and other financial and industry data. If economic and market conditions deteriorate beyond our current expectations, or if our expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. For example, the Foxwoods outlet center, which is part of a casino property, continues to face leasing challenges that could lead to further declines in occupancy, rental revenues and cash flows in the future. Such challenges, or a change in our expected holding period, could result in additional impairment charges recognized for the Foxwoods property. In addition, one of our outlet centers has an estimated fair value significantly less than its recorded carrying value of approximately $111.4 million. We continue to monitor facts and circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, to determine whether an impairment charge is necessary. We can provide no assurance that material impairment charges with respect to our properties will not occur in future periods. |
Recently issued accounting standards | Recently issued accounting standards 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic 848 and clarifies some of its guidance. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments are effective immediately for all entities. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848, which defers the sunset date on the topic of reference rate reform from December 31, 2022, to December 31, 2024. An entity may elect to apply the amendments on a full retrospective basis. In October 2022 we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. This was done as we modified all of our current interest rate derivative contracts, changing the indexes from LIBOR to Adjusted SOFR. We have and will continue to elect to apply practical expedients related to contract modifications, changes in critical terms, and updates to the designated hedged risk(s) as qualifying changes are made to applicable debt and derivative instruments. Application of these expedients preserves the presentation of derivatives contracts consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other applicable elections as additional changes in the market and with respect to our debt and derivative instruments occur. |
Developments of Consolidated _2
Developments of Consolidated Outlet Centers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties | The table below sets forth our consolidated outlet centers under development as of June 30, 2023: Project Approximate Square Feet Estimated Total Net Cost Costs Incurred to Date (in millions) 1 Projected Opening New Development: Nashville 290 $143 - $147 $89.3 October 2023 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 665 $ 74.5 — $ 74.5 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (19.7) 99.7 National Harbor (2) National Harbor, MD 50.0 % 341 (14.2) 94.0 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.2) 57.0 Columbus (2) Columbus, OH 50.0 % 355 (2.9) 70.3 $ (50.0) As of December 31, 2022 Joint Venture Outlet Center Location Ownership % Square Feet Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Investments included in investments in unconsolidated joint ventures: RioCan Canada Various 50.0 % 665 73.8 — $ 73.8 Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 $ (18.8) $ 99.7 National Harbor (2) National Harbor, MD 50.0 % 341 (12.8) 94.6 Galveston/Houston (2) Texas City, TX 50.0 % 353 (15.5) 64.5 Columbus (2) Columbus, OH 50.0 % 355 (2.4) 70.3 $ (49.5) (1) Net of debt origination costs of $2.3 million as of June 30, 2023 and $1.5 million as of December 31, 2022. |
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 Six months ended June 30, June 30, 2023 2022 2023 2022 Fee: Management and marketing $ 565 $ 552 $ 1,109 $ 1,088 Leasing and other fees 53 — 98 35 Expense reimbursements from unconsolidated joint ventures 1,109 884 2,185 1,840 Total Fees $ 1,727 $ 1,436 $ 3,391 $ 2,963 |
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 June 30, 2023 December 31, 2022 Assets Land $ 82,648 $ 81,716 Buildings, improvements and fixtures 463,373 458,190 Construction in progress 442 681 546,463 540,587 Accumulated depreciation (193,795) (182,731) Total rental property, net 352,668 357,856 Cash and cash equivalents 10,806 17,372 Deferred lease costs and other intangibles, net 2,613 2,895 Prepaids and other assets 9,140 10,612 Total assets $ 375,227 $ 388,735 Liabilities and Owners’ Equity Mortgages payable, net $ 321,082 $ 329,009 Accounts payable and other liabilities 13,164 15,374 Total liabilities 334,246 344,383 Owners’ equity 40,981 44,352 Total liabilities and owners’ equity $ 375,227 $ 388,735 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Six months ended Condensed Combined Statements of Operations - Unconsolidated Joint Ventures June 30, June 30, 2023 2022 2023 2022 Revenues $ 21,804 $ 21,666 $ 43,933 $ 43,507 Expenses: Property operating 8,783 8,435 17,255 16,738 General and administrative 47 40 189 133 Depreciation and amortization 5,156 5,540 10,395 11,021 Total expenses 13,986 14,015 27,839 27,892 Other income (expense): Interest expense (4,519) (3,158) (8,920) (6,073) Other income 129 3 268 6 Total other expense (4,390) (3,155) (8,652) (6,067) Net income $ 3,428 $ 4,496 $ 7,442 $ 9,548 The Company and Operating Partnership’s share of: Net income $ 1,706 $ 2,227 $ 3,641 $ 4,740 Depreciation and amortization (real estate related) $ 2,615 $ 2,791 $ 5,285 $ 5,545 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of June 30, 2023 December 31, 2022 Unsecured lines of credit $ — $ — Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.125 % September 2026 $ 350,000 $ 348,179 $ 350,000 $ 347,894 Senior notes 3.875 % July 2027 300,000 298,343 300,000 298,142 Senior notes 2.750 % September 2031 400,000 392,393 400,000 391,962 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 14,765 15,149 17,109 17,625 Southaven Adj SOFR + 2.00% October 2026 51,700 51,380 51,700 51,346 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 321,947 325,000 321,525 Unsecured lines of credit Adj SOFR + 1.00% July 2025 — — — — $ 1,441,465 $ 1,427,391 $ 1,443,809 $ 1,428,494 (1) Including premiums and net of debt discount and debt origination costs. Excludes $2.9 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended June 30, 2023 and December 31, 2022, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. (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%. |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of June 30, 2023 December 31, 2022 Unsecured lines of credit $ — $ — Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of June 30, 2023 December 31, 2022 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 3.125 % September 2026 $ 350,000 $ 348,179 $ 350,000 $ 347,894 Senior notes 3.875 % July 2027 300,000 298,343 300,000 298,142 Senior notes 2.750 % September 2031 400,000 392,393 400,000 391,962 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 14,765 15,149 17,109 17,625 Southaven Adj SOFR + 2.00% October 2026 51,700 51,380 51,700 51,346 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 321,947 325,000 321,525 Unsecured lines of credit Adj SOFR + 1.00% July 2025 — — — — $ 1,441,465 $ 1,427,391 $ 1,443,809 $ 1,428,494 (1) Including premiums and net of debt discount and debt origination costs. Excludes $2.9 million and $3.5 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended June 30, 2023 and December 31, 2022, respectively, recorded in prepaids and other assets in the Consolidated Balance Sheet. (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%. |
Schedule of Maturities of Long-term Debt | Maturities and principal amortization of the existing long-term debt as of June 30, 2023 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2023 $ 2,429 2024 5,130 2025 1,501 2026 407,405 2027 625,000 Thereafter 400,000 Subtotal 1,441,465 Net discount and debt origination costs (14,074) Total $ 1,427,391 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Assets (Liabilities) (1) : Interest rate swaps: July 1, 2019 February 1, 2024 $ 25,000 Daily Adjusted SOFR 1.68 % $ 546 $ 853 January 1, 2021 February 1, 2024 150,000 Daily Adjusted SOFR 0.53 % 4,289 6,966 January 1, 2021 February 1, 2024 100,000 Daily Adjusted SOFR 0.15 % 3,079 5,043 March 1, 2021 February 1, 2024 25,000 Daily Adjusted SOFR 0.18 % 765 1,256 February 1, 2024 (2) February 1, 2026 - August 1, 2026 100,000 Daily Adjusted SOFR 3.33 % 1,615 — Total $ 10,294 $ 14,118 (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. (2) During March and April 2023, we entered into $100.0 million of forward-starting interest rate swaps with an effective date of February 1, 2024 and maturity dates ranging from February 1, 2026 to August 1, 2026. |
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Interest Rate Swaps: Amount of gain (loss) recognized in other comprehensive income (loss) $ (373) $ 2,265 $ (3,799) $ 9,939 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023: Assets: Interest rate swaps (prepaids and other assets) 10,294 — 10,294 — 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, 2022: Asset: Interest rate swaps (prepaids and other assets) $ 14,118 $ — $ 14,118 $ — |
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): June 30, 2023 December 31, 2022 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 868,361 876,542 Level 3 Significant Unobservable Inputs 391,114 391,820 Total fair value of debt $ 1,259,475 $ 1,268,362 Recorded value of debt $ 1,427,391 $ 1,428,494 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Partners' Equity of the Operating Partnership [Abstract] | |
Schedule of Partners' Equity of the Operating Partnership | The following table sets forth the changes in outstanding partnership units for the six months ended June 30, 2023 and June 30, 2022: Limited Partnership Units General Partnership Units Class A Class B Total Balance March 31, 2022 1,100,000 4,761,559 103,369,061 108,130,620 Options exercised — — 800 800 Forfeitures of restricted common share awards by the Company — — (13,062) (13,062) Units withheld for employee income taxes — — (62,007) (62,007) Balance June 30, 2022 1,100,000 4,761,559 103,294,792 108,056,351 Balance December 31, 2021 1,100,000 4,761,559 102,984,734 107,746,293 Options exercised — — 2,700 2,700 Grant of restricted common share awards by the Company, net of forfeitures — — 499,336 499,336 Units withheld for employee income taxes — — (191,978) (191,978) Balance June 30, 2022 1,100,000 4,761,559 103,294,792 108,056,351 Balance March 31, 2023 1,100,000 4,737,982 104,216,253 108,954,235 Options exercised — — 4,600 4,600 Forfeitures of restricted common share awards by the Company — — (73,440) (73,440) Units withheld for employee income taxes — — (61,632) (61,632) Balance June 30, 2023 1,100,000 4,737,982 104,085,781 108,823,763 Balance December 31, 2022 1,100,000 4,737,982 103,397,920 108,135,902 Options exercised — — 7,200 7,200 Grant of restricted common share awards by the Company, net of forfeitures — — 1,042,932 1,042,932 Units withheld for employee income taxes — — (362,271) (362,271) Balance June 30, 2023 1,100,000 4,737,982 104,085,781 108,823,763 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 24,202 $ 19,905 $ 47,743 $ 40,423 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 23,945 $ 19,683 $ 47,287 $ 39,986 Denominator: Basic weighted average common shares 104,367 103,630 104,228 103,607 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common shares 105,862 104,754 105,654 104,740 Basic earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to partners of the Operating Partnership $ 25,300 $ 20,819 $ 49,912 $ 42,281 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common unitholders of the Operating Partnership $ 25,043 $ 20,597 $ 49,456 $ 41,844 Denominator: Basic weighted average common units 109,105 108,391 108,966 108,369 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common units 110,600 109,515 110,392 109,502 Basic earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 24,202 $ 19,905 $ 47,743 $ 40,423 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 23,945 $ 19,683 $ 47,287 $ 39,986 Denominator: Basic weighted average common shares 104,367 103,630 104,228 103,607 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common shares 105,862 104,754 105,654 104,740 Basic earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common share: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator: Net income attributable to partners of the Operating Partnership $ 25,300 $ 20,819 $ 49,912 $ 42,281 Less allocation of earnings to participating securities (257) (222) (456) (437) Net income available to common unitholders of the Operating Partnership $ 25,043 $ 20,597 $ 49,456 $ 41,844 Denominator: Basic weighted average common units 109,105 108,391 108,966 108,369 Effect of notional units 722 421 668 413 Effect of outstanding options 773 703 758 720 Diluted weighted average common units 110,600 109,515 110,392 109,502 Basic earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.39 Diluted earnings per common unit: Net income $ 0.23 $ 0.19 $ 0.45 $ 0.38 |
Equity-Based Compensation of _2
Equity-Based Compensation of the Company (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
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 Six months ended June 30, June 30, 2023 2022 2023 2022 Restricted common shares (1) $ 1,982 $ 2,644 $ 3,736 $ 4,213 Notional unit performance awards (1) 1,262 1,529 1,646 2,574 Options 137 78 270 172 Total equity-based compensation $ 3,381 $ 4,251 $ 5,652 $ 6,959 (1) The six months ended June 30, 2023 includes the reversal of compensation costs related to the voluntary resignation of an executive officer. Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Equity-based compensation expense capitalized $ 71 $ 47 $ 123 $ 86 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2023 PSP performance targets and other relevant information about the 2023 PSP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 26.0 % - 40.5% Percentage of units to be earned 20 % - 100% Relative portion of award: Percent of total award 66.7% Percentile rank of peer group range (2) 30 th - 80th Percentage of units to be earned 20 % - 100% Maximum number of restricted common shares that may be earned 489,122 March grant date fair value per share $ 12.08 (1) The number of restricted common shares received under the 2023 PSP 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 2023 PSP awards granted during the six months ended June 30, 2023 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 3.9 % Expected dividend yield (2) 4.6 % Expected volatility (3) 62 % (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 average dividend yield over the previous three-year period and the current dividend yield as of the valuation date. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and for three and six months ended June 30, 2022 (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 March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,344) $ 489 $ (855) Other comprehensive income before reclassifications 1,174 — 1,174 53 — 53 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (357) (357) — (16) (16) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) 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, 2022 $ (24,516) $ 13,479 $ (11,037) $ (1,351) $ 638 $ (713) Other comprehensive income before reclassifications 1,329 — 1,329 60 — 60 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,634) (3,634) — (165) (165) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2022 $ (18,541) $ 9,289 $ (9,252) $ (1,030) $ 409 $ (621) Other comprehensive income (loss) before reclassifications (2,334) 1,885 (449) (107) 86 (21) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 281 281 — 13 13 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2021 $ (19,713) $ 1,952 $ (17,761) $ (1,084) $ 72 $ (1,012) Other comprehensive income (loss) before reclassifications (1,162) 8,941 7,779 (53) 410 357 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 562 562 — 26 26 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2023 $ (25,705) $ 10,691 $ (15,014) Other comprehensive income before reclassifications 1,227 — 1,227 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (373) (373) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive income before reclassifications 1,389 — 1,389 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,799) (3,799) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) The following table presents changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2022 $ (19,571) $ 9,698 $ (9,873) Other comprehensive income (loss) before reclassifications (2,441) 1,971 (470) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 294 294 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2021 $ (20,797) $ 2,024 $ (18,773) Other comprehensive income (loss) before reclassifications (1,215) 9,351 8,136 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 588 588 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and for three and six months ended June 30, 2022 (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 March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,344) $ 489 $ (855) Other comprehensive income before reclassifications 1,174 — 1,174 53 — 53 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (357) (357) — (16) (16) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) 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, 2022 $ (24,516) $ 13,479 $ (11,037) $ (1,351) $ 638 $ (713) Other comprehensive income before reclassifications 1,329 — 1,329 60 — 60 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,634) (3,634) — (165) (165) Balance June 30, 2023 $ (23,187) $ 9,845 $ (13,342) $ (1,291) $ 473 $ (818) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2022 $ (18,541) $ 9,289 $ (9,252) $ (1,030) $ 409 $ (621) Other comprehensive income (loss) before reclassifications (2,334) 1,885 (449) (107) 86 (21) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 281 281 — 13 13 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2021 $ (19,713) $ 1,952 $ (17,761) $ (1,084) $ 72 $ (1,012) Other comprehensive income (loss) before reclassifications (1,162) 8,941 7,779 (53) 410 357 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 562 562 — 26 26 Balance June 30, 2022 $ (20,875) $ 11,455 $ (9,420) $ (1,137) $ 508 $ (629) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $9.3 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of June 30, 2023. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2023 $ (25,705) $ 10,691 $ (15,014) Other comprehensive income before reclassifications 1,227 — 1,227 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (373) (373) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive income before reclassifications 1,389 — 1,389 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — (3,799) (3,799) Balance June 30, 2023 $ (24,478) $ 10,318 $ (14,160) The following table presents changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2022 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2022 $ (19,571) $ 9,698 $ (9,873) Other comprehensive income (loss) before reclassifications (2,441) 1,971 (470) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 294 294 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2021 $ (20,797) $ 2,024 $ (18,773) Other comprehensive income (loss) before reclassifications (1,215) 9,351 8,136 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges — 588 588 Balance June 30, 2022 $ (22,012) $ 11,963 $ (10,049) |
Lease Agreements (Tables)
Lease Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of rental revenues | The components of rental revenues are as follows (in thousands): Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 Rental revenues - fixed $ 82,815 $ 78,682 $ 164,702 $ 159,991 Rental revenues - variable (1) 21,773 22,727 43,468 46,027 Rental revenues $ 104,588 $ 101,409 $ 208,170 $ 206,018 (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 Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 June 30, 2022 Costs relating to construction included in accounts payable and accrued expenses $ 24,953 $ 15,223 Interest paid, net of interest capitalized was as follows (in thousands): Six months ended June 30, 2023 2022 Interest paid $ 20,527 $ 21,586 |
Business (Details)
Business (Details) ft² in Millions | Jun. 30, 2023 shares ft² outletCenter store brand |
Entity Information [Line Items] | |
Number of operating partnership units owned by the company (in shares) | shares | 105,185,781 |
Exchange ratio of Partnership Units for common shares | 1 |
Managed Center | |
Entity Information [Line Items] | |
Number of outlet centers | 1 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 0.5 |
Tanger Properties Limited Partnership | Class A | |
Entity Information [Line Items] | |
Number of operating partnership units owned by operating partnership and other limited partners (in shares) | shares | 4,737,982 |
Properties Owned | |
Entity Information [Line Items] | |
Number of outlet centers | 29 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 11.3 |
Percentage occupied (percent) | 97% |
Number of stores | store | 2,300 |
Number of Store Brands | brand | 600 |
Properties Owned | Under Construction | |
Entity Information [Line Items] | |
Number of outlet centers | 1 |
Joint venture property | |
Entity Information [Line Items] | |
Number of outlet centers | 29 |
Joint venture property | Under Construction | |
Entity Information [Line Items] | |
Number of outlet centers | 1 |
Unconsolidated Properties | |
Entity Information [Line Items] | |
Number of outlet centers | 6 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 2.1 |
Unconsolidated Properties | Canada | |
Entity Information [Line Items] | |
Number of outlet centers | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | Jun. 30, 2023 USD ($) outletCenter | Dec. 31, 2022 USD ($) |
Accounting Policies [Abstract] | ||
Straight line rent adjustments receivable | $ 50,100 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings, improvements and fixtures | 2,564,722 | $ 2,553,452 |
Straight line rent adjustments receivable | $ 50,100 | |
Properties Owned | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of outlet centers | outletCenter | 29 | |
Impaired Outlet Center [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings, improvements and fixtures | $ 111,400 | |
Impaired Outlet Center [Member] | Properties Owned | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of outlet centers | outletCenter | 1 |
Developments of Consolidated _3
Developments of Consolidated Outlet Centers - Real Estate Properties (Details) ft² in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | |
Real Estate Properties [Line Items] | ||
Estimated total net costs | $ 1,656,956 | $ 1,630,909 |
Land | $ 275,081 | $ 275,079 |
Nashville | ||
Real Estate Properties [Line Items] | ||
Square Feet (in 000’s) | ft² | 290 | |
Costs Incurred to Date | $ 89,300 | |
Nashville | Minimum | Estimated | ||
Real Estate Properties [Line Items] | ||
Estimated total net costs | 143,000 | |
Nashville | Maximum | Estimated | ||
Real Estate Properties [Line Items] | ||
Estimated total net costs | $ 147,000 |
Developments of Consolidated _4
Developments of Consolidated Outlet Centers - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Nashville | |
Real Estate Properties [Line Items] | |
Payments to acquire land | $ 8.8 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Jun. 30, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) ft² |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Venture Debt, Net | $ 66,529 | $ 68,971 |
Investments In Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value of Investment | 74,500 | 73,800 |
Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value of Investment | 50,000 | 49,500 |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Venture Debt, Net | 321,082 | 329,009 |
Unconsolidated Properties | Mortgages | ||
Schedule of Equity Method Investments [Line Items] | ||
Net discount and debt origination costs | $ (2,300) | $ (1,500) |
RioCan Canada | Investments In Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 665 | 665 |
Carrying Value of Investment | $ 74,500 | $ 73,800 |
RioCan Canada | Unconsolidated Properties | Investments In Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Venture Debt, Net | $ 0 | $ 0 |
Charlotte | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 399 | 399 |
Carrying Value of Investment | $ 19,700 | $ 18,800 |
Total Joint Venture Debt, Net | $ 99,700 | $ 99,700 |
National Harbor | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 341 | 341 |
Carrying Value of Investment | $ 14,200 | $ 12,800 |
Total Joint Venture Debt, Net | $ 94,000 | $ 94,600 |
Galveston/Houston | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 353 | 353 |
Carrying Value of Investment | $ 13,200 | $ 15,500 |
Total Joint Venture Debt, Net | $ 57,000 | $ 64,500 |
Columbus | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 355 | 355 |
Carrying Value of Investment | $ 2,900 | $ 2,400 |
Total Joint Venture Debt, Net | $ 70,300 | $ 70,300 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Management, Leasing and other services [Line Items] | ||||
Total Fees | $ 2,122 | $ 1,436 | $ 4,036 | $ 2,963 |
Unconsolidated joint venture | ||||
Management, Leasing and other services [Line Items] | ||||
Total Fees | 1,727 | 1,436 | 3,391 | 2,963 |
Management and marketing | Unconsolidated joint venture | ||||
Management, Leasing and other services [Line Items] | ||||
Total Fees | 565 | 552 | 1,109 | 1,088 |
Leasing and other fees | Unconsolidated joint venture | ||||
Management, Leasing and other services [Line Items] | ||||
Total Fees | 53 | 0 | 98 | 35 |
Expense reimbursements from unconsolidated joint ventures | Unconsolidated joint venture | ||||
Management, Leasing and other services [Line Items] | ||||
Total Fees | $ 1,109 | $ 884 | $ 2,185 | $ 1,840 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Differences in basis | $ 3.1 | $ 3.2 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | ||||||
Land | $ 275,081 | $ 275,079 | ||||
Buildings, improvements and fixtures | 2,564,722 | 2,553,452 | ||||
Construction in progress | 88,788 | 27,340 | ||||
Rental property, at cost, total | 2,928,591 | 2,855,871 | ||||
Accumulated depreciation | (1,271,635) | (1,224,962) | ||||
Total rental property, net | 1,656,956 | 1,630,909 | ||||
Cash and cash equivalents | 213,002 | 212,124 | $ 194,190 | $ 161,255 | ||
Deferred lease costs and other intangibles, net | 55,588 | 58,574 | ||||
Prepaids and other assets | 102,547 | 111,163 | ||||
Total assets | 2,195,948 | 2,217,665 | ||||
Liabilities and Owners’ Equity | ||||||
Mortgages payable, net | 66,529 | 68,971 | ||||
Owners’ equity | 507,743 | $ 506,306 | 513,934 | $ 512,575 | $ 510,577 | $ 499,789 |
Total liabilities and equity | 2,195,948 | 2,217,665 | ||||
Total liabilities | 1,688,205 | 1,703,731 | ||||
Unconsolidated Properties | ||||||
Assets | ||||||
Land | 82,648 | 81,716 | ||||
Buildings, improvements and fixtures | 463,373 | 458,190 | ||||
Construction in progress | 442 | 681 | ||||
Rental property, at cost, total | 546,463 | 540,587 | ||||
Accumulated depreciation | (193,795) | (182,731) | ||||
Total rental property, net | 352,668 | 357,856 | ||||
Cash and cash equivalents | 10,806 | 17,372 | ||||
Deferred lease costs and other intangibles, net | 2,613 | 2,895 | ||||
Prepaids and other assets | 9,140 | 10,612 | ||||
Total assets | 375,227 | 388,735 | ||||
Liabilities and Owners’ Equity | ||||||
Mortgages payable, net | 321,082 | 329,009 | ||||
Accounts payable and other liabilities | 13,164 | 15,374 | ||||
Owners’ equity | 40,981 | 44,352 | ||||
Total liabilities and equity | 375,227 | 388,735 | ||||
Total liabilities | 334,246 | $ 344,383 | ||||
Unconsolidated Properties | Galveston/Houston | Mortgages | ||||||
Summary Balance Sheets of Unconsolidated Joint Ventures [Line Items] | ||||||
Principal | $ 58,000 | |||||
Basis spread on variable rate | 3% | |||||
Notional Amount | $ 29,000 | |||||
Company Fixed Pay Rate | 4.44% |
Investments in Unconsolidated_7
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | $ 110,641 | $ 105,838 | $ 219,584 | $ 214,706 |
Expenses: | ||||
Property operating | 33,712 | 32,697 | 66,860 | 69,455 |
General and administrative | 18,304 | 19,329 | 35,738 | 34,796 |
Depreciation and amortization | 25,389 | 26,220 | 51,282 | 52,463 |
Total expenses | 77,405 | 78,246 | 153,880 | 156,714 |
Interest expense | (11,966) | (11,576) | (24,309) | (23,210) |
Other income (expense) | 2,324 | 2,576 | 5,124 | 2,759 |
Total other income (expense) | (9,642) | (9,000) | (19,185) | (20,451) |
Net income | 25,300 | 20,819 | 50,160 | 42,281 |
The Company and Operating Partnership's share of: | ||||
Net income | 1,706 | 2,227 | 3,641 | 4,740 |
Depreciation and amortization (real estate related) | 2,615 | 2,791 | 5,285 | 5,545 |
Unconsolidated Properties | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | 21,804 | 21,666 | 43,933 | 43,507 |
Expenses: | ||||
Property operating | 8,783 | 8,435 | 17,255 | 16,738 |
General and administrative | 47 | 40 | 189 | 133 |
Depreciation and amortization | 5,156 | 5,540 | 10,395 | 11,021 |
Total expenses | 13,986 | 14,015 | 27,839 | 27,892 |
Interest expense | (4,519) | (3,158) | (8,920) | (6,073) |
Other income (expense) | 129 | 3 | 268 | 6 |
Total other income (expense) | (4,390) | (3,155) | (8,652) | (6,067) |
Net income | $ 3,428 | $ 4,496 | $ 7,442 | $ 9,548 |
Debt Guaranteed by the Compan_2
Debt Guaranteed by the Company (Details) - Debt - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Unsecured lines of credit | Unsecured lines of credit | ||
Line of Credit Facility [Line Items] | ||
Unsecured term loan and line of credit | $ 0 | $ 0 |
Unsecured term loan | Unsecured term loan | ||
Line of Credit Facility [Line Items] | ||
Unsecured term loan and line of credit | 325,000 | $ 325,000 |
Tanger Properties Limited Partnership | Unsecured lines of credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit borrowing capacity | $ 520,000 |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Schedule of Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||
Book Value | $ 1,427,391 | $ 1,428,494 | |
Tanger Properties Limited Partnership | |||
Debt Instrument [Line Items] | |||
Principal | 1,441,465 | 1,443,809 | |
Book Value | 1,427,391 | 1,428,494 | |
Unamortized debt issuance costs | $ 2,900 | 3,500 | |
Tanger Properties Limited Partnership | Senior notes | 3.125% 2026 Senior Notes | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (percent) | 3.125% | ||
Principal | $ 350,000 | 350,000 | |
Book Value | $ 348,179 | 347,894 | |
Tanger Properties Limited Partnership | Senior notes | 3.875% 2027 Senior Notes | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (percent) | 3.875% | ||
Principal | $ 300,000 | 300,000 | |
Book Value | $ 298,343 | 298,142 | |
Tanger Properties Limited Partnership | Senior notes | 2.750% 2031 Senior Notes | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (percent) | 2.75% | ||
Principal | $ 400,000 | 400,000 | |
Book Value | 392,393 | 391,962 | |
Tanger Properties Limited Partnership | Mortgages payable | Atlantic City | |||
Debt Instrument [Line Items] | |||
Principal | 14,765 | 17,109 | |
Book Value | 15,149 | 17,625 | |
Effective interest rate | 5.05% | ||
Tanger Properties Limited Partnership | Mortgages payable | Southaven | |||
Debt Instrument [Line Items] | |||
Principal | 51,700 | 51,700 | |
Book Value | 51,380 | 51,346 | |
Tanger Properties Limited Partnership | Unsecured term loan | Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Principal | 325,000 | 325,000 | |
Book Value | 321,947 | 321,525 | |
Tanger Properties Limited Partnership | Unsecured lines of credit | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Principal | 0 | 0 | |
Book Value | $ 0 | $ 0 | |
Tanger Properties Limited Partnership | SOFR | Mortgages payable | Southaven | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2% | ||
Tanger Properties Limited Partnership | SOFR | Unsecured term loan | Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.95% | ||
Tanger Properties Limited Partnership | SOFR | Unsecured lines of credit | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1% | ||
Tanger Properties Limited Partnership | Minimum | Mortgages payable | Atlantic City | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (percent) | 6.44% | ||
Tanger Properties Limited Partnership | Maximum | Mortgages payable | Atlantic City | |||
Debt Instrument [Line Items] | |||
Fixed interest rate (percent) | 7.65% |
Debt of the Operating Partner_4
Debt of the Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2022 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 0% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 17.20% | ||
Mortgages | Debt | |||
Debt Instrument [Line Items] | |||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | $ 10,000 | ||
Unsecured lines of credit | Debt | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | 0 | $ 0 | |
Unsecured term loan | Debt | Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | 325,000 | $ 325,000 | |
Tanger Properties Limited Partnership | Mortgages | |||
Debt Instrument [Line Items] | |||
Net book value of collateral for mortgages payable | 139,600 | ||
Tanger Properties Limited Partnership | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Maximum borrowings of liquidity line | 20,000 | ||
Maximum borrowings of syndicated line | 500,000 | ||
Maximum borrowings of syndicated line if accordion feature is utilized | $ 1,200,000 | ||
Percentage of funds from operations allowed on a cumulative basis to pay dividends | 95% | ||
Tanger Properties Limited Partnership | Unsecured lines of credit | Unsecured lines of credit | SOFR | |||
Debt Instrument [Line Items] | |||
Reduction in applicable margin (percent) | (0.25%) | ||
Reduction in facility fee (percent) | (0.05%) | ||
Tanger Properties Limited Partnership | Unsecured lines of credit | Debt | |||
Debt Instrument [Line Items] | |||
Line of credit borrowing capacity | $ 520,000 | ||
Tanger Properties Limited Partnership | Unsecured term loan | Unsecured term loan | SOFR | |||
Debt Instrument [Line Items] | |||
Reduction in applicable margin (percent) | (0.25%) | ||
Reduction in facility fee (percent) | (0.05%) |
Debt of the Operating Partner_5
Debt of the Operating Partnership (Debt Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Maturities of Debt [Line Items] | ||
Total debt | $ 1,427,391 | $ 1,428,494 |
Tanger Properties Limited Partnership | ||
Schedule of Maturities of Debt [Line Items] | ||
For the remainder of 2023 | 2,429 | |
2024 | 5,130 | |
2025 | 1,501 | |
2026 | 407,405 | |
2027 | 625,000 | |
Thereafter | 400,000 | |
Subtotal | 1,441,465 | 1,443,809 |
Net discount and debt origination costs | (14,074) | |
Total debt | $ 1,427,391 | $ 1,428,494 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Jul. 01, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | |||
Fair Value | $ 10,294 | $ 14,118 | |
Interest Rate Swap July 1, 2019 | |||
Derivative [Line Items] | |||
Notional Amount | $ 25,000 | ||
Company Fixed Pay Rate | 1.68% | ||
Fair Value | $ 546 | 853 | |
Interest Rate Swap January 1, 2021 | |||
Derivative [Line Items] | |||
Notional Amount | $ 150,000 | ||
Company Fixed Pay Rate | 0.53% | ||
Fair Value | $ 4,289 | 6,966 | |
Interest Rate Swap January 1, 2021 | |||
Derivative [Line Items] | |||
Notional Amount | $ 100,000 | ||
Company Fixed Pay Rate | 0.15% | ||
Fair Value | $ 3,079 | 5,043 | |
Interest Rate Swap March 1, 2021 | |||
Derivative [Line Items] | |||
Notional Amount | $ 25,000 | ||
Company Fixed Pay Rate | 0.18% | ||
Fair Value | $ 765 | 1,256 | |
Interest Rate Swap February 1, 2024 | |||
Derivative [Line Items] | |||
Notional Amount | $ 100,000 | ||
Company Fixed Pay Rate | 3.33% | ||
Fair Value | $ 1,615 | $ 0 | |
Subsequent Event | Interest Rate Swap February 1, 2024 | |||
Derivative [Line Items] | |||
Notional Amount | $ 25,000 | ||
Company Fixed Pay Rate | 3.79% |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in other comprehensive income (loss) | $ (373) | $ 2,265 | $ (3,799) | $ 9,939 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring) (Details) - Recurring - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $ 10,294 | $ 14,118 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 10,294 | 14,118 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $ 0 | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recorded value of debt | $ 1,427,391 | $ 1,428,494 |
Tanger Properties Limited Partnership | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,259,475 | 1,268,362 |
Recorded value of debt | 1,427,391 | 1,428,494 |
Tanger Properties Limited Partnership | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 0 | 0 |
Tanger Properties Limited Partnership | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 868,361 | 876,542 |
Tanger Properties Limited Partnership | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 391,114 | $ 391,820 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 31, 2023 | Apr. 30, 2023 | Dec. 31, 2022 | Feb. 28, 2021 | |
Distribution Made to Limited Partner [Line Items] | ||||||||
Common dividends (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 | ||||
Common distributions (in dollars per share) | 0.245 | |||||||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Aggregate gross sales price of common shares | $ 250 | |||||||
At-the-Market offering, stock remaining available for sale | $ 60.1 | $ 60.1 | ||||||
Number of common shares settled during the period (in shares) | 0 | 0 | ||||||
Authorized repurchase amount | $ 100 | $ 80 | ||||||
Shares repurchased during the period (in shares) | 0 | 0 | ||||||
Remaining amount authorized to be repurchase | $ 100 | $ 100 | ||||||
Tanger Properties Limited Partnership | ||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||
Common distributions (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Options exercised (in units) | 4,600 | 800 | 7,200 | 2,700 |
Issuance of units (in units) | 0 | 0 | ||
Grant of restricted common share awards, net of forfeitures (in units) | 1,042,932 | 499,336 | ||
Forfeitures of restricted common share awards by the company (in shares) | (73,440) | (13,062) | ||
Units withheld for employee income taxes (in units) | (61,632) | (62,007) | (362,271) | (191,978) |
Tanger Properties Limited Partnership | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
General Partnership Units (in units) | 1,100,000 | |||
Options exercised (in units) | 4,600 | 7,200 | 2,700 | |
Grant of restricted common share awards, net of forfeitures (in units) | 800 | 1,042,932 | 499,336 | |
Forfeitures of restricted common share awards by the company (in shares) | (13,062) | |||
Units withheld for employee income taxes (in units) | (61,632) | (62,007) | (362,271) | (191,978) |
General Partnership Units (in units) | 1,100,000 | 1,100,000 | ||
Tanger Properties Limited Partnership | General Partnership Units | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
General Partnership Units (in units) | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 |
Options exercised (in units) | 0 | 0 | 0 | 0 |
Grant of restricted common share awards, net of forfeitures (in units) | 0 | 0 | ||
Forfeitures of restricted common share awards by the company (in shares) | 0 | 0 | ||
Units withheld for employee income taxes (in units) | 0 | 0 | 0 | 0 |
General Partnership Units (in units) | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 |
Tanger Properties Limited Partnership | Limited Partnership Units | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited Partnership Units (in units) | 108,954,235 | 108,130,620 | 108,135,902 | 107,746,293 |
Options exercised (in units) | 4,600 | 800 | 7,200 | 2,700 |
Grant of restricted common share awards, net of forfeitures (in units) | 1,042,932 | 499,336 | ||
Forfeitures of restricted common share awards by the company (in shares) | (73,440) | (13,062) | ||
Units withheld for employee income taxes (in units) | (61,632) | (62,007) | (362,271) | (191,978) |
Limited Partnership Units (in units) | 108,823,763 | 108,056,351 | 108,823,763 | 108,056,351 |
Tanger Properties Limited Partnership | Class A | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited Partnership Units (in units) | 4,737,982 | 4,761,559 | 4,737,982 | 4,761,559 |
Options exercised (in units) | 0 | 0 | 0 | 0 |
Grant of restricted common share awards, net of forfeitures (in units) | 0 | 0 | ||
Forfeitures of restricted common share awards by the company (in shares) | 0 | 0 | ||
Units withheld for employee income taxes (in units) | 0 | 0 | 0 | 0 |
Limited Partnership Units (in units) | 4,737,982 | 4,761,559 | 4,737,982 | 4,761,559 |
Tanger Properties Limited Partnership | Class B | ||||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||||
Limited Partnership Units (in units) | 104,216,253 | 103,369,061 | 103,397,920 | 102,984,734 |
Options exercised (in units) | 4,600 | 800 | 7,200 | 2,700 |
Grant of restricted common share awards, net of forfeitures (in units) | 1,042,932 | 499,336 | ||
Forfeitures of restricted common share awards by the company (in shares) | (73,440) | (13,062) | ||
Units withheld for employee income taxes (in units) | (61,632) | (62,007) | (362,271) | (191,978) |
Limited Partnership Units (in units) | 104,085,781 | 103,294,792 | 104,085,781 | 103,294,792 |
Earnings Per Share of the Com_3
Earnings Per Share of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 24,202 | $ 19,905 | $ 47,743 | $ 40,423 |
Less allocation of earnings to participating securities | (257) | (222) | (456) | (437) |
Net income (loss) available to common shareholders/unitholders | $ 23,945 | $ 19,683 | $ 47,287 | $ 39,986 |
Denominator: | ||||
Basic weighted average common shares (in shares) | 104,367,000 | 103,630,000 | 104,228,000 | 103,607,000 |
Effect of notional shares (in shares) | 722,000 | 421,000 | 668,000 | 413,000 |
Effect of outstanding options (in shares) | 773,000 | 703,000 | 758,000 | 720,000 |
Diluted weighted average common shares (in shares) | 105,862,000 | 104,754,000 | 105,654,000 | 104,740,000 |
Basic earnings per common share/unit: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common share: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
Effect of notional units (in shares) | 0 | 961,000 | ||
Anti-dilutive options excluded (in shares) | 499,700 | 282,000 |
Earnings Per Unit of the Oper_3
Earnings Per Unit of the Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income attributable to partners of the Operating Partnership | $ 24,202 | $ 19,905 | $ 47,743 | $ 40,423 |
Less allocation of earnings to participating securities | (257) | (222) | (456) | (437) |
Net income (loss) available to common shareholders/unitholders | $ 23,945 | $ 19,683 | $ 47,287 | $ 39,986 |
Denominator: | ||||
Basic weighted average common shares (in shares) | 104,367,000 | 103,630,000 | 104,228,000 | 103,607,000 |
Effect of notional units (in shares) | 722,000 | 421,000 | 668,000 | 413,000 |
Effect of outstanding options (in shares) | 773,000 | 703,000 | 758,000 | 720,000 |
Diluted weighted average common shares (in shares) | 105,862,000 | 104,754,000 | 105,654,000 | 104,740,000 |
Basic earnings per common share/unit: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common unit: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
Effect of notional units (in shares) | 0 | 961,000 | ||
Anti-dilutive options excluded (in shares) | 499,700 | 282,000 | ||
Tanger Properties Limited Partnership | ||||
Numerator: | ||||
Net income attributable to partners of the Operating Partnership | $ 25,300 | $ 20,819 | $ 49,912 | $ 42,281 |
Less allocation of earnings to participating securities | (257) | (222) | (456) | (437) |
Net income (loss) available to common shareholders/unitholders | $ 25,043 | $ 20,597 | $ 49,456 | $ 41,844 |
Denominator: | ||||
Basic weighted average common shares (in shares) | 109,105,000 | 108,391,000 | 108,966,000 | 108,369,000 |
Effect of notional units (in shares) | 722,000 | 421,000 | 668,000 | 413,000 |
Effect of outstanding options (in shares) | 773,000 | 703,000 | 758,000 | 720,000 |
Diluted weighted average common shares (in shares) | 110,600,000 | 109,515,000 | 110,392,000 | 109,502,000 |
Basic earnings per common share/unit: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.39 |
Diluted earnings per common unit: | ||||
Net income (loss) (in dollars per share) | $ 0.23 | $ 0.19 | $ 0.45 | $ 0.38 |
Effect of notional units (in shares) | 0 | 961,000 | ||
Anti-dilutive options excluded (in shares) | 499,700 | 282,000 |
Equity-Based Compensation of _3
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | $ 3,381 | $ 4,251 | $ 5,652 | $ 6,959 |
Restricted common shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | 1,982 | 2,644 | 3,736 | 4,213 |
Notional unit performance awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | 1,262 | 1,529 | 1,646 | 2,574 |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total equity-based compensation | $ 137 | $ 78 | $ 270 | $ 172 |
Equity-Based Compensation of _4
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Equity-based compensation expense capitalized | $ 71 | $ 47 | $ 123 | $ 86 |
Equity-Based Compensation of _5
Equity-Based Compensation of the Company (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
May 19, 2023 | Feb. 10, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Withholding of common shares for employee income taxes (in shares) | 61,632 | 62,007 | 362,271 | 191,978 | ||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | $ 6,843 | $ 3,203 | ||||||
Vesting immediately | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50% | |||||||
Vesting one year thereafter | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting percentage | 50% | |||||||
Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership, as amended (the “Plan”) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized for issuance (in shares) | 21,300,000 | |||||||
Additional term (in years) | 10 years | |||||||
Restricted Common Share Award Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Withholding of common shares for employee income taxes (in shares) | 363,000 | 192,000 | ||||||
Employee income taxes paid related to shares withheld upon vesting of equity awards | $ 6,800 | $ 3,200 | ||||||
Restricted Common Share Award Plan | Restricted common shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares/Units, granted (in shares/units) | 323,829 | |||||||
Grant date fair value per share (in dollars per share) | $ 17.53 | |||||||
Restricted Common Share Award Plan | Restricted common shares | Executive officers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Restricted Common Share Award Plan | Restricted common shares | Non-employee Directors | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
2023 PSP | Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares/Units, granted (in shares/units) | 489,122 | |||||||
Grant date fair value per share (in dollars per share) | $ 12.08 | |||||||
Measurement period | 3 years | 3 years | ||||||
2023 PSP | Performance Shares | Vesting one year thereafter | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
2020 PSP | Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Measurement period | 3 years | |||||||
2020 PSP | Performance Shares | Relative portion of award | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued in period (in shares) | 758,814 | |||||||
2020 PSP | Performance Shares | Vesting immediately | Relative portion of award | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued in period (in shares) | 439,051 | |||||||
2020 PSP | Performance Shares | Vesting one year thereafter | Relative portion of award | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares issued in period (in shares) | 319,763 |
Equity-Based Compensation of _6
Equity-Based Compensation of the Company (Outperformance Plan) (Details) - Performance Shares - 2023 PSP - $ / shares | 1 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of restricted common shares that may be earned (in shares) | 489,122 | |
Grant date fair value per share (in dollars per share) | $ 12.08 | |
Absolute portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of total award | 33.30% | |
Relative portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of total award | 66.70% | |
Minimum | Absolute portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Absolute total shareholder return range | 26% | |
Percentage of units to be earned | 20% | |
Minimum | Relative portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of units to be earned | 20% | |
Percentile rank of peer group range | 30% | |
Maximum | Absolute portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Absolute total shareholder return range | 40.50% | |
Percentage of units to be earned | 100% | |
Maximum | Relative portion of award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of units to be earned | 100% | |
Percentile rank of peer group range | 80% |
Equity-Based Compensation of _7
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Performance Shares - 2023 PSP | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 3.90% |
Expected dividend yield | 4.60% |
Expected Volatility | 62% |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) of the Company (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 506,306 | $ 510,577 | $ 513,934 | $ 499,789 |
Ending Balance | 507,743 | 512,575 | 507,743 | 512,575 |
Interest rate swap gain (loss) to be reclassified within twelve months | (9,300) | |||
Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (14,159) | (9,252) | (11,037) | (17,761) |
Other comprehensive income (loss) before reclassifications | 1,174 | (449) | 1,329 | 7,779 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (357) | 281 | (3,634) | 562 |
Ending Balance | (13,342) | (9,420) | (13,342) | (9,420) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (24,361) | (18,541) | (24,516) | (19,713) |
Other comprehensive income (loss) before reclassifications | 1,174 | (2,334) | 1,329 | (1,162) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 | 0 | 0 |
Ending Balance | (23,187) | (20,875) | (23,187) | (20,875) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 10,202 | 9,289 | 13,479 | 1,952 |
Other comprehensive income (loss) before reclassifications | 0 | 1,885 | 0 | 8,941 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (357) | 281 | (3,634) | 562 |
Ending Balance | 9,845 | 11,455 | 9,845 | 11,455 |
Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (855) | (621) | (713) | (1,012) |
Ending Balance | (818) | (629) | (818) | (629) |
Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (1,344) | (1,030) | (1,351) | (1,084) |
Other comprehensive income (loss) before reclassifications | 53 | (107) | 60 | (53) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 | 0 | 0 |
Ending Balance | (1,291) | (1,137) | (1,291) | (1,137) |
Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 489 | 409 | 638 | 72 |
Other comprehensive income (loss) before reclassifications | 0 | 86 | 0 | 410 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (16) | 13 | (165) | 26 |
Ending Balance | 473 | 508 | 473 | 508 |
Noncontrolling Interests | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | 53 | (21) | 60 | 357 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | $ (16) | $ 13 | $ (165) | $ 26 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Interest rate swap gain (loss) to be reclassified within twelve months | $ 9,300 | |||
Tanger Properties Limited Partnership | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 513,934 | |||
Other comprehensive income (loss) before reclassifications | $ 1,227 | $ (470) | 1,389 | $ 8,136 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (373) | 294 | 588 | |
Ending Balance | 507,743 | 507,743 | ||
Tanger Properties Limited Partnership | Foreign Currency | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (25,705) | (19,571) | (25,867) | (20,797) |
Other comprehensive income (loss) before reclassifications | 1,227 | (2,441) | 1,389 | (1,215) |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 | 0 | 0 |
Ending Balance | (24,478) | (22,012) | (24,478) | (22,012) |
Tanger Properties Limited Partnership | Cash flow hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 10,691 | 9,698 | 14,117 | 2,024 |
Other comprehensive income (loss) before reclassifications | 0 | 1,971 | 0 | 9,351 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | (373) | 294 | (3,799) | 588 |
Ending Balance | 10,318 | 11,963 | 10,318 | 11,963 |
Tanger Properties Limited Partnership | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (15,014) | (9,873) | (11,750) | (18,773) |
Ending Balance | $ (14,160) | $ (10,049) | $ (14,160) | $ (10,049) |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) outletCenter | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) outletCenter | Jun. 30, 2022 USD ($) | |
Lessor, Lease, Description [Line Items] | ||||
Rental revenues - fixed | $ 82,815 | $ 78,682 | $ 164,702 | $ 159,991 |
Rental revenues - variable | 21,773 | 22,727 | 43,468 | 46,027 |
Rental revenues | $ 104,588 | $ 101,409 | $ 208,170 | $ 206,018 |
Consolidated Properties | ||||
Lessor, Lease, Description [Line Items] | ||||
Number of outlet centers | outletCenter | 29 | 29 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Information [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 24,953 | $ 15,223 |
Interest paid | $ 20,527 | $ 21,586 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | ||||||
Common dividends (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 | ||
Common distributions (in dollars per share) | $ 0.245 | |||||
Mortgages | Debt | ||||||
Subsequent Event [Line Items] | ||||||
Unsecured term loan and line of credit | $ 10,000 | $ 10,000 | ||||
Unsecured term loan | Unsecured term loan | Debt | ||||||
Subsequent Event [Line Items] | ||||||
Unsecured term loan and line of credit | 325,000 | 325,000 | $ 325,000 | |||
Tanger Properties Limited Partnership | ||||||
Subsequent Event [Line Items] | ||||||
Principal | $ 1,441,465 | $ 1,441,465 | 1,443,809 | |||
Common distributions (in dollars per share) | $ 0.245 | $ 0.20 | $ 0.4650 | $ 0.3825 | ||
Tanger Properties Limited Partnership | Southaven | Mortgages | ||||||
Subsequent Event [Line Items] | ||||||
Principal | $ 51,700 | $ 51,700 | 51,700 | |||
Tanger Properties Limited Partnership | Unsecured term loan | Unsecured term loan | ||||||
Subsequent Event [Line Items] | ||||||
Principal | $ 325,000 | $ 325,000 | $ 325,000 | |||
SOFR | Tanger Properties Limited Partnership | Southaven | Mortgages | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate | 2% | |||||
SOFR | Tanger Properties Limited Partnership | Unsecured term loan | Unsecured term loan | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate | 0.95% | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common dividends (in dollars per share) | $ 0.245 | |||||
Common distributions (in dollars per share) | $ 0.245 |
Uncategorized Items - skt-20230
Label | Element | Value |
Tanger Properties Limited Partnership [Member] | AOCI Attributable to Parent [Member] | ||
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | $ (176,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 854,000 |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | (2,410,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 8,724,000 |
Partners' Capital | us-gaap_PartnersCapital | (9,873,000) |
Partners' Capital | us-gaap_PartnersCapital | (10,049,000) |
Partners' Capital | us-gaap_PartnersCapital | (18,773,000) |
Partners' Capital | us-gaap_PartnersCapital | (11,750,000) |
Partners' Capital | us-gaap_PartnersCapital | (15,014,000) |
Partners' Capital | us-gaap_PartnersCapital | $ (14,160,000) |