Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 29, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-11986 | |
Entity Registrant Name | TANGER 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, $0.01 par value | |
Trading Symbol | SKT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 109,352,636 | |
Entity Central Index Key | 0000899715 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Tanger Properties Limited Partnership | ||
Entity Information [Line Items] | ||
Entity File Number | 333-3526-01 | |
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Incorporation, State or Country Code | NC | |
Entity Tax Identification Number | 56-1822494 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001004036 |
TANGER FACTORY OUTLET CENTERS,
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Rental property: | ||
Land | $ 303,605 | $ 303,605 |
Buildings, improvements and fixtures | 2,944,077 | 2,938,434 |
Construction in progress | 39,249 | 29,201 |
Rental property, at cost, total | 3,286,931 | 3,271,240 |
Accumulated depreciation | (1,347,011) | (1,318,264) |
Total rental property, net | 1,939,920 | 1,952,976 |
Cash and cash equivalents | 8,137 | 12,778 |
Short-term investments | 7,739 | 9,187 |
Investments in unconsolidated joint ventures | 71,701 | 71,900 |
Deferred lease costs and other intangibles, net | 86,436 | 91,269 |
Operating lease right-of-use assets | 77,082 | 77,400 |
Prepaids and other assets | 110,151 | 108,609 |
Total assets | 2,301,166 | 2,324,119 |
Debt: | ||
Senior, unsecured notes, net | 1,040,310 | 1,039,840 |
Unsecured term loan, net | 322,537 | 322,322 |
Mortgages payable, net | 62,772 | 64,041 |
Unsecured lines of credit | 46,000 | 13,000 |
Total debt | 1,471,619 | 1,439,203 |
Accounts payable and accrued expenses | 77,922 | 118,505 |
Operating lease liabilities | 85,757 | 86,076 |
Other liabilities | 86,145 | 89,022 |
Total liabilities | 1,721,443 | 1,732,806 |
Commitments and contingencies | ||
Tanger Inc.: | ||
Common shares, $0.01 par value, 300,000,000 shares authorized, 109,366,452 and 108,793,251 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 1,094 | 1,088 |
Paid in capital | 1,073,313 | 1,079,387 |
Accumulated distributions in excess of net income | (497,330) | (490,171) |
Accumulated other comprehensive loss | (21,280) | (23,519) |
Equity attributable to Tanger Inc. | 555,797 | 566,785 |
Noncontrolling interests in Operating Partnership | 23,926 | 24,528 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 579,723 | 591,313 |
Total liabilities and equity | $ 2,301,166 | $ 2,324,119 |
TANGER FACTORY OUTLET CENTERS_2
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 109,366,452 | 108,793,251 |
Common shares outstanding (in shares) | 109,366,452 | 108,793,251 |
TANGER FACTORY OUTLET CENTERS_3
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Rental revenues | $ 117,809 | $ 103,582 |
Management, leasing and other services | 2,278 | 1,914 |
Other revenues | 3,284 | 3,447 |
Total revenues | 123,371 | 108,943 |
Expenses: | ||
Property operating | 35,465 | 33,148 |
General and administrative | 19,490 | 17,434 |
Depreciation and amortization | 33,860 | 25,893 |
Total expenses | 88,815 | 76,475 |
Other income (expense): | ||
Interest expense | (14,353) | (12,343) |
Other income (expense) | 587 | 2,800 |
Total other income (expense) | (13,766) | (9,543) |
Income before equity in earnings of unconsolidated joint ventures | 20,790 | 22,925 |
Equity in earnings of unconsolidated joint ventures | 2,516 | 1,935 |
Net income | 23,306 | 24,860 |
Noncontrolling interests in Operating Partnership | (973) | (1,071) |
Noncontrolling interests in other consolidated partnerships | 80 | (248) |
Net income attributable to Tanger Inc. | $ 22,413 | $ 23,541 |
Basic earnings per common share/unit | ||
Net income (in dollars per unit) | $ 0.20 | $ 0.22 |
Diluted earnings per common share/unit | ||
Net income (in dollars per unit) | $ 0.20 | $ 0.22 |
TANGER FACTORY OUTLET CENTERS_4
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,306 | $ 24,860 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (874) | 162 |
Change in fair value of cash flow hedges | 3,209 | (3,426) |
Other comprehensive income (loss) | 2,335 | (3,264) |
Comprehensive income | 25,641 | 21,596 |
Comprehensive income attributable to noncontrolling interests | (1,069) | (248) |
Comprehensive income attributable to the Operating Partnership | $ 24,572 | $ 21,348 |
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 income | Noncontrolling Interests Noncontrolling interests in Operating Partnership | Noncontrolling Interests Noncontrolling interests in other consolidated partnerships |
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 | 24,860 | 23,541 | 23,541 | 1,071 | 248 | |||
Other comprehensive income (loss) | (3,264) | (3,122) | (3,122) | (142) | ||||
Compensation under Incentive Award Plan | 2,323 | 2,323 | 2,323 | |||||
Issuance of common shares upon exercise of options | 15 | 15 | 15 | |||||
Issuance of deferred shares | 0 | 0 | 11 | (11) | ||||
Withholding of common shares for employee income taxes | (5,649) | (5,649) | (3) | (5,646) | ||||
Adjustment for noncontrolling interests in other consolidated partnerships | 0 | 381 | 381 | (381) | ||||
Common dividends | (24,623) | (24,623) | (24,623) | 0 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,290) | (1,042) | (248) | |||||
Ending Balance at Mar. 31, 2023 | 506,306 | 484,509 | 1,053 | 984,254 | (486,639) | (14,159) | 21,797 | 0 |
Beginning Balance at Dec. 31, 2023 | 591,313 | 566,785 | 1,088 | 1,079,387 | (490,171) | (23,519) | 24,528 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 23,306 | 22,413 | 22,413 | 973 | (80) | |||
Other comprehensive income (loss) | 2,335 | 2,239 | 2,239 | 96 | ||||
Compensation under Incentive Award Plan | 3,571 | 3,571 | 3,571 | |||||
Issuance of common shares upon exercise of options | 438 | 438 | 438 | |||||
Grant of restricted common shares awards, net of forfeitures | 8 | (8) | ||||||
Issuance of deferred shares | 0 | 1 | (1) | |||||
Withholding of common shares for employee income taxes | (10,524) | (10,524) | (3) | (10,521) | ||||
Contributions from noncontrolling interests | 80 | $ 80 | ||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 0 | 447 | 447 | (447) | ||||
Common dividends | (29,572) | (29,572) | (29,572) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1,224) | (1,224) | ||||||
Ending Balance at Mar. 31, 2024 | $ 579,723 | $ 555,797 | $ 1,094 | $ 1,073,313 | $ (497,330) | $ (21,280) | $ 23,926 |
TANGER FACTORY OUTLET CENTERS_6
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common units upon exercise of stock options | 24,100 | 2,600 | |
Grant of restricted common share awards, net of forfeitures (in shares) | 788,531 | 1,116,372 | |
Withholding of common shares for employee income taxes (in shares) | 375,899 | 300,639 | |
Common dividends (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.22 |
Withholding of common shares for employee income taxes | $ (10,524) | $ (5,649) |
TANGER FACTORY OUTLET CENTERS_7
TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 23,306 | $ 24,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 33,860 | 25,893 |
Amortization of deferred financing costs | 832 | 808 |
Equity in earnings of unconsolidated joint ventures | (2,516) | (1,935) |
Equity-based compensation expense | 3,497 | 2,271 |
Amortization of debt discounts, net | 174 | 144 |
Amortization (accretion) of market rent rate adjustments, net | 95 | 134 |
Straight-line rent adjustments | 511 | 680 |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,604 | 2,007 |
Changes in other assets and liabilities: | ||
Other assets | 7,026 | 6,064 |
Accounts payable and accrued expenses | (37,308) | (35,352) |
Net cash provided by operating activities | 31,081 | 25,574 |
INVESTING ACTIVITIES | ||
Additions to rental property | (24,816) | (25,940) |
Proceeds from short-term investments | 1,448 | 19,504 |
Additions to non-real estate assets | (2,378) | (370) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 1,002 | 2,556 |
Additions to deferred lease costs | (498) | (694) |
Payments for other investing activities | (2,940) | 0 |
Proceeds from other investing activities | 1,883 | 3,071 |
Net cash used in investing activities | (26,299) | (1,873) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (29,572) | (24,623) |
Distributions to noncontrolling interests in Operating Partnership | (1,224) | (1,042) |
Proceeds from revolving credit facility | 117,000 | 0 |
Repayments of revolving credit facility | (84,000) | 0 |
Repayments of notes, mortgages and loans | (1,247) | (1,160) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (10,524) | (5,649) |
Additions to deferred financing costs | 0 | (17) |
Proceeds from exercise of options | 438 | 15 |
Payment for other financing activities | (287) | (287) |
Contributions from noncontrolling interests in other consolidated partnerships | 80 | 0 |
Distributions to noncontrolling interests in other consolidated partnerships | 0 | (248) |
Net cash used in financing activities | (9,336) | (33,011) |
Effect of foreign currency rate changes on cash and cash equivalents | (87) | 7 |
Net decrease in cash and cash equivalents | (4,641) | (9,303) |
Cash and cash equivalents, beginning of period | 12,778 | 212,124 |
Cash and cash equivalents, end of period | $ 8,137 | $ 202,821 |
TANGER PROPERTIES LIMITED PARTN
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Rental property: | ||
Land | $ 303,605 | $ 303,605 |
Buildings, improvements and fixtures | 2,944,077 | 2,938,434 |
Construction in progress | 39,249 | 29,201 |
Rental property, at cost, total | 3,286,931 | 3,271,240 |
Accumulated depreciation | (1,347,011) | (1,318,264) |
Total rental property, net | 1,939,920 | 1,952,976 |
Cash and cash equivalents | 8,137 | 12,778 |
Short-term investments | 7,739 | 9,187 |
Investments in unconsolidated joint ventures | 71,701 | 71,900 |
Deferred lease costs and other intangibles, net | 86,436 | 91,269 |
Operating lease right-of-use assets | 77,082 | 77,400 |
Prepaids and other assets | 110,151 | 108,609 |
Total assets | 2,301,166 | 2,324,119 |
Debt: | ||
Senior, unsecured notes, net | 1,040,310 | 1,039,840 |
Unsecured term loan, net | 322,537 | 322,322 |
Mortgages payable, net | 62,772 | 64,041 |
Unsecured lines of credit | 46,000 | 13,000 |
Total debt | 1,471,619 | 1,439,203 |
Accounts payable and accrued expenses | 77,922 | 118,505 |
Operating lease liabilities | 85,757 | 86,076 |
Other liabilities | 86,145 | 89,022 |
Total liabilities | 1,721,443 | 1,732,806 |
Commitments and contingencies | ||
Partners’ Equity: | ||
Accumulated other comprehensive loss | (21,280) | (23,519) |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total liabilities and equity | 2,301,166 | 2,324,119 |
Tanger Properties Limited Partnership | ||
Rental property: | ||
Land | 303,605 | 303,605 |
Buildings, improvements and fixtures | 2,944,077 | 2,938,434 |
Construction in progress | 39,249 | 29,201 |
Rental property, at cost, total | 3,286,931 | 3,271,240 |
Accumulated depreciation | (1,347,011) | (1,318,264) |
Total rental property, net | 1,939,920 | 1,952,976 |
Cash and cash equivalents | 7,758 | 12,572 |
Short-term investments | 7,739 | 9,187 |
Investments in unconsolidated joint ventures | 71,701 | 71,900 |
Deferred lease costs and other intangibles, net | 86,436 | 91,269 |
Operating lease right-of-use assets | 77,082 | 77,400 |
Prepaids and other assets | 110,096 | 108,157 |
Total assets | 2,300,732 | 2,323,461 |
Debt: | ||
Senior, unsecured notes, net | 1,040,310 | 1,039,840 |
Unsecured term loan, net | 322,537 | 322,322 |
Mortgages payable, net | 62,772 | 64,041 |
Unsecured lines of credit | 46,000 | 13,000 |
Total debt | 1,471,619 | 1,439,203 |
Accounts payable and accrued expenses | 77,488 | 117,847 |
Operating lease liabilities | 85,757 | 86,076 |
Other liabilities | 86,145 | 89,022 |
Total liabilities | 1,721,009 | 1,732,148 |
Commitments and contingencies | ||
Partners’ Equity: | ||
General partner, 1,150,000 units outstanding at March 31, 2024 and 1,150,000 units at December 31, 2023, respectively | 5,713 | 5,776 |
Limited partners, 4,707,958 and 4,707,958 Class A common units, and 108,216,452 and 107,643,251 Class B common units outstanding at March 31, 2024 and December 31, 2023, respectively | 596,468 | 610,330 |
Accumulated other comprehensive loss | (22,458) | (24,793) |
Total partners’ equity | 579,723 | 591,313 |
Noncontrolling interests in other consolidated partnerships | 0 | 0 |
Total equity | 579,723 | 591,313 |
Total liabilities and equity | $ 2,300,732 | $ 2,323,461 |
General partner units, outstanding (in units) | 1,150 | 1,150 |
TANGER PROPERTIES LIMITED PAR_2
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) - Tanger Properties Limited Partnership - shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
General partner units, outstanding (in units) | 1,150,000 | 1,150,000 | ||
Class A | ||||
Limited partners units, outstanding (in units) | 4,707,958 | 4,707,958 | 4,737,982 | 4,737,982 |
Class B | ||||
Limited partners units, outstanding (in units) | 108,216,452 | 107,643,251 | 104,216,253 | 103,397,920 |
TANGER PROPERTIES LIMITED PAR_3
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Rental revenues | $ 117,809 | $ 103,582 |
Management, leasing and other services | 2,278 | 1,914 |
Other revenues | 3,284 | 3,447 |
Total revenues | 123,371 | 108,943 |
Expenses: | ||
Property operating | 35,465 | 33,148 |
General and administrative | 19,490 | 17,434 |
Depreciation and amortization | 33,860 | 25,893 |
Total expenses | 88,815 | 76,475 |
Other income (expense): | ||
Interest expense | (14,353) | (12,343) |
Other income (expense) | 587 | 2,800 |
Total other income (expense) | (13,766) | (9,543) |
Income before equity in earnings of unconsolidated joint ventures | 20,790 | 22,925 |
Equity in earnings of unconsolidated joint ventures | 2,516 | 1,935 |
Net income | 23,306 | 24,860 |
Noncontrolling interests in Operating Partnership | (973) | (1,071) |
Net income attributable to Tanger Inc. | $ 22,413 | $ 23,541 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Tanger Properties Limited Partnership | ||
Revenues: | ||
Rental revenues | $ 117,809 | $ 103,582 |
Management, leasing and other services | 2,278 | 1,914 |
Other revenues | 3,284 | 3,447 |
Total revenues | 123,371 | 108,943 |
Expenses: | ||
Property operating | 35,465 | 33,148 |
General and administrative | 19,490 | 17,434 |
Depreciation and amortization | 33,860 | 25,893 |
Total expenses | 88,815 | 76,475 |
Other income (expense): | ||
Interest expense | (14,353) | (12,343) |
Other income (expense) | 587 | 2,800 |
Total other income (expense) | (13,766) | (9,543) |
Income before equity in earnings of unconsolidated joint ventures | 20,790 | 22,925 |
Equity in earnings of unconsolidated joint ventures | 2,516 | 1,935 |
Net income | 23,306 | 24,860 |
Noncontrolling interests in Operating Partnership | 80 | (248) |
Net income attributable to Tanger Inc. | 23,386 | 24,612 |
Net income available to limited partners | 23,150 | 24,366 |
Net income available to general partner | $ 236 | $ 246 |
Basic earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Diluted earnings per common share/unit | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
TANGER PROPERTIES LIMITED PAR_4
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 23,306 | $ 24,860 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (874) | 162 |
Change in fair value of cash flow hedges | 3,209 | (3,426) |
Other comprehensive income (loss) | 2,335 | (3,264) |
Comprehensive income | 25,641 | 21,596 |
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | (1,069) | (248) |
Comprehensive income attributable to the Operating Partnership | 24,572 | 21,348 |
Tanger Properties Limited Partnership | ||
Net income | 23,306 | 24,860 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (874) | 162 |
Change in fair value of cash flow hedges | 3,209 | (3,426) |
Other comprehensive income (loss) | 2,335 | (3,264) |
Comprehensive income | 25,641 | 21,596 |
Comprehensive income attributable to noncontrolling interests in consolidated partnerships | 80 | |
Comprehensive income attributable to the Operating Partnership | $ 25,721 | $ 21,348 |
TANGER PROPERTIES LIMITED PAR_5
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY - USD ($) | Total | Tanger Properties Limited Partnership | Tanger Properties Limited Partnership Noncontrolling interests in consolidated partnerships | Tanger Properties Limited Partnership Tanger Inc. Accumulated Other Comprehensive Income (Loss) | Tanger Properties Limited Partnership Equity attributable to Tanger Factory Outlet Centers, Inc. | Tanger Properties Limited Partnership General partner | Tanger Properties Limited Partnership Limited partners |
Beginning balance at Dec. 31, 2022 | $ 513,934,000 | $ 0 | $ (11,750,000) | $ 513,934,000 | $ 4,516,000 | $ 521,168,000 | |
Beginning Balance at Dec. 31, 2022 | $ 513,934,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 24,860,000 | 24,860,000 | 248,000 | 24,612,000 | 246,000 | 24,366,000 | |
Other comprehensive income (loss) | (3,264,000) | (3,264,000) | (3,264,000) | (3,264,000) | |||
Compensation under Incentive Award Plan | 2,323,000 | 2,323,000 | 2,323,000 | 2,323,000 | |||
Issuance of common units upon exercise of options | 15,000 | 15,000 | |||||
Issuance of common units | 0 | 15,000 | 15,000 | ||||
Withholding of common units for employee income taxes | (5,649,000) | (5,649,000) | (5,649,000) | (5,649,000) | |||
Common distributions | (25,913,000) | (248,000) | (25,665,000) | (242,000) | (25,423,000) | ||
Ending Balance at Mar. 31, 2023 | 506,306,000 | ||||||
Ending balance at Mar. 31, 2023 | 506,306,000 | 0 | (15,014,000) | 506,306,000 | 4,520,000 | 516,800,000 | |
Beginning Balance at Dec. 31, 2023 | 591,313,000 | ||||||
Beginning balance at Dec. 31, 2023 | 591,313,000 | 0 | (24,793,000) | 591,313,000 | 5,776,000 | 610,330,000 | |
Beginning Balance at Dec. 31, 2023 | 591,313,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 23,306,000 | 23,306,000 | (80,000) | 23,386,000 | 236,000 | 23,150,000 | |
Other comprehensive income (loss) | 2,335,000 | 2,335,000 | 2,335,000 | 2,335,000 | |||
Compensation under Incentive Award Plan | 3,571,000 | 3,571,000 | 3,571,000 | 3,571,000 | |||
Issuance of common units upon exercise of options | 438,000 | 438,000 | 438,000 | 438,000 | |||
Issuance of common units | 0 | ||||||
Withholding of common units for employee income taxes | (10,524,000) | (10,524,000) | (10,524,000) | (10,524,000) | |||
Contributions from noncontrolling interests | 80,000 | 80,000 | 80,000 | ||||
Grant of restricted common share awards by the Company | 788,531 | ||||||
Common distributions | (30,796,000) | (30,796,000) | (299,000) | (30,497,000) | |||
Ending Balance at Mar. 31, 2024 | $ 579,723,000 | ||||||
Ending Balance at Mar. 31, 2024 | 579,723,000 | $ 0 | $ (22,458,000) | $ 579,723,000 | $ 5,713,000 | $ 596,468,000 | |
Ending balance at Mar. 31, 2024 | $ 579,723,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of shares (in shares) | 136,469 |
TANGER PROPERTIES LIMITED PAR_6
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Issuance of common units upon exercise of stock options | 24,100 | 2,600 | |
Grant of restricted common share awards, net of forfeitures (in units) | 788,531 | 1,116,372 | |
Withholding of common units for employee income taxes (in units) | 375,899 | 300,639 | |
Common distributions (in dollars per share) | $ 0.26 | ||
Tanger Properties Limited Partnership | |||
Issuance of common units upon exercise of stock options | 24,100 | 2,600 | |
Grant of restricted common share awards, net of forfeitures (in units) | 1,116,372 | ||
Issuance of shares (in shares) | 136,469 | ||
Withholding of common units for employee income taxes (in units) | 375,899 | 300,639 | |
Common distributions (in dollars per share) | $ 0.26 | $ 0.22 | |
Grant of restricted common share awards by the Company | $ 788,531 |
TANGER PROPERTIES LIMITED PAR_7
TANGER PROPERTIES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net income | $ 23,306 | $ 24,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 33,860 | 25,893 |
Amortization of deferred financing costs | 832 | 808 |
Equity in earnings of unconsolidated joint ventures | (2,516) | (1,935) |
Equity-based compensation expense | 3,497 | 2,271 |
Amortization of debt discounts, net | 174 | 144 |
Amortization (accretion) of market rent rate adjustments, net | 95 | 134 |
Straight-line rent adjustments | 511 | 680 |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,604 | 2,007 |
Changes in other assets and liabilities: | ||
Other assets | 7,026 | 6,064 |
Accounts payable and accrued expenses | (37,308) | (35,352) |
Net cash provided by operating activities | 31,081 | 25,574 |
INVESTING ACTIVITIES | ||
Additions to rental property | (24,816) | (25,940) |
Proceeds from short-term investments | (1,448) | (19,504) |
Additions to non-real estate assets | (2,378) | (370) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 1,002 | 2,556 |
Additions to deferred lease costs | (498) | (694) |
Payments for other investing activities | (2,940) | 0 |
Proceeds from other investing activities | 1,883 | 3,071 |
Net cash used in investing activities | (26,299) | (1,873) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (29,572) | (24,623) |
Repayments of notes, mortgages and loans | (1,247) | (1,160) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (10,524) | (5,649) |
Additions to deferred financing costs | 0 | (17) |
Proceeds from exercise of options | 438 | 15 |
Payment for other financing activities | (287) | (287) |
Contributions from noncontrolling interests in other consolidated partnerships | 80 | 0 |
Distributions to noncontrolling interests in other consolidated partnerships | 0 | (248) |
Net cash used in financing activities | (9,336) | (33,011) |
Effect of foreign currency rate changes on cash and cash equivalents | (87) | 7 |
Net decrease in cash and cash equivalents | (4,641) | (9,303) |
Cash and cash equivalents, beginning of period | 12,778 | 212,124 |
Cash and cash equivalents, end of period | 8,137 | 202,821 |
Tanger Properties Limited Partnership | ||
OPERATING ACTIVITIES | ||
Net income | 23,306 | 24,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 33,860 | 25,893 |
Amortization of deferred financing costs | 832 | 808 |
Equity in earnings of unconsolidated joint ventures | (2,516) | (1,935) |
Equity-based compensation expense | 3,497 | 2,271 |
Amortization of debt discounts, net | 174 | 144 |
Amortization (accretion) of market rent rate adjustments, net | 95 | 134 |
Straight-line rent adjustments | 511 | 680 |
Distributions of cumulative earnings from unconsolidated joint ventures | 1,604 | 2,007 |
Changes in other assets and liabilities: | ||
Other assets | 6,628 | 6,064 |
Accounts payable and accrued expenses | (37,083) | (35,431) |
Net cash provided by operating activities | 30,908 | 25,495 |
INVESTING ACTIVITIES | ||
Additions to rental property | (24,816) | (25,940) |
Proceeds from short-term investments | (1,448) | (19,504) |
Additions to non-real estate assets | (2,378) | (370) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 1,002 | 2,556 |
Additions to deferred lease costs | (498) | (694) |
Payments for other investing activities | (2,940) | 0 |
Proceeds from other investing activities | 1,883 | 3,071 |
Net cash used in investing activities | (26,299) | (1,873) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (30,796) | (25,665) |
Proceeds from notes, mortgages and loans | 117,000 | 0 |
Repayments of revolving credit facility | (84,000) | 0 |
Repayments of notes, mortgages and loans | (1,247) | (1,160) |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (10,524) | (5,649) |
Additions to deferred financing costs | 0 | (17) |
Proceeds from exercise of options | 438 | 15 |
Payment for other financing activities | (287) | (287) |
Contributions from noncontrolling interests in other consolidated partnerships | 80 | 0 |
Distributions to noncontrolling interests in other consolidated partnerships | 0 | (248) |
Net cash used in financing activities | (9,336) | (33,011) |
Effect of foreign currency rate changes on cash and cash equivalents | (87) | 7 |
Net decrease in cash and cash equivalents | (4,814) | (9,382) |
Cash and cash equivalents, beginning of period | 12,572 | 212,011 |
Cash and cash equivalents, end of period | $ 7,758 | $ 202,629 |
Business
Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Inc. and its subsidiaries, which we refer to as the Company, is one of the leading owners and operators of outlet and open-air 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 Tanger Properties Limited Partnership and its subsidiaries, which we refer to as the Operating Partnership, focuses on developing, acquiring, owning, operating and managing outlet and open-air shopping centers. As of March 31, 2024, we owned and operated 31 consolidated outlet centers and one open-air lifestyle center, with a total gross leasable area of approximately 12.7 million square feet, which were 97% occupied and contained over 2,400 stores representing approximately 660 store brands. We also had partial ownership interests in 6 unconsolidated centers totaling approximately 2.1 million square feet, including 2 centers in Canada. The portfolio also includes two managed centers, totaling approximately 760,000 square feet. Each of our centers, except one joint venture center, features the Tanger brand name. All references to gross leasable area, square feet, occupancy, stores and store brands contained in the notes to the consolidated financial statements are unaudited. Our shopping centers and other assets are held by, and all of our operations are conducted by the Operating Partnership. Accordingly, the descriptions of our business, employees and assets are also descriptions of the business, employees and assets of the Operating Partnership. Unless the context indicates otherwise, the term “Company” refers to Tanger 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. On November 16, 2023, we changed our legal name from Tanger Factory Outlet Centers, Inc. to Tanger, Inc. We refer to Tanger Inc.’s current legal name throughout this Quarterly Report on Form 10-Q. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. The December 31, 2023 balance sheet data in this Form 10-Q was derived from the Company’s 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 $48.4 million as of March 31, 2024. 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. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions or holding periods, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Our Atlantic City center has an estimated fair value less than its recorded carrying value of approximately $109.9 million. However, based on our current plan with respect to that center, we believe that its carrying amount is recoverable and therefore no impairment charge was recorded. Accordingly, we will continue to monitor circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, utilized to determine whether an impairment charge is necessary. As these inputs are difficult to predict and are subject to future events that may alter our assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or impairment may be realized in the future. If in the future we reduce our estimate of cash flow projections, we may need to record an asset impairment. We have not materially changed the assumptions used in the analysis during the first quarter of 2024. However, we can provide no assurance that material impairment charges with respect to our properties will not occur in future periods. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2024 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of March 31, 2024 Joint Venture 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 Ontario, Canada 50.0 % 665 $ 71.7 — Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (21.0) 98.8 National Harbor (2) National Harbor, MD 50.0 % 341 (13.2) 92.9 Galveston/Houston (2) Texas City, TX 50.0 % 353 (12.7) 57.2 Columbus (2) Columbus, OH 50.0 % 355 (3.9) 70.4 50.0 % 1,448 $ (50.8) $ 319.3 As of December 31, 2023 Joint Venture 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 Ontario, Canada 50.0 % 665 71.9 — Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 $ (20.8) $ 99.2 National Harbor (2) National Harbor, MD 50.0 % 341 (13.7) 93.3 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0) 57.1 Columbus (2) Columbus, OH 50.0 % 355 (3.4) 70.4 50.0 % 1,448 $ (50.9) $ 320.0 (1) Net of debt origination costs of $2.0 million as of March 31, 2024 and $2.1 million as of December 31, 2023. (2) We separately report investments in joint ventures for which accumulated distributions have exceeded investments in and our share of net income or loss of the joint ventures within other liabilities in the consolidated balance sheets because we are committed and intend to provide further financial support to these joint ventures. The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners and equity in earnings of the joint ventures. Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2024 2023 Fee: Management and marketing $ 557 $ 545 Leasing and other fees 105 45 Expense reimbursements from unconsolidated joint ventures 1,119 1,077 Total Fees $ 1,781 $ 1,667 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 $2.7 million and $2.8 million as of March 31, 2024 and December 31, 2023, respectively) are amortized over the various useful lives of the related assets. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): March 31, 2024 December 31, 2023 Assets Land $ 81,254 $ 82,962 Buildings, improvements and fixtures 463,592 466,496 Construction in progress 134 223 544,980 549,681 Accumulated depreciation (206,826) (203,395) Total rental property, net 338,154 346,286 Cash and cash equivalents 14,188 14,040 Deferred lease costs and other intangibles, net 2,638 2,637 Prepaids and other assets 9,534 11,616 Total assets $ 364,514 $ 374,579 Liabilities and Owners’ Equity Mortgages payable, net $ 319,290 $ 319,957 Accounts payable and other liabilities 13,015 16,013 Total liabilities 332,305 335,970 Owners’ equity 32,209 38,609 Total liabilities and owners’ equity $ 364,514 $ 374,579 Three months ended Condensed Combined Statements of Operations - Unconsolidated Joint Ventures March 31, 2024 2023 Revenues $ 22,496 $ 22,128 Expenses: Property operating 7,992 8,472 General and administrative 116 142 Depreciation and amortization 5,080 5,239 Total expenses 13,188 13,853 Other income (expense): Interest expense (4,540) (4,400) Other income 264 139 Total other expense (4,276) (4,261) Net income $ 5,032 $ 4,014 The Company and Operating Partnership’s share of: Net income $ 2,516 $ 1,935 Depreciation and amortization (real estate related) $ 2,540 $ 2,670 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company | 3 Months Ended |
Mar. 31, 2024 | |
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 guar antees the Op erating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $520.0 million as of March 31, 2024. The Company also guarantees the Operating Partnership’s unsecured term loan. The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2024 December 31, 2023 Unsecured lines of credit $ 46,000 $ 13,000 Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2024 December 31, 2023 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 $ 348,613 $ 350,000 $ 348,467 Senior notes 3.875% July 2027 300,000 298,649 300,000 298,546 Senior notes 2.750% September 2031 400,000 393,048 400,000 392,827 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 322,537 325,000 322,322 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 11,088 11,320 12,336 12,613 Southaven Adj SOFR + 2.00% October 2026 51,700 51,452 51,700 51,428 Unsecured lines of credit (4) Adj SOFR + 1.00% July 2025 46,000 46,000 13,000 13,000 Total $ 1,483,788 $ 1,471,619 $ 1,452,036 $ 1,439,203 (1) Includes premiums, discounts and unamortized debt origination costs. These costs were $12.2 million and $12.8 million as of March 31, 2024 and December 31, 2023, respectively. This excludes $1.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 2024 and December 31, 2023, 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. (4) See Note 18 to the consolidated financial statements for further details of our unsecured lines of credit. Certain of our properties, which had a net book value of approximately $139.2 million at March 31, 2024, serve as collateral for mortgages payable. As of March 31, 2024, we maintained unsecured lines of credit that provided for borrowings of up to $520.0 million. The unsecured lines of credit as of March 31, 2024 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. 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 FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of March 31, 2024, we believe we were in compliance with all of our debt covenants. Debt Maturities Maturities and principal amortization of the existing long-term debt as of March 31, 2024 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2024 $ 3,882 2025 47,501 2026 407,405 2027 625,000 2028 — Thereafter 400,000 Subtotal 1,483,788 Net discount and debt origination costs (12,169) Total $ 1,471,619 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 guar antees the Op erating Partnership’s obligations with respect to its unsecured lines of credit, which have a total borrowing capacity of $520.0 million as of March 31, 2024. The Company also guarantees the Operating Partnership’s unsecured term loan. The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): As of March 31, 2024 December 31, 2023 Unsecured lines of credit $ 46,000 $ 13,000 Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2024 December 31, 2023 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 $ 348,613 $ 350,000 $ 348,467 Senior notes 3.875% July 2027 300,000 298,649 300,000 298,546 Senior notes 2.750% September 2031 400,000 393,048 400,000 392,827 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 322,537 325,000 322,322 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 11,088 11,320 12,336 12,613 Southaven Adj SOFR + 2.00% October 2026 51,700 51,452 51,700 51,428 Unsecured lines of credit (4) Adj SOFR + 1.00% July 2025 46,000 46,000 13,000 13,000 Total $ 1,483,788 $ 1,471,619 $ 1,452,036 $ 1,439,203 (1) Includes premiums, discounts and unamortized debt origination costs. These costs were $12.2 million and $12.8 million as of March 31, 2024 and December 31, 2023, respectively. This excludes $1.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 2024 and December 31, 2023, 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. (4) See Note 18 to the consolidated financial statements for further details of our unsecured lines of credit. Certain of our properties, which had a net book value of approximately $139.2 million at March 31, 2024, serve as collateral for mortgages payable. As of March 31, 2024, we maintained unsecured lines of credit that provided for borrowings of up to $520.0 million. The unsecured lines of credit as of March 31, 2024 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. 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 FFO, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of FFO on a cumulative basis. As of March 31, 2024, we believe we were in compliance with all of our debt covenants. Debt Maturities Maturities and principal amortization of the existing long-term debt as of March 31, 2024 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2024 $ 3,882 2025 47,501 2026 407,405 2027 625,000 2028 — Thereafter 400,000 Subtotal 1,483,788 Net discount and debt origination costs (12,169) Total $ 1,471,619 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 | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2024 December 31, 2023 Assets (Liabilities) (1) : July 1, 2019 February 1, 2024 $ 25,000 Daily SOFR 1.7 % $ — $ 88 January 1, 2021 February 1, 2024 150,000 Daily SOFR 0.5 % — 692 January 1, 2021 February 1, 2024 100,000 Daily SOFR 0.2 % — 497 March 1, 2021 February 1, 2024 25,000 Daily SOFR 0.2 % — 124 Total $ 300,000 0.5 % $ — $ 1,401 February 1, 2024 February 1, 2026 75,000 Daily SOFR 3.5 % 1,435 670 February 1, 2024 August 1, 2026 75,000 Daily SOFR 3.7 % 1,057 54 February 1, 2024 January 1, 2027 175,000 Daily SOFR 4.2 % 334 (2,435) Total $ 325,000 3.9 % $ 2,826 $ (1,711) (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, 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 is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended March 31, 2024 2023 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in other comprehensive income (loss) $ 3,209 $ (3,426) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows: Tier Description Level 1 Observable inputs such as quoted prices in active markets Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3 Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions Fair Value Measurements on a Recurring Basis The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of March 31, 2024: Assets: Interest rate swaps (prepaids and other assets) $ 3,297 — $ 3,297 — Total assets $ 3,297 $ — $ 3,297 $ — Liabilities: Interest rate swaps (other liabilities) $ (471) $ — $ (471) $ — Total liabilities $ (471) $ — $ (471) $ — 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, 2023: Asset: Interest rate swaps (prepaids and other assets) $ 2,708 $ — $ 2,708 $ — Total assets $ 2,708 $ — $ 2,708 $ — Liabilities: Interest rate swaps (other liabilities) $ (3,018) $ — $ (3,018) $ — Total liabilities $ (3,018) $ — $ (3,018) $ — 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): March 31, 2024 December 31, 2023 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 939,591 918,091 Level 3 Significant Unobservable Inputs 433,380 401,609 Total fair value of debt $ 1,372,971 $ 1,319,700 Recorded value of debt $ 1,471,619 $ 1,439,203 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 Secured Overnight Financing Rate (“(“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 | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders' Equity of the Company | Shareholders’ Equity of the Company Dividend Declaration In January 2024, the Company's Board of Directors (the “Board”) declared a $0.26 cash dividend per common share payable on February 15, 2024 to each shareholder of record on January 31, 2024, and in its capacity as General Partner of the Operating Partnership, authorized a $0.26 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. At-the-Market Offering Under our at-the-market stock offering (“ATM Offering”) program, which commenced February 2021, and was replaced with a new program in December 2023, 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. We may sell the common shares in amounts and at times to be determined by us but we have no obligation to sell any of the common 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 its funding. We currently intend to use the net proceeds from the sale of common shares pursuant to the ATM Offering program for working capital and general corporate purposes. As of March 31, 2024, we had approximately $220.1 million of common shares remaining available for sale under the ATM Offering program. There were no sales of our common shares during the first quarters of 2024 or 2023. Share Repurchase Program In May 2023, the Board authorized the repurchase of up to $100.0 million of the Company’s outstanding common shares through May 31, 2025, replacing the previously authorized plan to repurchase up to $80.0 million of the Company's outstanding common shares through May 31, 2023. Repurchases may be made from time to time through open market, privately-negotiated, structured or derivative transactions (including accelerated share repurchase transactions), or other methods of acquiring common shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18 of the Exchange Act. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its common shares under this authorization. The Company did not repurchase any common shares in both the three months ended March 31, 2024 and March 31, 2023. The remaining amount of common shares authorized to be repurchased under the program as of March 31, 2024 was approximately $100.0 million. |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 3 Months Ended |
Mar. 31, 2024 | |
Partners' Equity of the Operating Partnership [Abstract] | |
Partners' Equity of the Operating Partnership | Partners’ Equity of the Operating Partnership All operating partnership units 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 amount of Class B common limited partnership units held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for three months ended March 31, 2024 and March 31, 2023: Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2022 1,100,000 4,737,982 103,397,920 108,135,902 Options exercised — — 2,600 2,600 Grant of restricted common share awards by the Company, net of forfeitures — — 1,116,372 1,116,372 Units withheld for employee income taxes — — (300,639) (300,639) Balance March 31, 2023 1,100,000 4,737,982 104,216,253 108,954,235 Balance December 31, 2023 1,150,000 4,707,958 107,643,251 112,351,209 Options exercised — — 24,100 24,100 Grant of restricted common share awards by the Company, net of forfeitures — — 788,531 788,531 Issuance of deferred share units — — 136,469 136,469 Units withheld for employee income taxes — — (375,899) (375,899) Balance March 31, 2024 1,150,000 4,707,958 108,216,452 112,924,410 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Numerator: Net income attributable to Tanger Inc. $ 22,413 $ 23,541 Less allocation of earnings to participating securities (231) (199) Net income available to common shareholders of Tanger Inc. $ 22,182 $ 23,342 Denominator: Basic weighted average common shares 108,369 104,088 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common shares 110,023 105,522 Basic earnings per common share: Net income $ 0.20 $ 0.22 Diluted earnings per common share: Net income $ 0.20 $ 0.22 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 months ended March 31, 2024, approximately 122,375 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. For the three months ended March 31, 2023, no notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three months ended March 31, 2024, no options were excluded from the computation and for the three months ended March 2023, approximately 503,300 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 March 31, 2024 2023 Numerator: Net income attributable to partners of the Operating Partnership $ 23,386 $ 24,612 Less allocation of earnings to participating securities (231) (199) Net income available to common unitholders of the Operating Partnership $ 23,155 $ 24,413 Denominator: Basic weighted average common units 113,077 108,826 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common units 114,731 110,260 Basic earnings per common unit: Net income $ 0.20 $ 0.22 Diluted earnings per common unit: Net income $ 0.20 $ 0.22 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 months ended March 31, 2024. approximately 122,375 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. For the three months ended March 31, 2023, no notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2024, no options were excluded from the computation and for the three months ended March 31, 2023, approximately 503,300 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Numerator: Net income attributable to Tanger Inc. $ 22,413 $ 23,541 Less allocation of earnings to participating securities (231) (199) Net income available to common shareholders of Tanger Inc. $ 22,182 $ 23,342 Denominator: Basic weighted average common shares 108,369 104,088 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common shares 110,023 105,522 Basic earnings per common share: Net income $ 0.20 $ 0.22 Diluted earnings per common share: Net income $ 0.20 $ 0.22 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 months ended March 31, 2024, approximately 122,375 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. For the three months ended March 31, 2023, no notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common shares is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common shares at the average market price during the period. For the three months ended March 31, 2024, no options were excluded from the computation and for the three months ended March 2023, approximately 503,300 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 March 31, 2024 2023 Numerator: Net income attributable to partners of the Operating Partnership $ 23,386 $ 24,612 Less allocation of earnings to participating securities (231) (199) Net income available to common unitholders of the Operating Partnership $ 23,155 $ 24,413 Denominator: Basic weighted average common units 113,077 108,826 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common units 114,731 110,260 Basic earnings per common unit: Net income $ 0.20 $ 0.22 Diluted earnings per common unit: Net income $ 0.20 $ 0.22 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 months ended March 31, 2024. approximately 122,375 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. For the three months ended March 31, 2023, no notional units were excluded from the computation. With respect to outstanding options, the effect of dilutive common units is determined using the treasury stock method, whereby outstanding options are assumed exercised at the beginning of the reporting period and the exercise proceeds from such options and the average measured but unrecognized compensation cost during the period are assumed to be used to repurchase our common units at the average market price during the period. The market price of a common unit is considered to be equivalent to the market price of a Company common share. For the three months ended March 31, 2024, no options were excluded from the computation and for the three months ended March 31, 2023, approximately 503,300 options were excluded from the computation, as they were anti-dilutive. Certain of the Company’s unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units’ participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
Equity-Based Compensation of th
Equity-Based Compensation of the Company | 3 Months Ended |
Mar. 31, 2024 | |
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 Inc. and Tanger Properties Limited Partnership, as amended (the “Plan”), which covers our non-employee directors, officers, employees and consultants. Per the Operating Partnership’s limited partnership agreement, when a common share is issued by the Company, the Operating Partnership issues one corresponding operating partnership unit 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 March 31, 2024 2023 Restricted common shares $ 2,359 $ 1,755 Notional unit performance awards 1,051 384 Options 87 132 Total equity-based compensation $ 3,497 $ 2,271 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2024 2023 Equity-based compensation expense capitalized $ 74 $ 52 Restricted Common Share and Restricted Share Unit Awards During February 2024, the Company granted approximately 253,000 restricted common shares to the Company’s non-employee directors and the Company’s executive officers. The grant date fair value of the awards was $26.78 per share. The restricted common shares vest ratably over a three year period on February 15th of each year for executive officers and over a one year period on February 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 376,000 and 301,000 for the three months ended March 31, 2024 and 2023, 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 $10.5 million and $5.6 million for the three months ended March 31, 2024 and 2023, respectively. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2024 Performance Share Plan During 2024, the Compensation Committee of the Company approved the general terms of the Tanger Inc. 2024 Performance Share Plan (the “2024 PSP”) covering the Company's executive officers whereby a maximum of approximately 367,000 restricted common shares may be earned if certain share price appreciation goals are achieved over a three year measurement period. The 2024 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 2024 PSP performance targets and other relevant information about the 2024 PSP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 26% - 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) 30th - 80th Percentage of units to be earned 20% - 100% Maximum number of restricted common shares that may be earned 367,000 February grant date fair value per share $16.36 (1) The number of restricted common shares received under the 2024 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 2024 PSP awards granted during the three months ended March 31, 2024 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 4.4 % Expected dividend yield (2) 4.3 % Expected volatility (3) 37 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the 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. 2021 Performance Share Plan In February 2024, the measurement period for the 2021 Performance Share Plan (the “2021 PSP") expired. Based on the Company’s absolute share price appreciation and relative total shareholder return over the three year measurement period, we issued 479,097 restricted common shares in February 2024, with 343,996 vesting immediately and the remaining 135,101 vesting in February 2025. All performance share plan vesting is 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). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) of the Company | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands): Tanger 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, 2023 $ (23,085) $ (434) $ (23,519) $ (1,293) $ 19 $ (1,274) Other comprehensive income before reclassifications (838) — (838) (36) — (36) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — 3,077 3,077 — 131 131 Balance March 31, 2024 $ (23,923) $ 2,643 $ (21,280) $ (1,329) $ 150 $ (1,179) Tanger 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 loss before reclassifications 155 — 155 9 — 9 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,277) (3,277) — (149) (149) Balance March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,342) $ 489 $ (853) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2023 $ (24,376) $ (417) $ (24,793) Other comprehensive income before reclassifications (874) — (874) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) interest expense for cash flow hedges — 3,209 3,209 Balance March 31, 2024 $ (25,250) $ 2,792 $ (22,458) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive loss before reclassifications 164 — 164 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,426) (3,426) Balance March 31, 2023 $ (25,703) $ 10,691 $ (15,012) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands): Tanger 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, 2023 $ (23,085) $ (434) $ (23,519) $ (1,293) $ 19 $ (1,274) Other comprehensive income before reclassifications (838) — (838) (36) — (36) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — 3,077 3,077 — 131 131 Balance March 31, 2024 $ (23,923) $ 2,643 $ (21,280) $ (1,329) $ 150 $ (1,179) Tanger 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 loss before reclassifications 155 — 155 9 — 9 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,277) (3,277) — (149) (149) Balance March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,342) $ 489 $ (853) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2023 $ (24,376) $ (417) $ (24,793) Other comprehensive income before reclassifications (874) — (874) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) interest expense for cash flow hedges — 3,209 3,209 Balance March 31, 2024 $ (25,250) $ 2,792 $ (22,458) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive loss before reclassifications 164 — 164 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,426) (3,426) Balance March 31, 2023 $ (25,703) $ 10,691 $ (15,012) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. |
Lease Agreements
Lease Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Agreements | Lease Agreements As of March 31, 2024, we were the lessor to approximately 2,400 stores in our 32 consolidated centers, under operating leases with initial terms that expire from 2024 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 March 31, 2024 2023 Rental revenues - fixed $ 95,979 $ 81,887 Rental revenues - variable (1) 21,830 21,695 Rental revenues $ 117,809 $ 103,582 (1) Primarily includes rents based on a percentage of tenant sales volume and reimbursable expenses such as common area expenses, utilities, insurance and real estate taxes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information We purchase capital equipment and incur costs relating to construction of facilities, including tenant finishing allowances. Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2024 March 31, 2023 Costs relating to construction included in accounts payable and accrued expenses $ 23,587 $ 30,331 Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2024 2023 Interest paid $ 20,640 $ 18,352 |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements Recently issued accounting standards On August 22, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, an update to Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASU 2023-05”). ASU 2023-05 clarifies existing guidance by requiring a joint venture to recognize and initially measure assets contributed and liabilities assumed at fair value, upon its formation. These amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. We are evaluating the impact of ASU 2023-05 on our consolidated financial statements. We will apply the provisions of ASU 2023-05 to new joint ventures, as applicable, but do not believe the adoption of ASU 2023-05 will have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing reporting requirements under Topic 280. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The ASU also makes several other changes to income tax disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance should be applied prospectively; however, retrospective application is permitted. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Unsecured Lines of Credit Recast In April 2024, the Operating Partnership entered into amendments to its unsecured lines of credit, which, among other things, increased the borrowing capacity from $520 million to $620 million, with an accordion feature to increase total borrowing capacity to $1.2 billion, extended the maturity date from July 14, 2025 to April 12, 2028 (which may be extended by one Dividend Declaration In April 2024, the Board declared a $0.275 cash dividend per common share payable on May 15, 2024 to each shareholder of record on April 30, 2024, and in its capacity as General Partner of the Operating Partnership, authorized a $0.275 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income attributable to Tanger Inc. | $ 22,413 | $ 23,541 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. The December 31, 2023 balance sheet data in this Form 10-Q was derived from the Company’s 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 Receivable |
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. Impairment analyses are based on our current plans, intended holding periods and available market information at the time the analyses are prepared. If our estimates of the projected future cash flows change based on uncertain market conditions or holding periods, our evaluation of impairment losses may be different and such differences could be material to our consolidated financial statements. Our Atlantic City center has an estimated fair value less than its recorded carrying value of approximately $109.9 million. However, based on our current plan with respect to that center, we believe that its carrying amount is recoverable and therefore no impairment charge was recorded. Accordingly, we will continue to monitor circumstances and events in future periods that could affect inputs such as the expected holding period, operating cash flow forecasts and capitalization rates, utilized to determine whether an impairment charge is necessary. As these inputs are difficult to predict and are subject to future events that may alter our assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses or impairment may be realized in the future. If in the future we reduce our estimate of cash flow projections, we may need to record an asset impairment. We have not materially changed the assumptions used in the analysis during the first quarter of 2024. However, 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 August 22, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, an update to Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASU 2023-05”). ASU 2023-05 clarifies existing guidance by requiring a joint venture to recognize and initially measure assets contributed and liabilities assumed at fair value, upon its formation. These amendments are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. We are evaluating the impact of ASU 2023-05 on our consolidated financial statements. We will apply the provisions of ASU 2023-05 to new joint ventures, as applicable, but do not believe the adoption of ASU 2023-05 will have a material impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires, among other updates, enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing reporting requirements under Topic 280. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The ASU also makes several other changes to income tax disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance should be applied prospectively; however, retrospective application is permitted. Early adoption is permitted. We are evaluating the impact of this guidance on our consolidated financial statements and related disclosures. |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures: As of March 31, 2024 Joint Venture 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 Ontario, Canada 50.0 % 665 $ 71.7 — Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 (21.0) 98.8 National Harbor (2) National Harbor, MD 50.0 % 341 (13.2) 92.9 Galveston/Houston (2) Texas City, TX 50.0 % 353 (12.7) 57.2 Columbus (2) Columbus, OH 50.0 % 355 (3.9) 70.4 50.0 % 1,448 $ (50.8) $ 319.3 As of December 31, 2023 Joint Venture 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 Ontario, Canada 50.0 % 665 71.9 — Investments included in other liabilities: Charlotte (2) Charlotte, NC 50.0 % 399 $ (20.8) $ 99.2 National Harbor (2) National Harbor, MD 50.0 % 341 (13.7) 93.3 Galveston/Houston (2) Texas City, TX 50.0 % 353 (13.0) 57.1 Columbus (2) Columbus, OH 50.0 % 355 (3.4) 70.4 50.0 % 1,448 $ (50.9) $ 320.0 (1) Net of debt origination costs of $2.0 million as of March 31, 2024 and $2.1 million as of December 31, 2023. |
Schedule of Development, Loan Guarantee, Management, Leasing, and Marketing Fees Paid By Unconsolidated JVs | Fees we received for various services provided to our unconsolidated joint ventures were recognized in management, leasing and other services as follows (in thousands): Three months ended March 31, 2024 2023 Fee: Management and marketing $ 557 $ 545 Leasing and other fees 105 45 Expense reimbursements from unconsolidated joint ventures 1,119 1,077 Total Fees $ 1,781 $ 1,667 |
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): March 31, 2024 December 31, 2023 Assets Land $ 81,254 $ 82,962 Buildings, improvements and fixtures 463,592 466,496 Construction in progress 134 223 544,980 549,681 Accumulated depreciation (206,826) (203,395) Total rental property, net 338,154 346,286 Cash and cash equivalents 14,188 14,040 Deferred lease costs and other intangibles, net 2,638 2,637 Prepaids and other assets 9,534 11,616 Total assets $ 364,514 $ 374,579 Liabilities and Owners’ Equity Mortgages payable, net $ 319,290 $ 319,957 Accounts payable and other liabilities 13,015 16,013 Total liabilities 332,305 335,970 Owners’ equity 32,209 38,609 Total liabilities and owners’ equity $ 364,514 $ 374,579 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Condensed Combined Statements of Operations - Unconsolidated Joint Ventures March 31, 2024 2023 Revenues $ 22,496 $ 22,128 Expenses: Property operating 7,992 8,472 General and administrative 116 142 Depreciation and amortization 5,080 5,239 Total expenses 13,188 13,853 Other income (expense): Interest expense (4,540) (4,400) Other income 264 139 Total other expense (4,276) (4,261) Net income $ 5,032 $ 4,014 The Company and Operating Partnership’s share of: Net income $ 2,516 $ 1,935 Depreciation and amortization (real estate related) $ 2,540 $ 2,670 |
Debt Guaranteed by the Company
Debt Guaranteed by the Company (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 Unsecured lines of credit $ 46,000 $ 13,000 Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2024 December 31, 2023 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 $ 348,613 $ 350,000 $ 348,467 Senior notes 3.875% July 2027 300,000 298,649 300,000 298,546 Senior notes 2.750% September 2031 400,000 393,048 400,000 392,827 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 322,537 325,000 322,322 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 11,088 11,320 12,336 12,613 Southaven Adj SOFR + 2.00% October 2026 51,700 51,452 51,700 51,428 Unsecured lines of credit (4) Adj SOFR + 1.00% July 2025 46,000 46,000 13,000 13,000 Total $ 1,483,788 $ 1,471,619 $ 1,452,036 $ 1,439,203 (1) Includes premiums, discounts and unamortized debt origination costs. These costs were $12.2 million and $12.8 million as of March 31, 2024 and December 31, 2023, respectively. This excludes $1.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 2024 and December 31, 2023, 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. (4) |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 December 31, 2023 Unsecured lines of credit $ 46,000 $ 13,000 Unsecured term loan $ 325,000 $ 325,000 The debt of the Operating Partnership consisted of the following (in thousands): As of As of March 31, 2024 December 31, 2023 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 $ 348,613 $ 350,000 $ 348,467 Senior notes 3.875% July 2027 300,000 298,649 300,000 298,546 Senior notes 2.750% September 2031 400,000 393,048 400,000 392,827 Unsecured term loan Adj SOFR + 0.95% January 2027 325,000 322,537 325,000 322,322 Mortgages payable: Atlantic City (2) (3) 6.44 % - 7.65% December 2024- December 2026 11,088 11,320 12,336 12,613 Southaven Adj SOFR + 2.00% October 2026 51,700 51,452 51,700 51,428 Unsecured lines of credit (4) Adj SOFR + 1.00% July 2025 46,000 46,000 13,000 13,000 Total $ 1,483,788 $ 1,471,619 $ 1,452,036 $ 1,439,203 (1) Includes premiums, discounts and unamortized debt origination costs. These costs were $12.2 million and $12.8 million as of March 31, 2024 and December 31, 2023, respectively. This excludes $1.8 million and $2.1 million of unamortized debt origination costs related to the unsecured lines of credit for the periods ended March 31, 2024 and December 31, 2023, 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. (4) |
Schedule of Maturities of Long-term Debt | Maturities and principal amortization of the existing long-term debt as of March 31, 2024 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount For the remainder of 2024 $ 3,882 2025 47,501 2026 407,405 2027 625,000 2028 — Thereafter 400,000 Subtotal 1,483,788 Net discount and debt origination costs (12,169) Total $ 1,471,619 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate March 31, 2024 December 31, 2023 Assets (Liabilities) (1) : July 1, 2019 February 1, 2024 $ 25,000 Daily SOFR 1.7 % $ — $ 88 January 1, 2021 February 1, 2024 150,000 Daily SOFR 0.5 % — 692 January 1, 2021 February 1, 2024 100,000 Daily SOFR 0.2 % — 497 March 1, 2021 February 1, 2024 25,000 Daily SOFR 0.2 % — 124 Total $ 300,000 0.5 % $ — $ 1,401 February 1, 2024 February 1, 2026 75,000 Daily SOFR 3.5 % 1,435 670 February 1, 2024 August 1, 2026 75,000 Daily SOFR 3.7 % 1,057 54 February 1, 2024 January 1, 2027 175,000 Daily SOFR 4.2 % 334 (2,435) Total $ 325,000 3.9 % $ 2,826 $ (1,711) (1) Asset balances are recorded in prepaids and other assets on the consolidated balance sheets and liabilities are recorded in other liabilities on the consolidated balance sheets. The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, 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 is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended March 31, 2024 2023 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in other comprehensive income (loss) $ 3,209 $ (3,426) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of March 31, 2024: Assets: Interest rate swaps (prepaids and other assets) $ 3,297 — $ 3,297 — Total assets $ 3,297 $ — $ 3,297 $ — Liabilities: Interest rate swaps (other liabilities) $ (471) $ — $ (471) $ — Total liabilities $ (471) $ — $ (471) $ — 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, 2023: Asset: Interest rate swaps (prepaids and other assets) $ 2,708 $ — $ 2,708 $ — Total assets $ 2,708 $ — $ 2,708 $ — Liabilities: Interest rate swaps (other liabilities) $ (3,018) $ — $ (3,018) $ — Total liabilities $ (3,018) $ — $ (3,018) $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): March 31, 2024 December 31, 2023 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 939,591 918,091 Level 3 Significant Unobservable Inputs 433,380 401,609 Total fair value of debt $ 1,372,971 $ 1,319,700 Recorded value of debt $ 1,471,619 $ 1,439,203 |
Partners' Equity of the Opera_2
Partners' Equity of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and March 31, 2023: Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2022 1,100,000 4,737,982 103,397,920 108,135,902 Options exercised — — 2,600 2,600 Grant of restricted common share awards by the Company, net of forfeitures — — 1,116,372 1,116,372 Units withheld for employee income taxes — — (300,639) (300,639) Balance March 31, 2023 1,100,000 4,737,982 104,216,253 108,954,235 Balance December 31, 2023 1,150,000 4,707,958 107,643,251 112,351,209 Options exercised — — 24,100 24,100 Grant of restricted common share awards by the Company, net of forfeitures — — 788,531 788,531 Issuance of deferred share units — — 136,469 136,469 Units withheld for employee income taxes — — (375,899) (375,899) Balance March 31, 2024 1,150,000 4,707,958 108,216,452 112,924,410 |
Earnings Per Share of the Com_2
Earnings Per Share of the Company (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Numerator: Net income attributable to Tanger Inc. $ 22,413 $ 23,541 Less allocation of earnings to participating securities (231) (199) Net income available to common shareholders of Tanger Inc. $ 22,182 $ 23,342 Denominator: Basic weighted average common shares 108,369 104,088 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common shares 110,023 105,522 Basic earnings per common share: Net income $ 0.20 $ 0.22 Diluted earnings per common share: Net income $ 0.20 $ 0.22 The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended March 31, 2024 2023 Numerator: Net income attributable to partners of the Operating Partnership $ 23,386 $ 24,612 Less allocation of earnings to participating securities (231) (199) Net income available to common unitholders of the Operating Partnership $ 23,155 $ 24,413 Denominator: Basic weighted average common units 113,077 108,826 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common units 114,731 110,260 Basic earnings per common unit: Net income $ 0.20 $ 0.22 Diluted earnings per common unit: Net income $ 0.20 $ 0.22 |
Earnings Per Unit of the Oper_2
Earnings Per Unit of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Numerator: Net income attributable to Tanger Inc. $ 22,413 $ 23,541 Less allocation of earnings to participating securities (231) (199) Net income available to common shareholders of Tanger Inc. $ 22,182 $ 23,342 Denominator: Basic weighted average common shares 108,369 104,088 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common shares 110,023 105,522 Basic earnings per common share: Net income $ 0.20 $ 0.22 Diluted earnings per common share: Net income $ 0.20 $ 0.22 The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended March 31, 2024 2023 Numerator: Net income attributable to partners of the Operating Partnership $ 23,386 $ 24,612 Less allocation of earnings to participating securities (231) (199) Net income available to common unitholders of the Operating Partnership $ 23,155 $ 24,413 Denominator: Basic weighted average common units 113,077 108,826 Effect of notional units 731 693 Effect of outstanding options 923 741 Diluted weighted average common units 114,731 110,260 Basic earnings per common unit: Net income $ 0.20 $ 0.22 Diluted earnings per common unit: Net income $ 0.20 $ 0.22 |
Equity-Based Compensation of _2
Equity-Based Compensation of the Company (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Restricted common shares $ 2,359 $ 1,755 Notional unit performance awards 1,051 384 Options 87 132 Total equity-based compensation $ 3,497 $ 2,271 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended March 31, 2024 2023 Equity-based compensation expense capitalized $ 74 $ 52 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2024 PSP performance targets and other relevant information about the 2024 PSP: Performance targets (1) Absolute portion of award: Percent of total award 33.3% Absolute total shareholder return range 26% - 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) 30th - 80th Percentage of units to be earned 20% - 100% Maximum number of restricted common shares that may be earned 367,000 February grant date fair value per share $16.36 (1) The number of restricted common shares received under the 2024 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 2024 PSP awards granted during the three months ended March 31, 2024 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 4.4 % Expected dividend yield (2) 4.3 % Expected volatility (3) 37 % (1) Represents the interest rate as of the grant date on U.S. treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the average dividend yield over the previous three-year period and the current dividend yield as of the valuation date. (3) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands): Tanger 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, 2023 $ (23,085) $ (434) $ (23,519) $ (1,293) $ 19 $ (1,274) Other comprehensive income before reclassifications (838) — (838) (36) — (36) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — 3,077 3,077 — 131 131 Balance March 31, 2024 $ (23,923) $ 2,643 $ (21,280) $ (1,329) $ 150 $ (1,179) Tanger 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 loss before reclassifications 155 — 155 9 — 9 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,277) (3,277) — (149) (149) Balance March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,342) $ 489 $ (853) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2023 $ (24,376) $ (417) $ (24,793) Other comprehensive income before reclassifications (874) — (874) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) interest expense for cash flow hedges — 3,209 3,209 Balance March 31, 2024 $ (25,250) $ 2,792 $ (22,458) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive loss before reclassifications 164 — 164 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,426) (3,426) Balance March 31, 2023 $ (25,703) $ 10,691 $ (15,012) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 (in thousands): Tanger 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, 2023 $ (23,085) $ (434) $ (23,519) $ (1,293) $ 19 $ (1,274) Other comprehensive income before reclassifications (838) — (838) (36) — (36) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — 3,077 3,077 — 131 131 Balance March 31, 2024 $ (23,923) $ 2,643 $ (21,280) $ (1,329) $ 150 $ (1,179) Tanger 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 loss before reclassifications 155 — 155 9 — 9 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,277) (3,277) — (149) (149) Balance March 31, 2023 $ (24,361) $ 10,202 $ (14,159) $ (1,342) $ 489 $ (853) We expect within the next twelve months to reclassify into earnings as an increase to interest expense approximately $3.1 million of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect as of March 31, 2024. The following table presents changes in the balances of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2024 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2023 $ (24,376) $ (417) $ (24,793) Other comprehensive income before reclassifications (874) — (874) Reclassification out of accumulated other comprehensive income (loss) into other income (expense) interest expense for cash flow hedges — 3,209 3,209 Balance March 31, 2024 $ (25,250) $ 2,792 $ (22,458) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2022 $ (25,867) $ 14,117 $ (11,750) Other comprehensive loss before reclassifications 164 — 164 Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for interest expense for cash flow hedges — (3,426) (3,426) Balance March 31, 2023 $ (25,703) $ 10,691 $ (15,012) |
Lease Agreements (Tables)
Lease Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Components of rental revenues | The components of rental revenues are as follows (in thousands): Three months ended March 31, 2024 2023 Rental revenues - fixed $ 95,979 $ 81,887 Rental revenues - variable (1) 21,830 21,695 Rental revenues $ 117,809 $ 103,582 (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) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Expenditures included in accounts payable and accrued expenses were as follows (in thousands): As of As of March 31, 2024 March 31, 2023 Costs relating to construction included in accounts payable and accrued expenses $ 23,587 $ 30,331 Interest paid, net of interest capitalized was as follows (in thousands): Three months ended March 31, 2024 2023 Interest paid $ 20,640 $ 18,352 |
Business (Details)
Business (Details) ft² in Thousands | Mar. 31, 2024 ft² shares brand outletCenter store |
Entity Information [Line Items] | |
Number of operating partnership units owned by the company (in shares) | shares | 109,366,452 |
Exchange ratio of Partnership Units for common shares | 1 |
Managed Center | |
Entity Information [Line Items] | |
Number of outlet centers | 2 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 760 |
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 | 4,707,958 |
Properties Owned | |
Entity Information [Line Items] | |
Total gross leaseable area of outlet centers (in square feet) | ft² | 12,700 |
Percentage occupied (percent) | 97% |
Number of stores | store | 2,400 |
Number of store brands | brand | 660 |
Properties Owned | Outlet Center | |
Entity Information [Line Items] | |
Number of outlet centers | 31 |
Properties Owned | Open-Air Lifestyle Center | |
Entity Information [Line Items] | |
Number of outlet centers | 1 |
Joint venture property | |
Entity Information [Line Items] | |
Number of outlet centers | 32 |
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 | 2,100 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Straight line rent adjustments receivable | $ 48,400 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings, improvements and fixtures | 2,944,077 | $ 2,938,434 |
Straight line rent adjustments receivable | 48,400 | |
Impaired Outlet Center [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings, improvements and fixtures | $ 109,900 |
Developments of Consolidated Ou
Developments of Consolidated Outlet Centers - Real Estate Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate Properties [Line Items] | ||
Estimated total net costs | $ 1,939,920 | $ 1,952,976 |
Land | $ 303,605 | $ 303,605 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) ft² | Dec. 31, 2023 USD ($) ft² |
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Venture Debt, Net | $ 62,772 | $ 64,041 |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Joint Venture Debt, Net | 319,290 | 319,957 |
Unconsolidated Properties | Mortgages | ||
Schedule of Equity Method Investments [Line Items] | ||
Net discount and debt origination costs | $ (2,000) | $ (2,100) |
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 | $ 71,700 | $ 71,900 |
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 | $ 21,000 | $ 20,800 |
Total Joint Venture Debt, Net | $ 98,800 | $ 99,200 |
National Harbor | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 341 | 341 |
Carrying Value of Investment | $ 13,200 | $ 13,700 |
Total Joint Venture Debt, Net | $ 92,900 | $ 93,300 |
Galveston/Houston | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 353 | 353 |
Carrying Value of Investment | $ 12,700 | $ 13,000 |
Total Joint Venture Debt, Net | $ 57,200 | $ 57,100 |
Columbus | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 355 | 355 |
Carrying Value of Investment | $ 3,900 | $ 3,400 |
Total Joint Venture Debt, Net | $ 70,400 | $ 70,400 |
Charlotte, National Harbor, Galveston/Houston and Columbus | Other Liabilities | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50% | 50% |
Square feet | ft² | 1,448 | 1,448 |
Carrying Value of Investment | $ 50,800 | $ 50,900 |
Total Joint Venture Debt, Net | $ 319,300 | $ 320,000 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Management, Leasing and other services [Line Items] | ||
Total Fees | $ 2,278 | $ 1,914 |
Unconsolidated joint venture | ||
Management, Leasing and other services [Line Items] | ||
Total Fees | 1,781 | 1,667 |
Management and marketing | Unconsolidated joint venture | ||
Management, Leasing and other services [Line Items] | ||
Total Fees | 557 | 545 |
Leasing and other fees | Unconsolidated joint venture | ||
Management, Leasing and other services [Line Items] | ||
Total Fees | 105 | 45 |
Expense reimbursements from unconsolidated joint ventures | Unconsolidated joint venture | ||
Management, Leasing and other services [Line Items] | ||
Total Fees | $ 1,119 | $ 1,077 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Equity Method Investments [Line Items] | ||
Differences in basis | $ 2.7 | $ 2.8 |
Investments in Unconsolidated_6
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||||
Land | $ 303,605 | $ 303,605 | ||
Buildings, improvements and fixtures | 2,944,077 | 2,938,434 | ||
Construction in progress | 39,249 | 29,201 | ||
Rental property, at cost, total | 3,286,931 | 3,271,240 | ||
Accumulated depreciation | (1,347,011) | (1,318,264) | ||
Total rental property, net | 1,939,920 | 1,952,976 | ||
Cash and cash equivalents | 8,137 | 12,778 | $ 202,821 | $ 212,124 |
Deferred lease costs and other intangibles, net | 86,436 | 91,269 | ||
Prepaids and other assets | 110,151 | 108,609 | ||
Total assets | 2,301,166 | 2,324,119 | ||
Liabilities and Owners’ Equity | ||||
Mortgages payable, net | 62,772 | 64,041 | ||
Owners’ equity | 579,723 | 591,313 | $ 506,306 | $ 513,934 |
Total liabilities and equity | 2,301,166 | 2,324,119 | ||
Total liabilities | 1,721,443 | 1,732,806 | ||
Unconsolidated Properties | ||||
Assets | ||||
Land | 81,254 | 82,962 | ||
Buildings, improvements and fixtures | 463,592 | 466,496 | ||
Construction in progress | 134 | 223 | ||
Rental property, at cost, total | 544,980 | 549,681 | ||
Accumulated depreciation | (206,826) | (203,395) | ||
Total rental property, net | 338,154 | 346,286 | ||
Cash and cash equivalents | 14,188 | 14,040 | ||
Deferred lease costs and other intangibles, net | 2,638 | 2,637 | ||
Prepaids and other assets | 9,534 | 11,616 | ||
Total assets | 364,514 | 374,579 | ||
Liabilities and Owners’ Equity | ||||
Mortgages payable, net | 319,290 | 319,957 | ||
Accounts payable and other liabilities | 13,015 | 16,013 | ||
Owners’ equity | 32,209 | 38,609 | ||
Total liabilities and equity | 364,514 | 374,579 | ||
Total liabilities | $ 332,305 | $ 335,970 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | $ 123,371 | $ 108,943 |
Expenses: | ||
Property operating | 35,465 | 33,148 |
General and administrative | 19,490 | 17,434 |
Depreciation and amortization | 33,860 | 25,893 |
Total expenses | 88,815 | 76,475 |
Interest expense | (14,353) | (12,343) |
Other income (expense) | 587 | 2,800 |
Total other income (expense) | (13,766) | (9,543) |
Net income | 23,306 | 24,860 |
The Company and Operating Partnership's share of: | ||
Net income | 2,516 | 1,935 |
Depreciation and amortization (real estate related) | 2,540 | 2,670 |
Unconsolidated Properties | ||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||
Revenues | 22,496 | 22,128 |
Expenses: | ||
Property operating | 7,992 | 8,472 |
General and administrative | 116 | 142 |
Depreciation and amortization | 5,080 | 5,239 |
Total expenses | 13,188 | 13,853 |
Interest expense | (4,540) | (4,400) |
Other income (expense) | 264 | 139 |
Total other income (expense) | (4,276) | (4,261) |
Net income | $ 5,032 | $ 4,014 |
Debt Guaranteed by the Compan_2
Debt Guaranteed by the Company (Details) - Debt - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Unsecured lines of credit | Unsecured lines of credit | ||
Line of Credit Facility [Line Items] | ||
Unsecured term loan and line of credit | $ 46,000 | $ 13,000 |
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 | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | |||
Book Value | $ 1,471,619 | $ 1,439,203 | |
Tanger Properties Limited Partnership | |||
Debt Instrument [Line Items] | |||
Principal | 1,483,788 | 1,452,036 | |
Book Value | 1,471,619 | 1,439,203 | |
Unamortized debt issuance costs | $ 12,200 | 12,800 | |
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 | $ 348,613 | 348,467 | |
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 | $ 298,649 | 298,546 | |
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 | 393,048 | 392,827 | |
Tanger Properties Limited Partnership | Mortgages payable | Atlantic City | |||
Debt Instrument [Line Items] | |||
Principal | 11,088 | 12,336 | |
Book Value | 11,320 | 12,613 | |
Effective interest rate | 5.05% | ||
Tanger Properties Limited Partnership | Mortgages payable | Southaven | |||
Debt Instrument [Line Items] | |||
Principal | 51,700 | 51,700 | |
Book Value | 51,452 | 51,428 | |
Tanger Properties Limited Partnership | Unsecured term loan | Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Principal | 325,000 | ||
Book Value | $ 322,537 | ||
Tanger Properties Limited Partnership | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 1% | ||
Unamortized debt issuance costs | $ 1,800 | 2,100 | |
Tanger Properties Limited Partnership | Unsecured lines of credit | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Principal | 46,000 | 13,000 | |
Book Value | $ 46,000 | $ 13,000 | |
Tanger Properties Limited Partnership | SOFR | Mortgages payable | Southaven | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2% | ||
Tanger Properties Limited Partnership | SOFR | Unsecured term loan | Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | |||
Tanger Properties Limited Partnership | SOFR | Unsecured lines of credit | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 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 | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Unsecured lines of credit | Debt | Unsecured lines of credit | ||
Debt Instrument [Line Items] | ||
Maximum amount of unconsolidated joint venture debt guaranteed by the Company | $ 46,000 | $ 13,000 |
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 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 12,200 | 12,800 |
Tanger Properties Limited Partnership | Mortgages | ||
Debt Instrument [Line Items] | ||
Net book value of collateral for mortgages payable | 139,200 | |
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% | |
Unamortized debt issuance costs | $ 1,800 | $ 2,100 |
Tanger Properties Limited Partnership | Unsecured lines of credit | Debt | ||
Debt Instrument [Line Items] | ||
Line of credit borrowing capacity | $ 520,000 |
Debt of the Operating Partner_5
Debt of the Operating Partnership (Debt Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Maturities of Debt [Line Items] | ||
Total debt | $ 1,471,619 | $ 1,439,203 |
Tanger Properties Limited Partnership | ||
Schedule of Maturities of Debt [Line Items] | ||
For the remainder of 2024 | 3,882 | |
2025 | 47,501 | |
2026 | 407,405 | |
2027 | 625,000 | |
2028 | 0 | |
Thereafter | 400,000 | |
Subtotal | 1,483,788 | 1,452,036 |
Net discount and debt origination costs | (12,169) | |
Total debt | $ 1,471,619 | $ 1,439,203 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Interest Rate Swap July 1, 2019 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Company Fixed Pay Rate | 1.70% | |
Fair Value | $ 0 | $ 88 |
Interest Rate Swap January 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 150,000 | |
Company Fixed Pay Rate | 0.50% | |
Fair Value | $ 0 | 692 |
Interest Rate Swap January 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 100,000 | |
Company Fixed Pay Rate | 0.20% | |
Fair Value | $ 0 | 497 |
Interest Rate Swap March 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 25,000 | |
Company Fixed Pay Rate | 0.20% | |
Fair Value | $ 0 | 124 |
Interest Rate Swap July 1 2019 to March 1, 2021 | ||
Derivative [Line Items] | ||
Notional Amount | $ 300,000 | |
Company Fixed Pay Rate | 0.50% | |
Fair Value | $ 0 | 1,401 |
Interest rate swap February 1, 2024, maturing February 1, 2026 | ||
Derivative [Line Items] | ||
Notional Amount | $ 75,000 | |
Company Fixed Pay Rate | 3.50% | |
Fair Value | $ 1,435 | 670 |
Interest rate swap February 1, 2024, maturing August 1, 2026 | ||
Derivative [Line Items] | ||
Notional Amount | $ 75,000 | |
Company Fixed Pay Rate | 3.70% | |
Fair Value | $ 1,057 | 54 |
Interest rate swap February 1, 2024, maturing January 1, 2027 | ||
Derivative [Line Items] | ||
Notional Amount | $ 175,000 | |
Company Fixed Pay Rate | 4.20% | |
Fair Value | $ 334 | (2,435) |
Interest rate swap February 1, 2024, maturing February 1, 2026 through January 1, 2027 | ||
Derivative [Line Items] | ||
Notional Amount | $ 325,000 | |
Company Fixed Pay Rate | 3.90% | |
Fair Value | $ 2,826 | $ (1,711) |
Derivative Financial Instrume_4
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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) | $ 3,209 | $ (3,426) |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring) (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $ 3,297 | $ 2,708 |
Interest rate swaps (other liabilities) | (471) | (3,018) |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 3,297 | 2,708 |
Interest rate swaps (other liabilities) | (471) | (3,018) |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest rate swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 3,297 | 2,708 |
Interest rate swaps (other liabilities) | (471) | (3,018) |
Interest rate swaps | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | 0 | 0 |
Interest rate swaps | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 3,297 | 2,708 |
Interest rate swaps (other liabilities) | (471) | (3,018) |
Interest rate swaps | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Interest rate swaps (other liabilities) | $ 0 | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recorded value of debt | $ 1,471,619 | $ 1,439,203 |
Tanger Properties Limited Partnership | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,372,971 | 1,319,700 |
Recorded value of debt | 1,471,619 | 1,439,203 |
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 | 939,591 | 918,091 |
Tanger Properties Limited Partnership | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 433,380 | $ 401,609 |
Shareholders' Equity of the C_2
Shareholders' Equity of the Company (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | May 31, 2023 | Apr. 30, 2023 | Feb. 28, 2021 | |
Distribution Made to Limited Partner [Line Items] | |||||||
Common dividends (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.22 | ||||
Common distributions (in dollars per share) | $ 0.26 | ||||||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Aggregate gross sales price of common shares | $ 250 | ||||||
At-the-Market offering, stock remaining available for sale | $ 220.1 | ||||||
Common shares sold (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 | ||||||
Tanger Properties Limited Partnership | |||||||
Distribution Made to Limited Partner [Line Items] | |||||||
Common distributions (in dollars per share) | $ 0.26 | $ 0.22 |
Partners' Equity of the Opera_3
Partners' Equity of the Operating Partnership (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Options exercised (in units) | 24,100 | 2,600 |
Grant of restricted common share awards, net of forfeitures (in units) | 788,531 | 1,116,372 |
Units withheld for employee income taxes (in units) | (375,899) | (300,639) |
Tanger Properties Limited Partnership | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General Partnership Units (in units) | 1,150,000 | |
Options exercised (in units) | 24,100 | 2,600 |
Issuance of units (in units) | 136,469 | |
Grant of restricted common share awards, net of forfeitures (in units) | 1,116,372 | |
Units withheld for employee income taxes (in units) | (375,899) | (300,639) |
General Partnership Units (in units) | 1,150,000 | |
Tanger Properties Limited Partnership | General Partnership Units | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General Partnership Units (in units) | 1,150,000 | 1,100,000 |
Options exercised (in units) | 0 | 0 |
Issuance of units (in units) | 0 | |
Grant of restricted common share awards, net of forfeitures (in units) | 0 | 0 |
Units withheld for employee income taxes (in units) | 0 | 0 |
General Partnership Units (in units) | 1,150,000 | 1,100,000 |
Tanger Properties Limited Partnership | Limited Partnership Units | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited Partnership Units (in units) | 112,351,209 | 108,135,902 |
Options exercised (in units) | 24,100 | 2,600 |
Issuance of units (in units) | 136,469 | |
Grant of restricted common share awards, net of forfeitures (in units) | 788,531 | 1,116,372 |
Units withheld for employee income taxes (in units) | (375,899) | (300,639) |
Limited Partnership Units (in units) | 112,924,410 | 108,954,235 |
Tanger Properties Limited Partnership | Class A | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited Partnership Units (in units) | 4,707,958 | 4,737,982 |
Options exercised (in units) | 0 | 0 |
Issuance of units (in units) | 0 | |
Grant of restricted common share awards, net of forfeitures (in units) | 0 | 0 |
Units withheld for employee income taxes (in units) | 0 | 0 |
Limited Partnership Units (in units) | 4,707,958 | 4,737,982 |
Tanger Properties Limited Partnership | Class B | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited Partnership Units (in units) | 107,643,251 | 103,397,920 |
Options exercised (in units) | 24,100 | 2,600 |
Issuance of units (in units) | 136,469 | |
Grant of restricted common share awards, net of forfeitures (in units) | 788,531 | 1,116,372 |
Units withheld for employee income taxes (in units) | (375,899) | (300,639) |
Limited Partnership Units (in units) | 108,216,452 | 104,216,253 |
Earnings Per Share of the Com_3
Earnings Per Share of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income attributable to Tanger Inc. | $ 22,413 | $ 23,541 |
Less allocation of earnings to participating securities | (231) | (199) |
Net income (loss) available to common shareholders/unitholders | $ 22,182 | $ 23,342 |
Denominator: | ||
Basic weighted average common shares (in shares) | 108,369,000 | 104,088,000 |
Effect of notional shares (in shares) | 731,000 | 693,000 |
Effect of outstanding options (in shares) | 923,000 | 741,000 |
Diluted weighted average common shares (in shares) | 110,023,000 | 105,522,000 |
Basic earnings per common share/unit: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Diluted earnings per common share: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Notional Units | ||
Diluted earnings per common share: | ||
Anti-dilutive options excluded (in shares) | 122,375 | 0 |
Options | ||
Diluted earnings per common share: | ||
Anti-dilutive options excluded (in shares) | 0 |
Earnings Per Unit of the Oper_3
Earnings Per Unit of the Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net income attributable to partners of the Operating Partnership | $ 22,413 | $ 23,541 |
Less allocation of earnings to participating securities | (231) | (199) |
Net income (loss) available to common shareholders/unitholders | $ 22,182 | $ 23,342 |
Denominator: | ||
Basic weighted average common shares (in shares) | 108,369,000 | 104,088,000 |
Effect of notional units (in shares) | 731,000 | 693,000 |
Effect of outstanding options (in shares) | 923,000 | 741,000 |
Diluted weighted average common shares (in shares) | 110,023,000 | 105,522,000 |
Basic earnings per common share/unit: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Diluted earnings per common unit: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Tanger Properties Limited Partnership | ||
Numerator: | ||
Net income attributable to partners of the Operating Partnership | $ 23,386 | $ 24,612 |
Less allocation of earnings to participating securities | (231) | (199) |
Net income (loss) available to common shareholders/unitholders | $ 23,155 | $ 24,413 |
Denominator: | ||
Basic weighted average common shares (in shares) | 113,077,000 | 108,826,000 |
Effect of notional units (in shares) | 731,000 | 693,000 |
Effect of outstanding options (in shares) | 923,000 | 741,000 |
Diluted weighted average common shares (in shares) | 114,731,000 | 110,260,000 |
Basic earnings per common share/unit: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Diluted earnings per common unit: | ||
Net income (loss) (in dollars per share) | $ 0.20 | $ 0.22 |
Notional Units | ||
Diluted earnings per common unit: | ||
Anti-dilutive options excluded (in shares) | 122,375 | 0 |
Notional Units | Tanger Properties Limited Partnership | ||
Diluted earnings per common unit: | ||
Anti-dilutive options excluded (in shares) | 122,375 | 0 |
Options | ||
Diluted earnings per common unit: | ||
Anti-dilutive options excluded (in shares) | 0 | |
Options | Tanger Properties Limited Partnership | ||
Diluted earnings per common unit: | ||
Anti-dilutive options excluded (in shares) | 0 | 503,300 |
Equity-Based Compensation of _3
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total equity-based compensation | $ 3,497 | $ 2,271 |
Restricted common shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total equity-based compensation | 2,359 | 1,755 |
Notional unit performance awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total equity-based compensation | 1,051 | 384 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total equity-based compensation | $ 87 | $ 132 |
Equity-Based Compensation of _4
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Equity-based compensation expense capitalized | $ 74 | $ 52 |
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 | |||
Feb. 10, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Withholding of common shares for employee income taxes (in shares) | 375,899 | 300,639 | |||
Employee income taxes paid related to shares withheld upon vesting of equity awards | $ 10,524 | $ 5,649 | |||
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% | ||||
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) | 376,000 | 301,000 | |||
Employee income taxes paid related to shares withheld upon vesting of equity awards | $ 10,500 | $ 5,600 | |||
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) | 253,000 | ||||
Grant date fair value per share (in dollars per share) | $ 26.78 | ||||
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) | 367,000 | ||||
Grant date fair value per share (in dollars per share) | $ 16.36 | ||||
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) | 479,097 | ||||
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) | 343,996 | ||||
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) | 135,101 |
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 | Mar. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of restricted common shares that may be earned (in shares) | 367,000 | |
Grant date fair value per share (in dollars per share) | $ 16.36 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free interest rate | 4.40% |
Expected dividend yield | 4.30% |
Expected Volatility | 37% |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) of the Company (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ 591,313 | $ 513,934 |
Ending Balance | 579,723 | 506,306 |
Interest rate swap gain (loss) to be reclassified within twelve months | 3,100 | |
Tanger Inc. Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (23,519) | (11,037) |
Other comprehensive income (loss) before reclassifications | (838) | 155 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,077 | (3,277) |
Ending Balance | (21,280) | (14,159) |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (23,085) | (24,516) |
Other comprehensive income (loss) before reclassifications | (838) | 155 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 |
Ending Balance | (23,923) | (24,361) |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (434) | 13,479 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,077 | (3,277) |
Ending Balance | 2,643 | 10,202 |
Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,274) | (713) |
Ending Balance | (1,179) | (853) |
Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (1,293) | (1,351) |
Other comprehensive income (loss) before reclassifications | (36) | 9 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 |
Ending Balance | (1,329) | (1,342) |
Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 19 | 638 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 131 | (149) |
Ending Balance | 150 | 489 |
Noncontrolling Interests | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Other comprehensive income (loss) before reclassifications | (36) | 9 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | $ 131 | $ (149) |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Interest rate swap gain (loss) to be reclassified within twelve months | $ 3,100 | |
Tanger Properties Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 591,313 | |
Other comprehensive income (loss) before reclassifications | (874) | $ 164 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,209 | |
Ending Balance | 579,723 | |
Tanger Properties Limited Partnership | Foreign Currency | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (24,376) | (25,867) |
Other comprehensive income (loss) before reclassifications | (874) | 164 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 0 | 0 |
Ending Balance | (25,250) | (25,703) |
Tanger Properties Limited Partnership | Cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (417) | 14,117 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassification out of accumulated other comprehensive income (loss) into other income (expense) for foreign currency and interest expense for cash flow hedges | 3,209 | (3,426) |
Ending Balance | 2,792 | 10,691 |
Tanger Properties Limited Partnership | Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (24,793) | (11,750) |
Ending Balance | $ (22,458) | $ (15,012) |
Lease Agreements (Details)
Lease Agreements (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) outletCenter | Mar. 31, 2023 USD ($) | |
Lessor, Lease, Description [Line Items] | ||
Rental revenues - fixed | $ 95,979 | $ 81,887 |
Rental revenues - variable | 21,830 | 21,695 |
Rental revenues | $ 117,809 | $ 103,582 |
Consolidated Properties | ||
Lessor, Lease, Description [Line Items] | ||
Number of outlet centers | outletCenter | 32 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 23,587 | $ 30,331 |
Interest paid | $ 20,640 | $ 18,352 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Subsequent Event [Line Items] | ||||
Common dividends (in dollars per share) | $ 0.26 | $ 0.26 | $ 0.22 | |
Common distributions (in dollars per share) | $ 0.26 | |||
Tanger Properties Limited Partnership | ||||
Subsequent Event [Line Items] | ||||
Common distributions (in dollars per share) | $ 0.26 | $ 0.22 | ||
Tanger Properties Limited Partnership | Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowings of syndicated line if accordion feature is utilized | $ 1,200 | |||
Basis spread on variable rate (percent) | 1% | |||
Tanger Properties Limited Partnership | Unsecured lines of credit | Debt | ||||
Subsequent Event [Line Items] | ||||
Line of credit borrowing capacity | $ 520 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common dividends (in dollars per share) | $ 0.275 | |||
Subsequent Event | Tanger Properties Limited Partnership | ||||
Subsequent Event [Line Items] | ||||
Common distributions (in dollars per share) | $ 0.275 | |||
Subsequent Event | Tanger Properties Limited Partnership | Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowings of syndicated line if accordion feature is utilized | $ 1,200 | |||
Basis spread on variable rate (percent) | 0.85% | |||
Subsequent Event | Tanger Properties Limited Partnership | Unsecured lines of credit | Debt | ||||
Subsequent Event [Line Items] | ||||
Line of credit borrowing capacity | $ 620 | |||
Debt maturity term extension available | 1 year |