Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 25, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | |
Entity Central Index Key | 899,715 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 96,069,262 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Tanger Factory Outlet Centers, Inc [Member] | |||
Rental property | |||
Land | $ 262,240 | $ 240,267 | |
Buildings, improvements and fixtures | 2,553,564 | 2,249,417 | |
Construction in progress | 92,937 | 23,533 | |
Rental property, at cost, total | 2,908,741 | 2,513,217 | |
Accumulated depreciation | (792,272) | (748,341) | |
Total rental property, net | 2,116,469 | 1,764,876 | |
Cash and cash equivalents | 25,902 | 21,558 | |
Restricted cash | 2,936 | 121,306 | |
Investments in unconsolidated joint ventures | 170,855 | 201,083 | |
Deferred lease costs and other intangibles, net | 156,496 | 127,089 | |
Prepaids and other assets | 88,261 | 78,913 | |
Total assets | 2,560,919 | 2,314,825 | |
Debt | |||
Senior, unsecured notes, net | 1,037,073 | 789,285 | |
Unsecured term loans, net | 322,195 | 265,832 | |
Mortgages payable, net | 172,647 | 310,587 | |
Unsecured lines of credit, net | 192,731 | 186,220 | |
Total debt | 1,724,646 | 1,551,924 | |
Accounts payable and accrued expenses | 78,542 | 97,396 | |
Deferred financing obligation | 0 | 28,388 | |
Other liabilities | 52,079 | 31,085 | |
Total liabilities | 1,855,267 | 1,708,793 | |
Commitments and contingencies | 0 | 0 | |
Tanger Factory Outlet Centers, Inc. | |||
Common shares, $.01 par value, 300,000,000 shares authorized, 96,069,262 and 95,880,825 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 961 | 959 | |
Paid in capital | 816,464 | 806,379 | |
Accumulated distributions in excess of net income | (115,565) | (195,486) | |
Partners' Equity | |||
Accumulated other comprehensive loss | (31,618) | (36,715) | |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 670,242 | 575,137 | |
Noncontrolling interests in Operating Partnership | 35,250 | 30,309 | |
Noncontrolling interests in other consolidated partnerships | 160 | 586 | |
Total equity | 705,652 | 606,032 | |
Total liabilities and equity | 2,560,919 | 2,314,825 | |
Tanger Properties Limited Partnership [Member] | |||
Rental property | |||
Land | 262,240 | 240,267 | |
Buildings, improvements and fixtures | 2,553,564 | 2,249,417 | |
Construction in progress | 92,937 | 23,533 | |
Rental property, at cost, total | 2,908,741 | 2,513,217 | |
Accumulated depreciation | (792,272) | (748,341) | |
Total rental property, net | 2,116,469 | 1,764,876 | |
Cash and cash equivalents | 25,853 | 21,552 | |
Restricted cash | 2,936 | 121,306 | |
Investments in unconsolidated joint ventures | 170,855 | 201,083 | |
Deferred lease costs and other intangibles, net | 156,496 | 127,089 | |
Prepaids and other assets | 87,909 | 78,248 | |
Total assets | 2,560,518 | 2,314,154 | |
Debt | |||
Senior, unsecured notes, net | 1,037,073 | 789,285 | |
Unsecured term loans, net | 322,195 | 265,832 | |
Mortgages payable, net | 172,647 | 310,587 | |
Unsecured lines of credit, net | 192,731 | 186,220 | |
Total debt | [1] | 1,724,646 | 1,551,924 |
Accounts payable and accrued expenses | 78,141 | 96,725 | |
Deferred financing obligation | 0 | 28,388 | |
Other liabilities | 52,079 | 31,085 | |
Total liabilities | 1,854,866 | 1,708,122 | |
Commitments and contingencies | 0 | 0 | |
Partners' Equity | |||
General partner, 1,000,000 units outstanding at September 30, 2016 and December 31, 2015 | 6,559 | 5,726 | |
Limited partners, 5,052,743 Class A common units, and 95,069,262 and 94,880,825 Class B common units outstanding at September 30, 2016 and December 31, 2015, respectively | 732,266 | 638,422 | |
Accumulated other comprehensive loss | (33,333) | (38,702) | |
Total partners' equity | 705,492 | 605,446 | |
Noncontrolling interests in other consolidated partnerships | 160 | 586 | |
Total equity | 705,652 | 606,032 | |
Total liabilities and equity | $ 2,560,518 | $ 2,314,154 | |
[1] | Including premiums and net of debt discount and debt origination costs. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Tanger Factory Outlet Centers, Inc [Member] | ||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized | 300,000,000 | 300,000,000 |
Common shares, issued | 96,069,262 | 95,880,825 |
Common shares, outstanding | 96,069,262 | 95,880,825 |
Tanger Properties Limited Partnership [Member] | ||
General partner units, outstanding | 1,000,000 | 1,000,000 |
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | ||
Limited partners units, outstanding | 5,052,743 | 5,052,743 |
Class B Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | ||
Limited partners units, outstanding | 95,069,262 | 94,880,825 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues | ||||
Management, leasing and other services | $ 806 | $ 1,253 | $ 3,259 | $ 4,263 |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Revenues | ||||
Base rentals | 79,569 | 75,841 | 227,195 | 215,799 |
Percentage rentals | 2,995 | 2,625 | 7,471 | 6,896 |
Expense reimbursements | 33,125 | 30,542 | 97,121 | 93,815 |
Management, leasing and other services | 806 | 1,253 | 3,259 | 4,263 |
Other income | 2,642 | 2,645 | 6,229 | 5,795 |
Total revenues | 119,137 | 112,906 | 341,275 | 326,568 |
Expenses | ||||
Property operating | 37,442 | 36,231 | 110,328 | 108,921 |
General and administrative | 12,128 | 11,514 | 35,368 | 34,431 |
Acquisition costs | 487 | 0 | 487 | 0 |
Depreciation and amortization | 29,205 | 28,785 | 82,078 | 77,046 |
Total expenses | 79,262 | 76,530 | 228,261 | 220,398 |
Operating income | 39,875 | 36,376 | 113,014 | 106,170 |
Other income (expense) | ||||
Interest expense | (15,516) | (13,933) | (44,200) | (40,110) |
Gain on sale of assets and interests in unconsolidated joint ventures | 1,418 | 20,215 | 6,305 | 33,941 |
Gain on previously held interests in acquired joint ventures | 46,258 | 0 | 95,516 | 0 |
Other nonoperating income (expense) | 24 | 89 | 378 | (98) |
Income before equity in earnings of unconsolidated joint ventures | 72,059 | 42,747 | 171,013 | 99,903 |
Equity in earnings of unconsolidated joint ventures | 715 | 3,713 | 7,680 | 8,302 |
Net income | 72,774 | 46,460 | 178,693 | 108,205 |
Noncontrolling interests in Operating Partnership | (3,668) | (2,364) | (9,009) | (5,532) |
Noncontrolling interests in other consolidated partnerships | (2) | (21) | (13) | 395 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 69,104 | $ 44,075 | $ 169,671 | $ 103,068 |
Basic earnings per common share/unit | ||||
Net income (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.77 | $ 1.08 |
Diluted earnings per common share/unit | ||||
Net income (in dollars per share) | 0.72 | 0.46 | 1.76 | 1.08 |
Dividends declared per commons share (in dollars per share) | $ 0.325 | $ 0.285 | $ 0.935 | $ 0.810 |
Tanger Properties Limited Partnership [Member] | ||||
Revenues | ||||
Base rentals | $ 79,569 | $ 75,841 | $ 227,195 | $ 215,799 |
Percentage rentals | 2,995 | 2,625 | 7,471 | 6,896 |
Expense reimbursements | 33,125 | 30,542 | 97,121 | 93,815 |
Management, leasing and other services | 806 | 1,253 | 3,259 | 4,263 |
Other income | 2,642 | 2,645 | 6,229 | 5,795 |
Total revenues | 119,137 | 112,906 | 341,275 | 326,568 |
Expenses | ||||
Property operating | 37,442 | 36,231 | 110,328 | 108,921 |
General and administrative | 12,128 | 11,514 | 35,368 | 34,431 |
Acquisition costs | 487 | 0 | 487 | 0 |
Depreciation and amortization | 29,205 | 28,785 | 82,078 | 77,046 |
Total expenses | 79,262 | 76,530 | 228,261 | 220,398 |
Operating income | 39,875 | 36,376 | 113,014 | 106,170 |
Other income (expense) | ||||
Interest expense | (15,516) | (13,933) | (44,200) | (40,110) |
Gain on sale of assets and interests in unconsolidated joint ventures | 1,418 | 20,215 | 6,305 | 33,941 |
Gain on previously held interests in acquired joint ventures | 46,258 | 0 | 95,516 | 0 |
Other nonoperating income (expense) | 24 | 89 | 378 | (98) |
Income before equity in earnings of unconsolidated joint ventures | 72,059 | 42,747 | 171,013 | 99,903 |
Equity in earnings of unconsolidated joint ventures | 715 | 3,713 | 7,680 | 8,302 |
Net income | 72,774 | 46,460 | 178,693 | 108,205 |
Noncontrolling interests in consolidated partnerships | (2) | (21) | (13) | 395 |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 72,772 | 46,439 | 178,680 | 108,600 |
Net income available to limited partners | 72,052 | 45,979 | 176,912 | 107,525 |
Net income available to general partner | $ 720 | $ 460 | $ 1,768 | $ 1,075 |
Basic earnings per common share/unit | ||||
Net income (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.77 | $ 1.08 |
Diluted earnings per common share/unit | ||||
Net income (in dollars per share) | 0.72 | 0.46 | 1.76 | 1.08 |
Distribution declared per common unit (in dollars per share) | $ 0.325 | $ 0.285 | $ 0.935 | $ 0.810 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Net income | $ 72,774 | $ 46,460 | $ 178,693 | $ 108,205 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (1,731) | (10,932) | 6,970 | (18,945) |
Change in fair value of cash flow hedges | 2,228 | (1,156) | (1,601) | (2,045) |
Other comprehensive income (loss) | 497 | (12,088) | 5,369 | (20,990) |
Comprehensive income | 73,271 | 34,372 | 184,062 | 87,215 |
Comprehensive (income) loss attributable to noncontrolling interests/in consolidated partnerships | (3,695) | (1,770) | (9,294) | (4,067) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | 69,576 | 32,602 | 174,768 | 83,148 |
Tanger Properties Limited Partnership [Member] | ||||
Net income | 72,774 | 46,460 | 178,693 | 108,205 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (1,731) | (10,932) | 6,970 | (18,945) |
Change in fair value of cash flow hedges | 2,228 | (1,156) | (1,601) | (2,045) |
Other comprehensive income (loss) | 497 | (12,088) | 5,369 | (20,990) |
Comprehensive income | 73,271 | 34,372 | 184,062 | 87,215 |
Comprehensive (income) loss attributable to noncontrolling interests/in consolidated partnerships | (2) | (21) | (13) | 395 |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | $ 73,269 | $ 34,351 | $ 184,049 | $ 87,610 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Tanger Factory Outlet Centers, Inc [Member] | Tanger Properties Limited Partnership [Member] | Accumulated other comprehensive loss [Member]Tanger Properties Limited Partnership [Member] | Total parent equity [Member]Tanger Properties Limited Partnership [Member] | Noncontrolling interests [Member]Tanger Properties Limited Partnership [Member] | General partner [Member]Tanger Properties Limited Partnership [Member] | Limited partners [Member]Tanger Properties Limited Partnership [Member] | Common shares [Member]Tanger Factory Outlet Centers, Inc [Member] | Paid in capital [Member]Tanger Factory Outlet Centers, Inc [Member] | Accumulated distributions in excess of earnings [Member]Tanger Factory Outlet Centers, Inc [Member] | Accumulated other comprehensive loss [Member]Tanger Factory Outlet Centers, Inc [Member] | Total parent equity [Member]Tanger Factory Outlet Centers, Inc [Member] | Noncontrolling interests [Member]Limited partners [Member]Tanger Factory Outlet Centers, Inc [Member] | Noncontrolling interests [Member]Other consolidated partnerships [Member]Tanger Factory Outlet Centers, Inc [Member] |
Balance at Dec. 31, 2014 | $ 523,886 | $ 955 | $ 791,566 | $ (281,679) | $ (14,023) | $ 496,819 | $ 26,417 | $ 650 | ||||||
Balance at Dec. 31, 2014 | $ (14,791) | $ 523,236 | $ 650 | $ 4,828 | $ 533,199 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2014 | $ 523,886 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 108,205 | 108,205 | 108,600 | (395) | 1,075 | 107,525 | 103,068 | 103,068 | 5,532 | (395) | ||||
Other comprehensive income (loss) | (20,990) | (20,990) | (20,990) | (20,990) | (19,920) | (19,920) | (1,070) | |||||||
Compensation under Incentive Award Plan | 12,180 | 12,180 | 12,180 | 12,180 | 12,180 | 12,180 | ||||||||
Issuance of common shares upon exercise of options | 448 | 448 | 448 | |||||||||||
Issuance of common units upon exercise of options | 448 | 448 | 448 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 3 | (3) | ||||||||||||
Withholding of common shares/units for employee income taxes | (1,115) | (1,115) | (1,115) | (1,115) | (1,115) | (1,115) | ||||||||
Contributions from noncontrolling interests | 461 | 461 | 461 | 461 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (442) | (442) | 442 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 0 | 0 | 4 | (4) | 4 | 4 | 4 | (4) | ||||||
Common distributions | (81,683) | (81,683) | (810) | (80,873) | ||||||||||
Common dividends | (77,569) | (77,569) | (77,569) | |||||||||||
Distributions to noncontrolling interests | (4,230) | (116) | (116) | (4,114) | (116) | |||||||||
Balance at Sep. 30, 2015 | 541,276 | 958 | 802,638 | (256,180) | (33,943) | 513,473 | 27,207 | 596 | ||||||
Balance at Sep. 30, 2015 | (35,781) | 540,680 | 596 | 5,093 | 571,368 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2015 | 541,276 | |||||||||||||
Balance at Dec. 31, 2015 | 606,032 | 959 | 806,379 | (195,486) | (36,715) | 575,137 | 30,309 | 586 | ||||||
Balance at Dec. 31, 2015 | 605,446 | (38,702) | 605,446 | 586 | 5,726 | 638,422 | ||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2015 | 606,032 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 178,693 | 178,693 | 178,680 | 13 | 1,768 | 176,912 | 169,671 | 169,671 | 9,009 | 13 | ||||
Other comprehensive income (loss) | 5,369 | 5,369 | 5,369 | 5,369 | 5,097 | 5,097 | 272 | |||||||
Compensation under Incentive Award Plan | 12,556 | 12,556 | 12,556 | 12,556 | 12,556 | 12,556 | ||||||||
Issuance of common shares upon exercise of options | 1,693 | 1,693 | 1,693 | |||||||||||
Issuance of common units upon exercise of options | 1,693 | 1,693 | 1,693 | |||||||||||
Grant of restricted common shares awards, net of forfeitures | 2 | (2) | ||||||||||||
Issuance of deferred shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Withholding of common shares/units for employee income taxes | (2,164) | (2,164) | (2,164) | (2,164) | (2,164) | (2,164) | ||||||||
Contributions from noncontrolling interests | 35 | 35 | 35 | 35 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (385) | (385) | 385 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 4 | (4) | 4 | 4 | 4 | (4) | ||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (1,942) | (1,942) | (1,617) | (325) | (1,617) | (1,617) | (1,617) | (325) | ||||||
Common distributions | (94,475) | (94,475) | (935) | (93,540) | ||||||||||
Common dividends | (89,750) | (89,750) | (89,750) | |||||||||||
Distributions to noncontrolling interests | (4,870) | (145) | (145) | (4,725) | (145) | |||||||||
Balance at Sep. 30, 2016 | $ 705,652 | $ 961 | $ 816,464 | $ (115,565) | $ (31,618) | $ 670,242 | $ 35,250 | $ 160 | ||||||
Balance at Sep. 30, 2016 | 705,492 | $ (33,333) | $ 705,492 | $ 160 | $ 6,559 | $ 732,266 | ||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Sep. 30, 2016 | $ 705,652 |
CONSOLIDATED STATEMENT OF SHAR7
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 9 Months Ended | |
Sep. 30, 2016$ / shares$ / Unitsshares | Sep. 30, 2015$ / shares$ / Unitsshares | |
Tanger Factory Outlet Centers, Inc [Member] | ||
Common shares issued upon exercise of options, in shares | 57,700 | 16,400 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 173,124 | 348,844 |
Issuance of deferred shares/units | 24,040 | |
Shares paid for tax withholding for share based compensation | 66,427 | 31,532 |
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.935 | $ 0.810 |
Tanger Properties Limited Partnership [Member] | ||
Common shares issued upon exercise of options, in shares | 57,700 | 16,400 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 173,124 | 348,844 |
Issuance of deferred shares/units | 24,040 | |
Shares paid for tax withholding for share based compensation | 66,427 | 31,532 |
Common distributions (in dollars per share) | $ / Units | 0.935 | 0.810 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Tanger Factory Outlet Centers, Inc [Member] | ||
OPERATING ACTIVITIES | ||
Net income | $ 178,693,000 | $ 108,205,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,078,000 | 77,046,000 |
Amortization of deferred financing costs | 2,350,000 | 1,896,000 |
Gain on sale of assets and interests in unconsolidated entities | (6,305,000) | (33,941,000) |
Gain on previously held interests in acquired joint ventures | (95,516,000) | 0 |
Equity in earnings of unconsolidated joint ventures | (7,680,000) | (8,302,000) |
Share-based compensation expense | 11,815,000 | 11,560,000 |
Amortization of debt (premiums) and discounts, net | 1,160,000 | 65,000 |
Amortization (accretion) of market rent rate adjustments, net | 2,087,000 | 2,124,000 |
Straight-line rent adjustments | (5,092,000) | (4,742,000) |
Distributions of cumulative earnings from unconsolidated joint ventures | 10,571,000 | 8,803,000 |
Changes in other assets and liabilities: | ||
Other assets | 1,093,000 | 2,197,000 |
Accounts payable and accrued expenses | 2,512,000 | 10,117,000 |
Net cash provided by operating activities | 177,766,000 | 175,028,000 |
INVESTING ACTIVITIES | ||
Additions to rental property | (112,213,000) | (181,127,000) |
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | (45,219,000) | 0 |
Acquisition of noncontrolling interest in other consolidated partnership | (1,942,000) | 0 |
Additions to investments in unconsolidated joint ventures | (27,851,000) | (31,517,000) |
Net proceeds on sale of assets and interests in unconsolidated entities | 28,706,000 | 58,799,000 |
Change in restricted cash | 118,370,000 | (42,904,000) |
Proceeds from insurance reimbursements | 721,000 | 253,000 |
Additions to non-real estate assets | (8,982,000) | (691,000) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 14,193,000 | 19,325,000 |
Additions to deferred lease costs | (5,273,000) | (5,592,000) |
Net cash used in investing activities | (39,490,000) | (183,454,000) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (109,879,000) | (77,569,000) |
Distributions to noncontrolling interests in Operating Partnership | (5,786,000) | (4,114,000) |
Proceeds from revolving credit facility | 733,450,000 | 409,400,000 |
Repayments of revolving credit facility | (727,750,000) | (324,600,000) |
Proceeds from notes, mortgages and loans | 338,270,000 | 60,263,000 |
Repayments of notes, mortgages and loans | (329,603,000) | (49,098,000) |
Repayment of deferred financing obligation | (28,388,000) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,164,000) | (1,115,000) |
Distributions to noncontrolling interests in other consolidated partnerships | (99,000) | (116,000) |
Additions to deferred financing costs | (4,243,000) | (758,000) |
Proceeds from exercise of options | 1,693,000 | 448,000 |
Contributions from noncontrolling interests in other consolidated partnerships | 35,000 | 259,000 |
Net cash provided by (used in) financing activities | (134,464,000) | 13,000,000 |
Effect of foreign currency rate changes on cash and cash equivalents | 532,000 | (788,000) |
Net increase in cash and cash equivalents | 4,344,000 | 3,786,000 |
Cash and cash equivalents, beginning of period | 21,558,000 | 16,875,000 |
Cash and cash equivalents, end of period | 25,902,000 | 20,661,000 |
Tanger Properties Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 178,693,000 | 108,205,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 82,078,000 | 77,046,000 |
Amortization of deferred financing costs | 2,350,000 | 1,896,000 |
Gain on sale of assets and interests in unconsolidated entities | (6,305,000) | (33,941,000) |
Gain on previously held interests in acquired joint ventures | (95,516,000) | 0 |
Equity in earnings of unconsolidated joint ventures | (7,680,000) | (8,302,000) |
Share-based compensation expense | 11,815,000 | 11,560,000 |
Amortization of debt (premiums) and discounts, net | 1,160,000 | 65,000 |
Amortization (accretion) of market rent rate adjustments, net | 2,087,000 | 2,124,000 |
Straight-line rent adjustments | (5,092,000) | (4,742,000) |
Distributions of cumulative earnings from unconsolidated joint ventures | 10,571,000 | 8,803,000 |
Changes in other assets and liabilities: | ||
Other assets | 780,000 | 2,397,000 |
Accounts payable and accrued expenses | 2,782,000 | 10,965,000 |
Net cash provided by operating activities | 177,723,000 | 176,076,000 |
INVESTING ACTIVITIES | ||
Additions to rental property | (112,213,000) | (181,127,000) |
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | (45,219,000) | 0 |
Acquisition of noncontrolling interest in other consolidated partnership | (1,942,000) | 0 |
Additions to investments in unconsolidated joint ventures | (27,851,000) | (31,517,000) |
Net proceeds on sale of assets and interests in unconsolidated entities | 28,706,000 | 58,799,000 |
Change in restricted cash | 118,370,000 | (42,904,000) |
Proceeds from insurance reimbursements | 721,000 | 253,000 |
Additions to non-real estate assets | (8,982,000) | (691,000) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 14,193,000 | 19,325,000 |
Additions to deferred lease costs | (5,273,000) | (5,592,000) |
Net cash used in investing activities | (39,490,000) | (183,454,000) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (115,665,000) | (81,683,000) |
Proceeds from revolving credit facility | 733,450,000 | 409,400,000 |
Repayments of revolving credit facility | (727,750,000) | (324,600,000) |
Proceeds from notes, mortgages and loans | 338,270,000 | 60,263,000 |
Repayments of notes, mortgages and loans | (329,603,000) | (49,098,000) |
Repayment of deferred financing obligation | (28,388,000) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,164,000) | (1,115,000) |
Distributions to noncontrolling interests in other consolidated partnerships | (99,000) | (116,000) |
Additions to deferred financing costs | (4,243,000) | (758,000) |
Proceeds from exercise of options | 1,693,000 | 448,000 |
Contributions from noncontrolling interests in other consolidated partnerships | 35,000 | 259,000 |
Net cash provided by (used in) financing activities | (134,464,000) | 13,000,000 |
Effect of foreign currency rate changes on cash and cash equivalents | 532,000 | (788,000) |
Net increase in cash and cash equivalents | 4,301,000 | 4,834,000 |
Cash and cash equivalents, beginning of period | 21,552,000 | 15,806,000 |
Cash and cash equivalents, end of period | $ 25,853,000 | $ 20,640,000 |
Business
Business | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of September 30, 2016 , we owned and operated 35 consolidated outlet centers, with a total gross leasable area of approximately 12.4 million square feet. We also had partial ownership interests in 8 unconsolidated outlet centers totaling approximately 2.3 million square feet, including 4 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term, "Company", refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust controls the Operating Partnership as its sole general partner. Tanger LP Trust holds a limited partnership interest. As of September 30, 2016 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 96,069,262 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,052,743 Class A common limited partnership units. Each Class A common limited partnership unit held by the Non-Company LPs is exchangeable for one of the Company's common shares, subject to certain limitations to preserve the Company's REIT status. Class B common limited partnership units, which are held by Tanger LP Trust, are not exchangeable for common shares of the Company. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 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, 2015 . The December 31, 2015 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly owned or properties where we own less than 100% but we control. 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 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 of these investments, we record our equity in the venture's net income or loss under the hypothetical liquidation at book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, we recognize income and loss in each period based on the change in liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what we may receive in the event of an actual liquidation. In the event a basis difference is created between our underlying interest in the venture's net assets and our initial investment, we amortize such amount over the estimated life of the venture as a component of equity in earnings of unconsolidated joint ventures. 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. The carrying amount of our investments in the Charlotte and Galveston/Houston 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. We had previously concluded that our Savannah joint venture, which owned the Outlet center in Pooler, Georgia, was considered a VIE and we were not the primary beneficiary. On August 12, 2016, the joint venture acquired our venture partner's interest. The Savannah joint venture is now wholly-owned by us and is consolidated in our financial results as of the acquisition date. On June 30, 2016, we completed the purchase of our partners' interest in the Westgate joint venture, which owned the outlet center in Glendale, Arizona using special purpose entities owned by qualified intermediaries to facilitate a potential Section 1031 reverse exchange under the Internal Revenue Code. We have determined that the Westgate joint venture is a variable interest entity of which we are the primary beneficiary and is consolidated in our financial results as of the acquisition date. At September 30, 2016 , total assets of this venture were $176.0 million and total liabilities were $14.9 million . The primary classification of the assets on the consolidated balance sheets are total rental property, net, $158.5 million ; cash, $3.9 million and other assets, $13.6 million (including deferred lease costs and other intangibles) and the primary classification of the liabilities include accounts payable and accrued expenses, $906,000 and other liabilities, $14.0 million (including below market lease value). We have concluded that our Southaven joint venture is considered a VIE because our voting rights are disproportionate to our economic interests and substantially all of each venture's activities either involve us or are conducted on our behalf. The management agreement and other contractual arrangements for the Southaven joint venture give us, but not necessarily our joint venture partner, significant participating rights over activities that most significantly impact the economic performance of the ventures, thus we have concluded that we are the primary beneficiary and have consolidated the venture's balance sheet and results of operations. At September 30, 2016 , total assets of this venture were $85.5 million and total liabilities were $60.8 million . The primary classification of the assets on the consolidated balance sheets are total rental property, net, $79.7 million ; cash, $3.5 million and other assets, $2.3 million (including deferred lease costs and other intangibles) and the primary classification of the liabilities include accounts payable and accrued expenses, $1.7 million and mortgages payable net of debt origination costs, $58.2 million . These assets include only those assets that can be used to settle obligations of the VIE. The liabilities include third party liabilities and exclude intercompany balances that are eliminated in consolidation. "Noncontrolling interests in the Operating Partnership" reflects the Non-Company LP's percentage ownership of the Operating Partnership's units. "Noncontrolling interests in other consolidated partnerships" consist of outside equity interests in partnerships or joint ventures not wholly owned by the Company or the Operating Partnership that are consolidated with the financial results of the Company and Operating Partnership because the Operating Partnership exercises control over the entities that own the properties. Noncontrolling interests are initially recorded in the consolidated balance sheets at fair value based upon purchase price allocations. Income is allocated to the noncontrolling interests based on the allocation provisions within the partnership or joint venture agreements. As a result of the adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (ASU) No. 2015-03 Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, our deferred debt origination costs and related accumulated amortization previously recorded in the line item “deferred debt origination costs, net” have been reclassified from assets to the respective debt line items within the liabilities section in the consolidated balance sheet as of December 31, 2015. The reclassification decreased previously reported total assets and total liabilities by $11.9 million . In February 2015, FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. During the first quarter of 2016, we adopted ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" and this adoption did not have a material impact on our financial position, results of operations or cash flows. |
Acquisition of Rental Property
Acquisition of Rental Property (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Rental Property | Acquisition of Rental Property Savannah On August 12, 2016, the Savannah joint venture, which owned the Outlet center in Pooler, Georgia distributed all outparcels along with $15.0 million in cash consideration to the other partner in exchange for the partner's ownership interest. We contributed the $15.0 million in cash consideration to the joint venture, which we funded with borrowings under our unsecured lines of credit. At the time of acquisition, the property was subject to a $96.9 million construction loan, with an interest rate of LIBOR + 1.65% that would have matured in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. The joint venture is now wholly-owned by us and is consolidated in our financial results as of the acquisition date. Prior to this transaction, we owned a 50% legal interest in the joint venture since its formation and accounted for it under the equity method of accounting. However, due to preferred equity contributions we made to the joint venture, and the returns earned on those contributions, our estimated economic interest in the book value of the assets was approximately 98% .Therefore, substantially all of the earnings of the joint venture were previously recognized by us as equity in earnings of unconsolidated joint ventures. There was no contingent consideration associated with this acquisition. The joint venture incurred approximately $260,000 in third-party acquisition related costs for the acquisition of the venture partner's interest that were expensed as incurred. As a result of acquiring the remaining interest in the Savannah joint venture, we recorded a gain of $46.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Savannah joint venture, include the assumption of debt totaling $96.9 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $46.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased $250,000 and accounts payable and accrued expenses increased $2.1 million from the assumption of current assets and liabilities. Westgate On June 30, 2016, we completed the purchase of our partners' interest in the Westgate joint venture, which owned the outlet center in Glendale, Arizona, for a total cash price of approximately $40.9 million . Prior to the transaction, we owned a 58% interest in the Westgate joint venture since its formation in 2012 and accounted for it under the equity method of accounting. The joint venture is now wholly-owned and is consolidated in our financial results as of June 30, 2016. The total cash price included $39.0 million to acquire the 40% ownership interest held by the equity partner in the joint venture. We also purchased the remaining 2% noncontrolling ownership interests in the Westgate outlet center held in a consolidated partnership for a purchase price of $1.9 million . The acquisition of the noncontrolling ownership interest was recorded as an equity transaction and, as a result, the carrying balances of the noncontrolling interest were eliminated and the remaining difference between the purchase price and carrying balance was recorded as a reduction in additional-paid-in-capital. We funded the total purchase price with borrowings under our unsecured lines of credit. At the time of the acquisition, the property was subject to a $62.0 million mortgage loan, with an interest rate of LIBOR + 1.75% and a maturity in June 2017. In August 2016, we repaid the mortgage loan in full with proceeds from the public offering of $250.0 million in senior notes due 2026. There was no contingent consideration associated with this acquisition. We incurred approximately $127,000 in third-party acquisition related costs for the acquisition of our partners' interest in the Westgate joint venture that were expensed as incurred. As a result of acquiring the remaining interest in the Westgate joint venture, we recorded a gain of $49.3 million which represented the difference between the carrying book value and the fair value of our previously held equity method investment in the joint venture. Non-cash investing activities related to the purchase of our partners' interest in the Westgate joint venture, include the assumption of debt totaling $62.0 million . In addition, rental property and lease related intangible assets and liabilities increased by a net of $49.3 million related to the fair value of our previously held interest in excess of our carrying amount; prepaids and other assets increased 227,000 and accounts payable and accrued expenses increased $5.0 million from the assumption of current assets and liabilities. The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the nine months ended September 30, 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the nine months ended September 30, 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (Below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 The fair values were determined based on an income approach, using a rental growth rate of 3.0% , a discount rate between 7.50% and 8.25% , and a terminal cap rate between 5.75% and 7.0% . The estimated fair values were determined to have primarily relied upon Level 3 inputs, as defined in Note 11. The fair values are based upon our best available information at the time of the preparation of our financial statements. However, the business acquisition accounting for the Savannah and Westgate outlet centers are not complete and accordingly, such estimates of the value of acquired assets and liabilities are provisional until the valuation is finalized. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize the valuation and complete the purchase price allocation by the end of 2016. During the third quarter of 2016, we adjusted the Westgate purchase price allocation based upon information that was received subsequent to the acquisition date that related to conditions that existed as of that date. This adjustment increased above market lease value by $1.6 million , and decreased buildings, improvements and fixtures by $5.6 million , below market lease value by $4.8 million , lease in place value by $628,000 and land by $150,000 . |
Disposition of Properties
Disposition of Properties | 9 Months Ended |
Sep. 30, 2016 | |
Disposition of Properties [Abstract] | |
Disposition of Properties | Disposition of Properties Fort Myers In January 2016, we sold our outlet center in Fort Myers, Florida located near Sanibel Island for net proceeds of approximately $25.8 million . The proceeds from the sale of this unencumbered asset were used to pay down balances outstanding under our unsecured lines of credit. Myrtle Beach Hwy 501 In September 2016, we sold an outparcel at our outlet center in Myrtle Beach, South Carolina located near Highway 501 for net proceeds of approximately $2.9 million . The net proceeds are recorded as restricted cash as of September 30, 2016 because they are being held by a qualified intermediary under Section 1031 of the Internal Revenue Code of 1986, as amended. The following table sets forth certain summarized information regarding the properties sold during the nine months ended September 30, 2016 : Properties Locations Date Sold Square Feet (in 000's) Net Sales Price (in 000's) Gain on Sale(in 000's) Operating Properties: Sanibel Center Fort Myers, Florida January 2016 199 $ 25,785 $ 4,887 Nonoperating properties: Outparcel Myrtle Beach, South Carolina September 2016 — $ 2,921 $ 1,418 Total 199 $ 28,706 $ 6,305 The rental property sold did not meet the criteria for reporting discontinued operations, thus its results of operations have remained in continuing operations. |
Developments of Consolidated Ou
Developments of Consolidated Outlet Centers | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Developments of Consolidated Outlet Centers | Developments of Consolidated Outlet Centers The table below sets forth our consolidated outlet centers under development as of September 30, 2016 : Project Approximate square feet Costs Incurred to Date Borrowed to date (in millions) Projected Opening New development Daytona Beach 352 $ 67.4 $ — November 2016 Fort Worth 352 13.9 — Holiday 2017 Expansion Lancaster 123 10.2 — Q3 2017 Total 827 $ 91.5 $ — Daytona Beach In November 2015, we purchased land for approximately $9.9 million and commenced construction on the development of a wholly-owned outlet center in Daytona Beach, Florida. Fort Worth In September 2016, we purchased land in the greater Fort Worth, Texas area for approximately $11.2 million and began construction immediately on the development of a wholly-owned outlet center. The outlet center will be located within the 279-acre Champions Circle mixed-use development adjacent to Texas Motor Speedway. Lancaster Expansion In July 2016, we commenced construction on a 123,000 square foot expansion of our outlet center in Lancaster, Pennsylvania. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Columbus Columbus, OH 50.0 % 355 $ 44.3 $ — National Harbor National Harbor, MD 50.0 % 341 4.7 86.0 RioCan Canada Various 50.0 % 901 121.9 11.5 $ 170.9 $ 97.5 Charlotte (3) Charlotte, NC 50.0 % 398 $ (2.2 ) $ 89.7 Galveston/Houston (3) Texas City, TX 50.0 % 353 (3.3 ) 64.8 $ (5.5 ) $ 154.5 As of December 31, 2015 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (1) Columbus Columbus, OH 50.0 % — $ 21.1 $ — National Harbor National Harbor, MD 50.0 % 339 6.1 85.8 RioCan Canada Various 50.0 % 870 117.2 11.3 Savannah (2) Savannah, GA 50.0 % 377 44.4 87.6 Westgate Glendale, AZ 58.0 % 411 12.3 61.9 $ 201.1 $ 246.6 Charlotte (3) Charlotte, NC 50.0 % 398 $ (1.1 ) $ 89.6 Galveston/Houston (3) Texas City, TX 50.0 % 353 (1.5 ) 64.7 $ (2.6 ) $ 154.3 (1) Net of debt origination costs and including premiums of $912,000 and $3.3 million as of September 30, 2016 and December 31, 2015, respectively. (2) Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98% . Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. (3) 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. 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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Fee: Development and leasing $ 65 $ 325 $ 611 $ 1,632 Loan guarantee 85 182 449 564 Management and marketing 656 746 2,199 2,067 Total Fees $ 806 $ 1,253 $ 3,259 $ 4,263 Our investments in real estate joint ventures are reduced by the percentage of the profits earned for leasing and development services associated with our ownership interest in each joint venture. Our carrying value of investments in unconsolidated joint ventures differs from our share of the assets reported in the "Summary Balance Sheets - Unconsolidated Joint Ventures" shown below due to adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the unconsolidated joint ventures. The differences in basis (totaling $3.7 million and $3.9 million as of September 30, 2016 and December 31, 2015 , respectively) are amortized over the various useful lives of the related assets. Columbus In June 2016, we opened an approximately 355,000 square foot outlet center in Columbus, Ohio. As of September 30, 2016 , we and our partner had each contributed $40.5 million to fund development activities. We are providing property management, marketing and leasing services to the joint venture. During construction, our partner provided development services to the joint venture and we, along with our partner, provided joint leasing services. Savannah In May 2016, we expanded our outlet center in Savannah by approximately 42,000 square feet, bringing the outlet center's total gross leasable area to approximately 419,000 square feet. As described in Note 3, we acquired our partners' interest in the Savannah joint venture in August 2016 and have consolidated the property for financial reporting purposes since the acquisition date. Westgate As described in Note 3, we acquired our partners' interest in the Westgate joint venture in June 2016 and have consolidated the property for financial reporting purposes since the acquisition date. RioCan Canada Rental property held and used by our RioCan joint venture 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, the estimated future undiscounted cash flows associated with the asset is compared to the asset's carrying amount, and if less, recognize an impairment loss in an amount by which the carrying amount exceeds its fair value. During the third quarter 2016, the joint venture determined for its Bromont, Quebec outlet center that the estimated future undiscounted cash flows of that property did not exceed the property's carrying value based on deteriorating amounts of net operating income. Therefore, the joint venture recorded a $5.8 million non-cash impairment charge in its statement of operations, which equaled the excess of the property's carrying value over its fair value. The fair value was determined using a market approach considering the prevailing market income capitalization rates and sales data for transactions involving similar assets. Our share of this impairment charge, $2.9 million , was recorded in equity in earnings of unconsolidated joint ventures in our consolidated statement of operations. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures September 30, 2016 December 31, 2015 Assets Land $ 89,036 $ 103,046 Buildings, improvements and fixtures 497,892 615,662 Construction in progress, including land 14,933 62,308 601,861 781,016 Accumulated depreciation (61,890 ) (60,629 ) Total rental property, net 539,971 720,387 Cash and cash equivalents 28,649 28,723 Deferred lease costs, net 14,408 18,399 Prepaids and other assets 12,794 14,455 Total assets $ 595,822 $ 781,964 Liabilities and Owners' Equity Mortgages payable, net $ 252,019 $ 400,935 Accounts payable and other liabilities 24,979 31,805 Total liabilities 276,998 432,740 Owners' equity 318,824 349,224 Total liabilities and owners' equity $ 595,822 $ 781,964 Three months ended Nine months ended Condensed Combined Statements of Operations September 30, September 30, - Unconsolidated Joint Ventures 2016 2015 2016 2015 Revenues $ 25,654 $ 27,495 $ 82,693 $ 77,648 Expenses Property operating 9,103 9,601 30,499 29,912 General and administrative 95 92 390 400 Asset impairment 5,838 — 5,838 — Depreciation and amortization 8,001 9,003 26,208 25,381 Total expenses 23,037 18,696 62,935 55,693 Operating income 2,617 8,799 19,758 21,955 Interest expense (1,925 ) (2,324 ) (7,161 ) (6,304 ) Other nonoperating income 2 4 5 17 Net income $ 694 $ 6,479 $ 12,602 $ 15,668 The Company and Operating Partnership's share of: Net income $ 715 $ 3,713 $ 7,680 $ 8,302 Depreciation expense (real estate related) $ 4,325 $ 5,411 $ 15,472 $ 14,525 |
Debt of the Company
Debt of the Company | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Debt of the Company | Debt of the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $520.0 million . 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): September 30, 2016 December 31, 2015 Unsecured lines of credit $ 196,000 $ 190,300 Unsecured term loan $ 325,000 $ 250,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Debt of the Operating Partnership | Debt of the Operating Partnership The debt of the Operating Partnership consisted of the following (in thousands): As of As of September 30, 2016 December 31, 2015 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 6.125 % June 2020 $ 300,000 $ 298,103 $ 300,000 $ 297,739 Senior notes 3.875 % December 2023 250,000 245,275 250,000 244,829 Senior notes 3.750 % December 2024 250,000 246,971 250,000 246,717 Senior notes 3.125 % September 2026 250,000 246,724 — — Mortgages payable: Atlantic City (2) 5.14%-7.65% November 2021- December 2026 41,196 44,110 43,312 46,605 Deer Park LIBOR + 1.50% — — — 150,000 149,145 Foxwoods LIBOR + 1.65% December 2017 70,250 69,825 70,250 69,564 Southaven LIBOR + 1.75% April 2018 59,090 58,712 45,824 45,273 Unsecured note payable (2) 1.50 % June 2016 — — 10,000 9,919 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,195 250,000 248,443 Unsecured term note LIBOR + 1.30% — — — 7,500 7,470 Unsecured lines of credit LIBOR + .90% October 2019 196,000 192,731 190,300 186,220 $ 1,741,536 $ 1,724,646 $ 1,567,186 $ 1,551,924 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15% . Certain of our properties, which had a net book value of approximately $331.7 million at September 30, 2016 and $622.8 million at December 31, 2015 , serve as collateral for mortgages payable. We maintain unsecured lines of credit that provide for borrowings of up to $520.0 million . The unsecured lines of credit include a $20.0 million liquidity line and a $500.0 million syndicated line. The syndicated line may be increased to $1.0 billion through an accordion feature in certain circumstances. We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of September 30, 2016 , we were in compliance with all of our debt covenants. Deer Park Debt Repayment In January 2016, we repaid our $150.0 million floating rate mortgage loan, which had an original maturity date in August 2018 and related to our 749,000 square foot Deer Park outlet center. Unsecured Term Note Repayment In February 2016, we repaid our $7.5 million unsecured term note, which had an original maturity date in August 2017. Unsecured Term Loan In April 2016, we amended our unsecured term loan to increase the size of the loan from $250.0 million to $325.0 million , extend the maturity date from February 23, 2019 to April 13, 2021, reduce the interest rate spread over LIBOR from 1.05% to 0.95% , and increase the incremental loan availability through an accordion feature from $150.0 million to $175.0 million . Unsecured Note Payable Repayment In June 2016, our $10.0 million unsecured note payable became due and was repaid on June 23, 2016. $250.0 Million Unsecured Senior Notes due 2026 In August 2016, we completed a public offering of $250.0 million in senior notes due 2026 in an underwritten public offering. The notes were priced at 99.605% of the principal amount to yield 3.171% to maturity. The notes will pay interest semi-annually at a rate of 3.125% per annum and mature on September 1, 2026. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $246.7 million . We used the net proceeds from the sale of the notes to repay a $62.0 million floating rate mortgage loan related to our outlet center in Glendale (Westgate), Arizona, repay borrowings under our unsecured lines of credit, and for general corporate purposes. Savannah Debt Repayment At the time of acquisition, the Savannah outlet center was subject to a $96.9 million mortgage loan, with an interest rate of LIBOR + 1.65% that matured in May 2017. In September 2016, we repaid the mortgage loan with borrowings under our unsecured lines of credit. Debt Maturities Maturities of the existing long-term debt as of September 30, 2016 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2016 $ 727 2017 73,258 2018 62,273 2019 199,369 2020 303,566 Thereafter 1,102,343 Subtotal 1,741,536 Net discount and debt origination costs (16,890 ) Total $ 1,724,646 |
Deferred Financing Obligation
Deferred Financing Obligation | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Deferred Financing Obligation | Deferred Financing Obligation In September 2015, the noncontrolling interest in our outlet center in Deer Park, New York exercised its right to require us to acquire their ownership interest in the property for $28.4 million . We closed on the transaction in January 2016 and repaid the deferred financing obligation, which was recorded in the other liabilities section of our consolidated balance sheet as of December 31, 2015. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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, recorded in other liabilities within the consolidated balance sheets (in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate September 30, 2016 December 31, 2015 Assets (Liabilities): November 14, 2013 August 14, 2018 $ 50,000 1 month LIBOR 1.3075 % $ (502 ) $ (212 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.2970 % (492 ) (198 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.3025 % (497 ) (206 ) April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0390 % (221 ) — April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0395 % (222 ) — April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0400 % (223 ) — April 13, 2016 January 1, 2021 25,000 1 month LIBOR 0.9915 % (60 ) — Total $ 325,000 $ (2,217 ) $ (616 ) In April 2016, we entered into four separate interest rate swap agreements, effective April 13, 2016 that fix the base LIBOR rate at an average of 1.03% on notional amounts totaling $175.0 million through January 1, 2021. The derivative financial instruments are comprised of interest rate swaps, which are designated and qualify as cash flow hedges, each with a separate counterparty. We do not use derivatives for trading or speculative purposes and currently do not have any derivatives that are not designated as hedges. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative, if significant, is recognized directly in earnings. For the three and nine months ended September 30, 2016 , the ineffective portion was not significant. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Interest Rate Swaps (Effective Portion): Change in fair value of cash flow hedges $ 2,228 $ (1,156 ) $ (1,601 ) $ (2,045 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows: Tier Description Level 1 Observable inputs such as quoted prices in active markets Level 2 Inputs other than quoted prices in active markets that are either directly or indirectly observable Level 3 Unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of September 30, 2016 Liabilities: Interest rate swaps (other liabilities) $ (2,217 ) $ — $ (2,217 ) $ — Total liabilities $ (2,217 ) $ — $ (2,217 ) $ — 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, 2015: Liabilities: Interest rate swaps (other liabilities) $ (616 ) $ — $ (616 ) $ — Total liabilities $ (616 ) $ — $ (616 ) $ — Fair values of interest rate swaps are approximated using Level 2 inputs based on current market data received from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles including counterparty risks, credit spreads and interest rate projections, as well as reasonable estimates about relevant future market conditions. 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): September 30, 2016 December 31, 2015 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ 521,000 $ 447,800 Level 2 Significant Observable Inputs 1,178,198 901,958 Level 3 Significant Unobservable Inputs 129,340 266,075 Total fair value of debt $ 1,828,538 $ 1,615,833 Recorded value of debt $ 1,724,646 $ 1,551,924 With the exception of the unsecured term loan and unsecured lines of credit, that have variable rates and considered at market value, fair values of the senior notes and mortgage loans are determined using discounted cash flow analysis with an interest rate or credit spread similar to that of current market borrowing arrangements. Because the Company's senior unsecured notes are publicly traded with limited trading volume, these instruments are classified as Level 2 in the hierarchy. In contrast, mortgage loans are classified as Level 3 given the unobservable inputs utilized in the valuation. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on the disposition of the financial instruments. The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP trust, a wholly owned subsidiary of the Company. The following table sets forth the changes in outstanding partnership units for the nine months ended September 30, 2016 and September 30, 2015 . Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2014 1,000,000 5,078,406 94,509,781 99,588,187 Grant of restricted common share awards by the Company — — 348,844 348,844 Units issued upon exercise of options — — 16,400 16,400 Units withheld for employee income taxes — — (31,532 ) (31,532 ) Balance September 30, 2015 1,000,000 5,078,406 94,843,493 99,921,899 Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Grant of restricted common share awards by the Company, net of of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 57,700 57,700 Units withheld for employee income taxes — — (66,427 ) (66,427 ) Balance September 30, 2016 1,000,000 5,052,743 95,069,262 100,122,005 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Earnings Per Share of the Company | Earnings Per Share of the Company The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 69,104 $ 44,075 $ 169,671 $ 103,068 Less allocation of earnings to participating securities (627 ) (494 ) (1,649 ) (1,210 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 68,477 $ 43,581 $ 168,022 $ 101,858 Denominator Basic weighted average common shares 95,156 94,746 95,075 94,675 Effect of notional units 426 — 393 — Effect of outstanding options and certain restricted common shares 90 53 69 62 Diluted weighted average common shares 95,672 94,799 95,537 94,737 Basic earnings per common share: Net income $ 0.72 $ 0.46 $ 1.77 $ 1.08 Diluted earnings per common share: Net income $ 0.72 $ 0.46 $ 1.76 $ 1.08 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. The notional units are considered contingently issuable common shares and are included in earnings per share if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and nine months ended September 30, 2016, 531,746 and 564,849 units were excluded from the computation, respectively, and for both the three and nine months ended September 30, 2015 , 951,450 units were excluded from the computation, because these units would not have been issuable if the end of the reporting period were the end of the contingency period. 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 September 30, 2016, there were no options excluded from the computation. For the nine months ended September 30, 2016 there were 145,300 options excluded from the computation and for the three and nine months ended September 30, 2015 , 250,400 and 250,500 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. |
Earnings Per Unit of the Operat
Earnings Per Unit of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Earnings Per Unit of the Operating Partnership | Earnings Per Unit of the Operating Partnership The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator Net income attributable to partners of the Operating Partnership $ 72,772 $ 46,439 $ 178,680 $ 108,600 Less allocation of earnings to participating securities (629 ) (495 ) (1,651 ) (1,211 ) Net income available to common unitholders of the Operating Partnership $ 72,143 $ 45,944 $ 177,029 $ 107,389 Denominator Basic weighted average common units 100,209 99,824 100,127 99,753 Effect of notional units 426 — 393 — Effect of outstanding options and certain restricted common units 90 53 69 62 Diluted weighted average common units 100,725 99,877 100,589 99,815 Basic earnings per common unit: Net income $ 0.72 $ 0.46 $ 1.77 $ 1.08 Diluted earnings per common unit: Net income $ 0.72 $ 0.46 $ 1.76 $ 1.08 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. The notional units are considered contingently issuable common units and are included in earnings per unit if the effect is dilutive using the treasury stock method and the common shares would be issuable if the end of the reporting period were the end of the contingency period. For the three and nine months ended September 30, 2016, 531,746 and 564,849 units were excluded from the computation, and for both the three and nine months ended September 30, 2015 , 951,450 units were excluded from the computation, because these units would not have been issuable if the end of the reporting period were the end of the contingency period. 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 September 30, 2016, there were no options excluded from the computation. For the nine months ended September 30, 2016 there were 145,300 options excluded from the computation and for the three and nine months ended September 30, 2015 , 250,400 and 250,500 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 | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Equity Based Compensation of the Company | Equity Based Compensation of the Company We have a shareholder approved equity-based compensation plan, the Incentive Award Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties Limited Partnership (Amended and Restated as of April 4, 2014) (the "Plan"), which covers our independent directors, officers, employees and consultants. For each common share issued by the Company, the Operating Partnership issues one corresponding unit of partnership interest to the Company's wholly owned subsidiaries. Therefore, when the Company grants an equity based award, the Operating Partnership treats each award as having been granted by the Operating Partnership. In the discussion below, the term "we" refers to the Company and the Operating Partnership together and the term "shares" is meant to also include corresponding units of the Operating Partnership. We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Restricted common shares $ 3,020 $ 2,865 $ 8,527 $ 8,362 Notional unit performance awards 1,057 1,012 2,967 2,853 Options 83 117 321 345 Total equity-based compensation $ 4,160 $ 3,994 $ 11,815 $ 11,560 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Equity-based compensation expense capitalized $ 244 $ 217 $ 741 $ 620 Restricted Common Share Awards During February 2016, the Company granted 286,524 restricted common shares to the Company's independent directors and the Company's senior executive officers. The grant date fair value of the awards ranged from $26.48 to $31.15 per share. The independent directors' restricted common shares vest ratably over a three year period and the senior executive officers' restricted shares vest ratably over a four or five year period. For the restricted shares issued to our chief executive officer, the restricted share agreement requires him to hold the shares for a minimum of three years following each vesting date. 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 to the employees' minimum 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 was 6,045 and 66,427 for the three and nine months ended September 30, 2016 , respectively, and was 954 and 31,532 for the three and nine months ended September 30, 2015 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 was $244,460 and $2.2 million for the three and nine months ended September 30, 2016, respectively. Total amounts paid for the employees' tax obligation to taxing authorities was $1.1 million for the nine months ended September 30, 2015. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2016 Outperformance Plan In February 2016, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2016 Outperformance Plan (the “2016 OPP"), a long-term incentive compensation plan. Under the 2016 OPP, the Company granted to award recipients an aggregate of 321,900 performance share units with a grant date fair value of $15.10 per unit, which may convert, subject to the achievement of the goals described below, into a maximum of 321,900 restricted common shares of the Company based on the Company’s absolute share price appreciation and its share price appreciation relative to its peer group, over the three -year measurement period from February 10, 2016 through February 9, 2019. The maximum number of shares will be earned under this plan if the Company both (a) achieves 35% or higher share price appreciation, inclusive of all dividends paid, over the three -year measurement period and (b) is in the 70th or greater percentile of its peer group for total shareholder return over the three -year measurement period. The Company expects that the value of the awards, if the Company achieves a 35% share price appreciation and is in the 70th or greater percentile of its peer group for total shareholder return over the three -year measurement period, will equal approximately $12.8 million . Any shares earned on February 9, 2019 are also subject to a time based vesting schedule, which provides that, subject to continued employment with the Company, 50% of the shares will vest on February 15, 2019 and the remaining 50% will vest on February 15, 2020. With respect to 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive 32,190 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 18% over the three -year measurement period, 60% of this portion of the award (representing a right to receive 96,750 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period equals 26.5% , and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company’s aggregate share price appreciation, inclusive of all dividends paid during this period, equals 35% or higher. With respect to the other 50% of the performance share units (representing a right to receive up to 160,950 restricted shares), 20% of this portion of the award (representing a right to receive up to 32,190 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 40th percentile of its peer group over the three -year measurement period, 60% of this portion of the award (representing a right to receive up to 96,750 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 55th percentile of its peer group during this period, and 100% of this portion of the award (representing a right to receive 160,950 restricted shares) will be earned if the Company's share price appreciation inclusive of all dividends paid is in the 70th percentile of its peer group or greater during this period. The peer group is based on companies included in the SNL Equity REIT index. The number of restricted shares received in respect of the performance share units will be determined on a pro-rata basis by linear interpolation between share price appreciation thresholds, both for absolute share price appreciation and for relative share price appreciation amongst the Company's peer group. The share price targets will be reduced on a dollar-for-dollar basis with respect to any dividend payments made during the measurement period. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss of the Company | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss of the Company | Accumulated Other Comprehensive Loss of the Company The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2016 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) Unrealized loss on foreign currency translation adjustments (1,644 ) — (1,644 ) (87 ) — (87 ) Change in fair value of cash flow hedges — 2,116 2,116 — 112 112 Balance September 30, 2016 $ (29,513 ) $ (2,105 ) $ (31,618 ) $ (1,603 ) $ (112 ) $ (1,715 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Unrealized gain on foreign currency translation adjustments 6,617 — 6,617 353 — 353 Change in fair value of cash flow hedges — (1,520 ) (1,520 ) — (81 ) (81 ) Balance September 30, 2016 $ (29,513 ) $ (2,105 ) $ (31,618 ) $ (1,603 ) $ (112 ) $ (1,715 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2015 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance June 30, 2015 $ (21,716 ) $ (754 ) $ (22,470 ) $ (1,183 ) $ (40 ) $ (1,223 ) Unrealized loss on foreign currency translation adjustments (10,376 ) — (10,376 ) (556 ) — (556 ) Change in fair value of cash flow hedges — (1,097 ) (1,097 ) — (59 ) (59 ) Balance September 30, 2015 $ (32,092 ) $ (1,851 ) $ (33,943 ) $ (1,739 ) $ (99 ) $ (1,838 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2014 $ (14,113 ) $ 90 $ (14,023 ) $ (773 ) $ 5 $ (768 ) Unrealized loss on foreign currency translation adjustments (17,979 ) — (17,979 ) (966 ) — (966 ) Change in fair value of cash flow hedges — (1,941 ) (1,941 ) — (104 ) (104 ) Balance September 30, 2015 $ (32,092 ) $ (1,851 ) $ (33,943 ) $ (1,739 ) $ (99 ) $ (1,838 ) |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Loss of the Operating Partnership | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Loss of the Operating Partnership | Accumulated Other Comprehensive Loss of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2016 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) Unrealized loss on foreign currency translation adjustments (1,731 ) — (1,731 ) Change in fair value of cash flow hedges — 2,228 2,228 Balance September 30, 2016 $ (31,116 ) $ (2,217 ) $ (33,333 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Unrealized gain on foreign currency translation adjustments 6,970 — 6,970 Change in fair value of cash flow hedges — (1,601 ) (1,601 ) Balance September 30, 2016 $ (31,116 ) $ (2,217 ) $ (33,333 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2015 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance June 30, 2015 $ (22,899 ) $ (794 ) $ (23,693 ) Unrealized loss on foreign currency translation adjustments (10,932 ) — (10,932 ) Change in fair value of cash flow hedges — (1,156 ) (1,156 ) Balance September 30, 2015 $ (33,831 ) $ (1,950 ) $ (35,781 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2014 $ (14,886 ) $ 95 $ (14,791 ) Unrealized loss on foreign currency translation adjustments (18,945 ) — (18,945 ) Change in fair value of cash flow hedges — (2,045 ) (2,045 ) Balance September 30, 2015 $ (33,831 ) $ (1,950 ) $ (35,781 ) |
Non-Cash Activities
Non-Cash Activities | 9 Months Ended |
Sep. 30, 2016 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Activities | Non-Cash Activities 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): September 30, 2016 September 30, 2015 Costs relating to construction included in accounts payable and accrued expenses $ 20,340 $ 33,622 |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, the Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which finalizes Proposed ASU No. EITF-15F of the same name, and addresses stakeholders’ concerns regarding diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This ASU is effective for fiscal years beginning after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The ASU should be adopted using a retrospective transition approach. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected versus incurred credit losses for financial assets held. This ASU will be applied on a prospective basis for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning and interim periods beginning after December 15, 2018. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, this standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the guidance will be applied prospectively to increases in the level of ownership interest or degree of influence occurring after the new standards effective date. Additional transition disclosures are not required upon adoption. We do not expect that the adoption of this standard will have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU No. 2016-06 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02, codified in ASC 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March, April and May 2016 the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2016, the Company's Board of Directors declared a $0.325 cash dividend per common share payable on November 15, 2016 to each shareholder of record on October 31, 2016, and the Trustees of Tanger GP Trust declared a $0.325 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. In October 2016, we completed a public offering to sell an additional $100.0 million of our 3.125% senior notes due 2026 in an underwritten public offering. The notes priced at 98.962% of the principal amount to yield 3.248% to maturity. The new notes constitute an additional issuance of, and form a single series with, the $250.0 million aggregate principal amount of 3.125% senior notes due 2026 issued on August 8, 2016. The aggregate principal amount outstanding of the 3.125% senior notes due 2026 is $350.0 million . All outstanding notes pay interest semi-annually at a rate of 3.125% per annum and mature on September 1, 2026. The net proceeds from this offering, after deducting the underwriting discount and offering expenses, were approximately $97.8 million . The net proceeds were used to repay borrowings under the Operating Partnership's unsecured lines of credit, and for general corporate purposes. |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, the Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), which finalizes Proposed ASU No. EITF-15F of the same name, and addresses stakeholders’ concerns regarding diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This ASU is effective for fiscal years beginning after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The ASU should be adopted using a retrospective transition approach. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected versus incurred credit losses for financial assets held. This ASU will be applied on a prospective basis for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning and interim periods beginning after December 15, 2018. We are currently evaluating the impact of adopting the new guidance, but we do not expect the adoption to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, this standard eliminates the requirement that when an existing cost method investment qualifies for use of the equity method, an investor must restate its historical financial statements, as if the equity method had been used during all previous periods. Under the new guidance, at the point an investment qualifies for the equity method, any unrealized gain or loss in accumulated other comprehensive income/(loss) ("AOCI") will be recognized through earnings. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The adoption of the guidance will be applied prospectively to increases in the level of ownership interest or degree of influence occurring after the new standards effective date. Additional transition disclosures are not required upon adoption. We do not expect that the adoption of this standard will have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) – Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”), which will reduce diversity of practice in identifying embedded derivatives in debt instruments. ASU 2016-06 clarifies that the nature of an exercise contingency is not subject to the “clearly and closely” criteria for purposes of assessing whether the call or put option must be separated from the debt instrument and accounted for separately as a derivative. ASU No. 2016-06 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Entities are required to apply the guidance to existing debt instruments using a modified retrospective transition method as of the period of adoption. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02, codified in ASC 842, amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 will be effective beginning in the first quarter of 2019. Early adoption of ASU 2016-02 as of its issuance is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March, April and May 2016 the FASB issued the following amendments to clarify the implementation guidance: ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing and ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients. We are currently evaluating the new guidance to determine the impact it may have on our consolidated financial statements. |
Acquisition of Rental Propert30
Acquisition of Rental Property (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table illustrates the fair value of the aggregate consideration transferred to acquire the equity interests of the Savannah and Westgate properties at the acquisition date for the nine months ended September 30, 2016 (in thousands): Cash transferred for equity interests $ 54,000 Fair value of our previously held interests 145,581 Fair value of net assets $ 199,581 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table illustrates the aggregate fair value of the amounts of the identifiable assets acquired and liabilities assumed and recognized at the acquisition date for the Savannah and Westgate properties acquired during the nine months ended September 30, 2016: Fair Value (in thousands) Weighted-Average Amortization Period (in years) Cash $ 8,781 Land 27,593 Buildings, improvements and fixtures 308,117 Deferred lease costs and other intangibles Above market lease value 15,882 7.2 Lease in place value 13,972 5.9 Lease and legal costs 10,264 6.4 Total deferred lease costs and other intangibles 40,118 Prepaids and other assets 477 Debt (158,994 ) Accounts payable and accrued expenses (7,183 ) Other liabilities (Below market lease value) (19,328 ) 12.0 Total fair value of net assets $ 199,581 |
Disposition of Properties (Tabl
Disposition of Properties (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disposition of Properties [Abstract] | |
Disposition of Properties | The following table sets forth certain summarized information regarding the properties sold during the nine months ended September 30, 2016 : Properties Locations Date Sold Square Feet (in 000's) Net Sales Price (in 000's) Gain on Sale(in 000's) Operating Properties: Sanibel Center Fort Myers, Florida January 2016 199 $ 25,785 $ 4,887 Nonoperating properties: Outparcel Myrtle Beach, South Carolina September 2016 — $ 2,921 $ 1,418 Total 199 $ 28,706 $ 6,305 |
Developments of Consolidated 32
Developments of Consolidated Outlet Centers (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of development of consolidated real estate properties | The table below sets forth our consolidated outlet centers under development as of September 30, 2016 : Project Approximate square feet Costs Incurred to Date Borrowed to date (in millions) Projected Opening New development Daytona Beach 352 $ 67.4 $ — November 2016 Fort Worth 352 13.9 — Holiday 2017 Expansion Lancaster 123 10.2 — Q3 2017 Total 827 $ 91.5 $ — |
Investments in Unconsolidated33
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Columbus Columbus, OH 50.0 % 355 $ 44.3 $ — National Harbor National Harbor, MD 50.0 % 341 4.7 86.0 RioCan Canada Various 50.0 % 901 121.9 11.5 $ 170.9 $ 97.5 Charlotte (3) Charlotte, NC 50.0 % 398 $ (2.2 ) $ 89.7 Galveston/Houston (3) Texas City, TX 50.0 % 353 (3.3 ) 64.8 $ (5.5 ) $ 154.5 As of December 31, 2015 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (1) Columbus Columbus, OH 50.0 % — $ 21.1 $ — National Harbor National Harbor, MD 50.0 % 339 6.1 85.8 RioCan Canada Various 50.0 % 870 117.2 11.3 Savannah (2) Savannah, GA 50.0 % 377 44.4 87.6 Westgate Glendale, AZ 58.0 % 411 12.3 61.9 $ 201.1 $ 246.6 Charlotte (3) Charlotte, NC 50.0 % 398 $ (1.1 ) $ 89.6 Galveston/Houston (3) Texas City, TX 50.0 % 353 (1.5 ) 64.7 $ (2.6 ) $ 154.3 (1) Net of debt origination costs and including premiums of $912,000 and $3.3 million as of September 30, 2016 and December 31, 2015, respectively. (2) Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98% . Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. (3) 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. |
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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Fee: Development and leasing $ 65 $ 325 $ 611 $ 1,632 Loan guarantee 85 182 449 564 Management and marketing 656 746 2,199 2,067 Total Fees $ 806 $ 1,253 $ 3,259 $ 4,263 |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures September 30, 2016 December 31, 2015 Assets Land $ 89,036 $ 103,046 Buildings, improvements and fixtures 497,892 615,662 Construction in progress, including land 14,933 62,308 601,861 781,016 Accumulated depreciation (61,890 ) (60,629 ) Total rental property, net 539,971 720,387 Cash and cash equivalents 28,649 28,723 Deferred lease costs, net 14,408 18,399 Prepaids and other assets 12,794 14,455 Total assets $ 595,822 $ 781,964 Liabilities and Owners' Equity Mortgages payable, net $ 252,019 $ 400,935 Accounts payable and other liabilities 24,979 31,805 Total liabilities 276,998 432,740 Owners' equity 318,824 349,224 Total liabilities and owners' equity $ 595,822 $ 781,964 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Nine months ended Condensed Combined Statements of Operations September 30, September 30, - Unconsolidated Joint Ventures 2016 2015 2016 2015 Revenues $ 25,654 $ 27,495 $ 82,693 $ 77,648 Expenses Property operating 9,103 9,601 30,499 29,912 General and administrative 95 92 390 400 Asset impairment 5,838 — 5,838 — Depreciation and amortization 8,001 9,003 26,208 25,381 Total expenses 23,037 18,696 62,935 55,693 Operating income 2,617 8,799 19,758 21,955 Interest expense (1,925 ) (2,324 ) (7,161 ) (6,304 ) Other nonoperating income 2 4 5 17 Net income $ 694 $ 6,479 $ 12,602 $ 15,668 The Company and Operating Partnership's share of: Net income $ 715 $ 3,713 $ 7,680 $ 8,302 Depreciation expense (real estate related) $ 4,325 $ 5,411 $ 15,472 $ 14,525 |
Debt of the Company (Tables)
Debt of the Company (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt | The Operating Partnership had the following principal amounts outstanding on the debt guaranteed by the Company (in thousands): September 30, 2016 December 31, 2015 Unsecured lines of credit $ 196,000 $ 190,300 Unsecured term loan $ 325,000 $ 250,000 |
Debt of the Operating Partner35
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands): As of As of September 30, 2016 December 31, 2015 Stated Interest Rate(s) Maturity Date Principal Book Value (1) Principal Book Value (1) Senior, unsecured notes: Senior notes 6.125 % June 2020 $ 300,000 $ 298,103 $ 300,000 $ 297,739 Senior notes 3.875 % December 2023 250,000 245,275 250,000 244,829 Senior notes 3.750 % December 2024 250,000 246,971 250,000 246,717 Senior notes 3.125 % September 2026 250,000 246,724 — — Mortgages payable: Atlantic City (2) 5.14%-7.65% November 2021- December 2026 41,196 44,110 43,312 46,605 Deer Park LIBOR + 1.50% — — — 150,000 149,145 Foxwoods LIBOR + 1.65% December 2017 70,250 69,825 70,250 69,564 Southaven LIBOR + 1.75% April 2018 59,090 58,712 45,824 45,273 Unsecured note payable (2) 1.50 % June 2016 — — 10,000 9,919 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,195 250,000 248,443 Unsecured term note LIBOR + 1.30% — — — 7,500 7,470 Unsecured lines of credit LIBOR + .90% October 2019 196,000 192,731 190,300 186,220 $ 1,741,536 $ 1,724,646 $ 1,567,186 $ 1,551,924 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15% . |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of September 30, 2016 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2016 $ 727 2017 73,258 2018 62,273 2019 199,369 2020 303,566 Thereafter 1,102,343 Subtotal 1,741,536 Net discount and debt origination costs (16,890 ) Total $ 1,724,646 |
Derivative Financial Instrume36
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, recorded in other liabilities within the consolidated balance sheets (in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate September 30, 2016 December 31, 2015 Assets (Liabilities): November 14, 2013 August 14, 2018 $ 50,000 1 month LIBOR 1.3075 % $ (502 ) $ (212 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.2970 % (492 ) (198 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.3025 % (497 ) (206 ) April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0390 % (221 ) — April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0395 % (222 ) — April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0400 % (223 ) — April 13, 2016 January 1, 2021 25,000 1 month LIBOR 0.9915 % (60 ) — Total $ 325,000 $ (2,217 ) $ (616 ) |
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 September 30, Nine months ended September 30, 2016 2015 2016 2015 Interest Rate Swaps (Effective Portion): Change in fair value of cash flow hedges $ 2,228 $ (1,156 ) $ (1,601 ) $ (2,045 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Liabilities: Interest rate swaps (other liabilities) $ (2,217 ) $ — $ (2,217 ) $ — Total liabilities $ (2,217 ) $ — $ (2,217 ) $ — 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, 2015: Liabilities: Interest rate swaps (other liabilities) $ (616 ) $ — $ (616 ) $ — Total liabilities $ (616 ) $ — $ (616 ) $ — |
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): September 30, 2016 December 31, 2015 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ 521,000 $ 447,800 Level 2 Significant Observable Inputs 1,178,198 901,958 Level 3 Significant Unobservable Inputs 129,340 266,075 Total fair value of debt $ 1,828,538 $ 1,615,833 Recorded value of debt $ 1,724,646 $ 1,551,924 |
Partners' Equity of the Opera38
Partners' Equity of the Operating Partnership (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Schedule of Partners' Equity of the Operating Partnership | The following table sets forth the changes in outstanding partnership units for the nine months ended September 30, 2016 and September 30, 2015 . Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2014 1,000,000 5,078,406 94,509,781 99,588,187 Grant of restricted common share awards by the Company — — 348,844 348,844 Units issued upon exercise of options — — 16,400 16,400 Units withheld for employee income taxes — — (31,532 ) (31,532 ) Balance September 30, 2015 1,000,000 5,078,406 94,843,493 99,921,899 Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Grant of restricted common share awards by the Company, net of of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 57,700 57,700 Units withheld for employee income taxes — — (66,427 ) (66,427 ) Balance September 30, 2016 1,000,000 5,052,743 95,069,262 100,122,005 |
Earnings Per Share of the Com39
Earnings Per Share of the Company (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing the Company's earnings per share (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator Net income attributable to Tanger Factory Outlet Centers, Inc. $ 69,104 $ 44,075 $ 169,671 $ 103,068 Less allocation of earnings to participating securities (627 ) (494 ) (1,649 ) (1,210 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 68,477 $ 43,581 $ 168,022 $ 101,858 Denominator Basic weighted average common shares 95,156 94,746 95,075 94,675 Effect of notional units 426 — 393 — Effect of outstanding options and certain restricted common shares 90 53 69 62 Diluted weighted average common shares 95,672 94,799 95,537 94,737 Basic earnings per common share: Net income $ 0.72 $ 0.46 $ 1.77 $ 1.08 Diluted earnings per common share: Net income $ 0.72 $ 0.46 $ 1.76 $ 1.08 |
Earnings Per Unit of the Oper40
Earnings Per Unit of the Operating Partnership (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth a reconciliation of the numerators and denominators in computing earnings per unit (in thousands, except per unit amounts): Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 Numerator Net income attributable to partners of the Operating Partnership $ 72,772 $ 46,439 $ 178,680 $ 108,600 Less allocation of earnings to participating securities (629 ) (495 ) (1,651 ) (1,211 ) Net income available to common unitholders of the Operating Partnership $ 72,143 $ 45,944 $ 177,029 $ 107,389 Denominator Basic weighted average common units 100,209 99,824 100,127 99,753 Effect of notional units 426 — 393 — Effect of outstanding options and certain restricted common units 90 53 69 62 Diluted weighted average common units 100,725 99,877 100,589 99,815 Basic earnings per common unit: Net income $ 0.72 $ 0.46 $ 1.77 $ 1.08 Diluted earnings per common unit: Net income $ 0.72 $ 0.46 $ 1.76 $ 1.08 |
Equity Based Compensation of 41
Equity Based Compensation of the Company (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
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 Nine months ended September 30, September 30, 2016 2015 2016 2015 Restricted common shares $ 3,020 $ 2,865 $ 8,527 $ 8,362 Notional unit performance awards 1,057 1,012 2,967 2,853 Options 83 117 321 345 Total equity-based compensation $ 4,160 $ 3,994 $ 11,815 $ 11,560 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Nine months ended September 30, September 30, 2016 2015 2016 2015 Equity-based compensation expense capitalized $ 244 $ 217 $ 741 $ 620 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss of the Company (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2016 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) Unrealized loss on foreign currency translation adjustments (1,644 ) — (1,644 ) (87 ) — (87 ) Change in fair value of cash flow hedges — 2,116 2,116 — 112 112 Balance September 30, 2016 $ (29,513 ) $ (2,105 ) $ (31,618 ) $ (1,603 ) $ (112 ) $ (1,715 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Unrealized gain on foreign currency translation adjustments 6,617 — 6,617 353 — 353 Change in fair value of cash flow hedges — (1,520 ) (1,520 ) — (81 ) (81 ) Balance September 30, 2016 $ (29,513 ) $ (2,105 ) $ (31,618 ) $ (1,603 ) $ (112 ) $ (1,715 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2015 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance June 30, 2015 $ (21,716 ) $ (754 ) $ (22,470 ) $ (1,183 ) $ (40 ) $ (1,223 ) Unrealized loss on foreign currency translation adjustments (10,376 ) — (10,376 ) (556 ) — (556 ) Change in fair value of cash flow hedges — (1,097 ) (1,097 ) — (59 ) (59 ) Balance September 30, 2015 $ (32,092 ) $ (1,851 ) $ (33,943 ) $ (1,739 ) $ (99 ) $ (1,838 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2014 $ (14,113 ) $ 90 $ (14,023 ) $ (773 ) $ 5 $ (768 ) Unrealized loss on foreign currency translation adjustments (17,979 ) — (17,979 ) (966 ) — (966 ) Change in fair value of cash flow hedges — (1,941 ) (1,941 ) — (104 ) (104 ) Balance September 30, 2015 $ (32,092 ) $ (1,851 ) $ (33,943 ) $ (1,739 ) $ (99 ) $ (1,838 ) |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Loss of the Operating Partnership (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2016 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) Unrealized loss on foreign currency translation adjustments (1,731 ) — (1,731 ) Change in fair value of cash flow hedges — 2,228 2,228 Balance September 30, 2016 $ (31,116 ) $ (2,217 ) $ (33,333 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Unrealized gain on foreign currency translation adjustments 6,970 — 6,970 Change in fair value of cash flow hedges — (1,601 ) (1,601 ) Balance September 30, 2016 $ (31,116 ) $ (2,217 ) $ (33,333 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and nine months ended September 30, 2015 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance June 30, 2015 $ (22,899 ) $ (794 ) $ (23,693 ) Unrealized loss on foreign currency translation adjustments (10,932 ) — (10,932 ) Change in fair value of cash flow hedges — (1,156 ) (1,156 ) Balance September 30, 2015 $ (33,831 ) $ (1,950 ) $ (35,781 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2014 $ (14,886 ) $ 95 $ (14,791 ) Unrealized loss on foreign currency translation adjustments (18,945 ) — (18,945 ) Change in fair value of cash flow hedges — (2,045 ) (2,045 ) Balance September 30, 2015 $ (33,831 ) $ (1,950 ) $ (35,781 ) |
Non-Cash Activities (Tables)
Non-Cash Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Nonmonetary Transactions [Abstract] | |
Schedule of Other Significant Noncash Transactions | Expenditures included in accounts payable and accrued expenses were as follows (in thousands): September 30, 2016 September 30, 2015 Costs relating to construction included in accounts payable and accrued expenses $ 20,340 $ 33,622 |
Business (Details)
Business (Details) ft² in Millions | Sep. 30, 2016sharesft²OutletCentersubsidiary |
Entity Information [Line Items] | |
Number of Operating Partnership Units Owned by the Company | shares | 96,069,262 |
Exchange ratio of Partnership Units for common shares | 1 |
Tanger Factory Outlet Centers, Inc [Member] | |
Entity Information [Line Items] | |
Number of wholly-owned subsidiaries | subsidiary | 2 |
Class A Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | |
Entity Information [Line Items] | |
Number of Operating Partnership units owned by the Operating Partnership and other limited partners | shares | 5,052,743 |
Consolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 35 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 12.4 |
Unconsolidated Properties [Member] | |
Entity Information [Line Items] | |
Number of Outlet Centers | 8 |
Total gross leaseable area of outlet centers (in square feet) | ft² | 2.3 |
Unconsolidated Properties [Member] | CANADA | |
Entity Information [Line Items] | |
Number of Outlet Centers | 4 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Westgate [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | $ 176,000 | |
Liabilities | 14,900 | |
Total rental property, net | 158,500 | |
Cash and cash equivalents | 3,900 | |
Other assets (including deferred lease costs and other intangibles) | 13,600 | |
Accounts Payable and accrued expenses | 906 | |
Other Liabilities (including below market lease value) | 14,000 | |
Southaven [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets | 85,500 | |
Liabilities | 60,800 | |
Total rental property, net | 79,700 | |
Cash and cash equivalents | 3,500 | |
Other assets (including deferred lease costs and other intangibles) | 2,300 | |
Accounts Payable and accrued expenses | 1,700 | |
Book value of debt | $ 58,200 | |
Accounting Standards Update 2015-03 [Member] | Assets, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Deferred Finance Costs, Net | $ (11,900) | |
Accounting Standards Update 2015-03 [Member] | Liabilities, Total [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Deferred Finance Costs, Net | $ 11,900 |
Acquisition of Rental Propert47
Acquisition of Rental Property (Acquisition of Rental Property) (Details) - Westgate & Savannah [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Cash transfered for equity interests | $ 54,000 |
Fair value of our previously held interests | 145,581 |
Fair value of net assets | $ 199,581 |
Acquisition of Rental Propert48
Acquisition of Rental Property (Aggregate Purchase Price of the Property Allocation) (Details) - Westgate & Savannah [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Cash | $ 8,781 |
Land | 27,593 |
Buildings, improvements and fixtures | 308,117 |
Deferred lease costs and other intangibles | 40,118 |
Prepaids and other assets | 477 |
Debt | (158,994) |
Accounts payable and accrued expenses | (7,183) |
Total fair value of net assets | 199,581 |
Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 15,882 |
Weighted-Average Amortization Period (in years) | 7 years 2 months |
Leases, Acquired-in-Place [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 13,972 |
Weighted-Average Amortization Period (in years) | 5 years 11 months |
Lease and Legal Costs [Member] | |
Business Acquisition [Line Items] | |
Deferred lease costs and other intangibles | $ 10,264 |
Weighted-Average Amortization Period (in years) | 6 years 5 months |
Below Market Lease Value [Member] | |
Business Acquisition [Line Items] | |
Other liabilities (Below market lease value) | $ (19,328) |
Weighted-Average Amortization Period (in years) | 12 years |
Acquisition of Rental Propert49
Acquisition of Rental Property (Narrative) (Details) - USD ($) | Aug. 12, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Aug. 31, 2016 | Aug. 11, 2016 | Jun. 29, 2016 | |
Business Acquisition [Line Items] | |||||||||||
Rental growth rate | 3.00% | ||||||||||
Savannah [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash transfered for equity interests | $ 15,000,000 | ||||||||||
Ownership Percentage | 50.00% | ||||||||||
Economic interest percentage in joint venture | 98.00% | ||||||||||
Contingent Consideration | $ 0 | ||||||||||
Acquisition costs | $ 260,000 | ||||||||||
Gain on previously held interests in acquired joint ventures | 46,300,000 | ||||||||||
Rental property and related intangible increase | 46,300,000 | ||||||||||
Prepaids and other assets | 250,000 | ||||||||||
Accounts payable and accrued expenses | 2,100,000 | ||||||||||
Westgate [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash transfered for equity interests | $ 39,000,000 | ||||||||||
Mortgage loan | 62,000,000 | ||||||||||
Ownership Percentage | 58.00% | ||||||||||
Contingent Consideration | 0 | ||||||||||
Acquisition costs | $ 127,000 | ||||||||||
Gain on previously held interests in acquired joint ventures | 49,300,000 | ||||||||||
Rental property and related intangible increase | 49,300,000 | ||||||||||
Total cash price | 40,900,000 | ||||||||||
Prepaids and other assets | 227,000 | ||||||||||
Accounts payable and accrued expenses | 5,000,000 | ||||||||||
Cash paid for remaining interest held by a noncontrolling interest | $ 1,900,000 | ||||||||||
Percentage of business acquired | 40.00% | ||||||||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustment Buildings, Improvements and Fixtures | (5,600,000) | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (150,000) | ||||||||||
Noncontrolling interests in Operating Partnership [Member] | Westgate [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage of business acquired | 2.00% | ||||||||||
Tanger Properties Limited Partnership [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash transfered for equity interests | 45,219,000 | $ 0 | |||||||||
Principal | 1,741,536,000 | 1,741,536,000 | $ 1,567,186,000 | ||||||||
Acquisition costs | 487,000 | $ 0 | 487,000 | 0 | |||||||
Gain on previously held interests in acquired joint ventures | 46,258,000 | $ 0 | 95,516,000 | 0 | |||||||
Cash paid for remaining interest held by a noncontrolling interest | 1,942,000 | $ 0 | |||||||||
3.125% Senior Notes [Member] | Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Principal | 250,000,000 | $ 250,000,000 | $ 0 | $ 250,000,000 | |||||||
Westgate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Basis spread on variable rate | 1.75% | ||||||||||
Savannah [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Mortgage loan | $ 96,900,000 | ||||||||||
Ownership Percentage | [1] | 50.00% | |||||||||
Economic interest percentage in joint venture | 98.00% | ||||||||||
Savannah [Member] | Joint Venture [Member] | Mortgages [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Basis spread on variable rate | 1.65% | ||||||||||
Below Market Lease Value [Member] | Westgate [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 4,800,000 | ||||||||||
Above Market Leases [Member] | Westgate [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 1,600,000 | ||||||||||
Leases, Acquired-in-Place [Member] | Westgate [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ (628,000) | ||||||||||
Minimum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Discount rate | 7.50% | ||||||||||
Terminal cap rate | 5.75% | ||||||||||
Maximum [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Discount rate | 8.25% | ||||||||||
Terminal cap rate | 7.00% | ||||||||||
[1] | Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Disposition of Properties (Deta
Disposition of Properties (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] ft² in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($)ft² | Jan. 31, 2016USD ($) | Sep. 30, 2016USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 199 | 199 | |
Net proceeds on sale of assets | $ 28,706 | ||
Gain on sale | $ 6,305 | ||
Sanibel [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square Feet | ft² | 199 | 199 | |
Net proceeds on sale of assets | $ 25,785 | $ 25,785 | |
Gain on sale | 4,887 | ||
Myrtle Beach Hwy 501 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds on sale of assets | $ 2,921 | 2,921 | |
Gain on sale | $ 1,418 |
Disposition of Properties (Narr
Disposition of Properties (Narrative) (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Jan. 31, 2016 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds on sale of assets | $ 28,706 | ||
Sanibel [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds on sale of assets | $ 25,785 | 25,785 | |
Myrtle Beach Hwy 501 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net proceeds on sale of assets | $ 2,921 | $ 2,921 |
Developments of Consolidated 52
Developments of Consolidated Outlet Centers (Details) ft² in Thousands | 9 Months Ended | 11 Months Ended | |
Sep. 30, 2016USD ($)ft² | Sep. 30, 2016USD ($)ft² | Jul. 31, 2016ft² | |
Properties under development [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 827 | 827 | |
Costs incurred to date | $ 91,500,000 | ||
Borrowed to date | $ 0 | $ 0 | |
Daytona Beach [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 352 | 352 | |
Costs incurred to date | $ 67,400,000 | ||
Borrowed to date | $ 0 | $ 0 | |
Fort Worth [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 352 | 352 | |
Costs incurred to date | $ 13,900,000 | ||
Borrowed to date | $ 0 | $ 0 | |
Lancaster [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 123 | 123 | 123 |
Costs incurred to date | $ 10,200,000 | ||
Borrowed to date | $ 0 | $ 0 |
Developments of Consolidated 53
Developments of Consolidated Outlet Centers (Narrative) (Details) $ in Millions | 1 Months Ended | |||||
Sep. 30, 2016USD ($)ft² | Nov. 30, 2015USD ($) | Jul. 31, 2016ft² | May 31, 2016ft² | Dec. 31, 2015ft² | [1] | |
Savannah [Member] | ||||||
Square Feet | 419,000 | 377,000 | ||||
Daytona Beach [Member] | ||||||
Payments to acquire land | $ | $ 9.9 | |||||
Square Feet | 352,000 | |||||
Fort Worth [Member] | ||||||
Payments to acquire land | $ | $ 11.2 | |||||
Square Feet | 352,000 | |||||
Lancaster [Member] | ||||||
Square Feet | 123,000 | 123,000 | ||||
[1] | Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Investments in Unconsolidated54
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) $ in Thousands | Sep. 30, 2016USD ($)ft² | Jun. 30, 2016ft² | May 31, 2016ft² | Dec. 31, 2015USD ($)ft² | ||
Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | $ 252,019 | $ 400,935 | ||||
Columbus National Harbor RioCan Canada Savannah and Westgate [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying Value of Investment | 170,900 | 201,100 | ||||
Columbus National Harbor RioCan Canada Savannah and Westgate [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | $ 97,500 | $ 246,600 | |||
Columbus [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 355,000 | 355,000 | 0 | |||
Carrying Value of Investment | $ 44,300 | $ 21,100 | ||||
Columbus [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | $ 0 | $ 0 | |||
National Harbor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 341,000 | 339,000 | ||||
Carrying Value of Investment | $ 4,700 | $ 6,100 | ||||
National Harbor [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | $ 86,000 | $ 85,800 | |||
RioCan Canda [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 50.00% | 50.00% | ||||
Square Feet | ft² | 901,000 | 870,000 | ||||
Carrying Value of Investment | $ 121,900 | $ 117,200 | ||||
RioCan Canda [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | 11,500 | $ 11,300 | |||
Savannah [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | [2] | 50.00% | ||||
Square Feet | ft² | 419,000 | 377,000 | [2] | |||
Carrying Value of Investment | [2] | $ 44,400 | ||||
Savannah [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1],[2] | $ 87,600 | ||||
Westgate [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | 58.00% | |||||
Square Feet | ft² | 411,000 | |||||
Carrying Value of Investment | $ 12,300 | |||||
Westgate [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | 61,900 | ||||
Charlotte and Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment Reported In Liabilities | (5,500) | (2,600) | ||||
Charlotte and Galveston/Houston [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1] | $ 154,500 | $ 154,300 | |||
Charlotte [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | [3] | 50.00% | 50.00% | |||
Square Feet | ft² | [3] | 398,000 | 398,000 | |||
Equity Method Investment Reported In Liabilities | [3] | $ (2,200) | $ (1,100) | |||
Charlotte [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1],[3] | $ 89,700 | $ 89,600 | |||
Galveston/Houston [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership % | [3] | 50.00% | 50.00% | |||
Square Feet | ft² | [3] | 353,000 | 353,000 | |||
Equity Method Investment Reported In Liabilities | [3] | $ (3,300) | $ (1,500) | |||
Galveston/Houston [Member] | Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Total joint venture debt, net | [1],[3] | $ 64,800 | $ 64,700 | |||
[1] | Net of debt origination costs and including premiums of $912,000 and $3.3 million as of September 30, 2016 and December 31, 2015, respectively. | |||||
[2] | Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. | |||||
[3] | The negative carrying value is due to the distributions of proceeds from mortgage loans and quarterly distributions of excess cash flow exceeding the original contributions from the partners. |
Investments in Unconsolidated55
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | $ 806 | $ 1,253 | $ 3,259 | $ 4,263 |
Development and Leasing Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | 65 | 325 | 611 | 1,632 |
Loan Guarantee Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | 85 | 182 | 449 | 564 |
Management and Marketing Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | $ 656 | $ 746 | $ 2,199 | $ 2,067 |
Investments in Unconsolidated56
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Joint Venture [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Land | $ 89,036 | $ 103,046 |
Buildings, improvements and fixtures | 497,892 | 615,662 |
Construction in progress, including land | 14,933 | 62,308 |
Rental property, at cost, total | 601,861 | 781,016 |
Accumulated depreciation | (61,890) | (60,629) |
Total rental property, net | 539,971 | 720,387 |
Cash and cash equivalents | 28,649 | 28,723 |
Deferred lease costs, net | 14,408 | 18,399 |
Prepaids and other assets | 12,794 | 14,455 |
Total assets | 595,822 | 781,964 |
Liabilities and Owners' Equity | ||
Mortgages payable, net | 252,019 | 400,935 |
Accounts payable and other liabilities | 24,979 | 31,805 |
Total liabilities | 276,998 | 432,740 |
Owners' equity | 318,824 | 349,224 |
Total liabilities and owners' equity | $ 595,822 | $ 781,964 |
Investments in Unconsolidated57
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | $ 119,137 | $ 112,906 | $ 341,275 | $ 326,568 |
Property operating | 37,442 | 36,231 | 110,328 | 108,921 |
General and administrative | 12,128 | 11,514 | 35,368 | 34,431 |
Depreciation and amortization | 29,205 | 28,785 | 82,078 | 77,046 |
Total expenses | 79,262 | 76,530 | 228,261 | 220,398 |
Operating income | 39,875 | 36,376 | 113,014 | 106,170 |
Interest expense | (15,516) | (13,933) | (44,200) | (40,110) |
Other nonoperating income (expense) | 24 | 89 | 378 | (98) |
Net income | 72,774 | 46,460 | 178,693 | 108,205 |
The Company and Operating Partnership's share of net income (loss) of unconsolidated joint ventures | 715 | 3,713 | 7,680 | 8,302 |
The Company and Operating Partnership's share of depreciation expense (real estate related) of unconsolidated joint ventures | 4,325 | 5,411 | 15,472 | 14,525 |
Joint Venture [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | 25,654 | 27,495 | 82,693 | 77,648 |
Property operating | 9,103 | 9,601 | 30,499 | 29,912 |
General and administrative | 95 | 92 | 390 | 400 |
Asset impairment | 5,838 | 0 | 5,838 | 0 |
Depreciation and amortization | 8,001 | 9,003 | 26,208 | 25,381 |
Total expenses | 23,037 | 18,696 | 62,935 | 55,693 |
Operating income | 2,617 | 8,799 | 19,758 | 21,955 |
Interest expense | (1,925) | (2,324) | (7,161) | (6,304) |
Other nonoperating income (expense) | 2 | 4 | 5 | 17 |
Net income | $ 694 | $ 6,479 | $ 12,602 | $ 15,668 |
Investments in Unconsolidated58
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)ft² | Jun. 30, 2016ft² | May 31, 2016ft² | ||
Schedule of Equity Method Investments [Line Items] | ||||||||
Differences in basis | $ 3,700 | $ 3,700 | $ 3,900 | |||||
Columbus [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Square Feet | ft² | 355,000 | 355,000 | 0 | 355,000 | ||||
Company Portion of Contributed Capital to the Joint Venture | $ 40,500 | |||||||
Partner's Portion of Contributed Capital to the Joint Venture | $ 40,500 | |||||||
Savannah [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Economic interest percentage in joint venture | 98.00% | |||||||
Square Feet | ft² | 377,000 | [1] | 419,000 | |||||
Estimated Square Feet of Expansion | ft² | 42,000 | |||||||
RioCan Canda [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Square Feet | ft² | 901,000 | 901,000 | 870,000 | |||||
Joint Ventures Impairment loss | $ 5,800 | |||||||
Our Share of Impairment Losses Related to Real Estate Partnerships | 2,900 | |||||||
Joint Venture [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint Ventures Impairment loss | 5,838 | $ 0 | $ 5,838 | $ 0 | ||||
Joint Venture [Member] | Mortgages [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 912 | $ 912 | $ 3,300 | |||||
[1] | Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Debt of the Company (Details)
Debt of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - Debt [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 520,000,000 | |
Guarantor obligation | 196,000,000 | $ 190,300,000 |
Unsecured Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligation | $ 325,000,000 | $ 250,000,000 |
Debt of the Operating Partner60
Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Oct. 28, 2016 | Aug. 31, 2016 | Jun. 23, 2016 | ||
Debt Instrument [Line Items] | ||||||||
Principal | $ 1,741,536,000 | $ 1,567,186,000 | ||||||
Book value of debt | [1] | $ 1,724,646,000 | $ 1,551,924,000 | |||||
Senior Notes [Member] | 6.125% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | 6.125% | 6.125% | ||||||
Principal | $ 300,000,000 | $ 300,000,000 | ||||||
Book value of debt | [1] | $ 298,103,000 | $ 297,739,000 | |||||
Senior Notes [Member] | 3.875% Senior Notes [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | 3.875% | 3.875% | ||||||
Principal | $ 250,000,000 | $ 250,000,000 | ||||||
Book value of debt | [1] | $ 245,275,000 | $ 244,829,000 | |||||
Senior Notes [Member] | 3.75% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | 3.75% | 3.75% | ||||||
Principal | $ 250,000,000 | $ 250,000,000 | ||||||
Book value of debt | [1] | $ 246,971,000 | 246,717,000 | |||||
Senior Notes [Member] | 3.125% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | ||||||
Principal | $ 250,000,000 | 0 | $ 250,000,000 | |||||
Book value of debt | [1] | 246,724,000 | 0 | |||||
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | [2] | 41,196,000 | 43,312,000 | |||||
Book value of debt | [1],[2] | 44,110,000 | 46,605,000 | |||||
Mortgages Payable [Member] | Deer Park [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 0 | 150,000,000 | ||||||
Book value of debt | [1] | 0 | 149,145,000 | |||||
Mortgages Payable [Member] | Foxwoods [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 70,250,000 | 70,250,000 | ||||||
Book value of debt | [1] | 69,825,000 | 69,564,000 | |||||
Mortgages Payable [Member] | Southaven [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 59,090,000 | 45,824,000 | ||||||
Book value of debt | [1] | 58,712,000 | $ 45,273,000 | |||||
Unsecured Notes Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | [2] | 1.50% | ||||||
Principal | [2] | 0 | $ 10,000,000 | $ 10,000,000 | ||||
Book value of debt | [1],[2] | 0 | 9,919,000 | |||||
Unsecured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ 325,000,000 | $ 250,000,000 | 325,000,000 | 250,000,000 | ||||
Book value of debt | [1] | 322,195,000 | 248,443,000 | |||||
Unsecured Term Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 0 | 7,500,000 | ||||||
Book value of debt | [1] | 0 | 7,470,000 | |||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | 196,000,000 | 190,300,000 | ||||||
Book value of debt | [1] | $ 192,731,000 | $ 186,220,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Deer Park [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Foxwoods [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.65% | 1.65% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Southaven [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.95% | 1.05% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Term Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.30% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 0.90% | 0.90% | ||||||
Minimum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | [2] | 5.14% | 5.14% | |||||
Maximum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | [2] | 7.65% | 7.65% | |||||
Subsequent Event [Member] | Senior Notes [Member] | 3.125% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Interest Rate(s) | 3.125% | |||||||
Principal | $ 350,000,000 | |||||||
[1] | Including premiums and net of debt discount and debt origination costs. | |||||||
[2] | The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%. |
Debt of the Operating Partner61
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Maturities of Debt [Line Items] | |||
2,016 | $ 727 | ||
2,017 | 73,258 | ||
2,018 | 62,273 | ||
2,019 | 199,369 | ||
2,020 | 303,566 | ||
Thereafter | 1,102,343 | ||
Subtotal | 1,741,536 | $ 1,567,186 | |
Net discount and debt origination costs | (16,890) | ||
Total debt | [1] | $ 1,724,646 | $ 1,551,924 |
[1] | Including premiums and net of debt discount and debt origination costs. |
Debt of the Operating Partner62
Debt of the Operating Partnership (Narrative) (Details) | Aug. 12, 2016USD ($) | Jun. 30, 2016 | Aug. 31, 2016USD ($) | Apr. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($)ft² | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($)ft² | Jun. 23, 2016USD ($) | May 31, 2016ft² | Dec. 31, 2011 | ||
Tanger Properties Limited Partnership [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | $ 1,741,536,000 | $ 1,567,186,000 | ||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Collateral for mortgages payable | 331,700,000 | 622,800,000 | ||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective interest rates | 5.05% | |||||||||||||
Principal | [1] | 41,196,000 | 43,312,000 | |||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 150,000,000 | |||||||||||||
Principal | 0 | 150,000,000 | ||||||||||||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Westgate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 62,000,000 | |||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Notes Payable [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective interest rates | 3.15% | |||||||||||||
Principal | [1] | 0 | $ 10,000,000 | $ 10,000,000 | ||||||||||
Stated Interest Rate(s) | [1] | 1.50% | ||||||||||||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit, Maximum borrowing capacity | 520,000,000 | |||||||||||||
Line of Credit Facility, Liquidity Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 20,000,000 | |||||||||||||
Line of Credit Facility, Syndicated Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 500,000,000 | |||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 1,000,000,000 | |||||||||||||
Line of Credit, Dividend Restrictions, Percentage of Funds From Operations Allowed on a Cumulative Basis | 95.00% | |||||||||||||
Principal | $ 196,000,000 | $ 190,300,000 | ||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 7,500,000 | |||||||||||||
Principal | 0 | 7,500,000 | ||||||||||||
Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Syndicated Line, Potential Maximum Borrowings if Accordion Feature is Utilized | $ 175,000,000 | $ 150,000,000 | ||||||||||||
Principal | $ 325,000,000 | $ 250,000,000 | 325,000,000 | 250,000,000 | ||||||||||
Tanger Properties Limited Partnership [Member] | Senior Notes [Member] | 3.125% Senior Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal | 250,000,000 | $ 250,000,000 | $ 0 | |||||||||||
Proceeds from Issuance of Long-term Debt | $ 246,700,000 | |||||||||||||
Debt Instrument, Pricing Percentage of Principal | 99.605% | |||||||||||||
Debt Instrument, Percentage Yield to Maturity | 3.171% | |||||||||||||
Stated Interest Rate(s) | 3.125% | 3.125% | ||||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percent of guaranty of completion and principal guaranty | 5.00% | |||||||||||||
Minimum [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | [1] | 5.14% | 5.14% | |||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percent of guaranty of completion and principal guaranty | 100.00% | |||||||||||||
Maximum [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated Interest Rate(s) | [1] | 7.65% | 7.65% | |||||||||||
Deer Park [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Square Feet | ft² | 749,000 | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Deer Park [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Westgate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.90% | 0.90% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Unsecured Term Note [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.30% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Tanger Properties Limited Partnership [Member] | Unsecured Term Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.95% | 1.05% | 0.95% | 1.05% | ||||||||||
Savannah [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Mortgage loan | $ 96,900,000 | |||||||||||||
Square Feet | ft² | 377,000 | [2] | 419,000 | |||||||||||
Savannah [Member] | Joint Venture [Member] | Mortgages [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.65% | |||||||||||||
[1] | The effective interest rates assigned during the purchase price allocation to the assumed mortgage and note payable during acquisitions in 2011 were as follows: Atlantic City 5.05% and unsecured note payable 3.15%. | |||||||||||||
[2] | Based on capital contribution and distribution provisions in the joint venture agreement, our economic interest in the venture's cash flow was greater than indicated in the Ownership column, which states our legal interest in this venture. As of December 31, 2015, based upon the liquidation proceeds we would receive from a hypothetical liquidation of our investment based on depreciated book value, our estimated economic interest in the venture was approximately 98%. Our economic interest may fluctuate based on a number of factors, including mortgage financing, partnership capital contributions and distributions, and proceeds from gains or losses of asset sales. |
Deferred Financing Obligation (
Deferred Financing Obligation (Details) $ in Millions | Sep. 30, 2015USD ($) |
Deer Park [Member] | |
Deferred financing obligation | $ 28.4 |
Derivative Financial Instrume64
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Notional amount | $ 325,000,000 | |
Derivative, fair value, net | (2,217,000) | $ (616,000) |
Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.3075% | |
Derivative, fair value, net | $ (502,000) | (212,000) |
Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.297% | |
Derivative, fair value, net | $ (492,000) | (198,000) |
Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.3025% | |
Derivative, fair value, net | $ (497,000) | (206,000) |
Interest Rate Swap Four [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.039% | |
Derivative, fair value, net | $ (221,000) | 0 |
Interest Rate Swap Five [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.0395% | |
Derivative, fair value, net | $ (222,000) | 0 |
Interest Rate Swap Six [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | |
Fixed interest rate | 1.04% | |
Derivative, fair value, net | $ (223,000) | 0 |
Interest Rate Swap Seven [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000,000 | |
Fixed interest rate | 0.9915% | |
Derivative, fair value, net | $ (60,000) | $ 0 |
Derivative Financial Instrume65
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Change in fair value of cash flow hedges | $ 2,228 | $ (1,156) | $ (1,601) | $ (2,045) |
Derivative Financial Instrume66
Derivative Financial Instruments (Narrative) (Details) - Designated as Hedging Instrument [Member] | 1 Months Ended | |
Apr. 30, 2016USD ($)swaps | Sep. 30, 2016USD ($) | |
Derivative [Line Items] | ||
Notional amount | $ 325,000,000 | |
Interest Rate Swap Four, Five, Six, & Seven [Member] | ||
Derivative [Line Items] | ||
Number of swaps entered into | swaps | 4 | |
Fixed interest rate | 1.03% | |
Notional amount | $ 175,000,000 |
Fair Value Measurements (Hierar
Fair Value Measurements (Hierarchy) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (other liabilities) | $ (2,217) | $ (616) |
Total liabilities | (2,217) | (616) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (other liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (other liabilities) | (2,217) | (616) |
Total liabilities | (2,217) | (616) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (other liabilities) | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total fair value of debt | $ 1,828,538 | $ 1,615,833 | |
Recorded value of debt | [1] | 1,724,646 | 1,551,924 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total fair value of debt | 521,000 | 447,800 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total fair value of debt | 1,178,198 | 901,958 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total fair value of debt | $ 129,340 | $ 266,075 | |
[1] | Including premiums and net of debt discount and debt origination costs. |
Partners' Equity of the Opera69
Partners' Equity of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General partner (in shares) | 1,000,000 | |
Grant of restricted common shares awards, net of forfeitures (in shares) | 173,124 | 348,844 |
Issuance of deferred units (in shares) | 24,040 | |
Units issued upon exercise of options | 57,700 | 16,400 |
Units withheld for employee income taxes | (66,427) | (31,532) |
General partner (in shares) | 1,000,000 | |
General partner [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
General partner (in shares) | 1,000,000 | 1,000,000 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 0 | 0 |
Issuance of deferred units (in shares) | 0 | |
Units issued upon exercise of options | 0 | 0 |
Units withheld for employee income taxes | 0 | 0 |
General partner (in shares) | 1,000,000 | 1,000,000 |
Class A Limited Partnership Units [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in shares) | 5,052,743 | 5,078,406 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 0 | 0 |
Issuance of deferred units (in shares) | 0 | |
Units issued upon exercise of options | 0 | 0 |
Units withheld for employee income taxes | 0 | 0 |
Limited partners (in shares) | 5,052,743 | 5,078,406 |
Class B Limited Partnership Units [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in shares) | 94,880,825 | 94,509,781 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 173,124 | 348,844 |
Issuance of deferred units (in shares) | 24,040 | |
Units issued upon exercise of options | 57,700 | 16,400 |
Units withheld for employee income taxes | (66,427) | (31,532) |
Limited partners (in shares) | 95,069,262 | 94,843,493 |
Limited partners [Member] | ||
General and Limited Partners' Capital Account, Units [Roll Forward] | ||
Limited partners (in shares) | 99,933,568 | 99,588,187 |
Grant of restricted common shares awards, net of forfeitures (in shares) | 173,124 | 348,844 |
Issuance of deferred units (in shares) | 24,040 | |
Units issued upon exercise of options | 57,700 | 16,400 |
Units withheld for employee income taxes | (66,427) | (31,532) |
Limited partners (in shares) | 100,122,005 | 99,921,899 |
Earnings Per Share of the Com70
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator | ||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 69,104 | $ 44,075 | $ 169,671 | $ 103,068 |
Less allocation of earnings to participating securities | (627) | (494) | (1,649) | (1,210) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 68,477 | $ 43,581 | $ 168,022 | $ 101,858 |
Denominator | ||||
Basic weighted average common shares (in shares) | 95,156,000 | 94,746,000 | 95,075,000 | 94,675,000 |
Effect of notional units (in shares) | 426,000 | 0 | 393,000 | 0 |
Effect of outstanding options and restricted common shares (in shares) | 90,000 | 53,000 | 69,000 | 62,000 |
Diluted weighted average common shares (in shares) | 95,672,000 | 94,799,000 | 95,537,000 | 94,737,000 |
Basic earnings per common share/unit: | ||||
Net income, basic (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.77 | $ 1.08 |
Diluted earnings per common share: | ||||
Net income, diluted (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.76 | $ 1.08 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 531,746 | 951,450 | 564,849 | 951,450 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 250,400 | 145,300 | 250,500 |
Earnings Per Unit of the Oper71
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator | ||||
Net income attributable to partners of the Operating Partnership | $ 72,772 | $ 46,439 | $ 178,680 | $ 108,600 |
Less allocation of earnings to participating securities | (629) | (495) | (1,651) | (1,211) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 72,143 | $ 45,944 | $ 177,029 | $ 107,389 |
Denominator | ||||
Basic weighted average common shares (in shares) | 100,209,000 | 99,824,000 | 100,127,000 | 99,753,000 |
Effect of notional units (in shares) | 426,000 | 0 | 393,000 | 0 |
Effect of outstanding options and restricted common shares (in shares) | 90,000 | 53,000 | 69,000 | 62,000 |
Diluted weighted average common shares (in shares) | 100,725,000 | 99,877,000 | 100,589,000 | 99,815,000 |
Basic earnings per common share/unit: | ||||
Net income, basic (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.77 | $ 1.08 |
Diluted earnings per common unit: | ||||
Net income, diluted (in dollars per share) | $ 0.72 | $ 0.46 | $ 1.76 | $ 1.08 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 531,746 | 951,450 | 564,849 | 951,450 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 250,400 | 145,300 | 250,500 |
Equity Based Compensation of 72
Equity Based Compensation of the Company (Share-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 4,160 | $ 3,994 | $ 11,815 | $ 11,560 |
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 3,020 | 2,865 | 8,527 | 8,362 |
Notional Unit Performance Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 1,057 | 1,012 | 2,967 | 2,853 |
Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 83 | $ 117 | $ 321 | $ 345 |
Equity Based Compensation of 73
Equity Based Compensation of the Company (Share-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense capitalized | $ 244 | $ 217 | $ 741 | $ 620 |
Equity Based Compensation of 74
Equity Based Compensation of the Company (Narrative) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2018 | Feb. 09, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares paid for tax withholding for share based compensation | 6,045 | 954 | 66,427 | 31,532 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 244,460 | $ 2,164,000 | $ 1,115,000 | ||||
Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares/Units, granted (in shares/units) | 286,524 | ||||||
Lower limit, grant date fair value (in dollars per share) | $ 26.48 | ||||||
Upper limit, grant date fair value (in dollars per share) | $ 31.15 | ||||||
2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares/Units, granted (in shares/units) | 321,900 | ||||||
Aggregate number of restricted common shares that may be earned (in units) | 321,900 | ||||||
Grant date fair value (per unit) | $ 15.10 | ||||||
Share-based Award Measurement Period | 3 years | ||||||
Percent of share price appreciation | 35.00% | ||||||
Threshold Percentage for Performance Target | 70.00% | ||||||
Forecast [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum Potential Share-Based Compensation | $ 12,800,000 | ||||||
Share-based Compensation Award, Tranche One [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of share price appreciation | 35.00% | ||||||
Vesting Percentage | 50.00% | ||||||
Share-based Compensation Award, Tranche One [Member] | Price appreciation minimum [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 32,190 | ||||||
Percent of Shares Earned if Threshold Met | 20.00% | ||||||
Percent of share price appreciation | 18.00% | ||||||
Share-based Compensation Award, Tranche One [Member] | Price appreciation middle [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 96,750 | ||||||
Percent of Shares Earned if Threshold Met | 60.00% | ||||||
Share-based Compensation Award, Tranche One [Member] | Price appreciation maximum [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 160,950 | ||||||
Percent of Shares Earned if Threshold Met | 100.00% | ||||||
Percent of share price appreciation | 26.50% | ||||||
Share-based Compensation Award, Tranche Two [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting Percentage | 50.00% | ||||||
Share-based Compensation Award, Tranche Two [Member] | Price appreciation minimum [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 32,190 | ||||||
Percent of Shares Earned if Threshold Met | 20.00% | ||||||
Threshold Percentage for Performance Target | 40.00% | ||||||
Share-based Compensation Award, Tranche Two [Member] | Price appreciation middle [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 96,750 | ||||||
Percent of Shares Earned if Threshold Met | 60.00% | ||||||
Threshold Percentage for Performance Target | 55.00% | ||||||
Share-based Compensation Award, Tranche Two [Member] | Price appreciation maximum [Member] | 2016 OPP [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of restricted common shares that may be earned (in units) | 160,950 | ||||||
Percent of Shares Earned if Threshold Met | 100.00% | ||||||
Threshold Percentage for Performance Target | 70.00% | ||||||
Director [Member] | Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Chief Executive Officer [Member] | Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation arrangement award holding period | 3 years | ||||||
Minimum [Member] | Executive Officer [Member] | Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Maximum [Member] | Executive Officer [Member] | Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Loss of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (36,715) | |||
Unrealized gains (losses) on foreign currency translation adjustments | $ (1,731) | $ (10,932) | 6,970 | $ (18,945) |
Change in fair value of cash flow hedges | 2,228 | (1,156) | (1,601) | (2,045) |
Ending balance | (31,618) | (31,618) | ||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (27,869) | (21,716) | (36,130) | (14,113) |
Unrealized gains (losses) on foreign currency translation adjustments | (1,644) | (10,376) | 6,617 | (17,979) |
Ending balance | (29,513) | (32,092) | (29,513) | (32,092) |
Cash flow hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (4,221) | (754) | (585) | 90 |
Change in fair value of cash flow hedges | 2,116 | (1,097) | (1,520) | (1,941) |
Ending balance | (2,105) | (1,851) | (2,105) | (1,851) |
Tanger Factory Outlet Centers Inc [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (32,090) | (22,470) | (36,715) | (14,023) |
Unrealized gains (losses) on foreign currency translation adjustments | (1,644) | (10,376) | 6,617 | (17,979) |
Change in fair value of cash flow hedges | 2,116 | (1,097) | (1,520) | (1,941) |
Ending balance | (31,618) | (33,943) | (31,618) | (33,943) |
Foreign Currency noncontrolling interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,516) | (1,183) | (1,956) | (773) |
Unrealized gains (losses) on foreign currency translation adjustments | (87) | (556) | 353 | (966) |
Ending balance | (1,603) | (1,739) | (1,603) | (1,739) |
Cash Flow Hedges noncontrolling interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (224) | (40) | (31) | 5 |
Change in fair value of cash flow hedges | 112 | (59) | (81) | (104) |
Ending balance | (112) | (99) | (112) | (99) |
Noncontrolling interests in Operating Partnership [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (1,740) | (1,223) | (1,987) | (768) |
Unrealized gains (losses) on foreign currency translation adjustments | (87) | (556) | 353 | (966) |
Change in fair value of cash flow hedges | 112 | (59) | (81) | (104) |
Ending balance | $ (1,715) | $ (1,838) | $ (1,715) | $ (1,838) |
Accumulated Other Comprehensi76
Accumulated Other Comprehensive Loss of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (33,830) | $ (23,693) | $ (38,702) | $ (14,791) |
Unrealized gains (losses) on foreign currency translation adjustments | (1,731) | (10,932) | 6,970 | (18,945) |
Change in fair value of cash flow hedges | 2,228 | (1,156) | (1,601) | (2,045) |
Ending balance | (33,333) | (35,781) | (33,333) | (35,781) |
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (29,385) | (22,899) | (38,086) | (14,886) |
Unrealized gains (losses) on foreign currency translation adjustments | (1,731) | (10,932) | 6,970 | (18,945) |
Ending balance | (31,116) | (33,831) | (31,116) | (33,831) |
Cash flow hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (4,445) | (794) | (616) | 95 |
Change in fair value of cash flow hedges | 2,228 | (1,156) | (1,601) | (2,045) |
Ending balance | $ (2,217) | $ (1,950) | $ (2,217) | $ (1,950) |
Non-Cash Activities (Details)
Non-Cash Activities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Nonmonetary Transactions [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 20,340 | $ 33,622 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2016 | Aug. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution declared per common unit (in dollars per share) | $ 0.325 | $ 0.285 | $ 0.935 | $ 0.810 | |||
Principal | $ 1,741,536,000 | $ 1,741,536,000 | $ 1,567,186,000 | ||||
Tanger Factory Outlet Centers, Inc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per commons share (in dollars per share) | $ 0.325 | $ 0.285 | $ 0.935 | $ 0.810 | |||
Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution declared per common unit (in dollars per share) | $ 0.325 | ||||||
Subsequent Event [Member] | Tanger Factory Outlet Centers, Inc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per commons share (in dollars per share) | $ 0.325 | ||||||
3.125% Senior Notes [Member] | Senior Notes [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stated Interest Rate(s) | 3.125% | 3.125% | 3.125% | ||||
Principal | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 0 | |||
Debt Instrument, Pricing Percentage of Principal | 99.605% | ||||||
Debt Instrument, Percentage Yield to Maturity | 3.171% | ||||||
Proceeds from Issuance of Long-term Debt | $ 246,700,000 | ||||||
3.125% Senior Notes [Member] | Senior Notes [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stated Interest Rate(s) | 3.125% | ||||||
Principal | $ 350,000,000 | ||||||
3.125% Senior Notes 100 million [Member] | Senior Notes [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Additional principal amount | $ 100,000,000 | ||||||
Debt Instrument, Pricing Percentage of Principal | 98.962% | ||||||
Debt Instrument, Percentage Yield to Maturity | 3.248% | ||||||
Proceeds from Issuance of Long-term Debt | $ 97,800,000 |