Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER FACTORY OUTLET CENTERS INC | |
Entity Central Index Key | 899,715 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 94,958,136 | |
Tanger Properties Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | TANGER PROPERTIES LIMITED PARTNERSHIP | |
Entity Central Index Key | 1,004,036 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Well-known Seasoned Issuer | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Tanger Factory Outlet Centers, Inc [Member] | ||
Rental property: | ||
Land | $ 262,166 | $ 272,153 |
Buildings, improvements and fixtures | 2,651,419 | 2,647,477 |
Construction in progress | 94,490 | 46,277 |
Rental property, at cost, total | 3,008,075 | 2,965,907 |
Accumulated depreciation | (849,652) | (814,583) |
Total rental property, net | 2,158,423 | 2,151,324 |
Cash and cash equivalents | 8,362 | 12,222 |
Investments in unconsolidated joint ventures | 131,172 | 128,104 |
Deferred lease costs and other intangibles, net | 139,675 | 151,579 |
Prepaids and other assets | 91,861 | 82,985 |
Total assets | 2,529,493 | 2,526,214 |
Debt: | ||
Senior, unsecured notes, net | 1,136,296 | 1,135,309 |
Unsecured term loan, net | 322,793 | 322,410 |
Mortgages payable, net | 171,215 | 172,145 |
Unsecured lines of credit, net | 98,698 | 58,002 |
Total debt | 1,729,002 | 1,687,866 |
Accounts payable and accrued expenses | 71,383 | 78,143 |
Other liabilities | 67,979 | 54,764 |
Total liabilities | 1,868,364 | 1,820,773 |
Commitments and contingencies | ||
Tanger Factory Outlet Centers, Inc.: | ||
Common shares, $.01 par value, 300,000,000 shares authorized, 94,958,136 and 96,095,891 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 950 | 961 |
Paid in capital | 787,255 | 820,251 |
Accumulated distributions in excess of net income | (136,225) | (122,701) |
Partners' Equity: | ||
Accumulated other comprehensive loss | (24,247) | (28,295) |
Equity attributable to Tanger Factory Outlet Centers, Inc. | 627,733 | 670,216 |
Noncontrolling interests in Operating Partnership | 33,237 | 35,066 |
Noncontrolling interests in other consolidated partnerships | 159 | 159 |
Total equity | 661,129 | 705,441 |
Total liabilities and equity | 2,529,493 | 2,526,214 |
Tanger Properties Limited Partnership [Member] | ||
Rental property: | ||
Land | 262,166 | 272,153 |
Buildings, improvements and fixtures | 2,651,419 | 2,647,477 |
Construction in progress | 94,490 | 46,277 |
Rental property, at cost, total | 3,008,075 | 2,965,907 |
Accumulated depreciation | (849,652) | (814,583) |
Total rental property, net | 2,158,423 | 2,151,324 |
Cash and cash equivalents | 8,251 | 12,199 |
Investments in unconsolidated joint ventures | 131,172 | 128,104 |
Deferred lease costs and other intangibles, net | 139,675 | 151,579 |
Prepaids and other assets | 91,657 | 82,481 |
Total assets | 2,529,178 | 2,525,687 |
Debt: | ||
Senior, unsecured notes, net | 1,136,296 | 1,135,309 |
Unsecured term loan, net | 322,793 | 322,410 |
Mortgages payable, net | 171,215 | 172,145 |
Unsecured lines of credit, net | 98,698 | 58,002 |
Total debt | 1,729,002 | 1,687,866 |
Accounts payable and accrued expenses | 71,068 | 77,616 |
Other liabilities | 67,979 | 54,764 |
Total liabilities | 1,868,049 | 1,820,246 |
Commitments and contingencies | ||
Partners' Equity: | ||
General partner, 1,000,000 units outstanding at June 30, 2017 and December 31, 2016 | 6,356 | 6,485 |
Limited partners, 5,027,781 and 5,027,781 Class A common units, and 93,958,136 and 95,095,891 Class B common units outstanding at June 30, 2017 and December 31, 2016, respectively | 680,186 | 728,631 |
Accumulated other comprehensive loss | (25,572) | (29,834) |
Total partners' equity | 660,970 | 705,282 |
Noncontrolling interests in other consolidated partnerships | 159 | 159 |
Total equity | 661,129 | 705,441 |
Total liabilities and equity | $ 2,529,178 | $ 2,525,687 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 94,958,136 | 96,095,891 |
Common shares, outstanding | 94,958,136 | 96,095,891 |
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 | 5,027,781 | 5,027,781 |
Class B Limited Partnership Units [Member] | Tanger Properties Limited Partnership [Member] | ||
Limited partners units, outstanding | 93,958,136 | 95,095,891 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Management, leasing and other services | $ 609 | $ 1,332 | $ 1,188 | $ 2,453 |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Revenues: | ||||
Base rentals | 80,788 | 75,003 | 161,118 | 147,626 |
Percentage rentals | 1,805 | 2,326 | 3,660 | 4,476 |
Expense reimbursements | 34,023 | 30,754 | 70,621 | 63,996 |
Management, leasing and other services | 609 | 1,332 | 1,188 | 2,453 |
Other income | 2,389 | 1,918 | 4,395 | 3,587 |
Total revenues | 119,614 | 111,333 | 240,982 | 222,138 |
Expenses: | ||||
Property operating | 37,116 | 35,012 | 77,503 | 72,886 |
General and administrative | 11,500 | 11,675 | 22,912 | 23,240 |
Abandoned pre-development costs | 0 | 0 | 627 | 0 |
Depreciation and amortization | 32,905 | 26,306 | 64,199 | 52,873 |
Total expenses | 81,521 | 72,993 | 165,241 | 148,999 |
Operating income | 38,093 | 38,340 | 75,741 | 73,139 |
Other income (expense): | ||||
Interest expense | (16,520) | (13,800) | (33,007) | (28,684) |
Gain on sale of assets | 6,943 | 0 | 6,943 | 4,887 |
Gain on previously held interest in acquired joint venture | 0 | 49,258 | 0 | 49,258 |
Other non-operating income (expense) | 57 | 38 | 92 | 354 |
Income before equity in earnings of unconsolidated joint ventures | 28,573 | 73,836 | 49,769 | 98,954 |
Equity in earnings of unconsolidated joint ventures | 2,374 | 3,466 | 4,692 | 6,965 |
Net income | 30,947 | 77,302 | 54,461 | 105,919 |
Noncontrolling interests in Operating Partnership | (1,557) | (3,897) | (2,735) | (5,341) |
Noncontrolling interests in other consolidated partnerships | 0 | 12 | 0 | (11) |
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 29,390 | $ 73,417 | $ 51,726 | $ 100,567 |
Basic earnings per common share/unit | ||||
Net income (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.05 |
Diluted earnings per common share/unit | ||||
Net income (in dollars per share) | 0.31 | 0.76 | 0.54 | 1.04 |
Dividends declared per common share (in dollars per share) | $ 0.3425 | $ 0.325 | $ 0.6675 | $ 0.61 |
Tanger Properties Limited Partnership [Member] | ||||
Revenues: | ||||
Base rentals | $ 80,788 | $ 75,003 | $ 161,118 | $ 147,626 |
Percentage rentals | 1,805 | 2,326 | 3,660 | 4,476 |
Expense reimbursements | 34,023 | 30,754 | 70,621 | 63,996 |
Management, leasing and other services | 609 | 1,332 | 1,188 | 2,453 |
Other income | 2,389 | 1,918 | 4,395 | 3,587 |
Total revenues | 119,614 | 111,333 | 240,982 | 222,138 |
Expenses: | ||||
Property operating | 37,116 | 35,012 | 77,503 | 72,886 |
General and administrative | 11,500 | 11,675 | 22,912 | 23,240 |
Abandoned pre-development costs | 0 | 0 | 627 | 0 |
Depreciation and amortization | 32,905 | 26,306 | 64,199 | 52,873 |
Total expenses | 81,521 | 72,993 | 165,241 | 148,999 |
Operating income | 38,093 | 38,340 | 75,741 | 73,139 |
Other income (expense): | ||||
Interest expense | (16,520) | (13,800) | (33,007) | (28,684) |
Gain on sale of assets | 6,943 | 0 | 6,943 | 4,887 |
Gain on previously held interest in acquired joint venture | 0 | 49,258 | 0 | 49,258 |
Other non-operating income (expense) | 57 | 38 | 92 | 354 |
Income before equity in earnings of unconsolidated joint ventures | 28,573 | 73,836 | 49,769 | 98,954 |
Equity in earnings of unconsolidated joint ventures | 2,374 | 3,466 | 4,692 | 6,965 |
Net income | 30,947 | 77,302 | 54,461 | 105,919 |
Noncontrolling interests in consolidated partnerships | 0 | 12 | 0 | (11) |
Net income attributable to Tanger Factory Outlet Centers, Inc. | 30,947 | 77,314 | 54,461 | 105,908 |
Net income available to limited partners | 30,641 | 76,549 | 53,922 | 104,860 |
Net income available to general partner | $ 306 | $ 765 | $ 539 | $ 1,048 |
Basic earnings per common share/unit | ||||
Net income (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.05 |
Diluted earnings per common share/unit | ||||
Net income (in dollars per share) | 0.31 | 0.76 | 0.54 | 1.05 |
Dividends declared per common share (in dollars per share) | $ 0.3425 | $ 0.325 | $ 0.6675 | $ 0.610 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Net income | $ 30,947 | $ 77,302 | $ 54,461 | $ 105,919 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 3,074 | 47 | 4,084 | 8,701 |
Change in fair value of cash flow hedges | (544) | (2,443) | 178 | (3,829) |
Other comprehensive income (loss) | 2,530 | (2,396) | 4,262 | 4,872 |
Comprehensive income | 33,477 | 74,906 | 58,723 | 110,791 |
Comprehensive income attributable to noncontrolling interests | (1,702) | (3,765) | (2,949) | (5,599) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | 31,775 | 71,141 | 55,774 | 105,192 |
Tanger Properties Limited Partnership [Member] | ||||
Net income | 30,947 | 77,302 | 54,461 | 105,919 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 3,074 | 47 | 4,084 | 8,701 |
Change in fair value of cash flow hedges | (544) | (2,443) | 178 | (3,829) |
Other comprehensive income (loss) | 2,530 | (2,396) | 4,262 | 4,872 |
Comprehensive income | 33,477 | 74,906 | 58,723 | 110,791 |
Comprehensive income attributable to noncontrolling interests | 0 | 12 | 0 | (11) |
Comprehensive income attributable to Tanger Factory Outlet Centers, Inc./Operating Partnership | $ 33,477 | $ 74,918 | $ 58,723 | $ 110,780 |
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] |
Beginning Balance at Dec. 31, 2015 | $ 606,032 | $ 959 | $ 806,379 | $ (195,486) | $ (36,715) | $ 575,137 | $ 30,309 | $ 586 | ||||||
Beginning Balance at Dec. 31, 2015 | $ (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 | 105,919 | 105,919 | 105,908 | 11 | 1,048 | 104,860 | 100,567 | 100,567 | 5,341 | 11 | ||||
Other comprehensive income (loss) | 4,872 | 4,872 | 4,872 | 4,872 | 4,625 | 4,625 | 247 | |||||||
Compensation under Incentive Award Plan | 8,152 | 8,152 | 8,152 | 8,152 | 8,152 | 8,152 | ||||||||
Issuance of common shares upon exercise of options | 1,041 | 1,041 | 1,041 | |||||||||||
Issuance of common units upon exercise of options | 1,041 | 1,041 | 1,041 | |||||||||||
Grant of restricted common shares awards | 2 | (2) | ||||||||||||
Withholding of common shares/units for employee income taxes | (1,921) | (1,921) | (1,921) | (1,921) | (1) | (1,920) | (1,921) | |||||||
Contributions from noncontrolling interests | 35 | 35 | 35 | 35 | ||||||||||
Adjustment for noncontrolling interest in Operating Partnership | (182) | (182) | 182 | |||||||||||
Adjustment for noncontrolling interests in other consolidated partnerships | 2 | (2) | 2 | 2 | 2 | (2) | ||||||||
Acquisition of noncontrolling interest in other consolidated partnership | (1,942) | (1,942) | (1,617) | (325) | (1,617) | (1,617) | (1,617) | (325) | ||||||
Common distributions | (61,629) | (61,629) | (610) | (61,019) | ||||||||||
Common dividends | (58,546) | (58,546) | (58,546) | |||||||||||
Distributions to noncontrolling interests | (3,228) | (145) | (145) | (3,083) | (145) | |||||||||
Ending Balance at Jun. 30, 2016 | 660,414 | 960 | 811,853 | (153,465) | (32,090) | 627,258 | 32,996 | 160 | ||||||
Ending Balance at Jun. 30, 2016 | (33,830) | 660,254 | 160 | 6,164 | 687,920 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2016 | 660,414 | |||||||||||||
Beginning Balance at Mar. 31, 2016 | (29,814) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 77,302 | 77,302 | ||||||||||||
Other comprehensive income (loss) | (2,396) | (2,396) | ||||||||||||
Ending Balance at Jun. 30, 2016 | 660,414 | 960 | 811,853 | (153,465) | (32,090) | 627,258 | 32,996 | 160 | ||||||
Ending Balance at Jun. 30, 2016 | (33,830) | 660,254 | 160 | 6,164 | 687,920 | |||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2016 | 660,414 | |||||||||||||
Beginning Balance at Dec. 31, 2016 | 705,441 | 961 | 820,251 | (122,701) | (28,295) | 670,216 | 35,066 | 159 | ||||||
Beginning Balance at Dec. 31, 2016 | 705,282 | (29,834) | 705,282 | 159 | 6,485 | 728,631 | ||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Dec. 31, 2016 | 705,441 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 54,461 | 54,461 | 54,461 | 539 | 53,922 | 51,726 | 51,726 | 2,735 | ||||||
Other comprehensive income (loss) | 4,262 | 4,262 | 4,262 | 4,262 | 4,048 | 4,048 | 214 | |||||||
Compensation under Incentive Award Plan | 7,306 | 7,306 | 7,306 | 7,306 | 7,306 | 7,306 | ||||||||
Issuance of common shares upon exercise of options | 54 | 54 | 54 | |||||||||||
Issuance of common units upon exercise of options | 54 | 54 | 54 | |||||||||||
Grant of restricted common shares awards | 4 | (4) | ||||||||||||
Repurchased of common shares including transaction costs | (39,354) | (39,354) | (39,354) | (39,354) | (15) | (39,339) | (39,354) | |||||||
Withholding of common shares/units for employee income taxes | (2,435) | (2,435) | (2,435) | (2,435) | (2,435) | (2,435) | ||||||||
Adjustment for noncontrolling interest in Operating Partnership | 1,422 | 1,422 | (1,422) | |||||||||||
Common distributions | (68,606) | (68,606) | (668) | (67,938) | ||||||||||
Common dividends | (65,250) | (65,250) | (65,250) | |||||||||||
Distributions to noncontrolling interests | (3,356) | (3,356) | ||||||||||||
Ending Balance at Jun. 30, 2017 | 661,129 | 950 | 787,255 | (136,225) | (24,247) | 627,733 | 33,237 | 159 | ||||||
Ending Balance at Jun. 30, 2017 | 660,970 | (25,572) | 660,970 | 159 | 6,356 | 680,186 | ||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2017 | 661,129 | |||||||||||||
Beginning Balance at Mar. 31, 2017 | (26,632) | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 30,947 | 30,947 | ||||||||||||
Other comprehensive income (loss) | 2,530 | 2,530 | ||||||||||||
Ending Balance at Jun. 30, 2017 | $ 661,129 | $ 950 | $ 787,255 | $ (136,225) | $ (24,247) | $ 627,733 | $ 33,237 | $ 159 | ||||||
Ending Balance at Jun. 30, 2017 | 660,970 | $ (25,572) | $ 660,970 | $ 159 | $ 6,356 | $ 680,186 | ||||||||
Balance, partners' capital, including portion attributable to noncontrolling interest at Jun. 30, 2017 | $ 661,129 |
CONSOLIDATED STATEMENT OF SHAR7
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 6 Months Ended | |
Jun. 30, 2017$ / shares$ / Unitsshares | Jun. 30, 2016$ / shares$ / Unitsshares | |
Tanger Factory Outlet Centers, Inc [Member] | ||
Common shares/units issued upon exercise of options (in shares) | 1,800 | 35,300 |
Grant of restricted common shares awards (in shares) | 428,312 | 173,124 |
Issuance of deferred (in shares) | 0 | 24,040 |
Shares repurchased and retired during period (in shares) | 1,497,981 | 0 |
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 60,382 |
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.6675 | $ 0.61 |
Tanger Properties Limited Partnership [Member] | ||
Common shares/units issued upon exercise of options (in shares) | 1,800 | 35,300 |
Grant of restricted common shares awards (in shares) | 428,312 | 173,124 |
Issuance of deferred (in shares) | 0 | 24,040 |
Shares repurchased and retired during period (in shares) | 1,497,981 | 0 |
Shares paid for tax withholding for share based compensation (in shares) | 69,886 | 60,382 |
Common distributions (in dollars per share) | $ / Units | 0.6675 | 0.61 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | ||
OPERATING ACTIVITIES | ||
Net income | $ 54,461 | $ 105,919 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64,199 | 52,873 |
Amortization of deferred financing costs | 1,749 | 1,505 |
Gain on sale of assets | (6,943) | (4,887) |
Gain on previously held interest in acquired joint venture | 0 | (49,258) |
Equity in earnings of unconsolidated joint ventures | (4,692) | (6,965) |
Equity-based compensation expense | 6,796 | 7,655 |
Amortization of debt (premiums) and discounts, net | 245 | 1,075 |
Amortization (accretion) of market rent rate adjustments, net | 1,691 | 1,303 |
Straight-line rent adjustments | (3,293) | (3,321) |
Distributions of cumulative earnings from unconsolidated joint ventures | 4,952 | 7,468 |
Changes in other assets and liabilities: | ||
Other assets | 787 | (1,011) |
Accounts payable and accrued expenses | (9,198) | (7,335) |
Net cash provided by operating activities | 110,754 | 105,021 |
INVESTING ACTIVITIES | ||
Additions to rental property | (88,761) | (68,582) |
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | 0 | (34,187) |
Additions to investments in unconsolidated joint ventures | (3,617) | (19,363) |
Net proceeds on sale of assets | 39,213 | 25,785 |
Change in restricted cash | 0 | 121,306 |
Additions to non-real estate assets | (7,959) | (2,379) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,330 | 7,874 |
Additions to deferred lease costs | (2,845) | (2,919) |
Other investing activities | 2,591 | (1,676) |
Net cash provided by (used in) investing activities | (55,048) | 25,859 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (65,250) | (78,675) |
Distributions to noncontrolling interests in Operating Partnership | (3,356) | (4,144) |
Proceeds from revolving credit facility | 326,254 | 509,550 |
Repayments of revolving credit facility | (286,127) | (440,650) |
Proceeds from notes, mortgages and loans | 454 | 88,165 |
Repayments of notes, mortgages and loans | (1,483) | (168,901) |
Repayment of deferred financing obligation | 0 | (28,388) |
Repurchase of common shares, including transaction costs | (39,354) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,435) | (1,921) |
Additions to deferred financing costs | (50) | (1,883) |
Proceeds from exercise of options | 54 | 1,041 |
Other financing activities | 11,718 | (64) |
Net cash used in financing activities | (59,575) | (125,870) |
Effect of foreign currency rate changes on cash and cash equivalents | 9 | 539 |
Net increase (decrease) in cash and cash equivalents | (3,860) | 5,549 |
Cash and cash equivalents, beginning of period | 12,222 | 21,558 |
Cash and cash equivalents, end of period | 8,362 | 27,107 |
Tanger Properties Limited Partnership [Member] | ||
OPERATING ACTIVITIES | ||
Net income | 54,461 | 105,919 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 64,199 | 52,873 |
Amortization of deferred financing costs | 1,749 | 1,505 |
Gain on sale of assets | (6,943) | (4,887) |
Gain on previously held interest in acquired joint venture | 0 | (49,258) |
Equity in earnings of unconsolidated joint ventures | (4,692) | (6,965) |
Equity-based compensation expense | 6,796 | 7,655 |
Amortization of debt (premiums) and discounts, net | 245 | 1,075 |
Amortization (accretion) of market rent rate adjustments, net | 1,691 | 1,303 |
Straight-line rent adjustments | (3,293) | (3,321) |
Distributions of cumulative earnings from unconsolidated joint ventures | 4,952 | 7,468 |
Changes in other assets and liabilities: | ||
Other assets | 487 | (1,511) |
Accounts payable and accrued expenses | (8,986) | (6,848) |
Net cash provided by operating activities | 110,666 | 105,008 |
INVESTING ACTIVITIES | ||
Additions to rental property | (88,761) | (68,582) |
Acquisitions of interests in unconsolidated joint ventures, net of cash acquired | 0 | (34,187) |
Additions to investments in unconsolidated joint ventures | (3,617) | (19,363) |
Net proceeds on sale of assets | 39,213 | 25,785 |
Change in restricted cash | 0 | 121,306 |
Additions to non-real estate assets | (7,959) | (2,379) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,330 | 7,874 |
Additions to deferred lease costs | (2,845) | (2,919) |
Other investing activities | 2,591 | (1,676) |
Net cash provided by (used in) investing activities | (55,048) | 25,859 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (68,606) | (82,819) |
Proceeds from revolving credit facility | 326,254 | 509,550 |
Repayments of revolving credit facility | (286,127) | (440,650) |
Proceeds from notes, mortgages and loans | 454 | 88,165 |
Repayments of notes, mortgages and loans | (1,483) | (168,901) |
Repayment of deferred financing obligation | 0 | (28,388) |
Repurchase of common shares, including transaction costs | (39,354) | 0 |
Employee income taxes paid related to shares withheld upon vesting of equity awards | (2,435) | (1,921) |
Additions to deferred financing costs | (50) | (1,883) |
Proceeds from exercise of options | 54 | 1,041 |
Other financing activities | 11,718 | (64) |
Net cash used in financing activities | (59,575) | (125,870) |
Effect of foreign currency rate changes on cash and cash equivalents | 9 | 539 |
Net increase (decrease) in cash and cash equivalents | (3,948) | 5,536 |
Cash and cash equivalents, beginning of period | 12,199 | 21,552 |
Cash and cash equivalents, end of period | $ 8,251 | $ 27,088 |
Business
Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business Tanger Factory Outlet Centers, Inc. and subsidiaries is one of the largest owners and operators of outlet centers in the United States and Canada. We are a fully-integrated, self-administered and self-managed real estate investment trust ("REIT") which, through our controlling interest in the Operating Partnership, focuses exclusively on developing, acquiring, owning, operating and managing outlet shopping centers. As of June 30, 2017 , 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 2.4 million square feet, including 4 outlet centers in Canada. Our outlet centers and other assets are held by, and all of our operations are conducted by, Tanger Properties Limited Partnership and subsidiaries. Accordingly, the descriptions of our business, employees and properties are also descriptions of the business, employees and properties of the Operating Partnership. Unless the context indicates otherwise, the term "Company" refers to Tanger Factory Outlet Centers, Inc. and subsidiaries and the term, "Operating Partnership", refers to Tanger Properties Limited Partnership and subsidiaries. The terms "we", "our" and "us" refer to the Company or the Company and the Operating Partnership together, as the text requires. The Company owns the majority of the units of partnership interest issued by the Operating Partnership through its two wholly-owned subsidiaries, Tanger GP Trust and Tanger LP Trust. Tanger GP Trust is the sole general partner of the Operating Partnership. Tanger LP Trust holds a limited partnership interest. As of June 30, 2017 , the Company, through its ownership of Tanger GP Trust and Tanger LP Trust, owned 94,958,136 units of the Operating Partnership and other limited partners (the "Non-Company LPs") collectively owned 5,027,781 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 | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016 . The December 31, 2016 balance sheet data in this Form 10-Q was derived from audited financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the SEC's rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. The Company currently consolidates the Operating Partnership because it has (1) the power to direct the activities of the Operating Partnership that most significantly impact the Operating Partnership’s economic performance and (2) the obligation to absorb losses and the right to receive the residual returns of the Operating Partnership that could be potentially significant. We consolidate properties that are wholly owned and properties where we own less than 100% but 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 because we are committed to provide further financial support to these joint ventures. 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. "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. |
Disposition of Property
Disposition of Property | 6 Months Ended |
Jun. 30, 2017 | |
Disposition of Properties [Abstract] | |
Disposition of Property | Disposition of Property The following table sets forth certain summarized information regarding the property sold during the six months ended June 30, 2017 : Property Location Date Sold Square Feet (in 000's) Net Sales Proceeds (in 000's) Gain on Sale(in 000's) Westbrook Westbrook, CT May 2017 290 $ 39,212 $ 6,943 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 : Project Approximate square feet Costs Incurred to Date Projected Opening New development: Fort Worth 352 $ 53.7 October 2017 Expansion: Lancaster 123 32.9 September 2017 Total 475 $ 86.6 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. Interest Costs Capitalized Interest costs capitalized for development activities, including development in our unconsolidated joint ventures, was $689,000 and $1.2 million for the three and six months ended June 30, 2017 , respectively, and $634,000 and $1.1 million for the three and six months ended June 30, 2016 , respectively. |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Investments in Unconsolidated Real Estate Joint Ventures | Investments in Unconsolidated Real Estate Joint Ventures The equity method of accounting is used to account for each of the individual joint ventures. We have an ownership interest in the following unconsolidated real estate joint ventures: As of June 30, 2017 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Columbus Columbus, OH 50.0 % 355 $ 6.8 $ 84.3 National Harbor National Harbor, MD 50.0 % 341 2.8 86.3 RioCan Canada Various 50.0 % 924 121.6 11.1 Investments included in total assets $ 131.2 Charlotte (3) Charlotte, NC 50.0 % 398 $ (3.1 ) $ 89.8 Galveston/Houston (2)(3) Texas City, TX 50.0 % 353 (4.9 ) 64.9 Investments included in other liabilities $ (8.0 ) As of December 31, 2016 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 % 355 $ 6.7 $ 84.2 National Harbor National Harbor, MD 50.0 % 341 4.1 86.1 RioCan Canada Various 50.0 % 901 117.3 11.1 Investments included in total assets $ 128.1 Charlotte (3) Charlotte, NC 50.0 % 398 $ (2.5 ) $ 89.7 Galveston/Houston (2)(3) Texas City, TX 50.0 % 353 (3.8 ) 64.9 Investments included in other liabilities $ (6.3 ) (1) Net of debt origination costs and including premiums of $1.3 million and $1.6 million as of June 30, 2017 and December 31, 2016, respectively. (2) In June 2017, the joint venture exercised its extension option and extended the maturity date of the loan from July 2017 to July 2018. In July, the joint venture amended and restated the initial construction loan to increase the amount available to borrow from $70.0 million to $80.0 million and extended the maturity date until July 2020 with two one -year options. The amended and restated loan also changed the interest rate from LIBOR + 1.50% to an interest rate of LIBOR + 1.65% . At the closing of the amendment, the joint venture distributed approximately $14.5 million equally between the partners. (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 Six months ended June 30, June 30, 2017 2016 2017 2016 Fee: Management and marketing $ 570 $ 797 1,112 1,544 Development and leasing 35 353 $ 67 $ 545 Loan guarantee 4 182 9 364 Total Fees $ 609 $ 1,332 $ 1,188 $ 2,453 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 for both the period ended June 30, 2017 and the period ended December 31, 2016 ) are amortized over the various useful lives of the related assets. Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures June 30, 2017 December 31, 2016 Assets Land $ 90,741 $ 88,015 Buildings, improvements and fixtures 520,223 503,548 Construction in progress, including land under development 8,479 13,037 619,443 604,600 Accumulated depreciation (80,452 ) (67,431 ) Total rental property, net 538,991 537,169 Cash and cash equivalents 24,610 27,271 Deferred lease costs, net 12,216 13,612 Prepaids and other assets 11,522 12,567 Total assets $ 587,339 $ 590,619 Liabilities and Owners' Equity Mortgages payable, net $ 336,387 $ 335,971 Accounts payable and other liabilities 12,905 20,011 Total liabilities 349,292 355,982 Owners' equity 238,047 234,637 Total liabilities and owners' equity $ 587,339 $ 590,619 Three months ended Six months ended Condensed Combined Statements of Operations (1) June 30, June 30, - Unconsolidated Joint Ventures 2017 2016 2017 2016 Revenues $ 23,285 $ 29,341 $ 47,347 $ 57,039 Expenses: Property operating 8,877 11,078 18,255 21,396 General and administrative 96 179 216 295 Depreciation and amortization 6,943 9,408 14,456 18,208 Total expenses 15,916 20,665 32,927 39,899 Operating income 7,369 8,676 14,420 17,140 Interest expense (2,460 ) (2,682 ) (4,720 ) (5,236 ) Other non-operating income 1 2 3 3 Net income $ 4,910 $ 5,996 $ 9,703 $ 11,907 The Company and Operating Partnership's share of: Net income $ 2,374 $ 3,466 $ 4,692 $ 6,965 Depreciation and amortization expense (real estate related) $ 3,550 $ 5,808 $ 7,388 $ 11,147 (1) The three and six months ended June 30, 2017 includes results from the Columbus outlet center, which opened in June 2016. The three and six months ended June 30, 2016 includes results from our Westgate and Savannah outlet centers, which were previously held in unconsolidated joint ventures prior to acquiring our partners' interest in each venture in June 2016 and August 2016, respectively. |
Debt Guaranteed by the Company
Debt Guaranteed by the Company | 6 Months Ended |
Jun. 30, 2017 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Debt Guaranteed by the Company | Debt Guaranteed by the Company All of the Company's debt is held by the Operating Partnership and its consolidated subsidiaries. The Company guarantees the Operating Partnership's obligations with respect to its unsecured lines of credit which have a total borrowing capacity of $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): June 30, 2017 December 31, 2016 Unsecured lines of credit $ 101,155 $ 61,000 Unsecured term loan $ 325,000 $ 325,000 |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 December 31, 2016 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 $ 298,475 $ 300,000 $ 298,226 Senior notes 3.875 % December 2023 250,000 245,728 250,000 245,425 Senior notes 3.750 % December 2024 250,000 247,234 250,000 247,058 Senior notes 3.125 % September 2026 350,000 344,859 350,000 344,600 Mortgages payable: Atlantic City (2) 5.14%-7.65% November 2021- December 2026 38,988 41,604 40,471 43,286 Foxwoods LIBOR + 1.55% December 2017 70,250 70,083 70,250 69,902 Southaven LIBOR + 1.75% April 2018 59,731 59,528 59,277 58,957 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,793 325,000 322,410 Unsecured lines of credit LIBOR + 0.90% October 2019 101,155 98,698 61,000 58,002 $ 1,745,124 $ 1,729,002 $ 1,705,998 $ 1,687,866 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . Certain of our properties, which had a net book value of approximately $320.5 million at June 30, 2017 , 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 up to $1.0 billion through an accordion feature in certain circumstances. As of June 30, 2017 , letters of credit totaling approximately $6.3 million were issued under the lines of credit. We provide guarantees to lenders for our joint ventures which include standard non-recourse carve out indemnifications for losses arising from items such as but not limited to fraud, physical waste, payment of taxes, environmental indemnities, misapplication of insurance proceeds or security deposits and failure to maintain required insurance. For construction and term loans, we may include a guaranty of completion as well as a principal guaranty ranging from 5% to 100% of principal. The principal guarantees include terms for release or reduction based upon satisfactory completion of construction and performance targets including occupancy thresholds and minimum debt service coverage tests. As of June 30, 2017 , the maximum amount of unconsolidated joint venture debt guaranteed by the Company was $26.0 million . The unsecured lines of credit and senior unsecured notes include covenants that require the maintenance of certain ratios, including debt service coverage and leverage, and limit the payment of dividends such that dividends and distributions will not exceed funds from operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from operations on a cumulative basis. As of June 30, 2017 , we were in compliance with all of our debt covenants. Debt Maturities Maturities of the existing long-term debt as of June 30, 2017 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2017 $ 71,775 2018 62,914 2019 104,524 2020 303,566 2021 330,793 Thereafter 871,552 Subtotal 1,745,124 Net discount and debt origination costs (16,122 ) Total $ 1,729,002 |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate June 30, 2017 December 31, 2016 Assets (Liabilities): November 14, 2013 August 14, 2018 $ 50,000 1 month LIBOR 1.3075 % $ 40 $ (119 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.2970 % 46 (110 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.3025 % 43 (115 ) April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0390 % 1,144 1,227 April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0395 % 1,143 1,226 April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0400 % 1,143 1,222 April 13, 2016 January 1, 2021 25,000 1 month LIBOR 0.9915 % 613 662 Total $ 325,000 $ 4,172 $ 3,993 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 six months ended June 30, 2017 and 2016, the ineffective portion was not significant. The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ (544 ) $ (2,443 ) $ 178 $ (3,829 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017: Asset: Interest rate swaps (prepaids and other assets) $ 4,172 $ — $ 4,172 $ — Total assets $ 4,172 $ — $ 4,172 $ — 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, 2016: Asset: Interest rate swaps (prepaids and other assets) $ 3,993 $ — $ 3,993 $ — Total assets $ 3,993 $ — $ 3,993 $ — 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): June 30, 2017 December 31, 2016 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,143,532 1,137,976 Level 3 Significant Unobservable Inputs 602,940 566,668 Total fair value of debt $ 1,746,472 $ 1,704,644 Recorded value of debt $ 1,729,002 $ 1,687,866 Our senior unsecured notes are publicly-traded which provides quoted market rates. However, due to the limited trading volume of these notes, we have classified these instruments as Level 2 in the hierarchy. Our other debt is classified as Level 3 given the unobservable inputs utilized in the valuation. Our unsecured term loan, unsecured lines of credit and variable interest rate mortgages are all LIBOR based instruments. When selecting the discount rates for purposes of estimating the fair value of these instruments, we evaluated the original credit spreads and do not believe that the use of them differs materially from current credit spreads for similar instruments and therefore the recorded values of these debt instruments is considered their fair value. The carrying values of cash and cash equivalents, receivables, accounts payable, accrued expenses and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments. |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2017 | |
Share repurchase program [Abstract] | |
Share Repurchase Program | Share Repurchase Program In May 2017, we announced that our Board of Directors authorized the repurchase of up to $125.0 million of our outstanding common shares as market conditions warrant over a period commencing on May 19, 2017 and expiring on May 18, 2019. Repurchases may be made through open market, privately-negotiated, structured or derivative transactions (including accelerated stock repurchase transactions), or other methods of acquiring shares. The Company intends to structure open market purchases to occur within pricing and volume requirements of Rule 10b-18. The Company may, from time to time, enter into Rule 10b5-1 plans to facilitate the repurchase of its shares under this authorization. Between May 19, 2017 and June 2, 2017 we repurchased approximately 1.5 million common shares on the open market at an average price of $26.25 , totaling approximately $39.3 million , exclusive of commissions and related fees. The remaining amount authorized to be repurchased under the program as of June 30, 2017 was approximately $85.7 million . |
Partners' Equity of the Operati
Partners' Equity of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
Tanger Properties Limited Partnership [Member] | |
Schedule of Partners' Equity of the Operating Partnership [Line Items] | |
Partners' Equity of the Operating Partnership | Partners' Equity of the Operating Partnership All units of partnership interest issued by the Operating Partnership have equal rights with respect to earnings, dividends and net assets. When the Company issues common shares upon the exercise of options, the grant of restricted common share awards, or the exchange of Class A common limited partnership units, the Operating Partnership issues a corresponding Class B common limited partnership unit to Tanger LP trust, a wholly-owned subsidiary of the Company. Likewise, when the Company repurchases its common shares, the Operating Partnership repurchases an equivalent number of Class B common limited partnership units held by Tanger LP Trust. The following table sets forth the changes in outstanding partnership units for the six months ended June 30, 2017 and June 30, 2016 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Grant of restricted common share awards by the Company, net of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 35,300 35,300 Units withheld for employee income taxes — — (60,382 ) (60,382 ) Balance June 30, 2016 1,000,000 5,052,743 95,052,907 100,105,650 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Grant of restricted common share awards by the Company — — 428,312 428,312 Repurchase of units — — (1,497,981 ) (1,497,981 ) Units issued upon exercise of options — — 1,800 1,800 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Balance June 30, 2017 1,000,000 5,027,781 93,958,136 98,985,917 |
Earnings Per Share of the Compa
Earnings Per Share of the Company | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 29,390 $ 73,417 $ 51,726 $ 100,567 Less allocation of earnings to participating securities (306 ) (725 ) (601 ) (1,019 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 29,084 $ 72,692 $ 51,125 $ 99,548 Denominator: Basic weighted average common shares 95,025 95,124 95,217 95,034 Effect of notional units — 183 — 167 Effect of outstanding options and certain restricted common shares 5 68 35 64 Diluted weighted average common shares 95,030 95,375 95,252 95,265 Basic earnings per common share: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 Diluted earnings per common share: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.04 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 both the three and six months ended June 30, 2017 , 871,116 notional units were excluded from the computation,respectively, and for the three and six months ended June 30, 2016, 775,073 and 791,131 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. 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 both the three and six months ended June 30, 2017 , 176,300 options were excluded from the computation and for both the three and six months ended June 30, 2016, 194,900 options were excluded from the computation, respectively, as they were anti-dilutive. The assumed exchange of the partnership units held by the Non-Company LPs as of the beginning of the year, which would result in the elimination of earnings allocated to the noncontrolling interest in the Operating Partnership, would have no impact on earnings per share since the allocation of earnings to a common limited partnership unit, as if exchanged, is equivalent to earnings allocated to a common share. Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to dividends or dividend equivalents. The impact of these unvested restricted common share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted common share awards based on dividends declared and the unvested restricted common shares' participation rights in undistributed earnings. Unvested restricted common shares that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per share computation if the effect is dilutive, using the treasury stock method. |
Earnings Per Unit of the Operat
Earnings Per Unit of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to partners of the Operating Partnership $ 30,947 $ 77,314 $ 54,461 $ 105,908 Less allocation of earnings to participating securities (306 ) (725 ) (601 ) (1,019 ) Net income available to common unitholders of the Operating Partnership $ 30,641 $ 76,589 $ 53,860 $ 104,889 Denominator: Basic weighted average common units 100,053 100,177 100,245 100,087 Effect of notional units — 183 — 167 Effect of outstanding options and certain restricted common units 5 68 35 64 Diluted weighted average common units 100,058 100,428 100,280 100,318 Basic earnings per common unit: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 Diluted earnings per common unit: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 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 both the three and six months ended June 30, 2017 , 871,116 notional units were excluded from the computation and for the three and six months ended June 30, 2016, 775,073 and 791,131 notional units were excluded from the computation, respectively, because these notional units either would not have been issuable if the end of the reporting period were the end of the contingency period or as they were anti-dilutive. 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 both the three and six months ended June 30, 2017 , 176,300 options were excluded from the computation and for both the three and six months ended June 30, 2016, 194,900 options were excluded from the computation as they were anti-dilutive. Certain of the Company's unvested restricted common share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the corresponding unvested restricted unit awards on earnings per unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted unit awards based on distributions declared and the unvested restricted units' participation rights in undistributed earnings. Unvested restricted common units that do not contain non-forfeitable rights to dividends or dividend equivalents are included in the diluted earnings per unit computation if the effect is dilutive, using the treasury stock method. |
Equity-Based Compensation of th
Equity-Based Compensation of the Company | 6 Months Ended |
Jun. 30, 2017 | |
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 Six months ended June 30, June 30, 2017 2016 2017 2016 Restricted common shares $ 2,387 $ 2,568 $ 4,737 $ 5,507 Notional unit performance awards 1,049 1,026 1,931 1,910 Options 68 61 128 238 Total equity-based compensation $ 3,504 $ 3,655 $ 6,796 $ 7,655 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Equity-based compensation expense capitalized $ 264 $ 267 $ 510 $ 497 Restricted Common Share Awards During February 2017, the Company granted 253,431 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 $30.16 to $34.47 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 three 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 69,886 and 60,382 for the six months ended June 30, 2017 and 2016 , respectively. No shares were withheld for the three months ended June 30, 2017 and 2016. 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 $2.4 million and $1.9 million for the six months ended June 30, 2017 and 2016 , respectively. These amounts are reflected as financing activities within the consolidated statements of cash flows. 2017 Outperformance Plan In February 2017, the Compensation Committee of Tanger Factory Outlet Centers, Inc. approved the terms of the Tanger Factory Outlet Centers, Inc. 2017 Outperformance Plan (the “2017 OPP"), a long-term incentive compensation plan. Recipients receive notional units which may convert, subject to the achievement of the goals described below, into restricted common shares of the Company based on the Company’s absolute share price appreciation (or total shareholder return) and its share price appreciation relative to its peer group over a three -year measurement period. Any shares earned at the end of the three -year measurement period are subject to a time-based vesting schedule, with 50% of the shares vesting immediately following issuance, and the remaining 50% vesting one year thereafter, contingent upon continued employment with the Company through the vesting dates (unless terminated prior thereto (a) by the Company without cause, (b) by participant for good reason or (c) due to death or disability). The following table sets forth 2017 OPP performance targets and other relevant information about the 2017 OPP: Performance targets (1) Absolute portion of award: Percent of total award 50% Absolute share price appreciation range 18% - 35% Percentage of units to be earned 20%-100% Relative portion of award: Percent of total award 50% Percentile rank of peer group range (2) 40th - 70th Percentage of units to be earned 20%-100% Maximum number of restricted common shares that may be earned 296,400 Grant date fair value per share $ 16.60 (1) The number of restricted common shares received under the 2017 OPP 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 for the purposes of calculation of share price appreciation will be adjusted on a penny-for-penny basis with respect to any dividend payments made during the measurement period. (2) The peer group is based on companies included in the SNL Equity REIT index. The fair values of the 2017 OPP awards granted during the six months ended June 30, 2017 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 1.52 % Expected dividend yield (2) 3.4 % Expected volatility (3) 19 % (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. 2014 Outperformance Plan On December 31, 2016, the measurement period for the 2014 Outperformance Plan ('the 2014 OPP") expired. Based on the Company’s absolute share price appreciation (or total shareholder return) over the three year measurement period, we issued 184,455 restricted common shares in January 2017, with 94,663 vesting immediately and the remaining 89,792 vesting in January one year thereafter, contingent upon continued employment with the Company through the vesting date. Our relative total shareholder return for the 2014 OPP did not meet the minimum share price appreciation and no shares were earned under this component of the 2014 OPP. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) of the Company | 6 Months Ended |
Jun. 30, 2017 | |
Tanger Factory Outlet Centers, Inc [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Company | Accumulated Other Comprehensive Income (Loss) of the Company The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2017 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2017 $ (31,128 ) $ 4,496 $ (26,632 ) $ (1,689 ) $ 219 $ (1,470 ) Other comprehensive income (loss) before reclassifications 2,919 (655 ) 2,264 155 (16 ) 139 Reclassification out of accumulated other comprehensive income into interest expense — 121 121 — 6 6 Balance June 30, 2017 $ (28,209 ) $ 3,962 $ (24,247 ) $ (1,534 ) $ 209 $ (1,325 ) 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, 2016 $ (32,087 ) $ 3,792 $ (28,295 ) $ (1,740 ) $ 201 $ (1,539 ) Other comprehensive income (loss) before reclassifications 3,878 (244 ) 3,634 206 (13 ) 193 Reclassification out of accumulated other comprehensive income into interest expense — 414 414 — 21 21 Balance June 30, 2017 $ (28,209 ) $ 3,962 $ (24,247 ) $ (1,534 ) $ 209 $ (1,325 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and six months ended June 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 March 31, 2016 $ (27,913 ) $ (1,901 ) $ (29,814 ) $ (1,519 ) $ (101 ) $ (1,620 ) Other comprehensive income (loss) before reclassifications 44 (2,845 ) (2,801 ) 3 (151 ) (148 ) Reclassification out of accumulated other comprehensive income into interest expense — 525 525 — 28 28 Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Other comprehensive income (loss) before reclassifications 8,261 (4,481 ) 3,780 440 (238 ) 202 Reclassification out of accumulated other comprehensive income into interest expense — 845 845 — 45 45 Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $180,000 of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of June 30, 2017 . |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | 6 Months Ended |
Jun. 30, 2017 | |
Tanger Properties Limited Partnership [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership The following table presents changes in the balances of each component of accumulated comprehensive income (loss) for the three and six months ended June 30, 2017 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2017 $ (32,817 ) $ 4,715 $ (28,102 ) Other comprehensive income (loss) before reclassifications 3,074 (671 ) 2,403 Reclassification out of accumulated other comprehensive income into interest expense — 127 127 Balance June 30, 2017 $ (29,743 ) $ 4,171 $ (25,572 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2016 $ (33,827 ) $ 3,993 $ (29,834 ) Other comprehensive income (loss) before reclassifications 4,084 (257 ) 3,827 Reclassification out of accumulated other comprehensive income into interest expense — 435 435 Balance June 30, 2017 $ (29,743 ) $ 4,171 $ (25,572 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and six months ended June 30, 2016 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2016 $ (29,432 ) $ (2,002 ) $ (31,434 ) Other comprehensive income (loss) before reclassifications 47 (2,996 ) (2,949 ) Reclassification out of accumulated other comprehensive income into interest expense — 553 553 Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Other comprehensive income (loss) before reclassifications 8,701 (4,719 ) 3,982 Reclassification out of accumulated other comprehensive income into interest expense — 890 890 Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) We expect within the next twelve months to reclassify into earnings as a decrease to interest expense approximately $180,000 of the amounts recorded within accumulated other comprehensive income related to the interest rate swap agreements in effect and as of June 30, 2017 . |
Non-Cash Activities
Non-Cash Activities | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 June 30, 2016 Costs relating to construction included in accounts payable and accrued expenses $ 24,679 $ 18,374 |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 amends the scope of modification accounting for share-based payment arrangements, and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-07 is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. 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 February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We will adopt ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (Topic 805). ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied prospectively. We early adopted this standard on January 1, 2017. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and certain transaction costs associated with these acquisitions will be capitalized. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning January 1, 2018, and the pronouncement will result in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals. In August 2016, the FASB issued ASU 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 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 February 2016, the FASB issued ASU 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. We will adopt ASU 2016-02 effective January 1, 2019. 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. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. Upon adoption, we anticipate separating lease components from nonlease components, which will be evaluated under ASU 2014-09, as described below. We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 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. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived from. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March 2016, April 2016, May 2016 and February 2017, 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 will adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. We have identified our revenue streams that we believe will be impacted by the new standard, which are service revenue from management, marketing, development, and leasing fees . While the total revenue recognized over time would not differ under the new guidance, the recognition pattern would be different. We are in the process of evaluating the impact on our consolidated financial statements and internal accounting processes. We currently do not expect the adoption of ASU 2014-09 or related amendments and modifications by the FASB to have a material impact on the amount of revenue we recognize in our consolidated financial statements but we do expect to have additional disclosure as required by the adoption of ASU 2014-09. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In July 2017, the Company's Board of Directors declared a $0.3425 cash dividend per common share payable on August 15, 2017 to each shareholder of record on July 31, 2017, and the Trustees of Tanger GP Trust declared a $0.3425 cash distribution per Operating Partnership unit to the Operating Partnership's unitholders. In July 2017, we completed an underwritten public offering of $300.0 million of our 3.875% senior notes due 2027 (the "2027 Notes"). The 2027 Notes priced at 99.579% of the principal amount to yield 3.926% to maturity. The 2027 Notes pay interest semi-annually at a rate of 3.875% per annum and mature on July 15, 2027. The estimated net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $295.9 million . In August 2017, we used the net proceeds from the sale of the 2027 Notes, together with borrowings under our unsecured lines of credit, to redeem all of our 6.125% senior notes due 2020 (the "2020 Notes") (approximately $300.0 million in aggregate principal amount outstanding). The 2020 Notes were redeemed at par plus a “make-whole” premium of approximately $34.1 million . |
New Accounting Pronouncements (
New Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 amends the scope of modification accounting for share-based payment arrangements, and provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-07 is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period. 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 February 2017, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." ASU 2017-05 clarifies the definition of an in-substance nonfinancial asset and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business pursuant to ASU 2017-01. This update is effective for interim and annual periods beginning after December 15, 2017 using a full retrospective or modified retrospective method and is required to be adopted in conjunction with ASU 2014-09, "Revenue from Contracts with Customers" discussed below. We will adopt ASU 2017-05 effective January 1, 2018, along with our adoption of ASU 2014-09, using the modified retrospective approach. We are currently evaluating the impact this standard may have on our consolidated financial statements. Subsequent to adoption, we believe most of our future contributions of nonfinancial assets to our joint ventures where we cease to have a controlling financial interest, if any, will result in the recognition of a full gain or loss as if we sold 100% of the nonfinancial asset and we will also measure our retained interest at fair value. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business (Topic 805). ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The update should be applied prospectively. We early adopted this standard on January 1, 2017. We believe most of our future acquisitions of operating properties will qualify as asset acquisitions and certain transaction costs associated with these acquisitions will be capitalized. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This ASU requires that a statement of cash flows explain the change during the period in cash, cash equivalents, and amounts generally described as restricted cash. Amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The update should be applied retrospectively to each period presented. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. We plan to adopt this pronouncement for our fiscal year beginning January 1, 2018, and the pronouncement will result in changes to our consolidated statements of cash flows such that restricted cash amounts will be included in the beginning-of-period and end-of-period cash and cash equivalents totals. In August 2016, the FASB issued ASU 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 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 February 2016, the FASB issued ASU 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. We will adopt ASU 2016-02 effective January 1, 2019. 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. Based on a preliminary assessment, we expect our significant operating lease commitments, primarily ground leases, will be required to be recognized as operating lease liabilities and right-of-use assets upon adoption, resulting in an increase in the assets and liabilities on our consolidated balance sheets. Upon adoption, we anticipate separating lease components from nonlease components, which will be evaluated under ASU 2014-09, as described below. We are continuing our evaluation, which may identify additional impacts this standard will have on our consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU 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. ASU 2014-09 applies to all contracts with customers, except those that are within the scope of other topics in the FASB's Accounting Standards Codification, including real estate lease contracts, which the majority of our revenue is derived from. We are required to adopt the new pronouncement in the first quarter of fiscal 2018 using one of two retrospective application methods. In March 2016, April 2016, May 2016 and February 2017, 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 will adopt ASU 2014-09 effective January 1, 2018 using the modified retrospective approach. We have identified our revenue streams that we believe will be impacted by the new standard, which are service revenue from management, marketing, development, and leasing fees . While the total revenue recognized over time would not differ under the new guidance, the recognition pattern would be different. We are in the process of evaluating the impact on our consolidated financial statements and internal accounting processes. We currently do not expect the adoption of ASU 2014-09 or related amendments and modifications by the FASB to have a material impact on the amount of revenue we recognize in our consolidated financial statements but we do expect to have additional disclosure as required by the adoption of ASU 2014-09. |
Disposition of Property (Tables
Disposition of Property (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disposition of Properties [Abstract] | |
Disposition of Property | The following table sets forth certain summarized information regarding the property sold during the six months ended June 30, 2017 : Property Location Date Sold Square Feet (in 000's) Net Sales Proceeds (in 000's) Gain on Sale(in 000's) Westbrook Westbrook, CT May 2017 290 $ 39,212 $ 6,943 |
Developments of Consolidated 30
Developments of Consolidated Outlet Centers (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 : Project Approximate square feet Costs Incurred to Date Projected Opening New development: Fort Worth 352 $ 53.7 October 2017 Expansion: Lancaster 123 32.9 September 2017 Total 475 $ 86.6 |
Investments in Unconsolidated31
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments In Unconsolidated Real Estate Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | We have an ownership interest in the following unconsolidated real estate joint ventures: As of June 30, 2017 Joint Venture Outlet Center Location Ownership % Square Feet (in 000's) Carrying Value of Investment (in millions) Total Joint Venture Debt, Net (in millions) (1) Columbus Columbus, OH 50.0 % 355 $ 6.8 $ 84.3 National Harbor National Harbor, MD 50.0 % 341 2.8 86.3 RioCan Canada Various 50.0 % 924 121.6 11.1 Investments included in total assets $ 131.2 Charlotte (3) Charlotte, NC 50.0 % 398 $ (3.1 ) $ 89.8 Galveston/Houston (2)(3) Texas City, TX 50.0 % 353 (4.9 ) 64.9 Investments included in other liabilities $ (8.0 ) As of December 31, 2016 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 % 355 $ 6.7 $ 84.2 National Harbor National Harbor, MD 50.0 % 341 4.1 86.1 RioCan Canada Various 50.0 % 901 117.3 11.1 Investments included in total assets $ 128.1 Charlotte (3) Charlotte, NC 50.0 % 398 $ (2.5 ) $ 89.7 Galveston/Houston (2)(3) Texas City, TX 50.0 % 353 (3.8 ) 64.9 Investments included in other liabilities $ (6.3 ) (1) Net of debt origination costs and including premiums of $1.3 million and $1.6 million as of June 30, 2017 and December 31, 2016, respectively. (2) In June 2017, the joint venture exercised its extension option and extended the maturity date of the loan from July 2017 to July 2018. In July, the joint venture amended and restated the initial construction loan to increase the amount available to borrow from $70.0 million to $80.0 million and extended the maturity date until July 2020 with two one -year options. The amended and restated loan also changed the interest rate from LIBOR + 1.50% to an interest rate of LIBOR + 1.65% . At the closing of the amendment, the joint venture distributed approximately $14.5 million equally between the partners. (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 Six months ended June 30, June 30, 2017 2016 2017 2016 Fee: Management and marketing $ 570 $ 797 1,112 1,544 Development and leasing 35 353 $ 67 $ 545 Loan guarantee 4 182 9 364 Total Fees $ 609 $ 1,332 $ 1,188 $ 2,453 |
Summary Financial Information of Unconsolidated JVs Balance Sheet | Condensed combined summary financial information of unconsolidated joint ventures accounted for using the equity method is as follows (in thousands): Condensed Combined Balance Sheets - Unconsolidated Joint Ventures June 30, 2017 December 31, 2016 Assets Land $ 90,741 $ 88,015 Buildings, improvements and fixtures 520,223 503,548 Construction in progress, including land under development 8,479 13,037 619,443 604,600 Accumulated depreciation (80,452 ) (67,431 ) Total rental property, net 538,991 537,169 Cash and cash equivalents 24,610 27,271 Deferred lease costs, net 12,216 13,612 Prepaids and other assets 11,522 12,567 Total assets $ 587,339 $ 590,619 Liabilities and Owners' Equity Mortgages payable, net $ 336,387 $ 335,971 Accounts payable and other liabilities 12,905 20,011 Total liabilities 349,292 355,982 Owners' equity 238,047 234,637 Total liabilities and owners' equity $ 587,339 $ 590,619 |
Summary Financial Information Of Unconsolidated JVs Statements of Operations | Three months ended Six months ended Condensed Combined Statements of Operations (1) June 30, June 30, - Unconsolidated Joint Ventures 2017 2016 2017 2016 Revenues $ 23,285 $ 29,341 $ 47,347 $ 57,039 Expenses: Property operating 8,877 11,078 18,255 21,396 General and administrative 96 179 216 295 Depreciation and amortization 6,943 9,408 14,456 18,208 Total expenses 15,916 20,665 32,927 39,899 Operating income 7,369 8,676 14,420 17,140 Interest expense (2,460 ) (2,682 ) (4,720 ) (5,236 ) Other non-operating income 1 2 3 3 Net income $ 4,910 $ 5,996 $ 9,703 $ 11,907 The Company and Operating Partnership's share of: Net income $ 2,374 $ 3,466 $ 4,692 $ 6,965 Depreciation and amortization expense (real estate related) $ 3,550 $ 5,808 $ 7,388 $ 11,147 (1) The three and six months ended June 30, 2017 includes results from the Columbus outlet center, which opened in June 2016. The three and six months ended June 30, 2016 includes results from our Westgate and Savannah outlet centers, which were previously held in unconsolidated joint ventures prior to acquiring our partners' interest in each venture in June 2016 and August 2016, respectively. |
Debt Guaranteed by the Company
Debt Guaranteed by the Company (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Unsecured lines of credit $ 101,155 $ 61,000 Unsecured term loan $ 325,000 $ 325,000 |
Debt of the Operating Partner33
Debt of the Operating Partnership (Tables) - Tanger Properties Limited Partnership [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Debt | The debt of the Operating Partnership consisted of the following (in thousands): As of As of June 30, 2017 December 31, 2016 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 $ 298,475 $ 300,000 $ 298,226 Senior notes 3.875 % December 2023 250,000 245,728 250,000 245,425 Senior notes 3.750 % December 2024 250,000 247,234 250,000 247,058 Senior notes 3.125 % September 2026 350,000 344,859 350,000 344,600 Mortgages payable: Atlantic City (2) 5.14%-7.65% November 2021- December 2026 38,988 41,604 40,471 43,286 Foxwoods LIBOR + 1.55% December 2017 70,250 70,083 70,250 69,902 Southaven LIBOR + 1.75% April 2018 59,731 59,528 59,277 58,957 Unsecured term loan LIBOR + 0.95% April 2021 325,000 322,793 325,000 322,410 Unsecured lines of credit LIBOR + 0.90% October 2019 101,155 98,698 61,000 58,002 $ 1,745,124 $ 1,729,002 $ 1,705,998 $ 1,687,866 (1) Including premiums and net of debt discount and debt origination costs. (2) The effective interest rate assigned during the purchase price allocation to the Atlantic City mortgages assumed during the acquisition in 2011 was 5.05% . |
Schedule of Maturities of Long-term Debt | Maturities of the existing long-term debt as of June 30, 2017 for the next five years and thereafter are as follows (in thousands): Calendar Year Amount 2017 $ 71,775 2018 62,914 2019 104,524 2020 303,566 2021 330,793 Thereafter 871,552 Subtotal 1,745,124 Net discount and debt origination costs (16,122 ) Total $ 1,729,002 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the terms and fair values of our derivative financial instruments, as well as their classifications within the consolidated balance sheets (notional amounts and fair values in thousands): Fair Value Effective Date Maturity Date Notional Amount Bank Pay Rate Company Fixed Pay Rate June 30, 2017 December 31, 2016 Assets (Liabilities): November 14, 2013 August 14, 2018 $ 50,000 1 month LIBOR 1.3075 % $ 40 $ (119 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.2970 % 46 (110 ) November 14, 2013 August 14, 2018 50,000 1 month LIBOR 1.3025 % 43 (115 ) April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0390 % 1,144 1,227 April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0395 % 1,143 1,226 April 13, 2016 January 1, 2021 50,000 1 month LIBOR 1.0400 % 1,143 1,222 April 13, 2016 January 1, 2021 25,000 1 month LIBOR 0.9915 % 613 662 Total $ 325,000 $ 4,172 $ 3,993 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table represents the effect of the derivative financial instruments on the accompanying consolidated financial statements (in thousands): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Interest Rate Swaps (Effective Portion): Amount of gain (loss) recognized in OCI on derivative $ (544 ) $ (2,443 ) $ 178 $ (3,829 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth our assets and liabilities that are measured at fair value within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Total Fair value as of June 30, 2017: Asset: Interest rate swaps (prepaids and other assets) $ 4,172 $ — $ 4,172 $ — Total assets $ 4,172 $ — $ 4,172 $ — 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, 2016: Asset: Interest rate swaps (prepaids and other assets) $ 3,993 $ — $ 3,993 $ — Total assets $ 3,993 $ — $ 3,993 $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The estimated fair value within the fair value hierarchy and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands): June 30, 2017 December 31, 2016 Level 1 Quoted Prices in Active Markets for Identical Assets or Liabilities $ — $ — Level 2 Significant Observable Inputs 1,143,532 1,137,976 Level 3 Significant Unobservable Inputs 602,940 566,668 Total fair value of debt $ 1,746,472 $ 1,704,644 Recorded value of debt $ 1,729,002 $ 1,687,866 |
Partners' Equity of the Opera36
Partners' Equity of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 and June 30, 2016 : Limited Partnership Units General Partnership Units Class A Class B Total Balance December 31, 2015 1,000,000 5,052,743 94,880,825 99,933,568 Grant of restricted common share awards by the Company, net of forfeitures — — 173,124 173,124 Issuance of deferred units — — 24,040 24,040 Units issued upon exercise of options — — 35,300 35,300 Units withheld for employee income taxes — — (60,382 ) (60,382 ) Balance June 30, 2016 1,000,000 5,052,743 95,052,907 100,105,650 Balance December 31, 2016 1,000,000 5,027,781 95,095,891 100,123,672 Grant of restricted common share awards by the Company — — 428,312 428,312 Repurchase of units — — (1,497,981 ) (1,497,981 ) Units issued upon exercise of options — — 1,800 1,800 Units withheld for employee income taxes — — (69,886 ) (69,886 ) Balance June 30, 2017 1,000,000 5,027,781 93,958,136 98,985,917 |
Earnings Per Share of the Com37
Earnings Per Share of the Company (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to Tanger Factory Outlet Centers, Inc. $ 29,390 $ 73,417 $ 51,726 $ 100,567 Less allocation of earnings to participating securities (306 ) (725 ) (601 ) (1,019 ) Net income available to common shareholders of Tanger Factory Outlet Centers, Inc. $ 29,084 $ 72,692 $ 51,125 $ 99,548 Denominator: Basic weighted average common shares 95,025 95,124 95,217 95,034 Effect of notional units — 183 — 167 Effect of outstanding options and certain restricted common shares 5 68 35 64 Diluted weighted average common shares 95,030 95,375 95,252 95,265 Basic earnings per common share: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 Diluted earnings per common share: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.04 |
Earnings Per Unit of the Oper38
Earnings Per Unit of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net income attributable to partners of the Operating Partnership $ 30,947 $ 77,314 $ 54,461 $ 105,908 Less allocation of earnings to participating securities (306 ) (725 ) (601 ) (1,019 ) Net income available to common unitholders of the Operating Partnership $ 30,641 $ 76,589 $ 53,860 $ 104,889 Denominator: Basic weighted average common units 100,053 100,177 100,245 100,087 Effect of notional units — 183 — 167 Effect of outstanding options and certain restricted common units 5 68 35 64 Diluted weighted average common units 100,058 100,428 100,280 100,318 Basic earnings per common unit: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 Diluted earnings per common unit: Net income $ 0.31 $ 0.76 $ 0.54 $ 1.05 |
Equity-Based Compensation of 39
Equity-Based Compensation of the Company (Tables) - Tanger Factory Outlet Centers, Inc [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | We recorded equity-based compensation expense in general and administrative expenses in our consolidated statements of operations as follows (in thousands): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Restricted common shares $ 2,387 $ 2,568 $ 4,737 $ 5,507 Notional unit performance awards 1,049 1,026 1,931 1,910 Options 68 61 128 238 Total equity-based compensation $ 3,504 $ 3,655 $ 6,796 $ 7,655 Equity-based compensation expense capitalized as a part of rental property and deferred lease costs were as follows (in thousands): Three months ended Six months ended June 30, June 30, 2017 2016 2017 2016 Equity-based compensation expense capitalized $ 264 $ 267 $ 510 $ 497 |
Schedule of Nonvested Performance-based Units Activity | The following table sets forth 2017 OPP performance targets and other relevant information about the 2017 OPP: Performance targets (1) Absolute portion of award: Percent of total award 50% Absolute share price appreciation range 18% - 35% Percentage of units to be earned 20%-100% Relative portion of award: Percent of total award 50% Percentile rank of peer group range (2) 40th - 70th Percentage of units to be earned 20%-100% Maximum number of restricted common shares that may be earned 296,400 Grant date fair value per share $ 16.60 (1) The number of restricted common shares received under the 2017 OPP 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 for the purposes of calculation of share price appreciation will be adjusted on a penny-for-penny basis with respect to any dividend payments made during the measurement period. (2) The peer group is based on companies included in the SNL Equity REIT index. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair values of the 2017 OPP awards granted during the six months ended June 30, 2017 were determined at the grant dates using a Monte Carlo simulation pricing model and the following assumptions: Risk free interest rate (1) 1.52 % Expected dividend yield (2) 3.4 % Expected volatility (3) 19 % (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the restricted unit grants. (2) The dividend yield is calculated utilizing the dividends paid for the previous five-year period. (3) Based on a mix of historical and implied volatility for our common shares and the common shares of our peer index companies over the measurement period. |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Loss) of the Company (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 income (loss) for the three and six months ended June 30, 2017 (in thousands): Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance March 31, 2017 $ (31,128 ) $ 4,496 $ (26,632 ) $ (1,689 ) $ 219 $ (1,470 ) Other comprehensive income (loss) before reclassifications 2,919 (655 ) 2,264 155 (16 ) 139 Reclassification out of accumulated other comprehensive income into interest expense — 121 121 — 6 6 Balance June 30, 2017 $ (28,209 ) $ 3,962 $ (24,247 ) $ (1,534 ) $ 209 $ (1,325 ) 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, 2016 $ (32,087 ) $ 3,792 $ (28,295 ) $ (1,740 ) $ 201 $ (1,539 ) Other comprehensive income (loss) before reclassifications 3,878 (244 ) 3,634 206 (13 ) 193 Reclassification out of accumulated other comprehensive income into interest expense — 414 414 — 21 21 Balance June 30, 2017 $ (28,209 ) $ 3,962 $ (24,247 ) $ (1,534 ) $ 209 $ (1,325 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and six months ended June 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 March 31, 2016 $ (27,913 ) $ (1,901 ) $ (29,814 ) $ (1,519 ) $ (101 ) $ (1,620 ) Other comprehensive income (loss) before reclassifications 44 (2,845 ) (2,801 ) 3 (151 ) (148 ) Reclassification out of accumulated other comprehensive income into interest expense — 525 525 — 28 28 Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest in Operating Partnership Accumulated Other Comprehensive Income (Loss) Foreign Currency Cash flow hedges Total Foreign Currency Cash flow hedges Total Balance December 31, 2015 $ (36,130 ) $ (585 ) $ (36,715 ) $ (1,956 ) $ (31 ) $ (1,987 ) Other comprehensive income (loss) before reclassifications 8,261 (4,481 ) 3,780 440 (238 ) 202 Reclassification out of accumulated other comprehensive income into interest expense — 845 845 — 45 45 Balance June 30, 2016 $ (27,869 ) $ (4,221 ) $ (32,090 ) $ (1,516 ) $ (224 ) $ (1,740 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 income (loss) for the three and six months ended June 30, 2017 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2017 $ (32,817 ) $ 4,715 $ (28,102 ) Other comprehensive income (loss) before reclassifications 3,074 (671 ) 2,403 Reclassification out of accumulated other comprehensive income into interest expense — 127 127 Balance June 30, 2017 $ (29,743 ) $ 4,171 $ (25,572 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2016 $ (33,827 ) $ 3,993 $ (29,834 ) Other comprehensive income (loss) before reclassifications 4,084 (257 ) 3,827 Reclassification out of accumulated other comprehensive income into interest expense — 435 435 Balance June 30, 2017 $ (29,743 ) $ 4,171 $ (25,572 ) The following table presents changes in the balances of each component of accumulated comprehensive loss for the three and six months ended June 30, 2016 (in thousands): Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance March 31, 2016 $ (29,432 ) $ (2,002 ) $ (31,434 ) Other comprehensive income (loss) before reclassifications 47 (2,996 ) (2,949 ) Reclassification out of accumulated other comprehensive income into interest expense — 553 553 Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) Foreign Currency Cash flow hedges Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (38,086 ) $ (616 ) $ (38,702 ) Other comprehensive income (loss) before reclassifications 8,701 (4,719 ) 3,982 Reclassification out of accumulated other comprehensive income into interest expense — 890 890 Balance June 30, 2016 $ (29,385 ) $ (4,445 ) $ (33,830 ) |
Non-Cash Activities (Tables)
Non-Cash Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Nonmonetary Transactions [Abstract] | |
Schedule of Other Significant Noncash Transactions | Expenditures included in accounts payable and accrued expenses were as follows (in thousands): June 30, 2017 June 30, 2016 Costs relating to construction included in accounts payable and accrued expenses $ 24,679 $ 18,374 |
Business (Details)
Business (Details) ft² in Millions | Jun. 30, 2017sharesft²OutletCentersubsidiary |
Entity Information [Line Items] | |
Number of Operating Partnership Units Owned by the Company | shares | 94,958,136 |
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 | 5,027,781 |
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 | 2.4 |
Unconsolidated Properties [Member] | CANADA | |
Entity Information [Line Items] | |
Number of Outlet Centers | 4 |
Disposition of Property (Detail
Disposition of Property (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] - Westbrook [Member] ft² in Thousands, $ in Thousands | 1 Months Ended |
May 31, 2017USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Square Feet | ft² | 290 |
Net proceeds on sale of assets | $ 39,212 |
Gain on sale | $ 6,943 |
Developments of Consolidated 45
Developments of Consolidated Outlet Centers (Details) ft² in Thousands, $ in Millions | 10 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)ft² | Jun. 30, 2017USD ($)ft² | Jul. 31, 2016ft² | |
Properties under development [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 475 | 475 | |
Costs incurred to date | $ | $ 86.6 | ||
Fort Worth [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 352 | 352 | |
Costs incurred to date | $ | $ 53.7 | ||
Lancaster [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 123 | 123 | 123 |
Costs incurred to date | $ | $ 32.9 |
Developments of Consolidated 46
Developments of Consolidated Outlet Centers (Narrative) (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jul. 31, 2016ft² | |
Interest costs capitalized for development activities | $ | $ 689 | $ 634 | $ 1,200 | $ 1,100 | ||
Fort Worth [Member] | ||||||
Payments to acquire land | $ | $ 11,200 | |||||
Square Feet | ft² | 352 | 352 | ||||
Lancaster [Member] | ||||||
Square Feet | ft² | 123 | 123 | 123 |
Investments in Unconsolidated47
Investments in Unconsolidated Real Estate Joint Ventures (Unconsolidated Real Estate Joint Ventures) (Details) ft² in Thousands, $ in Thousands | Jun. 30, 2017USD ($)ft² | Dec. 31, 2016USD ($)ft² |
Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | $ 336,387 | $ 335,971 |
Columbus National Harbor RioCan Canada [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value of Investment | $ 131,200 | $ 128,100 |
Columbus [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 355 | 355 |
Carrying Value of Investment | $ 6,800 | $ 6,700 |
Columbus [Member] | Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | $ 84,300 | $ 84,200 |
National Harbor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 341 | 341 |
Carrying Value of Investment | $ 2,800 | $ 4,100 |
National Harbor [Member] | Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | $ 86,300 | $ 86,100 |
RioCan Canda [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 924 | 901 |
Carrying Value of Investment | $ 121,600 | $ 117,300 |
RioCan Canda [Member] | Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | 11,100 | 11,100 |
Charlotte and Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment Reported In Liabilities | $ (8,000) | $ (6,300) |
Charlotte [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 398 | 398 |
Equity Method Investment Reported In Liabilities | $ (3,100) | $ (2,500) |
Charlotte [Member] | Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | $ 89,800 | $ 89,700 |
Galveston/Houston [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Square Feet | ft² | 353 | 353 |
Equity Method Investment Reported In Liabilities | $ (4,900) | $ (3,800) |
Galveston/Houston [Member] | Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total joint venture debt, net | $ 64,900 | $ 64,900 |
Investments in Unconsolidated48
Investments in Unconsolidated Real Estate Joint Ventures (Joint Venture Fees) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | $ 609 | $ 1,332 | $ 1,188 | $ 2,453 |
Management and Marketing Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | 570 | 797 | 1,112 | 1,544 |
Development and Leasing Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | 35 | 353 | 67 | 545 |
Loan Guarantee Fee [Member] | ||||
Management, Leasing and Marketing Fees [Line Items] | ||||
Fees received | $ 4 | $ 182 | $ 9 | $ 364 |
Investments in Unconsolidated49
Investments in Unconsolidated Real Estate Joint Ventures (Summary Balance Sheets for Unconsolidated Joint Ventures) (Details) - Joint Venture [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Land | $ 90,741 | $ 88,015 |
Buildings, improvements and fixtures | 520,223 | 503,548 |
Construction in progress, including land under development | 8,479 | 13,037 |
Rental property, at cost, total | 619,443 | 604,600 |
Accumulated depreciation | (80,452) | (67,431) |
Total rental property, net | 538,991 | 537,169 |
Cash and cash equivalents | 24,610 | 27,271 |
Deferred lease costs, net | 12,216 | 13,612 |
Prepaids and other assets | 11,522 | 12,567 |
Total assets | 587,339 | 590,619 |
Liabilities and Owners' Equity | ||
Mortgages payable, net | 336,387 | 335,971 |
Accounts payable and other liabilities | 12,905 | 20,011 |
Total liabilities | 349,292 | 355,982 |
Owners' equity | 238,047 | 234,637 |
Total liabilities and owners' equity | $ 587,339 | $ 590,619 |
Investments in Unconsolidated50
Investments in Unconsolidated Real Estate Joint Ventures (Summary Statements of Operations for Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | $ 119,614 | $ 111,333 | $ 240,982 | $ 222,138 |
Expenses: | ||||
Property operating | 37,116 | 35,012 | 77,503 | 72,886 |
General and administrative | 11,500 | 11,675 | 22,912 | 23,240 |
Depreciation and amortization | 32,905 | 26,306 | 64,199 | 52,873 |
Total expenses | 81,521 | 72,993 | 165,241 | 148,999 |
Operating income | 38,093 | 38,340 | 75,741 | 73,139 |
Interest expense | (16,520) | (13,800) | (33,007) | (28,684) |
Other non-operating income (expense) | 57 | 38 | 92 | 354 |
Net income | 30,947 | 77,302 | 54,461 | 105,919 |
The Company and Operating Partnership's share of: | ||||
Net income | 2,374 | 3,466 | 4,692 | 6,965 |
Depreciation and amortization expense (real estate related) | 3,550 | 5,808 | 7,388 | 11,147 |
Joint Venture [Member] | ||||
Summary Statements of Operations of Unconsolidated Joint Ventures [Line Items] | ||||
Revenues | 23,285 | 29,341 | 47,347 | 57,039 |
Expenses: | ||||
Property operating | 8,877 | 11,078 | 18,255 | 21,396 |
General and administrative | 96 | 179 | 216 | 295 |
Depreciation and amortization | 6,943 | 9,408 | 14,456 | 18,208 |
Total expenses | 15,916 | 20,665 | 32,927 | 39,899 |
Operating income | 7,369 | 8,676 | 14,420 | 17,140 |
Interest expense | (2,460) | (2,682) | (4,720) | (5,236) |
Other non-operating income (expense) | 1 | 2 | 3 | 3 |
Net income | $ 4,910 | $ 5,996 | $ 9,703 | $ 11,907 |
Investments in Unconsolidated51
Investments in Unconsolidated Real Estate Joint Ventures (Narrative) (Details) $ in Millions | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2017USD ($)Extension | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Differences in basis | $ 3.7 | $ 3.7 | |
Mortgages [Member] | Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net discount and debt origination costs | 1.3 | $ 1.6 | |
Galveston/Houston [Member] | Mortgages [Member] | Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Principal | $ 70 | ||
Basis spread on variable rate | 1.50% | ||
Subsequent Event [Member] | Galveston/Houston [Member] | Mortgages [Member] | Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Principal | $ 80 | ||
Number of mortgage extensions | Extension | 2 | ||
Term of mortgage extension | 1 year | ||
Basis spread on variable rate | 1.65% | ||
Proceeds from Issuance of Debt | $ 14.5 |
Debt Guaranteed by the Compan52
Debt Guaranteed by the Company (Details) - Debt [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Tanger Factory Outlet Centers, Inc [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligation | $ 101,155 | $ 61,000 |
Tanger Factory Outlet Centers, Inc [Member] | Unsecured Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Guarantor obligation | 325,000 | $ 325,000 |
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit, Maximum borrowing capacity | $ 520,000 |
Debt of the Operating Partner53
Debt of the Operating Partnership (Schedule of Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Principal | $ 1,745,124,000 | $ 1,705,998,000 |
Book value of debt | $ 1,729,002,000 | $ 1,687,866,000 |
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 | $ 298,475,000 | $ 298,226,000 |
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 | $ 245,728,000 | $ 245,425,000 |
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 | $ 247,234,000 | $ 247,058,000 |
Senior Notes [Member] | 3.125% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate(s) | 3.125% | 3.125% |
Principal | $ 350,000,000 | $ 350,000,000 |
Book value of debt | 344,859,000 | 344,600,000 |
Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 38,988,000 | 40,471,000 |
Book value of debt | 41,604,000 | 43,286,000 |
Mortgages Payable [Member] | Foxwoods [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 70,250,000 | 70,250,000 |
Book value of debt | 70,083,000 | 69,902,000 |
Mortgages Payable [Member] | Southaven [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 59,731,000 | 59,277,000 |
Book value of debt | 59,528,000 | 58,957,000 |
Unsecured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 325,000,000 | 325,000,000 |
Book value of debt | 322,793,000 | 322,410,000 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Principal | 101,155,000 | 61,000,000 |
Book value of debt | $ 98,698,000 | $ 58,002,000 |
London Interbank Offered Rate (LIBOR) [Member] | Mortgages Payable [Member] | Foxwoods [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.55% | 1.55% |
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% | 0.95% |
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) | 5.14% | 5.14% |
Maximum [Member] | Mortgages Payable [Member] | Atlantic City Outlets The Walk [Member] | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate(s) | 7.65% | 7.65% |
Debt of the Operating Partner54
Debt of the Operating Partnership (Debt Maturities) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Maturities of Debt [Line Items] | ||
2,017 | $ 71,775 | |
2,018 | 62,914 | |
2,019 | 104,524 | |
2,020 | 303,566 | |
2,021 | 330,793 | |
Thereafter | 871,552 | |
Subtotal | 1,745,124 | $ 1,705,998 |
Net discount and debt origination costs | (16,122) | |
Total debt | $ 1,729,002 | $ 1,687,866 |
Debt of the Operating Partner55
Debt of the Operating Partnership (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2011 | |
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Collateral for mortgages payable | $ 320,500,000 | ||
Tanger Properties Limited Partnership [Member] | Mortgages [Member] | Atlantic City Outlets The Walk [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rates | 5.05% | ||
Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Liquidity Line, Maximum Borrowings, Included in Total Line of Credit Maximum Borrowings | 20,000,000 | ||
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 | ||
Letters of Credit | $ 6,300,000 | ||
Line of Credit, Dividend Restrictions, Percentage of Funds From Operations Allowed on a Cumulative Basis | 95.00% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 5.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Percent of guaranty of completion and principal guaranty | 100.00% | ||
Debt [Member] | Tanger Properties Limited Partnership [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, Maximum borrowing capacity | $ 520,000,000 | ||
Debt [Member] | Tanger Factory Outlet Centers, Inc [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Guarantor obligation | 26,000,000 | ||
Debt [Member] | Tanger Factory Outlet Centers, Inc [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Guarantor obligation | $ 101,155,000 | $ 61,000,000 |
Derivative Financial Instrume56
Derivative Financial Instruments (Classifications on Consolidated Balance Sheets) (Details) - Designated as Hedging Instrument [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Notional amount | $ 325,000,000 | $ 325,000,000 |
Derivative, fair value, net | 4,172,000 | 3,993,000 |
Interest Rate Swap One [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.3075% | 1.3075% |
Derivative, fair value, net | $ 40,000 | $ (119,000) |
Interest Rate Swap Two [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.297% | 1.297% |
Derivative, fair value, net | $ 46,000 | $ (110,000) |
Interest Rate Swap Three [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.3025% | 1.3025% |
Derivative, fair value, net | $ 43,000 | $ (115,000) |
Interest Rate Swap Four [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.039% | 1.039% |
Derivative, fair value, net | $ 1,144,000 | $ 1,227,000 |
Interest Rate Swap Five [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.0395% | 1.0395% |
Derivative, fair value, net | $ 1,143,000 | $ 1,226,000 |
Interest Rate Swap Six [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed interest rate | 1.04% | 1.04% |
Derivative, fair value, net | $ 1,143,000 | $ 1,222,000 |
Interest Rate Swap Seven [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed interest rate | 0.9915% | 0.9915% |
Derivative, fair value, net | $ 613,000 | $ 662,000 |
Derivative Financial Instrume57
Derivative Financial Instruments (Gain (Loss) Recognized and Reclassified) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in OCI on derivative | $ (544) | $ (2,443) | $ 178 | $ (3,829) |
Fair Value Measurements (Hierar
Fair Value Measurements (Hierarchy) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | $ 4,172,000 | $ 3,993,000 |
Total assets | 4,172,000 | 3,993,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 4,172,000 | 3,993,000 |
Total assets | 4,172,000 | 3,993,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swaps (prepaids and other assets) | 0 | 0 |
Total assets | $ 0 | $ 0 |
Fair Value Measurements (Debt)
Fair Value Measurements (Debt) (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 1,746,472 | $ 1,704,644 |
Recorded value of debt | 1,729,002 | 1,687,866 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | 1,143,532 | 1,137,976 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total fair value of debt | $ 602,940 | $ 566,668 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 02, 2017 | Jun. 30, 2017 | May 31, 2017 |
Share repurchase program [Abstract] | |||
Share repurchase program amount authorized | $ 125 | ||
Shares repurchased and retired during period (in shares) | 1.5 | ||
Share repurchased average price per share | $ 26.25 | ||
Value of shares repurchased and retired during period | $ 39.3 | ||
Share Repurchase Program, Remaining Authorized Repurchase Amount | $ 85.7 |
Partners' Equity of the Opera61
Partners' Equity of the Operating Partnership (Details) - shares | Jun. 02, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Repurchased of units (in units) | (1,500,000) | ||
Tanger Properties Limited Partnership [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | ||
Grant of restricted common shares awards (in units) | 428,312 | 173,124 | |
Issuance of deferred units (in units) | 0 | 24,040 | |
Repurchased of units (in units) | (1,497,981) | 0 | |
Units issued upon exercise of options (in units) | 1,800 | 35,300 | |
Units withheld for employee income taxes (in units) | (69,886) | (60,382) | |
General partner (in units) | 1,000,000 | ||
Tanger Properties Limited Partnership [Member] | General partner [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
General partner (in units) | 1,000,000 | 1,000,000 | |
Grant of restricted common shares awards (in units) | 0 | 0 | |
Issuance of deferred units (in units) | 0 | ||
Repurchased of units (in units) | 0 | ||
Units issued upon exercise of options (in units) | 0 | 0 | |
Units withheld for employee income taxes (in units) | 0 | 0 | |
General partner (in units) | 1,000,000 | 1,000,000 | |
Tanger Properties Limited Partnership [Member] | Class A Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 5,027,781 | 5,052,743 | |
Grant of restricted common shares awards (in units) | 0 | 0 | |
Issuance of deferred units (in units) | 0 | ||
Repurchased of units (in units) | 0 | ||
Units issued upon exercise of options (in units) | 0 | 0 | |
Units withheld for employee income taxes (in units) | 0 | 0 | |
Limited partners (in units) | 5,027,781 | 5,052,743 | |
Tanger Properties Limited Partnership [Member] | Class B Limited Partnership Units [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 95,095,891 | 94,880,825 | |
Grant of restricted common shares awards (in units) | 428,312 | 173,124 | |
Issuance of deferred units (in units) | 24,040 | ||
Repurchased of units (in units) | (1,497,981) | ||
Units issued upon exercise of options (in units) | 1,800 | 35,300 | |
Units withheld for employee income taxes (in units) | (69,886) | (60,382) | |
Limited partners (in units) | 93,958,136 | 95,052,907 | |
Tanger Properties Limited Partnership [Member] | Limited partners [Member] | |||
General and Limited Partners' Capital Account, Units [Roll Forward] | |||
Limited partners (in units) | 100,123,672 | 99,933,568 | |
Grant of restricted common shares awards (in units) | 428,312 | 173,124 | |
Issuance of deferred units (in units) | 24,040 | ||
Repurchased of units (in units) | (1,497,981) | ||
Units issued upon exercise of options (in units) | 1,800 | 35,300 | |
Units withheld for employee income taxes (in units) | (69,886) | (60,382) | |
Limited partners (in units) | 98,985,917 | 100,105,650 |
Earnings Per Share of the Com62
Earnings Per Share of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||||
Net income attributable to Tanger Factory Outlet Centers, Inc. | $ 29,390 | $ 73,417 | $ 51,726 | $ 100,567 |
Less allocation of earnings to participating securities | (306) | (725) | (601) | (1,019) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 29,084 | $ 72,692 | $ 51,125 | $ 99,548 |
Denominator: | ||||
Basic weighted average common shares (in shares) | 95,025,000 | 95,124,000 | 95,217,000 | 95,034,000 |
Effect of notional units (in shares) | 0 | 183,000 | 0 | 167,000 |
Effect of outstanding options and restricted common shares (in shares) | 5,000 | 68,000 | 35,000 | 64,000 |
Diluted weighted average common shares (in shares) | 95,030,000 | 95,375,000 | 95,252,000 | 95,265,000 |
Basic earnings per common share/unit: | ||||
Net income, basic (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.05 |
Diluted earnings per common share: | ||||
Net income, diluted (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.04 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 871,116 | 775,073 | 871,116 | 791,131 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 176,300 | 194,900 | 176,300 | 194,900 |
Earnings Per Unit of the Oper63
Earnings Per Unit of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Components of Basic and Diluted Earnings Per Unit [Line Items] | ||||
Net income attributable to partners of the Operating Partnership | $ 30,947 | $ 77,314 | $ 54,461 | $ 105,908 |
Numerator: | ||||
Less allocation of earnings to participating securities | (306) | (725) | (601) | (1,019) |
Net income available to common shareholders/unitholders of Tanger Factory Outlet Centers, Inc./the Operating Partnership | $ 30,641 | $ 76,589 | $ 53,860 | $ 104,889 |
Denominator: | ||||
Basic weighted average common shares (in shares) | 100,053,000 | 100,177,000 | 100,245,000 | 100,087,000 |
Effect of notional units (in shares) | 0 | 183,000 | 0 | 167,000 |
Effect of outstanding options and restricted common shares (in shares) | 5,000 | 68,000 | 35,000 | 64,000 |
Diluted weighted average common shares (in shares) | 100,058,000 | 100,428,000 | 100,280,000 | 100,318,000 |
Basic earnings per common share/unit: | ||||
Net income, basic (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.05 |
Diluted earnings per common unit: | ||||
Net income, diluted (in dollars per share) | $ 0.31 | $ 0.76 | $ 0.54 | $ 1.05 |
Antidilutive incremental common shares attributable to notional units excluded from computation of earnings per share (in units) | 871,116 | 775,073 | 871,116 | 791,131 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 176,300 | 194,900 | 176,300 | 194,900 |
Equity-Based Compensation of 64
Equity-Based Compensation of the Company (Equity-Based Compensation Expense) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 3,504 | $ 3,655 | $ 6,796 | $ 7,655 |
Restricted Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 2,387 | 2,568 | 4,737 | 5,507 |
Notional Unit Performance Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | 1,049 | 1,026 | 1,931 | 1,910 |
Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation | $ 68 | $ 61 | $ 128 | $ 238 |
Equity-Based Compensation of 65
Equity-Based Compensation of the Company (Equity-Based Compensation Expense Capitalized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Tanger Factory Outlet Centers, Inc [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Equity-based compensation expense capitalized | $ 264 | $ 267 | $ 510 | $ 497 |
Equity-Based Compensation of 66
Equity-Based Compensation of the Company (Outperformance Plan) (Details) - Performance Shares [Member] - 2017 OPP [Member] - Tanger Factory Outlet Centers, Inc [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Maximum number of restricted common shares that may be earned | shares | 296,400 |
Granted (in dollars per share) | $ / shares | $ 16.60 |
Absolute portion of award [Member] | |
Percent of total award | 50.00% |
Relative portion of award [Member] | |
Percent of total award | 50.00% |
Minimum [Member] | Absolute portion of award [Member] | |
Absolute share price appreciation range | 18.00% |
Percentage of units to be earned | 20.00% |
Minimum [Member] | Relative portion of award [Member] | |
Percentage of units to be earned | 20.00% |
Threshold Percentage for Performance Target | 40.00% |
Maximum [Member] | Absolute portion of award [Member] | |
Absolute share price appreciation range | 35.00% |
Percentage of units to be earned | 100.00% |
Maximum [Member] | Relative portion of award [Member] | |
Percentage of units to be earned | 100.00% |
Threshold Percentage for Performance Target | 70.00% |
Equity-Based Compensation of 67
Equity-Based Compensation of the Company (Outperformance Plan Assumptions) (Details) - Performance Shares [Member] - 2017 OPP [Member] - Tanger Factory Outlet Centers, Inc [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Risk Free Interest Rate | 1.52% |
Expected Dividend Rate | 3.40% |
Expected Volatility Rate | 19.00% |
Equity-Based Compensation of 68
Equity-Based Compensation of the Company (Narrative) (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares paid for tax withholding for share based compensation (in shares) | 0 | 0 | 69,886 | 60,382 | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 2,435 | $ 1,921 | ||||
Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Lower limit, grant date fair value (in dollars per share) | $ 30.16 | |||||
Upper limit, grant date fair value (in dollars per share) | $ 34.47 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Award Measurement Period | 3 years | |||||
Vesting immediately [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Percentage | 50.00% | |||||
Vesting one year thereafter [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting Percentage | 50.00% | |||||
Minimum [Member] | Executive Officers [Member] | Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Common Share Award Plan [Member] | Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares/Units, granted (in shares/units) | 253,431 | |||||
Restricted Common Share Award Plan [Member] | Director [Member] | Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Restricted Common Share Award Plan [Member] | Chief Executive Officer [Member] | Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation arrangement award holding period | 3 years | |||||
Restricted Common Share Award Plan [Member] | Maximum [Member] | Executive Officers [Member] | Restricted Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 5 years | |||||
Absolute portion of award [Member] | 2014 OPP [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares/Units, granted (in shares/units) | 184,455 | |||||
Absolute portion of award [Member] | 2014 OPP [Member] | Vesting immediately [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares vesting in period | 94,663 | |||||
Absolute portion of award [Member] | 2014 OPP [Member] | Vesting one year thereafter [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares vesting in period | 89,792 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) of the Company (Details) - Tanger Factory Outlet Centers, Inc [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 705,441 | $ 606,032 | ||
Ending Balance | $ 661,129 | $ 660,414 | 661,129 | 660,414 |
Interest rate swap gain (loss) to be reclassified within twelve months | 180 | |||
Foreign Currency Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (31,128) | (27,913) | (32,087) | (36,130) |
Other comprehensive income (loss) before reclassifications | 2,919 | 44 | 3,878 | 8,261 |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 | 0 |
Ending Balance | (28,209) | (27,869) | (28,209) | (27,869) |
Cash flow hedges Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 4,496 | (1,901) | 3,792 | (585) |
Other comprehensive income (loss) before reclassifications | (655) | (2,845) | (244) | (4,481) |
Reclassification out of accumulated other comprehensive income into interest expense | 121 | 525 | 414 | 845 |
Ending Balance | 3,962 | (4,221) | 3,962 | (4,221) |
Total Tanger Factory Outlet Centers, Inc. Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (26,632) | (29,814) | (28,295) | (36,715) |
Other comprehensive income (loss) before reclassifications | 2,264 | (2,801) | 3,634 | 3,780 |
Reclassification out of accumulated other comprehensive income into interest expense | 121 | 525 | 414 | 845 |
Ending Balance | (24,247) | (32,090) | (24,247) | (32,090) |
Foreign Currency noncontrolling interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (1,689) | (1,519) | (1,740) | (1,956) |
Other comprehensive income (loss) before reclassifications | 155 | 3 | 206 | 440 |
Reclassification out of accumulated other comprehensive income into interest expense | 0 | 0 | 0 | 0 |
Ending Balance | (1,534) | (1,516) | (1,534) | (1,516) |
Cash Flow Hedges noncontrolling interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 219 | (101) | 201 | (31) |
Other comprehensive income (loss) before reclassifications | (16) | (151) | (13) | (238) |
Reclassification out of accumulated other comprehensive income into interest expense | 6 | 28 | 21 | 45 |
Ending Balance | 209 | (224) | 209 | (224) |
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (1,470) | (1,620) | (1,539) | (1,987) |
Ending Balance | (1,325) | (1,740) | (1,325) | (1,740) |
Noncontrolling interests [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | 139 | (148) | 193 | 202 |
Reclassification out of accumulated other comprehensive income into interest expense | $ 6 | $ 28 | $ 21 | $ 45 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership (Details) - Tanger Properties Limited Partnership [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 705,282 | |||
Ending Balance | $ 660,970 | 660,970 | ||
Interest rate swap gain (loss) to be reclassified within twelve months | 180 | |||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (32,817) | $ (29,432) | (33,827) | $ (38,086) |
Other comprehensive income (loss) before reclassifications | 3,074 | 47 | 4,084 | 8,701 |
Ending Balance | (29,743) | (29,385) | (29,743) | (29,385) |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 4,715 | (2,002) | 3,993 | (616) |
Other comprehensive income (loss) before reclassifications | (671) | (2,996) | (257) | (4,719) |
Reclassification out of accumulated other comprehensive income into interest expense | 127 | 553 | 435 | 890 |
Ending Balance | 4,171 | (4,445) | 4,171 | (4,445) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (28,102) | (31,434) | (29,834) | (38,702) |
Other comprehensive income (loss) before reclassifications | 2,403 | (2,949) | 3,827 | 3,982 |
Reclassification out of accumulated other comprehensive income into interest expense | 127 | 553 | 435 | 890 |
Ending Balance | $ (25,572) | $ (33,830) | $ (25,572) | $ (33,830) |
Non-Cash Activities (Details)
Non-Cash Activities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Nonmonetary Transactions [Abstract] | ||
Costs relating to construction included in accounts payable and accrued expenses | $ 24,679 | $ 18,374 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 02, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution declared per common unit (in dollars per share) | $ 0.3425 | $ 0.325 | $ 0.6675 | $ 0.610 | |||
Principal | $ 1,745,124,000 | $ 1,745,124,000 | $ 1,705,998,000 | ||||
Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution declared per common unit (in dollars per share) | $ 0.3425 | ||||||
Subsequent Event [Member] | Tanger Factory Outlet Centers, Inc [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Cash dividends declared per commons share (in dollars per share) | $ 0.3425 | ||||||
3.875% 2027 Senior Notes [Member] | Senior Notes [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Principal | $ 300,000,000 | ||||||
Stated Interest Rate | 3.875% | ||||||
Debt Instrument, Redemption Price, Percentage | 99.579% | ||||||
Debt Instrument, Percentage Yield to Maturity | 3.926% | ||||||
Proceeds from Issuance of Long-term Debt | $ 295,900,000 | ||||||
6.125% 2020 Senior Notes [Member] | Senior Notes [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Principal | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||
Stated Interest Rate | 6.125% | 6.125% | 6.125% | ||||
6.125% 2020 Senior Notes [Member] | Senior Notes [Member] | Subsequent Event [Member] | Tanger Properties Limited Partnership [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Principal | $ 300,000,000 | ||||||
Stated Interest Rate | 6.125% | ||||||
Debt retirement make whole premium | $ 34,100,000 |